Categories
Forex Brokers

FRESHCENT (FXprocent) Review

FX Procent (FRESHCENT) is a trademark of the Freshforex company; in fact, if you try to register an account, you will be transferred directly to the Freshforex website. Although an offshore broker, Freshforex has more than 14 years of experience in the Forex market and has earned a reasonably favorable reputation within the forex community.

FRESHCENT is owned and operated by Riston Capital Ltd., an international business company of San Vicente (IBC). Companies in this offshore zone only have to follow a simple and economical registration procedure with the FSA. It should be noted that any financial authority does not supervise foreign exchange brokers registered with SVG and that their clients do not enjoy the guarantees of a European or Australian regulator, for example.

By comparison, brokers regulated by reputable financial authorities (in the EU, Australia or the U.S. are required to follow strict financial and ethical discipline, and to maintain a transparent account of all transactions involving client funds. That is why we advise our readers to do trading with duly authorized brokers, and if they are offshore, be well informed to know that they are also reliable.

The FX Procent website is available in English and Russian.

ACCOUNT TYPES

We start from the idea that this broker offers a single account that we are going to call “Standard”, and whose basic characteristics would be a $20 minimum deposit, fixed leverage of 2 pips, and a maximum leverage of 1:1000. FX Procent seems to offer only one type of account (cent). Your customers can choose to trade on the MT4 or MT5 platform, and they can use very high leverage rates. 

It looks like FRESHCENT is the Riston Capital brand specializing in nickel bills. In short, these are accounts where the deposit, gains, and losses, are measured in cents, rather than dollars. These types of accounts are more suitable for traders exploring automated trading, using Myfxbook and Metatrader market systems, or those traders who are encoding bots.

PLATFORMS

We have the good news of knowing that this broker is compatible with MT4 and MT5 platforms. FX Procent has in its commercial offer the platforms Metatrader4 and Metatrader5, which are two of the most popular and well-known forex platforms.

MT4 provides all the needs a trader may need: a secure business environment, a wide range of technical indicators, a sophisticated advanced graphics system, a variety of Expert Advisors (Eas) for automated trading, and extensive back-testing options for traders to analyze their trading strategies.

The Metatrader 5 platform is compatible with most MT4 features and offers more time frames, advanced built-in event management, and improved debugging tools. It also allows users to trade in derivatives and stocks traded on the stock exchange, all from the same account.

LEVERAGE

FRESHCENT customers are offered relatively high leverage rates. You can choose between a leverage level of 1: 25, up to 1: 1.000. In reality, professional operators rarely use leverage above 1: 100, and even this leverage is sometimes considered a high-risk investment. However, leverage as high as 1: 1000 is considered a plus, as it will be sufficient for the needs of all types of traders.  The downside of using high leverage is that it can be risky, and if you don’t have a lot of experience in trading, you could lose your investments in a matter of seconds.

TRADE SIZES

The mínimum order size is 0.01 of a lot (10 OF BASIC CURRENCY UNITS). The brokers say that there are no restrictions on the máximum order volume.

TRADING COSTS

The highest cost is in the spread, as this broker applies fixed spreads of at least 2 pips in the most liquid currency pairs. On the positive side, we have that FRESHCENT does not apply any commission to trade. The other cost we have to take into account is the Swap or Overnight Financing, which is any position held overnight, which will incur a maintenance cost (interest). This amount can be negative or positive depending on the instrument and the direction of the position, and its amount is fixed by the central banks of the base currency of the open position.

ASSETS

With FX Procent we can trade a good number of assets. We will not list them all but segment them by asset types and quantity available for each of them, in this way, you get an idea of the offer of this broker.

  • 49 currency pairs in FOREX
  • 5 CFDs ON METALS
  • 66 CFDs ON STOCKS
  • 11 CFDs ON INDEXES
  • 3 CFDs ON ENERGY FUTURES
  • 6 Cfds ON CRYPTOCURRENCIES

SPREADS

Spreads with FRESHCENT are 2 pips in more significant pairs, which is a little high spread for any trader who wants to deposit a significant amount of money. By comparison, most currency brokers offer spreads within the range of 1.0 – 1.5 pips in the EUR / USD pair.

MINIMUM DEPOSIT

Customers of FX Procent are not required to deposit a certain minimum amount to open an account; however, the initial investment recommended by the broker is $20, an amount that anyone can afford to spend. The truth is that 20 USD is an amount in which any sudden movement of the market will mean a margin call (if the move was against us), or directly lose all capital. Remember that the currency of the accounts is the USC (US DOLLAR CENT).

DEPOSIT METHODS & COSTS

FRESHCENT has a wide variety of methods for customers to make deposits. In the following table, the deposit methods, the accepted currencies, the associated costs (free deposits), and the waiting time are detailed:

 

WITHDRAWAL METHODS & COSTS & WAIT TIME

The broker also facilitates the task at the retreats, as he has a good variety of them. Below is a chart with available withdrawal methods, accepted currencies, withdrawal costs, and estimated waiting time until you can see the money in your account.

BONUSES & PROMOTIONS

FX Procent currently has 2 current promotions. The first promotion is a gift bonus of 100 cents USD (1 USD), 100% WITHDRAWABLE, and 100% TRADABLE. This offer is available only for new customers. The other promotion consists of a Cashback for the trades, be they winners or losers. Specifically, the broker reimburses 20 cents for each trade loser and 10 cents for each trade winner.

EDUCATIONAL & TRADING TOOLS

FX Procent has an educational area with a lot of exciting content. It has a bookstore with different articles; we point out below which are:

CUSTOMER SERVICE

It’s incredible, but we couldn’t find a phone, an email, from FRESHCENT. There seems to be no customer service available, which is unusual. There is also no contact form or live chat on the website. We have not found any way to contact this broker. All we know is his postal address: St. Vincent and the Grenadines, Kingstown, Beachmont, P.O. Box 1510, Suite 305, Griffith Corporate Centre.

DEMO ACCOUNT

We regret to report that this broker does not provide a demo account, which we consider to be bad news and a negative point for FX Procent.

COUNTRIES ACCEPTED

Financial services provided by Riston Capital LTD. Services described on their website are not available in Iraq, North Korea, the UK, and the USA.

CONCLUSION

FRESHCENT is an offshore currency broker specializing in nickel accounts and part of the Freshforex group, which operates mainly in Russia and Asia. Although Freshforex is a well-known name in the trading world, we advise traders to be extremely cautious in dealing with offshore brokers as a general rule. The clients of these brokers basically don’t have much protection in case something goes wrong.

However, traders can target better trading options. For example, there are many brokers, which we have already analyzed in other reviews, duly regulated in Australia or Cyprus, and which offer even better trading conditions.

We did not like the broker not to specify what types of accounts he can offer, it seems that he only offers one type of account, and we have taken this into account. We also didn’t like the trading costs, which are priced by the fixed spread that this broker applies; even without having commissions, trading with FX Procent is more expensive than with most brokers. And the other 2 things we didn’t like were, not finding customer service data to contact the broker, not even having an email address is something that had never happened to me… On the other hand, the absence of a demo account is another negative point for this broker.

On the positive side, we find that FRESHCENT has available the 2 most popular platforms in the market and that they have all the necessary tools for any trader. Leverage is another point in favor, although leverage of 1: 1.000 is excessive, the ability to choose between a leverage range of 1: 25 to 1: 1.000, is something that few brokers offer, and perhaps some traders will demand it. The amount of assets available is entirely acceptable and sufficient for most customers, and the broker’s requirement for no minimum deposit is also a positive point as it will be possible to start trading with little capital and risk little money.

We appreciate the amount of deposit and withdrawal methods offered by this broker, they are quite numerous, and few brokers offer so many options. Current and proposed promotions do not seem attractive enough, not as the main reason to open an account. What we do value positively is the educational area, which has the right amount of content of interest.

Finally, we summarize the advantages and disadvantages that we have observed in FX Procent:

Advantages:

  • The broker is part of the Freshforex group, which has a certain prestige
  • It has the MT4 and MT5 platforms
  • Leverage available up to 1:1000
  • They do not require a particular initial deposit
  • A lot of financial assets available to trade
  • Many varieties of deposit and withdrawal methods
  • A good educational area with exciting content

Disadvantages:

  • Regulation can be improved
  • Fixed spreads somewhat high
  • There is no (or we have not found) any customer service
  • Absence of demo account
  • The promotions are unattractive
Categories
Forex Brokers

CHAMPION FX Review

Launched by former General Manager of ThinkMarkets Australia Athol Nourse, Championfx is a Vanuatu offshore broker. Champion FX is a Forex broker, which also offers trading with CFDs on Indices and Metals. Binary options trading is also available with this broker.

ChampionFX is fully regulated by the Vanuatu Financial Services Commission (VFSC). Its registered office is located at Govant Building, Port Vila, P.O. Box 1276, Vanuatu, Republic of Vanuatu. Champion Group Ltd. is also registered with the Financial Intelligence Unit (FIU) of Vanuatu for compliance with the Anti-Money Laundering rules of the VFSC.

Like most tax havens, Vanuatu does not have rigorous requirements for registered brokers. Below we will see in detail the most important aspects of this broker in this review.

ACCOUNT TYPES

Champion FX offers its customers 2 different types of accounts, the standard account, more aimed at a beginner trader, and the advanced account, more suitable for a professional trader or with more experience in the financial markets. The following are the main features of each of the accounts:

We can observe that the differences between both accounts are in, the leverage, with the possibility of being higher in the standard account, the spread, lower in the advanced account, the number of assets available, which is more significant in the advanced account, as well as the maximum trade size that is greater also in the advanced account.

The broker also offers to trade with Binary Options, and has two accounts for it, a virtual one, where the customer has no risk, is a suitable account to learn and practice before putting money at risk, and another account to trade from 5 USD per prediction.

PLATFORMS

Championfx is among the Forex brokers that are starting to offer the successor of the popular MT4 platform; we talk about the Metatrader 5 platform (MT5), which is the platform chosen by the broker to trade with his assets. Although launched several years ago, MT5 had until recently been in the shadow of its predecessor MT4. However, since the introduction of the hedging option in spring 2016, it is gaining popularity, and a growing number of brokers are offering it.

MT5 is more advanced than MT4, and also has most of the known features of its predecessor. MT5 also allows trading with futures, options, and stocks, in addition to CFD and Forex. Additionally, Championfx offers its own Champion Trader platform, which is designed to trade binary options.

LEVERAGE

Champion FX offers a 1: 500 leverage for the standard account, and a 1: 100 leverage for the advanced account. For the riskiest traders, the broker offers the possibility to adjust leverage, at the customer’s request, to levels as high as 1: 1.000.

TRADE SIZES

The minimum trade size for currency pairs is 0.01 lots (micro lot). It is a good thing that brokers allow micro-lots to be traded, so beginners can trade with little volume and thus keep their risk under control. The maximum trade size is 10 lots for the standard account and 50 lots for the advanced account.

TRADING COSTS

In addition to the spreads, which are already detailed in the corresponding section, the broker announces that he does not charge commissions for trading. The other cost we have to take into account is the Swap or Overnight Financing, which is any position held overnight, which will incur a maintenance cost (interest). This amount can be negative or positive depending on the instrument and the direction of the position, and its amount is fixed by the central banks of the base currency of the open position.

ASSETS

The list of currency pairs offered by Champion FX for trading is not very extensive, below are detailed all available assets:

Forex: EUR/USD, GBP/USD, USD/CHF, USD/JPY, USD/CAD, AUD/USD, AUD/NZD, AUD/CAD, AUD/CHF, AUD/JPY, EUR/GBP, EUR/AUD, EUR/CHF, EUR/JPY, EUR/NZD, EUR/CAD, GBP/CHF, GBP/JPY, and NZD/USD.

Indices: AUS 200 Australia 200, JP 225 Japan 225, IND 30 India 50, ESP 35 Spain 35, EUR 50 Euro 50,  FRA 40 France 40, GBP 100 UK 100, NED 25 Netherlands 25, ZAF 40 South Africa 40, DAX 30 Germany 30, CAN 60 Canada 60, US 30, US 100, and US 500.

Metals: XAU/USD Gold vs US dollar, XAG/USD Silver vs US dollar, XPD/USD Palladium vs US dollar, and XPT/USD Platinum vs US dollar.

SPREADS

Champion Fx reports that spreads available for the pair EUR / USD is 1.2 pips in the standard account, and 0.9 pips in the advanced account. Since we have not had access to a demo account, because the broker does not offer it, we have not been able to check the spreads on this and other currency pairs. In any case, if the announced spreads are real, we must say that they are quite good spreads.

MINIMUM DEPOSIT

Champion FX does not require any specified amount as a minimum deposit, so we can open a trading account with very little money to meet the broker, the platform, and practice before depositing more significant amounts of money.

DEPOSIT METHODS & COSTS

The broker makes available to its customers a wide variety of deposit methods. The list of available methods is as follows:

All deposits are free of commission from Champion FX. We have to keep in mind that if we choose the bank transfer as a deposit method our bank can charge commissions for the issuance of the same.

WITHDRAWAL METHODS & COSTS

For withdrawals, we have the same methods as for deposits. Let us remember that withdrawals must be made by the same method by which the deposit was made. Below we detail the methods, as well as the minimum and maximum amount allowed and the waiting time.

Champion FX says on their website that withdrawals are exempt from any kind of commission on their part.

WITHDRAWAL PROCESSING & WAIT TIME

The broker undertakes to process the withdrawals within 1 business day, and the waiting times for the various withdrawal methods are already reported in the previous section.

BONUSES & PROMOTIONS

We have not found any bonuses or promotions on the Champion FX website at present. The broker has an Introducing Broker program. What is it? This program is made to reward individuals or companies who refer new clients, and open trading accounts with DV Markets. Every time one of the clients you have indicated to perform a transaction, your account will be rewarded in real-time. There is no limit to the number of clients or transactions that may be paid.

EDUCATIONAL & TRADING TOOLS

We have not found on the broker’s website any educational content or tools useful to the trader. We always comment that at the very least, we require a broker to have in his webpage an economic calendar, a handy tool for the trader because in it, you will be able to consult the most relevant daily events, and that can affect the assets with which he is trading.

CUSTOMER SERVICE

To get in touch with Champion FX’s customer service we have mainly 2 ways, telephone, and e-mail, as the broker’s page does not have a contact form or live chat. The data collected are as follows:

Registered address:

Govant Building, Port Vila, P.O. Box 1276, Vanuatu, Republic of Vanuatu.

Phones:

  • Indonesia 001 8030 113641 (Toll Free)
  • Russia 8 10 8002 8553011 (Toll Free)

Emails:

DEMO ACCOUNT

We regret to report that this broker does not provide a demo account, which we consider to be bad news and a negative point for Champion FX.

COUNTRIES ACCEPTED

This broker has a long list of excluded countries that cannot open an account with him. ChampionFX is not available to residents of Australia, Costa Rica, Bosnia and Herzegovina, Democratic People’s Republic of Korea (DPRK), any European Union country, Guyana, Hong Kong, Syria, Iran, Iraq, Japan, Jersey, Malaysia, Uganda, USA, Ethiopia, Vanuatu, and Yemen.

CONCLUSION

Championfx is another offshore broker. It offers two types of accounts, each oriented to a beginner or expert trader. The platform available for trading is the MT5; this is good news as it is an excellent platform with a multitude of functions, and that will satisfy any trader. The broker offers leverages between 1:100 and 1:500 depending on the account, although it is flexible and can adapt the leverage, at the request of customers, to a level of 1:1000, which we consider too high leverage. You can trade with micro-lots (0.01 lots), and trading costs are quite attractive, with good spreads and no commissions to trade.

Regardless of the ability to trade binary options, this broker offers trading with Forex, Indices, and metals. The list of available currency pairs seems to us a little thin. Champion FX does not require a minimum deposit to open an account, and the methods for both deposit and withdrawal are varied.

We lack an educational section as well as useful tools for the trader as an economic calendar, for example. Nor have we liked that the broker does not make a demo account available to his clients, although not requiring a minimum deposit, we can deposit 10 USD and practice in a real account.

Below is our summary of the advantages and disadvantages we find in Champion FX:

Advantages:

  • MT5 platform is available
  • No minimum deposit required
  • Possibility of high leverages
  • Attractive spreads and no commissions to trade
  • Wide variety of deposit and withdrawal methods

Disadvantages:

  • Regulation in Vanuatu
  • No demo account available
  • It has no educational content or tools useful for the trader
  • The list of currency pairs available for trading is scarce
Categories
Forex Brokers

ELITE FX Review

Elite FX is a Forex broker, which has various types of accounts for its clients. Differences in trading conditions are not well defined. They also offer Islamic accounts (no swap). This broker has a daily service of forex signals that are published every day at 10:00 pm. The company behind Elite FX is not exactly named or mentioned anywhere on the website, except in the ownership of the recipient of the bank account used for the deposits. The company is called Elite Index Limited and has a bank account at a bank based in Dubai, United Arab Emirates.

Elite FX looks like a broker aimed at Arab clients, as even the English version of the website is written in Arabic. We don’t know if they operate outside the United Arab Emirates. They do not report any regulatory oversight, which is already a reason to consider opening an account with this broker. The Elite FX website is very simple and does not inspire confidence, there is a lack of information in general, especially in such important areas as commercial conditions.

ACCOUNT TYPES

Below we detail 3 types of accounts offered by this broker, without being clear the difference of conditions between them.

PLATFORMS

Elite FX offers its customers, trading, technology available on the Metatrader4 platform (MT4). This is the platform most used by most Forex and CFDs traders. Some brokers develop their own customized platforms, as an alternative to Metatrader platforms. But certainly, MT4 has many advantages: experienced traders are used to it, the immense number of users of the platform, along with the programming language, very easy to learn, has determined the development of many custom tools. Some of these tools are paid and others are free.

The two most interesting tools are technical indicators and automated trading systems, also called Expert Advisors. MT4 also has mobile apps, available on iOS and Android. Mobile tools may not be able to provide you with the same potential as your desktop, but they will offer you most of their functionality in summary form. Also, there is a web version, which allows you to log into your trading account from any mobile device, provided you have an internet connection. We recommend having your mobile app installed on your smartphone.

LEVERAGE

Elite FX offers maximum leverage of 1:500. This leverage is certainly greater than necessary if you want to negotiate in a reasonable way. Certainly, and given the growth rate of the Forex industry, Elite FX is not the only one to offer such high leverage, as many brokers offer it.

Obviously, having leverage that high doesn’t mean I have to use it. What this level of leverage does is block a very small part of your trading account as a margin requirement, provided you open a new position. What you should do is leave most of your account unused. Make sure you understand how Forex and CFD trade works well before you risk your money, as you can earn a lot, but also lose a lot.

TRADE SIZES

The Elite FX website does not report trade sizes. However, knowing that they accept accounts with a minimum deposit of 250 USD, it is very likely that the minimum size to trade is 0.01 lot (micro lot).

TRADING COSTS

Elite FX trading costs are included in fixed spreads. Spreads start from 3 pips in EUR / USD. This margin is well above the proposals you can find in other brokers that use a fixed spread. There are no commissions per operation.

However, like any broker, traders will pay a swap for transactions that remain open overnight. Swaps are interests based on the economic conditions and policies of the central bank of the country of origin of the currency.

ASSETS

Elite Fx reports that it has more than 70 financial instruments to trade. Unfortunately, it does not specify what they are. We understand that they may be currency pairs and CFDs on indices and commodities, but this is not verified.

SPREADS

As far as we have been able to report, Elite FX offers a fixed spread on all their accounts starting from the 3 pips in EUR/USD.

MINIMUM DEPOSIT

The minimum deposit to open an account and start trading with Elite FX is 250 USD.

DEPOSIT METHODS & COSTS

Elite FX only provides one payment method for its customers, Bank Transfer. International bank transfers can take several days to reach your destination, so more and more brokers offer instant payment systems like Skrill, Neteller, or simply a credit or debit card. The cost of the bank transfer is set by your bank, an approximate cost would be 0.5% of the total amount to be deposited.

WITHDRAWAL METHODS & COSTS

Knowing that the only deposit method is bank transfer, surely the only withdrawal method will also by bank transfer. The broker has an online form for withdrawal requests from his clients. We have not been able to inform ourselves of the costs applied by Elite FX in the withdrawals.

WITHDRAWAL PROCESSING & WAIT TIME

Once we have completed the online questionnaire to request a withdrawal, we have no information about how long the process will take, or how long the bank transfer they issue may take.

BONUSES & PROMOTIONS

Elite FX currently has no bonuses or promotions. The broker offers an IB system (Introducing Broker), in fact, on the website, there is access for them where they can access their private area using a username and password. The IB is partners that attract clients for the broker in exchange for a commission for their operations. Obviously, the particular conditions have to be dealt with the bróker directly.

EDUCATIONAL & TRADING TOOLS

Elite FX has at its disposal a section of [ resources where it makes available to its clients a glossary of terms related to trading. We consider this contribution to be insufficient. We always recommend that a broker have at least one news section and an economic calendar showing the most important key events of the day.

CUSTOMER SERVICE

To contact the customer service we only have two alternatives, an email and a contact form. We are missing a phone or a live chat, which are the 2 most direct contact methods and can meet our requirements in less time.

E-mail: [email protected]

The website reports multilingual support in 13 languages: English, Greek, Arabic, Farsi, French, Italian, German, Romanian, Serbian, Polish, Russian, and Chinese. They also claim to have a 24/7 live chat but we have not seen that service available anywhere on the website.

DEMO ACCOUNT

The broker offers a Demo account on his website, which we consider good news, as a Demo account helps the novice trader learn how to use the platform without risking his own capital. The broker does not report whether this demo account is free, nor how much time the customer has available for its use.

COUNTRIES ACCEPTED

Apparently, this broker is targeting the Arab world. Elite FX does not provide information about citizenship or jurisdictions that cannot open an account with them.

CONCLUSION

Many countries in the world have agencies that set standards and enforce them and are dedicated rules for companies in the financial services sector. In the United Arab Emirates, it is the Central Bank that assumes this role, so Elite FX does not need any specific regulation.

Let’s look at other situations: in the UK, the financial regulator is called the Financial Conduct Authority (FCA). This regulator has many rules, one of the most important is the segregation of accounts, own and those of customers. This means that a broker regulated by the FCA must have separate accounts for customer deposits, with the aim of not merging them with the company’s operational accounts. This rule was designed to prevent the broker from being able to spend his clients’ money.

Another important aspect, from the point of view of the Forex trader, is the mandatory inclusion in the Financial Services Clearing System (FSCS). This system works in a similar way to insurance companies: each broker gives a part of its profits to a collective fund, which has the purpose of acting as a guarantee in case any broker goes bankrupt. This is how a broker works when it is formally regulated, so the lack of regulation has to be taken very much into account by traders before choosing a broker to trade. 

Categories
Forex Brokers

FCI Markets Review

FCI Markets presents itself on its website as a reliable broker specialized in trading with Forex (more than 90 currency pairs), indices, and commodities. FCI Markets is registered in the United Kingdom. According to the information on the page, it is regulated by the Financial Conduct Authority (FCA).

We have verified that the owner of FCI Markets is registered under the name Foreign Currency Innovations Limited at: Suite 1C, Union House, 117 High Street, Billericay, Essex, CM12 9 AH. We remind you that Forex brokers who want to trade in the UK will be under the regulatory supervision of the FCA and must have a valid license. We have read that the British Financial Control Authority authorizes the company under reference 616985. After conducting an online verification of the FCA records, we have discovered that the information on the website is correct and the broker is legally offering its financial services.

This is a great advantage for customers since the regulation guarantees the segregation of accounts, that is, the deposits of customers, are separated from the bank accounts of the company, and therefore the company will be liable for any illegal aspect on the part of the broker.

Besides, the broker must fulfill other regulatory conditions favorable to customers, such as the brokerage participation in a compensatory system, whereby, in the hypothetical case of bankruptcy by the broker, losses caused to traders will be guaranteed up to an amount of 85,000 pounds per person.

ACCOUNT TYPES

FCI Markets has three accounts available to its customers, called MICRO, STANDARD, and PREMIUM accounts. Its features are as follows:

MICRO Account

Spread, from 1.4. Spread Type, Variable. Max Open Trades, Unlimited. Max Open Position (Lot), N/A. Max Trade Size FX (Per Instrument), $ 1.000.000 (10 Lots). Min Trade Size FX (Per Instrument), $ 1000 (0.01 Micro Lots). Leverage, up to 100:1. Hedging, Yes. Trading Platform, MT4, NetStation. Mobile Trading, MT4, and NetStation. Forex, 90+ pairs. Commodities, 5. Indices, 11. Min Deposit, $ 500. Stop Out Level, 10 %. Rollover Cost (Swap fees), rollovers apply eod. Commission, N/A.

STANDARD Account

Spread, from 0,8. Spread Type, Variable. Max Open Trades, Unlimited. Max Open Position (Lot), N/A. Max Trade Size FX (Per Instrument), $ 10.000.000 (100 Lots). Min Trade Size FX (Per Instrument), $ 10.000 (0.10 Mini Lots). Leverage, up to 100:1. Hedging, Yes. Trading Platform, MT4, NetStation. Mobile Trading, MT4, and NetStation. Forex, 90+ pairs. Commodities, 5. Indices, 11. Min Deposit, $ 2.500. Stop Out Level, 10 %. Rollover Cost (Swap fees), rollovers apply eod. Commission, N/A.

PREMIUM Account

Spread, from 0,2. Spread Type, Variable. Max Open Trades, Unlimited. Max Open Position (Lot), N/A. Max Trade Size FX (Per Instrument), $ 50.000.000 (500 Lots). Min Trade Size FX (Per Instrument), $ 50.000 (Mini Lots). Leverage, up to 100:1. Hedging, Yes. Trading Platform, MT4, Currenex, NetStation. Mobile Trading, MT4, Currenex, NetStation. Forex, 90+ pairs. Commodities, 5. Indices, 11. Min Deposit, $ 20.000. Stop Out Level, 20 %. Rollover Cost (Swap fees), rollovers apply eod. Commission, N/A.

We note that the main differences between the three accounts are, in the spreads, the minimum deposit, and the trade sizes (min and max). With this broker, it is not possible to open Islamic accounts (swap-free).

PLATFORMS

FCI Markets offers customers up to 4 different trading platforms, Son, FCI Netstation, MT4, MT5, and Clearpro. Some of its main features are:

FCI Netstation: Perhaps it is the most suitable application for a beginner trader. It is an advanced cloud-based FCI platform, which allows trading and analysis of the different assets offered by the broker. One of its main features is the flexibility and customization available to the user. Six different types of graphics. 27 different time scales. Graphics can be shared via email, Facebook, Twitter, and Instagram. Data can be exchanged from Microsoft Excel. Available as a free FCI Mobile Trader app for Apple, Android, and Tablet.

MT4: MT4 is the platform most appreciated for its excellent functionality, which adapts to the requirements of all traders, and its customized business strategies. MT4 provides various technical analysis tools, such as Charting, the ability to attach an automatic trading system (Expert Advisors), and Custom indicator. Also highly appreciated is its advanced graphics package.

MT5: MT5 is the MT4 update, although today, MT4 is still the platform most used by traders. Some features of the MT5 platform are, MT5 aims to be a more institutional platform, with many assets and offering high-quality trading possibilities, as well as technical analysis tools. Also, MT5 allows the use of automated trading systems (trading robots), as well as a trading copy tool.

ClearPro: Clearpro announces itself as a next-generation platform that stands out for its design. It has a modern interface, very intuitive, and easy to use. This platform is aimed at professional traders in the global forex market. Some of their marketing algorithms are, TWAP Fixed Time, TWAP Fixed Slice, Floating Passive, Floating Aggressive, TWAP Randomised, TWAP Randomised Market, and Participation.

LEVERAGE

The broker informs in the characteristics of his accounts that the leverage for all of them is 1:100, which we consider optimal leverage to trade. A novice trader who starts trading may ask the broker for a decrease in leverage so that his risk will initially be reduced, for example, to 1:30.

TRADE SIZES

The minimum and maximum trade sizes for each of the accounts are as follows:

Min Trade Size  Max Trade Size

Micro Account $ 1000 (0.01 Micro Lots) $ 1.000.000 (10 Lots)

Standard Account $ 10.000 (0.10 Mini Lots) $ 10.000.000 (100 Lots)

Premium Account $ 50.000 (0,50Mini Lots) $ 50.000.000 (500 Lots)

TRADING COSTS

With FCI Markets, trading costs are limited to spread (the difference between the purchase price and the selling price), since they report that in none of their accounts is commission applied for traded lots.

The other expense to take into account is the Swap or Night Financing, which is an expense that all brokers apply, except in Islamic accounts that have to comply with Sharia law. The Swap, is any position held overnight, which will incur a maintenance cost (interest). This amount can be negative or positive depending on the instrument and the direction of the position, and its amount is fixed by the central banks of the base currency of the open position.

ASSETS

With FCI Markets, you can trade with a wide variety of assets available for you. Over 90 currency pairs in Forex, 13 indices, which are, FTSE 100, S&P 500, NASDAQ 100, Dow Jones 30, Euro Stoxx 50, IBEX 35, CAC 40, Italy 40, DAX 30, Seng, Hang 225, Swiss Exchange, and ASX. There is also the availability of the most popular commodities, among others, gold, silver, and oil.

SPREADS

In the section, account features, report the minimum spread for the pair EUR/USD. In the case of the Micro Account, the spread is from 1.4 pips. In the Standard Account, it is from 0.8 pips, and in the Premium Account, it is from 0.2 pips. Indeed, being all of the accounts without commissions, the spreads of the Standard and Premium accounts are quite good.

MINIMUM DEPOSIT

We were able to verify that in the past, the minimum deposit required was USD 1,000, and was one of the entry barriers to this broker for beginner traders or with few resources. Today it is already possible, through the Micro account, to access from 500USD.

The other two accounts available require a higher minimum deposit. The standard account requires an initial deposit of USD 2,500, and the Premium account USD 20,000. Obviously, these last two accounts have more competitive trading conditions for their customers.

DEPOSIT METHODS & COSTS

We have not found on the broker’s website the deposit methods available to open a trading account. We have researched externally and have learned that the methods available at FCI Markets for deposits and withdrawals are credit and debit cards, bank transfer, and e-wallet Neteller, and Skrill. There are usually no deposit costs, except for the fees that your bank may charge you if you make an international transfer.

WITHDRAWAL METHODS & COSTS

Withdrawal methods are usually the same as those available for deposits. In this case, bank transfer, credit and debit card, and e-wallets Neteller, and Skrill. We have no information about the costs associated with withdrawals, as the information is not available on the broker’s website.

WITHDRAWAL PROCESSING & WAIT TIME

As with deposit and withdrawal methods, we have not been able to inform ourselves of the procedure for withdrawals or the withdrawal waiting times. We can say that usually, and with the experience of other brokers, the process times are generally 1 working day since the customer makes the withdrawal request. Once the broker confirms the withdrawal and depending on the method chosen, the waiting times are different. Withdrawals by bank cards and e-wallets, and between 2 and 5 business days of waiting time for an international bank transfer, are usually not delayed for more than 24 hours.

BONUSES & PROMOTIONS

FCI Markets has no bonuses or promotions at present. The broker has an Introducing Broker program. This program is made to reward individuals or companies who refer new clients, and they open trading accounts with FCI Markets. Every time one of the clients you have indicated to perform a transaction, your account will be rewarded in real-time. There is no limit to the number of clients or transactions that may be paid.

EDUCATIONAL & TRADING TOOLS

The broker has a Forex calculator, an economic calendar, fascinating to be able to consult the most important events of the day that can affect various assets, and also an introductory course on Forex.

The topics covered in the Forex introductory course are:

Global Foreign Exchange Markets, Value dates, and the 24-hour trading sesión, Who trades in these markets and why, Spot quotation conventions for major currency pairs, Trading base/fixed or terms / variable currency amounts, Direction implications are given market news and developments, Profit and loss calculations, Explanation of screen-based trading prices and information, Utilising stop-loss orders, and Approaches to making sure you make more money than you lose.

They also have an introduction to technical analysis charting course, its content is:

Historical information as a picture, Patterns, and repetition, Traders’ attitudes to charting, Basic approaches, Trading channels, Trends, Defining various patterns and when they occur, Keeping it simple to start with, Moving averages, Volume indicators, and Professional information feeds.

And a course of Forex Workshop & Course Topics: 

The role and influence of technical analysis in FX, Foreign currency investment and trade cash flows, Economic imbalances in world trade, Focus on Japan and the Yen, Commodity currencies, Speculation, and Hedge Funds, Order levels for large transactions, Foreign Exchange as a developing asset class, The Euro – Its flaws and attractions, and Central bank asset purchasing (Quantitative Easing).

CUSTOMER SERVICE

There are 3 main ways to communicate with FCI Markets customer service, are phone, email, and a contact form that you can find on the web. The data are as follows:

  • Suite 1 C, Union House, 117 High Street, Billericay, Essex, CM 12 9 AH.
  • Email: [email protected]
  • Phone: +44 (0) 203

You can also contact the broker through their social networks, Facebook, Twitter, Instagram, and Linkedin.

DEMO ACCOUNT

FCI Markets provides a Demo account to its customers. To get the demo account offered by FCI Markets, just fill out a form with your personal data, and they will respond with the instructions for installation. The broker’s chosen platform for his demo account is Clearpro.

COUNTRIES ACCEPTED

We have not found on the website information about countries that may be restricted to opening an account with FCI Markets. For our part, what we have done is a simulation of account opening, and in the countries section, we have detected that the United States of America, Iran, Iraq, Libya, and Syria are not on the list, so we think these jurisdictions aren’t fit to open an account with FCI Markets. In case of doubt, before opening an account, it is possible to contact customer service and ask if your nationality is suitable to be a customer of this broker.

CONCLUSION

Advantages:

  • Well-regulated and reliable broker (FCA).
  • Wide variety of commercial platforms to choose from.
  • Tasty variety of marketable assets.
  • Right business conditions in Standard and Premium accounts, but the required deposit is high (2,500 USD and 20,000 USD, respectively).
  • Favorable customer reviews have been found in several external forums.

Disadvantages:

  • The minimum deposit to open an account (500 USD) could be lower.
  • There is no precise information about deposit and withdrawal methods available; we have had to search for that information outside the FCI Markets website.
Categories
Forex Brokers

FINSA Europe Review

Founded in 2014, FINSA EUROPE offers its customers to trade in a wide range of financial assets: currency pairs, indices, commodities, UK shares, USA. UU. And Europe. The broker has two trading platforms, MT4 and Coretrader 2.

FINSA EUROPE is a trademark operated by Finsa Europe Ltd (Finsa), based in London. The company also operates the brands Financial Spreads and Pipindex. FINSA Europe Ltd is authorised and regulated by the Financial Conduct Authority (company number 073413, company reference number 525164). FINSA Pty Limited is regulated by the Australian Securities and Investments Commission (ACN 158 065 635, AFSL No. 422661).

All FCA licensed brokerage houses are required to hold net tangible assets of at least EUR 730,000 and are required to comply with several rules and procedures, for example, to keep client money in segregated accounts, to send regular reports on transactions to the commission, etc.

Also, companies regulated by the FCA are included in the Financial Services Compensation Scheme (FSCS), which protects consumers up to £50,000 per person. Here you can find more FCA-regulated currency brokers.

ACCOUNT TYPES

With this broker, we have 2 types of accounts, called Spread Betting account and CFD account. Here we show you a summary of each of them.

Spread Betting account: Minimum deposit, 10 USD. Minimum trade size 0.01. Leverage available, up to 1: 175. Spreads, Fixed, 0.7 pips in EUR / USD. Trading platform, Core Trader 2.

CFD account: Minimum deposit, 10 USD. Minimum trade size 0.01. Leverage available, up to 1: 175. Spreads, variable from 0.7 pips in EUR / USD + 1.50 USD/ lot traded. Trading platform, MT4.

FINSA EUROPE is a UK-based Forex Broker offering foreign exchange trading services and various CFDs. From its 2 accounts, it should be mentioned that the Spread Betting account is only available with the Core Trader 2 trading platform, which is a broker’s own internal platform, while the trading of the CFD account is only available on the popular MetaTrader 4 platform.

PLATFORMS

FINSA EUROPE offers the most popular and well-known currency trading platform, Metatrader 4, as well as its own patented Core Trader 2 platform. Coretrader 2 is the internal trading platform based on the application and the broker’s web, which has most of the basic features that can offer other trading platforms, such as an advanced graphics package, an option to trade with 1 or 2 clicks, options to put Stop Loss and Take profit, etc. Unfortunately, the internal Core Spreads platform does not have the option to exchange trading signals, which are so popular lately.

Note that Core Spreads is compatible with the most used Metatrader 4, a professional software with all the necessary functions. Unlike FINSA EUROPE’s internal platform, MT4 offers its customers the opportunity to automate their strategies through Expert Advisors (EA). The platforms of this broker are available in desktop versions for use on your computer, and mobile versions for use on smartphones and tablets.

LEVERAGE

With FINSA EUROPE, we have high leverage. This broker has a maximum leverage ratio of up to 1:175, which we consider a high leverage. Keep in mind that greater leverage involves a more significant risk of losses, which may even be higher than your initial deposit, and also of succulent profits. This is why the regulator FCA proposed a leverage limit of 1:30. The reason is to limit the operational risk of retail customers and protect them from the risks of very high leverage.

TRADE SIZES

This broker has the possibility to trade with a trade size of 0.01 lots (micro lots). This trade size is suitable for novice traders who start trading with small trade sizes, to have the risk-controlled.

TRADING COSTS

Apart from spreads (the difference between the purchase price and the selling price of a specific asset), this broker applies commissions to the trades that the trader makes. Commissions are USD 3 per lot traded.

To these costs must be added the night financing or swap, that is, any position held overnight, which will incur a maintenance cost (interest). This amount can be negative or positive depending on the instrument and the direction of the position, and its amount is fixed by the central banks of the base currency of the open position.

ASSETS

This broker offers a wide range of assets available to trade, including currency pairs (forex), indices, commodities, commodities, UK stocks, USA,  and EUROPE.

SPREADS

We are faced with good spreads and an acceptable commission. FINSA EUROPE offers fairly tight fixed spreads and no-fee operations on Spread Betting accounts (0.7 pips in EUR/USD), and also offers variable spreads from 0.7 pips in EUR/USD on the CFD account. The trade in the CFD account involves a small commission of 3 USD per standard lot (round trip) so that consequently the trade costs for the pair EUR / USD are finally 1.2 pips, which we consider to be a competitive price.

MINIMUM DEPOSIT

The initial minimum deposit with FINSA EUROPE is only 10 USD, so any trader can start trading with this broker with a minimal investment.

DEPOSIT METHODS & COSTS

The payment methods available to FINSA EUROPE customers are credit or debit cards (Visa and Mastercard), bank transfer, and Skrill e-wallet. Unfortunately, we have not been able to find out the possible costs for the deposits, if any, as brokers usually do not charge for the deposits. The expense you must count on is your bank’s commission if you choose the bank transfer as a deposit method.

WITHDRAWAL METHODS & COSTS

The same methods may make withdrawals as for deposits. Keep in mind that the withdrawal method has to be the same as the deposit method used, for example, if you deposited by bank transfer, the withdrawal has to be by bank transfer as well. Unfortunately, we have not been able to inform ourselves of the costs associated with the withdrawals.

WITHDRAWAL PROCESSING & WAIT TIME

We do not have the information about the time it takes the broker to process a withdrawal or the waiting times required for the different methods. Usually, the broker processes withdrawals in the first 24 hours, and the average, standard, times are generally 24 hours for credit or debit cards, and Skrill, and between 2 and 5 days receive bank transfers.

BONUSES & PROMOTIONS

This broker offers different promotions: (These promotions have been in force recently, for more details and consult promotions today, we recommend contacting customer service).

– Welcome bonus with a value of up to 50% of the client’s initial deposit margin (up to £2,500 or the equivalent in another currency) available only to new account holders at FINSA EUROPE.

– Recommend to a friend, according to which both the customer and the referred get 125 pounds sterling each.

– Loyalty scheme, available to all account holders in FINSA EUROPE trading, both with MT4 and with Core Trader 2, according to which customers can get refunds of up to 25% of the commissions paid.

EDUCATIONAL & TRADING TOOLS

We have not found on the broker’s website any educational area or tools of interest to the trader.

CUSTOMER SERVICE

To contact FINSA EUROPE’s customer service, we have 2 main ways of contact, telephone, and e-mail. You do not have a contact form or live chat. Here are the details:

FINSA Europe. 9 th Floor. 30 Crown Place. London, EC2A 4ES

Phone: +44 ( 0 ) 203 096 6750 

Email: [email protected]

DEMO ACCOUNT

Fortunately, FINSA EUROPE provides demo accounts available to its customers on the two platforms discussed above.

COUNTRIES ACCEPTED

We have not found any restrictions on states or jurisdictions that cannot open an account with this broker. In any case, if you are interested in opening an account with FINSA EUROPE, we advise you to contact the customer service to check if you are a suitable customer or not, especially if you live outside the European Union.

CONCLUSION

FINSA EUROPE is an FCA-regulated Forex and CFDs broker that offers attractive trading conditions on its two trading platforms, MT4 and Core Trader 2. To summarize the above, here are the advantages and disadvantages concerning this broker:

Advantages:

  • The differentials are tight.
  • Trading fees are tight.
  • Choice of trading platforms, MT4 available.
  • Broker regulated before the FCA.
  • Possibility of high leverage ( 1: 175)
  • Tasty variety of assets available for trading.
  • Possibility of a demo account on any of its 2 available platforms.

Disadvantages:

  • There are no educational tools or useful tools (economic calendar).
  • No daily analyses or news are provided.
  • No advanced auto trading options
  • Limited methods of payment
  • There is no information about deposit and withdrawal costs.

**Note that most of the information recorded in this review comes from sources outside the FINSA EUROPE website itself because it does not contain any information. Please note that any data specified here may be outdated**

Categories
Forex Brokers

Fidus Investments Review

Fidus Investments Cyprus (FIC), is a broker that has little information on its website and does not offer its customers the opportunity to have a demo account. Additionally, Fidus Investments Cyprus (FIC) ensures a wide range of investment services.

FIC is the trademark of Fidus Investments Cyprus Ltd. This company is authorized and regulated by the Exchange Commission (Cysec) and Cyprus Securities. The company has its headquarters in Nicosia, capital of Cyprus, and as we have mentioned has CYSEC regulation, with the license number 326/17 as of 05/12/2017, and company registration number 355918.

Cyprus has certainly become a popular destination for Forex brokers in recent years. Perhaps that is because the United Kingdom already has a date for leaving the European Union. Financial regulation in Cyprus requires compliance with numerous rules and standards. Cysec is the body that will monitor compliance with these standards.

EUR 730000 is the capital to be held by all investment firms wishing to establish themselves in Cyprus. This requirement serves to demonstrate the good financial situation of the company. In addition, brokers have to report all their transactions and have clients’ money in accounts segregated and separated from the operating funds of the company.

All brokers and financial companies regulated by Cysec are members of a clearing fund for client investors. This means an important guarantee for traders who have an account with a broker with this regulation. The amount insured if the broker goes bankrupt is a maximum of 20,000 euros. In addition, all brokers or investment companies regulated by Cysec also comply with the European Mifid. This gives companies the right to offer their financial services in the EU.

ACCOUNT TYPES

We have been researching the types of accounts that this broker may have, but we have not found any information about it. The website of Fidus Investments does not report this either. We think they will probably only offer one type of account, but this is just a supposition.

PLATFORMS

We have not been able to know what type of platform Fidus Investments uses to perform trades. It is a supposition to think that it is very possible to use the MT4 platform because having its own platform is very expensive for a broker. We have written an email to the broker to ask about this issue and have not received an answer yet.

LEVERAGE & TRADE SIZES

Fidus Investments is a very opaque broker in terms of the information it offers. That is why we have not been able to find such basic information anywhere, including on the Fidus Investments website.

TRADING COSTS

Trading with this broker can be much more expensive than the industry average. Fidus Investments have the following commissions for all their accounts. A full breakdown of the fee schedule is provided on the following PDF: https://www.fidusinvestments.eu/wp-content/uploads/2020/11/APPENDIX4-FEES-SCHEDULE-2.pdf

ASSETS

FIDUS INVESTMENTS offer multiple trading platforms and phone desk execution enabling investors to access all asset classes (FX, CFDs, ETFs, Stocks, Bonds, and Derivatives).

SPREADS

Fidus Investments is a very opaque broker in terms of the information it offers. That is why we have not been able to find such basic information anywhere, including on the Fidus Investments website.

MINIMUM DEPOSIT

Fidus Investments is a very opaque broker in terms of the information it offers. That is why we have not been able to find such basic information anywhere, including on the Fidus Investments website.

DEPOSIT METHODS & COSTS

A negative aspect of Fidus Investments’ deposit policy is that it only accepts bank transfers. In this section, we miss at least the opportunity to make deposits with credit or debit cards and some electronic wallet. The banks we have available in the name of Fidus Investments to make the deposits are Bank of Cyprus, Eurobank Cyprus, and Societe Generale Bank Cyprus. On the broker’s website, the customer has all the information related to these accounts, IBAN number, Beneficiary, and Payment Details. A full breakdown of the bank details can be found on the following PDF: https://www.fidusinvestments.eu/wp-content/uploads/2020/11/DEPOSIT-PAYMENT-METHOD-v.2.pdf

WITHDRAWAL METHODS & COSTS

Withdrawals from your account can only be made through bank transfer. The refund account must be the same as the account with which the first deposit was made. Commissions for cash withdrawals via bank transfer vary depending on the currency of the account.

Withdrawal Fees:

Transfer Currency – Withdrawal Amount – Withdrawal Fee

  • USD All Amounts 0.15 % min. USD 35 max. USD 350
  • EUR All Amounts 0.15 % min. EUR 25 max. EUR 250
  • GBP All Amounts 0.15 % min. GBP 23 max. GBP 230
  • CAD All Amounts 0.15 % min. CAD 40 max. CAD 400
  • CHF All Amounts 0.15 % min. CHF 35 max. CHF 350
  • DKK All Amounts 0.15 % min. DKK 250 max. DKK 2,500
  • NOK All Amounts 0.15 % min. NOK 250 max. NOK 2,500
  • SEK All Amounts 0.15 % min. SEK 250 max. SEK 2,500

WITHDRAWAL PROCESSING & WAIT TIME

The Broker does not report waiting times to receive our refunds. Experience tells us that normally, a withdrawal via bank transfer if all bank details are correct, ranges between 2-5 business days.

BONUSES & PROMOTIONS

Fidus Investments does not currently have any bonus or promotion. Neither does it have an affiliation system or Introducing Broker.

EDUCATIONAL & TRADING TOOLS

Fidus Investments has no educational platform, no courses, or seminars. There are no basic elements for any trader such as news or economic calendar on their website.

CUSTOMER SERVICE

We can contact Fidus Investments customer service through 2 channels: Email and phone. We have not had an answer to an email we have sent asking for some basic information for the realization of this review.

Their details are as follows:

  • 16 Kennedy Ave. 3rd Floor, 1087. Nicosia, Cyprus
  • Main Line: +357 22 502900
  • Trading Desk: +357 22 502999
  • Fax: +357 22 502 960
  • E-Mail: [email protected]

DEMO ACCOUNT

Fidus Investments does not have a demo account for its clients. We consider this a negative aspect. Having a demo account is important, especially for all those novice traders who need to simulate a real operation without taking risks and gain experience in different markets.

COUNTRIES ACCEPTED

Citizens of the following countries will not be able to open an account with Fidus Investments: USA, Canada, Cuba, North Korea, Sudan, and Syria.

CONCLUSION

In spite of being a regulated broker in Europe and that could offer good services, we have found it difficult to know such basic aspects as the minimum deposit required, spread, leverage, and trade sizes. There are other negative aspects, they do not provide information about the platform they use, we have not been able to find out what types of account they have, and the absence of basic trading tools.

Another negative aspect is that they do not offer a Demo account, something we think is essential in any broker. The communication we have attempted has not been possible with Fidus Investments. Many reasons to think that this broker is not an option to consider if we want to open a trading account.

Categories
Forex Brokers

Globe Pro Review

Globe Pro is a Vanuatu-based foreign exchange broker that claims to be one of the most well-established and trusted forex trading brokers. Some of the features that they claim to provide include exceptional 24-hour customer service in your native language, instant trade execution, a fast withdrawal system, trading support and account management for traders of varying experience levels, customized trading technology, and innovative tool packages for better risk management, and the latest forex trading educational materials and news. We will be using this review to look into the services on offer to see if they really do provide all of this and to see how they compare to the competition.

Accounts

Should you decide to join up with Globe Pro, you will have a choice of two different accounts, we have outlined their key features for you below.

Standard Account: This account requires a minimum deposit of $250, there is no dealing desk and the minimum trade size is 0.01 lots. There is no added commission on the account and the spreads start from 1.7 pips. The account can be leveraged up to 1:200 with no requotes. Expert advisors are allowed, as is hedging, scalping, and news trading. There are no restrictions on the account and it uses a fractional pricing system.

ECN Pro Account: This account requires a minimum deposit of $25,000, there is no dealing desk and the minimum trade size is 0.05 lots. There is an added commission for trading on this account and the spreads start from 0 pips. The account can be leveraged up to 1:100 with no requotes. Expert advisors are allowed, as is hedging, scalping, and news trading. There are no restrictions on the account and it uses a fractional pricing system.

Platforms

Globe Pro uses the popular MetaTrader 4 trading platform from MetaQuotes. The desktop version of this trading platform can be used by traders of all skill levels. It boasts platform personalization (including custom EA creation), powerful analytical tool packages with free market analysis, proficient EAs, and multiple trading instruments. It can also be used as a mobile download as well as a WebTrader offering professional charting features, technical analysis, one-click trades, easily accessible market updates, and an economic calendar.

Leverage

The Standard account can be leveraged up to 1:200 while the ECN Pro account can be leveraged up to 1:100, this can be selected when first opening up a new account, you can also change the leverage at any time by sending a change request to the customer service department.

Strangely in the FAQ, it states that the maximum leverage is 1:300, so we aren’t entirely sure which section is correct, we would probably stick with the information on the accounts page though.

Trade Sizes

The trade size that you get depends on the account type you are using, the Standard account has trade sizes starting from 0.01 lots and they go up in increments of 0.01 lots while the ECN Pro account has trade sizes starting from 0.05 lots which also go up in increments of 0.02 lots so the next trade would be 0.06 lots and then 0.07 lots. 

We do not know what the maximum trade size is or how many trades and orders you are able to have open at any one time.

Trading Costs

The ECN Pro account has some additional commissions on the account, however, at this point in time, we are not sure what the commission is. The Standard account doesn’t have any added commissions when trading. There are swap charges which are fees charged when you hold a trade overnight or over the weekend, they can be both positive and negative and can be viewed within the trading platform that you are using.

Assets

Globe Pro has broken down their instrument into four different groups, we have outlined them below along with the instruments within each group.

Forex: EURUSD, GBPUSD, USDJPY, AUDUSD, NZDUSD, GBPJPY, GBPCHF, USDCHF, USDCAD, EURGBP, EURAUD, EURCHF, EURJPY, CADJPY, AUDNZD, AUDCAD, AUDCHF, AUDJPY, CHFJPY, EURNZD, EURCAD, CADCHF, NZDJPY, GBPAUD, GBPCAD, GBPNZD, NZDCHF, NZDCAD, USDZAR, USDHKD, USDPLN, USDILS, USDMXN, USDTRY, USDSGD, USDHUF, EURRUB, USDNOK, USDSEK, USDDKK, EURTRY, EURZAR, EURHUF, EURNOK, EURSEK, EURPLN, EURHKD, AUDSGD, NZDSGD,M SGDJPU.

Metals: Gold is tradable against the USD and EUR while Silver is tradable against USD.

Commodities: Gold, Silver, and Oil

Indices: US IND, US Top, US Tech, Top 100 UK Stocks, Top 30 Germany Stocks, Japan Top, To 40 France Stocks.

Spreads

The Standard account states that it has spread starting from 1.7 pips while the ECN Pro account t has spreads starting from 0 pips. However, when we look at the product specifications it states that EURUSD has spreads starting from 0.7 pips, which is not what either of the accounts states. We believe that for the ECN account they have stated the gold or silver spreads which are at 0.05 pips, this is a little misleading.

The spreads are variable which means they will be influenced by the markets when there is extra volatility or less liquidity the spreads will widen and be seen higher than the starting figures. Different instruments will also have different spreads so while EURUSD may start at 0.7 pips, NZDUSD is starting at 2 pips.

Minimum Deposit

The minimum deposit required is $250, this will allow you to open up a Standard account, if you want to use the ECN account then you will need to deposit at least $25,000.

Deposit Methods & Costs

There are a number of different ways that you can deposit your funds into Globe Pro, they include Bank Wire Transfer, Credit/Debit Card, Neteller, Skrill, PaySafeCard, Payoneer, and a few others that are not mentioned (the site states “and more”). The FAQ on the site states that there are no added fees when depositing, you should, however, check with your own bank or processor to see if they will charge any outgoing transfer fees.

Withdrawal Methods & Costs

You can only withdraw using the method that you used to deposit with, so our current understanding is that those include Bank Wire Transfer, Credit/Debit Card, Neteller, Skrill, PaySafeCard, Payoneer, and a few others that we are not sure about. There are no charges when making a withdrawal. However, any changes required by your bank for the transfer are solely your responsibility.

Withdrawal Processing & Wait Time

Globe Pro will process your withdrawal request within 3 business days, it will then take a further 1 to 5 business days to fully process depending on the method used and their own processing times.

Bonuses & Promotions

You are able to get up to 30% as a trading bonus when you deposit at least $250. There is a button to tick to say you have read the terms and conditions of the bonus which would give us an idea of how to convert the bonus funds into real funds, however, the page is not working and is displaying an error. Due to this, we are not able to say how worthwhile or profitable the bonus actually is.

Educational & Trading Tools

There are a few different aspects to this side of the broker, the first is some videos based around an introduction to forex, how to use the trading platforms, and then some more advanced trading techniques, There is also some daily analysis, but this has not been updated since 2016, there are also some eBooks which go over some of the basics and slightly more advanced parts of forex trading. An economic calendar is also present which details upcoming news events and any potential effect they could have on the markets.

There are also some trading signals, they claim to have an average month of 180 pips profit, however, we do not have any examples of them and so we cannot see what their accuracy or profitability really is.

The final section is about learning to trade, they offer some tailor-made learning which is based on your own current knowledge, they try to make it interesting and you also get some beginner offers when using this course.

Customer Service

The customer service team is available from Sunday to Saturday between 9 am and 5 pm. They can be contacted using the online submission form, fill it in and you should then get a reply via email. You can also use the provided email address, phone number or postal address.

Demo Account

Demo accounts allow you to test out the markets and new strategies without any risk to your own capital. The demo accounts with Globe Pro allow you to mimic either of the two live accounts in regards to conditions, you can use the demo account for as long as you need, but if left dormant for 30 days it will expire and be deleted.

Countries Accepted

This information is not on the site so if you are thinking of joining, we would recommend checking with the customer service department to see if you are eligible, we would do this prior to opening up an account.

Conclusion

The two available accounts can offer you a varied trading environment with one being spread-based and the other commission-based, talking of spreads, we are still not entirely sure what the spreads areas the product specification just gives a single set which doesn’t relate to either of the minimums suggested on the account page, we also do not know what the commission is on the ECN account, so the overall trading costs are not known to us. There are plenty of assets to trade and also plenty of ways to fund and withdraw from your account, with no added fees it is a big plus. A bonus is available but the terms are not available so, for now, we would avoid that. Plenty of educational material is also good to see. If you are able to work out the full trading costs then Globe Pro could be a potential broker to use, the decision is yours.

Categories
Forex Brokers

FXOptimax Review

FXOptimax is an Asia-based forex broker that is registered in Saint Vincent and the Grenadines. They offer their clients direct access to trading instruments and state that they provide an excellent online foreign exchange trading environment. We will be using this review to see if they really do offer a competitive service or if they fall short and so you can decide if they are the right broker for you.

Account Types

There is a choice of three different accounts when joining Optimax. Some of the features remain the same for all three but others are different, so choosing the right account for you is important.

Pro Account: This account has a minimum deposit requirement of $100, it comes with 3 digits for JPY and 5 for other pairs. The minimum trade size is 0.01 lots and they go up in increments of 0.01 lots. Hedging is allowed and the spreads on the account are floating from 0 pips but average around 0.2 pips. There is an added commission of $7 per round lot traded and the account can be leveraged up to 1:500. The stop-out level is set at 50% and the execution style is market.

Precision Account: This account has a minimum deposit requirement of $10, it comes with 3 digits for JPY and 5 for other pairs. The minimum trade size is 0.01 lots and they go up in increments of 0.01 lots. Hedging is allowed and the spreads on the account are floating from 1.8 pips but average around 2 pips. There is no added commission on the trading and the account can be leveraged up to 1:1000. The stop-out level is set at 20% and the execution style is market.

4-Digits Account: This account has a minimum deposit requirement of $10, it comes with 2 digits for JPY and 4 for other pairs. The minimum trade size is 0.01 lots and they go up in increments of 0.01 lots. Hedging is allowed and the spreads on the account are fixed and start from 2 pips. There is no added commission on the trading and the account can be leveraged up to 1:1000. The stop-out level is set at 20% and the execution style is market.

Platforms

FXOptimax offers both manual trading through a trading platform and also automated/social trading. All modes of trading can be completed via MetaTrader 4, while social trading can be done via myfxbook AutoTrade and ZuluTrade. With all of these options being made available, traders should have no issues when it comes to trading in the exact manner they wish to trade.

Leverage

The leverage that is available to you depends on the account you use, if you have the Pro account then the account can be leveraged up to 1:500, the Precision and 4-Digit accounts can be leveraged all the way up to 1:1000. We would suggest not using more than 1:500 though. The leverage can be selected when opening up an account and should you wish to change it, you will need to send your request to the customer service team.

Trade Sizes

Trade sizes on all accounts start from 0.01 lots and go up in increments of 0.01 lots. We do not know what the maximum trade size is or what the maximum number of open trades/orders is.

Trading Costs

There is an added commission on the Pro account, which is set at $7 per lot traded, there is no commission on the other two accounts as they use a spread-based system. There are also swap charges on all accounts which are charged for holding trades overnight.

Assets

There just seems to be forex and metals available to trade, we have outlined the available instruments below.

Forex: EURUSD, GBPUSD, USDCHF, USDJPY, USDCAD, AUDUSD, NZDUSD, EURGBP, EURCHF, GBPCHF, AUDCHF, EURJPY, GBPJPY, AUDJPY, CHFJPY, CADJPY, NZDJPY, EURCAD, AUDCAD, GBPCAD, EURAUD, GBPAUD, AUDNZD, GBPNZD, EURNZD, CADCHF, EURSEK, USDSEK, EURDKK, EURHUF, EURPLN, EURTRY, USDCNH, USDDKK, USDNOK, USDPLN, USDSGD, USDTRY, USDZAR, ZARJPY.

Metals: Just Gold and Silver are available to trade.

Spreads

Each account has a different style of spread. The Pro account uses raw spreads which can be as low as 0 pips but will most likely be seen slightly higher. The Precision account uses variable spreads which start from around 1.8 pips, as both of these spreads are variable they will move with the markets. The 4-Digit account has fixed spreads starting at 2 pips, fixed spreads mean they will not change no matter what is happening or how much volatility there is.

Different instruments will also have different spreads. On the Precisions account, EURUSD has a spread of 1.9 pips while USDCAD has a spread of 3.1 pips, each instrument on each account will have a different spread.

Minimum Deposit

The minimum amount required to open up an account is $10 which will allow you to open either a Precision or 4-Digit account. If you want to open up a Pro account you will need at least $100 as the initial deposit amount.

Deposit Methods & Costs

There are a number of different methods available, we have outlined them below along with any fees added to each method.

  • Bank Wire Transfer – Bank fees only
  • USD Coin – Transfer fees covered by the client
  • Neteller – 2.6% fee
  • Skrill – 3.9% fee (Min USD 1.2) + USD 0.5
  • Visa/MasterCard – 4.2% fee
  • FasaPay – 0.5% fee(Covered by FXOptimax up to IDR 50,000)
  • Perfect Money – No fee (Covered by FXOptimax)
  • OK Pay – No fee (Covered by FXOptimax)
  • Union Pay – No fee

As you can see the fees can be a little high, when using Bank Wire, you should check with your own bank to see if they add any transfer fees of their own.

Withdrawal Methods & Costs

When withdrawing there are the same methods available, however, some are limited and there are fees attached.

  • Bank Wire – 0.8% (min $85, max $135) + Intermediary Bank Fee
  • USD Coin – Covered by Client
  • Neteller – No Fee (Covered by FXOptimax)
  • Skrill – 1% (No Fee for USD 10 to USD 5000 withdrawal)
  • Visa/MasterCard – Withdrawal to the same Credit Card ($10 fee will be applied) or through Bank Wire – (bank fees will be applied)
  • FasaPay – 0.5% (Covered by FXOptimax up to IDR 50,000)
  • Perfect Money – No Fee (Covered by FXOptimax)
  • OK Pay – No Fee (Covered by FXOptimax)
  • Union Pay – Withdrawal through Bank Wire

It is a shame to see so many fees attached to both the deposits and the withdrawals, this is a practice that some brokers are getting rid of so it would be nice to see FXOptimax follow suit.

Withdrawal Processing & Wait Time

FXOptimax will aim to process all withdrawals within 48 hours, the time it takes after that depends on the method used.

  • Bank Wire – 2 business days after withdrawal request is confirmed
  • Note: Bank transfer may take 1 to 4 days before arriving in your bank account
  • USD Coin – 1 business day after withdrawal request is confirmed
  • Neteller – 1 business day after withdrawal request is confirmed
  • Skrill – 1 business day after withdrawal request is confirmed
  • Visa/MasterCard – Withdrawal to the same Credit Card or through Bank Wire
  • FasaPay – 1 business day after withdrawal request is confirmed
  • Perfect Money – 1 business day after withdrawal request is confirmed
  • OK Pay – 1 business day after withdrawal request is confirmed
  • Union Pay – Withdrawal through Bank Wire

Bonuses & Promotions

The main promotion on offer is a 25% deposit bonus. Get 20% extra on your deposit and when you trade enough volume it will be converted into real funds. We have outlined the requirements below so you can decide if it is worth taking or not.

Educational & Trading Tools

There are three little tools available, the first is a margin calculator, this simply tells you the margin that you will require and the pip value based on the live markets. There is then a small learning section which details some very basic information about forex and trading, ok for new traders but if you have traded before you will most likely know everything there. The next section is some market analysis, but we can’t really say much about it because it hasn’t been updated since October 2018.

Customer Service

You can send your concerns or questions to the customer service team in a few different ways, there is everyone’s favourite online submission form, fill it in and you should get a reply via email. There is also a postal address available along with a Skype ID, email address, and various phone numbers.

Address: Suite 305, Griffith Corporate Centre, Kingstown, Saint Vincent and the Grenadines, West Indies.

Email: [email protected]

Phone: +358753251112

Skype: fxoptimax.global (Business Development)

Demo Account

Demo accounts allow you to test out new strategies and trades without risking any of your own capital, so it is good to see them available from FXOptimax. You can fill in a short form to get one open, you can select the leverage up to 1:1000 and the account type as well as the deposit amount. There is no mention of an expiration time so we assume they will stay open indefinitely.

Countries Accepted

The following statement is on the website:

“FXOptimax does not provide services for United States residents.”

If you are still not sure of your eligibility then get in contact with the customer service team to find out.

Conclusion

FXOptimax makes their accounts very accessible with low minimum deposit requirements, there is also a choice of the number of digits the markets have which is nice to see. Leverage can go as high as 1:1000 which offers a lot of possibilities, however, we would suggest sticking to 1:500. The trading costs are ok, the low spread account has an added commission of $7 per lot while the other accounts have spreads starting around 2 pips, which is ok when comparing to the competition. There isn’t a whole lot of tradable assets though, so you may be left with some downtime. Plenty of ways to contact the customer service team which is good, so now you have the decision to decide if they are the right broker for you, or if you need to look elsewhere.

Categories
Forex Brokers

FinoTec Review

Finotec is an online foreign exchange broker that is based in the UK, it is fully licensed and regulated by the Financial Conduct Authority (FCA). They have pointed some of their main advantages as boing:

  • Fully FCA regulated and compliant broker
  • MT4 – MT4 web – MT4 Mobile platform
  • Lightning Fast Execution
  • Tailored account solutions
  • MAM Account Options
  • IB Solutions
  • Professional and Experienced Trading Brokers
  • Advanced Trading Tools

As we go through this review, we will be looking into their services in a little bit more detail to find out exactly what is on offer and to see how they compare next to the competition.

Account Types

There are four different accounts available from Finotec, and they all seem to offer the exact same trading conditions. The main differences are in the extra services that are available to them, so in regards to trading conditions we will outline them as we go through each individual section of this review, we have outlined the key features of each account below.

Classic Account: This account requires a minimum deposit of at least $1,000, it comes with daily briefings & research, access to the desktop and mobile trading platform, and access to video tutorials.

Gold Account: This account requires a minimum deposit of at least $10,000, it comes with daily briefings & research, access to the desktop and mobile trading platform, access to video tutorials, competitive spreads, and access to webinars & seminars.

Platinum Account: This account requires a minimum deposit of at least $25,000, it comes with daily briefings & research, access to the desktop and mobile trading platform, access to video tutorials, competitive spreads, access to webinars & seminars, the account has a general account manager, and SMS news & signals.

VIP Account: This account requires a minimum deposit of at least $100,000, it comes with daily briefings & research, access to the desktop and mobile trading platform, access to video tutorials, competitive spreads, access to webinars & seminars, the account has a general account manager, SMS news & signals, access to premium daily analysis, and access to premium customer care.

Platforms

Finotec uses the powerful MetaTrader 4 trading system that allows you to implement strategies of any complexity. Market and pending orders, instant execution, and trading from charts, stop orders and trailing stops, a tick chart, and trading history, all these tools are at your disposal. Thousands of free and paid signals with various profitability and risk levels working on a demo and real accounts are at your fingertips. MetaTrader 4 provides the full-fledged environment for the development, testing, and optimizing of algorithmic/automated trading programs. The platform is also usable as a desktop download, mobile application, or from within your internet browser in the form of a web trader.

Leverage

The maximum leverage available is 1:1000 which is very high, normally we would not recommend trading over 1:500 as once you go any higher the risk to the account grows exponentially, but it is nice that leverages so high are offered. You are able to select the leverage when first opening up the account, should you wish to change it on an account you are already using, you should send the customer service team a request to change it for you.

Trade Sizes

Trade sizes start from 0.1 lots which are known as mini-lots, we do not know if the increments go up in 0.01 lot sizes or 0.1 lot sizes. We also do not know what the maximum trade size available is or how many open trades and orders you can have at any one time.

Trading Costs

There aren’t any commissions or fees stated on the site, however, within the terms of business, there is the following statement: 

“You will pay our charges without set-off or deduction, details of which have been provided to you by your Relationship Manager (subject to any additional charges set out in this agreement).”

This indicates that there may be some trading fees, but we do not know what they are. There are however swap charges, these can be positive or negative charges for holding trades overnight, they can be viewed from within the MetaTrader 4 trading platform and from on the website directly.

Assets

The assets have been broken down into three different categories, we have outline those categories as well as the instruments and assets within them so you can get a better understanding of what is on offer from Finotec.

Forex: EURGBP, EURJPY, EURNZD, EURUSD, GBPAUD, GBPCAD, GBPCHF, GBPJPY, GBPNZD, NZDCAD, NZDCHF, NZDJPY, NZDUSD, USDCAD, USDSGD, USDCHF, USDJPY, ERNOK, EURSEK, EURTRY, GBPSEK, GBPTRY, USDCNH, USDDKK, USDHKD, USDNOK, USDSEK, USDTRY, GBPZAR, USDCZK, USDHUF, USDMXN, USDZAR, ZARJPY.

Indices: UK 100, Aussie 200, Nikkei 225, German DAX, BEX 35, IBEX 50, CAC 40, Hang Seng, NASDAQ, S&P 500, Dow Jones.

Commodities: Gold, Silver, US Crude Oil, Brent Crude Oil, Natural Gas.

Spreads

Spreads seem to start from around 0.4 pips, we had to use the demo account to find this out as there wasn’t any information provided on the site, due to them being so low it makes us believe that there may well be a commission charged on the live account, either that or the spreads will be higher on the live accounts. The spreads are variable which means they will move with the markets, the more volatility, or less liquidity the higher the spreads will be, as usual, different instruments also had different starting spreads, so some did not go as low as 0.4 pips.

Minimum Deposit

The minimum amount required to open up an account is $1,000 which will allow you to open and use the Classic account, we do not know if these amounts are reduced for further top-up deposits into an already open account, but based on the higher opening deposit, it is most likely that there will be a reduced limit.

Deposit Methods & Costs

The only methods that seem to be available to use are Bank Wire Transfer, SafeCharge, and UnionPay. We say only, SafeCharge allows you to use up to 250 different methods including Credit/Debit Card, Skrill, Neteller, PayPal, and more, so your preferred method of deposit should be available to use. There are some additional fees when depositing which we have outlined below.

Bank Wire: Unknown

SafeCharge:

  • $0 – $500,000 – 2.95% fee
  • Over $500,000 – 2.8% fee

UnionPay: 3.95% plus $0.35 per transaction.

Withdrawal Methods & Costs

The same methods are available to withdraw with, for clarification these are Bank Wire Transfer, SafeCharge (which included hundreds of methods such as Credit/Debit Card, Skrill, Neteller, PayPal), and UnionPay. Just like with the deposits, there are some additional fees when withdrawing your funds.

Bank Wire: Unknown

SafeCharge:

  • $0 – $500,000 – 2.95% fee
  • Over $500,000 – 2.8% fee

UnionPay: 3.95% plus $0.35 per transaction, plus a 2% credit fee plus 20 EUR.

Withdrawal Processing & Wait Time

Finotec will aim to process your withdrawal request within 24 hours of it being made, however, you should allow up to 3 days for verification. Once the request has been processed by Finotec it could take an additional 1 to 5 working days for the transfer to fully process depending on the method used.

Bonuses & Promotions

We did not notice any information pertaining to bonuses or promotions so it does not look like there are any active at the time of writing this review. If you are interested in them, you should get in touch with the customer service team, they will be able to let you know if there are any coming up that you may be able to take part in.

Educational & Trading Tools

There are a few sections relating to education and tools. For education there is a page simply explaining what Forex is and another letting you know what CFDs are, they are rather basic and won’t necessarily make you a better trader. There is a video tutorial page, but it currently appears to be empty, so not the most useful, there is also an eBook available, this is going over the basics of trading, which could be useful if you are just starting out. The final educational thing is a glossary, this details different trading-related terms that you can refer back to in case you come across something you do not know the meaning of.

There are also a few tools available, the first being an economic calendar, it details upcoming news events and also lets you know what potential impact they could have on the markets, there is also a profit calculator available along with some real-time charts, the final tools is a traders chat, this has a blog, forum and chat where you can communicate with other traders for ideas and help.

Customer Service

The customer service team can be contacted from the bottom of the site, their opening times are not stated but we suspect that they will be closed over the weekends and on bank holidays.

You can use the online submission form, simply fill in your query and you should then get a reply via email. There is also a phone number, email address, and postal address available should you wish to use any of those methods of contact.

Address: Finotrade UK, 1-4 Bury Street, Holland House, London EC3A 5AW, United Kingdom

Email: [email protected]

Phone: +44 2033 187 716

Demo Account

Demo accounts are available for the MetaTrader 4platform and will allow you to test out the trading platform as well as the possible trading conditions and new strategies without any real risk. We suspect that the demo conditions mimic those of a live account, we do not know if there is an expiration time on the demo account though.

Countries Accepted

This information is not stated on the site, so if you are interested in an account, we would highly recommend contacting the customer service team just to make sure you are eligible for an account before you open one up.

Conclusion

Finotec offers a wide range of accounts that offer different features, they all seem to have the same trading conditions though. You are able to sue a massive 1:1000 leverage which is nice to have but better to stick to a slightly lower number, trade sizes start at 0.2 lots which is fine for deposit over 1,000, however, we do not really know the true trading costs, we do not know if there are any commissions but we suspect that there are based in the terms of business and low spreads in the demo account.

Thanks to SafeCharge, there are plenty of ways to deposit your funds, however, there are fees for both depositing and withdrawing which is a bit of a shame. MetaTrader 4 is available and there are enough ways to contact the customer service team, as well as plenty of assets to trade. Now that you have the information, the decision to use them is all yours.

Categories
Forex Brokers

CarterFS Review

CarterFS is an online foreign exchange broker with a mission to provide the best service available. We have seen brokers using this same website layout before so it looks like CarterFS could be a clone of another broker. Their main commitments are to offer their clients connecting opportunities, to maintain control, to allow for personal and professional support, and to offer freedom of choice. We will be going over the services on offer to see what they really offer and so you can decide if they are the right broker for your trading needs.

Account Types

There isn’t an account comparison or information page so to us it looks like there is just the one account type available, due to this we will be listing the features known to us within each individual section of this review rather than all in this one section. If there does turn out to be multiple accounts, we will outline any differences within each individual section.

Platforms

CarterFS uses its own trading platform rather than one of the more established trading platforms. We did not get a chance to try it out so we do not really know what features it offers, all that we do know is that it is a web-based platform, since the CarterFS site does not give much information about it either, we can not tell if it is a platform worth using.

Leverage

CarterFS is offering its clients leverage up to 1:200 which is a reasonable amount with a  decent risk to reward ratio, although many modern brokers are now aiming to offer their clients leverages up to 1:500. The leverage can be selected when opening up an account and should you wish to change it, you will need to contact the customer service team with your request.

Trade Sizes

There isn’t a lot of information on the trading conditions available, the trading sizes are one of them, we do not know what the minimum trade size is, many brokers offer 0.01 lots so we would expect CarterFS to offer similar. We also do not know what the maximum trade size is or how many open trades and orders you are able to have at any one time.

Trading Costs

Yet another aspect of the trading conditions that we do not know anything about, there is no information surrounding the trading costs or whether there are any added commissions, often we can work this out by looking at the spreads, however, as we also do not know them (see the Spread section of the review) it is impossible for us to work out whether there are any or not.

CarterFS also does not mention anything about swap charges for holding trades overnight, however, the majority of brokers and accounts will have these present so we expect that CarterFS will also have swap charges on their accounts.

Assets

The front of the website states that they currently offer over 800 high liquidity assets including Stocks, Commodities, Indices, Currencies, and more. There isn’t a full breakdown available though which is a shame, as it is all well and good to say that you have 800 assets available to trade, but not knowing what any of them are can put off a lot of potential clients, as there may be 799 stocks and one currency pair available.

Spreads

Spreads are the final parts of the trading conditions that we will be looking at and it is another section where we do not have any information available. Not knowing the spreads along with the commissions means that we do not know what the overall trading conditions are or how expensive it may be to trade with CarterFS.

Minimum Deposit

Sadly we do not know what the minimum deposit requirement is, so we do not know how much you need in order to open up an account. This is a shame to see as the last thing someone wants is to sign up for an account just to find out that you do not have enough to open up an account.

Deposit Methods & Costs

Sadly we do not have any information on the deposit methods, so we are unable to comment on them, we also do not know if there are any potential fees when depositing, it is important for potential clients to know this as they do not want to sign up only to find out that their preferred deposit method is not available to use.

Withdrawal Methods & Costs

As we do not know anything about the deposit methods you would be right to think that we also do not know much about the withdrawal methods. This information is some of the most important for potential clients to know, as you do not want to deposit and then try to withdraw only to know that your preferred method is not available to withdraw with, we also do not know the fees, so withdrawing could potentially cut into your profits, not something that you will want to happen.

Withdrawal Processing & Wait Time

As we do not know which methods are available to use, we also do not know how long the processing of any requests may take. We would hope that any withdrawal requests would be processed within 1 to 7 working days from the request being made, but we cannot say this for sure.

Bonuses & Promotions

While there isn’t any information about bonuses and promotions provided on the main site, when we looked into the terms and conditions there was one specific to bonuses, the terms state that there may be bonuses available and go over some basic terms such as the fact that you need to turn over the deposit 30 times in order to withdraw it. So if you are interested in bonuses, they are available and you should contact the customer service team in order to find out if there are any available for you to use.

Educational & Trading Tools

There are a few different pages that make up the educational side of the site. There are pages on Forex Basics, Fundamental Analysis, Technical Analysis, Risk Management, Trading Plan, and Trading Volatility. The pages give a basic overview of them rather than giving you any actual analysis or plans to work with, it is ok for those just starting out, but won’t really help you if you have been trading for a while already.

Customer Service

There isn’t a dedicated contact us page or support page, instead, if you go all the way to the bottom of the page there is an online submission form that you can fill in and then get a reply via email, there is also a postal address and email address provided too. We do not know what the opening times of the support are but would expect them to be closed over the weekends and on bank holidays.

Address: CarterFS FinServices LTD, 1574 Sofia

Email: [email protected]

Demo Account

It is not clear to us whether or not there are demo accounts available, demo accounts allow you to test out trading conditions, platforms, and new strategies without any real risk. If there are no demo accounts available then it is something that they should look at adding to their arsenal.

Countries Accepted

This information is not available on the site so if you are thinking of signing up with CarterFS we would recommend contacting the customer service team to check whether or not you are eligible for an account.

Conclusion

There is a lot of information missing and we mean a lot, we do not know what the trading conditions are, what the available assets are, what the deposit and withdrawal methods are and what the trading platform is. You can imagine that it would be hard for users to recommend them as a broker to use with so much information missing and you would be right.

Categories
Forex Brokers

CornerTrader Review

CornerTrader is a Switzerland-based foreign exchange broker. They claim to offer a trading-based solution, powerful multi-asset platforms, top solidity, and a legacy of strength. CornerTrader was launched in 2012 and has established its own ways of offering its trading solutions. We will be using this review to look into the services on offer to see how they compare to the competition and so you can decide if they are the right broker for you.

Account Types

When signing up with CornerTrader you can choose between 3 different account types. We have outlined them below along with the features and requirements.

Private Trader Account: There is not a deposit requirement in order to open up this account. It comes with spreads on EURUSD starting from 4 pips, CFDs from 4.5 pips, and Futures from 12 pips. The account comes with access to a multi-device platform, free financial news, and you can get financial research for 10 CHF a month and Traders Card from 40 CHF per year. The account also comes with an account opening meeting, free live chat, trading support, post-trading support, stock transfers, and free in-house seminars.

Capital Trader Account: This account requires a minimum deposit of at least 75,000 CHF or equivalent. It comes with spreads on EURUSD starting from 3 pips, CFDs from 3.75 pips, and Futures from 8 pips. The account comes with access to a multi-device platform, free financial news, free financial research, and Traders Card from 40 CHF per year. The account also comes with an account opening meeting, free live chat, trading support, post-trading support, stock transfers, and free in-house seminars. It also comes with a dedicated service manager, free external workshops, free webinars, and free personal product training.

Pro Trader Account: This account requires a certain amount of trading volume to open. It comes with spreads on EURUSD starting from 0.2 pips, CFDs from 2 pips, and Futures from 2 pips. The account comes with access to a multi-device platform, free financial news, free financial research, and Traders Card for free. The account also comes with an account opening meeting, free live chat, trading support, post-trading support, stock transfers, and free in-house seminars. It also comes with a dedicated service manager, free external workshops, free webinars, and free personal product training, as well as free access to the pro-platform and tailormade pricing.

Platforms

There are two different platforms available from CornerTrader, we have detailed them below along with some of their main features.

CornerTrader Flexibility:

Some of the features of this platform include that it is ideal for traders and investors who are looking for an easy-to-use platform or are often on the move, it has a simple, modern & user-friendly, cross-device platform: trade from your smartphone, tablet, and desktop, it has single-screen support: max. 2 monitors, offers chart-trading: Trading by Chart Analysis, it allows for automated buy orders (algorithm orders), including USA Pre-Market, and it has access to market analyses & news, financial calendar.

CornetTrader Advance:

Some of the features of this platform include that it is ideal for experienced active traders, brokers, and investors, it offers extensive customization options & extended functions, it has multi-screen support: max. 6 monitors, chart-trading: trading by chart analysis, market-depth-trading (requires the purchase of real-time data Level 2), it offers algorithm orders, including USA Pre-Market, and it has innovative risk management tools.

Leverage

We do not know what the available leverage is on the CornerTrader accounts. There is mention of leveraging products but no figures are given.

Trade Sizes

Trade sizes strangely seem to start from 0.05 lots, they go up in increments of 0.01 lots until the maximum trade size is reached, these vary by currency to currency but are seen up to 100 lots. We would recommend not trading over 50 lots in a single trade though due to execution and potential slippage issues.

Trading Costs

There is an added commission of $10 per lot traded on the Private and Capital accounts, we do not know if there is an added commission on the Pro account but we suspect that there will be due to its lower spreads. There are also swap charges for holding trades overnight, these fees can be either positive or negative and can be viewed within the trading platform you are using. A PDF containing the full list of trading costs can be accessed here: https://www.cornertrader.com/export/sites/cornertraderCOM/.content/.galleries/downloads/website/Commissions.pdf

Assets

The assets have been broken down into various categories, we have outlined some of them below along with the instruments within them.

Global Currencies: AUDCAD, AUDCHF, EURAUD, EURCAD, GBPAUD, GBPCAD, HKDJPY, NZDSGD, USDAUD, USDCAD, USDCHF, and many more.

Metals: XAGAUD, XAGEUR, XAGHKD, XAGJPY, XAGUSD, XAUAUD, XAUCHF, XAUCNH, XAUEUR, XAUHKD, XAUJPY, XAURUB, XAUUSD, XAUXAG, XPTUSD, XPTZAR.

Stocks: Plenty of stocks are available including the London Stock Exchange, New York Stock Exchange, and the Nasdaq Global Markets.

Indices: Netherlands 25, Australia 200, France 40, Germany 30, Denmark 20, US 30 Wall Street, Spain 35, Germany Mid-Cap 50, US Tech 100, Japan 225, Switzerland 20, US SPX 500, EU Stocks 50, Sweden 30, Belgium 20, Norway 25, Germany Tech 30, Hong Kong.

Commodities: Copper, UK Crude Oil, USCrude Oil, Heating Oil, Gasoline, Gas Oil, Natural Gas, CO2 Emissions, Corn, Wheat, Soybeans, Sugar #11, Coffee, Cocoa, and Live Cattle.

Spreads

The spreads depend on the account you are using, the Private account has a spread starting from 4 pips, the Capital account has a spread starting from 3 pips and the Pro account has spreads starting as low as 0.2 pips. Different instruments will also have different spreads, so while EURUSD on the Pro account may start from 0.2 pips, GBPCHF on the same account starts from 2 pips. The spreads are also variable which means they will move with the markets, the more volatility in the markets will cause the spreads to grow larger.

Minimum Deposit

There are no minimum deposit requirements when opening up an account as you can open a Private Trader account with any amounts. If you want the Capital Trader account you will need to deposit at least 75,000 CHF (or equivalent), if you want the Pro Trader account then you will need to contact the team in order to find out how much you will need.

Deposit Methods & Costs

Unfortunately, there is little to no information regarding deposits on the site, so we currently do not know how we can deposit funds into the broker, this is a shame as it is quite important, clients don’t want to sign up to then realize they do not use one of the accepted methods. 

Withdrawal Methods & Costs

As there is no information on deposits there is also none for the withdrawal methods, not only do we not know the methods available, we also do not know if there are any fees for getting your money out. Again, this is important information, not being present means it can be hard for clients to build trust.

Withdrawal Processing & Wait Time

We also do not know how long it takes for CornerTrader to process requests, we would hope that any withdrawals would be fully processed within 7 days from the request being made, this would depend on the methods that are available to use.

Bonuses & Promotions

There does not seem to be any active bonuses or promotions at the time that we were writing this review. If you are really interested in them, we would recommend contacting the customer service team to see if there are any promotions coming up that you could take part in.

Educational & Trading Tools

There are some trading events available, these seem to be quite basic courses for beginners, there are also trading signals available, they are available on the site in the form of videos, while we can see a few of the recent ones, we do not know of their accuracy or profitability. There is also a set of tutorials, going from the basics of trading up to how to analyze the markets. The final section is a list of live exchange rates.

Customer Service

At the bottom of the page there is a phone number, email address, and postal address available to use, we do not know the opening times of the customer service team.

Address: Cornèr Bank Ltd. Tödistrasse 27, CH-8002, Zurich – Switzerland

Phone:  +41 58 880 80 80

Email: [email protected]

Demo Account

You can sign up for a demo account, you are able to select to mimic any of the three available accounts and the demo account allows you to test out the markets and strategies without any real risk, they last indefinitely so you can keep on testing for as long as you need.

Countries Accepted

This information is not stated on the site, so if you are thinking of joining, we would recommend contacting the customer service team to find out if you are eligible for an account prior to opening up.

Conclusion

The trading conditions are actually a little confusing, we don’t know some of the details such as the leverage available, and the trading costs that we do know are quite expensive with a $10 commission on account with spreads as high as 4 pips. The financial side of the broker is completely unknown which is really disappointing to see. We do not know how we can get our money in or out of the broker and we also do not know how much it will cost us. With all of this information missing, we would recommend looking elsewhere for a slightly more transparent broker.

Categories
Forex Brokers

GigaFX Review

GigaFX is an online foreign exchange broker that has a mission to provide trading excellent by defining it through building trust and equipping their traders with every opportunity for success. GigaFX wants to use its past experience to build the best broker and trading environment for its clients, through certain features such as high leverage, a robust platform, a secure platform, transparency, and first-class customer service. We will be looking to see if these things really are offered and to see how they compare to the competition in this very competitive industry.

Account Types

There seem to be at least four different account types available, there isn’t a huge amount of information about them, so instead of listing what we know here, we will outline the differences in each account in each individual section of this review. The accounts that we know of are the Starter, Silver, Gold, and Premium accounts, but as we said, we do not currently know a lot about them as there isn’t an account comparison or information page available from GigaFX.

Platforms

GigaFX uses MetaTrader 4 as its trading platform of choice, this is a good choice to make as there are reasons why it is one of the world’s most used trading platforms. Many of its features include one-click trading, multiple built-in indicators for analysis, multiple chart windows, multiple time frames, access and compatibility with thousands of indicators for analysis, and expert advisors for automated trading. The platform can also be used anywhere as it is accessible as a desktop download, mobile application, and web trader within your internet browser.

Leverage

The maximum leverage available is 1:200, this information was not available on the site, but looking at information on various other sites it ap[pears that the Starter and Silver accounts can be leveraged up to 1:100, while the Gold and Premium account can be leveraged up to 1:200. When opening up an account you should be able to select the leverage that you desire and in order to change it, you will need to contact the customer service team with the change request.

Trade Sizes

Trade sizes start from 0.01 lots which are also known as micro-lots, the trade sizes will then go up in increments of 0.01 lots so the next trade would be 0.02 lots and then 0.03 lots. There is no information on the site relating to what the maximum trade size could be, or how many open trades and orders you can have at any one time.

Trading Costs

We did not notice any information relating to trading commissions, so we are not fully sure if there are any or not, most of the accounts that we can see have added spreads which is normally an indication that there won’t be any fees.

There will however be swap charges, these are fees that are charged to you when holding trades overnight or over the weekend, they can be both positive or negative and should be viewable within the trading platform that you are using.

Assets

We do not have a full breakdown of the available assets at GigaFX as they have not provided us with a product specification or full breakdown. We did manage to find out some information though, there are over 50 currency pairs available to trade, they include minor pairs, major pairs, and exotic pairs. There are also CFDs available to trade, which include assets like Silver, Gold, Platinum, Palladium. Brent Crude Oil, US Crude Oil, and Natural Gas. There are also 23 Indices available to trade and also cryptocurrencies including Bitcoin,  Litecoin, Dash, Ethereum, Ripple, Ethereum Classic, Bitcoin Gold, Monero, Verge, Cardano, Stellar, Swisscoin, NEM, Qtum, Lisk, Bitcoin SV, and Bitcoin Cash.

Spreads

There is no information on the site regarding spreads, however, we looked through various other sites for information on the spreads and came to the conclusion that the Starter account has spreads starting at 3 pips, they are also fixed spreads, so this means that they will remain the same, no matter what is happening in the markets. There was no information available for the other account types. Different instruments will also have different spreads, so while some may start at 3 pips, others may be higher.

Minimum Deposit

The minimum amount required to open up an account seems to be 250 EUR, this will allow you to use the starter account, we do not know what the minimum amount required for the Silver, Gold, or Premium accounts are, as this information was not made clear on the site, it is also not known to us if the minimum of 250 EUR is reduced once an account has been opened, as many brokers reduce the limits for subsequent top-ups of already open accounts.

Deposit Methods & Costs

GigaFX has not provided us with a full list of their available methods, instead, they have simply stated a few of them, the ones that we do know of are Bank Wire Transfers, Debit Cards, and Credit Cards. They mention that there are over 20 digital methods available through e-wallets but only mention prepaid card, however at the bottom of the website there is an image of Skrill, BPay, and iDeal so we assume that those three are available for use The final group of payment options is Crypto payments, the only cryptocurrency mentioned in Bitcoin though, so it is not known if there are others available too.

Unfortunately, there isn’t any information surrounding any possible fees or commissions when depositing, so we do not know if there are any, we would always suggest contacting your own bank or payment provider just to check whether they will add any outgoing transfer fees of their own.

Withdrawal Methods & Costs

We would expect the same methods to be available to withdraw, so the ones that we know of include Bank Wire Transfer, Credit Card, Debit Card, BPay, iDeal, and Bitcoin. There should be more available as the site states over 20 electronic methods are available, we just do not know which ones they are.

There is also no information available on withdrawal fees, so we do not know if there are any or not, just like with the deposits though, you should check with your own bank or payment provider to see if there are any incoming processing fees that they may charge. The minimum amount that you are able to withdraw through Bank Wire Transfer is currently 10,000 EUR or GBP.

Withdrawal Processing & Wait Time

This aspect of the withdrawal process does not seem to have any information relating to it on the site, this is a shame as it is important for potential clients to know how long it will take for them to receive their money, and many can base their broker choice off this information. As we know what some of the methods are, depending on the processing time of GigaFX itself, we would expect withdrawal requests to be fully processed within 1 to 5 days from the date the request is made, we do not know this for sure though.

Bonuses & Promotions

There is no information surrounding bonuses or promotions on the site so it does not look like there are any active at this point in time. Within the deposit and withdrawal terms and conditions, there is a section that states:

 “GigaFX may provide bonuses from time to time, which are subject to the Bonus Terms and Conditions Policy. All Bonuses are considered Non-Deposited Funds.” 

So it is clear that bonuses may take place in the future, so if you are interested in bonuses we would suggest contacting the customer service team to see if there are any coming up that you could take part in. We do not have access to the bonus terms and conditions pages so we cannot give examples of what sort of bonuses may be available.

Educational & Trading Tools

While going over the site we did not come across any information or pages relating to both education or trading tools, this is a  shame as many brokers now try to help their clients improve on their trading, or provide them with information to help, so it would be good to see some content being added by GigaFX, even if it is just simple things like an economic calendar to recent news events.

Customer Service

The customer service page is a little bare, there isn’t much information provided such as the opening times of the customer service team. The only information provided is a telephone number for the United Kingdom and Australia and an email address. GigaFX should try to give a little more information about their support team, especially as one of the aspects that they stated they excel in is customer support.

Demo Account

There wasn’t any specific inflation about demo accounts on the GigaFX website, this doesn’t mean that there aren’t any as many brokers offer them once an account has been created, but due to there being no information available we cannot comment on their trading conditions or whether or not there is an expiration time on the accounts.

Countries Accepted

We could not locate any information pertaining to which countries are accepted and which are not, so if you are thinking of joining up with GigaFX, we would highly recommend contacting the customer service team prior to opening up an account just to make sure that you are in fact eligible for a trading account with them.

Conclusion

GigaFX has kept a lot of information about their conditions and accounts secret which is always a shame, especially as they claim to pride themselves on their transparency. We had to look elsewhere for information on the accounts and still do not have a lot of it. The maximum level is 1:200 which is ok, it offers a decent risk and reward ratio, spreads are a little high but that doesn’t appear to be any added commission which is good. While some of the deposit and withdrawal methods are available, we do not know them all, we also do not know if it will cost us to put our money in, or to get it back out. Without knowing more about what is available, we would have to recommend looking elsewhere at this point in time.

Categories
Forex Brokers

Rakuten Securities Review

Rakuten Securities is an Australian-based foreign exchange broker. Their aim is to focus on the fundamentals of being a good broker, highly competitive spreads, excellent local customer support, and the enduring strong principles of Rakuten, Inc. by which to run our business. We will be using this review as a way to find out what services are on offer and to help you decide if they are the right broker to use.

Account Types

There are two different accounts available, we have outlined their key features and requirements below, strangely they don’t have specific names so we will name them Account 1 and Account 2.

Account 1: This account requires a minimum deposit of $50, it comes with a maximum leverage of 1:100. Trade sizes start at 0.01 lots and it uses fixed institutional spreads. There are 40 currency pairs to trade along with Gold, Silver, and Indices. There is no added commission on trading when using this account.

Account 2: This account requires a minimum deposit of $50, it comes with a maximum leverage of 1:400. Trade sizes start at 0.01 lots and it uses fixed institutional spreads. There are 40 currency pairs to trade along with Gold, Silver, and Indices. There is no added commission on trading when using this account.

*NOTE* Additional accounts (Retail and Pro VIP) have been added since the original Rakuten Securities review was completed. See the details for those accounts above.

Platforms

Rakuten Securities uses the MetaTrader 4 platform. There are also two social trading platforms available to use, the first being ZuluTrade and then AutoTrade. ZuluTrade hosts the largest social trading community, where Myfxbook AutoTrade is a next-generation trade copy service owned and operated by Myfxbook. 

Leverage

Both accounts come with different maximum leverage, one account has a maximum of 1:30 while the other 1:400. The leverage can be selected when opening yo an account, it can then be changed by contacting the customer service team with your request to change the leverage.

Trade Sizes

Trade size starts from 0.01 lots and goes up in increments of 0.01 lots so the next trade would be 0.02 lots and then 0.03 lots. The maximum trade size for forex pairs is 20 lots while it is 10 lots for Gold. We do not know how many open trades or orders you can have at any one time.

Trading Costs

There are no added commissions on any of the accounts from Rakuten Securities as they use a spread-based system. There are however swap charges, these are interest fees charged for holding trades overnight, they can be both positive or negative and can be viewed within the Metatrader 4 trading platform.

Assets

Unfortunately, there is not a product specification available, the online information that we know is that there are 40 currency pairs, Gold, Silver, and indices available to trade, we do not know any more than that.

Spreads

There is also very little information on the available spreads, the information that we do have is just that they offer fixed institutional spreads. Fixed spreads mean that they do not change with the markets, however, the FAQ states that during bank holidays or periods of low liquidity they will turn into variable spreads.

Minimum Deposit

The minimum deposit amount required to open up either of the accounts is $50, we do not know if this amount reduces once an account has been opened.

Deposit Methods & Costs

The main methods available are NAB, Neteller, Skrill, UnionPay, and Instant Transfer. When using Skrill you also gain access to the use of Visa, MasterCard, Maestro, Amex, and Bitcoin. There are no added fees for deposits, however, you should check with your bank or processor to see if they will add any fees of their own.

Withdrawal Methods & Costs

The same methods are available to withdraw with, we have listed them below along with any applicable fees added to them.

  • Neteller – 2% fee
  • Skrill – 2% fee
  • China UnionPay – No fee
  • Instant Transfer – No fee
  • NAB – AUD $25.00, USD $25.00, EUR €20.00 or GBP £15.00. Domestic AUD Withdrawal fee waived

Withdrawal Processing & Wait Time

We have outlined the expected withdrawal processing times for each available method.

  • NAB – Domestic: 1-2 business days (International: 3-5 business days)
  • Neteller – Up to 1-2 business day
  • Skrill – Up to 1-2 business days
  • China UnionPay – Up to 3 business days
  • Instant Transfer – Up to 3 business days

Time will vary depending on the processing time of the method or bank used.

Bonuses & Promotions

It does not seem that there are any active promotions at the time of writing this review. This doesn’t mean that there won’t be any in the future, so be sure to contact the customer service team to see if any are coming up if you are looking to get any bonuses.

Educational & Trading Tools

The educational side of the site offers some analysis and features to help you trade. The first is surrounding real-time trading ideas, this is coming from tweets that tell you potential trade setups. There are daily market updates in video format but these have not been updated since May 2019. The long-term insight section again has not been updated since April 2019 but should show you potential long-term trade ideas. There are also technical levels and trading ideas which again have not been updated recently. 

The Autochartist MT4 plugin Identifies the best technical charting setups on all available currency pairs. You can select the probability of the price action moving into the target area with Autochartist backtested charting software. Autochartist offers features to help with your trading, it can identify and react to market movements, check the quality and competitiveness of your broker’s pricing, manage your cash exposure, optimize your stop loss and take profits, capitalize on known outcomes of news events and identify and react to market movements that are not typical.

Customer Service

There are a number of different ways to contact Rakuten Securities, You can use the provided postal address, phone number, skype username, or WhatsApp number.

  • Address: Suite 5, Level 9, 3 Spring Street Sydney NSW 2000, Australia
  • Email: [email protected]
  • Phone: +612 9247 2483
  • Skype: Rakuten Securities Australia
  • WhatsApp: +614 5187 4916

Demo Account

You can open up a demo account that allows you to test out the markets and strategies without risk to your own capital. You can select leverage of 1:100 or 1:400 and the account comes with a balance of 10,000 in either AUD, GBP, USD, or EUR. We do not know if there is an expiration on the account though.

Countries Accepted

There isn’t any specific information but the following statement is available from Rakuten Securities:

The information on this website may be accessed worldwide. This information and the products and services referred to on this website are only intended for recipients located in jurisdictions where the use of or access to the information, products or services does not constitute a breach of any law or regulation.”

If you are interested in an account and are not sure of your eligibility, we would recommend contacting the customer service department to find out prior to opening up an account.

Conclusion

There are two accounts available but they don’t seem to have any differences apart from the available leverage. Of course, we did not have enough information on the spreads to know if there was any difference regarding them. We also do not know what assets are available as there wasn’t a full breakdown which is a shame as many potential clients like to see if their preferred instruments are available before signing up. There are plenty of methods to deposit so that should be an issue and there are only fees for some of the withdrawal methods.

Categories
Forex Brokers

ContraFX Review

Contra FX is a Forex and CFDs broker in stock indices and commodities. It also has a wide range of shares to trade. The website reports that Contra FX is a partner of Contra Forex Ltd. We have investigated and have not found any information about this company. They also say that their accounts are maintained with BRE or Earthportfx which are entities registered with the Financial Conduct Authority (FCA), but Contra FX does not report any registration or license, so we can’t know anything about its regulation. It has come to our attention that in several internet forums, Contra FX usually has good reviews.

ACCOUNT TYPES

Against FX you can open 3 different account types, Individual or Joint, Corporate, and Trust. For the opening of the account, a complete request of the client, a copy of identification issued by the government, proof of address will be required. A copy of the business partnership agreements and a copy of the trust agreement will also be requested in the corporate accounts. The commercial characteristics of each account are not explained in the section “Account Types.”

PLATFORMS

Contra FX offers its customers the MT4 platform in its desktop version to be able to trade from your computer. They have their own platform designed exclusively for use on mobile devices, such as Smartphones and tablets. They promise an intuitive and user-friendly environment. To download the mobile app it is necessary to contact customer service to provide the corresponding download link.

They also have software for managing multiple accounts. It would be an FX trading tool for asset managers. One of the improvements of this platform with respect to MT4 is that it promises to be faster to change accounts from one client to another, which in MT4 you have to do manually by entering the data of each client.

LEVERAGE

We have encountered the general difficulty of collecting different information concerning this broker. One of them is that we do not currently know the leverage levels that Contra FX can offer in their accounts to their customers.

TRADE SIZES

We do not have information about the trade sizes available for each of the 3 accounts offered by the Counter FX broker.

TRADING COSTS

Against Fx, it informs us on its website that it does not apply commissions to trades and that its benefit is implicit in the spread. We can also talk about a cost that is common in all brokers, which is overnight financing. Here we explain how it works.

When it comes to, for example, foreign exchange positions, overnight financing is calculated using one-day interest rate spreads for both currencies. You receive interest on the currency you purchased and pay interest on the currency you sold. The financing shall be accounted for in a single currency.

For a position on a Friday or non-business day on the market, the financing shall be applied in the number of days until the next business day.

ASSETS

We will detail the assets you can trade with this broker. We will report on Forex, indices, commodities, and bonds.

Forex:  EUR/USD, USD/JPY, GBP/USD, USD/CHF, USD/CAD, AUD/USD, EUR/GBP, EUR/  JPY, GBP/JPY, CHF/JPY, EUR/CHF, NZD/USD, GBP/CHF, AUD/JPY, EUR/AUD, EUR/CAD, NZD/JPY, CAD/JPY, GBP/CAD, GBP/NZD, GBP/AUD, AUD/NZD, AUD/CHF, and USD/MXN.

Índices: CAC 40, DAX 30, Dow Jones 30, FTSE 100, NASDAQ 100, Nikkei 225, S&P 500, and Swiss 30

Commodities: Copper,  Gold, Silver, Crude Oil, Natural Gas, and Soy.

Bonds and other indices: USD index,  10-year US T-Note, and 30-year T-Bonds.

Additionally, this broker offers a range of 60 Exchange stocks to trade. We understand that the range of marketable assets offered by the reverse FX is extensive and reasonable.

SPREADS

The spreads have not been informed and the search for this information has been unsuccessful. This lack of clarity in the information on the part of the broker is unprofessional.

MINIMUM DEPOSIT

When a deposit is made by bank transfer, the minimum deposit is $5,000 USD, without specifying a maximum amount. When a deposit is made by bank card the minimum deposit is USD 5,000 and the maximum deposit is USD 50,000. We find it a very high demand for a first deposit compared to most brokers.

DEPOSIT METHODS & COSTS

The deposit methods detected on the broker’s website are 2, bank transfer and debit or credit cards, Visa or Mastercard. Contra FX does not allow deposits in virtual currencies such as Paypal, Neteller, Skrill, and others. They recommend making a bank transfer, at least for the first deposit. Deposits made by credit card can be delayed up to 1 business day to be displayed in the account. All transactions made using a bank card are automatically converted into US dollars and there is the possibility that the bank issuing your card may charge fees for currency conversion.

WITHDRAWAL METHODS & COSTS

We understand that withdrawal methods are the same ones that the broker offers for deposits, that is, bank transfer and credit or debit cards. Withdrawal costs have not been reported by the broker on his website.

WITHDRAWAL PROCESSING & WAIT TIME

In the absence of accurate information on the costs of withdrawals and deposits, we have no information about either. Withdrawal processing & wait time. The only information we have found is that Contra FX reports that funds deposited with a credit card will not be available for an upcoming withdrawal for a period of thirty calendar days. The period that seems to us excessively high.

BONUSES & PROMOTIONS

There are currently no bonuses or promotions available. Researching the Internet, we have detected that during the year 2019, Contrafx had a promotion consisting of 10% bonuses on deposits. This promotion was valid for both new and existing clients. The minimum deposit to qualify for this promotion was USD 2000, to get USD 200 bonus, and the maximum deposit was USD 50,000 to get USD 5,000 bonus. A certain volume had to be traded in order to be awarded the amount of the bonus.

EDUCATIONAL & TRADING TOOLS

Contra FX has an educational section where we find a glossary of terms related to Trading. The glossary is extensive, but it seems insufficient for an educational area. As for the trading tools, we have not found anything of interest. We usually comment that an updated news section and an economic calendar where the most important events of the day are indicated are basic tools that every broker must offer to his clients.

CUSTOMER SERVICE

To contact customer service, we have the following ways:

  • Email: [email protected]
  • Phone: + 3278480563 (only available for active accounts)
  • Mailing Address: 126 Boulevard Anspach, Brussels, Belgium

A contact form is also available. There is no online chat, which we consider to be of interest as it is a quick way to contact and resolve doubts or questions practically instantly.

DEMO ACCOUNT

Contra FX offers its customers a free Demo account, based on the MT4 platform. This demo account is available to customers up to a maximum of 30 days, time which we consider insufficient and which should be unlimited to offer good service.

COUNTRIES ACCEPTED

We have found no exceptions to any citizen or jurisdiction that cannot open an account with this broker. If you are interested in opening an account with Contra Fx you should contact your customer service for this information.

CONCLUSION

Advantages: Only the variety of available assets has seemed to us a positive aspect. Because this broker does not provide information related to important aspects, we have not found more relevant advantages to open an account with him.

Disadvantages: Few payment methods. Very high minimum deposit (5,000 USD). Much lack of information is important for the trader, such as Trade Sizes, Trade costs, Spreads, and leverage. Regulation doubtful.

Categories
Forex Brokers

LKM Groups Review

LKM Groups is a London-based foreign exchange broker that is authorized and regulated by the International Business Company (FCA). This has caused a little confusion on our behalf because the FCA actually stands for Financial Conduct Authority and not the International Business Company, there is also a lot of discrepancies in the information they provide and for a London-based company, the wording is not very coherent. They haven’t provided much information about themselves, so as we go through this review we will be looking into the services that are being offered, so you can decide if they are the right broker for you,

Account Types

There are four different account types available when trading with LKM Groups, they are the Economy Class, Premium Class, First Class, and Business Class accounts. There isn’t much difference on the account pages except for the spreads, due to this, as we go through the review, we will outline any differences (including these spreads) in the appropriate section of the review rather than listing them here and then again in each section of the review.

Platforms

LKM Groups is offering its clients the use of MetaTrader 4 as their trading platform. MetaTrader 4 (MT4) is one of the world’s most used trading platforms which hosts the trades of over 1,000,000 traders worldwide. It offers a whole host of features including built-in indicators and compatibility with thousands of others to help with analysis and thousands of expert advisors to allow for automated trading. There are multiple chart windows and timeframes available as well as features such as one-click trading. Normally not having a choice of available platforms can be negative, but when the only platform available is MT4, it is not all bad.

Leverage

The maximum leverage available is 1:200, this can be selected when first opening up an account. The FAQ on the site indicates that there is different leverage available for different instruments however there isn’t a full breakdown of these leverages. We are not sure if the leverage can be changed once it is already open, but you could always send a change request to the customer service team.

Trade Sizes

A lot size is 100,000 base currency units when trading at LKM Groups, the minimum trade size is 0.01 lots which are equal to 1,000 base currency units, the trades then go up in increments of 0.01 lots. We do not know what the maximum trade size available is, or how many open trades and orders you are able to have at any one time.

Trading Costs

The FAQ page on the site very clearly states that there are no added commissions when trading with LKM Groups as they only use a spread-based system that we will look at later in the review. There are however spread charges, these are fees that are charged when holding a trade overnight, they can be both positive and negative and can most likely be viewed within the trading platform that you are using (in this case MetaTrader 4). There are swap-free accounts available too just in case you are not able to accept or pay the interest due to your beliefs.

Assets

There are only two sets of assets available from LKM Group which slightly limits the overall assets available to trade. We have outlined all the instruments and assets below (and divided them up into further categories) so you can get an understanding of the sort of things that are there to be traded.

Currencies: EURUSD, EURJPY, USDJPY, GBPUSD, EURGBP, EURCHF, USDCHF, AUDUSD, NZDUSD, USDCAD, EURTRY, GBPTRY, TRYJPY, USDTRY, CHFJPY, USDNOK, USDSEK, USDHUF, EURHUF, SGDHKD, USDSGD, USDPLN, USDRUB, USDZAR, USDMXN.

Metals: Gold, Silver

Commodities: Brent Crude Oil, US Oil, WTI Crude Oil.

Indices: Dow Jones, S&P 500, Nasdaq 100, FTSE 100, Euro Stoxx 50, CAC 40, DAX 30, IBEX 35, Swiss Market Index, Nikkei 225, Hang Seng

Spreads

The spreads that you get depend on the account type that you are using, we have listed down below the minimum spread value when trading with each account.

  • Economy Account: 2.1 pip minimum
  • Premium Account: 1.3 pip minimum
  • First Class Account: 0.8 pip minimum
  • Business Account: 0.6 pip minimum
  • Swap-Free Account: 1.0 pip minimum
Economy Class spreads

These spreads are the minimum value that they will be, the spreads are variable which means they will move with the markets, they will often be seen higher than the figures above. It should also be noted that different instruments will have different spreads, so on the Economy account, the GBPUSD pair has a starting spread of 2.1 pips, while NZDUSD has a starting spread of 2.9 pips.

Minimum Deposit

We didn’t actually come across the minimum amount required to open up an account, but by looking at various sources around the internet it seems that the minimum deposit may be 500 EUR, this may not be 100% accurate and we are also not sure if this amount reduces once an account has been opened.

Deposit Methods & Costs

The only method detailed in the FAQ is Bank Wire Transfer, however, at the bottom of the screen, there are images of Visa, MasterCard, and American Express so we suspect that Credit and Debit cards are also available to use. There is, in fact, a mention of i-payments in the terms and conditions, but we do not know what this actually entails. The FAQ on the website states that there will be no fees or commission added by LKM Groups, however, you will be liable for any fees added by your own bank or payment processor.

Withdrawal Methods & Costs

The same methods seem to be available to withdraw with, once again they seem to be Bank Wire Transfer and Credit/Debit Card. Once again, the FAQ on the website states that there will be no fees or commission added by LKM Groups, however, you will be liable for any fees added by your own bank or payment processor.

Withdrawal Processing & Wait Time

LKM Groups have not specified their exact processing times, so we do not know exactly how long it could take, we would hope that any withdrawal requests would be fully processed within 1 to 7 working days from the date the request is sent.

Bonuses & Promotions

There wasn’t anything on the site indicating that there are any active promotions or bonuses, however, in the Terms of Service the following sentence is available:

“The Company, from time to time, and at our sole discretion, may offer several types of promotions and/or incentives through which Clients can earn specified rewards upon reaching or by completing pre-defined targets.”

So there have been promotions in the past and maybe more in the future, you could always contact the customer service team to see if there are any coming up that you could take part in.

As an example of a bonus, there is one in the term and conditions that states:

  1. For deposits starting from EUR 1000 – EUR 2000 the bonus will be 100%.
  2. For deposits starting from EUR 2000 – EUR 10.000 the bonus will be 75%.
  3. For deposits starting from EUR 10.000 – EUR 50.000 the bonus will be 50%.
  4. For deposits that will be more than EUR 50.000, the bonus will be 25%.

Educational & Trading Tools

There is an economic and technological news section of the site, however, this is actually just an economic calendar, this details some upcoming news events as well as the sort of impact that the news events could have on the markets. There does not seem to be any other educational information or tools available on the site.

Customer Service

The contact us page has a few different ways to get in contact with them, the first is an online submission form, fill it in and you will then get a reply by email, there is also a postal address provided along with a phone number.

Demo Account

Demo accounts are available and allow you to test out their conditions and trading platforms completely free of charge. You can open one up by using the online application form. We do not know which account it will mimic in regards to the spreads or whether or not there is an expiration time on the accounts. 

Countries Accepted

This information does not seem to be present on the site, should you be interested in joining up, then we would recommend contacting the customer service team just to check your eligibility before you sign up for an account.

Conclusion

Things didn’t start well with the confusion over the government and regulation bodies that LKM Groups use, when we look at their trading conditions they are ok, the spreads on the upper-tier accounts are relatively low when we also consider that there are no added commissions on the accounts. There isn’t a huge selection of assets to trade which is a little shame and when it comes to education the site is a little light. The funding options are also limited to just a few options, but the good news is that there are no fees for either depositing or withdrawing.

Categories
Forex Brokers

EGM Securities Broker Review

EGM Futures DMCC is a brokerage company registered in the United Arab Emirates as a broker and clearing member of Dubai Gold and Commodities Exchange ( DGCX ), licensed by the Dubai Multi Commodities Centre ( DMCC ) with the license numbered 31573 and regulated by the Securities & Commodities Authority ( SCA ) with the license number 607136.

Equiti Group Limited Jordan is another trademark registered in Jordan, its registration number is 50248. Equiti Group Limited Jordan is licensed and duly regulated by the Jordanian Securities Commission. The registered office is Second Floor, Jouba Complex, Suleiman Al Nabulsi St 32, Al-Abdali Boulevard Amman.

Regulation: All companies in the Equiti Group Limited Jordan group include a financial adviser and a broker of various assets authorized and legally regulated by the Jordanian Securities Commission ( JSC ). EGM Futures DMCC is licensed and regulated by the Emirates Security and Commodities Authority and the Financial Control Authority ( FCA ) with companies such as Divisa US, Bloom Capital, and Divisa AM as subsidiaries. EGM Securities Limited is regulated by the Capital Markets Authority ( CMA ) in Kenya.

EGM Futures is based in the UK. It also has offices in other countries such as Jordan, United Arab Emirates, Armenia, USA, Kenya, and New Zealand. The broker has an Equiti server,  this server is located in London, UK. EGM Broker is an STP/DMA/NDD brokerage company. This means that they do not hold their clients’ positions, but they are automatically sent to their liquidity provider.

ACCOUNT TYPES

EGM Futures offers two types of accounts for its clients, called Premiere Account and Executive Account. Both accounts are differentiated by the required minimum deposit, spread, and commissions.

Premier Account: Minimum deposit required, 500 USD. Spread EUR/USD = 1.6 pips. No commissions.

Executive Account: Minimum deposit required, 20,000 USD. Spread EUR/USD = 0.2 pips. Commission, 7 USD per lot traded.

PLATFORMS

EGM Futures uses the most advanced and modern platform available to traders today. The MT5 platform has new features compared to the other platforms, which makes it particularly attractive. First of all, all the tools available and the look of your screen are very easy to use. Secondly, the execution of orders is more accurate and faster. And thirdly, it has the ability to add many more technical indicators and to compare several temporary chart spaces on the platform. Last but not least, it is possible to download the platform on both the computer and mobile phone.

LEVERAGE

1:500 for Forex and precious metals, and 1:100 for CFD. The Spread is the same for both types of accounts, premier, and executive.

TRADE SIZES

The minimum trade size is 0.01 lot, a micro-lot, which is equivalent to 1,000 units of the base currency.

TRADING COSTS

Depending on the type of account, the expenses will be different. In the Premier account, you will only pay the spread (the difference between supply and demand prices). In the Executive account, the spread is more economical but you will pay a commission of 7 USD per lot traded.

However, like any broker, traders will pay a swap for transactions that remain open overnight. Swaps are interests based on the economic conditions and policies of the central bank of the country of origin of the currency.

ASSETS

EGM Futures gives you access to more than 60 currency pairs. It is also possible to trade with 11 stock indices and 6 commodities.

Forex: EURUSD, AUDUSD, USDCHF, USDJPY, NZDUSD, EURCHF, EURGBP,  EURJPY, USDCAD, GBPUSD, GBPJPY, GBPCHF, HKDJPY, CADJPY, AUDJPY, EURAUD, EURCAD, NZDJPY, AUDCAD, AUDCHF, AUDNZD, CADCHF, CHFJPY, EURNZD, GBPCAD, GBPAUD, GBPNZD, GBPSGD, AUDSGD, CADSGD, CHFSGD, EURDKK, EURMXN, EURNOK, EURPLN, EURSEK, EURSGD, EURTRY, GBPHKD, GBPNOK, GBPSEK, MXNJPY, NOKJPY, NOKSEK, NZDCAD, NZDCHF, NZDSGD, SEKJPY, SGDJPY, USDCNH, USDDKK, USDHKD, USDNOK, USDMXN, USDPLN, USDRUB, USDSEK, USDSGD, USDTRY, USDZAR, and EURHKD.

Stock indexes: Nikkei 225, Euro Stoxx 50, CAC 40, DAX 30, Hang Seng, FTSE 100, S&P 500, Nasdaq 100, Dow Jones Industrial Average, IBEX 35, and S&P/ASX 200.

Commodities: Silver, Gold, WTI Crude Oil, Brent Crude Oil, and Platinum.

SPREADS

Spreads are different, depending on whether you have the premier or the executive account. Some examples of spreads are below.

Premier AccountExecutive Account

  • EURUSD 0.21.6
  • AUDUSD 0.22.1
  • USDCHF 0.22.5
  • USDJPY 0.22.1
  • NZDUSD 0.72.2
  • EURCHF 0.22.2
  • EURGBP 0.92.3
  • EURJPY 0.42.5
  • USDCAD 0.62.5
  • GBPUSD 0.22.3
  • GBPJPY 1.53.1

MINIMUM DEPOSIT

Two types of minimum deposits are distinguished, depending on the type of account the customer has. Thus, the minimum deposit for Executive Accounts is USD 500, while for Premiere Accounts, the minimum deposit is USD 20,000. We consider this last requirement very demanding for customers who want a Premier account.

DEPOSIT METHODS & COSTS

EGM Broker offers a good variety of methods for its customers to make deposits. The Broker wishes to satisfy the needs of the clients giving them all the facilities in this regard.

The accepted deposit methods are:

  • Bank transfer
  • Neteller
  • Skrill
  • Debit or credit card
  • Cash deposit (cash deposit with banks located in Jordan only)

WITHDRAWAL METHODS 

Faithfully abiding by AML’s policies, the balance in customers’ accounts must be withdrawn by the same system with which it was deposited. To this end, EGM Broker offers the same withdrawal systems as for all its deposits.

We recall that they are as follows:

  • Bank Transfer
  • Skrill
  • Neteller
  • CardPay (Credit and debit cards)

Clients who used the deposit at banks located in Jordan must provide a bank account number for withdrawal, and proof of ownership of the account.

WITHDRAWAL PROCESSING, COSTS & WAIT TIME

This is the EGM Futures Broker withdrawal policy:

Wire Transfer:

  • Supported Currencies USD, EUR, GBP, AED, SAR, JOD, and JPY.
  • Withdrawal Arrival Time, 3 to 5 working days. 
  • Minimum Withdrawal 25 JOD 100 AED / SAR 50 USD / EUR / GBP. 
  • Withdrawal fees, 100 AED / SAR, 30 USD / EUR / GBP, No Fees charged on Domestic Payments within Jordan.

Debit/Credit Cards:

  • Supported Currencies, USD, EUR, GBP, AED, SAR, JOD.
  • Withdrawal Arrival Time, 5 to 14 working days (depending on your card issuer).
  • Minimum Withdrawal, 30 USD / EUR / GBP / JOD, 100 AED / SAR.
  • Withdrawal fees. No Fees Charged by Equiti.

NETELLER:

  • Supported Currencies, USD, EUR, GBP, AED.
  • Withdrawal Arrival Time, 1 working day.
  • Minimum Withdrawal, 30 USD / EUR / GBP / JOD, 100 AED / SAR.
  • Withdrawal fees, 1% to USD 30.00 Maximum Fees per transaction.

Skrill:

  • Supported Currencies, USD, EUR, GBP.
  • Withdrawal Arrival Time, 1 working day. 
  • Minimum Withdrawal, 30 USD / EUR / GBP / JOD, 100 AED / SAR.
  • Withdrawal fees, 1% to USD 30.00 Maximum Fees per transaction.

The Broker advises on its page that the waiting times are approximate and may vary.

BONUSES & PROMOTIONS

Currently, there are no bonuses or promotions. Introducing Broker (IB) and affiliate programs exist. Those interested will have to contact EGM Futures Broker. The contact details are in the customer service section

EDUCATIONAL & TRADING TOOLS

EGM Futures Broker, not available educational tools. Nor does it have tools of interest to the trader. We consider that elementary tools such as a news section or a calendar of economic events should be accessible from any broker.

CUSTOMER SERVICE

EGM Futures customers have several ways to contact the broker to resolve their doubts, questions, and issues.

The Broker has an online chat on its website. This service provided it works correctly, is of special use to users. They also have a contact form, a contact form is the communication system, next to the email, ideal for issues not so urgent.

Their main contact numbers are:

For sales, they have a specific telephone number:

Its offices, as mentioned in the introduction, are located in Jordan and its address is:

Second Floor, Jouba Complex, Suleiman Al Nabulsi St 32, Al-Abdali Boulevard, Amman.

DEMO ACCOUNT

As we have already commented in the Platforms section, the broker provides us with a free demo account. Using a Demo account can test strategies in a risk-free environment. This is because Demo accounts allow you to practice trading with virtual funds.

We think it is very important that the Brokers offer Demo accounts, especially for use by the most novice merchants, who need to get used to the platform and acquire minimal initial experience.

COUNTRIES ACCEPTED

Citizens resident in the following countries may not trade with EGM Futures, in compliance with current legislation: United States, Belgium, Canada, and Singapore.

CONCLUSION

This broker meets all the requirements to be taken into account by any trader. It has a demo account, is regulated, has 2 accounts for 2 different investor profiles, has a modern trading platform like the MT5. Leverage, Trade sizes, and Trading costs are well informed on their website. Good range of assets. High minimum deposit to access the executive account. Various ways to make deposits and withdrawals. Waiting times are reasonable for withdrawals. The inclusion of an educational area, even if basic, would be desirable for this broker, at least a news section and an economic calendar. In addition, all retail customer deposits are held in separate accounts in EGM Futures bank accounts.

Categories
Forex Brokers

GWG Review

GWG is a broker with which you can trade in currencies, indices, and commodities. The Broker is licensed and regulated by the Cyprus Securities and Exchange Commission (Cysec) under license 291/16. The company operates in accordance with European Union regulations and directives and complies with MiFID II, aimed at strengthening investor protection and improving the functioning of financial markets to make them more resilient, efficient, and transparent.

ACCOUNT TYPES

We have not found information about the different types of accounts that GWG Broker offers. The only information we have is that to open an account you need a minimum deposit of 100 USD or equivalent currency, and that leverage ranges from 1:10 to 1:30 depending on the underlying asset. The minimum trade size is 0.01 (micro lot) and they charge a commission of 7 USD for each lot operated.

PLATFORMS

The software platform offered by GWG broker is the well-known platform Metatrader 4. MT4 is a reliable platform that offers high technology, such as advanced charts, a wide range of technical analysis indicators, automated strategies (EA), and many customization options.

LEVERAGE

  • Forex currency pairs have leverage between 1:20 and 1:30
  • CFDs have leverage between 1:10 and 1:20
  • Oil has a leverage of 1:10

TRADE SIZES

In Forex, the contract size is 100,000 units of the base currency, with the minimum trade size of 0.01 lot. In stock index CFDs, the minimum trade size is 1 lot, except for the Nikkei 225 which is 10 lots. In Oil, the minimum trade size is 1 lot. Stop out level equates to the forced closure of an order occurs when the equity/margin ratio is less than 50%

TRADING COSTS

All Forex transactions have a commission of USD 7 for each lot traded. For overnight financing (Swap), which is when you leave a trade open overnight, they report a 2% interest commission on long positions and 1% on short positions.

ASSETS

Among the assets that GWG Broker offers for trading are Forex, stock indices, and commodities.

They are as follows:

Forex: AUDCAD, AUDCHF, AUDJPY, AUDNZD, AUDUSD, CADCHF, CADJPY, CHFJPY, EURAUD, EURCAD, EURCHF, EURGBP, EURJPY, EURNZD, EURUSD, GBPAUD, GBPCAD, GBPCHF, GBPJPY, GBPNZD, GBPUSD, NZDUSD, USDCAD, USDCHF, and USDJPY.

Stock Index: Australia 200, CHINA A50, Euro 50, France 40, German 30, Hong Kong 50, Japan 225, UK 100, US 100, US 30, and US 500.

Commodities: US Crude Oil, Brent Crude Oil, Natural Gas, Cocoa, Coffee, Gold, Silver, and Copper.

SPREADS

We have not found information about the spreads that this broker offers for the different underlying assets.

MINIMUM DEPOSIT

The initial minimum deposit is relatively low. GWG broker requires a minimum of $100 USD as a first deposit, it really isn’t much. There are many offshore brokers who ask for a higher minimum deposit.

DEPOSIT METHODS & COSTS

After research, it seems that the only deposit method available is bank transfer. We have not found information that says other deposit methods such as credit or debit cards, e-wallets, or ePayments are accepted. The deposit costs associated with a bank transfer are always paid by the customer and depend on each bank, whether the transfer is international or not, and whether the destination currency is different from the original currency.

WITHDRAWAL METHODS & COSTS

Once we know that the only deposit method is bank transfer, obviously the only withdrawal method is the same. Withdrawals will always go to the original bank account from where the previous deposit was made. The costs associated with withdrawals are not reported by GWG broker on its website. They only report that in withdrawals, bank charges are deducted from the amount withdrawn, but no indication is given as to the amount of such charges.

WITHDRAWAL PROCESSING & WAIT TIME

The withdrawal process starts with the withdrawal request via the GWG broker website, in the Withdrawals section. The broker does not report the time needed to process the withdrawal, nor in how many days the customer will have his money in his bank account.

BONUSES & PROMOTIONS

Currently, GWG Broker has no current bonuses or promotions.

EDUCATIONAL & TRADING TOOLS

GWG Broker has an educational area where basic concepts of trading are exposed such as: what is a currency pair, what are the CFDs, Order and Execution, How orders are executed, What is the slip, What is the locking position, Order Types, What is Leverage, What is the Rollover…etc.

It also has trading tools such as a daily exchange rate, an economic calendar, and an economic news section. The economic news section has not been updated since 2018, which is not very positive.

CUSTOMER SERVICE

There are several ways to contact customer service. They have a contact form, a telephone, email, and offices in Nicosia, Cyprus.

DEMO ACCOUNT

This broker offers us from his website a link to download a Demo account from the MT4 platform. We always consider it positive that brokers offer their users a demo account to practice with the platform and not risk their money, and being GWG a regulated broker it is almost mandatory to offer it, free and unlimited. It is not specified on the website how much time the customer has to use it, we understand that unlimited.

COUNTRIES ACCEPTED

GWG Broker does not offer its services to US citizens/residents. USA, Islamic Republic of Iran, Sudan, Syria, British Columbia, Canada, Australia, Belgium, Japan, North Korea, and other jurisdictions are barred from using their platform.

CONCLUSION

The best thing about this broker is that its parent company, GTG (Cyprus) Ltd., is regulated by the Cyprus Securities Commission (Cysec). This means that the broker complies with a set of rules and is monitored by the previous commission.

The other positive aspect is that the broker offers the MT4 platform, leading among traders for its powerful functionality, and also has a demo account available so that novice traders can get used to the platform and try different strategies without risking their money.

We have not been able to know what spreads are, information that we consider very important for any trader before opening an account with a broker. We investigated and the company’s previous name was Gametech (Cyprus) Ltd. This company traded under the commercial name “Nenx” which is a binary options broker available only for smartphones and tablets, with a bad reputation and currently appears to be out of business.

Categories
Forex Brokers

Forex24 Review

Forex24 is a broker you can trade with a wide variety of assets, 68+ currency pairs: majors, minors, and exotics, 11 commodities, 12 indices, 57 stocks, and 20 cryptocurrencies.

It offers several types of accounts and has a very complete website, and it is available in several languages, such as English, German, French, Italian, Spanish, Polish, Finnish, Greek, and Arabic.

But one of the most critical factors when comparing brokers is the regulatory aspect. Forex24 is a trademark owned by Lydya Financial Ltd. and is supervised by the Cyprus Securities and Exchange Commission (Cysec), licensed HE334292. This is a very reputable regulatory body within the EU, which monitors and enforces high standards for companies offering financial services under its license.

Forex24 is also a broker with an STP business model, that is, a broker that processes transactions directly with the market, not being the counterpart of its customers. This aspect is not so important when we talk about a broker with proper regulation, but many traders prefer this business model to the “Market Makers,” whose brokers earn money when their clients lose it.

ACCOUNT TYPES

Forex24 has three different accounts. You can access them from a minimum deposit of USD 250 (Mini Bronze account), and access a wide variety of trading assets. The following are the characteristics of each account:

PLATFORMS

Forex24 offers two trading platforms, and both are available for use on computers, mobile devices, iOS, or Android. We talked about the popular MT4 platform and the Forex24 Webtrader platform.

The MT4 platform does not need a presentation, as it is the tool most used by traders. It has a great rapidity in the execution of orders. It offers the user a multitude of technical indicators. It has a very advanced graphics package and provides the possibility to automate your trading, through the EA’s (Expert Advisors).

On the other hand, the Webtrader platform has a high-quality design and is based on MT4. It allows excellent customization, is simple and easy to use. It can analyze up to 10 charts simultaneously and has up to 5 different chart types.

In summary, two excellent trading platforms that Forex24 makes available to its customers.

LEVERAGE

Leverages vary depending on the type of account you have. In Bronze and Classic accounts, the leverage is the same. In the Pro Gold account, you can have larger leverage. Keep in mind that trading with greater leverage does not guarantee better results, in fact, it is often said that leverage is the main reason why beginners lose money in markets.

TRADE SIZES

The minimum trade sizes are 0.01 lots (micro lot), and the maximum trade size is 50 lots, here is an extract from a table on the broker’s website:

SymbolsMin Position SizeMax Position Size

  • EURUSD0.01 Lots500 Lots
  • GBPUSD0.01 Lots500 Lots
  • USDCAD0.01 Lots500 Lots
  • USDJPY0.01 Lots500 Lots
  • USDCHF0.01 Lots500 Lots

TRADING COSTS

In addition to the costs for the spread (the difference between the purchase price and sale price), there are costs per lot traded, depending on the type of account are the following:

Commissions per Account Type:                     

  • Bronze: 0.0029 % Per Side    
  • Silver: 0.0025 % Per Side         
  • Gold: 0.0020 % Per Side

To these costs must be added the cost of the swap, that is, any position held overnight, which will incur a maintenance cost (interest). This amount can be negative or positive depending on the instrument and the direction of the position, and its amount is fixed by the central banks of the base currency of the open position.

In the event of not engaging in any commercial activity, the broker has the right to charge customers for all fees related to incoming and outgoing transactions, at least 10 units of the base currency, and not more than 2.5% of the total amount deposited.

ASSETS

Forex24 has a wide variety of assets to trade with. You can trade 68+ currency pairs: majors, minors, and exotics, 11 commodities, 12 indices, 57 stocks, and 20 cryptocurrencies.

SPREADS

We have detected that spreads are based on account type. Below, we have provided the lowest possible spreads for each account type.

  • Bronze: Floating Low Spreads from 2.8 pips
  • Silver: Floating Ultra Low Spreads from 1.7 pips
  • Gold: Floating Ultra Low Spreads from 1.2 pips

MINIMUM DEPOSIT

The minimum deposit depends on each account; we show the different accounts with the minimum deposit required for each of them:

  • Mini Bronze account: Minimum: $ / £ / € / 250 
  • Classic Silver account: Minimum: $ / £ / € / 500       
  • Pro Gold account: Minimum: $ / £ / € / 1000                     

DEPOSIT METHODS & COSTS

The deposit methods of the broker, and its costs, are as follows:

  • Credit or Debit card: Covered by the bróker. Deposit Time, 1 hour
  • Bank Transfer: Covered by the bróker. Deposit Time, 2-5 working days
  • Skrill: Covered by the bróker. Deposit Time, 1 hour
  • Neteller: Covered by the bróker. Deposit Time, 1 hour

WITHDRAWAL METHODS & COSTS

The withdrawal methods and their costs are as follows:

  • Credit or Debit card: 1 unit of the base currency of your account
  • Bank Transfer: Dependent on amount & banks involved
  • Skrill: Withdrawal Fee, 1%
  • Neteller: Withdrawal Fee, 0.15 EUR
*Note, if the withdrawal requires more than one transaction via the card processor to execute the full amount, each additional transaction will be charged with 1 unit fee. An additional 1.5% fee will apply for amounts above the initial deposited amount.
**It can take an additional 2-5 working days for the banks to process the amount into your account. Click on the link to see additional information on our service payment providers.

WITHDRAWAL PROCESSING & WAIT TIME

Withdrawal Processing Time is 1 working day for all withdrawal methods after you must add the time that each withdrawal method entails, which usually ranges from 1 to 5 working days.

BONUSES & PROMOTIONS

Forex24 does not currently have any Bonuses or promotions, and we don’t even know he’s had them in the past.

EDUCATIONAL & TRADING TOOLS

Forex24 offers its clients a very complete glossary of terms. In this glossary, we find words related to trading and terms of economy in general, really very instructive. On the broker’s website, we also have an economic calendar. We consider this tool to be fundamental, and it should be consulted daily, as it includes all the essential events of the day that can affect the different assets we trade.

CUSTOMER SERVICE

There are basically 3 ways to get in touch with Forex24 customer service, are phone, email, and a contact form that you will find on their website. The data are as follows:

  • Email: [email protected]
  • Phone: +357 25 26 20 49
  • Fax: +357 25 25 13 93
  • 155 Ayias Fylaxeos, Ersi Court Suite 202, 3083 Limassol, Cyprus.

You can also contact the broker through their social networks, Facebook, Linked In, Google Plus, and Twitter.

DEMO ACCOUNT

With Forex24, to have a demo account, you must fill out a questionnaire with your personal data, and wait for manual approval with the instructions for installation. It cannot be created automatically as on the pages of other brokers. We believe that this is an aspect that can be improved.

COUNTRIES ACCEPTED

Forex24 does not offer its services to U.S. residents, Canada, Japan, North Korea, Iran, Belgium, and some other regions. For more information, please contact customer service.

CONCLUSION

Forex24 is a Cysec regulated foreign exchange and CFD broker. The spreads offered by this broker are not up to the average of the rest of the industry. We cannot say that they are very high, but they will have an impact on our accounts if we trade with them for a long time.

There are several reasons why Cypriot brokers can be considered serious brokers. The local Commission is under the European umbrella MIFID, which is one of the most active agencies that implemented rules for financial companies that it oversees.

Let’s just mention below two of the principles that guarantee the safety of your funds:

– Customer account segregation: this is a common rule in the EU, meaning that Forex24 cannot touch your deposits. This is done through segregated bank accounts. Your funds will be in one account, and the broker’s operating account will be a different one.

– There is insurance against the insolvency or bankruptcy of your broker. All companies regulated by Cysec participate in a clearing fund. This system guarantees that your funds will be refunded if the broker goes bankrupt, up to a limit of 20,000 euros.

Advantages:

  • Regulated broker offering guarantees to its customers (CySec regulation)
  • STP model (broker earns commissions, not on the losses of his clients)
  • Available 2 excellent trading platforms, MT4 and Webtrader
  • Variety in deposit methods
  • Minimum deposit available. 250 USD
  • High leverage, possible with the Pro Gold account

Disadvantages:

  • High spreads, even in the Pro Gold account
  • We can find many brokers cheaper than a spread of 1.2 pips + commission
Categories
Forex Brokers

GFS Partner Review

GFS Partner is an online foreign exchange broker that is looking to evolve the trading world. They claim that some of their key benefits are:

  • Ultra-fast trade execution with no-dealing-desk intervention
  • Aggregation of prices from multiple LPs & access to a deep liquidity pool
  • Ongoing investment in technology & research

They also make a point to say that their client-centric approach is based on a number of factors which include:

  • To make trading accessible to all by offering ongoing support & educational resources
  • To continuously update our services to meet trader demands
  • To lead the way by supporting transparency & the adoption of ethical trading practices throughout the industry

They are also committed to the following things:

  • Unwavering commitment to transparency, excellence & innovation
  • Investment in technology and research
  • Expansion & refinement of our business model with trader needs in mind

We will be using this review to look through the services on offer to see if they manage to achieve all of these things and to see how they compare to the competition in this very competitive industry.

Account Types

There isn’t account information or a comparison page, it also appears that there is just one account type available, so instead of writing any information we find here, as we go through each individual section of this review, we will outline the different conditions that are offered to the single available account. It should be noted though, that in order to sign up to an account you do require an invitation code, how you get one we are not sure, but most likely you need to know someone who already has an account.

Platforms

GFX Trading is offering their clients MetaTrader 4 as its trading platform, the platform has a huge amount of accessibility through its use as a web trader, mobile app, and desktop download, it is also highly compatible allowing you to alter it to suit your trading style and needs. It has a number of built-in indicators to allow for analysis and is also compatible with thousands more to really help you to analyze the markets. It can also use expert advisors which allow for automated trading, there are many other features such as one-click trading that help make MetaTrader 4 one of the most popular trading platforms that are used by millions all over the world.

Leverage

There isn’t a mention of the available leverage anywhere on the website, looking at various sites on the internet, they all provide varying figures, so there is nothing that we are able to go by, so at this point in time, the maximum leverage is a mystery to us.

Trade Sizes

Trade sizes are another aspect where there isn’t any information available, many brokers offer 0.01 lots as their minimum value but we do not know if GFS Partner does or not, we also do not know what the maximum trade size is or how many trades you are able to have at any one time.

Trading Costs

Once again, this is a part of the broker that we know nothing about, we do not know if there are any added commissions when trading, as as we also do not know anything about the spreads, it is impossible for us to work out whether there may or not be commissions. There is also no mention of swap charges which are fees for holding trades overnight, however, 99% of brokers have them so we would suspect that GFS Partner would also have them on their accounts.

Assets

There are multiple different asset classes including Forex, Metals, Indices, Futures, and Commodities, there may be more but it is hard to tell. Unfortunately, while we know a few of the categories, we do not have any actual examples of the instruments and assets within them, so it is hard to tell what there is to trade. GFS Partner claims that there are over 250 different assets to trade, we just don’t know which ones.

Spreads

We again do not have any information on the spreads, we do not know what their starting points are, or whether they spreads are fixed or variable, not having any of these trading conditions available can make it very hard to actually understand what is on offer and the overall costs of trading.

Minimum Deposit

There doesn’t seem to be any information regarding the minimum deposits so we do not know how much is needed to open up an account, this is not good as some clients may go through the registration process just to find out they do not have enough for the minimum deposit, ultimately wasting their time.

Deposit Methods & Costs

We, unfortunately, do not have any information about which deposit methods are available, or if it will cost any money to deposit. It is important to have this information available as clients need to know if their preferred methods of depositing are available, they do not want to go through the signup process only to find they cannot deposit as they do not use the available methods, it is also important for them to know how much it will cost to deposit into the broker.

Withdrawal Methods & Costs

This information is also missing and is just as vital as the deposit methods and people need to know how they can get their money out, it is also important to know how much it will cost as you do not want to deposit, trade and then try to withdraw only to find it will cost you half your profit to do it, this information along with the deposit methods needs to be made visible and accessible to potential clients.

Withdrawal Processing & Wait Time

As we do not know what the withdrawal methods are, it is also hard for us to estimate what the processing times may be as GFS Partner does not mention on their site what their own processing times are. We would hope that any withdrawal requests would be fully processed between 1 to 7 days from the date that the request is made, this will depend on which methods are available to sue.

Bonuses & Promotions

Looking through the site it was clear that there wants any information available regarding bonuses and promotions, this does not mean that there won’t be any so if you are interested in them we would suggest contacting the customer service team to see if there are any coming up that you could take part in.

Educational & Trading Tools

There is just a single page of information that could be considered educational, the help page has a little bit of information about how trading forex works, it isn’t anything amazing and won’t help you become a master trader, more needs to be done on this aspect of the site if they wish to compete with the better brokers in the industry.

Customer Service

There isn’t dedicated customer support or contact us page not that we could see anyway), there is just a single email address positioned at the bottom of the site. It is a real shame to see just the one method available, it does not help to build confidence and it is vital for clients to be able to get in contact with them in a number of ways. The website does suggest that there is 24-hour support 5 days a week, but if this is just via email it kind of defeats the point.

Email: [email protected]

Demo Account

Apparently, there are demo accounts available, however, we were not able to access them as you need to sign up for a full account in order to open one up. The demo account gives clients a way to test out new strategies and potential clients a way to test out the platform and trading conditions but considering you need an account, new clients do not get this opportunity, we also do not know if there will be an expiration time on the demo accounts.

Countries Accepted

This information is not made clear to us on the site, so if you are thinking of signing up with GFS Partner then we would suggest trying to get in contact with their customer support team just to make sure you are eligible for an account prior to trying to open one up.

Conclusion

There is a lot of information missing from the site, so much that we do not know what the trading conditions are such as the leverage, commissions, spread, or even what assets are available to trade, on top of that we do not know which payment methods are available to deposit or withdraw with and if there are any fees. If that wasn’t bad enough, there is a complete lack of ways to get in touch with the customer support team, just an email address is available and nothing else. With all this missing information it is impossible for us to recommend them as a broker to use and would suggest looking elsewhere.

Categories
Forex Brokers

IMMFX Review

IMMFX is a foreign exchange broker, located in Saint Vincent and the Grenadines and licensed by Saint Vincent and the Grenadines Financial Service Authority (SVGFSA) of the Eastern Caribbean States (CELAC) and (CARICOM). IMMFX boasts a number of features that make them stand out from the crowd including fast account opening with instant deposits and same-day withdrawals, extensive global market (technical & fundamental) analysis on a daily basis 24/5, an industry-leading client MetaTrader 4/Mobile trading platforms, convenient funding by major credit cards, swap-free accounts available for both Muslims and non-Muslims as well. 

Tight Spreads with Low Latency and Fast Execution is in place. Welcome, and Recurring Marginal Bonuses are available upon request. Hedging capability and Negative balance protection. High Leverage up to 200:1, No rejection and No re-quotes. Zero Trading Commission, No hidden costs, Bank commission fees will be reimbursed with every Deposit. Highly Protected Segregated clients funds with No withdrawal restrictions. Trade 50+ Currency pairs,(majors-crosses-exotics), Precious Metals, Energy, Indices, commodities and CFDs, and alternative methods of Account Funding via, Fasapay, Payza, Perfect Money, i-Account, Wire Transfer, Paysafecard, OKPAY, Union Pay, UA EXCHANGE, WESTERN UNION, MoneyGram and many others are available.

That is a lot to claim, so we will be looking into the services on offer to see if they do in fact offer all of these and how they stand up to the competition.

Account Types

There are two different account types available to trade with, we have outlined the key features of both of them below.

Pro Account: This account has a minimum deposit requirement of $100, it comes with spreads starting from 0. pips and has flexible leverage up to 1:200. It can trade currencies, energies, metals, and indices with trade sizes starting at 0.01 lots and going up in increments of 0.01 lots up to a maximum of 20 lots. Swap-free versions are available and there is no added commission on forex but there is an $18 commission on stock indices, energies, and crypto. You can have a maximum of 300 trades open at any one time, the margin call level is set at 100% with the stop out level at 30%. The account uses market execution and expert advisors are allowed, the account uses MetaTrader 4 as its trading platform.

Prime Account: This account has a minimum deposit requirement of $100, it comes with spreads starting from 0.2 pips and has leverage up to 1:200. It can trade currencies, energies, metals, and indices with trade sizes starting at 0.01 lots and going up in increments of 0.01 lots up to a maximum of 50 lots. Swap-free versions are available and there is an added commission of $8 per lot traded on forex and $18 commission on stock indices, energies, and crypto. You can have a maximum of 1,000 trades open at any one time, the margin call level is set at 100% with the stop out level at 30%. The account uses market execution and expert advisors are allowed, the account uses MetaTrader 4 as its trading platform.

Platforms

The platform on offer is the powerful MetaTrader 4 which allows you to implement strategies of any complexity. Market and pending orders, Instant Execution, and trading from a chart stop order and trailing stop are just a few of the execution methods available. Analytical functions are one of the MetaTrader 4 platform’s strongest points. Online quotes and interactive charts with 9 periods allow you to examine quotes in all the details quickly responding to any price changes. 33 analytical objects and 30 built-in technical indicators greatly simplify this task.

Thousands of free and paid signals with various profitability and risk levels working on a demo and real accounts are at your fingertips. The built-in Market is the best place to find an Expert Advisor or the newest technical indicator. Almost any trading strategy can be formalized and implemented as an Expert Advisor so that it automatically does all the work for you. A trading robot can control both trading and analytics freeing you from the routine market analysis.

Leverage

The leverage on both accounts can go as high as 1:200, this can be selected when opening up an account and can be changed by contacting the customer service team. The website states that the leverage may state higher, but 1L:200 is the actual limit, even if a higher number is stated.

Trade Sizes

Trade sizes on both accounts start from 0.01 lots and go up in increments of 0.01 lots, the maximum trade size depends both on the account you use and also the instruments that you are trading. We have outlined them below.

Instrument Pro-Account Max Size Pro Plus Max Size
Forex Majors 20 lots 50 lots
Forex Minors 15 lots 50 lots
Forex Exotics 10 lots 50 lots
Gold 10 lots 50 lots
Silver 10 lots 50 lots
CFDs 10 lots 50 lots

 

The Pro account can have a maximum of 300 trades open at any one time while the Pro Plus account can have up to 1,000 trades and orders open at any one time.

Trading Costs

There are a few added commissions. The Pro account does not have any added commission on trading forex, however when trading indices, energies, and crypto there is an added commission of $18 per lot traded. The Pro Plus account has an added commission for forex which is $8 per lot traded (a little over the $6 per lot average) and also has the $18 commission per lot on indices, energies, and crypto.

There are also swap charges which is an interest fee charged or received for holding a trade overnight, there are also swap-free versions of each account in case your beliefs do not allow you to accept or pay interest.

Assets

The instruments have been broken down into a number of categories, we have outlined them below along with the instruments found within them.

Forex: AUDCAD, AUDCHF, AUDJPY, AUDNZD, AUDUSD, CADCHF, CADJPY, CHFJPY, EURAUD, EURCAD, EURCHF, EURCZK, EURGBP, EURHKD, EURHUF, EURILS, EURJPY, EURNOK, EURNZD, EURPLN, EURSEK, EURTRY, EURUSD, GBPAUD, GBPCAD, GBPCHF, GBPJPY, GBPNZD, GBPSEK, GBPUSD, NOKJPY, NZDCAD, NZDCHF, NZDJPY, NZDUSD, USDCAD, USDCHF, USDDKK, USDHKD, USDHUF, USDILS, USDJPY, USDMXN, USDNOK, USDPLN, USDSEK, USDSGD, USDTRY, USDZAR.

Metals: Gold, Silver, Platinum, and Palladium.

Indices: AUS 200, ESP 35, ESTX 50, FRA 40, GER30, HKG 33, ITA 40, JPN 225, NAS 100, SPX 500, UK 100, US 30.

Energies: UK Oil, US Oil, and Natural Gas.

Cryptocurrencies: Bitcoin, Ethereum, and Litecoin.

Spreads

The spreads that you get depends on the account you use, the Pro account has spreads starting from around 0.6 pips while the Pro Plus account has spreads starting from 0.2 pips. The spreads are variable which means they move with the markets, the more volatility in the markets the higher the spreads will be, different instruments will also have different starting spreads, so while the lowest may be 0.6 pips, others may start from 2 pips or more.

Minimum Deposit

The minimum account deposit required to open up an account is $100, once an account is open, the minimum amount reduces a little to $10 or $50 depending on the method used.

Deposit Methods & Costs

There is a large selection of methods available when depositing, they are EPay, FasaPay, PaySafeCard, Perfect Money, SticPay, UnionPay, Wire Transfer, UAE Exchange, Western Union, MoneyGram., PayGo, Payeer, AdvCash, Universal Money Transfer, Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Bitcoin Gold, and KHADAMATI.

The good news is that there are no added fees when depositing, but be sure to check with your bank or processor to see if they add any transfer fees of their own.

Withdrawal Methods & Costs

The methods available to withdraw with are EPay, FasaPay, PaySafeCard, Perfect Money, SticPay, UnionPay, Wire Transfer, UAE Exchange, Western Union, MoneyGram., PayGo, Payeer, Universal Money Transfer, Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Bitcoin Gold, and KHADAMATI. AdvCash is the4 only one not available to withdraw with. A complete list of withdrawal options and costs can be viewed at: https://immfx.com/funding/withdrawal

There are a number of fees that we have outlined below:

  • EPay – 5.8% fee
  • FasaPay – 4.2% fee
  • PaySafeCard – 4.2% fee
  • Perfect Money – 2% fee
  • SticPay – 4.2% fee
  • UnionPay – 4.2% fee
  • Wire Transfer – 20 – 80 USD fee
  • UAE Exchange – 8.8% fee
  • Western Union – 8.8% fee
  • MoneyGram – 8.8% fee
  • PayGo – 4.2% fee
  • Payeer – 4.2% fee
  • Universal Money Transfer – 4.2% fee
  • Bitcoin – 3% fee
  • Ethereum – 4.2% fee
  • Litecoin – 4.2% fee
  • Bitcoin Cash – 4.2% fee
  • Bitcoin Gold – 4.2% fee
  • KHADAMATI – 2% fee

Withdrawal Processing & Wait Time

All withdrawal requests should be executed within 24 hours of the request being received. It will then take between 1 to 5 working days for your withdrawal request to fully process based on the method used or your own banks’ processing times.

Bonuses & Promotions

There is a 20% welcome bonus available to new clients. The full terms of the onus are not known such as how to convert the bonus into real funds. The actual promotion states:

“For a limited time only, take advantage of our deposit bonus! Fund now and receive a FREE cash bonus added to your account. The more cash you deposit, the more Free Cash you get.”

So this makes it seem like the bonus is cash, which we would find hard to believe, without knowing the full terms we cannot comment on how profitable the bonus is.

Educational & Trading Tools

There are quite a few different tools and educational content on the site. There is a VPS on offer, however, at the moment, it states that this service is temporarily unavailable. There is a currency converter, trading calculators including pips, margin, Fibonacci,m pivot points, CFD profit/loss, and stop-loss limit calculators. There are daily signals which are updated daily, TradingView charts, trading signals using MQL5, an economic calendar detailing upcoming news events, and trading charts. There is also some education that consists of Webinars, video libraries, daily financial news, live quotes, and a section about teaching the basics of forex and trading.

Customer Service

There are plenty of ways to get in touch with IMMFX who are available to contact 24 hours a day 5 days a week. You can use the online submission form, simply fill in your query and you should get a reply via email. You can also use the UK or USA phone number and there are email addresses available for general inquiries, technical support, partnerships, finance, sales & marketing, compliance department, human resources, and portfolio management.

Demo Account

Demo accounts are a great way to test out new strategies without any risk to your own capital. IMMFX offers these accounts, they have unlimited usage, offer real market conditions, 1 click trading, and have a balance of up to $50,000. The conditions will mimic the real trading accounts so you can get a better feel for the conditions on offer from the real accounts.

Countries Accepted

This information is not available on the site and so we would suggest getting in touch with the customer service team to see if you are eligible for an account prior to signing up.

Conclusion

The trading conditions available from the two accounts are pretty competitive, the spreads on the Pro account are low when we compare to other non-commission based accounts, the commission on the Pro Plus account is a little higher than the average $6 sitting at $8 but this is nothing that should put you off trading thee. There are also a lot of tradable assets and plenty of ways to deposit and withdraw, the main downside is the withdrawal fees, some of them can be a little high so make sure the method you would be using is not one of the expensive ones. There are also plenty of ways to contact the customer service team which is great.

Categories
Forex Brokers

TradeFred Review

*IMPORTANT NOTE* The TradeFred website was down as of the time of this review posting. We’re providing the review anyway, on the off-chance that the site may be up again in the future.

TradeFred is a brand name of BrightFX Capital Limited, a Cyprus Investment Firm (CIF) that is authorized and regulated by the Cyprus Securities and Exchange Commission (CySEC). TradeFred opens its doors to all sorts of traders, working tirelessly to ensure their clients are fully satisfied through the use of five-star customer service, and advanced trading technology. We will be looking into the services on offer to see if they achieve this or fall short and so you can decide if they are the right broker for you.

Account Types

There are three different accounts available, they do not give too much information away about the trading conditions though, os throughout this review in each section we will outline any differences between the accounts that we find. So let’s look at what we do know.

Basic Account: This account requires a minimum deposit of at least $100, it has one-day withdrawals and access to eBooks and educational videos.

Standard Account: The minimum deposit requirement is increased up to $500, it has one-day withdrawals, access to ebooks and training videos as well as free trading signals, and lower spreads.

VIP Account: This is a top-tier account and it requires a minimum deposit of at least $5,000. It comes with one-day withdrawals, access to the ebooks and educational videos as well as free trading signals, lower spreads, and access to a VIP account manager.

Platforms

TradeFred uses MetaTrader 4 (MT4) as its sole trading platform. Boasting a wide range of features, MetaTrader 4 provides ultra-fast execution and lets you execute complicated strategies with ease. You also get access to the latest market updates, analytical tools, and trend charts. With MT4 you are able to trade six asset classes, get five-star customer support, exclusive educational material, available as a desktop download, mobile app, and WebTrader. It is highly accessible and allows you to access the markets wherever you are.

Leverage

The maximum trade size seems to be set at 1:30 which is rather low. This may be due to TradeFred following the recommendations from the ESMA which are: 

Leverage limits on the opening of a position by a retail client from 30:1 to 2:1, which vary according to the volatility of the underlying:

  • 30:1 for major currency pairs;
  • 20:1 for non-major currency pairs, gold, and major indices;
  • 10:1 for commodities other than gold and non-major equity indices;
  • 5:1 for individual equities and other reference values;
  • 2:1 for cryptocurrencies

Trade Sizes

Trade sizes start from 0.01 lots and go up in increments of 0.01 lots. We do not know what the maximum trade size is or how many trades you can have open at any one time.

Trading Costs

There are no added commissions on any of the accounts or the tradable instruments, the only things that have any commissions are shares that have a 10% commission on all accounts. There are also swap charges, these are fees for holding trades overnight and can be viewed within the MetaTrader 4 platform.

Assets

The assets at TradeFred have been broken down into a number of categories that we will now outline for you.

Forex: EURGBP, CADCHF, CHFJPY, EURCHF, EURJPY, EURUSD, GBPCAD, GBPCHF, GBPJPY, GBPUSD, USDCHF, USDJPY, EURCAD, USDCAD, AUDCHF, AUDJPY, AUDUSD, EURDKK, EURHUF, EURNOK, EURPLN, EURSEK, GBPAUD, USDDKK, USDHKD, USDRUB, USDSGD, AUDNZD, EURAUD, EURNZD, GBPNZD, NADUSD, USDCNH, USDMXN, USDNOK, USDPLN, USDSEK, USDZAR, EURTRY, USDTRY, AUDCAD, NZDJPY. 

Metals: Silver and Gold are the only available metals to trade.

Energies: Brent Crude Oil, Lite Sweet Crude Oil, and Natural Gas are available.

Shares: There are plenty of shares to be traded, these include the likes of Alibaba, Apple, Bank of America, eBay, Facebook, and Netflix. 

Indices: CAC 40, DAX 30, Dow Jones, FTSE 100, Nasdaq, S&P 500, Hang Seng Index, Madrid 35.

Commodities: Cocoa, Cotton #2, Palladium, Platinum, Soybeans, Coffee, Sugar #11, Aluminium.

Cryptocurrencies: Bitcoin is tradable against USD, EUR, and GBP.

Spreads

The accounts page states that there is a difference between the three accounts in regards to their spreads, but when looking at the product specification we cannot see any differences listed. The spreads listed start from 1.7 pips and are variable which means they will move with the markets when there is added volatility they will often be slightly higher. Different instruments will also have different starting spreads.

Minimum Deposit

The minimum amount required to open up an account is $100 which will allow you to use the Basic account, if you want a different account you will need to deposit at least $500, We do not know if this amount reduces for further top-ups.

Deposit Methods & Costs

There are a few different methods available which are Bank Transfer, Credit/Debit Cards, and Online Wallets. Unfortunately, we do not know what the online wallets are, as they are not mentioned by name, however at the bottom of the website there are images of Skrill and Neteller. In terms of fees, TradeFred does not add any of its own. However, any fees added by your bank or payment processor will be your responsibility to pay.

Withdrawal Methods & Costs

The same methods are available to withdraw with, these are Bank Transfer, Credit ./ Debit Cards, and Online Wallets. Again, we do not know exactly which wallets they are. Just like with the deposits, there are no added fees from TradeFred but you should check with your bank or processor for any fees added by them.

Withdrawal Processing & Wait Time

Withdrawal requests will be processed within 1 business day. The amount of time it takes after this will depend on your bank or processor but should be fully processed between 1 to 5 working days from the date of the request being processed.

Bonuses & Promotions

There doesn’t seem to be any active promotions or bonuses at the time of writing this review, however, if you are after bonuses you could always contact the customer service team to see if there are any coming up that you can take part in.

Educational & Trading Tools

There is quite a lot when it comes to the educational and tools side of the broker. There are some daily reviews that give brief highlights of trends and events affecting the markets. There is an economic calendar that shows upcoming news events and they could affect your trading strategy. A news and blog section with the latest market events, plus informative articles about Forex trading and techniques. You can get free trading signals that can help you decide on your next investment position. You can also watch televised market updates, get market analysis and technical analysis from partners in the trading central part of the site.

There is also an education center that has information on trading, how to trade, what CFDs are, fundamental analysis, technical analysis, a glossary, FAQs, eBooks, video tutorials, and webinars. So there is plenty to help you along your trading journey.

Customer Service

The TradeFred support team is available 24 hours a day 5 days a week and closes over the weekends when the markets are also closed. You can use the online submission form to send your query and then get a reply via email, you can also use the postal address provided as well as a support email or phone number.

Address: 24 Piraeus Street, 4th Floor, Office 401, Strovolos, Nicosia 2023 Cyprus

Email: [email protected]

Phone: +357-22009101

Demo Account

Demo accounts are available and allow you to test out the markets, conditions, and strategies without risking anything. The demo account comes with funds of $10,000 and uses the same market conditions as the live accounts, we are not sure if there is an expiration time on the accounts though.

Countries Accepted

This information is not present on the site and so if you are thinking of signing up you will need to contact the support team to find out if you are eligible for an account or not.

Conclusion

TradeFred offers three different accounts however we do not really know what the differences between them are, they state that the higher tier accounts have lower spreads but there was no indication of what they are. The broker follows recommendations from the ESMA which means the leverage is very limiting. There are plenty of assets available to trade and a few different methods of moving your money in and out, however not all of them are detailed, no added fees are also a plus. You now have the information to decide if they are the right broker for you, or if you need to look elsewhere to satisfy your trading needs.

Categories
Forex Brokers

LidyaTrade Review

LidyaTrade is an online foreign exchange broker based in Saint Vincent and the Grenadines. They do not give a lot of information about themselves away but pride themselves in the fact that they offer over 200 tradable assets, have tight spreads, allow for micro lot trading, have 24/5 customer support, offer a variety of account types, have one to one training, offer account sin EUR and USD, offer MetaTrader 4, have swap-free accounts and have the best stop out and margin levels. As we go through the review we will see if these things are available and we will also see how they compare to the competition.

Account Types

There are two main accounts on offer from LidyaTrade, we have outlined them below along with some of their features and requirements.

Standard Account: This account requires a minimum deposit of $300 in order to open it up. The account comes with spreads starting from 1 pip, can be leveraged up to 1:200, and has access to micro lot trading (0.01 lots). The account uses an STP execution method and has access to 24/5 customer support.

VIP Account: This account requires a minimum deposit of $500 in order to open it up. The account comes with spreads starting from 0.7 pips, can be leveraged up to 1:200, and has access to micro lot trading (0.01 lots). The account uses an STP execution method and has access to 24/5 customer support.

Platforms

LidyaTrade offers MetaTrader 4 as its sole trading platform. It is a great platform to have and it is one of the most used trading platforms, used by over 1 million traders worldwide. The platform can be used anywhere as a desktop download, web trader, and mobile application. It is compatible with thousands of expert advisors and indicators which can help with your analysis as well as allowing for automatic trading. The platform is highly customizable and offers multiple charts and timeframes to allow you to trade in the style that you prefer.

Leverage

The maximum leverage available is 1:200 which is relevant to both account types. This can be selected when opening up an account and can be changed on an active account by contacting the customer service team. If you opt for a bonus then you will be limited to maximum leverage of 1:100 instead of 1:200.

Trade Sizes

A lot is equal to 100,000 base units when trading with LidyaTrade. The smallest trade size available is 0.01 lots (1,000 base units) and they then go up in increments of 0.01 lots. We do not know what the maximum trade size is or how many open trades and orders you are able to have at any one time.

Trading Costs

We did not notice any information pertaining to added commissions on the account so we do not know if there are any added, however, due to there being spreads, it is most likely that there aren’t any. While not mentioned we suspect that there are also wap charges for holding tares overnight, they can be both positive or negative and can be viewed from within the MetaTrader 4 trading platform. A swap-free account will also be available for those not able to pay or receive interest.

Assets

There isn’t a full breakdown of the available assets and instruments. We know that currencies, metals, indices, commodities, cryptocurrencies, and US stocks are available to trade, but we do not know which individual assets are available. The only specifics that we do know are Gold, Silver, Palladium, Oil, Natural Gas, Wheat, Bitcoin, Ethereum, EURUSD, GBPUSD, USDJPY, USDTRY, EURTRY, and USDCAD.

Spreads

The accounts state that they have spreads starting from 1 pip on the Standard account and 0.7 pips on the VIP account. The spreads are variable which means they will move with the markets when there are levels of low liquidity or high volatility they will often be seen higher than the stated amount, different instruments will also have different natural spreads so some will always be higher than others.

Minimum Deposit

The minimum amount required to open up an account is $300 for the Standard account, if you want to use the VIP account then you will need to deposit at least $500. 

Deposit Methods & Costs

There isn’t actually a funding information page, the only details on the available methods are images at the bottom of the screen, we can see an image for Bank Wire, Visa, MasterCard, WebMoney, Bitcoin, and Perfect Money. We do not know if there are any additional methods available. 

We did not locate any information regarding deposit fees, on the site of the FAQ, so we do not know if they are included, you should always check with your own bank or payment service to see if they add any outgoing transfer fees of their own.

Withdrawal Methods & Costs

The only information that we have to go on is the same images at the bottom of the site, for clarification, these are Bank Wire, Visa, MasterCard, WebMoney, Bitcoin, and Perfect Money. Once again there is no information on any potential fees but check with your own bank or payment option to see if there are any incoming processing fees.

Withdrawal Processing & Wait Time

We do not have any information on the processing times from LidyaTrade, however, we would hope that any withdrawal request would be fully processed within 7 days of the request being made and will vary based on the method used.

Bonuses & Promotions

There are a few different bonuses available but they all work in very similar ways. You are able to receive a deposit bonus between 10% and 50% depending on the bonus that you choose, some bonuses can be used on accounts where other bonuses have already been used, allowing you to have multiple deposit bonuses. Simply select a bonus and deposit, you will then receive the percentage of the bonus as bonus funds. The bonus funds can be converted into real funds, however, the actual terms of how to do this are not made clear and so we cannot work out how profitable or worthwhile the bonuses actually are.

Educational & Trading Tools

There are a few small pages and tools available to the clients of LidyaTrade. Firstly there is a simple introduction to the forex page, this details some very basics of trading for complete beginners. There is an article page available, although at the moment there is just one article so it does not look like it is being actively updated. There is an economic calendar available, this tells you what upcoming news events are going to happen, it can also give an idea of the impact that the news could have on the markets. The final page is about technical analysis, there isn’t any actual analysis, instead, it is some basic dials indicating the sentiment of a buy or sell, based on a number of indicators.

Customer Service

The customer service team is available to help 24 hours a day 5 days a week, they close over the weekend at the same time as the markets close.

You are able to submit a contact form, fill in your name, email and query and they should get back to you via email. You can also use the postal address that they have provided as well as the direct email address or phone number.

  • Address: 19 Boroughbridge Road, Birmingham, B1 5NB – United Kingdom
  • Email: [email protected]
  • Phone: +44-20 36953384

Demo Account

Demo accounts are available from LidyaTrade, you are able to use the demo account to test out the markets and strategies without any real risk. The demo account can have a demo balance of $10,000, has over 200 tradable assets, uses the MetaTrader 4 trading platform, and also has access to the 24/5 support that the real accounts do.

Countries Accepted

This information is not available on the site, so if you are thinking of signing up, we would highly recommend contacting the customer support team to check that you are eligible for an account prior to opening one up.

Conclusion

There is a lot on offer from LidyaTrade but they don’t make it easy to find all the information, in terms of the accounts and trading conditions, the leverage is acceptable at 1:200, a little under what we see elsewhere though, there does not seem to be any added commissions and the spreads start from as low as 0.7 pips which can make it relatively cheap to trade, however, we suspect the majority of spreads to be above this figure. We don’t have any information on funding apart from the images at the bottom of the screen which is a little concerning as it is important for potential clients to know how they can get their money in and out and also how much it will cost them, we also do not have a breakdown of the available assets, there are plenty of categories and the site states that there are over 200 assets, but we do not know which ones they are.

Categories
Forex Brokers

FxBrew Review

FxBrew is a foreign exchange and CFD trader based in Ireland. They sell themselves as having advanced technology, institutional-grade trading, user-friendly solutions, great customer support, and more. The purpose of this review is to look at the services being offered so you can see if they are the right broker for you to trade with.

Account Types

When signing up with FxBrew there is a choice of three different account types, each one has its own requirements to open as well as its own trading conditions, so let’s briefly look at what they are.

Micro Account: The amount required to open this entry-level account is just $5. The account can use both MetaTrader 4 and MetaTrader 5 as a trading platform, it uses market execution and has forex pairs, commodities indices, and cryptos available to trade. The minimum trade size is 0.01 lots and the maximum is 100 lots, leverage on the account can be up to 1:500. The account can have a base currency of USD, EUR, GBP, or BTC. There is an added commission on the account which is $2 per round lot traded and the spreads start as low as 0.02 pips. Scalping and hedging are both allowed as is the use of expert advisors. The margin call is set at 70% and stop out at 50%, there is also a bonus of up to 100% available with this account.

ECN Account: The ECN account requires a minimum deposit of $100 to open, it has spread starting from 0 pips and there is a commission of $2 per lot traded on the account. It has access to MetaTrader 4 and MetaTrader 5 as trading platforms and the account can be in USD, EUR, GBP, or BTC. OIt uses market execution and has access to forex pairs, commodities, indices, and cryptos to trade. Leverage can be up to 1:500 and lot sizes start from 0.01 lots and go up to 100 lots. Scalping, hedging, and expert advisors are all allowed and the margin call level is set at 70% and stop out at 50%, there is also a 100% bonus available with this account.

VIP Account: The VIP account is the top-level account on offer from FxBrew, it requires a minimum deposit of $5,000. It comes with spreads starting at 0 pips and has a commission of $2 per lot traded. It uses market execution and has access to forex pairs, commodities, indices, and crypto, its minimum trade size is 0.01 lots and the maximum is 200 lots. Leverage is up to 1:500 and the base currency can be in USD, EUR, GBP, or BTC. Scalping, hedging, and expert advisors are ok to use and the margin call and stop out levels are 70% and 50% respectively. The account comes with a 100% deposit bonus as well as a free VPS service.

Platforms

FxBrew is offering two different trading platforms, both from the MetaQuotes family. These include MetaTrader 4 (MT4) and MetaTrader 5 (MT5). Obviously, these are two of the best, if not the best, Forex trading platforms in the world. As such, there are no problems to report in this area.

Leverage

Leverage on all accounts has a maximum setting of 1:500, leverage can be selected when opening up an account and should you wish to change it on an already open account you will need to contact the customer service team with your request.

Trade Sizes

Trade sizes on all accounts start from 0.01 lots (micro lot), they then go up in increments of 0.01 lots so the next trade would be 0.02 lots and then 0.03 lots. The maximum trade size for the Micro account and ECN account is 100 lots, the VIP account has a maximum trade size of 200 lots. We would recommend not trading in sizes larger than 50 lots, as the bigger a trade becomes the harder it is for the markets or liquidity provider to execute the trade quickly and without any slippage. The number of open trades at any one time is currently unknown to us.

Trading Costs

All three accounts use a commission-based system, the current commission is $2 per round lot traded for all three account types. Swap charges are also a factor, these are interest charges that are incurred for holding trades overnight, they can be both negative or positive and can usually be viewed from within the trading platform of choice.

Assets

There seems to be a large number of tradable assets and instruments, FxBrew has broken them down into four different categories, let’s take a look at some of what is included in them.

Forex Pairs: A wide range of products available at least 60 different pairs including the likes of AUDUSD, EURJPY, GBPUSd, USDCZK, EURHUF, USDMXN, GBPNZD, EURSEK, GBPTRY, NZDUSD, CADCHF and, NOKSEK.

Commodities: Five different commodities are available including Gold, Silver, Natural Gas, WTI Crude Oil, and Brent Crude Oil.

Indices: A few different indices are also available including GBP 100, Dow Jones, SPX, Nasdaq, German 30, France 40, JPY 225, AUD 200 and, HKD 33.

Crypto: Bitcoin, Ethereum, Litecoin, Ripple, and Bitcoin Cash are the cryptos available to trade with FxBrew.

Spreads

Spreads on the Micro account start as low as 0.02 pips, the spreads on the ECN and VIP account start from as low as 0 pips. The spreads are variable (also known as floating) so this means that when the markets are being volatile, the spreads will often be seen higher. It is also important to note that different instruments and assets have different starting spreads, so while EURUSD may start at 0.1 pips, other assets like GBPJPY may start slightly higher.

Minimum Deposit

The minimum amount required to open a micro account is just $5, in order to open an ECN account you will need $100 and for the VIP account $5,000. Once an account is open, additional deposits to the same account do not have a minimum value.

Deposit Methods & Costs

Just two methods on offer for depositing, these are Bank Wire Transfer and Bitcoin. There are no additional fees added by FxBrew but be sure to check with your own bank or bitcoin wallet to see if they add any fees of their own.

Withdrawal Methods & Costs

Both Bank Wire Transfer and Bitcoin are also available to withdraw with, just like with deposits there are no additional fees added by FxBrew but be sure to check with your own bank or bitcoin wallet to see if they add any fees of their own.

Withdrawal Processing & Wait Time

Withdrawal requests are normally processed within 24 to 48 hours, once a request has been processed Bitcoin withdrawals will take as long as confirmations on the network take, bank withdrawals will take between 1 to 5 business days depending on your bank’s processing time.

Bonuses & Promotions

There is a 100% deposit bonus available from FxBrew. Simply deposit and they will double your account balance with the bonus funds. It states that you can withdraw the funds once a volume requirement is met but it does not actually say what the requirement is on the site. Only one bonus per person or IP address and should you withdraw prior to meeting the volume requirement then some of the bonus may be removed.

Educational & Trading Tools

There is a basic economic calendar available which tells you of any upcoming news events and the markets they may affect. Apart from that, there doesn’t appear to be anything in regards to education or trading tools. This is a shame as a lot of brokers these days are looking to help their clients improve and become more profitable with educational courses or tools to help them trade or analyze. It would be nice to see FxBrew do something similar for their clients.

Customer Service

Should you need to get in contact with FxBrew there are some limited ways of doing it. You can use the online submission to fill in your query and then you should get a reply via email. Other than that, there is just a simple email address to use. It would have been nice if there were more ways available, especially a phone number as sometimes it is good to speak to someone directly.

Demo Account

Demo trading and accounts are available but there is no information about them on the site, just a simple button to sign up. Demo accounts are there to give you a fee for the markets and to test out the trading conditions of the broker. It would have been nice for there to be information regarding which account type they are mimicking and also if there is a time limit on them.

Countries Accepted

The information about which countries are accepted and which are not is not present on the website, so if you are interested in joining, be sure to get in contact with the customer service team to check if you are eligible for an account or not.

Conclusion

FxBrew offer some very competitive market conditions, they provide you with plenty of information around their trading conditions and deposit/withdrawal methods which is great, they also show that there are no additional fees for depositing or withdrawing which is another big plus, the only downside seems to be the lack of ways to contact the customer service team is restricted to email is a little disappointing. If you are able to get over the support issue then FxBrew could be a good broker to trade at.

Categories
Forex Brokers

S2Trade Review

S2 Trade is a forex broker that was founded and managed by industry professionals. Their main values are to impress their traders through their dedication, to show integrity and fairness, to be dependable and communicate effectively, and to take complete responsibility for their actions. They pride themselves on the customer service department and also their education center. We will be using this review to look into the services offered to see how they compare to the competition and so you can decide if they are the right broker to use.

Account Types

S2 Trade offers three different accounts to their clients. They each have slightly different features and requirements, so let’s look at what they are.

Standard Account: This account requires a minimum deposit of $500 and must be in either USD or EUR, it has a minimum spread of 2.5 pips on a non-commission account or 0.2 pips on a commission-based account. The commission account has an added commission of $8 per lot traded. You are able to trade forex, commodities, indices, and stocks. The account can be leveraged up to 1:200, minimum trade sizes start from 0.1 lots, the account also has access to a personal account manager and access to technical support.

Premium Account: This account requires a minimum deposit of $5,000 and must be in either USD or EUR, it has a minimum spread of 2.1 pips on a non-commission account or 0.1 pips on a commission-based account. The commission account has an added commission of $3.5 per lot traded. You are able to trade forex, commodities, indices, and stocks. The account can be leveraged up to 1:200, minimum trade sizes start from 0.1 lots, the account also has access to a personal account manager and access to technical support. The account also has access to one on one training, trading signals, and a rebate program.

VIP Account: This account requires a minimum deposit of $50,000 and must be in either USD or EUR, it has a minimum spread of 1.5 pips on a non-commission account or 0.1 pips on a commission-based account. The commission account has an added commission of $2 per lot traded. You are able to trade forex, commodities, indices, and stocks. The account can be leveraged up to 1:200, minimum trade sizes start from 0.1 lots, the account also has access to a personal account manager and access to technical support. The account also has access to one on one training, trading signals, and a rebate program. You also get express withdrawals when using this account.

Platforms

There are two platforms available to use, including the well-known MT4 and MobileTrade. There isn’t much left to say about MetaTrader 4, as it is an extremely popular trading platform used by millions of Forex traders all over the world. As for MobileTrade, it is a mobile-only trading platform that offers advanced Trading Options, trade Forex pairs including EURUSD, trade top stocks with 10 to 20 times leverage.

Leverage

All accounts at S2 Trade can be leveraged up to 1:200, this is an acceptable level and offers decent levels of risk and reward, many brokers are now looking to offer 1:500 leverage. Clients can select the leverage that they want when opening up a new account. Should you need to change it on an account that you are already open, you can send a request to change it to the customer service team.

Different instruments also have different available leverages, we have listed them for you below.

  • 1:200 – Forex Majors, Forex Crosses, Metals.
  • 1:100 – Commodities, Energy Futures.
  • 1:50 – Indices.
  • 1:20 – USA Shares, Europe Shares.
  • 1:5 – Cryptos

Trade Sizes

The Trade sizes on all three accounts start from 0.1 lots which are also known as mini-lots and equate to 10,000 base currency units. Sadly, we do not know what the maximum trade size is or how many trades you can have open at any one time.

Trading Costs

Each account type has an option of different payment structures, they can either use a spread-based system (we will look at this later in the review) or a commission-based system. When using commissions, the Standard account has an added commission of $8 per lot traded, the Premium account has a commission of $3.5 per lot traded and the VIP account has an added commission of $2 per lot traded, considering the industry average is around $6 per lot traded, the Premium and VIP account c can be considered quite cheap.

There are also swap charges, these are fees that are either charged or received for holding trades overnight or the weekend, they can be viewed within the trading platform that you are using.

Assets

There are plenty of assets available and they have been broken down into a number of different categories, we have outlined them below along with the instruments found within them.

Forex Majors: EURUSD, USDJPY, AUDUSD, USDCAD, NZDUSD, USDCHF, GBPUSD.

Forex Crosses: CADJPY, AUDJPY, EURGBP, EURAUD, EURJPY, EURCHF, CHFJPY, NZDJPY, GBPCHF, GBPJPY, EURCAD, GBPCAD, EURCAD, AUDCAD, AUDCHF, GBPAUD, CADCHF, NZDCHF, AUDNZD, GBPNZD, USDHKD, USDPLN, EURNZD, USDSGD, USDTRY, EURTRY, EURPLN, EURDKK, USDDKK, EURNOK, USDNOK, EURSEK, USDSEK, USDZAR, USDMXN.

Indices: Nasdaq, Dow Jones, S&P 500, CAC 40, IBEX 35, Nikkei, SMI, Dax 30, FTSE 100.

Metals: XAGUSD, XAUUSD (Silver and Gold)

Shares: There are plenty of shares available from the USA and Europe, some of them include Cisco, Google, Coca-Cola, BMW, and FIAT.

Commodities: Cocoa, Corn, Soybean, Wheat, Coffee, and Sugar

Energy Futures: Crude Oil, Natural Gas, and Brent Crude Oil

Cryptos: ETHUSD (Ethereum), BTCUSD (Bitcoin), XRPUSD (Ripple), and LTCUSD (Litecoin)

Spreads

The accounts can use either a spread-based system or a commission-based one when using the commission-based system that we looked at earlier, the Standard account has spreads starting from 0.2 pips while the Premium and VIP accounts have spreads starting from around 0.1 pips. When using the spread-based system the Standard account has spreads starting from 2.5 pips, the PRemium account from 2.1 pips, and the VIP account has spreads starting from 1.5 pips.

The spreads are variable which means they will move with the markets, the more volatility, the higher the spreads will be. Different instruments will also have different average spreads when looking at the Standard account, the average spread for USDJPY is 1.6 pips while the spread for GBPUSD is 4 pips.

Minimum Deposit

The minimum deposit required to open up an account is $500 which gets you to access the Standard account, if you want the Premium account you will need to deposit at least $5,00 and $50,m000 for the VIP account. Once an account has been opened the minimum deposit amount reduces down to $250 for future top-up deposits.

Deposit Methods & Costs

There are five different methods available to deposit with, these are Visa/MasterCard, Bank Wire Transfer, Skrill, Neteller, and WebMoney. There are no added fees from S2 Trade, however, if using a Credit/Debit card you should ensure that you deposit using the same currency or you will need to pay an exchange fee, you should also check with your bank or processor for any outgoing transfer fees charged by them.

Withdrawal Methods & Costs

We believe that the same five methods are available to withdraw with, once again these are Visa/MasterCard, Bank Wire Transfer, Skrill, Neteller, and WebMoney. There is no mention of any fees on the withdrawals information page, however, you should always check with your bank or card issuer to see if they will add any incoming processing fees of their own.

Withdrawal Processing & Wait Time

The website states that any withdrawal requests from S2 Trade will be processed between 3 to 5 business days; this is the total time for the withdrawal to be fully processed. The time can vary based on your own bank’s processing times.

Bonuses & Promotions

There are three different cashback programs available, they are based on the deposit value that you make and offer different amounts of rebate. If you deposit between $1,000 and $5,000 then there will be a rebate of $1 per lot traded for 2 months. Deposit between $5,000 and $25,000 and you will relieve a $5 rebate per lot traded for 3 months and if you deposit over $35,000 you will receive $10 per lot traded for 6 months. There doesn’t appear to be any actual bonuses in bonus funds available, but you could always check with the customer service team to see if there is anything extra available. 

Educational & Trading Tools

The educational side of the site contains three different aspects. The first is an economic calendar, this details upcoming news events and also shows which markets and currencies the news event could have an effect on. There are also video tutorials however they are currently not working so we can’t see what topics they cover or what sort of quality they offer. Finally, there is some daily market analysis but this has not taken place since July 2019 so it does not look like it is happening anymore.

Customer Service

While the main support team is available 24 hours a day, 5 days a week, their main phone line is available between 08:00 and 22:00 GMT+2 from Sunday to Friday. You can get in touch by sending a message through the online submission form and you should get a reply by email. You can also use the available postal address, email address, and phone number.

Demo Account

The demo account isn’t clearly advertised on the site but we believe that once you have signed up you will be able to open one up. The demo account allows you to test the markets and strategies without risk, however, we do not know the conditions of the account or if there is an expiration time on them.

Countries Accepted

This is not stated on the site so if you are thinking of joining S2 Trade, then get in contact with the customer service team to see if you are eligible for an account or not.

Conclusion

You get a lot of choices with S2 Trade, while it may only look like there are three account types there are actually six on offer. Each account can be used as a spread-based account or as a commission-based account. The trading costs seem reasonable however on the lower tier Standard account it can be a little expensive, it becomes a lot cheaper the higher your account tier. There are plenty of assets to trade that can be leveraged up to 1:200 which is a reasonable amount. Plenty of ways to contact the customer service team is also good and you should easily find a deposit or withdrawal method that suits you. The only real downside is that some of the educational material is not being updated, so either they got bored of doing it or the quality was bringing in enough clients.

Categories
Forex Brokers

Number One Capital Markets (N1CM) Review

Number One Capital Markets (N1CM) is a fully licensed and regulated forex and CFD broker. N1CM aims to combine technological ingenuity and attentive personal service to become a leading provider of forex trading. Catering for both novice and professional traders we will be looking into the services being offered to see if they are the right broker for you. 

Account Types

There are three different accounts on offer with differing requirements and trading conditions, let’s have a look at what they are.

Cent Account: This account requires a minimum deposit of $5 with a maximum deposit of $1,000. The account comes with variable spreads and leverages up to 1:1000. The minimum trade size is 0.01 lots and the account can have up to 50 positions open at one time. 1 lot is equal to 1,000 units on this account and the max trade size is 5 units. It uses instant execution and has a margin level of 100% and stop-out level of 30%. It can only trade forex pairs (major and minor), the account currency must be in USD and it uses the MetaTrader 4 trading platform.

STP Account: The account requires a minimum deposit of $10 and there is no maximum deposit. It has a choice of variable or fixed spreads and has no added commission. Leverage can be up to 1:1000, the trade sizes start at 0.01 lots and there is no maximum number of trades. 1 lot is equal to 100,000 units and the maximum trade size is 50 lots. It uses market execution and has a margin call level of 100% and a stop-out level of 30%. It has Forex, Metals, Indices, Energies, and CFDs available to trade on the MetaTrader 4 platform, the account currency must be in USD.

ECN Account: The account requires a minimum deposit of $10 and there is no maximum deposit. It has a variable spread and has an added commission of $5 per lot traded. Leverage can be up to 1:1000, the trade sizes start at 0.01 lots and there is no maximum number of trades. 1 lot is equal to 100,000 units and the maximum trade size is 50 lots. It uses market execution and has a margin call level of 100% and a stop-out level of 30%. It has Forex, Metals, Indices, Energies, and CFDs available to trade on the MetaTrader 4 platform, the account currency must be in USD.

Platforms

There is just a single trading platform on offer from Number One Capital Markets, this is the popular MetaTrader 4 platform. MetaTrader 4 (MT4) is second to none, available as a desktop download, an app for Android and iOS devices, and as a WebTrader where you can trade from within your internet browser. MetaTrader 4 is a great trading solution to have.

Leverage

Leverage can be selected from between 1:25 all the way up to 1:1000, we would suggest going no higher than 1:500 though as the risks grow exponentially above this. Leverage can be selected when opening up an account and should you wish to change it on an already opened account then you can do so by getting in touch with the customer service team with your request.

**The leverage on the STANDARD FIX account cannot exceed 1:500.

Trade Sizes

The minimum trade size is 0.01 lots (known as a micro lot) on all accounts, the trades then go up in increments of 0.01 lots so the next trade would be 0.02 lots and then 0.03 lots. The maximum trade size on the cent account is 5 lots, while the STD and ECN accounts have a maximum trade size of 50 lots which is great as we would not suggest trading over 50 lots in a single trade anyway. There is no limit to the number of open trades allowed at any one time.

Trading Costs

The Cent and STP accounts do not have any additional commissions and instead use a spread-based system that we will look at later in this review. The ECN account has an added commission of $5 per lot which is just under the industry average of $6 per lot traded. Swap charges are also a factor, these are interest charges that are incurred for holding trades overnight, they can be both negative or positive and can usually be viewed from within the trading platform of choice.

Assets

Number One Capital Markets have broken down their assets into a number of different categories but do not give a lot of information about them away, they simply state that they have 52 currency pairs to trade, but no examples of which ones. For commodities, they simply state Gold, Silver, Oil, and more. Stocks are available for the world’s biggest companies and there are 120 different indices to trade. It would have been nice to see a full breakdown because often potential clients will be looking for specific instruments to trade, not having them visible can put them off.

Spreads

The actual spreads are not specified on the site so we do not know what they are starting from. The Cent and ECN accounts have variable spreads (also known as floating) so this means that when the markets are being volatile, the spreads will often be seen higher. The STD account can have either variable or fixed spreads, fixed spreads do not move no matter what the markets are doing but they are normally higher than variable spreads start. It is also worth noting that different instruments and assets have different starting spreads so they will not all be the same.

Minimum Deposit

The minimum deposit required to open a Cent account is $5, in order to open an STD or ECN account you will need to deposit $10. Once an account is open any subsequent top-up deposits have a minimum value of $1.

Deposit Methods & Costs

There are plenty of ways to deposit your funds into Number One Capital Markets, we have listed them all for you below.

Visa Debit/Credit, MasterCard Debit/Credit, Fasapay, Skrill, Neteller, China UnionPay, Perfect Money, Bitcoin, Litecoin, Ethereum, Bitcoin Cash, Dogecoin, WebMoney, ePayments, China Bank Wire, Indonesian Bank Wire, Malaysia Bank Wire, Vietnam Bank Wire, QIWI Wallet, Wire Transfer, OKPay, and the Number 1 Capital Markets Prepaid Card.

There are no added fees apart from OK Pay which has a 1% or minimum 5 USD charge, also check with your bank when using bank transfers to see if they add any fees of their own.

Withdrawal Methods & Costs

The same methods are available for withdrawal, we have classed them into different sections based on their withdrawal fees.

  • 0.5% Fee: Fasapay, Perfect Money, QIWI Wallet
  • 0.8% Fee: WebMoney
  • 1% Fee: Skrill, China UnionPay (min 6 CPY)
  • 2% Fee: OK Pay
  • 2.5% Fee: Visa and Mastercard (+7.5 USD / 6 EUR)
  • 50 EUR Fee: Bank Wire Transfer
  • 0% Fee: Neteller, Bitcoin, Litecoin, Ethereum, Bitcoin Cash, Dogecoin, ePayments, China Bank Wire, Indonesian Bank Wire, Malaysia Bank Wire, Vietnam Bank Wire, Number One Capital Markets Prepaid Card.

Along with the withdrawal fee, be sure to check with your bank in case they add any fees of their own.

Withdrawal Processing & Wait Time

A withdrawal request will be processed within 2 working days however on occasion they can take up to 5 days. You will then receive your money from between 1 hour to 5 additional days based on the processor and bank processing times.

Bonuses & Promotions

There are three promotions currently advertised on the site however one of them, the welcome bonus has expired as it ended January 1st, 2020, so we will disregard that promotion.

Protection Bonus: You can receive a bonus of up to 65% for each deposit. The more you deposit the bigger the bonus will be. The maximum bonus is $5,000. For each lot closed $1 of bonus funds will be converted into real funds.

Free Gift: You can receive a free iPhone, in order to get this you will need to deposit a certain amount and then trade a certain amount of volumes, we have detailed them as:

  • iPhone 8 (64 GB) – $5,000 min deposit – 400 lots traded
  • iPhone 8 Plus (64 GB) – $5,000 min deposit – 500 lots traded
  • iPhone XR (64 GB) – $10,000 min deposit – 500 lots traded
  • iPhone XS (64 GB) – $10,000 min deposit – 600 lots traded

Educational & Trading Tools

There does not seem to be any educational tools available which is a shame as a lot of brokers these days are looking to help their clients develop as traders by providing some training so it would be good to see Number One Capital Markets do a similar thing.

*UPDATE* A series of training videos have been added to the site, which is excellent. An economic calendar and market news have also been added.

Training video example.

Customer Service

If you want to get in contact with the customer service tame you can do so by using the online submissions form, simply fill in your query and you should receive a reply via email. There is also an email and phone number should you wish to contact them directly. The customer service team is open Monday to Friday between 9 am and 6 pm, it is closed over the weekend and on bank holidays, the same time as the markets are closed.

Demo Account

Demo accounts are available but there is no information about what features the account has, such as the trading conditions or if the accounts expire after a certain period of time.

Countries Accepted

The information about which countries are accepted and which are not is not present on the website, so if you are interested in joining, be sure to get in contact with the customer service team to check if you are eligible for an account or not.

Conclusion

Number One Capital Markets offer some nice trading environments in terms of leverages and number of assets available to trade, however, there is a lack of information on what the assets are or more importantly what the spreads are, we just know that they are variable or fixed, not what they actually are. Plenty of ways to deposit and withdraw, some with no fees others unfortunately with them, and there are plenty of ways to get in touch with the customer service team.

Categories
Forex Brokers

INMARKET FX Review

INMARKET FX is a Spanish foreign exchange broker based in Vanuatu. Their mission statement is provided below and so we will be using this review to see if they manage to achieve these goals or if they fall short of their targets.

“We want to provide you with the best service and provide you with fast execution. We are in continuous growth and the most important thing for us are our clients, we want them to feel comfortable working with us and offer you the best conditions that a true ECN can offer, in addition to providing you with the best technology you need to develop your business.”

Account Types

There seem to be two different accounts available, one standard and one VIP.

Standard Account: This account requires a minimum deposit of at least $250, it comes with spreads as low as 0 pips, the account can be leveraged up to 1:400 and has a minimum trade size of 0.01 lots.

VIP Account: This account requires a minimum deposit of $500,000, it is a managed account and comes with spreads as low as 0 pips. There isn’t much more information available to it, but we will be concentrating on the Standard account throughout this review.

Platforms

There are three different platforms available to use, including MetaTrader 4 (MT4), Currenex, and CTrader. Most who trade Forex have already heard of MT4 and CTrader, but may not be familiar with Currenex. Be certain to check out each of these platforms before deciding which one(s) to use. 

Leverage

There is a little message on the homepage of the site which states that leverage can go as high as 1:400, this is the only information available, this can be selected when opening up an account, we are not sure if it can be changed once an account has been opened.

Trade Sizes

Trade sizes start from 0.01 lots and go up in increments of 0.01 lots. We do not, however, know what the maximum trade size is or how many open trades you can have at any one time.

Trading Costs

This is another aspect of the broker and accounts that we do not know, there is no mention of commissions anywhere on the website, but also no mention that there aren’t any. They also do not mention anything about swap fees, however, this normally means that they are present as most brokers would make a big deal out of there not being any swap charges.

IN MARKET FX Home page

Assets

Yet another aspect of the site which is completely missing, there is no product specification and not a breakdown of available assets, in fact, there is no information about them at all. Many potential clients will look to see what assets are available before signing up, and when there is no information available it can give the impression that there isn’t much to trade, even if there actually is.

There is in fact a little information present on the front page, the only information is a very small message on the front page stating that there are 25 of the most liquid currency pairs, precious metals including Gold and Silver, European CFDs, and US Indices.

Spreads

Once again this information is not available, spreads are often an indication of the full cost of trading, so them not being available means we do not know how expensive or cheap the broker is to trade with.

The INMARKET FX Offices

Minimum Deposit

The minimum deposit required to open up an account is $250 which gets you to access the real account. We are not sure if this amount reduces once an account has already been opened. If you wish to use the VIP account then you will need to deposit at least $500,000.

Deposit Methods & Costs

Unfortunately, we do not know what the available deposit methods are, we also do not know if there are any fees for depositing. Whatever methods are available, you should check with them to see if they charge any commissions of their own for outgoing transactions.

Withdrawal Methods & Costs

We also do not know what the withdrawal methods are, we would assume that they will be the same as the deposit ones. You should check with the processor used to see if they have any incoming processing fees added to incoming transactions.

Withdrawal Processing & Wait Time

We do not have any specific information about withdrawal times, however, we would hope that any withdrawal requests would be fully processed within 7 days of the request being made, however, we do not know for sure.

Bonuses & Promotions

There does not seem to be any active promotions or bonuses as at the time of writing this review, if you are looking for one, you could always contact the customer service team to see if there are any upcoming promotions that you could take part in.

Educational & Trading Tools

This is another aspect of the site that seems to be lacking, there doesn’t seem to be any educational material which is a shame as many brokers are now providing their clients with additional learning to try and help the clients improve on their trading knowledge and skills. It would be good to see In Markets FX do something similar for their clients.

Customer Service

The customer service team is available between 07:00 and 16:00 GMT-5 from Monday to Friday. You can get in touch with them using the online submission form, simply fill in your query and you should get a reply via email. You can also use the provided postal address, email, phone number, or Skype username to contact them.

Demo Account

Demo accounts allow you to test out the markets and new strategies without risking any of your own capital. The demo accounts from In Markets FX last for 30 days and offer you access to the three available platforms, it is totally free and allows you to select a custom leverage level and account balance.

Countries Accepted

The following statement is present on the website:

“Our broker is legally allowed by the VFSC to have clients from Spain and all countries of the world without restrictions except in the USA.”

Conclusion

There is a lot of information missing from the site and the information that is available is as basic as it can get. The leverage is acceptable at 1L400 as this is a relatively good amount to use, we, however, do not know anything about the trading costs or spreads, so we have no clue over how expensive or cheap it is to trade with INMARKET FX. We also do not know what assets are available or what methods are available to deposit or withdraw with, this is all vital information as clients need to know how they can get their money in and out and also how much it will cost. Without those bits of important information, it is hard for us to recommend them as a broker to use and would instead suggest looking elsewhere for a broker that offers a little more info to its clients.

Categories
Forex Brokers

Marquis FX Review

Marquis FX is a foreign exchange broker that has the vision to make you a Marquis of the trading world (although a Marquis is a French nobleman who defends the frontlines, so we are not sure how that really works). They claim to offer a responsive, responsible, and reliable service as well as offering a deluxe and hassle-free trading experience with safe and secure accounts. We will be looking into the service on offer to see if they really do offer these and so you can see what they are like and decide if they are the right broker for your trading needs.

Account Types

It seems that there is just the one account type available from MArquis FX and so we will outline some of the basic features here, but everything we write on the other sections of the review will be relevant to this one account.

The account requires a minimum deposit of $100 in order to open, there are 50+ tradable assets and there is a 1% deposit fee, however, this is given back as a credit rebate. The minimum trade size for forex is 0.1 lots and the support team is available 24 hours a day 5 days a week. Not too much information is available in the account section, so please see each individual review section for more information.

Platforms

Marquis FX offers MetaTrader 4 as its trading platform, this is one of the world’s most popular trading platforms and comes with many features to help with your trading and analytical needs. Some of the features include high-speed order execution, low resource consumption, it offers a wide range of trading instruments, allows for automated trading through the use of Expert Advisors, offers a comprehensive account history and there is 24/7 customer support through the platform. MT4 is accessible through a desktop download, mobile app, and web trader however we are not sure if all of these options are offered by Marquis as only the desktop version is mentioned.

Leverage

The account can be leveraged up to 1:500, this is a suitable amount and is what a lot of brokers are now aiming for. The leverage can be selected when opening up an account and you can change it on an already open account by contacting the customer service team.

Trade Sizes

Trade sizes start from 0.01 lots and go up in increments of 0.01 lots so the next trade would be 0o.02 lots and then 0.03 lots. We do not know what the maximum trade size is but would suggest not trading over 50 lots in a single trade. We also do not know what the maximum number of trades you can have open at any one time is.

Trading Costs

There are no additional commissions added to the account as it uses a spread-based system (we will look at this later in the review). There are swap charges on the account though these are fees that are charged for holding trades overnight. These fees can be seen within the MetaTrader 4 trading platform.

Assets

The assets have been broken down into just two categories, we will quickly outline the instruments within them.

Forex: EURUSD, USDJPY, GBPUSD, AUDUSD, USDCHF, USDCAD, NZDUSD, EURGBP, EURCHF, EURJPY, GBPJPY, EURCAD, EURAUD, AUDCAD, GBPCHF, AUDJPY, CHFJPY, NZDJPY, AUDNZD, EURNZD, GBPCAD, USDTRY, USDCNH.

Forex Derivatives: AUDJPY, AUDUSD, EURGBP, EURJPY, EURUSD, GBPJPY, GBPUSD, NZDJPY, NZDUSD, USD CAD, USDJPY.

Spreads

The spreads can be as low as 0.2 pips, however, on average the lowest spread sits at around 1.2 pips. The spreads are variable which means they will move with the markets and when there is added volatility in the markets they will often be seen a lot higher. Different instruments will also have different spreads, so while EURUSD may have an average spread of 1.2 pips, other instruments such as EURCHF have a higher average, currently at 2.04 pips.

Minimum Deposit

The minimum amount required to open up an account is $100, this will allow you to open up the only available account, we do not know if this amount reduces once an account has already been opened.

Deposit Methods & Costs

There are a few different methods available, they are Credit Cards, Moneybookers / Skrill, Web Transfer, and China UnionPay. 

There is an added fee of 1% for deposits however you receive this back as a credit on your account, not quite as good as having no fees but better than not having the credit at all.

Withdrawal Methods & Costs

The deposit/withdrawal information page doesn’t specify any differences between deposits and withdrawals so we would assume the same methods are available, for clarification these are Credit Cards, Moneybookers/Skrill, Web Transfer, and China UnionPay. 

We do not know if there are any added fees for withdrawals but be sure to check with your bank or processor to see if they will add any incoming transfer or processing fees of their own.

Withdrawal Processing & Wait Time

Withdrawal requests should be processed within 48 hours of the request being made, the time it then takes will depend on the method used but should take between 1 to 5 days to fully process and be available for use.

Bonuses & Promotions

While there aren’t any standard bonuses so to speak, you are able to get your deposit fees back as a credit in the account, we do not know what the terms of these credits are or what is needed to be done to convert them into real funds. There are also gifts available as well as giveaways but again, the terms of these are not known or what you need to do to enter.

Educational & Trading Tools

There are a few different aspects to the educational side of the site, the first is a simple overview of trading, what it is and how it works. There is then a page detailing what and how to perform both technical and fundamental analysis, it is rather basic information but could be helpful for beginners. There are also some tips and strategies along with information on trading holidays. The final section is an economic calendar, you can use this to see what new events are coming up and it also details any markets that the news could have an effect on.

Customer Service

You can contact the customer service team in a number of ways and they are available 24 hours a day, 5 days a week, closing over the weekend. You can use the online submission form to send in your question and you should then get a reply via email, you can also use the provided email address directly.

Email: [email protected]

Demo Account

We do not recall seeing any information about demo accounts and another quick look doesn’t provide us with any information. As they use MT4, we know that demo accounts can be created from within the platform but we do not know what the trading conditions or potential expiration times on the accounts are.

Countries Accepted

Marquis put the responsibility of knowledge onto their client  with the following statement: 

“It is the responsibility of all visitors to ensure that their interaction with the website is strictly within the frame of the law and corresponds to the strictures enforced in their own country of residence.”

We would suggest contacting the customer service team to check on your eligibility prior to signing up for an account.

Conclusion

Marquis FX provides you with a choice of just the one account type, they also keep things simple by offering just the one trading platform. The trading conditions are ok spreads averaging around 1.2 pips with no commission is what you would come to expect in the modern era of forex brokers. We would expect there to be slightly more assets available as the current list is looking a little thin. There is also not enough information on deposit and withdrawal methods but at least there is some information available.

Categories
Forex Brokers

Stock STP Review

Stock STP is a foreign exchange broker based in Cyprus, it is registered and regulated by the Cyprus Securities and Exchange Commission (CySEC). They state that their main advantages are that they are licensed and regulated, offer advanced technology, have excellent trading conditions, offer seamless execution, have fast deposits and withdrawals, offer news and analysis, and provide trading education. We will be looking into the services offered to see if they truly are offered and live up to and so you can see if they are a broker that you would want to trade with.

Account Types

There are two categories of accounts and within each is three different account types, we have outlined the main features of the accounts below.

STP Pro Accounts

Mini Account: This account requires a minimum deposit of at least $250, it comes with a variable spread starting from 2.4 pips and there is a commission as low as $0. It uses market execution and has access to a junior account manager. The account also has access to news and analysis, a limited amount of social trading, video tutorials, and the account has a margin level of 150% and a stop out level of 50%.

Premium Account: This account requires a minimum deposit of at least $3,000, it comes with a variable spread starting from 2.1 pips and there is a commission as low as $0. It uses market execution and has access to a junior account manager. The account also has access to news and analysis, social trading, video tutorials, webinars, a free VPS, and the account has a margin level of 150% and a stop-out level of 50%.

VIP Account: This account requires a minimum deposit of at least $50,000, it comes with a variable spread starting from 1.8 pips and there are no added commissions. It uses market execution and has access to a senior account manager. The account also has access to news and analysis, social trading, video tutorials, webinars, 1 to 1 training, a free VPS, and the account has a margin level of 150% and a stop-out level of 50%.

ECN Accounts

Classic Account: This account requires a minimum deposit of at least $250, it comes with a variable spread starting from 0.8 pips and there is an added commission on the account. It uses market execution and has access to a junior account manager. The account has access to a free VPS service, can be used as an Islamic swap-free account, has access to news and analysis, video tutorials, and webinars. The account also comes with a margin call level of 150% and a stop-out level of 50%.

Advanced Account: This account requires a minimum deposit of at least $5,000, it comes with a variable spread starting from 0.6 pips and there is an added commission on the account. It uses market execution and has access to a senior account manager. The account has access to a free VPS service, can be used as an Islamic swap-free account, has access to news and analysis, video tutorials, webinars, and 1 on 1 training. The account also comes with a margin call level of 150% and a stop-out level of 50%.

Retirement Account: This account requires a minimum deposit of at least $50,000, it comes with a variable spread starting from 0 pips and there is an added commission on the account. It uses market execution and has access to a senior account manager. The account has access to a free VPS service, can be used as an Islamic swap-free account, has access to news and analysis, video tutorials, webinars, and 1 on 1 training. The account also comes with a margin call level of 150% and a stop-out level of 50%.

Platforms

There are two main platforms available, including Sirix Station (WebTrader) and Metatrader. Sirix Station seamlessly connects traders with a variety of currencies and markets. It’s compatible with both Mac OS and Windows. MetaTrader is one of the most used and most trusted trading platforms. Some of its features include instant execution, request execution, complete technical analysis package, inbuilt indicators and charting tools, the ability to create various custom indicators, different time periods (from minutes to months), and much more.

Leverage

Stock STP follows the recommendations of the ESMA which are below. Leverage limits on the opening of a position by a retail client from 30:1 to 2:1, which vary according to the volatility of the underlying:

  • 30:1 for major currency pairs;
  • 20:1 for non-major currency pairs, gold, and major indices;
  • 10:1 for commodities other than gold and non-major equity indices;
  • 5:1 for individual equities and other reference values;
  • 2:1 for cryptocurrencies

Trade Sizes

Trade sizes start from 0.01 lots which then go up in increments of 0.01 lots until they reach the maximum which varies by currency or asset but can go as high as 100 lots. We would recommend not trading over 50 lots at a single time though, we also do not know how many open trades or orders you can have at any one time.

Trading Costs

The ECN accounts all have commissions added to the account, there isn’t a fixed amount as they get a certain amount of spread charged as a commission, if we take AUDCAD, the Classic ECN account has an added spread commission of 5.6 pips, the Advanced account has an added spread commission of 4.3 pips. The other accounts all use a spread-based system that we will look at later in the review.

There are also swap charges which are a fee that is charged when you hold a trade overnight or over the weekend., They can be both positive or negative and can be viewed within the trading platform you are using.

Assets

There are plenty of assets available, there is a product specification available which goes over a lot of the accounts, there are too many for us to go through as different accounts shave different assets available, we have outlined the ones that we can below.

Forex: AUDCADM AUDCHF, AUDJPY, AUDNZD, AUDUSD, CADCHF, CADJPY, CHFJPY, EURAUD, EURCAD, EURCHF, EURDKK, EURGBP, EURHUF, EURJPY, EURNOK, EURNZD, EURPLN, EURSEK, EURTRY, EURUSD, GBPAUD, GBPCAD, GBPCHF, GBPNZD, GBPUSD, NZDCAD, NZDCHF, NZDJPY, NZDUSD, USDCAD, USDCHF, USDCNH, USDCZK, USDDKK, USDHKD, USDHUF, USDILS, USDJPY, USDMXN, USDNOK, USDPLN, USDRON, USDRUB, USDSEK, USDSGD, USDTRY, USDZAR.

Metals: Gold and Silver are available to trade.

Indices: We cannot see all of them but some include FTSE 100, S&P 500, Dow Jones, DAX, and US 30.

Commodities: Again, we do not know them all as they are scattered about. A few include Natural Gas, Brent Crude Oil, and WTI Crude Oil.

Shares: Plenty of shares available including Alibaba, Apple, Tesco, GMW, and Metro.

Spreads

The spreads that you get depends on the platform and account that you are using. When looking at MT4, the mini account has spreads starting from 2.4 pips the premium account from 2.1 pips and the VIP account starts at around 1.8 pips. For the ECN accounts, the Classic account has spread starting from 0.8 pips, the Advanced account starts from 0.6 pips and the Retirement account has spreads starting from 0 pips.

The spreads are variable which means they move with the markets, the less liquidity or more volatility in the markets the higher the spreads will be. Different instruments will also have a different starting spread so be sure to check each individual asset spread.

Minimum Deposit

The minimum amount required to open up an account is $250, this will allow you to get access to the STP Mini account or the ECN Classic account. 

Deposit Methods & Costs

You can deposit using Bank Wire Transfer, or Credit/Debit cards. At the bottom of the website, there is an image of Skrill, but there is no mention of it on the withdrawal information page, so we do not know if it is a usable payment processor. Stock STP does not add any fees to the deposits however you are responsible for any fees added by your own bank or card issuer.

Withdrawal Methods & Costs

The same two methods are mentioned for withdrawals which are Bank Wire Transfer and Credit/Debit card, the same notice of no additional fees is present for the withdrawals too. Once again, check with your bank or card issuer for any potential incoming processing fees added by them.

Withdrawal Processing & Wait Time

The expected timescale of the withdrawals is not mentioned on the site. We would be expecting any withdrawal requests to be fully processed between 3 to 5 days from the date of the request being made. This can depend on the processing time from Stock STP and also the processing time of your bank or card issuer.

Bonuses & Promotions

There is a free VPS on offer as stated on the account page and also on the promotions page, however when you go into the promotion to get more information it simply states that it is coming soon, so we do not know what you need to do to get the free VPS or if the promotion is actually running. If you are after bonuses, you could always contact the customer service team to find out if there are any available for you to use.

Educational & Trading Tools

The educational side of the site offers a page detailing what forex is and why people trade it. There is also a guide to investing PDF which is just a straightforward guide on how to trade and use the trading platforms. There is also an economic calendar present, this details different upcoming news events and gives an indication of the effect that it could have on the markets and currencies. That seems to be all that is available when it comes to tools and education.

Customer Service

Stock STP offers a few different ways to get in touch with them, you can use the online submission form, fill it in and then get a reply via email. You can also use the postal address provided along with the number of phone numbers based in the UK, Cyprus, and Spain and an email address for support.

  • Address: 11 Vizantiou str, 4th Floor, Strovolos 2064, Nicosia, Cyprus
  • Phone (Cyprus): +357 25056454
  • Email: [email protected]

Demo Account

Demo accounts are a great way to test out a broker’s trading conditions and also new strategies without having to risk any of your own funds. Demo accounts are available from Stock STP however we do not know which account they mimic, you can select the base currency and the use of MetaTrader 4, but there doesn’t seem to be any further customization options. We also do not know if there is an expiration time on the demo accounts.

Countries Accepted

The following statements on the site: 

“Information and services contained within this website are not directed at residents of the United States of America & Canada.”

If you are still not sure of your eligibility or would like to check, we would recommend contacting the customer service team to find out.

Conclusion

There is a wide selection of accounts on offer, each delivering you a different trading environment, when going through the assets it can be a little confusing as to what each account offers. The leverage is unfortunately rather low as Stock STP is following the recommendations from the ESMA, so the broker is limited in this department. There is also a small lack of deposit and withdrawal methods, being stuck with just Bank Wire and Credit/Debit Cards can limit those that prefer to use other methods. While the overall conditions of the broker seem ok, the small little issues detailed throughout the review are enough for us to recommend looking elsewhere.

Categories
Forex Brokers

SSFX Limited Review

This is an offshore broker founded in 2017 with a focus on the southeast Asia market offering CFDs on several asset categories. According to the SSFX limited website, they are regulated by the Financial Services Authority of St Vincent & The Grenadines with license number 24046. Although, on further investigation, SVGFSA does not have this brand name in its directories, meaning investors will face high risk. Whatsmore, the broker is very ambiguous about its history, staff, location, business practice, and trading conditions. SSFX Limited website feels outdated and holds mostly redundant, promotional material without any argumental data. 

Typical phrases such as being the industry leader, having vast experience, top-tier banks, and funds safety are not argumented, the only tangible relation is the MetaTrader 4 platform offer. Generally, the whole website is lacking much of the elementary information about trading, assets, costs, and fees. Visitors with just basic knowledge about trading will recognize the unprofessional approach to the client with almost no usable content. User ratings are missing as the broker is focused on the market where English language webpages are not frequently visited or censored. For this reason, SSFX is a complete unknown, this review will try to identify their quality of service and the key arguments for an investment decision. 

Account Types

SSFX Limited has a page dedicated to the account types comparison which points out differences in several trading conditions. There are 4 accounts, Nano STP, Standard, ECN, and Pro. The most affordable Nano STP requires a very small minimum deposit and is limited to a maximum balance of $3000. This account is considered to be a type of Cent account where traders can experience live trading conditions with very small deposits. Assets availability for these accounts is Forex and Metals, with a higher than average leverage level. Spreads are the widest but there are no commissions charged and no swaps. Managed Nano STP account is not available. Bonuses for this account are optional under certain terms and conditions.

The Standard Account is also affordable without commission, same leverage as Nano STP, and somewhat tighter spreads. The rest of the conditions are the same, including bonus availability. This account is swap-free by default.

ECN Account should provide ECN model but SSFX does not have different executions, all of the accounts are using the same STP, ECN model except this account has a commission and much tighter spreads. The leverage level for ECN Account is lowered, includes swaps, and has increased minimum trade sizing policy. No bonuses are available for ECN Account and no option to have a Managed portfolio. Even though the minimum deposit requirement is increased for this account, it is still affordable for most traders. 

The final, Pro Account requires a much higher deposit few will be willing to spill knowing the risks. According to the table, the asset range is extended with other CFD instruments for this account, but it is not disclosed exactly. The spreads are the same as with the ECN Account and include commission. It is not mentioned if the commissions are lower but the same leverage is applied. No bonuses are available and this account has the option to be managed using the same, increased trade sizing as the ECN Account. Swaps are applied. All of the accounts have the same Stop Out and Margin Call levels at 50% and 90%. The Terms and Conditions link displayed when opening an account will lead to an empty page.

Platforms

SSFX Limited offers only the MetaTrader 4 platform in a downloadable installer package for Windows and iOS operating systems. The web-accessible version is not included, so traders will have to register for an account to see the trading conditions. The MT4 is updated to the latest version, registered to SSFX Ltd. It presented us with two SSFX servers to select, real and demo, with about 114ms ping rate. Everything is by default platform settings, the 4 charts with major currency pairs are set to a 4H timeframe with the default indicators. There are no additional templates or indicators included in the package. The Symbols are neatly organized in 7 asset categories matching their description. Traders will have no hassle finding the right instruments. 

One-click trading buttons are not displayed but they can be enabled within the context menu.  We see that the specification window is filled with enough trading information but without any mention of the commission costs. Execution times are under 0.2 sec, 180ms on average with small deviations of 10ms, meaning this trading environment is good for fast trading strategies or EAs. During our testing, we have noticed one connection drop with the MT4 platform but this single occurrence does not confirm the SSFX Limited servers are unreliable. All of the trading instruments are liquid without any off-quotes warnings. The trading terminal window shows commission and swap charges. 

Leverage

According to the table published on the SSFX website, Nano STP and the Standard Account feature 1:500 leverage, while the Pro and ECN have 1:100 maximum. There is no additional information if this leverage is applied to all assets so we have opened a demo to check the leverage within the platform. To our surprise, for all Forex currency pairs, the leverage is actually 1:1000, for precious metals also 1:1000 while for Indexes it is 1:200. We are unsure if this leverage is maintained for live accounts. 

Trade Sizes

SSFX seems to be restrictive with the trade sizes for the ECN and Pro Account providing traders with a minimum trade size volume of 0.1 lots while the Standard and Nano STP accounts have 0.01 lots minimum. In the MT4 platform representing the Standard Account, the maximum trade size is set to 100 lots, some to 1000, and additional steps to 0.01 lots retaining the standard contract sizes. This trading size scheme is applied to all precious metals, commodities, and Index CFD instruments. Stops level is defined to 0 points, thus giving traders complete freedom at what price level pending orders can be placed. All of the assets in the MT4 platform have 0 Stop levels. 

Trading Costs

SSFX Limited does not disclose any information about the commissions charged for the ECN and Pro Account, they are just called “standard commission”. For Standard and Nano STP there are no commissions. There are no legal documents where we could find any more information. As for the swaps, they are calculated in points, tripled on Wednesdays. Positive swaps are common and are under normal levels. EUR/USD has -10.48 points swap on the long side and 4.73 points on the short, GBP/USD -6.14 points on long and 1.45 on short, USD/JPY 3.62 points on long and -8.41 short, AUD/USD -2.97 on long and 0.14 on short, and USD/CAD -1.87 long and -1.02 points on short side. Some of the exotics have a surprisingly low swap such as for the USD/THB with -2.05 on long and 0.75 points on short or USD/ILS with -7.5 on long and -33.9 on short. This data implies that the broker is using Asia-Pacific banks as liquidity providers. 

Not all of the exotics have such swaps, EUR/TRY, for example, has a very high -1080.2 points swap on the long side and just 35 points positive on the short but USD/MXN has -398.82 on the long and 187.6 positive swaps on the short side. It seems that the TRY pairs only have unbalanced swaps. Spot Gold against the USD has a normal swap of -11.66 points on the long and 5.1 positive on the short while Platinum has -10 on long and 1.49 on short. Oil assets have all negative swaps but below 1.3 points, tripled on Fridays. Interestingly, Natural Gas does not have any swaps. We could not confirm that SSFX Limited does not charge any inactivity or other fees related to trading.

Assets

SSFX does not have a lot to show when it comes to the asset range but some categories are very well developed. Forex range has a total of 61 currency pairs with a good amount of exotics. Notable rare pairs are USD/THB, USD/RUB, USD/MXN, USD/TRY, USD/ZAR, USD/ILS, USD/CZK, USD/PLN, USD/HUF, USD/CNH, GBP/TRY, GBP/HKD, EUR/ZAR, EUR/TRY, EUR/MXN, EUR/PLN, EUR/HKD, EUR/HUF, EUR/CZK and Scandinavian currencies quotes with several majors. 

Precious metals range is very good counting Gold, Platinum, Silver, Palladium, and Copper as a commodity metal. Spot Gold is available also against the EUR too. This category offers more than other brokers on average. Indexes range holds 11 total instruments. This is like the default in the industry, offering all the major Indexes with a few Tier 2 like the Hang Seng Index, DAX, CAC 40, Euro STOXX 50, and IBEX 35. Commodities are limited to the two Oil assets, Brent and WTI with the addition of Natural Gas. This is all that is offered in the MT4 platform with the demo representing the Standard Account.

Spreads

SSFX has floating-type spreads for all accounts in the offer. The Standard and Nano STP accounts have a mark up instead of the commission which is applied to the Pro and ECN accounts. According to the table comparison, Nano STP has spread from 1.6 pips and Standard from 1.2 pips. MT4 platform showed us a lower value, for example, the EUR/USD has 8 points spread, USD/JPY – 11 points, GBP/USD – 12, USD/CHF – 11, AUD/USD – 11, NZD/USD just 9 points, and USD/CAD – 13 points. So all majors have spreads below 1.5 pips. Minor currency pairs do not go over 2 pips except for the EUR/CAD – 26 points, GBP/JPY – 21 points, GBP/CHF – 28 points, and EUR/NZD – 32 points, and GBP/NZD 42 points.

Exotics have a higher spread compared to other pairs. For example, pairs with the widest nominal spreads are EUR/CZK – 1390 points, USD/RUB – 4000 points, and GBP/TRY with 602 points. Other exotics have competitive spreads, EUR/MXN – 283 points, USD/ILS 194 – points, EUR/ZAR – 503 points, USD/THB – 54 points, and USD/TRY – 194 points. Spot Gold against the USD has a very good spread of 28 pips, Silver at 24, Platinum at 219, and Palladium against the USD has an extreme 1407 pips or $14.07 spread. 

Pro and ECN accounts have spread from 0.4 pips but we are unable to test this statement and we are not sure the website presents valid information at all. 

Minimum Deposit

According to the table account comparison, the minimum deposit for the most affordable Nano STP account is $10. This is also considered a cent account with the maximum possible balance of $3000. The next tier is the Standard Account most of the clients will be interested in with the minimum deposit requirement of $100. ECN Account is obscured with the unknown commission data, still, it requires at least $200 which is what most can afford. Pro Account is not following this trend and requires at least a $10,000 deposit.

Deposit Methods & Costs

SSFX Limited is focused on the Sout-eAst Asian market and presents local deposit methods for Vietnam, Indonesia, Thailand, and Malaysia. Related banks for these deposit methods via bank transfer are Bangkok Bank, Ambank, Maybank, BCA, and Standard Chartered. The client can also add their bank account from the Login area and conduct a transfer to their landing Account. Landing Account is a transfers-only function account that is allegedly segregated from the broker while the Trading Account is used for trading.

Note that SSFX Limited has its fees for the conversions if the deposit and account currencies do not match. Deposits for Indonesian, Malaysian, Thai, and Vietnamese clients are free of charge but the conversion is applied according to the broker rates. For IDR, the current rate is 14,000 for 1 USD. Some maximum amounts are mentioned but they are big enough not to pose an issue. There are no disclosed fees for international clients. Bank transfers seem to be the only option for deposits. SSFX Limited uses the paytrust888.com payment provider.

Withdrawal Methods & Costs

SSFX Limited has a withdrawal fee for all clients. Also, the broker has another currency rate for withdrawals. So, for Indonesia, Thailand, Vietnam, and Malaysia the fee is 1.5% plus the conversion. For international clients, the fee may vary. We do not have any info about other withdrawal methods available except bank transfers. 

Withdrawal Processing & Wait Time

SSFX Limited does not state any time frames but bank transfers usually take up to 7 business days to complete. 

Bonuses & Promotions

SSFX Limited mentioned bonuses available for the Mini STP and Standard accounts with the links to the Terms and Conditions page for them. The link connects to a blank page. There is no other information available. At the current state, the broker does not seem to offer any kind of bonuses.

Educational & Trading Tools

SSFX Limited does not have any worthy educational content. 4 pages may be related as educational, What are DFDs, Why Trade CFDs, What is Forex, and Why trade FX are pages with some explanations mostly mixed in with clumsy marketing, promoting the market’s most dominant advantages. There are no Economic Calendars or tools offered on the SSFX’s website or on the side. 

Customer Service

The broker is reachable only by email and the contact form. Even though the support is advertised as 24/7, we have not received a reply from the staff.

Demo Account

The demo account is available and can be opened by registering on the SSFX Limited website or directly within the MT4 platform. The demo does not show the commissions or the CFD assets allegedly additionally available for the Pro Account. 

Countries Accepted

SSFX Limited is focused on the South-East Asia region but international clients can also apply for an account. There is no information if there are any restricted countries. 

Conclusion

This section will conclude SSFX Limited review with additional information and a summary. Even with the obscured information available on the internet about this broker, according to what is seen on the website and the platform it is clear there are many inconsistencies and red flags. Firstly, the transparency is very low and it is compensated by the effort to fill in the already undeveloped website pages with redundant, promotional content serious traders simply do not appreciate. What is presented is also not what is seen in the MT4 platform. Visitors will not have a clear image of what this broker is or what kind of accounts, service, and security they offer. As for the regulation, sometimes it is better not to mention if there is none than to present false information such as in the case of SSFX Limited. At the current state, this broker should be avoided, solid trading conditions are secondary if there are extreme broker-related risks to your funds.

Categories
Forex Brokers

IKOFX Review

IKOFX is a foreign exchange broker based in Vanuatu. IKOFX aims to never stop improving in order to meet the growing expectations of its global client base and to continue to build on relationships with its clients and partners. Providing services like news, tools, trading platforms and competitive trading conditions are their aims. We will be looking through the site to see if they achieve this and how they compare to the competition.

Account Types

There are three different accounts available from IKOFX and when signing up you will need to select one of them, so let’s look at their features.

Mini Account: This account requires a deposit of $1, it must be in USD and can have leveraged up to 1:1000. Trade sizes on this account start from 0.01 lots which equate to 1 cent per pip due to the contract size on this account being 10,000. There are swap-free aversions of this account and it has access to 26 currency pairs as well as Gold and Silver.

Standard Account: This account requires a deposit of $2,000, it must be in USD and can have leveraged up to 1:500. Trade sizes on this account start from 1 lot which equates to $1 cent per pip due to the contract size on this account being 10,000. There are swap-free aversions of this account and it has access to 26 currency pairs as well as Gold and Silver.

ECN Account: This account requires a deposit of $1,000, it must be in USD and can have leveraged up to 1:200. Trade sizes on this account start from 0.01 lot and the contract size on this account is 100,000. Swap-free versions of this account are not available and it has access to 26 currency pairs as well as Gold and Silver.

Platforms

IKOFX offers MetaTrader 5 as its sole trading platform, MT5 is the younger brother of MetaTrader 4 (MT4)m developed by MetaQuotes Software and released in 2010, MT5 is used by millions and for good reason. Offering plenty of trading and analysis features to aid in your trading. Additional services expand the functionality of the platform making its capabilities almost limitless. 

Leverage

The leverage that you get depends on the account type that you are using, we have outlined them for you below.

  • Mini Account: Up to 1:1000
  • Standard Account: Up to 1:500
  • ECN Account: Up to 1:200

Leverage can be selected when opening up an account and can be changed by sending a request to the customer service team.

Trade Sizes

The Mini and Standard accounts have contract sizes of 10,000 units, the Mini account has trades starting from 0.01 lots and the Standard account starts at 1 lot. The ENC account has a contract size of 100,000 units and has a minimum trade size of 0.01 lots. We do not know what the maximum trade size is or what the maximum number of open trades you can have at any one time is.

Trading Costs

We did not see any information surrounding commissions, however as there is an ECN account there could be on that account, but again we do not know either way. There are however swap fees for holding trades overnight and these can be viewed either on the site or in the trading platform you are using. Swap-free accounts are available for the Mini and Standard account types.

Assets

There are only two categories of instruments, forex, and metals, we have outlined them below.

Forex: AUDCAD, AUDCHF, AUDJPY, AUDNZD, AUDUSD, CADJPY, CHFJPY, EURAUD, EURCAD, EURCHF, EURGBP, EURJPY, EURNZD, EURUSD, GBPAUD, GBPCAD, GBPCHF, GBPJPY, GBPNZF, GBPUSD, NZDCHF, NZDJPY, NZDUSD, USDCAD, USDCHF, USDJPY

Metals: Gold and Silver

Spreads

Unfortunately, only one set of spreads is available so we cannot see a difference between the three account types. The information that we do have has the spreads starting from around 2 pips for the EURUSD pair, while other pairs are starting higher, for example, AUDJPY is starting at 5 pips. The spreads are variable which means they move with the markets and any added volatility on the markets will make them move slightly higher.

Minimum Deposit

The minimum amount required to open up the Mini account is $1, in order to open up a standard account you will need to deposit at least $2,000 and $1,000 for the ECN account.

Deposit Methods & Costs

There are a few different ways to deposit into IKOFX, we have outlined them below along with any fees that are applicable.

  • Bank Wire Transfer – $12 to $50 USD fee
  • Local Deposit – Approximated a 3% fee
  • Credit Card – 5.2% fee
  • Perfect Money – No fee
  • Liberty Reserve – No fee

You should also check with your own bank or processor to see if there are any added fees from them.

Withdrawal Methods & Costs

The same methods are available to withdraw with, we have outlined them again with any added fees that are applicable to them.

  • Bank Wire Transfer – $25 fee
  • Local Deposit – Approximated a 3% fee
  • Credit Card – $10 free
  • Perfect Money – No fee
  • Liberty Reserve – 80% fee via bank wire

As usual, you should also check with your bank or processor to see if they will charge for incoming transactions or processing.

Withdrawal Processing & Wait Time

The amount of time it takes for the withdrawals to fully process once again depends on the method used, we have outlined the times below.

  • Bank Wire Transfer – 3 to 5 working days
  • Local Deposit – Within 48 hours
  • Credit Card – 3 to 5 working days
  • Perfect Money – Within 24 hours
  • Liberty Reserve – 3 to 5 working days

Bonuses & Promotions

There is currently one promotion active on the site, this is a deposit bonus where you are able to receive a deposit bonus of up to 40%. The maximum credit per account is $3,000 and there is a maximum of $15,000 per client. Looking through the terms, it does not seem like these funds can be converted into real funds and so they will always remain as credit for trading only.

There have been plenty of other promotions in the past so it looks like they are constantly changing, so the bonuses available to you may be different from the one we have mentioned above. IKOFX for some reason also has their leverage being at 1:1000 as a promotion, but we don’t really think it is.

Educational & Trading Tools

There are a few different sections when it comes to education and tools, the first is an economic calendar which details upcoming news events and also what markets they may have and affect on there is also a news section but the page was constantly loading for us so we could not view the content. The interest rate page has not been updated since 2012. There are also forex calculators for pip value, profit, swap charges, and margins. Finally, there is a live TV section but this hasn’t been updated since 2017.

Customer Service

The customer service team is available to contact 24 hours a day 5 days a week as they close over the weekends. You can use a few methods to get in touch, you can use email to contact the support team, clients account team, or the partnership team. There is also a phone number, postal address, and Skype username. There is also a live chat feature in English, Indonesian, Malay, and Chinese.

  • Address: Vantu House, 133 Santina Parade, Elluk, Port Vila, Efate, Vanuatu
  • Email: [email protected]
  • Phone: +4420 8133 4588
  • Skype: IKO_GLOBAL

Demo Account

Demo accounts allow you to test out new strategies or the servers without any real risk and so it is good to see that they are available with IKOFX. You can choose to use the demo account as a Mini or Standard account and can select leverage between 1:1 and 1:500 and capital between 1,000 and 500,000. We do not know what the expiration time on the accounts is.

Countries Accepted

This information is not present on the site, so if you are thinking of joining we would recommend contacting the customer service team to find out your eligibility prior to opening an account.

Conclusion

There are three different accounts each with its own features and trading conditions giving you a choice to use the one that suits you. Unfortunately, when it comes to trading costs we do not know the difference between them as we only have one set of spreads and no information on any commissions. When it comes to assets there is a limited number of them meaning there could be a lot of downtime with nothing to trade. The deposit and withdrawal methods are also lacking with fees for both deposit and withdrawing and one fee as high as 80% is a little crazy. IKOFX could be an expensive place to trade with very few assets so our recommendation at this point in time is to look for a more suitable broker elsewhere. 

Categories
Forex Brokers

RBFX Pro Review

This is an offshore, unregulated, and relatively new broker offering CFDs on Metals, Forex, Commodities, and Indexes. RBFXpro is not popular in the market, very few traces can be found on the internet about the RBFXpro LTD company. The location of the broker is, according to the unconfirmed sources, in Vanuatu, and on the same address used by at least 20 other brokers with a similarly unknown background. Whatsmore, the broker claims to have an Administration Office in The Royal Courts of Justice, London, which is, obviously, a false statement used for manipulation.

Visitors to the RBFXpro website will not be impressed with the design, structure, or content. It is sloppily made, spelling errors are common and transparency is low, especially the Company Profile section where there is no specific or relevant information. Some of the pages are empty or are dead links. Trading Conditions are presented better where traders can see most of the information needed for trading. By the looks of the website, the broker is focused on the Russian market as there are some pages made in Russian only. A lot of false promotional statements are present such as that RBFXpro is one of the most well-known companies in the industry yet it is barely noticeable on the internet. In this RBFXpro review we will analyze what services are offered and their quality by sections. 

Account Types

The broker offers Cent Account and several with normal contract sizes. The main features of the Cent Account are no minimum deposit, fixed spreads, micro-lot minimum trading sizes, and Forex only trading. Any additional information about the leverage and other conditions is not disclosed.

Normal contract accounts are classified into two groups Forex Classic and ECN. They are differentiated by the spread type. Under the Classic class, there are 3 account types called Micro, Mini and Standard. Mini Account is the most affordable with a minimum deposit that is a bit above what is usually offered in the industry as a basic package. The Account has the largest maximum leverage and is entitled to have a 50% bonus. We are unsure what kind of bonus this is, details are in the Bonus and Promotions section of this RBFXpro review.  It is also stated that there are Stops levels but not how much. The next tier is the Mini Account with a higher deposit minimum.

There are no evident advantages for investing double the amount of the Micro Account except for the higher maximum trade size. The leverage is reduced compared to the Micro Account, according to the table published on the website, there are no other differences. Some may wonder what is the actual benefit of having a higher Account tier. Standard Account requires now a steep minimum deposit and has even lower leverage for some instruments. All other trading conditions are the same except the maximum trade size limit increase. 

The second class where the ECN-mini and ECN-pro Accounts are offered has the floating spread type. None of them have commissions and the ECN-mini have the same minimum deposit requirement as the Classic Mini. Also, these Accounts have less tolerant Stop Out and Margin Call levels than Forex Classic accounts. The highest tier, ECN-Pro account has a very high minimum deposit requirement and further decreased leverage. There are no other evident differences except for the increased maximum trade size limit. We expect a major difference in the spreads, more info on this category in the Spreads section. All ECN Accounts do not have Stops and Limit levels as per the broker trading conditions, also they are not qualified to receive any bonuses. 

Note that the actual range of account types during the registration process is different. The drop list offered us a Forex Classic account, ECN account, ECN-pro account, and ECN VIP account. Additionally, there are Invest, Partner, and Demo accounts that are grayed out. Deposit currency offered are USD and EUR only. There are differences in the asset range offer, Classic accounts do not have the same assets as ECN. More info in the following sections.

Platforms

RBFXpro offers only the MetaTrader 4 platform by MetaQuotes. The MT4 is usually available for Windows, Mac, and mobile devices running on Android and iOS operating systems. In the case of the RBFXpro, only the desktop platform is downloadable while mobile platform links do not work. Also, there is no web-accessible version that most brokers have. This way, one could easily see what are the trading conditions and the market situation online, without any installation. Once installed the MT4 client will present you two RBFXpro servers, Demo and Live, with 123.8ms ping and Demo with only 26.6ms. The client is not on the default template, the background is set to white with a black candle type chart.

Timeframe settings are on Daily and H4 and there are no other changes from the default presentation with 4 major currency pairs. ECN type account will have a BTC/USD pair set as first on the daily timeframe, having the rest of the template look the same. The About window shows the latest update of the MT4 with the registration to RBFXPRO LIMITED in Vanuatu. We have opened the indicators and templates folder to see if there is anything new or altered but we have not found anything. One-click trading buttons are turned off but can be enabled. The Symbols are very nicely composed into several groups that accurately depict what instrument category is inside. ECN type accounts will have an “e” suffix in the instrument name that makes the 4 starting template charts show “waiting for the update” from the market.

In the Specification, there is enough information filled in about the trading conditions except for the Cryptocurrencies where the swap is missing. The terminal is showing all the trading columns correctly. The execution times are 98ms on average with small deviations of 10 ms but with good consistency, proving to be a good condition for fast trading and Expert Advisors. Some of the crypto-assets and other rare instruments are off quotes, meaning they are listed in the platform but do not have any trading value in this condition. Also, on some occasions, the server responded with “not enough money” on non-exotic currency pairs. This is a false warning where the underlying problem is actually low liquidity. 

Leverage

RBFXpro has set the decreasing leverage maximum as the deposits go higher. So for a Micro Account, the maximum leverage is 1:500, 1:200 for Mini and two levels are for the Standard Account type, 1:200 and 1:100 for some assets. From the ECN class accounts, ECN-Mini has 1:200/1:100, and ECN-Pro 1:100. We will check the most affordable Micro and ECN-Mini accounts for the asset-specific leverage in the MT4 platform. Mini Account Forex assets leverage is 1:500 including the less liquid currency pairs like the USD/NOK. For Cryptocurrencies, the leverage is 1:5 and Stocks 1:20. As for the ECN-Mini, the leverage is settable to 1:500 level and there is no difference. This points out that the published table is outdated.

Trade Sizes

According to the table published, all accounts have the 0.01 lots minimum trade size volume. Additional steps are also on micro-lots. The maximum trade size starts with 5 lots for the Micro Account and up to 100 lots for the ECN-Pro. We have found out that in the MT4 platform the maximum trade sizes are somewhat different but this is not critical. The maximum is 100 lots for the Mini Account and 50 lots as published for the ECN-mini. For the Indexes, the minimum trading volume is 1 lot and 100 maximum. For commodities, the minimum is 1 lot and 500 lots maximum trade size but note that the contract sizes are smaller, 100 units instead of the standard 1000 barrels for both Oil type assets. Crypto assets all have 0.01 lots minimum trade size and 100 lots maximum, including the low-value coins with the 1 unit contract size

Stop level varies across Forex currency pairs, so, for example, EUR/USD has 0 but EUR/JPY has 30 points, or AUD/CAD – 70 points. The biggest Stops level is for the NOK quoted pairs at 450 points. For commodities, it is set from 7 to 8 points and for stocks is up to 10 points. Precious metals Stop level is set at 60 points. For those not familiar, the Stops level defines the range around the price of an asset (in points) where the pending order placement is not possible. Stop level for the ECN type accounts is set to 0 for all assets confirming the published specification table statements.

Margin Call is set to 25% for the Classic accounts and 100% for the ECN type accounts. Stop Out is at 50% and 130% respectively. 

Trading Costs

RBFXpro is a no commission broker, even for their ECN type accounts that are promoted to start from 0 spread. The negative swaps are the only other trading only costs. They are calculated in points and tripled on Wednesdays but for the crypto they are unknown. As the Cryptocurrencies listed in the MT4 are not mentioned on the RBFXpro website, we do not have any other information about these assets, let alone their swaps.

Contract Specification page does not show the swaps levels as in the MT4 platform so we confirm that even this table is outdated. EUR/USD swap is -1.28 points on the long and a positive 1.4 on the short side. USD/JPY swap is also low with 0.66 points on the long and -3.28 on the short, GBP/USD swap is also very low, both sides have below 1 point swaps, and AUD/USD has 1.94 points on the long and -1.61 point on the short side. As we move toward less common pairs like the GBP/AUD the swaps are increased to double digits, -22.3 points on the long and 4.83 points for the short. Similar is for the EUR/NZD with not so negligible -35.6 points for the long position and 7.93 points on the short. This setup means that the longer-term traders should not seek to trade minors or crosses and focus on the majors only. Gold swap against the USD is -8.41 on the long side and 0.058 on the short.

Inactivity fees may exist as per the legal documents published. Considering that most of the content is outdated the information should not be taken seriously. RBFXpro will charge a fee of $5 per month during the entire period of inactivity. 

Assets

The asset list on the website is outdated as we have observed some more assets in the MetaTrader 4 platform available. Namely, ECN accounts do not feature cryptocurrencies but the Classic does. Whatsmore, Stocks are also listed in the MT4. Starting with the Classic account category, there are 34 currency pairs, most of which are majors and crosses and a very limited range of exotics. They are USD/ZAR, EUR/ZAR, EUR/TRY, and Scandinavian currency pairs. If you are not seeking exotics, this range is enough. Note that you may find liquidity problems with the exotics mentioned. 

Indexes range is limited to only 7 majors in total. There are S&P 500, Nikkei 225, NASDAQ 100. FTSE 100, DJ30, and CAC 40. Precious metals range is minimal, spot Silver and Gold against the USD. Similarly, minimal ranges are for other categories. The commodity range is composed of two Oil types, Brent and Crude Oil and there are also Stocks. Stocks range traded as CFDs are very small compared to the industry average that offers this category. A total of 5 popular companies are offered, all from the US, Apple, Amazon, Tesla, Facebook, and Microsoft. 

The highlight of the RBFXpro range offer is Cryptocurrencies. This is one of the best offers with over 70 pairs. There are many altcoins and many combinations with the BTC and another crypto further extending the cryptocurrency range. Aside from the majors, there are rare to see coins such as Ardor, Synereo AMP, Bytecoin, Monero, Blackcoin, Bela, Burst, Decred, Expance, Florincoin, Golem, Lisk, OmiseGO, and many more and rare combinations. Now, in practice, there is very low liquidity with these exotics and therefore off quotes. This means only the majors are possible for trading. 

ECN Accounts do not have much to offer in terms of the instrument range. There are a total of 31 currency pairs tradeable. There are 31 currency pairs in total, others are listed but closed for trading. Aside from Forex, there the same Oil, precious metals, and Indexes offered as with the Classic accounts, Stocks are left out. 

Spreads

Classic accounts have fixed spreads while ECN accounts have dynamic spread types. Classic Mini account has higher spreads than the industry average. Starting with the majors, EUR/USD has 4 pips, AUD/SUD 2 pips, USD/JPY 2 pips, CHF/JPY 5 pips, GBP/USD 3 pips, and NZD/USD 4 pips. Higher spreads are for the crosses, for example, AUD/CAD has 7 pips, AUD/NZD 9 pips, EUR/AUD 7 pips, and GBP/NZD 9 pips. The wide spread is for the EUR/NOK and USD/NOK with 45 pips. Precious metals spread is also somewhat wider than usual with 60 points. Bitcoin against the USD has a dynamic spread moving a bit above $1 and this is one of the best spreads for BTC in the industry. 

ECN-mini account spread is not below 1 pip for any asset. ECN-pro interestingly does not have lower spreads at all, on the contrary, EUR/USD spread was around 20 points while for the ECN-mini was around 14 points. This fact makes RBFXpro Accounts packages completely illogical. Other assets have similar spreads, not going above 20 points except for the EUR/NZD with 31 points,  and GBP/NZD with 40 points. The wide spread is attributed to the Scandinavian exotics at 100 points flat, since the liquidity is non-existent. Spot Gold against the USD is at 30 pips and Silver at 19. 

Minimum Deposit

The minimum deposit is stated to be from $500 for the Classic Micro account, and no deposit minimum for the Cent account. The second tier, Classic mini requires $1000, then Classic Standard requires no less than $5000. ECN accounts start from $1000 for the ECN-mini and $10,000 for the ECN-pro. These minimum deposit requirements could be out of date but at the current level, they are higher than what other brokers require.

Deposit Methods & Costs

There are several deposit methods, we will present what we see in the “Personal Office”, available once you register and sign in. There are 7 options and all 7 require USD currency. These are Bitcoin, VISA/MasterCard, WebMoney, Payeer, Advcash, Fasapay, and Payza. VISA/MasterCard and WebMoney options will redirect you to Interkassa, a Ukrainian-based payment provider that has connected to the RBFXpro as their merchant. This means the bank cards and WebMoney are not really supported, as you will have to use other methods available, such as using the bank card to purchase BTC or another crypto to deposit on the Interkassa website. Other methods work as intended. 

Costs associated with the deposits are not disclosed in the Personal Office but there is some relevant info on the website for VISA/MasterCard, it is 5.5%, while other methods presented on the deposit/withdrawal page are not offered in the Personal Office.

Withdrawal Methods & Costs

The broker offers only two withdrawal options as we can see in the Personal Office, Bitcoin and WebMoney. This means that the funds are not returned using the same method and are not subject to any AML policy. 

Withdrawal Processing & Wait Time

According to RBFXpro, the wait time is up to 7 days for withdrawals. Bitcoin transactions require a certain time for confirmations and the WebMoney withdrawal method could be offline as the deposit is done via Interkassa, not WebMoney.

Bonuses & Promotions

The broker offers bonuses and we are not sure which one applies. One page about the bonuses is empty while the other mentioned a 100% deposit bonus. It is said that is designed to increase trading activity with clients, therefore it could be they are based on the trading volume before they are released. No conditions or details are disclosed. 

Educational & Trading Tools

RBFXpro website features an Economic Calendar that is updated every day but does not have any kind of filtering or sorting. It is made like a list with countries, impact level, and 3 figures for prognosis, actual and past event levels.

The Beginners section is intended to give some educational content. IT starts with the history of the Stock Exchange and moves on to sections about the Forex products, Fundamental and Technical Analysis, some Financial legal info, and Terminology list. All of the content is about one page long without pictures or videos. The quality is good enough but it is not well suited for beginners, also, some of the text looks like a part of a book.

Customer Service

The broker can be contacted by phone, email, and chat. None of these channels worked for us. The chat service is offline and the chat app has to be opened in Internet Explorer. 

Demo Account

A demo account has a time limit of 90 days. The demo can be opened within the MT4 platform only. From the Personal Office, this option is grayed out. It is possible to open multiple demo accounts and select the leverage and the amount of initial virtual funds. Demo accounts will not be visible in the Personal Office so you cannot change the leverage once set. The demo accounts should reflect the Live trading conditions, but we are uncertain as the Live server has higher latency. 

Countries Accepted

It is not known what countries are not available for RBFXpro services. The list contains countries such as the United Kingdom, but traders from the UK will be met with a page that states they cannot open an account at the moment and to check back later. Still, clients from Russia will not have this problem. 

Conclusion

As we finish with the RBFXpro review, we are certain that this broker does not meet the minimal safety requirements traders can accept for trading. There are too many inconsistencies, low-quality website design, services, complex deposit methods, company obscurity, no support whatsoever, low popularity, and ratings. We can even mention low liquidity problems but at this point, traders should certainly look away and search for a better service. If RBFXpro revitalizes its business, the highlight will certainly be the Cryptocurrency offer and the possibility to have both fixed and floating spread accounts. Once that is done, RBFXpro can pursue a better image and their own space in the market. Of course, this is if the broker has the intention to get into the Forex industry seriously in the first place, but it is not always the case, unfortunately. Be especially careful when you deposit without direct payment processing to the broker bank using debit/credit cards, this will void your right to a chargeback.

Categories
Forex Brokers

Ashford Investments Review

This is one of the unknown, unregulated brokers that come as a different brand every once a while from Bulgaria. Bulgaria is a well-known nesting place for Israeli outcast Binary Options companies of unethical practices. Ashford Investments used to be a former Binary Options brand that now offers CFD trading on a specialized web-accessible platform. Typically for brokers that behave more like a portal for deposits than as brokerage, Ashford Investment content is full of promotional, promising, manipulative words used when nothing substantial and tangible can be presented.

Ashford investments’ website is also small, having just a dozen sloppily-made pages that contain a lot of text and little information about the company, trading conditions, or arguments. It is confusing how the homepage contains some feedback from Binary Options but the broker is not offering these instruments. According to the broker, they have the world’s most secure platform, a few dreams-come-true testimonials, and easy profits. This Ashford Investments review will reveal if this is true, all the positive and negative sides based on which investors will know if there is a considerable risk dealing with this broker. 

Account Types

The broker does not have a clear presentation of what their account types deliver and what is the difference. What we know is there are 4 account types, Silver, Gold, Platinum, and Diamond. The starting account allegedly made for beginners has a very steep minimum deposit requirement few will accept considering the reputation of Ashford Investments. Whatsmore, the account comparison boxes are not finished for the website. The text that is aimed to assist in choosing the right account is targeting the client’s perceived minimum deposit and needs, finalizing with the manager’s assistance. Accounts stated in the registration form are differently named, Standard, Premium, and VIP, with the option to select GBP, EUR, or USD as a base account currency. There is no information about what trading conditions are the visitors signing up for but we will try to obtain some info from the platform in the next section.

Platforms

Ashford Investments does not feature any other platform except the web-accessible one with integrated profile and financial modules. This is easy access, low feature platform with several limitations. Starting with the chart window which is positioned in the center of the screen and reminds of TradingView charting, it is limited to only 5 timeframes, M1, M5, M30, Daily, and Weekly. Windows are not resizable but  Chart types are settable to Bars, Candles, Hollow Candles, Heikin Ashi, Line, Area, and as a Baseline. The indicators range is solid with over 90 at the disposal and available for customization.

Similarly to the TradingView you can add or compare other instruments on the same chart. On the left side, there are multiple drawing and measurement tools but much less than the usual TradingView charting. On the left side of the screen is the instrument watchlist categorized into 5 switchable groups with bid and ask price levels but without the spread indication or anything else. Search Box is positioned above and works as you type. On the right of the chart window is the order panel with evident trading size calculated in account currency, not lots or units. The minimum you must invest is 25 USD, EUR, or GBP depending on your account currency.

Stop Loss order cannot be set lower than 10% of your investment and not less than 25 currency units. Pending orders are supported but with similar limitations as with the Stop Loss. Pending order executions are based on the price level only with the trade expiration option. The leverage is displayed in the order panel, but there is no other information about the trading conditions. Finally, the lower part of the screen holds the orders overview with selectable tabs to view Open, Pending, and Closed orders. None of them display anything about the trading costs. Some bugs leave you unable to select other instruments.

Automated trading is not supported and the broker sets limitations to fast traders. According to the Terms and Conditions, the trading position is valid and counted on the volume only if the order remains open for at least 1 minute. Having a simplified charting widget from TradingView with a good amount of indicators but Risk Management defined by the broker with minimums degrades the value offered by this simple platform. This practice is indicative of unethical broker behavior. 

Leverage

Interestingly, Ashford Investments has 1:20 leverage for all assets in the platform. The leverage is presented as a multiplier of the invested amount, not reducing the amount of investment needed. This further complicates how traders manage risk, especially with the minimum deposit amounts. 

Trade Sizes

Trade size is set to 25 account currency minimum investment for all assets in the platform. Additional trade steps have the same investment amount limitations. 

Trading Costs

Ashford Investments does not charge commissions and the swap information is not displayed in the platform or any kind of instrument specification. According to the legal documents we have found that the swaps are calculated in percentages charged on working days. Like with other trading elements, this is another unusual practice. Commodities have 0.0041% overnight charge on the open trade amount, Currencies 0.00495%, Indices – 0.007%, Stocks – 0.021%, Cryptocurrency – 0.5%, and ETFs – 0.01%. Therefore, positive swaps do not exist. 

There are other fees described in the legal documents. Ashford Investments has multiple fees applied to various types of trading inactivity. Every account without trading activity more than 3 months will be charged a maintenance fee defined at the broker’s discretion every month. Whatsmore, if a client does not log in for more than 45 days all profits or bonuses will be removed. If a trader receives a bonus, trading activity is measured by volume and the client will have to reach it to avoid cancellation. The minimum trading volume that must be reached needs to be equal to or higher than 10 times the bonus received from the broker. 

As we go further, we see another very ambiguous statement about trading activity. To cite the clause, “If the client does not perform any trading activity or the volume of the trading activity is very low for any period defined by the Company, the Company reserves the right to charge the trading account with a dormant trading commission, at a rate determined by the Company as follows”: Inactivity for 60 days – 100 Units, 90 days – 200 Units, 120 days – 500 Units, 150 days – 1000 Units, 180 days – 2000 Units, 210 days – 4000 Units, and 240 days – 8000 Units. Finally, the broker states that they will remove any funds in the account after 12 months of inactivity and set it to the dormant status. 

Assets

Ashford Investments has an average instrument range overall. We have experienced a changing number of assets offered, some were erased from the list at one moment and others appeared, while other parts of the sessions showed another set. It is unclear what is happening with the positions left open on these occasions. According to the platform, Forex has a total of 36 currency pairs. Traders that seek more exotics or crosses will find better offers with other brokers. Notable exotics in the list are USD/RUB, USD/MXN, USD/PLN, EUR/ZAR, and EUR/RUB. 

Precious metals offer is not minimal, it consists of Gold, Silver, and Platinum. They are placed in the commodity set. 

Indexes range is below average compared to other brokers. There are a total of 7 Indexes and some of the majors are missing, such as the S&P 500, but there are also rare Indexes. Notable are AEX, IBEX, and VIX.

Stocks range holds a total of 60 companies. They are diversified across different countries and industry sectors. Most of the traders will like and recognize these major world companies on the list.

Commodities range is not limited to just two Oil types, WTI and Brent, but there are a total of 7 assets excluding precious metals. Traders will also find What, Sugar, Soybeans, Corn, and Coffee.

Cryptocurrencies offer the best category in terms of the number of instruments offered. Certainly, the most interesting assets to beginner traders are crypto and stocks as that is what is the closest to them. Ashford Investments has a total of 63 instruments in the crypto set. This is way more than what other brokers can offer. Bitcoin and other major coins are used in most pairs as a quote but also USD, GBP, EUR, and even CAD from fiat currencies. This way the range becomes unique and extended. Notable rarities are Ardor, BTC/CAD, Civic/BTC, Florincoin, Lisk, Gamecredits, Golem, Navcoin, NXT, Tether, OmiseGO, AUGUR, Steem, Stratis, Monero, Cardano, Zcash, 0x, and more. This is probably the best part of Ashford Investments. 

Spreads

The spreads are floating and have to be manually calculated as the platform or the website does not present them. Shortly, the most liquid currency pair, EUR/USD has 4 points spread, GBP/USD – 1 pip, USD/JPY – 1 pip, USD/CHF – 6 points, AUD/USD – 5 points, and NZD/USD – 6 points. The majors’ spreads are average compared to the industry offer. Non-major pairs have some surprisingly tight spreads, such as for the GBP/NZD with only 1 point, NZD/CAD – 1 point, USD/SGD – 1 pip, CAD/CHF – 1 point, and so on.

Spreads from 1 point for minors are usually offered by DMA STP brokers connected to the interbank market, and charging the commission, which is not the case with the Ashford Investments. Exotics have unusually low spreads, for USD/MXN the platform shows only 1 pip spread, USD/PLN also 1 pip, Scandinavian pairs have around 1 pip spread. We have never seen spreads distribution like those with this broker. The spreads are very unusual and very competitive on the exotics. 

Precious metals spreads are very competitive. Gold has only 2 pips floating spread,  while 1Silver and Platinum have 1 pip. These precious metals spread values are the best in the industry. 

As we go to other categories, we encounter no spreads for the Indexes. We do not know a single broker who has 0 spreads constantly on all Index instruments. Cryptocurrencies spread starting from 1 point and do not behave as a floating type. We find these spreads too tight to be real, especially for coins with multiple digit prices and just 1 point spread. It is unlikely for the Ashford Investments to have sustainable business out of their inactivity fees since there are no commissions and unrealistically tight spreads for the majority of assets. 

Minimum Deposit

As stated by the broker, Silver Account requires a $2000 minimum deposit. Other accounts do not have minimums specified. Note that the accounts selection during the registration is not consistent with the ones stated on the web page. 

Deposit Methods & Costs

According to the Client Login page, only credit/debit cards are accepted. Costs related to deposits are not disclosed if any. 

Withdrawal Methods & Costs

There are no mentions of the costs for any method. Any profits gained above the initial deposit will need to be withdrawn by wire transfer. The withdrawal form will ask for the withdrawal reason and an agreement you will only request one withdrawal at a time. It looks like the only withdrawal methods are by card and wire transfer. The minimum withdrawal amount is $50 for card and 100 for wire transfer. 

Withdrawal Processing & Wait Time

According to the Terms and Conditions, the withdrawal procedure takes 24 working hours. It may take 5 to 7 additional business days for the funds to come to the target account.

Bonuses & Promotions

Bonuses offered are the classic additional funds allowed and withdrawable after certain trading conditions and volume is met by the trader. The trading volume required is the bonus amount times 20,000. We are not sure how the volume is calculated since the trades are not calculated in lots. Any profits made before the conditions are met will be nullified and the bonus will be canceled. Note that the broker also has a minimum activity required in the bonus is accepted by the client, as mentioned in the Trading Costs section of this review.

Educational & Trading Tools

The Academy section of the Ashford Investments webpage has a lot of unprofessional marketing phrases and mentioned e-books, videos, and courses offered for live accounts. Judging by the broker’s use of words, we can assume that the educational content is similar.

Customer Service

Customer service is available only by phone and email. The phone is an IP protocol phone number and not tied to a location. We have not received any reply in 24 hrs by email.

Demo Account

The demo account is not promoted or available meaning the only way to try the service is by applying for a live account and depositing at least $2000.

Countries Accepted

The United States and Japan are the mentioned countries not able to receive the services of this broker. Note that the Ashford Investments website filters and blocks many countries and we had to use other methods to access the site. It is our impression that the broker is open only to countries with higher GDP per capita. 

Conclusion

This section of the Ashford Investment review will address the critical issues that play a dominant risk factor to investors. We have investigated Teres Media Limited, the company that owns the website, to easily find relations to many scams conducted and a name on many regulatory authority bodies fraud warning lists, such as FCA, ASIC, etc. The benchmark sites are full of negative reviews but the broker is responding to them, mostly in denial. The website is full of red flags starting with unethical promotion, terms, unprofessional content, restrictive platform, no transparency on any key elements, information inconsistencies, and so on.

Interestingly, the Teamviewer app seems also to be used with clients. This practice is very risky to the client’s privacy and sensitive information stored on their computers. As for the customer reviews, the most common problem with this broker is the withdrawal denial, manipulation by the agents, delay of withdrawals, hidden fees, false promises, trading manipulation, phone calling abuse, etc. These brokers, or better to say deposit web pages, act as a net for naïve internet roamers, victims of email phishing, or commercials that type in their phone numbers. At that moment they became a lead for several calling centers located in cheap labor countries such as Serbia, and other Eastern European countries close to Bulgaria. IP phone callers will use stage names and push the client to deposit. The appearance of these kinds of brokers ruined the image of the brokerage industry. 

Categories
Forex Brokers

Philip Capital Review

Philip Capital is a UK-based foreign exchange broker. Philip Capital claims to stand out from the crowd for a number of reasons, their quality of service, their multilingual and client focus team, the wide range of trading options and platforms, the safety of funds, and their global reach. Throughout this review, we will be looking into the services on offer to see if they really do stand out from the crowd or fall into the pool of mediocrity.

Account Types

Unfortunately, the account page doesn’t appear to be loading properly so there is no comparison for us to go on, throughout this review, we will be looking at different trading conditions on offer if there are any differences between accounts we will make it clear in each section.

Platforms

There are two different trading platforms available, the first being a traditional trading platform, MetaTrader 4 (MT4). The second is ZuluTrade, which is one of the world’s biggest social trading platforms. Both offer a variety of tools and features that will appeal to a broad range of Forex traders.

***UPDATE***

Philip Capital has now teamed up with Poems to offer Forex trading services. It appears that the aforementioned platforms may no longer be available, being instead replaced by a variety of Poems platforms.

Leverage

Unfortunately, we could not locate any information about leverage, so we do not know what the maximum leverage is.

Trade Sizes

Trade sizes start from 0.01 lots and go up in increments of 0.01 lots. We do not know what the maximum trade size is but recommend not making trades larger than 50 lots each due to difficulties in executing the trades quickly without any slippage.

Trading Costs

There is mention of a flat rate of $6 on US market trading. For cost information related to additional market locations, visit the broker’s website.

Assets

The assets have been broken down into Forex, Metals, Commodities, and Indices, so let’s look at what instruments there are.

Forex: AUDCAD, AUDCHF, AUDJPY, AUDNZD, AUDUSD, AUDSGD, CADCHF, CADJPY, CADSGD, CHFJPY, CHFSGD, EURAUD, EURCAD, EURCHF, EURGBP, EURJPY, EURNZD, EURSEK, EURSGD, EURTRY, EURUSD, GBPAUD, GBPCAD, GBPCHF, GBPJPY, GBPNZD, GBPSGD, GBPUSD, NZDCAD, NZDCHF, NZDJPY, NZDSGD, NZDUSD, SGDJPY, TRYJPY, USDCAD, USDCHF, USDCNH, USDJPY, USDNOK, USDSEK, USDSGD, USDTRY and, USDZAR

Metals: Gold (USD, EUR, and JPY), Silver (USD)

Indices: AEX25, AUS200, CN50, ESP35, EURO STOXX 50, FRA40, GER30, HKG50, NAS100l, SG100, SPX500, SUI30 and UK100.

Commodities: UK Brent Oil and US WTI Oil.

Spreads

Spreads are another aspect that we do not know much about, there is a mention of them being low, but no actual figures for us to go by.

Minimum Deposit

The minimum amount required to open up an account is £500 or the equivalent in EUR or USD. For a premium account, you will need to deposit at least £10,000 or equivalent in EUR or USD.

Deposit Methods & Costs

Just Bank Wire Transfer and Credit/Debit cards seem to be available for depositing, if there are any more we are not aware of them. There are no added fees from Philip Capital, but any fees charged by the banks will be made payable to the client.

Withdrawal Methods & Costs

The same two methods seem to be available for withdrawals, and it is the same with the fees, none are added by Philip Capital but be sure to check with your own bank to see if they charge any transfer fees of their own.

Withdrawal Processing & Wait Time

Philip Capital does not specify how long it takes for them to process withdrawals, just that your money should be with you within 5 working days.

Bonuses & Promotions

There does not seem to be any bonuses or promotions active when we are writing this review, if you are interested in bonuses then we recommend contacting the support team to see if there are any available.

Educational & Trading Tools

There is some basic analysis and news available but nothing much else. There is an economic calendar to detail any upcoming news events and which markets they may affect. The market news is exactly that, just some simple news articles. There is also a learning portal that has some videos around trading platforms, forex terms, and basic trading.

Customer Service

You can contact the customer service team over at Philip Capital using the following methods.

  • General Support Mon-Fri (8 AM – 6 PM LONDON TIME)
  • 12-14 Mason’s Avenue, London. EC2V 5BT
  • Helpdesk: +44(0)207 398 3100
  • E-Mail: [email protected]

  • Execution Desk Mon-Fri (8 AM – 6 PM LONDON TIME)
  • 12-14 Mason’s Avenue, London. EC2V 5BT
  • Helpdesk: +44(0)207 398 3100
  • E-Mail: [email protected]

—————————————————————

  • Payment Enquiries Mon-Fri (8 AM – 5 PM LONDON TIME)
  • Phone: +44(0)207 398 3120
  • E-Mail: [email protected]

Demo Account

There is mention of demo accounts, however, as the account page is not working we cannot be 100% sure that they are not available. Demo accounts can allow potential clients to test out trading conditions and for existing clients to test new strategies without risking any of their capital.

Demo account page.

Countries Accepted

The following statement is on the website: 

“The information on this site is not directed at residents of the United States of America and is not intended for distribution to or for use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.”

If you are unsure of your eligibility, then we would recommend getting in contact with the customer service team to find out.

Conclusion

There is far too much information not available, we had to search deep into the site and FAQs to find most of what we have written. Potential customers will be put off by the lack of info and ease of access. There needs to be a lot of work put into the site and due to that, we are not able to recommend them as a broker to use at this point in time.

We hope you like this review if you do, be sure to check out some of the other reviews to help find the broker that is right for you.

Categories
Forex Brokers

NBH Markets Review

This is a new brand that has been operating since 2018 under the SVGFSA regulation, but in 2020 traders will recognize a legit CySEC regulated broker with a full grant to cover EU clients. NBH Markets EU is owned by Fidelis Capital Markets (Cyprus) Ltd or SN Financials Ltd and another brand domain is nbhm.com. This domain is regulated by SVGFSA and offers different conditions not allowed in the EU. The broker is defined as having an NDD STP execution model, with orientation for an optimal environment also for MAM.

There are statements about having the execution time of 100ms for all accounts, a sign that the broker does not discriminate but also provides transparent, verifiable info. The website follows a mild style, without gimmicks, and very good information on trading conditions. Although some promotional phrases are present, such as being the leader in the industry, innovative and superior technology, etc, transparency is very good, as expected from a regulated broker. Spreads are presented for each instrument and for each account type, insurance coverage confirmation, clear examples, comparisons, a good FAQ page, and generally more info than we usually expect to be published on the website.

Highlights of NBH Markets EU is solid regulation, having a partnership with Trading Central (free signals), Lloyd’s of London Insurance protection of up to $5,000,000, and both platforms support from MetaQuotes. As far as the ratings go from reputable broker benchmark sites, NBH Markets EU does not enjoy a lot of attention, especially since the new regulation license. Considering it is still a young brand, it could be that the marketing is not in full effect. We will review NBH Markets EU to present you with the best decision-making facts and uncover if this new brand could be a rising star in the industry.

Account Types

All the information about the account types is easy to find as NBH Markets EU has a clean and informative comparison page. Demo Account is the first thing mentioned on this page, a good signal the broker is looking for long-term clients. There are 3 account packages, Standard, Pro, and Elite. At a glance, they are not much different from the trading conditions but mostly on the trading costs. What is also eye-catching are the huge gaps in the minimum deposit amount. The Standard Account has a reasonable minimum deposit but a bit higher than most other brokers ask for an entry tier account.

Trading costs differences are just with the commission, spreads are the same except for the Elite Account for which they are a bit tighter. Interestingly, the accounts comparison table also states Stop levels, something most brokers are not considering as important, but for fast trading strategies, it is. The leverage is the same for all accounts as the broker is under the ESMA directives.

The Pro Account requires a very high minimum deposit requirement without a major benefit except for a bit lower commission. Even the spreads comparison table does not show any differences from the Standard Account. Elite Account has the biggest deposit requirement and somewhat lower commission and spread. All other conditions are the same for all accounts. News trading, hedging, and scalping are all allowed on all platforms. USD and EUR base currency accounts are available only.

Swap-free accounts are available but with a limitation. As per the NBH Markets EU  statement, swap-free trading positions may be held for a maximum of 5 days, beyond that period the normal Overnight Fee will apply.

Platforms

NBH Markets EU has both MetaTrader 4 and MetaTrader 5 platform pages. MT4 platform licenses are discontinued and new brokers will have to rely on MT5. The MT4 platform does not have all the features MT5 has but most will appreciate the support MT4 has with indicators and Expert Advisors. MT5 is better overall, but traders do not think the offer is substantial and good enough to forgo the vast indicator and EA availability MT4 has built over the years. These platforms are available for Windows, Mac, and also on mobile devices running on Android and iOS. Web-accessible should also be available for those wanting a quick view without any installation but the NBH Markets EU offers only one option – MT4/5 for Windows and mobile devices. For mobile devices only via the link on the login page. 

To our surprise, the page dedicated to the MetaTrader 4 platform is providing a download link with an MT5 installation, named as MT4. While the MT5 page link is downloading a different EXE file by name and size, we are not sure if this is an error or if the MT4 is not supported. Probably the new EU branch does not have the MT4 license as it is a new company under CySEC from 2018.

At this point a major problem is evident. On the NBH Markets EU Login page, there is a request to open an account but only for the MT4 platform. Since the above problem with a link only for the MT5, even when on the right web page, it does not look possible to open an account. For this reason, we will not publish the direct market conditions within the platform but what is stated on the website alone. 

VertexFX platform is also mentioned on the NBH Markets EU website, but there are no dedicated pages or any links to the VertexFX platform. 

Leverage

Per ESMA 2018/796 regulations no instrument can have a leverage of more than 1:30. Since NBH Markets EU is under the CySEC regulation that adheres to EU directives, the only option to have leverage higher than 1:30 is by becoming a Professional category trader. This is done via the request and a trader will have to pass the requirements. These are posted on the Elective Professional Client Procedure page of the broker’s website. Note that by becoming a Professional category trader, you will cancel some benefits Retail traders have. For example, you will not be eligible for the Investor Compensation Fund that ensures clients up to €20,000 or the CySEC, no negative balance protection, and other published benefits Retail traders have. 

We were unable to check directly what is the instrument’s specific leverage from the platforms but based on the strict presentation regulation, any invalid data should be quickly corrected. Based on tables on the website, the majority of Forex currency pairs do not have the full 1:30 leverage. Only majors like the EUR/USD, USD/JPY, and the rest have 1:30, while all others are set to 1:20. This includes the exotics like the USD/MXN, USD/TRY, and others. Spot Gold against the USD and EUR has leverage up to 1:20 and Spot Silver has 1:10. Indices and Energies have a fixed margin per lot, therefore special leverage conditions, all lower than 1:30.

Trade Sizes

Trade sizes for all accounts types are in micro-lots, or 0.01 lots. Since all the instruments hold the standard contract sizes, there are no surprises as to how much a trader can minimally trade. The maximum trade volume size is set to 100 lots and for the Elite Account, this can be set to other levels. Stops level is set to be 10 points or 1 pip. This Stops level is low enough even for scalping techniques. To those not aware, the Stops level defines the range around the Bid/Ask price in points where a trader cannot place Stop Loss or Take Profit orders, therefore forcing the trader to move these orders further away. A Margin call is set to 100% level and Stop Out is at 70% for all account types. 

Trading Costs

NBH Markets EU is a commission-based broker used on a low spread NDD STP execution model. This means the broker should offer very competitive spreads from the direct interbank market access and earn their profits from the commissions. For the Standard Account, the commission is the highest at $8 per lot traded. Pro Account commission is lowered to $ 5 per lot traded and the Elite Account has a different calculation, $20 per million units traded. Since 1 lot is 100,000 units in Forex currency pairs, this means Elite Account has a $2 commission per lot traded. As for other costs not related to spreads, negative swaps are the only left if you are not applying for the Islamic, Swap-free account. 

Swaps are tripled on Wednesdays and there are positive ones. They are calculated in points. For a quick insight of the swap levels, the EUR/USD the long position swap is -9.9 points and a positive 3.96 points on the short, GBP/USD has -7.37 on the long and 0.09 on short, AUD/USD is all negative with -3.74 on the long and -0.11 points on the short, USD/JPY has 2.52 long and -8.47 short and the USD/CHF is with 3.96 on the long side and -9.9 points on the short.

Some all negative swaps pairs among the minors are for the EUR/CHF with -1.87 points on the long and -3.74 on the short, AUD/NZD with -4.29 on the long and -1.98 short, GBP/AUD with -6.93 long swap and -4.95 points short, or -8.47 long side and -4.84 short for the GBP/NZD. The biggest swap is for the Scandinavian pairs and exotics like for the EUR/TRY with -317.13 long and 157.68 points short, EUR/ZAR with -448.03 long and 247.32 points short, and USD/MXN with -444.95 long side swap and 175.95 points short side. 

Spot Gold against the USD has a -13.75 points long side swap and a positive on the short with 2.97 points. Against the EUR, spot Gold has 3.15 points on the long and -15.4 points on the short. For some traders interested in holding a position longer, this could be a good option to select a side with a positive swap on the same asset but a different quote currency. There are no other fees stated by the broker.

Assets

As a young brand, NBH Markets EU offers just 4 categories of assets, Forex, Precious metals, Energy assets, and Indexes. The best offer is the Forex with a total of 44 currency pairs. The most interesting are the exotics, USD/MXN, USD/ZAR, USD/TRY, EUR/ZAR, EUR/TRY, and the Scandinavian pairs. 

Precious metals are limited to spot Silver and Gold. A nice addition is spot Gold against the EUR so traders can have some other options between the two most liquid currencies. Commodities range is limited only to the energy assets. Both Oil types are present, WTI and Brent with the addition of Natural Gas. Indexes range is comprised of cash contracts CFDs adjusted for benefits and costs. There are a total of 10 indices and all are well known. Notable indexes are IBEX, CAC 40, EUSTX 50, and ASX 200.

Spreads

Interestingly, the website seems still incomplete so we have found some inconsistencies with the spread values on different pages. One page will promote from 0 pips spread and the other will state from 0.6 pips. We will mention the ones published in the instrument table. All spreads are a floating type. Standard and Pro Account features spread from 0.6 pips but there are differences in the average values. The disclosed average values do not have period calculation mentioned. EUR/USD has an average spread of 0.6 pips meaning it rarely goes above or there are some times when it is lower. USD/JPY has 0.7 pips, GBP/USD 0.9 pips, AUD/USD 0.7 pips, USD/CHF 0.8 pips and NZD/USD 0.9 pips.

From the minors the biggest spread is with the GBP/NZD and GBP/CAD with 2.4 and 2.3 pips average spread. Exotics have competitive spreads. For example, USD/TRY has 6.7 pips, USD/MZX 10.1 pips, EUR/TRY 18.6 pips and the wide spread is for the EUR/ZAR with 41.8 pips on average. XAU/EUR has 34 pips spread, which is competitive, and XAU/USD is even better with just 16 pips on average. Elite Account spreads are about 20 to 50% tighter than what Standard and Pro Accounts have.

Minimum Deposit

The minimum for the most affordable Standard Account is $500. Considering the leverage for Retail Traders of 1:30, this is an optimal entry amount. For the Pro traders will need to have at least $25,000. A huge step up but without any substantial benefit. The final, Elite Account requires $50,000. 

Deposit Methods & Costs

According to the Client Login panel, there is only one option for a deposit, Bank Wire transfer. This means the broker still has not established connections with the e-wallets and other payment processors. In the Deposit and Withdrawal page and the FAQ, Credit/Debit cards are also mentioned but these are not available from the Members Area. All deposits of $5,000 and more do not have any costs associated.

Withdrawal Methods & Costs

Same as deposits, only the Bank Wire channel is available for withdrawals currently. Note that the FAQ and other pages on the NBH Markets EU website mention Skrill, Neteller, and bank cards but in practice, they are still not implemented at the moment of this review. There are no fees charged by the broker.

Withdrawal Processing & Wait Time

Bank wire transfers will take 3 to 5 business days according to the broker.

Bonuses & Promotions

Bonuses and promotions are available only on the other NBH Markets domain, nbhm.com. This EU domain is not allowed to have such practices. 

Educational & Trading Tools

Unfortunately, NBH Markets EU does not offer any educational content on their website. There are no Economic Calendars or other tools except what is integrated into the MT5 platform. Trading Central service connection is also mentioned but we have not detected any kind of this signal service content. This is probably still in construction. 

Customer Service

NBH Markets EU does not have a chat service. The broker can be contacted only by phone and email. We have not received an answer from this broker in 24 hours. There is also a Callback request form. Note that Facebook and other social media pages are related to the other NBH Markets domain under the SVGFSA regulation.

Demo Account

This broker does now offer demo accounts. These are free of charge and feature some of the benefits shown below.

Countries Accepted

According to the CySEC license and the NBH Markets EU website, clients from Bangladesh, Belarus, China, Egypt, Hong Kong, Indonesia, Kazakhstan, Lebanon, Malaysia, Mexico, Nigeria, Qatar, Russia, Saint Vincent and the Grenadines, Switzerland, U.A.E., Ukraine, Vanuatu, and the EU are eligible for services. 

Conclusion

We will conclude the NBH Markets EU review with additional information we have found critical for making an investment decision. We have noticed this broker has an 85.19% losing clients rate, a higher figure than the average in the industry. Still, we are not sure for what period is this calculated as at the current state NBH Markets EU cannot receive any new clients. It is not known when the broker will fix all the issues with the platform and the Members Area but for now, we can expect a solid regulated broker in the future. Some additional values certainly need to be incorporated, be it in a form of Signal service, VPS, spreads, assets range, special tools, indicators, or EAs if NBH Markets EU wants to stay competitive. The CySEC license has some requirements to be attained so we can expect something new from this broker soon. 

Categories
Forex Brokers

Spreadex Review

Spreadex is a spread betting and foreign exchange broker that is based out of Hertfordshire, United Kingdom and is both registered and regulated by the Finance Conduct Authority (FCA). The financial trading side of the business was launched in 2006 and has since been awarded various accolades and been featured in many of the UK’s top lists. We will be using this review to look into the services on offer and to see exactly how they compare to the competition, it should also provide you with the information to decide whether they are the right broker for your trading needs.

Account Types

It seems that there is just one account type available to use, so as we go through this review, all information provided will be relevant to this singular account type, as a brief overview, the account does not have a minimum deposit requirement. It comes with leverage up to 1:200 and variable spreads starting from 0.6 pips. We will go over these features in a little more detail as we go through this review.

Platforms

Spreadex has created its own proprietary trading platform. The platform can be used as applications on your devices including Tablets, iOS phones, and Android phones. There are a host of features mentioned by Spreadex as to why their platform is worth using:

  • Trade spread bets and CFDs from one account
  • A fully customizable screen to organize your trading 
  • Advanced Charting tools with Pattern Recognition and Pro Trend lines
  • Fast and fair, award-winning execution
  • Advanced Orders including Force Opens
  • Price Alerts by text, push, or email

There are also some additional features:

  • Trade via Charts
  • Automated Pro Trend lines and Pattern Recognition
  • A wide range of advanced technical indicators
  • Macro-data directly available on our charts
  • Sophisticated drawing tools
  • Extensive price history of over 10 years
  • Templates that you can create, save and edit
  • Go long and short on the same market (Force Open)
  • Guaranteed stops
  • One-click dealing, for instant access to the markets
  • Price Tolerance Threshold, so you can get your trades filled in times of extreme market volatility

Leverage

Leverage limits on the opening of a position by a retail client range from 30:1 to 2:1, which vary according to the volatility of the underlying:

  • 30:1 for major currency pairs;
  • 20:1 for non-major currency pairs, gold, and major indices;
  • 10:1 for commodities other than gold and non-major equity indices;
  • 5:1 for individual equities and other reference values;
  • 2:1 for cryptocurrencies

You are able to get leverage up to 1:200 if you are classed as a professional trader.

Trade Sizes

Trade sizes start from 0.01 lots and they then go up in increments of 0.01 lots, so the next trade would be 0.02 lots and then 0.03 lots. We do not know what the maximum trade size is or how many open trades you are able to have at any one time.

Trading Costs

There does not seem to be any added commissions added to the trading accounts as they mainly use a spread-based system that we will look at later in this review. There will most likely be swap charges though, these are fees that will be charged or received depending on the interest rates when holding trades overnight, they can often be viewed within the trading platform itself.

Assets

The assets have been broken down into various categories, we have outlined the categories below along with a number of different instruments within those groups.

Forex: AUDCAD, AUDCHF, AUDJPY, AUDNZD, AUDUSD, CADCHF, CADJPY, CHFJPY, EURAUD, EURCAD, EURCHF, EURCZK, EURDKK, EURGBP, EURHUF, EURJPY, EURNOK, EURNZD, EURPLN, EURSEK, EURSGD, EURUSD, EURZAR, GBPAUD, GBPCAD, GBPCHF, GBPDKK, GBPEUR, GBPJPY, GBPNOK, GBPNZD, GBPSEK, GBPUSD, GBPZAR, NZDCAD, NZDCHF, NZDJPY, NZDUSD, USDCAD, USDCHF, USDCZK, USDDKK, USDHUF, USDINR, USDJPY, USDMXN, USDNOK, USDPLN, USDRUB, USDSEK, USDSGD, USDTRY, USDZAR.

Commodities: Brent Crude, Cocoa, Coffee, Copper, Corn, Cotton, Feeder Cattle, Gold, Lean Hogs, Light Crude, Gas Oil, Lumber, Natural Gas, Gasoline, Oats, Orange Juice, Palladium, Platinum, Rough Rice, Silver, Soybean, Sugar #11, and Wheat.

Indices: Germany 30, SPX 500, UK 100, Wall Street, Australia 200, China A50, Euro stocks 50, France 40, Hong Kong 50, India 50, Japan 225, and US Tech 100 are a few of the available indices.

Shares: There are hundreds of stocks available including the likes of Amazon, Facebook, Tesco, Citigroup, Tesla, Netflix, and many more.

Spreads

The spreads are kept quite low which is great to see, spreads for some instruments such as EURUSD are constantly under 1 pip and can be seen around 0.6 pips. The spreads are variable, so they will move about and be influenced by the markets, different instruments and assets will also have different available spreads and they won’t all be as low as 0.6 pips.

Minimum Deposit

There is no minimum amount required to open up an account, this means the accounts are accessible to all sorts of traders, big and small. We would, however, recommend depositing at least $500 as this allows for better profit potential and the ability to run proper risk management.

Deposit Methods & Costs

The only methods that seem to be available are Bank Wire Transfers and Credit/Debit Cards. This could potentially limit those that prefer to use other methods. We are not sure if there are any added fees or commissions when depositing, we would always suggest contacting your own bank or card issuer to find out if they will add any outgoing transfer fees of their own. The following statement is present though:

“Spreadex reserves the right to charge £1 on debit card deposits under £50.”

Withdrawal Methods & Costs

The same two methods are available to withdraw with, again these are Bank Wire Transfers and Credit/Debit Cards. You can probably imagine that there isn’t any information on potential fees, so hopefully, this means that there won’t be any, but we cannot say this for sure. You should check with your own card issuer or bank to see if they will add any incoming processing fees of their own.

Withdrawal Processing & Wait Time

Spreadex should process your request within 24 hours but it could take as long as 48 hours depending on when the request is made. It will then take an additional 1 to 5 working days for the request to fully process, this time will depend on the processing time of your card issuer or bank.

Bonuses & Promotions

Looking through the site, we did not come across anything that looked like a bonus or promotion, if you are after a promotion, you could always contact the customer service team to see if there are any coming up that you could take part in.

Educational & Trading Tools

There seems to be quite a lot when it comes to education and tools, the help section of the site has a video trading center, thus has a number of different videos teaching you how to place trades and how to use the Spreadex platform. There is also an FAQ for Charts, Trading, and Technical trading, finally, there is also a glossary of trading-related terms to refer back to if you come across something you do not understand the meaning of.

There is also an Analysis part of the site, this section has a number of different tools available, the first is an economic calendar that details different news events that are coming up and also how those events may affect the markets. There are also some pages that teach you about chart analysis, chart patterns, and how to analyze them. There are also a number of blogs and update pages that can give you some idea about news and possible market movements.

Customer Service

The customer service team is available 7 days a week between 8 am and 5:30 pm GMT. Spreadex has provided a postal address, phone number, and email address to use, so you have a choice of your preferred method to use.

Address: Freepost RRRS-GTBG-HGZB, Spreadex Ltd., Churchill House, Upper Marlborough Road, St Albans. Hertfordshire, AL1 3UU

Email: [email protected]

Phone: 01727 895 000

Demo Account

Sadly, there doesn’t appear to be a demo account available when using Spreadex, this is a shame as demo accounts allow potential and existing clients to test out the platforms, conditions, and new strategies without having to risk any of their own strategies. So if they are in fact not available, it is something that Spraedex should look at adding to their list of services.

Countries Accepted

The following statement can be found at the bottom of the website: 

“The information on this website is not targeted at the general public of any particular country. It is not intended for distribution to residents in any country where such distribution or use would contravene any law or regulatory requirement.”

This does not provide a lot of information, so if you are thinking of signing up, we would recommend contacting the customer service team to check whether you are eligible for an account or not.

Conclusion

The Spreadex website is very well laid out and professional-looking, providing most of the information we needed. They have been around for a long time and their trading conditions seem to be quite competitive with leverage at 1:200, no commissions, and spread starting under 1 pip. There are also plenty of assets available, the one bit that we feel falls short is the lack of deposit and withdrawal methods, just Card and Bank Transfers are available which could limit some clients.

The way the website is shown, makes us believe that they are aiming more towards the UK client base due to them also offering spread betting, so if you are from the UK, they could be a decent broker to sue, from outside the UK, we would suggest possibly looking somewhere else, however, there is nothing to say that you can not join up with Spreadex.

Categories
Forex Brokers

CFsum Review

CFsum is a relatively new brand made in 2018 under the Bestfolio Consulting OU company in Estonia. The company is not known and is obscured, not present as a registered company in any official directory. The address is virtual and the regulation is also absent. Right from the start, CFsum states they are the best broker in the world. CFsum’s website presents all the fancy, rich, and business-looking action, just what unaware visitors associate with the Forex world.

On the surface, the broker is promoting all superlatives commonly used in low-quality marketing, typically when nothing substantial can be offered. Aside from redundant, self-praising content, CFsum has a very small website structure unsuitable for this business. Probably the template used for the website building remained in its original form, meaning little effort is put into building it. As we go deeper to check the trading conditions, we found very limited information.

Very quickly, it became clear that we are dealing with an extremely risky broker screaming with red flags. One of the interesting parts could be the platform and the assets offered. This CFsum review will reveal all the highlights to give you a complete picture of what is going on with this broker and should you invest.

Account Types

CFsum does not offer any account packages. Therefore there is just a single account with undisclosed conditions. From what we can see, the minimum deposit is not extremely high and the leverage can be adjusted to average levels. Contract sizes are also interesting and non-standard, like adjustable to your trade size. We are not sure if this is the contract CFD size or just a way to obscure the minimum trade sizes. There is no other information on the account, therefore we will describe what we can extract from the platform in the following sections.

Platforms

CFsum does not offer any of the MetaTrader platforms or other adopted by the majority of brokers. Instead, they use a web-based platform that does not require any installation and acts as an interactive page once you register for an account. Many big, market maker brokers develop their platforms that are accommodated to their services range. These platforms very rarely offer any freedom with the automated trading software of custom indicators. In addition to their platform, they also offer other popular licensed platforms like MT4 to give traders the possibility to have the best from both worlds.

The CFsum platform is certainly one of the most basic and unprofessional platforms in the industry, not used by serious brokers. Not only are you deprived of any trading software, but also any indicators, timeframe settings, instrument trading information, risk management tools, chart types, and many more essentials. CFsum’s platform can be best described as a pretty platform for first lesson teaching that is user-friendly and will not scare away by the complexity of normal platforms.

It is using a dark theme with blue elements. On the central dominant window is the chart in the style of a histogram showing the price up to just two decimals. So, for example, the EUR/USD rate will be presented as 1.10 over the whole chart range unless zoomed out to the maximum. The timeframe is locked to 1 minute. On the left side of the screen is the instrument listing. As the windows are not resizeable in any way, they are presented in a list mode showing the Bid/Ask prices and the daily change percentage.

The search tool is on top of the list beside the instrument category selector. We found no sources for the instrument specification data. On the right side of the chart window are ordering and profile management functions. As with everything with this platform they are simplified. When ordering you can select the order size in units and the leverage with the addition of Take Profit/Stop Loss orders in units. Profile management is just allowing you to select the account if you have multiple and the option to log out. Finally, the bottom part of the screen contains your open and closed positions without much information on the trading costs. As no demo was available, we could not test the liquidity and execution times.

Leverage

The leverage levels vary across the assets. As the leverage is not disclosed on the CFsum’s website, we have used the information about the maximum allowed leverage in the platform. Forex currency pairs allow up to 1:100 leverage maximum, stocks are limited to 1:25, Precious metals, Indexes, and commodities are set to 1:10. Cryptocurrencies are all set to 1:5 maximum leverage.

Trade Sizes

Trade sizes are measured in units but they can be calculated in lots. For the Forex assets, we have noticed it is possible to set the minimum trade size to 250 units. The usual, micro-lot trade sizes are 1000 units or 0.01 lots, where 1 contract is 100,000 units. The same instrument contract size is used in this platform but the leverage is just multiplying your margin, not reducing the amount required to open a trade. This means the platform is limited to 0.25 lot minimum trading volume size which is very unfavorable to the majority of traders. In relevance to the minimum deposit requirement, this trade sizing is inadequate.

The same minimum trade size of 250 currency units is for all other assets. A platform like this is extremely unfriendly and confusing for a trader who has just started. At least for Bitcoin, the minimum is not set to 1 lot considering the current price of around $9500 for one. Additional step volume is also set to 250 currency. The platform is made for pushing traders to invest much more than $250, regardless of the official minimum deposit requirement. There is no information about the Stop Loss and Margin Call levels or Stops level. 

Trading Costs

One of the most controversial segments of CFsum is the fees. As with other key info about trading, commission, or other costs are disclosed on the website. In the platform, we have noticed a small note which states the platform fee of 0.05%. We assume this is a commission, but there are other costs involved. Swaps remain an unknown. There is no information about them anywhere on the website or legal documents except that they are charged by the broker.

Whatsmore, new fees arise, a monthly maintenance fee of 50 USD/EUR/GBP is charged and a 1% fee on all executed trades. This said we can say that the total commission is 1.05%. The fees list continues, an incomplete verification fee of 100 USD/EUR/GBP will be charged if the client does not verify their account in 30 days. Also, for inactive accounts, a fee will be calculated freely by CFsum and close the account if no activity is attained for 61 days. 

Assets

The broker has a list of assets published on the website but it is outdated as there are more assets and categories in their platform. There are a total of 28 currency pairs in the Forex category. This range is limited to majors and minors, no exotics are present. 

The precious metals category range is not limited to the classic two, Silver and Gold against the USD. We can say this offer is one of the best as there is Palladium, Platinum, and other commodity metals such as Aluminium, Zinc, Copper, and Nickel. 

Commodities are also good with 9 agricultural assets and 4 energy. WTI and Brent Oil are accompanied by Natural Gas and Gasoline. Out of classic commodities, uncommon ones are Orange Juice, Cotton, and Rice. 

The index range is also very interesting and extended with a total of 18 instruments. Those that stand out besides the majors are TA 35, Tadawul All Share Index, OMX Stockholm 30, US Dollar Index Futures, ASX 200, Johannesburg Stock Exchange Index, FTSE MIB (Milano Indice di Borsa), Hang Seng China Enterprises Index, and Hang Seng Index. 

Cryptocurrencies are also extended with a total of 18 non-repeating instruments. Out of these, some are also quoted in GBP, EUR, not just the USD. From the exotics, we found Dashcoin, BTC Gold, Monero, and Stellar. 

Spreads

We suspect the spreads are a fixed type, but it is hard to discern as the prices are not updating in real-time. There is no specific info on them on the website. The CFsum platform does not show the spread so we have calculated it manually. For the EUR/USD the spread is 15 points, USD/JPY also 15 points, GBP/USD 25 points, AUD/USD 25 points, USD/CHF also 25 points as well as USD/CAD and NZD/USD. Minors have a wider spread, so for example, GBP/NZD has 105 points, AUD/CAD 65 points, the same as NZD/CAD and EUR/AUD. Gold against the USD has a 55 pip spread while Palladium has 319 pips. Interestingly Platinum has a wider 350 pips spread. Bitcoin against the USD has $36.24 spread and Ethereum has 121 points. 

Minimum Deposit

The minimum deposit is stated to be $250. Nother since the minimum trade size volume is set to also $250, this amount is far from enough. Note that the minimum requirement for a Bank Wire is $500. 

Deposit Methods & Costs

The methods available will be displayed once you verify your account. These include Wire Transfers, MasterCard or VISA, and via the Bitcoin network. The costs associated with deposits are not known.

Withdrawal Methods & Costs

CFsum continues with unusual practices with withdrawals too. To withdraw by Bank Wire you need to have at least 1000 USD/GBP/EUR available in the trading account. For Credit/Debit Card transfers the minimum is 100 USD/GBP/EUR. The broker states that any withdrawal fees will be compensated for wire withdrawals.

Withdrawal Processing & Wait Time

The withdrawal request will be processed within 7-10 business days once instructions have been accepted. This time is not the usual and much longer compared to other brokers. We have noticed that the withdrawal request is not completely functional but this could be because you need to verify your account first. 

Bonuses & Promotions

CFsum does not directly promote the bonuses. From the Terms and Conditions document, there are terms for the deposit bonus. The first deposit amount needs to be traded 15 times to be eligible for withdrawing. As for the bonus amount, It is not disclosed. Interestingly, there are unusual additional conditions for the bonus too. For a position to count towards the needed turnover, the trade must be open for 24 hours. Also, sold positions do not count towards the needed turnover. Note that the broker also applies this condition to your whole balance until the trading volume is reached, consequently locking up your funds. This practice is common for dishonest brokers. The formula for the trading volume condition is (bonus amount + Deposit) x15.

Educational & Trading Tools

The only educational content is related to the FAQ section. CFsum FAQ does not have elementary questions covered. Promotional and broker-beneficial answers to questions are more than noticeable. Therefore it can be said that there are no tools nor educational content.

Customer Service

The broker does not have any other channel for contact except the email. The response rate is longer than 24h and probably infinite. 

Demo Account

The demo account is not available with CFsum.

Countries Accepted

United States citizens are explicitly avoided by the broker. No other info is available.

Conclusion

To conclude this CFsum review we will disclose some additional information about this broker. We can confirm that this broker is completely illegal with many red flags. Starting with the official FCA warning about the company behind the CFsum brand, Bestfolio Consulting OU, one of the common practices by fraud brokers is to cover behind an allegedly consulting agency that is just referring their leads to the website, or broker brand. This way they claim no responsibility for the damage done by the broker.

The absence of normal deposit methods is also a sign of fraud since these companies cannot establish a legit channel with highly regulated payment processors. Note that if the deposit by credit/debit card is also circumvented using another payment party, not directly connected to the receiving bank account of the broker, it may also mean your chargeback may be obstructed. Interestingly, the Terms and Conditions document shows clear signs that it belongs to another FCA-regulated company with statements about the document verification.

In the case of CFsum, there is no part without clues of a serious possibility that traders will be scammed. Transparency is non-existent, over-promotion makes the majority of the content, unprofessional platform designed for manipulation and sales, no support, extreme fees structure, and absolute negative ratings on the benchmark sites and internet in general.

 

Categories
Forex Brokers

KapitalFX Review

KapitalFX is a Saint Vincent and the Grenadines-based forex broker. We will be using this review to look into the services offered by this foreign exchange broker and see if they live up to their priorities of putting their clients first or seeing if they fall short. The following is a statement that the brokerage has provided on its website:

“In the past years the Kapitalfx has come a long way, becoming an industry leader: by the middle of 2018 Kapitalfx clients’ monthly trading volume was more than 180 billion USD and the number of trading accounts opened each month by traders around the world exceeded 15,000. Currently, Kapitalfx offers the ability to trade more than 120 financial instruments, with some of the best-on-the-market order execution and record-tight spreads for the main currency pairs.”

Account Types

There are four different account types available, We have outlined them for you below including their entry requirements and trading conditions.

Micro Account: This account requires a deposit of $100 in order to open, it comes with access to MetaTrader 4 and has spreads starting from 1 pip. The account can trade forex pairs, indices, commodities, and shares and can be leveraged up to 1:500. It uses market execution and the minimum trade size is 0.01 lots, going up in 0.01 lots until it reaches the maximum trade size of 40 lots. The account can also have a maximum of 150 open trades and orders. The margin call level is set at 40% with the stop-out level being set at 10%. The account must be in EUR or USD and there is no added commission on the account, the account also does not have access to find management.

Standard Account: This account requires a deposit of $500 in order to open, it comes with access to MetaTrader 4 and has spreads starting from 1 pip. The account can trade forex pairs, indices, commodities, and shares and can be leveraged up to 1:300. It uses market execution and the minimum trade size is 0.01 lots, going up in 0.01 lots until it reaches the maximum trade size of 60 lots. The account can also have a maximum of 250 open trades and orders. The margin call level is set at 50% with the stop-out level being set at 20%. The account must be in EUR or USD and there is no added commission on the account, the account also has access to fund management.

Premium Account: This account requires a deposit of $25,000 in order to open, it comes with access to MetaTrader 4 and has spreads starting from 0.6 pips. The account can trade forex pairs, indices, commodities, and shares and can be leveraged up to 1:100. It uses market execution and the minimum trade size is 0.1 lots, going up in 0.01 lots until it reaches the maximum trade size of 80 lots. The account can also have a maximum of 300 open trades and orders. The margin call level is set at 50% with the stop-out level being set at 20%. The account must be in EUR or USD and there is an added commission of 5 USD or 5 EUR per lot traded on the account, the account also has access to fund management.

VIP Account: This account requires a deposit of $100,000 in order to open, it comes with access to MetaTrader 4 and has spreads starting from 0.2 pips. The account can trade forex pairs, indices, commodities, and shares and can be leveraged up to 1:100. It uses market execution and the minimum trade size is 0.1 lots, going up in 0.01 lots until it reaches the maximum trade size of 80 lots. The account can also have a maximum of 150 open trades and orders. The margin call level is set at 50% with the stop-out level being set at 20%. The account must be in EUR or USD and there is an added commission of 5 USD or 5 EUR per lot traded on the account, the account also has access to fund management.

Platforms

MetaTrader 4 is the only platform on offer and it is a good one to have, it is one of the world’s most popular trading platforms due to its massive selection of features. KapitalFX has detailed some of the benefits of using it with them as receiving one-hour response time on all customer inquiries, ECN trading on MT4, friendly user-friendly interface, a multiLingual Platform in 23 Languages, it’s secure, fast, and reliable. The platform is also highly accessible as you can use it as a mobile download, desktop download, or web trader.

Leverage

The leverage that you receive is based on the account that you use, the Micro account can be leveraged up to 1:500, the Standard account up to 1:300, and the Premium and VIP accounts can both be leveraged up to a maximum of 1:100. You can select the desired leverage when opening up an account and can request for it to be changed by getting in contact with the customer service team.

Trade Sizes

The Micro and Standard accounts have starting trade sizes of 0.01 lots (1,000 units) while the Premium and VIP accounts have trades starting from 0.10 lots (10,000 units). All accounts go up in increments of 0.01 lots, up to their maximum of 40 lots for the Micro account,t 60 lots for the Standard account, and 80 lots for the Premium and VIP accounts. 

The Micro and VIP accounts can have up to 150 trades or orders open at any one time while the Standard account can have 250 and the Premium account can have up to 300 open trades at any one time.

Trading Costs

The Premium and VIP accounts have an added commission of 6 USD or 5 EUR (depending on your base currency) added to their trades. This is in line with the industry average of $6 per lot traded. The Micro and Standard accounts do not have any added charges as they use a spread-based system that we will look at later in this review. There are also swap charges, these are fees that are either charged or received for holding trades overnight, they can be viewed within the MetaTrader 4 trading platform.

Assets

Sadly there isn’t a full breakdown of the available trading assets or instruments, this is a shame as a lot of potential clients may be looking out to see if a broker offers their preferred assets, not knowing if it is available could make them look elsewhere. It is also helpful to see how many assets are available. The website simply states that there are forex pairs, indices, commodities, and shares available, but no outline of which ones exactly.

Spreads

The starting spread again depends on the account type that you have opened. The Micro and Standard accounts both have spread starting from 1 pip, while the Premium account has spread starting from 0.6 pips and the VIP account has spreads starting from 0.2 pips. The spreads are variable which means they move with the markets, during times of higher volatility they will be seen higher than these startling figures. Different instruments will also have different spreads, so while one may start at 1 pip, another may start higher at 2 pips.

Minimum Deposit

The minimum amount required to open up an account is $100 which will allow you to open up a Micro account. The Standard account requires a deposit of $500, the Premium account $25,000 and if you want a VIP account you will need to deposit a massive $100,000 which will price out the majority of retail traders. Usually, the minimum will reduce once an account has been opened but there was no mention of a reduction on the site.

Deposit Methods & Costs

When looking through the deposit and withdrawal page they really do not make it clear exactly what is available to use or even how to deposit. We have learned that both Bank Wire Transfer and Visa/MasterCard are available to use but there isn’t a mention of any other methods, so it is most likely that just those two methods are available.

Another bit of information missing for the deposits is regarding any potential fees, there is nothing mentioned on the deposit/withdrawal page, we would recommend contacting your own bank or card issuer to see if they will add any potential transfer fees of their own to the deposits.

Withdrawal Methods & Costs

You can only use Bank Wire to withdraw with, the FAQ of the site very clearly states that you are not able to withdraw using a Credit/Debit card, either as a withdrawal or as a refund, so you are stuck with Bank Wire Transfers for now.

There is a statement on withdrawal fees which states:

“If the receiving bank uses an intermediary bank to send/receive funds, you may incur additional fees charged by the intermediary bank. These charges are usually placed for transmitting the wire to your bank. Kapitalfx is not involved with and nor has any control over these additional fees.”

So it seems like KapitalFX does not add any fees of their own but you should check with your own bank or processor for their fees.

Withdrawal Processing & Wait Time

KapitalFX will generally process a withdrawal request within 2 to 5 business days, the amount of time it will then take will depend on the method used and your own bank’s processing times, it will normally take an additional 1 to 5 days to be fully processed by your bank, so the withdrawal times are a little on the long side when comparing to the competition.

Bonuses & Promotions

We had a good look through the site but it did not appear that there were any promotions or bonuses taking place, at least not at the time that we were looking. This does not mean that there won’t be any so be sure to check back regularly or you could contact the customer service team to see if there are any coming up that you could take part in.

Educational & Trading Tools

There are a few small tools available to you, the first is an economic calendar, this details any upcoming news events that could affect the markets and it also states which currencies and markets the news event may have an effect on. There is then a profit calculator as well as a pip calculator to help you work out some of the details of your next trade. There is also a news and events section, but it isn’t very detailed and simply lists 5 different news articles taken from another site.

There is also an opportunity to get access to a free VPS, in order to do this you will need to close at least 7 lots and keep your balance above $500. If you fall below these numbers then your monthly VPS will not be renewed.

Customer Service

The contact page offers the broker’s online submission form. You can fill it in with your name, email, and query and you should then get a reply via email. They have also provided you with a postal address. In order to find an email address, we have to scroll to the footer of the page where one is present. It does not look like there is a phone number or a way to speak to someone directly. 

Demo Account

Once you have signed up you are able to select a demo account to pen. The demo account allows you to test out the trading conditions and strategies without any real risk to your capital. The demo account expires after 30 days and you will need to open a new one to continue practicing. The pricing and execution on demo accounts, while indicative of live pricing and execution, is not a mirror image of what you will see if you sign-up for a live account. The pricing and execution are indicative and should give you a hint about how a live account would function.

Countries Accepted

The following statement is present on the site:

“Kapitalfx.de brand does not provide services to residents of the USA, Japan, British Columbia, Quebec and Saskatchewan, and some other regions.”

If you are still not sure of your eligibility we would recommend contacting the customer service department to find out prior to opening up an account.

Conclusion

There are plenty of options available when we look at the accounts, the trading conditions vary in relation to the different account tiers. We, unfortunately, do not have an accurate list of available spreads due to an asset breakdown or specification being missing, however, on paper, the trading conditions seem quite competitive. There is a distinct lack of deposit and withdrawal methods, being stuck with just Bank wire transfer as a withdrawal method can be quite limiting, the good news is that there are no added fees from KapitalFX.

Categories
Forex Brokers

Pure Market Review

Pure Market is a foreign exchange broker that operates under the jurisdiction of Vanuatu and is authorized and regulated by the Financial Services Commission. The management of Pure Markets has trading experience going back as far as 1999. They aim to bring their experience and knowledge to the brokerage world to help bring you the best broker available. Throughout this review, we will be looking into the services on offer to see exactly what is on offer and to see how they compare next to the competition.

Account Types

There are two different accounts available, they both have their own conditions and features. Let’s briefly look at what they are.

STP – Forex Only: This account requires a deposit of 100 EUR or USD, it can be leveraged up to 1:100 and there is a spread starting from 0.9 pips with no added commissions. It uses a market execution style with the margin calls set at 150% and the stop-out level set at 100%. There are 58 currency pairs available to trade along with 2 metals. The standard lot size is 100,000 units and the minimum trade size is 0.01 lots for both forex and metals. The maximum trade size is 50 lots with a maximum of 300 orders at any one time.

STP – Forex + CFDs: This account requires a deposit of 100 EUR or USD, it can be leveraged up to 1:200 and there is a spread starting from 0 pips with an added commission of $30 per million traded on forex and $0 for CFDs. It uses a market execution style with the margin calls set at 150% and the stop-out level set at 100%. There are 58 currency pairs available to trade along with 2 metals, 3 energies, and 13 indices. The standard lot size is 100,000 units and the minimum trade size is 0.01 lots for both forex and metals. The maximum trade size is 30 lots with a maximum of 300 orders at any one time.

Platforms

The only platform on offer from Pure MArkets is MetaTrader 4. MetaTrader 4 is a highly accessible platform available to be used as a web trader, mobile application, or desktop download. It offers a whole host of features that helped it become one of the world’s most used trading platforms. Some of the features include its user-friendly interface, advanced order types such as market, limit, stop loss, and trailing stops. It has over 50 financial instruments available with the power of analysis with 4 types of charts, 9 timeframes, 33 built-in indicators, and 30 elements for graphical analysis. It’s also compatible with hundreds and thousands of expert advisors and indicators to help with your trading, this also allows for automated trading.

Leverage

The Forex only STP account can be leveraged up to 1:100 while the Forex and CFD STP account can be leveraged up to 1:200. You can select the leverage when you first open up an account and this can be changed by sending a request to the customer service team.

Trade Sizes

Trade sizes start from 0.01 lots for all instruments except one. Trade then goes up in increments of 0.01 lots until they reach the maximum trade size. The max trade size of the Forex only account is 50 lots, while it is slightly reduced for the other account and sits at 30 lots. Both accounts can have a maximum of 300 trades open at any one time. The only instrument not starting at 0.01 lots is Bitcoin which starts at 1 lot as its minimum size.

Trading Costs

The Forex and CFD account has an added commission of $30 per million traded on forex, this equates to $3 per lot traded, there is no commission on trading CFDs on the account. The Forex-only account does not have any added commissions as it uses a spread-based payment structure that we will look at later in the review. There are also swap charges which are fees for holding trades overnight, they can be viewed within MetaTrader 4 and can be both positive or negative.

Assets

The assets have been split into categories. Let’s look at what instruments are available within them.

Forex: AUDCAD, AUDCHF, AUDJPY, AUDNZD, AUDUSD, CADCHF, CADJPY, EURNZD, EURAUD, EURCAD, EURCHF, EURGBP, EURJPY, EURNO, TRYJPY, EURSEK, EURTRY, EURUSD, GBPAUD, GBPCAD, GBPCHF, GBPJPY, GBPNZD, GBPUSD, NZDCAD, NZDCHF, NZDJPY, NZDUSD, TRYJPY, USDCAD, USDCHF, USDCNH, USDJPY, USDMXN, USDNOK, USDSEK, USDTRY, USDZAR, ZARJPY.

Metals: Both Gold and Silver are available to trade.

Energies: UK Oil, US Oil, and Natural Gas are available for trading.

Indices: UK FTSE 100, Euro Stoxx 50, France CAC 40, Germany DAX 30, Spain IBEX 35, Switzerland SMI, Hang Deng, AUS 200, HK 50, JPN 225, NAS 100, US 30, US 500, US 2000.

Spreads

The minimum spreads are based on the account you are using. The Forex only account has spreads starting from 0.9 pips which the forex and CFD account has spreads starting from as low as 0 pips. The spreads are variable which means that they are influenced by the markets, the more volatility in the markets the higher they will be, different instruments will also have different spreads.

Minimum Deposit

The minimum amount required to open up an account is $100, this will enable you to use either of the two available account types. Once an account has been opened the minimum deposit requirement is reduced, but we are not sure exactly what figure it reduces to.

Deposit Methods & Costs

There are a few different methods available, we have outlined them below along with any applicable fees for each method.

  • Bank Wire Transfer – SEPA FREE, SWIFT 20€ + 1.5%
  • Etana Custody – $20 fee
  • GTBank – No fee
  • Neteller – 3.9% fee
  • Skrill – 3.9% fee
  • Bitcoin – No fee
  • Bitcoin Cash – No fee
  • Ethereum – No fee
  • Ripple – No fee
  • VLoad – 4% fee
  • FasaPay – 0.5% fee

Withdrawal Methods & Costs

The same methods are available to withdraw with, we have once again listed them along with any applicable fees.

  • Bank Wire Transfer – SEPA €5, SWIFT €30 + 2%
  • Etana Custody – $25 fee
  • GTBank – 1% in USD, 1$ in NGN
  • Neteller – 2% fee
  • Skrill – 1% fee
  • Bitcoin – 0.005 BTC (we find this hard  to believe)
  • Bitcoin Cash – 0.005 BCH fee (we find this hard  to believe)
  • Ethereum – 0.02 ETH fee (we find this hard  to believe)
  • Ripple – 5 XRP fee (we find this hard  to believe)
  • VLoad – Not available to withdraw with
  • FasaPay – 0.5% fee

Some of the fees mentioned are extremely high and hard for us to believe so they may just be mistyped.

Withdrawal Processing & Wait Time

We could not locate information surrounding the processing times of Pure Market, we would hope that any withdrawal requests would be fully processed within 5 working days depending on the method used.

Bonuses & Promotions

We did not notice any bonuses or promotions as we went through the site, that does not mean that there won’t be any in the future. If you are looking for bonuses you could always send a message to the customer service team to enquire about any potential upcoming promotions that you could take part in.

Educational & Trading Tools

The two bits of education on the site is a market news section which details different news articles, however, they are taken from another site. There is also a tutorial section which is video tutorials going over subjects like how to withdraw or how to place a trade, very basic things.

There is a trading tools section, however, we are not fully clear on what it actually is, it states that there is something called a Super Trader Package that has 30 tools in, but no indication of what they are. You require a deposit of at least 1,000 EUR or USD to get this mystery package.

Customer Service

You can contact the customer service team using the online submission form, fill it in and wait for a reply via email, you can also use the provided postal address. There are email addresses for the trading desk, customer support, general inquiries, partnership office, back office, and the compliance team as well as a phone number for the trading desk and customer support.

  • Address: Pot 805/103 Rue D’Auvergne, Po BOX 535, Port Vila, Vanuatu
  • Email: [email protected]
  • Phone: +44 20 36 088 986 

The team is available 24 hours a day 5 days a week and close over the weekend and on bank holidays.

Demo Account

Demo accounts allow you to trade without any risk, a perfect way to test out new strategies or trading techniques, so it is good that they are available from Pure Market. There isn’t much info about them though, you can use it on MT4 and can select a practice balance between 100 and 100,000 but that is about it, we do not know which account it mimics or if there is an expiration on the account.

Countries Accepted

The following statement is available on the website:

“The information on this site is not directed at residents of the United States and Vanuatu and is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.”

This doesn’t make things too clear so if you are thinking of joining,  we would recommend contacting the customer service team to find out if you are eligible for an account first.

Conclusion

The two accounts available from Pure Market are pretty similar, the main difference being that the second account has some additional instruments to trade and also has a lower spread (with an added commission). Talking of instruments, there is a fair selection of them, so there should always be something there for you to trade. There are also plenty of deposit and withdrawal methods including a variety of cryptocurrencies. There are some fees for both depositing and withdrawing which is a shame and some of them seem extremely high so that may be a type that hasn’t been changed. The overall conditions from Pure Market seem ok if you are ok with the funding fees then they could be a worthy broker to use.

Categories
Forex Brokers

Scandinavian Capital Markets Review

Scandinavian Capital Markets is a Sweden-based foreign exchange broker that offers its clients a safe and secure trading environment. Companies like Scandinavian Capital Markets who are on the Finansianspektionen’s list of registered brokers, promote transaction transparency, no conflict of interest, and are highly trusted worldwide. Sweden’s regulatory environment provides unique opportunities for global Forex trading, while at the same time provides a stable and safe financial system. Throughout this review, we will be looking into the services offered to see how they compare to the competition.

Account Types

When signing up with Scandanavian Capital Markets there are three different accounts to choose from, we will briefly outline the differences and features of these accounts.

Standard Account: This account has a minimum deposit of at least $10,000. It is an ECN style account and has 58 different currency pairs available. Its base currency can be in USD, GBP, EUR, or SEK, and the spreads start from 1.7 pips. The account can be leveraged up to 1:100 and the minimum trade size is 001 lot with the maximum trade size being 1M (10 lots). There is no added commission on the account and it has access to 24/5 support, hedging is allowed and so is one-click trading, there are no minimum volume requirements on this account.

Advanced Account: This account has a minimum deposit of at least $25,000. It is an ECN style account and has 58 different currency pairs available. Its base currency can be in USD, GBP, EUR, or SEK, and the spreads start from 0.0 pips. The account can be leveraged up to 1:100 and the minimum trade size is 001 lot with the maximum trade size being 10M (100 lots). There is an added commission of $10 per lot traded on the account and it has access to 24/5 support, hedging is allowed and so is one-click trading, there are no minimum volume requirements on this account.

Custom Account: This is a special account that requires a minimum deposit of at least $250,000. You need to contact the support team to set one up as it has a custom selection of tradable assets, leverage, spreads, base currencies, and trade sizes. Leverage remains at 1:100 and the minimum trade sizes stay at 0.01 lots. The account requires a minimum trading volume of $250 million.

Platforms

There are a few different platforms available, including MetaTrader 4, cTrader, and Currenex. Each of these platforms is well-known and well-liked among traders, so there are no problems to report in this area.

Leverage

Leverage on all accounts goes as high as 1:100, this can be selected when opening up an account and should you wish to change it you can do so by sending a request to the customer support team.

Trade Sizes

Trade sixes on all accounts start from 0.01 lots (known as micro-lots) and go up in increments of 0.01 lots. The maximum trade size depends on the account used, the Standard account has a max trade size of 10 lots while the Premium account has a maximum trade size of 100 lots, the limit for the Custom account can be chosen on setup. We don’t know how many open trades you can have at any one time though.

Trading Costs

The Premium account has an added commission of $10 per lot traded on MT4 or $100 per million traded on cTrader which equates to a similar amount. The Custom account has commissions but this needs to be negotiated before opening up the account. The Standard account uses a spread-based system and so there are no added commissions.

There are swap charges for all three accounts, these are fees for holding trades overnight and can be both positive or negative and can be viewed within the trading platform of choice.

Assets

We only have a breakdown of the available forex and metal pairs so we will outline the below.

Forex: AUDCAD, AUDCHF, AUDJPY, AUDNZD, AUDSGD, AUDUSD, CADCHF, CADJPY, CHFJPY, EURAUD, EURCAD, EURCHF, EURGBP, EURJPY, EURNOK, EURNZD, EURSEK, EURSGD, EURTRY, EURUSD, GBPAUD, GBPCAD, GBPCHF, GBPJPY, GBPNZD, GBPUSD, NZDCAD, NZDCHF, NZDJPY, NZDUSD, USDCAD, USDCHF, USDCNH, USDDKK, USDHKD, USDJPY, USDMXN, USDNOK, USDPLN, USDSEK, USDSGD, USDTRY, USDZAR.

Metals: XAGUSD and XAUUSD.

Spreads

The spreads that you get depends on the account you are using, the Standard account comes with a starting spread of 1.7 pips while the Premium account comes with a starting spread of 0 pips. The spreads are variable which means they move with the markets and when there is added volatility they will be seen higher. Different instruments will also naturally have different starting spreads.

Minimum Deposit

The minimum deposit amount required to open up an account is $10,000 which could price out a lot of potential retail traders. It is not clear if this amount reduces once an account is open but as it is so high we would expect that it does.

Deposit Methods & Costs

It seems that only Bank Wire Transfers are available to deposit with, deposits can be made in USD, EUR, GBP, and SEK. It is not clear if there are any fees added for withdrawals but nothing is mentioned.

Withdrawal Methods & Costs

As Bank Wire Transfer is the only deposit method it is also the only withdrawal method. Just like with the deposits it is not clear if there are any added fees but you should check with your own bank to see if they will add any transfer or processing fees.

Withdrawal Processing & Wait Time

Withdrawal requests will be processed within 24 hours if made on a business day or the next business day if made over the weekend or on a bank holiday. Once it is processed it will take a further 1 to 5 working days for your own bank to process the transfer.

Bonuses & Promotions

There doesn’t seem to be any promotions or bonuses running at the time we are writing this review. If you are looking for bonuses we would recommend contacting the customer service team to find out if there are any coming up.

Educational & Trading Tools

There are a few different aspects to the educational side of the site, the first is a simple news section, the news seems quite in-depth, the main problem is that there are no timestamps, so we do not know when it was posted or if it is at all relevant anymore. There is an analysis section, which is actually the same section. There are webinars, but they have not been running since October 2019. The final section is events, which is just the news and analysis section again.

Customer Service

The customer service team is available 24 hours a day 5 days a week, closed over the weekends and on bank holidays. You can use the online submission form in order to send in your query and then get a reply via email. There is also a postal address along with an email and a number of phone numbers for your choice of communication method.

Address: Scandinavian Capital Markets SCM AB, Kistagangen 16, 164 40 Kista, Stockholm, Sweden

Phone: + 46 8 559 26 151

Email: [email protected]

Demo Account

Demo accounts allow you to test out the trading conditions and new strategies without risking any of your own capital, so it is good that they are available here. You can create a demo account of either of the three account types and also chose the currency and platform of the account. We do not know of a potential expiration time so hopefully, there won’t be one.

Countries Accepted

The following statement is present on the website: “Scandinavian Capital Markets does not accept clients from the U.S, Iran, Syria, North Korea, Yemen, and Cuba.” If you are still not sure if you are able to sign up, simply contact the customer service team to find out.

Conclusion

The three accounts on offer give you a choice of three distinct trading conditions, a low spread commissions account or a spread-based commission-free account. The trading conditions on both are ok, the commission-based account has a commission of $10 per lot which is a fair bit higher than the average $6 per lot. There wasn’t a huge selection of tradable assets available on the site, whether there are more or no we do not know. Deposit and withdrawals are a little limited with just Bank Wire Transfers available so they may push those that do not want to use this method away. You have all the information now, so the decision to use them or not is up to you.

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