Category: Forex Brokers

Forex.com is a registered member of the CTFC and a member of the National Futures Association. The company is a product of GAIN Capital Group LLC and has managed to stay afloat in the industry for more than 18 years so far. This broker offers leveraged trading of up to 1:50 on FX and Metals and provides a few different account types and trading platforms.

Account Types

This broker offers three account types; Standard, Commission, and Direct Market Access. The Standard account is ideal for traders that want a traditional spread pricing and currency trading experience, while the Commission account is better suited for traders that are seeking ultra-tight spreads with fixed commissions. With a recommended $25,000 account balance, the DMA account is designed for serious, high-volume traders looking for maximum control. All of the accounts offer the same leverage cap and one of the main differences would be the way that one pays trading costs. Details are listed below.

Standard Account
Minimum Deposit: $50 ($1,000 Recommended)
Leverage: Up to 1:50
Spread: From 1 pip
Commissions: Zero

Commission Account
Minimum Deposit: $50 ($1,000 Recommended)
Leverage: Up to 1:50
Spread: From 0.2 pips
Commissions: $5 per Standard Lot Traded

Direct Market Access Account
Minimum Deposit: $50 ($25,000 Recommended)
Leverage: Up to 1:50
Spread: None
Commissions: Yes (See Trading Costs)

The broker offers swap-free accounts in certain circumstances and asks clients to contact support for more information. ID and address documents are required for account verification. If your ID lists your address, the broker will accept this document as both POI and POA, although they may still ask for another document in some circumstances. The broker also may require a bank account statement or card account statement in order to verify the source of the client’s funds. In most cases, accounts are verified instantly.

Platform

Standard account types support MetaTrader 4, while both of the other account types will be trading on the broker’s own trading platform. The broker mentions that Commission accounts are coming to MetaTrader in the future, so be sure to look for an update if you prefer MT4. Let’s begin by covering some of the highlights for the most we-known trading platform, MT4. In addition to the multitude of tools that are already included in the platform, traders will have access to integrated news, research, AutoChartist Trade Ideas, account management tools, and more when trading through this broker.

MT4 fully supports the use of Expert Advisors and a VPS service is also offered for users that qualify. MT4 is available on PC, Mobile, Apps, and through the WebTrader. Meanwhile, Forex.com has provided its own trading platform as well. There is one platform in total, which can be accessed through Advanced Trader, on mobile devices, or through the web. The platform is designed to meet the needs of currency traders looking for maximum performance, flexibility, and speed.

Traders will find more than 80 technical indicators, a customizable dashboard, powerful charting tools, and more within the broker’s platform. NinjaTrader also seems to be available and offers convenient options like auto trading and advanced trade management. The website doesn’t state which account types support this platform, so you’ll want to reach out to support if you’re looking to trade on this option.

Leverage

The maximum leverage offered by this broker is up to 50:1, meaning you’ll be able to trade with fifty times the amount of available funds in your account. Beginners would want to stick to lower amounts around this leverage cap and may not miss the ability to trade with higher leverages for this reason.

On the other hand, when comparing this option to the competition, you’ll find that this amount doesn’t come close to some of the other offers out there. This would really be a matter that affects more professional high-volume traders, although we’ve noticed that many professionals prefer to trade with a leverage of at least 1:100, an option that isn’t available here. It would be up to the individual trader to decide whether this limitation would be a drawback or something that simply wouldn’t grant a second thought.

Trade Sizes

The smallest trade size is 1,000 units of currencies. The minimum trade size on DMA accounts is 1,000 K. Margin requirements differ based on trading platform, market, asset class, and position size. The maximum order size varies by market. Each market’s minimum and maximum deal sizes can be viewed under Market Info.

Trading Costs

On Standard accounts, commission charges are not applicable and spreads seem to average around 1.3 pips. Both spreads and commissions are applicable on Commission accounts, with a flat $5 commission fee charged when trading FX options. On DMA accounts, spreads are not applicable and clients only pay commissions. Rather than charging a flat rate, these fees are variable based on the volume traded.

Financing fees, also known as rollovers, are applicable charges that are paid when holding a position open overnight. After 12 months with no trading activity, this broker also applies a $15 activity fee per month. Conversion charges may be applicable when trading in a market that settles in a different currency that your account’s base currency. The standard charge is +/- 0.5% from the market rate at the time of conversion.

Assets

The Standard and Commission accounts offer trading on 82 currency pairs, while the DMA account limits the number of available currency pairs to 60. All accounts allow for the trading of Gold and Silver. This broker does not offer trading on Futures or Cryptocurrencies, but they do include a link to their affiliate FuturesOnline for traders that are looking for these options. If you’re looking for a traditional FX trading experience, the number of available currency pairs, including majors and minors, should be satisfying. On the other hand, if you’re looking for more of a variety of tradable assets, you may want to choose a secondary broker.

Spreads

When trading from a DMA account, all of the costs are built into the commission fees and traders will be able to trade with zero spreads. For the other two account types, spreads are variable. Options start as low as 1 pip on EUR/USD on the Standard account and as low as 0.2 pips on EUR/USD on the Commissions account. Average spreads seem to gravitate more towards 1.3 pips and spreads will fluctuate based on the market’s volatility.

Minimum Deposit

With this broker, there is a large difference between the required deposit and the recommended one for each account. While the broker only required deposits of $50, the broker suggests a balance of at least $1,000 on Standard and Commission accounts. On another section of the website, the broker actually recommended traders deposit at least $2,500. The DMA account is meant for high-volume traders and therefore recommends maintaining an account balance of at least $25,000, so you may want to make a larger deposit on this account type.

Deposit Methods & Costs

Accounts can be funded with Debit Cards, through Wire Transfer, eCheck (ACH Payment), and Personal or Business checks. This broker does not accept deposits from third parties and processing time may be lengthened if the name on the form of funding does not match the name on the client’s account. Checks are only accepted for USD accounts and it can take 5-10 business days from the date of receipt for checks to be credited to accounts.

All checks should be made payable to Forex.com. Debit and eCheck deposits are credited instantly, while domestic Wire Transfers can take 1-2 business days for processing and international Wire Transfers can take 2-5 business days processing time. No fees are charged on deposits; however, banks may apply service fees and wires from outside the US may incur a transaction fee from the bank’s side.

Withdrawal Methods & Costs

Funds are returned to the originating account in the order of eCheck, Debit Card, Wire Transfer, and then Check. Multiple cards can be used to fund accounts and withdrawals will be processed back to cards in the order that was used. Excess funds may be withdrawn via Bank Transfer, eCheck, or Check. There are no applicable fees on eCheck, Debit Card, or Checks when withdrawing. A $25 fee is charged when receiving Wire Transfers within the United States and a $40 fee is charged for international wires (including Canada). There are no fees on DMA Wire transfers or on withdrawals of at least $10,000.

Withdrawal Processing & Wait Time

Debit Card and eCheck withdrawals are processed within 24 hours, while Wire Transfers and Personal or Business Checks have processing times of up to 48 hours. These times only reflect the time it takes Forex.com to process the withdrawal and it may take additional amounts of time for banks to credit funds. The broker doesn’t specify how long this can take, so it is best to plan for withdrawals ahead of time and to expect a wait that could take several business days.

Bonuses & Promotions

This broker features an Active Traders program as a benefit to any traders that trade high volumes. The program rewards said traders with interest payments and cash rebates once conditions are met. It’s possible to save up to 18% with cash rebates as high as $9 million traded and interest is paid up to 1.5% on your average daily margin balance. The website doesn’t specify exactly how much one would need to trade to qualify for these offers, so you’ll want to reach out to support for these details if you think you would qualify.

Educational & Trading Tools

This broker offers several different types of educational materials. Under the ‘Traders Themes’ section of the website, you’ll find Trading Concepts, Risk Management, Technical Analysis, Fundamental Analysis, and Trading Strategies. Trader Topics, Chart Basics, Developing a Trading Plan, and a Glossary are also available.

The broker provides Beginner, Intermediate, and Advanced Courses in another section. Each course is made up of several helpful videos that explain things in simple terms and cover a large amount of important information. One fun addition to the Education section we found was a quiz that will answer the question of what type of trader the test taker is. The quiz will then recommend resources that would be the right fit for that trader’s personality. Taking a look at trading tools, there is an Economic Calendar and a large number of resources devoted to Market Analysis. The broker also features webinars and live trading sessions.

Demo Account

Free demo accounts are available for 30 days before expiring. The main difference between a demo and a live account would be the fact that one is trading with virtual funds, although some other conditions vary. For example, rollover/swap fees are not charged when trading from a demo account. Only one demo account of each type can be opened per email address, so you’ll want to use your time with the demo account wisely, or sign up for another account under a different email address if your account expires and you still need more practice. Brokers tend to assume that 30 days is plenty of time to practice and therefore set these expiration dates to try to guide the potential client to open a real account.

Customer Service

Support is available from 10 am Sunday – 5 pm Friday via LiveChat, email, or phone. We always try to take a moment to test out the LiveChat feature when it is offered. Surprisingly, we found that there was no live agent on the other side – instead, we spoke with a bot. The bot tends to provide a list of selectable options and then tries to pinpoint and answer the user’s question from there by providing links to certain sections of the website or prewritten responses. We also tried tying a keyword related to our question in the chat bar and found that the bot did manage to answer our question accurately. You can’t beat speaking with a live agent, so this is a little disappointing, although the bot does seem fairly capable. Moving on, we found that the company is also active on Facebook, Twitter, and YouTube. All contact information has been listed below.

Email: [email protected]
Phone: 1.877.367.3946
Address: (For Checks): Forex.com, Bedminster One, 135 US Highway 202/206, Suite 11, Bedminster, NJ 07921

Countries Accepted

We usually expect to see some type of country restrictions with most online brokers. This broker didn’t list any restrictions on the website and the chat support but didn’t seem to understand our question, so we decided to test out the application process from our US-based offices, to see if it was possible to open an account from the often-restricted US. Fortunately, we were able to select the United States from the sign-up list, so this broker is one of the few that is still allowing clients based in this location. We did notice that North Korea was missing from the list, so you’ll want to check to see if your country is available if you’re located in a country that is usually restricted from trading.

Conclusion

Forex.com is an FX broker that offers spread-only Standard accounts, Commission accounts, and commission-only DMA accounts. This broker seems to be more expensive and recommends account balances of at least $1,000 – $2,500 or more. Deposits can be made of only $50, but one’s trading flexibility would be severely limited without making a larger deposit. The broker also offers several different trading platforms, which could be considered a plus, although some traders holding Commission accounts may not be satisfied that MT4 is not supported for their account type.

Leverage options only go up to 1:50 and available assets are limited to FX and Metals. Accounts can be funded with debit cards and through a few other methods, with no fees on deposits and charges are only applicable when withdrawing through Wire Transfer. Taking a look at some of the extra options, we found some helpful educational resources and an Active Traders program that pays out on interest and through rebates. Customer support can be contacted quickly, although some may prefer to speak with a live agent over the company’s LiveChat support bot.

FXLinked is a Forex and CFD broker, with offices in St. Vincent & the Grenadines and the United Kingdom. This broker is one of the more trustworthy options, considering that they are fully regulated by the FSA. The company has been around since 2016, so they’ve had a few years to establish themselves by now. On their website, they claim to follow an ethical code of conduct, meaning that they put their clients first, before making a profit for themselves. This broker also puts all of their clients at the same priority level, regardless of their deposit amounts, making them a good potential choice for anyone that doesn’t have a lot to invest. Of course, there’s a lot more to consider, so stay with us to find out all the details.

Account Types

This broker only offers one account type, the FXLinked Global Account. This account type can be opened with as little as $10, offers spreads that start from 0 pips, and the company claims that they have eliminated slippage on their account. Zero commission fees are charged and all available asset types include Forex, stocks, CFDs, indices, metals, energies, and cryptocurrencies. This account also offers very flexible leverage options. Having one basic account type provides an advantage to those that may have little to invest since higher net-worth traders are also on the same playing field. This means that the best conditions are available for all clients, whereas they are normally reserved for traders that funnel more money into the company. You can find a quick recap below.

Minimum Deposit: $10
Platform: MT4 or MT5
Leverage: Up to 1:400
Spreads: From 0 pips
Commission: Zero

If you’d like to change your account preference to Micro or Islamic, you can do so by emailing support. Changing to a Micro account would affect maximum trade sizes, while the Islamic account would provide swap-free trading. Verification documents must be submitted before the broker will allow the client to fund their account.

Platform

One advantage of choosing this broker would be the ability to choose between the MetaTrader 4 and 5 platforms. Many brokers only offer one or the other, but FXLinked races ahead of the crowd by providing both options. You can trade all of the available assets on either platform, so the only thing to consider would be which platform is better designed to suit your preferences.

Taking the interface into consideration, MT4 has a more simple, easy to use interface, while MT5’s interface was designed to be similar while allowing for more customization. MT5 also brings more options to the table when it comes to the number of pending order types and analytical tools. However, MT4 is preferred by the majority of traders, and therefore is the most commonly offered platform among Forex brokers. We’re confident that our readers will be satisfied with whichever platform they choose, so the broker scores highly in this category.

Leverage

This broker offers leverage options from 1:1 to 1:400 on all assets, except for Gold and Silver, which has a limit of 1:100. Choosing leverage of 1:1 would simply mean that you’re trading with the funds that are already available in your trading account while using higher leverage would allow one to trade with up to 400 times the funds available in the trading account. If you’re a beginner, you may want to stick with lower leverage, especially considering that this broker is offering higher than average options. This allows more opportunity to profit, but it can also lead to failure if the trader doesn’t have enough experience.

Trade Sizes

Keep in mind that there is only one account type, although traders can specify that they would like to change the preference to that of a Micro account. If you keep the default account, the minimum trade volume would be 0.01, or one micro lot, and the maximum trade size would be 50 lots. On the Micro version, the minimum trade size is the same, but the maximum trade size is 100 lots. Margin call level is set at 100%, while the stop loss level is set at 30%.

Trading Costs

This broker does not charge commission fees; however, they do profit from swaps, rollover rates, and inactivity fees. Rollover rates are tripled on Tuesday, so keep this in mind to avoid any unwanted surprises, unless you have an Islamic account, which would mean that these charges are not applicable. Accounts are considered dormant once they have not been used for 90 calendar days. Once an account is considered dormant, the broker will charge a monthly fee of 5 USD, until there are no funds left in the account. These fees are usually charged to close out any abandoned accounts, rather than as a way for the broker to make a large profit.

Assets

FXLinked offers more than 200 instruments for trading, 60 plus of which are made up of currency pairs. In addition, you’ll find 130 stocks available from big companies, like Amazon, Disney, and Ford, just to name a few. CFDs are offered on eight options, you’ll find five options under energies, more than 15 indices, Gold and Silver, and a few cryptocurrencies. It’s great to see so many different categories included here, especially considering that cryptocurrencies are available. This should provide enough variety for all traders.

Spreads

Spreads are variable and also vary based on the type of instrument that is being traded. Spreads can be as low as 0 pips on all major instruments and start much lower than 1 pip on all currency pairs. Aside from a few of the biggest companies, all of the spreads on stocks start from half a pip, or even lower. The majority of CFDs also offer spreads that start from a very small percentage of a pip. The same is true for all of the energies, with London Gas Oil being the only exception. Spreads can climb higher on indices and range from 0.5 to 6 pips on most options, although many options still start at 1 pip or lower. All spreads start from 2 pips on cryptocurrencies.

Minimum Deposit

FXLinked does not have a deposit minimum, however, their payment providers require deposits of at least $10. This can really give some advantage over the competition, especially for those that are just getting into Forex trading, or anyone who may not have a lot of funds to spare. However, keep in mind that the minimum withdrawal amount with this broker is set at $100. This means that you’ll need to make a $90 profit before you can withdraw your funds if you do make the lowest minimum deposit, so you may want to consider making a larger deposit on that basis. This withdrawal limit could really be a pain if you can’t quite meet the limit and could potentially place funds in limbo.

Deposit Methods & Costs

Deposits can be made via Visa/MasterCard, Bank Wire, or through a few electronic payment methods, including Bitcoin, SticPay, Ethereum, Litecoin, Dash, Bitcoin Cash, Ethereum Cash, and Epay. Cards deposits are credited instantly and are accepted in all of the following currencies: USD, EUR, GBP, JPY, CHF, AUD, RUB, PLN, HUF, SGD, and ZAR. Bank wire deposits can be made in USD, EUR, or GBP and can take between 2 to 5 business days to be credited. Electronic payment methods are also credited instantly, but there is a strict maximum of $5,000 on deposits made through any of these methods. The website states that fees are not charged on deposits, but we did find information that listed a charge of 0.2 pips round turn on deposits above $10,000 USD. To make a deposit, click on ‘Deposit Funds’ from the main dashboard.

Withdrawal Methods & Costs

All deposit methods are also available for withdrawals, but there are some conditions that will affect what method you will need to use. Withdrawals are considered as refunds and must be made back to the payment methods used to fund the account in this order: Visa/MasterCard, Bitcoin, other e-wallets, then Bank Wire. If any of these methods are not accepted in the client’s country, or if they are not available, then the withdrawal will be processed back to Bank Wire. FXLinked covers any charges made by their payment providers, so all clients will have the advantage of fee-free withdrawals. Withdrawal requests can only be processed for clients that have had their KYC documents approved, so be sure to upload documents ahead of time to avoid any hang-ups. The minimum withdrawal limit is $100 and all withdrawals must be processed back using the currency that was used to fund the account.

Withdrawal Processing & Wait Time

Visa/MasterCard and all of the available e-wallets are processed within 24 hours and will instantly reflect as pending until processing is complete. It can take between 2 and 5 business days for Bank Wire to be processed.

Bonuses & Promotions

At this time, there are no bonus opportunities available. Sometimes brokers do offer promotions periodically, so be sure to check back from time to time for any updates. We also base this on the fact that the company states all promotional opportunities are available to all of their clients, which makes it seem as though this is something the company has thought about providing. You shouldn’t let this stop you from choosing this broker on its own, but it is unfortunate that nothing is being offered in this category. You’ll often find some type of promotional opportunities with bigger brokers.

Educational & Trading Tools

Under the ‘Education’ section of the website, you’ll find ‘Insights’ and a ‘Learning Center’. The insights section covers trending news, which is really more of a tool than it is for education. The Learning Center is divided into three sections: E-books, Tutorials, and Webinars.

The E-books are more for the website and only contain Power of Attorney and Deposit/Withdrawal forms, so we wouldn’t really consider that section to be educational either. The Tutorials section is made up of four videos: ‘Introduction’, ‘What is Forex Trading?’, ‘What are the Risks?’, and ‘Quotes Pips and Big Figures’. Each video is roughly an hour long and each contains information that could be beneficial for those looking for a learning opportunity.

The final section revolves around downloading and installing the MT4 platform, how to open a trading account, and some information about market watch and Micro accounts. When it comes to trading tools, the website offers VPS, Plugins, an Economic Calendar, and three calculators, including a currency converter, margin calculator, and pip calculator.

Demo Account

FXLinked offers free demo accounts that mimic the speed of execution and many other details available on their real accounts. However, the website does note that clients should be aware that the volume traded on the simulation does not affect the market, meaning that the experience may not be 100% accurate. That doesn’t mean that this isn’t a great learning tool, simply that traders should be careful when making the transition to a real account, even if their results on the demo account made it seem as though they need no further training. Demo accounts do not have expiration dates, but they will be closed after 90 days of inactivity. You can always open a new demo account and traders can maintain up to 5 demo accounts at once.

Customer Service

Support is available 24 hours a day in multiple languages through email, LiveChat, phone, or by booking a meeting. The website provides multiple email addresses, so be sure you are using the contact info for the department that is relevant to your inquiry. We’re sure that the broker would get back to you if you were to email the wrong department, but doubling checking that your email is going to the relevant department could simply help to avoid any delays. The company’s phone number is universal, so feel free to contact them by email for any type of inquiry. You can also fill out a form on the website if you’d like to book a meeting, which is a contact option that isn’t commonly available. All contact information has been listed below.

-Phone: +44-20-3319-6674
-Support Desk (24/5 GMT)
Email: [email protected]

-Partner Desk (7:00 – 16:00 GMT)
Email: [email protected]

-Human Resources (7:00 – 16:00 GMT)
Email: [email protected]

-Back Office (24/5)
Email: [email protected]

-Client Relations (7:00 – 16:00 GMT)
Email: [email protected]

-PR Enquiries (7:00 – 16:00 GMT)
Email: [email protected]

Countries Accepted

According to their website, the CTFC no longer allows United States residents to open accounts with this broker. The disclaimer also states that services are not meant for any other clients where service would be contrary to any local law or regulation. Sometimes brokers will still allow US residents to open an account, despite these claims, so we attempted to register an account from our US-based office to test if it was possible. We found that the initial sign-up page only asks for name, email address, and a password, so there was no problem creating a back-office profile. However, it could be possible that US residents could face denial once residence documents are uploaded, and there is no way around providing these documents. The broker may be willing to look the other way, so US residents should at least attempt to pass this stage if their heart is set on this broker.

Conclusion

FXLinked is a regulated forex and CFD broker that offers high-leverage trading on several asset types, including forex, CFDs, stocks, energies, indices, metals, and cryptocurrencies. The broker also offers the ability to choose between the MT4 and MT5 platforms, where many brokers limit the option to one or the other. An account can be opened with as little as $10, but there is a $100 withdrawal minimum, so you may want to consider making a larger deposit. When it comes to funding, cards, bank wire, and a few e-wallets are accepted and no fees are charged on deposits or withdrawals. Trading costs with this broker are competitive, with zero commission charges and very low spreads on the majority of instruments they offer.

Sadly, the broker claims not to accept clients from the US, although there may be ways around that. Also, there are no bonuses offered by the broker and support is only available on weekdays. Educational opportunities are there, but may not be enough on their own. We also like the fact that one type of client is not prioritized over another, but traders that do have the means to make very large deposits may feel as though they deserve more of an advantage. Overall, the company seems to have a competitive advantage over much of their competition, if one can only get past the few negative drawbacks.

Hot Forex is a brand of HF markets Group, which is regulated by several entities, including the FCA, DFSA, CIF, CySEC, FSC, FSCA, and FSA. This particular branch of the company is located in St. Vincent & the Grenadines and has won more than 30 Industry Awards. To throw out a few statistics, the company has attracted more than 1,500,000 clients, employees more than 200 people, and has more than 9 years of experience in the Forex market. This broker offers an in-depth and transparent look at their conditions on their website, with six specialized account types available. Overall, there is a lot of information to consider if you think that this broker may be right for you.

Account Types

This broker offers six main account types: Micro, Premium, Zero Spread, Auto, PAMM, and HFCopy. PAMM accounts are available as Premium or Premium Plus. The accounts seem to come with more differences than similarities, with minimum trade sizes being one of the only things that all sic of the accounts have in common. Since these account details vary so widely, we have included a description and list of conditions for each account type below.

Micro Account

Micro account holders are able to trade all of the available assets with the highest leverage offer and zero commission fees. This account type limits the maximum trade size to 7 Standard Lots and gives traders the ability to choose between MT4 and MT5. Traders are also eligible to earn bonuses when trading from this account type. An Islamic version of this account is available.

Minimum Deposit: $5
Leverage: 1:1000
Spread: From 1 pip
Commissions: Zero

Premium Account

Those opening a Premium account will also have access to all tradable instruments, zero commissions, and spreads starting from 1 pip. The leverage cap is lower on this account type, while trade sizes are larger than those on Micro accounts. Traders will have the ability to trade on either MT4 or MT5 and bonuses are applicable. An Islamic version of this account is available.

Minimum Deposit: $100
Leverage: 1:500
Spread: From 1 pip
Commissions: Zero

Zero Spread Account

On Zero Spread accounts, the spread starts from 0 pips on Forex pairs and commission fees are applicable. All tradable instruments are available with a maximum trade size of 60 lots. This account type is only available on the MetaTrader 4 platform and bonuses are not available. An Islamic version of this account is available.

Minimum Deposit: $200
Leverage: 1:500
Spread: From 0 pips on Forex
Commissions: Yes (See Trading Costs)

Auto Account

Auto accounts give investors the opportunity to subscribe and automatically copy the trades of any Signal Provider, with paid Signals being subject to a one-month performance verification period. This account type is only available on the MT4 platform and offers access to all tradable instruments with a maximum trade size of 60 lots. Spreads start from 1 pip and the account is commission-free. An Islamic version of this account is available.

Minimum Deposit: $200
Leverage: 1:500
Spread: From 1 pip
Commissions: Zero

PAMM Account (Premium or Premium Plus)

PAMM accounts are available in two categories; Premium or Premium Plus. Both share the same minimum deposit and trade sizes, but the Premium version is commission-free with spreads starting from 0.0 pips, while Premium Plus account charges commissions at $10 round per $100,000 USD traded with spreads starting from 0.3 pips.

Minimum Deposit: $250 on Both
Leverage: 1:300 on Both
Spread: From 1.1 pip on Premium/From 0.3 pips on Premium Plus
Commissions: Zero on Premium/$10 round turn per $100,000 USD traded on Premium Plus

HF Copy Account

The HFCopy account is available for both Followers and Strategy Providers. Providers are able to charge performance fees of up to 50%. Unless otherwise specified by the company, the number of followers is limited to 100-200 people per Strategy Provider.

Followers are able to deposit funds and begin copying the trades of their favorite Service Providers. This is the only account type to limit tradable instruments to Forex, Gold, and Bitcoin. The account has spreads starting from 1 pip and no commission fees.

Minimum Deposit: $500 for Strategy provider/$100 for Follower
Leverage: 1:400
Spread: From 1 pip
Commissions: Zero

Upon opening a live account, traders will need to submit a proof of identity and proof of address document. Approval time can take up to 48 hours and any deposits will be pending until accounts have been completely verified.

Platform

This broker features both the MetaTrader 4 and MetaTrader 5 platforms, but the chosen account type can limit one’s options. Micro and Premium account holders are able to choose between either platform, while Auto, Zero Spread, PAMM, and HFCopy account holders can only trade from MT4. MetaTrader 4 has been highly praised for its user-friendly interface and variety of tools and resources. The platform provides everything a professional trader could need, including 9 different timeframes, support for Expert Advisors, 50+ built-in indicators and tools, and more.

MT5 builds on the success of its predecessor and brings more tools, timeframes, and technical indicators to the table, in addition to a few newer features. Both accounts are highly accessible and available through a variety of methods, including Desktop, Mac, Linux, Android, iPhone/iPad, and WebTrader, which is a browser-based version of each platform. MT4 also features MultiTerminal, which allows traders to manage several trading accounts at one time. Note that bonuses are only available when trading from the MT4 platform.

Leverage

Leverage options differ significantly, based on which account type has been chosen. The highest option of up to 1:1000 is available on the Micro account type only. This amount could certainly allow one with a small amount of capital to maximize their potential earnings, but inexperienced traders should be careful of choosing an option this high, as it can also cause a swift loss of those funds. The Premium, Zero Spread, and Auto account types all come with a leverage cap of 1:500, which is still significantly higher than average. On HFCopy accounts, the maximum leverage can be set at 1:400. The lowest leverage option would be up to 1:300 on PAMM accounts. Note that the account’s leverage may be adjusted by the company if the account’s equity is over $300,000.

Trade Sizes

All accounts require a minimum trade size of 0.01 lots or one micro lot. The Micro account allows a maximum trade size of 7 Standard Lots with 150 open positions. On the Premium, Auto and HFCopy accounts, the maximum trade size is 60 Standard Lots with 300 positons opened simultaneously. The Zero Spread account also has a maximum trade size of 60 lots but allows for 500 positions to be opened simultaneously. The maximum trade size is not specified for PAMM accounts and the maximum number of open positions allowed is 500. Most of the accounts share the same margin call and stop out levels, although these levels differ on the Micro account type. Those levels can be viewed below.

Margin Call/Stop Out Levels
Micro Account: 40%/10%
Premium, Zero Spread, Auto, PAMM, HFCopy Accounts: 50%/20%

Trading Costs

This broker profits from commissions, spreads, and swap fees.

Commissions: Commission fees are not applicable on Micro, Premium, Auto, and HFCopy accounts. Commission costs on the Zero Spread account are $6 USD round turn per 1 Standard Lot traded on Majors. On other assets, the commissions are $8 round turn per 1 Standard Lot traded. For PAMM accounts, there are zero commissions on Premium and there is a commission fee of $10 round turn per $100,000 traded on Premium Plus.

Spreads: Zero Spread Accounts have variable spreads starting from 0 pips on Forex. On Premium, Auto, and HFCopy accounts the spread starts from 1 pip. Premium PAMM accounts have spreads that start from 1.1 pip and Premium Plus offers spreads starting from 0.3 pips.

Swaps: Swap values may be adjusted daily based on market conditions and rates provided by the Price Provider applicable to all open positions. Triple swaps are applied every Wednesday. Islamic account holders will pay a carrying charge in exchange for swaps when holding positons overnight for longer than a 7-day period.

Assets

This broker offers Forex, Metals, Energies, Indices, Shares, Commodities, Cryptocurrencies, and Bonds as tradable instruments. This selection certainly provides a larger variety of assets to choose from, although those operating HFCopy accounts will be limited to trading Forex, Bitcoin, and Gold only. Taking a more in-depth look at these instruments, we found 15 majors and 34 minors, combining to form a total of 49 FX options.

Metal and Energy options include Gold, Silver, UK Brent Oil, and US Crude Oil. Eleven indices and 56 Shares in companies like Apple, Google, and Facebook are available. Commodities include Palladium, Platinum, Cocoa, Coffee, Copper, US Cotton No.2, and Sugar#11. Cryptocurrency options include Bitcoin, Litecoin, Ethereum, and Ripple. Three bonds are also available, bringing the grand total of tradable instruments to more than 130 options.

Spreads

Spreads with this broker are variable, meaning that they will fluctuate with the market. On Zero Spread accounts, spreads start from 0 pips on Forex options. The account’s page didn’t go into further detail, so we can’t say what the typical spreads are on other instruments. The Micro, Premium, Auto, and HF Copy accounts spreads all start from 1 pip. On the Premium Plus PAMM account type spreads start from 0.3 pips while starting spreads on the Premium PAMM account start from 1.1 pip.

Minimum Deposit

This broker keeps their deposit requirements within an affordable range, with the lowest requirement being only $5 to open a Micro account. The Premium account requires a deposit of $100, while Premium and Zero Spread accounts set the requirement slightly higher at $200. On PAMM accounts, the broker requires a $250 deposit. If you’re a Strategy Provider on an HFCopy account you’ll need to deposit at least $500, while Followers are only required to deposit $100. We’re used to seeing deposit requirements in the thousands with brokers that offer multiple account types, so it’s great to see more affordable options available here. This makes it possible for all types of traders to choose the account type with the conditions they like best, without having a large deposit requirement restrict those choices.

Deposit Methods & Costs

Accounts can be funded via Wire Transfer, UnionPay, Visa, MasterCard, Maestro, Bitcoin, Bitcoin Cash, Bitcoin by Skrill, Crypto Payments, FasaPay, Neteller, Skrill, and WebMoney. There is a minimum deposit requirement of $50 for Union Pay and $100 for Wire Transfer and Crypto Payments. The company does not charge fees on deposits and covers bank fees on Wire Transfers for any deposit of $100 or more. Any trader depositing less than $100 will have to cover any applicable bank fees, so it may be worth meeting that deposit requirement to avoid paying the fee.

Most of the funds are credited instantly or within 10 minutes, with a wait time of up to 24 hours on Union Pay and a 2-7 working day waiting period on Bank Wire Transfers. All compliance documents must be uploaded and approved before any deposits can be credited to the trading account. To avoid the hassle, we suggest waiting for complete verification before making a deposit, just in case there are any issues.

Withdrawal Methods & Costs

All funding methods are available for withdrawal. Only the initial deposit amount can be withdrawn back to a credit card while remaining profits would need to be withdrawn via Wire Transfer. The company does not charge any withdrawal fees, although banks may apply their own charges to withdrawals by Wire Transfer. As always, it would be wise to check with your bank to see if these fees are applicable.

Withdrawal Processing & Wait Time

Withdrawals submitted before 10:00 am server time are processed the same business day, between 7:00 am and 5:00 pm. FasaPay, Neteller, Skrill, and WebMoney are credited instantly once processed. It can take up to 24 hours to receive Crypto payments and 1-3 business days to receive Bitcoin withdrawals. Union Pay has a wait time of 2 – 5 business days. Wire Transfer and cards have the longest waiting period of between 2 – 10 business days.

Bonuses & Promotions

This broker is currently offering three bonuses, a Loyalty Program, four ongoing contests, and free merchandise. Since there are so many opportunities to cover, we have separated them below and provided an overview of each. Terms and conditions can be viewed for each bonus or promotion by selecting the corresponding offer under the ‘Promotions’ section of the website.

Bonuses

100% Supercharged Bonus (Premium and Islamic Accounts): Provides the ability to earn daily cash rebates of USD $2 per lot in withdrawable funds directly to your trading account. Valid on all deposits of $250 or more. The maximum bonus amount that can be earned is $500,000 USD.

30% Rescue Bonus (All Accounts): This bonus protects from periods of drawdown and can be used as a “stop loss” or margin and cannot be withdrawn. The maximum payout is $7,000 USD. The bonus only applied to deposits of $50 or more. On Micro accounts, the maximum leverage allowed when using this bonus would be 1:500.

100% Credit Bonus (Micro, Premium, and Islamic Accounts): The bonus only applied to new deposits or internal transfers of $100 or more and can be withdrawn if volume requirements are met. Once those requirements are met, clients will need to email support at [email protected] to claim the bonus. Maximum payout is $30,000 and must be claimed within three months of the time that the terms are completed.

Loyalty Program: There are four different levels; Red, Silver, Gold, and Platinum. Traders will qualify for levels based on how many active trading days there are. The higher the level, the more HotForex bars are paid out. Bars can be exchanged for cash, with 35 bars being equal to 1 USD, or for trading rewards, with 1100 bars amounting to one month of Silver VPS, a 1-hour private session with a HotForex Market Analyst in exchange for 2,500 bars, or 3-month access to Silver VPS in exchange for 3,100 bars. Each level and its payout have been listed below.

Red Level: Earned by signing up for any account type. Earn 6 bars per Standard Lot traded.

Silver Level: Earned by accumulating 31 active trading days. Earn 8 bars per Standard Lot traded.

Gold Level: Earned by accumulating 62 active trading days. Earn 10 bars per Standard Lot traded.

Platinum Level: Earned by accumulating 105 active trading days. Earn 12 bars per Standard Lot traded.

Contests

DEMO Contest: Each round lasts one month with 1st place being a cash reward of $2,000, 2nd place being $1,000 USD, and 3rd place being $500 USD. Daily updated rankings can be viewed on the promotions section of the website. Any winnings are applied to the client’s live account.

Traders Awards 2019: Each month, the trader with the greatest gain will win a Crystal Obelisk, a $1,000 USD cash prize, and entry into the HotForex Hall of Fame.

HotForex Gadget Giveaway: Clients will need to follow the company on Facebook and Instagram in order to be notified about the next upcoming contest. Potential rewards include GoPRO Hero 7, IPhone XS, PlayStation 4 Pro, Amazon Fire HD 10 Tablet, Amazon Echo Plus Speaker, and AKG Y50BT Bluetooth Headphones.

VIP Partners Rewards 2019: First place pays out in the form of a free trip to Cyprus to meet the broker, including first-class tickets, a limousine ride, a professional course, a five-star hotel stay, tour of the island’s top attractions, and VIP gifts. Traders will need to make $350,000 worth of net deposits and trade 3,500 lots in order to qualify. 2nd – 5th place includes smaller rewards with a smaller deposit and trading requirements and includes rewards like the Apple MacBook Pro or cash equivalent, iPhone 11 Pro, and more.

Educational & Trading Tools

This broker offers E-courses, Video Tutorials, Webinars, Events, and How-to Videos under the ‘Education’ section of their website. Taking a more in-depth look at these resources, we found that many of the videos and courses were suited for beginners, although there were also offers that would benefit more established traders as well. Webinars can be sorted by skill level for beginners, intermediate, and expert traders and the website provides the name, date, time, and ability to register for upcoming programs. When it comes to trading tools, we found a wide selection on the website and all of those options have been listed below.

-HF App
-VPS Hosting Service
-Premium Trader Tools (Mini Terminal, Session Map, Alarm Manager, MT4 & MT5 Indicator Package, and more)
–AutoChartist
-Calculators (Risk Percentage, Multitarget, Pivot Points, Pip Value, Position Size, Swaps, Risk and Reward, and Fibonacci)
-Exclusive Analysis
-Economic Calendar
–Forex News
-Auto Trading & One-Click Trading

Demo Account

This broker provides the ability to practice risk-free trading with virtual currency from a demo account. The HotForex demo has been designed to closely simulate a real trading environment and ensures a seamless transition to a live account. Demo accounts provide unlimited usage and are supported on the MT4 and MT5 platforms. The maximum demo balance goes up to $100,000, although we’d suggest a lower amount if you’re looking for a more realistic experience.

Customer Service

Support can be contacted 24 hours a day Monday through Friday via LiveChat, phone, email, or by filling out a contact form on the website. There are a few separate emails and both toll-free and international phone numbers are provided, so you’ll want to ensure that you are contacting the correct branch of support based on your location. The company is also active on Facebook, Twitter, Instagram, YouTube, and LinkedIn. Some promotional opportunities seem to be linked to the company’s social media accounts, so it would be worth following or subscribing in order to be notified when there are any new offers. All contact information has been listed below.

Email:
Customer Support: [email protected]
Execution Desk: [email protected]
Affiliate Support/Sales: [email protected] / [email protected]
Introducing Brokers: [email protected]
White Label Partnership: [email protected]
Arabic Speakers: [email protected]
Chinese Speakers: [email protected]
Korean Speakers: [email protected]
Farsi Speakers: [email protected]
Spanish Speakers: +57-1794-0916 (Columbia), +55-11-3042-5633 (Brazil)

Phone:
Global Customer Support: +44-2033185978
Fax: +44-2035141444
Russia: +8-800-100-6322
China: 4001-200742
Brazil: +55-2139581441
Taiwan: 00801-14-8970
India: 000-800-100-7060
Indonesia: 001-803-017-9110
Nigeria: +234 7063705519
Turkey: +90-850-39022146

Address: Suite 305, Griffith Corporate Centre, P.O. Box 1510, Beachmont, Kingstown, St. Vincent & the Grenadines

Countries Accepted

This broker claims not to offer service to residents of the United States, Canada, Sudan, Syria, or North Korea. We sometimes find that brokers don’t enforce these types of claims and this broker’s location in St. Vincent & the Grenadines means that it is even more likely they could be less restrictive. To check, we attempted to register for an account from our US-based offices but quickly ran into a roadblock due to the fact that the US and other US-based options, like the Minor Outlying and the Virgin Islands are missing from the list of selectable countries. This rules out the US completely. Upon checking further, we also found all other listed countries to be missing from the list as well. On the bright side, this proves that this broker is serious about sticking to their regulator’s requirements, so if you are located in an acceptable country, you know that this broker is the real deal.

Conclusion

Hot Forex is an affordable and regulated FX and CFD broker that offers the ability to trade with high leverages on more than 130 tradable instruments, including cryptocurrencies. This broker is affordable, with deposit requirements ranging from $5 to $500 on the most expensive account type. Conditions differ based on which of the six account types have been chosen, with some options being commission-free and others offering lower starting spreads. You’ll find PAMM accounts, Auto accounts, and HFCopy accounts included in the mix.

Overall, trading conditions can be advantageous from certain account types, but it is up to the trader to determine which account is best for their personal trading strategy. Accounts can be funded via Wire Transfer, Cards, and several E-wallets, with no fees charged on deposits or withdrawals, however, withdrawal times can be lengthy for some of the methods. Support is easy enough to get in touch with and is available 24 hours a day, Monday through Friday. The website also features several extras, including demo accounts, a wide variety of educational and trading tools, and several different bonuses, contests, and promotions.

Justforex is an International Forex and CFD broker that is regulated by the Financial Services Commission (FSA) and located in St. Vincent & the Grenadines. The company is known as one of the world’s most popular brokers and has attracted millions of clients, from more than 197 countries. To throw out some interesting statistics, 85% of this broker’s clients stay with them forever, while 52% consider the profits made with this broker to be their main source of income. So far, this option does seem impressive, but every good trader knows that it is vital to look into things more deeply. Every broker makes themselves sound like the best option, so stay with us to find out if Justforex has the right to brag about their conditions.

Account Types

Justforex provides five different account types: Cent, Mini, Standard, ECN Zero, and Pro. You’ll definitely want to take a look at the tradable instruments for each account type if you’re looking to trade more than standard Forex options since these options can vary widely. The Mini and Cent Accounts seem to share more similarities, including a lack of minimum deposit requirement, zero commissions, and the same starting spreads. The Pro account is marked as the most popular option and provides access to the largest variety of tradable instruments. The ECN Zero account offers the lowest spreads but is the only account type to charge commissions. Note that swap-free accounts are available for all five versions. There is a lot to consider since the accounts have so many differences, so we recommend traders keep reading to ensure that the best account type is chosen. We’ve provided a quick overview of each account type below, just to give a basic idea of the conditions on each account.

Cent Account
Minimum Deposit: None
Leverage: Up to 1:1000
Spread: From 0.3 pips
Commissions: Zero
Assets: 34 Forex

Mini Account
Minimum Deposit: None
Leverage: Up to 1:3000
Spread: From 0.3 pips
Commissions: Zero
Assets: 34 Forex + 2 Metals

Standard Account
Minimum Deposit: $100
Leverage: Up to 1:3000
Spread: From 0.1 pips
Commissions: Zero
Assets: 57 Forex + 2 Metals

ECN Zero Account
Minimum Deposit: $500
Leverage: Up to 1:500
Spread: From 0 pips
Commissions: yes
Assets: 84 Forex + 2 Metals + 7 Cryptocurrency pairs

Pro Account
Minimum Deposit: $500
Leverage: Up to 1:3000
Spread: From 0.1 pips
Commissions: Zero
Assets: 57 Forex + 4 Metals + 11 Indices + 2 Energies + 7 Cryptocurrencies + 65 Shares

In accordance with the broker’s regulation, clients will be required to submit identity verification documents before an account can be used. This broker requires an identity document, such as a passport or driver’s license, and an address document, such as a utility bill or bank statement for verification. If you have any questions, feel free to contact the Compliance department at [email protected].

Platform

Traders will have the ability to choose between the MetaTrader 4 and MetaTrader 5 platforms with this broker. MT4 is the most popular trading platform in the world today, even though it was released back in 2005. It supports indicators, expert advisors, and other tools for real-time market analysis. MT5 is more intuitive and offers significant improvements in areas of copy trading, mobile trading, and other features that make account management more efficient. Both platforms are available on PC, mobile, tablets, and through the WebTrader, or the browser-based version.

Leverage

This broker offers leverage caps that are significantly higher than many of the options we’ve seen before. The ECN Zero account features the lowest leverage cap of up to 1:500. Keep in mind that this is much higher than average and that only professional traders would be able to handle leverage of this type. Options are even higher on the Cent account, at up to 1:1000.

On the Mini, Standard, and Pro accounts, leverages can be as high as 1:3000. This means that traders can trade with 3,000 times the amount of funds available in their trading account, thus opening the door for extreme opportunities to profit. However, we must mention that higher leverages go hand-in-hand with higher risks. You can always work your way up, but you’ll want to stick to a much lower option if you’re just getting started, or if you don’t have a lot of capital.

Trade Sizes

All of the accounts share the same minimum and maximum trade sizes, with the exception of the Cent account. On the Mini, Standard, ECN Zero, and Pro accounts, the minimum trade size is one micro lot and the maximum is 100 lots. On the Cent account, the minimum is 0.01 cent lots and the maximum is 1000 cent lots. Clients can hold an unlimited number of orders on the Standard, ECN Zero, and Pro accounts, while the maximum number of orders is limited to 100 on Cent accounts and 200 on Mini accounts. Margin call and stop out levels are listed below.

Margin Call/Stop Out Levels
Cent, Mini, Standard, and Pro Accounts: 40%/20%
ECN Zero Account: 100%/50%

Trading Costs

This broker profits through commission fees, spreads, and swap fees.
Commissions: These charges are only applicable to the ECN Zero account type. Cent, Mini, Standard, and Pro account holders will not be charged any commission fees. The commission on the ECN Zero account is 4 units of base currency per lot for one side of the order (open/close), for major pairs, and 6 units of base currency per lot for one side of the order (open/close) for the rest of the currency pairs.

Spreads: Spreads start from 0 pips on the ECN Zero account, from 0.1 pip on the Standard and Pro accounts, and from 0.3 pips on the Cent and Mini accounts.
Swap Fees: These fees are charged on positions that are held overnight. The swap fee is calculated by taking the annual percentage, dividing it by 100 to get 1%, then diving it by 360 – the average number of banking days in a year. Then you multiply it by the closing price, the volume and the contract size.

Assets

The variety of tradable instruments one will have access to depends on the chosen account type. If you’re looking for the largest variety, the Pro account will be the best choice. The Cent account limits options to 34 Forex pairs, while the Mini account offers 34 Forex pairs as well, with the addition of 2 Metals. The Standard account offers 57 Forex pairs and also offers 2 Metals.

Options are much more diverse when looking at the ECN Zero and Pro account types. On the ECN Zero account, traders will have access to 84 Forex options, 2 Metals, and 7 Cryptocurrencies. This is the account type that offers the largest number of currency pairs. The Pro account offers 54 Forex, 4 Metals, 11 Indices, 2 Energies, 7 Cryptocurrencies, and 65 Shares. Those that are focused on trading currency pairs should be satisfied with any account type, while those that are looking for more options will want to consider these options more carefully.

Spreads

The lowest spreads offered by this broker start from 0 pips on the ECN Zero account and are from 0.1 pips on the Standard and Pro account types. The Cent and Mini account also offer advantageous spreads that start from 0.3 pips. All of these spreads are floating, so don’t be surprised to see spreads that are higher than the advertised amounts. Some instruments also have higher starting spreads. Spreads are typically around 1.5 pips on Forex options, so trading costs with this broker could definitely be considered low. If you’d like to view and compare the spreads on all instruments for a certain account type, you can do so under ‘Contract Specifications’.

Minimum Deposit

There is no deposit requirement for Cent or Mini accounts, so this will be a real advantage to many different types of traders. The minimum requirement for a Standard account is $100, which is still lower than the industry average. ECN Zero and Pro accounts both require a minimum deposit of $500. The latter amount may seem large to some traders, but all options are within a reasonable amount. We’re used to seeing deposit requirements in the thousands, so we’re happy to see lower options available with this broker.

Deposit Methods & Costs

Deposits can be made with cards, e-wallets, and several other payment methods. All of the available options include: Visa, MasterCard, Fasapay, Skrill, Neteller, AliPay, Bitcoin, Bitcoin Cash, SticPay, Bitwallet, PerfectMoney, QIWI Wallet, Indonesian Local Banks, Malaysian Local Banks, Thai Local Banks, Vietnamese Local Banks, China UnionPay, South African EFT Transfers, African Local Bank Transfers, African Local Cards, and African Mobile Money. Note that the majority of these methods require a deposit of at least $5 USD. Processing time takes 1-2 hours, depending on the Finance team’s hours. The maximum processing time is up to one bank day. The company does not charge any fees but notes that payment providers may apply a 0.3 – 0.7 CNY deposit fee.

Withdrawal Methods & Costs

All of the deposit methods are also available for withdrawals. Clients must withdraw the sum of their deposited amount back to the same method that was used to deposit. Any profit can then be withdrawn through a separate method. Neteller, Bitcoin, and Bitcoin Cash are the only fee-free withdrawal methods but one should keep in mind that these payment providers may apply a charge on their end. All of the fees for the other methods can be viewed below.

• Bitwallet: 100 JPY/1 USD/1 EUR
• South African Bank Transfer: 0% + 10 ZAR
• African Local Bank Transfers: 0% + 100 NGN/350 KES/30 GHS
• African Local Cards: 0% + 1,300 NGN/360 ZAR/50 KES/20 GHS
• Fasapay, QIWI, & PerfectMoney: 0.5%
• China UnionPay: 0.5% + 30 CNY
• Skrill: 1%
• African Mobile Money: 1.5% + 0 XAF/250 KES/500 RWF/2,000 TZS/1,500 UGX
• Indonesian, Malaysian, Thai, and Vietnamese Local Banks: 1.75%
• Visa/MasterCard: 2.4% + 2.5 USD
• SticPay: 2.5% + 0.3 USD

Withdrawal Processing & Wait Time

It takes the Finance department 1-2 hours to process withdrawal requests that are made during working hours. It can take up to one bank day for withdrawals to be processed if requests are made after hours or on the weekend.

Bonuses & Promotions

Currently, the broker is offering a 115% Deposit Bonus. Sadly, traders will have just missed out on a running Halloween Bonus opportunity. However, we would assume that this broker offers these special types of promotions often, especially since they have a long list of expired promotions. Since the holidays are coming up, traders will definitely want to check for any updates. We’ve included some important information on the bonus that is still running below.

115% Deposit Bonus

The 115% Deposit Bonus is available to Cent, Mini, and Standard account holders and terms and conditions do apply. First, Traders will want to mark ‘Get a Deposit Bonus’ in the deposit form on the Back Office, read and accept ‘Deposit Bonus Rules’ and click the ‘Deposit’ button. Cent, Mini, and Standard account holders can receive up to 50% on deposits up to $100. Mini and Standard accounts can get 100% on every deposit from $100 and up. Mini and Standard account holders can get the maximum 115% bonus on deposits of $500 or more. The maximum bonus amount that can be given out is $40,000. Also, note that this is only applied on one deposit and will not be applicable on other deposits.

Educational & Trading Tools

On the Education section of the website, traders will find Forex articles, a Forex Glossary, and Educational Videos. The Forex Glossary would be helpful in learning some necessary terminology. Once one was acquainted with these terms, the available articles could also be helpful with learning about trading strategy. The videos section seems to be focused more on the MetaTrader 4/5 platforms and how to complete different tasks within them. A variety of tools are also offered on the website. These include VPS, Social Trading, Stock Market Analysis, Market Overview, Daily Forecast, Technical Analysis, Cryptocurrency Analysis, Market News, and an Economic Calendar.

Demo Account

This broker offers free and unlimited demo accounts to any traders that would like the opportunity for the extra practice. Since these accounts do not expire, there is no need to worry about time restrictions, and one could even trade from a demo alongside their real account. The broker offers demo versions of every one of their real accounts as well. If you can’t make a decision about which account type to open, we recommend opening demo versions of the accounts you’re considering. This is a great way to test out the market with the different trading costs and leverages that each account type offers.

Customer Service

This broker offers English, Indonesia, and Malaysian support. English support is available 24/7, so you should never have a problem getting in touch with an agent. Hours are more limited for support in other languages, with Indonesian support being available 07:00 – 23:00 (GMT+7) and Malaysian support is available from 8:00 – 24:00 (GMT+8) Monday – Friday. The Finance, Compliance, and Partners departments are in the office from 9:00 – 18:00 (GMT+2) Monday – Friday.

Support can be contacted through LiveChat, phone, callback request, email, or through a variety of messengers, including Telegram, Skype, Whatsapp, Facebook Messenger, Viber, and Line. We personally tested out the LiveChat option at a late hour and were happy to find that support replied almost instantly. Our agent was polite and answered our question accurately within one minute, so the experience was satisfying. The company provides two phone numbers for English support and there are a few separate email addresses for different departments. All listed contact information had been included below.

Phone:
+371 67 881 045
+44 1418 461237

Email:
Support: [email protected] (24/7 in Eglish)
Finance: [email protected] (Mon – Fri 9:00 – 18:00 GMT+2)
Compliance Department: [email protected] (Mon – Fri 9:00 – 18:00 GMT+2)
Partners: [email protected] and [email protected] (Mon – Fri 9:00 – 18:00 GMT+2)

Address: Suite 305, Griffith Corporate Centre, P.O. Box 1510, Beachmont, Kingstown, St. Vincent & the Grenadines

Countries Accepted

We’ve been seeing a lot of brokers excluding the United States as of late, and this broker claims that US residents are not applicable to open accounts as well. We’ve found that brokers can sometimes be more lenient and occasionally make it possible to register an account, even if they make these claims. Sadly, this broker seems to reinforce their restriction on the US because the option is not available on the sign-up list. The US Virgin Islands and Minor Outlying Islands are excluded as well, so it would be impossible to get around this restriction. The company does not mention that any other countries are banned but you’ll need to contact support if you do not see your country when registering for an account.

Conclusion

Justforex is an established brokerage that offers trading on the MT4 and MT5 platforms from five different account types. This broker is an affordable option, offering two account types with no deposit requirement. Leverage options are much higher than average on all accounts and even go up to 1:3000 on some options. The company does offer a variety of different trading instruments, but one’s options can be much more limited if trading from certain account types. When it comes to funding, there is a large variety of deposit and withdrawal methods, although fees are applicable to almost every withdrawal method.

The website provides some educational resources, a variety of trading tools, and unlimited demo accounts. Support is available 24/7 in English and the broker can be contacted quickly through several different contact methods. There are also bonus opportunities available and the broker seems to update these frequently. Conditions and advantages really depend on the account type that has been selected. Hopefully, this review will give individuals all of the information they will need to ensure that the best account type is chosen, should one decide to choose this broker.

OctaFX is a Forex and CFD broker who claims to have the lowest spreads in the industry. They offer access to CFD trading, commodity trading, and indices trading. At first glance, their website looks very professional and well designed. Prominent on their homepage is a string of awards presented to them over the years along with appraisals from many happy customers. They are regulated by the CySec (Cyprus Securities and Exchange Commission).

Account Types

There are three account types available to OctaFX clients:

Micro Account (MT4) – This is the most common account and is recommended for the novice trader with small investments.

Pro Account (MT5) – This is the recommended account for experienced traders and comes with lower spreads and less trading costs.

ECN Account (cTrader) – This is the recommended account for progressive traders and has more transparency in pricing.

Your account base currency can be USD or EUR. Unlike some brokers, OctaFX welcomes hedging, scalping, news trading, and Expert Advisors.

OctaFX offers protection against you losing more money than you have in your account. This is called Negative Balance Protection. If your balance becomes negative due to a stop out, they will compensate for the amount and bring your account balance back to zero. They guarantee that your risk is limited to only those funds you have deposited into your account.

You will be required to fill in a signup form when opening an account or alternatively you may sign up with your Facebook or Google account. Account verification will be required before being allowed to withdraw any funds. The documents required need to show proof of ID and proof of address.

If you want to open an Islamic account you can simply switch on the Islamic option when opening a new trading account.

Platforms

There are 3 platforms depending on your choice of account:

MT4 (Micro Account) – MetaTrader 4 is compatible with Windows, Linux and Mac operating systems. MT4 can also be accessed from a Smartphone or tablet on both iOS and Android devices.

MT5 (Pro Account) – MetaTrader 5 is a next-gen multi-asset trading platform that will replace MT4 at some point in the future. Its back-testing functions are not only faster than those of MT4, but it also allows simultaneous multi-pair testing.

cTrader (ECN Account) – cTrader is a robust and comprehensive trading platform, designed especially for Forex and CFD trading. It is available as a web platform just like MT4/MT5 and can also be accessed from a Smartphone or tablet on both iOS and Android operating systems.

Leverage

You can choose your required leverage during the signup process up to the following maximums:

Micro Account
1:500 for Currencies
1:200 for Metals
1:50 for Indices
1:2 for Cryptocurrencies

Pro Account
1:200 for Currencies
1:100 for Metals
1:50 for Indices
1:2 for Cryptocurrencies

ECN Account
1:500 for Currencies
1:200 for Metals

Trade Sizes

The minimum lot size is 0.01 lots.

Trading Costs

Trading costs for the different account types are as follows:

Micro Account: Spread Markup, Swap Fees (optional instead of overnight commissions), Overnight Commission (optional instead of Swap Fees)

Pro Account: Spread Markup, Overnight Commission (3-day fee)

ECN Account: Commission, Overnight Commission (weekend fee)

Assets

Available trading assets for the different account types are as follows:

Micro Account
28 Currency pairs
4 Indices
3 Cryptocurrencies
Gold and silver

Pro Account
28 Currency pairs
10 Indices
3 Cryptocurrencies
4 Metals
2 Energies

ECN Account
28 Currency pairs
Gold and silver
Spreads

As mentioned all over their website, OctaFX claims to have the lowest spreads in the industry. They have a live feed on their home page showing the spreads for a few Forex pairs. These spreads are coming in between 0.5 to 0.7 which are not bad but I’ve seen lower spreads elsewhere. Spreads for the different account types are as follows:

Micro Account:
Floating – starting at 0.4 pips.
Fixed (certain pair only) – starting at 2 pips.

Pro Account: Floating – starting at 0.2 pips.

ECN Account: Floating – starting at 0 pips.

Minimum Deposit

The minimum deposit is $5.

Deposit Methods & Costs

OctaFX offers the following deposit options:

• Visa
• Skrill
• Perfect Money
• Bitcoin
• Neteller

There are no commission charges with any of the above deposit methods.

Withdrawal Methods & Costs

OctaFX offers the following withdrawal options:

• Visa
• Skrill
• Perfect Money
• Bitcoin
• Neteller

Withdrawal Processing & Wait Time

All withdrawals are processed within 1-3 hours during working hours and there are no commission charges with any of the withdrawal methods.

Bonuses & Promotions

OctaFX has numerous bonuses and promotions for you to take advantage of:
Deposit Bonuses – OctaFX will give you up to a 50% bonus on every deposit you make. This is optional and if you do decide to take the bonus there are certain conditions applied to it. The formula for releasing the bonus is (bonus amount/2 = lots to trade). So for example, if you deposited $400 you would need to trade 100 lots ($200/2) before being allowed to withdraw the bonus.

Monthly Contests – OctaFX run monthly contests in demo mode and give away cash prizes to the winners.

Status Program – The more you trade the better your status. There are 4 status levels each with ever-increasing perks. Those being:

Bronze Status – You get 24/5 customer support and commission free deposits and withdrawals (everyone gets this!).

Silver Status – Along with the Bronze Status rewards you also receive trading signals by Autochartist.

Gold Status – Along with the Silver Status rewards you also receive faster deposits/withdrawals, lower spreads and less trading required to clear bonuses.

Platinum Status – Along with the Gold Status rewards you also receive fewer charges, expert advice, a personal manager and invites to VIP events.

IB Program – You can apply to become an IB (Introducing Broker) for OctaFX where you will receive a commission (up to 12 USD per lot) for your referred clients.

Educational & Trading Tools

There are a plethora of trading tools available for traders. These include a trading calculator, a profit calculator, live quotes, account monitoring, market information, an economic calendar, Forex news, interest news, and a holiday calendar.

There is also an educational section covering Forex basics with articles to read and videos to watch.

Customer Service

The following methods of contact are available to OctaXF clients:

Phone:
United Kingdom: +44 20 3322 1059
Hong Kong: +852 5808 8865
Indonesia: +62 21 3110 6972

Live Chat: I tested this for the purpose of this review and I was 6th in the queue when I asked my question. I was dealt with in less than a minute and my questions were all answered satisfactorily.

Email Form: Provided on website

WhatsApp: +34 691 370 613

Telegram: @OctaFX_bot

Physical Address: Suite 305, Griffith Corporate Centre, Beachmont, Kingstown, St. Vincent and the Grenadines

Demo Account

You can open as many demo accounts as you want to practice and test your strategies. You can also win real funds by participating in the OctaFX Champion or cTrader weekly demo contests. MT4 and MT5 Demo accounts expire after 60 days of inactivity, while cTrader accounts are disabled if you don’t use them for 90 days.

Countries Accepted

Residents from the following countries are not permitted to open accounts with OctaFX – Belarus, Brazil, Myanmar, Cuba, Cyprus, Iran, Iraq, Kazakhstan, Libya, Niger, North Korea, Russia, Sudan, Syria, Ukraine, United States Virgin Islands, United States, European Monetary Union, United States Minor Outlying Islands.

Conclusion

OctaFX looks like a quality broker offering plenty of account types that will suit most trading styles. The Forex leverages are good and their spreads are relatively tight. On the negative side, their crypto offerings and leverage are poor. I can’t fault their customer service and was answered almost immediately on the few occasions I used their Live Chat feature. Overall, I’d be happy to recommend this broker to fellow traders.

This is one of the most known brokers in the industry. IC Markets set a benchmark for low spreads and execution time, it is no wonder that many EAs and fast trading clients use IC Markets servers for testing. Founded in 2007 in Australia, IC markets was on with a strategy to bring raw spreads to the fast-growing CFD retail trading. To accomplish this, the broker has to have the fastest IT technology and a great network of liquidity providers. Besides, to bring better support to the trading environment altogether and do what competition could not. Traders appreciated this and IC Markets was welcomed into top tier brokers list according to the reviews and awards.

The total active client base is close to 100k with a $646 billion trading volume. When comparing spreads in different categories, this broker always comes to the top 5, probably one of the best selling points that are further supported by regulation, CySEC +MiFID – MiFIR, ASIC and FSA from Seychelles. Note that IC Markets uses two domains, ICMarkets.com.au and ICMarkets.eu, more info about the differences in the Conclusion. The website uses green and black colors that represent relaxation, environment, and money with power and authority. It is full of useful information mixed with smart marketing that tries to match the visitors thinking flow as they consume the content.

Transparency is great, FAQ is full and leaves the need to contact support only to specific issues. Every aspect of IC Markets is developed making it hard to find flaws or a reason to go with another broker. This review will provide information that could give that reason or confirm that IC Markets is for you.

Account Types

IC Markets delivers two account types, Standard and more famous Raw Spread Account. They differ by the spreads and commissions only. Leverage, minimum deposit, and the rest of the trading conditions are the same. The stop-out level for both account types is at 50% and all kinds of scalping, hedging, automated trading is allowed. IC Markets also offers a cTrader platform that has different types of feedback from the servers as it is written in C# programming language whereas MetaTrader 4 and 5 are specific to MQL language developed by MetaQuotes. Only Raw Spread Account is available for the cTrader and has slightly different commissions. Also, cTrader Raw Spread Account has another server location in London. More details about this platform in the next section.

Essentially, IC Markets know that fast trading and EAs are very popular, 60% of their trades are made by automated trading robots, therefore showing off Raw Spread Account all over the website. This Account is obviously designed for this kind of traders, stating spreads from 0.0 pips and ultra-fast executions. Standard Account is for longer-term traders, like swing traders, investors, etc. Looking at the big picture, IC Markets covers all the trader types with two account types, because traders can be divided into those that trade frequently within a day and those that do not sit all day in front of the screen, keeping it simple for all. Islamic Accounts are available for all platforms although IC Markets have a fee instead of swaps.

Platforms

IC Markets go a step further and offer 3 platforms – MetaTrader4, 5 and cTrader, all available for PCs, Mac, and mobile devices on Android and iOS. For those that do not want to install anything, or want a quick remote glimpse into the market can do that within a browser. Web Traders are available for MetaTrader 4, 5 and also for the cTrader platform.
cTrader is a versatile platform that is similar to MetaTrader but expands on the limitations MT4 has. IC Markets was one of the first to adopt cTrader as it is a better choice for fast trading and algorithms. The platform is updated frequently to bring more features requested by the community.

cTrader has a better-looking design, and also a dark theme, which is very trendy, not only for trading applications. Each chart has its own toolbar, they are flexible and resizeable and have the possibility to link across multiple monitors. Periods range opens a new depth to trading, cTrader not only has more standard periods than MetaTrader but also Range, Renko, and Tick based periods. In addition, indicators can be applied to any of these periods as well as other add-ons. This platform has internal features to open pending orders even when the markets are closed. Market ordering is also more advanced, for example, traders can choose double Stop Orders that will be triggered after two consecutive Ask/Bid prices above the entry price. This is useful to filter off-market prices caused by the broker.

In terms of order protection, cTrader has numerous calculations that help traders set the thresholds before the trade, advanced Stop Loss that can move to break even and trail, advanced Take Profit orders that can scale out and so on. Orders can be executed simultaneously, and cal also be linked with the One Cancels the Other (OCO) logic. Obviously, cTrader also surpasses MetaTrader in terms of security, for example, trades database cannot be manipulated by brokers as the platform is hosted by Spotware, the company behind cTrader.

Position timeline is also something very useful for analyzing your trades, here you will see all the modifications made to the positions that also feature a snapshot of the execution moment. cTrader features free FIX (Financial Information Exchange) API and Open API interfaces, unlike MetaTrader. IC Markets has a different server for this platform, namely the LD5 IBX Equinix Data Center in London, although without the ability to have Commercial Network Services VPS CrossConnect (CNS, company that offers VPS for brokers).

It is important to mention that cTrader handles hedging differently than MetaTrader platforms. Margin will be required even for perfectly hedged positions as cTrader will pick one bigger position (Buy or Sell) and use it as a whole for margin calculation. On average, execution times are 35ms making this platform the best possible solution for fast traders and algorithms alike. Smart Stop Out is another feature not available with other platforms. This method will close your largest positions partially in case your margin level goes below 50%. Traders will not be completely cut out of any chances of a reversal in their favor with this logic.

Be aware that some users reported that cTrader is a somewhat slower and more demanding platform for computers, especially for those with lower RAM.
MetaTrader 4 will list IC markets servers once started and to our surprise, there are 19 live and 3 demo. After some lag, the server connected with the client and a welcoming message in a local language was received to the mailbox. The platform was at its default setting updated to the latest version. Note that the platform will reflect the location of the IC markets division, and therefore regulation, in the About window.

The asset specification is filled with enough information. Note that demo may have different execution times than live servers. MetaTrader 5 Raw Spreads has better execution times than MT4 Standard Account and the server has a better ping to 120ms. The execution times were also better to 110ms on average compared to 250ms from MT4 on the Standard Account and sometimes we have sudden fast disconnection and reconnection signals with the servers. Interestingly, Stocks are not listed in MT4.

Leverage

The leverage level is sensitive to the regulators. IC Markets has 3 regulations and divisions. Each has its policies and leverage levels are affected. IC markets present the highest leverage of 1:500 although for EU clients this leverage is not available and is limited to 1:30 per ESMA newest policies. EU regulator for IC Markets is CySEC. Higher leverage is still possible if you qualify as a Professional Trader. More info can be found within their EU domain, www.icmarkets.eu. Leverage for Bitcoin and other crypto is 1:5 and for spot Gold and Silver is 1:500 with a different hedging margin. Commodities all have 1:100 leverage and indices 1:200. IC Markets delivers enough leverage for all trader risk types but not going too wide with leverages like 1:1000 some brokers offer.

Trade Sizes

The initial minimum trading volume is 0.01 lots or micro-lots. In units, it is 1000. Volume steps are also 0.01 lots. The maximum is 200 lots for Forex pairs, 50 for exotics, while Bitcoin has the maximum at 10 lots. For spot Gold, the maximum volume is 100 lots and the same 0.01 lots minimum volume and step volume. All trading sizes are the same for all account types and platforms. Stops levels are 0 so you can set any Stop orders distance.

Trading Costs

The commission applies to the popular Raw Spread Account and amounts $7 per lot traded. IC Markets usually promote this commission as per side, not on a round turn, thus presenting the value of $3.5. The per side amount is also displayed within the platform and could be misleading for those not familiar with the term. cTrader Raw Spread Account commission is not the same as with MetaTrader platforms and is $6 per lot traded. For clients registered within the EU, the commission is in EUR. For those that may not know, cashback companies have a contract with bigger brokers that allows new clients to have a reduction in spreads and commissions, and IC Markets could well be on their lists.

The standard Account does not have any commission but a higher spread. Swaps are one of the better in the industry. EUR/USD has a positive swap for short positions at 5.97 points and -11.15 for long. GBP/CHF also has a positive swap for long at 2.23 / -8.89 for short. In the exotic currency pairs the swap is under normal levels, so SGD/JPY has a 6.25 long and -8.21 short swap, while USD/RUB is at -836 long and a positive short position swap against the USD at 778 points. By looking at the list of currency pairs we had a hard time finding one without a positive swap.

On the other side, cryptocurrencies are swap heavy. Bitcoin / USD has a swap in percentage and it is a whooping -20% using current price, so it is not meant to leave positions open. There are no commissions for cryptocurrencies. As for other trading costs, there are none. For Islamic Accounts an overnight flat fee per lot will replace the swap and is $5 for major pairs and up to $50 for the most volatile exotic Forex pairs. cTrader may have different swaps as IC Markets has published a separate list on their blog section. We did not notice any differences.

Assets

IC Markets has 7 categories of instruments and each has great depth. IC Markets also included ETFs into the Stocks category, so by our count, that is 8 categories total. It is common to see a compromise when brokers offer tight spreads they might have a reduced asset arrange or some other kind of fees. This broker does not compromise, Starting with Forex, a total of 60 currency pairs are on the list. Of course, all majors are present and exotic pairs are the area where the offer stands out. Traders will find United States Dollar vs Thai Baht, TRY, RUB, PLN, MXN, HUF, CZK, CNH, and Scandinavian currencies. Not often you will see JPY quoted pairs on NOK, SEK, and SGD. There are also more uncommon GBP pairs etc.

Commodities range is above average in the industry but does not expect rarities, except for Orange Juice. A total of 8 soft commodities, 3 energies, and 4 precious metals are available for trading. Both Oil types and Natural Gas can be found and metals are full, Palladium, Platinum, Gold, and Silver. Copper is not listed.

Indicies coverage is good enough without many rare ones. A total of 13 indices are present excluding futures. Majors from EU, UK, and US like UK 100, France 40, Germany 30, and others and from uncommon indices we found Spain 35, China 50, Hong Kong 50, US Small Cap 2000, and Italy 40 Index. On the IC Markets website, It is nice to see examples that explain trading specifics for each asset, in this case, dividends levels for indices.

Stocks are exclusive for MetaTrader 5 only. The focus is on Australian and US companies as expected. The most popular are listed without exemption and with the other companies making a total of over 100 on the list. The ETFs that are within the same group is a very nice trading option, popular VanEck Vectors Gold Miners (GDX) is not excluded as well as Invesco, iShares 20, Emerging Markets Shares MSCI and so on. A total of 28 ETFs on NASDAQ and NYSE.

Bonds trading is not common but IC Markets has even that category too. We have counted a total of 9, Euro Shatz, Euro Bobl, UK Long Gilt, Japan JGB 10y, Euro BTP Italian, and other bonds from the US. These are CFDs and no interest is calculated.
Futures trading can be of interest to some traders. IC Markets has 4 of these, ICE Dollar Index Futures (DXY), CBOE VIX Index Futures (VIX), Brent Crude Oil Futures (BRENT), and WTI Crude Oil Futures (WTI).

Finally, the Cryptocurrencies range is not extended but enough, It may not satisfy alternative crypto traders to the full. A total of 10 currencies without any other quote currency except the USD. These are Bitcoin, Litecoin, Dash, Ripple, Ethereum, Bitcoin Cash, IOS, Emercoin, PeerCoin, and NameCoin. Even though Cryptos are traded 24/7, this is not the case with IC Markets, crypto trading is 24/5 and has triple swaps on Fridays.

Spreads

Only floating type spreads are offered on both Account types. The spread from 0 pips is not just a promotional phrase with IC Markets. EUR/USD spread on the Raw Spread Account really is close to 0, in our case, it was 1 point although IC Markets states that 60% of the time it is 0. USD/JPY also had 1 point, and EUR/GBP had 0 points though. Other pairs do not go over 3 pips, the exotic even have surprise spreads like NOK/JPY – 1.4 pips, USD/TRY – 15 pips, USD/CZK – 4 pips, EUR/SGD – 4 pips and so on.

If we go to the metals market we could see similar low spreads. XAU/USD had 18 points, Palladium 1061 points, Silver 4 points and Platinum 211 points quoted in USD. Crypto spreads are average though. Bitcoin has 68 pips spread and Ethereum 43 pips. For the Standard Account, IC adds 1 pip markup in place of the commission. This is exactly what we have found within the MT4 platform when we compared these Accounts.

Minimum Deposit

There is no complication with the minimum amount with different accounts. The minimum deposit is $200 for any live account. This shows that IC Markets does not care much about the cash flow coming from the volume of the deposits but more on trading volume – and therefore spreads and commissions generation. It shows through the published total trading volume results. This is a good sign of a strong, sustained broker business model.

Deposit Methods & Costs

IC Markets do not include costs for anything related to deposits. All deposits methods are free from the broker side and there are many options in general. These are Bank Wire, VISA, MasterCard, Bitcoin, BPAY, ePayments, FasaPay, Klarna, Local Bank Transfers, Neteller, PayPal, Poli, Rapid Pay, Skrill, Transfer from Existing Broker, UnionPay, Vietnamese Internet Banking, and Thai Internet Banking. Deposit methods will depend on the country selected upon registration.

Withdrawal Methods & Costs

The only cost related to withdrawals is 20$ or currency equivalent for the International Wire Transfer. If bank transfers are associated with any other method it will still count as a transfer fee. The methods for withdrawals are not as numerous as with deposits, these are Bank Wire, VISA, MasterCard, Local Bank Transfers, Neteller, PayPal, and Skrill. The method will depend on the deposit. For example, the Bitcoin deposit method will make withdrawals possible only by bank wire ($20 fee). E-wallets like Skrill, Neteller, and Paypal are used for withdrawals too without a fee if this was the deposit method.

Withdrawal Processing & Wait Time

IC Markes does a great job describing every possible information a client may ask and this shows a great effort towards transparency. The same case is for withdrawals waiting time. IC Markets will process the request from the Clients Area until 12:00 AEST/AEDT. After that time requests will be processed on the next business day. International Bank Transfers take 3-5 days, Australia transfers take 2-3 days, Credit/Debit Cards also take 3-5 days but in some cases up to 10 days and e-wallets are instant.

Bonuses & Promotions

There are no bonuses associated with this broker and there probably will not be in the future. Looks like the main marketing strategy is to attract traders by low spreads, fast executions, and leverage, not with bonuses. Of course, IC Markets offer other forms of benefits like Affiliate Programs, Partnerships, etc.

Educational & Trading Tools

IC Markets blog is the core of the educational material. It is very well developed with a clean design without overwhelming content. The education for beginners but also experienced is comprised of“101” trading categories. The first one, Forex Trading 101 contains 20 pages full of articles on interesting topics. Each page listed about 5 original articles. This is a plethora of high-quality material. The articles have topis like “Approaching Money Management – A Vital Component”, “Scalping the Forex Market: A Beginner’s Guide” and so on. At least two new articles are published every month. The Archives shows a timeline all the way to December 2011. The other “101” categories include Technical Analysis, Fundamental Analysis, Risk Management, Trading Psychology, and Trading Plan. Videos section could be the leas attractive and developed. Most of the videos are outdated and those that work are basics about the MT4 platform.

The blog is further expanded to show recent news about the company, Fundamental and Technical analysis, Press Releases and Trading Data. The analysis articles are fresh, long, elaborate multiple instruments with charts interpretation, and show deep understating of the markets. The Fundamental Analysis articles are more modest but still professionally made although with some redundant information. Trading data shows recent company reports calendar, scheduled servers maintenance, swaps, and dividend info.

Calculators are included on the IC Markets website that can help calculating swaps, pips, commissions, margin, currency conversion, and profits. Stop Loss/Risk calculator is not available.

The Economic Calendar is on-site but it is from MetaQuotes with all of the flaws, or better to say lack of filters and other features. In addition to the Economic Calendar, IC Markets have put a feedback window from Myfxbook for Forex timezones and Newsfeed.

Customer Service

IC Markets Customer Service is one of the best in the industry. For contact, there is a phone line, email and chat service. The chat waiting queue is not too long but clients need to wait a few minutes. Agents will respond although you will feel they are also chatting with another customer so any following questions will have a delayed response. All answers show professionalism and are in full, giving you enough information. We have noticed that they may ask you to leave a positive review on some benchmarking sites, even if you have not used their services yet, especially if they think you are happy with their service.

IC Markets has made a great FAQ that will reduce your need to contact them to a minimum. The EU domain of IC Markets is a bit different and does not feature a search bar for the FAQ, generally is not as well developed.

Demo Account

The Demo Account development is great, you will have all the platforms available to try for all the Account Types and open multiple if needed. The demo will show all the costs and specifics for each of the Account types and is close to the perfect reproduction of a live trading environment. The only drawback could be the longer server response time and executions. The Demo will last indefinitely and will be closed if there is no activity for 30 days. The Clients Area is designed for ease of use and all your account credentials will be listed.

Countries Accepted

As 3 regulators are in play with this broker more countries are available for services. Counting all jurisdictions, IC Markets does not accept clients from Afghanistan, Bolivia, Guinea Bissau, Botswana, Guinea Conakry Sierra Leone, Burma (Myanmar) Iran, Syria, North Korea, Iraq, Togo, Cambodia, Lesotho, Yemen, Cote d’Ivoire (Ivory Coast), Liberia, Zimbabwe, Cuba, Libya, Tanzania, Democratic Republic of Congo, Mali, Senegal, Angola, Niger, Former Liberian Regime of Charles Taylor, Gambia, Namibia, Antigua and Barbuda, and Kyrgyzstan.

Conclusion

IC Markets enjoys great reviews and scores form users and benchmarking sites. Although we found a few issues that traders should know. In June 2019 there have been some regulation developments with ASIC that influenced trader’s accounts and were offered a transition to FSA division (Seychelles). Still, traders will stay with IC Markets’s Australian AA banks like National Australia Bank (NAB) and Westpac Banking Corporation (Westpac), having accounts segregated.

ASIC has reacted to the influx of clients seeking a better trading environment that is somewhat restricted by the latest ESMA leverage policy. ASIC does not want to participate in any offshore law infringements by offering services to the affected regions. Another interesting fact is that the Frech AMF has put IC Markets on their unauthorized brokers list, although the AMF restricts any non-EU broker. Hence the reason for having two domains and three regulators.

In 2015 one forex review site has put a warning that IC Markets has received some fake reviews but this is not proven and is probably very hard to do. We can say that IC Markets has certainly set the ladder in terms of trading environment and the asset range. What might be improved are the cryptocurrencies offer and support.

ACB is a company registered in the Marshall Islands, providing Forex CFD trading services via MT5 Platform. The website is relatively easy to navigate and there is an FAQ page to refer to should you need to. ACB also offers a social trading service if that is of interest.

Account Types

There is no specific account type breakdown, as there is only one account type (live) and one demo account. The website FAQ page can be used to find specifics on what the account provides, which we will go into very shortly.

Platforms

ACB offers MetaTrader 5 platform which you can download from the website. You may use MT5 Windows, Mac and iOS versions, as you wish.

Leverage

According to the FAQ page, the leverage is according to the ratio between the volume of the Trade and the amount of the Initial Margin. Although it states maximum leverage is 1:1000 (which is very generous and hard to come by), the only other information on leverage, on the website, is that it is ‘floating’ which indicated leverage will vary according to what assets you are trading, but does not actually tell us what leverage allowances are available for all tradable assets. This could perhaps mean leverage allowance granted varies on the amount you deposit. This is not confirmed so we cannot comment on this for now.

Trade Sizes

Minimum and maximum trade sizes are not mentioned and the absence of a live chat service made finding this answer difficult. When referring to the FAQ page, we found that it does not provide information on what account trading conditions are available but instead gives definitions of such trading jargon.

Trading Costs

Commission charges are $5 but it is not clear if this is per side or round turn, so be sure to check out this broker’s demo to find out first before opening a live account.

Assets

ACB advertises that they offer 655 Forex currency pairs in total. With ACB you may trade Forex, Indices, Commodities, Metals, Stocks, and Cryptocurrencies. To see the full list, you may view all available on the website.

Spreads

Spreads are displayed on the website and vary significantly from each individual currency pair. We could not locate any general average spread under the ‘trading conditions’ tab where you’d expect to find this information. In this case, it would be wise to backtest this broker’s service on demo to see if their spreads are suitable for your style of trading.

Minimum Deposit

The minimum deposit requirement with ACB is $300 which could be deemed a little higher than the average minimum deposit requirements set by the majority of brokers.

Deposit Methods & Costs

Bank Wire, Card, and Tether are the three deposit options you may use to fund your ACB account. There is no mention that there will be any fees applied to any of these methods.

Withdrawal Methods & Costs

It is a little concerning that there is absolutely no mention of means of withdrawal, so one can only assume that the withdrawal methods are the same as the available deposit methods (bank wire, debit/credit card, and Tether)

Withdrawal Processing & Wait Time

It should be a concern that withdrawal methods are not mentioned at all, and therefore we cannot comment on timescales you should expect with this broker in order to retrieve and receive any profits.

Bonuses & Promotions

ACB does not appear to offer any deposit bonus schemes or such promotions, however, they do offer a social trading service that you can take part in if you wish. For this service, you will need to create a COPYDEAL account. You can find more details about this on the website.

Educational & Trading Tools

It is unclear if ACB offers any forex education material, but there is a tab on the website for ‘training’ however this directs you to fill out your details and doesn’t mention if this training (whatever that might be) is a paid or free course. ACB does, however, offer an economic calendar as well as weekly overviews on the markets, which could be useful to refer to before you begin a trading session.

Customer Service

Should you need to get in touch with ACB, your options to contact them via email or telephone. There is no live chat service. There is also no way for us to confirm their hours of operation as this is not mentioned on the website or FAQ page.

Demo Account

You may open a demo account with ACB, which would be good practice before opening a live account, especially seeing as many trading conditions are not stated or even mentioned on the website, so it is difficult to understand what this broker offers until you actually open a demo account first.

Countries Accepted

There is no mention of which countries are accepted, and the FAQ page does not assist in answering this query, however, when you register for a live account, you should expect to be asked for a proof of address document. Should your residency not be in line with ACB policy, you will not be able to trade with this broker.

Conclusion

This broker is incredibly vague with information, even basic information on customer support working hours, basic trading conditions such as leverage options and withdrawal options. Without knowing these details, it would not be wise to sign up for a live account with this broker until you have fully tested their demo account first.

The registered address for 1000extra is actually the address for a hotel in Tel Aviv. The company registration number is also like that for a handful of other forex related companies, including MILEX Trade and Maximums Trade, all of which are located in the Cook Islands. My personal opinion is that there are already a number of factors that raise alarm bells, which would instantly make me very cautious about using this broker, or any broker that they are connected to (under the same registration number).

Account Types

With 1000extra, you only have the one live account option. When I say just the one option, I am also referring to the fact this broker does not even offer a demo account alongside the live version. There is little to no information regarding this particular live account type on the website, but instead, just a link to create an account right away, which requires filling out your personal details and registering immediately.

To discover more about the account itself, (to which I was unsuccessful) I looked under the ‘Advantages’ tab on the website, only to discover that this broker seems to have cross-referenced this 1000extra brand with ‘Milex Trade’. This makes me feel as though this broker is simply an illegitimate and potentially rebranded binary options broker.

Platforms

It is unclear if this really is an MT4 compliant broker or if they offer their own customized platform or both; the website does state they offer a range of platforms, including MT4 but does not actually state all of the platforms available. The only way to really find out is by signing up for a live account, and see what you get.

Leverage

If this review has not put you off just yet, let me tell you that this broker does not even mention even the most basic of trading conditions you’d expect to want to know, before becoming a client- what leverage do they offer? Wouldnt we all like to know! 1000extra has failed entirely to mention this. Who would sign up to a broker without knowing the leverage available?

Trade Sizes

It comes as no shock by this point that minimum and maximum trade size requirements are not at all mentioned anywhere on the website. The Customer service team also do not answer you until you sign up for an account. This is a common trait found in binary options brokers, or rebranded binary options brokers.

Trading Costs

It is impossible to know what commission and swap fees are charged (if any) without actually opening a live account and finding out; the website fails to provide this information and the customer support is unresponsive.

Assets

This broker brand 1000extra seems to be an extension of Milex (another broker operating under the same brand) because everywhere on the website refers to Milex, not 1000extra. Milex (and 1000extra) offer pricing from Cboe which for those who are unfamiliar, is the Chicago Board Options Exchange).

The instruments available to trade are Shares, CFD Forex, Indices, and cryptos. This information is not particularly useful without providing a full list of specific pairs, which again, is something that has been dismissed entirely. One would need to open an account to see the full list.

Spreads

You will not know the spreads or even an indication of what the typical spread is, without opening a live account, It is not clear also if there is a combination/one option or the other with spreads being fixed or variable.

Minimum Deposit

On one part of the website, there is an encouraging slogan to invite people to create an account with 1000 USD (which makes sense in relation to the brand name) but then on a different part of the website, it instructs to open an account with 2,500 USD. This is confusing and frustrating especially with the absence of an FAQ page to resolve such basic queries.

Deposit Methods & Costs

Deposit methods and costs are not mentioned on the website so this is not something that can be confirmed at this time.

Withdrawal Methods & Costs

Withdrawl methods and costs are not mentioned on the website so this is not something that can be confirmed at this time. This is very poor behavior on the broker’s part to not mention this, as this is an important factor that contributes to serious trader’s signing up with a broker or not.

Withdrawal Processing & Wait Time

Unfortunately, withdrawals themselves and processing timescales are not mentioned so they cannot be confirmed at this time.

Bonuses & Promotions

The promotions page on the website just states that promotions are coming soon, but it does not state that there are any bonus or promotional schemes in place at this time.

Educational & Trading Tools

On the 1000extra website, you can find some educational (reading) material including an e-book. A lot fo the reading material focusses on MetaTrader 4 and how to use it. This is especially useful for newbie traders who are not yet familiar with this trading platform and wish to learn how to navigate it and use it correctly. This would be beneficial alongside practice trading on a demo account, however this broker does not even offer a demo account, so the training education material is almost invalidated, since then, a client would need to open a demo elsewhere, and not with this broker’s specific services, to practice alongside the training given. This seems rather illogical, but for those who just want a refresher on MT4, the guides are there if need be.

Customer Service

The customer service channels advertised on the website include a variety of telephone departments specified to different departments as well as a ticket form (email) service. They claim to be operating on a 24/7 basis however in my experience, they were unresponsive and do not like to give any information about the services until you have been pushed to sign up for a live account. This reminds me of typical behavior from binary options brokers, whereby clients are in the dark about the services until they register for a live account and deposit money

Demo Account

1000extra does not provide a demo version of their live services. This raises suspicion on a few things; do they nor even offer MT4- if they did, why not, as it is no hassle for a broker to offer the demo version directly on the website. The fact they do not offer a demo also means clients are pushed to open a live account straight away without knowing much at all about what they are involving themselves in.

Countries Accepted

1000extra does not give any warning on which countries are restricted from trading with them but seeing as they are unregulated, it is up to the individual to be aware of their residing country/citizenship allows them to trade with unregulated forex broker services.

Conclusion

This broker is beyond clear with any element of their services offered, from leverage, specific assets offered, clarity on the trading platform available to even the most basic: deposit and withdrawal methods. Without knowing the full picture on any service, how could anyone sign up and deposit money with the hope of ever getting it back, is beyond me?

ActivTrades are a long-standing broker in the industry, regulated by the FCA. On the first look, the website is logically set out, and information on this broker’s services can easily be found. The presence of an FAQ page and 24 hour/5 support is also nice to have. Their website also shows stamps for a strong selection of awards they have been given for their services, over the years.

Account Types

With AcvtivTrades, for a standard account, namely the Individual, you may use MT4, MT5 or ActivTrade’s very own customized trading platform (desktop and mobile versions available on both types of platforms). The minimum deposit to get started is 1,000 Euro.

Platforms

ActivTrade offers MT4, MT5, and their own customized platform. You may choose whichever platform you prefer.

Leverage

As a result of Regulation policies set by the FCA, whom of which ActivTrade are regulated with, the maximum leverage that can be offered is 1:30.some traders may find this restricting while others may find this satisfactory, which evens things out a bit when you learn the minimum deposit is 1,000euro; The leverage caps would be more of a restriction if the client were to only deposit very small amounts.

Trade Sizes

The minimum trade size allowed on the Individual and the professional account is 0.01 lot. You may trade 0.01, 0.1 or 1 lot. The maximum for Forex is 50 lots, and 10 maximum on Indices.

Trading Costs

Activ Trades do not charge trade commissions on Forex trading as they make their profit via the spreads. For Share CFDs, you will be charged trade commissions, however, and these depend on your locality. For example, for residents from Europe (excluding London), commission fees are 0.01% of the transaction value, (€5 minimum commission) or 0.05% of the transaction value (€1 minimum commission). For Swap fees, you must calculate according to your trade size. You can learn how with a handy link on the website.

Assets

ActivTrade offers more than a fair variety of instruments to trade: Forex, Indices, Options, Shares, Commodities, and Cryptocurrencies. A full list and information on the markets, in general, can be found on the website along with the average spreads on each pair.

 

Spreads

If you opt for the ActivTrade platform or MetaTrader 4/5, you will have access to floating spreads. It is also interesting and nice to note that the spreads do not vary in accordance with the platform you choose; it is merely down to you as the trade which platform you prefer and you will not be penalized with different trade conditions for choosing one or the other.

Minimum Deposit

The minimum deposit that ActivTrade requires to get started on the live account is 1,000 Euro. This is not cheap, and definitely above the average minimum that most brokers offer. Alternatively, if you opt for the professional client account, the minimum deposit requirement is 2,000 Euro.

Deposit Methods & Costs

The following methods of deposit are available:

• Bank Transfer
• Neteller
• Skrill
• Sofort
• Paypal
• Credit/Debit card – UK & EEA
• Credit/Debit card – NON-EEA

All deposits are not charged by ActivTrades, with the exception of the Credit/Debit card – NON EEA method which carries a fee of 1.50% of the deposit amount.

Withdrawal Methods & Costs

For withdrawals, the methods available are the same as the deposits, however, there are charges for Non-Sepa bank transfers(15EUR) and 12.50EUR for USD bank transfers.

Withdrawal Processing & Wait Time

According to the website, the processing time for withdrawals are all on the same day, if requested before 12.30(UK time zone). Of course, the actual time for withdrawals to reach back to you could depend on your banking provider but it is good to know this broker processed requests very efficiently from their side.

Bonuses & Promotions

Nowhere on the website does it mention any deposit bonus or promotional schemes. Given the fact this broker is FCA regulated, they would not be able to offer such schemes.

Educational & Trading Tools

In the way of learning material, ActivTrade does provide it’s clients with a good selection to choose from: videos, seminars, a trading glossary and much more. All can be found on the website.

Customer Service

Should you need assistance, you can get in touch with ActivTrades on a 24/5 (GMT+1) basis via telephone, email and live chat. The quality of customer service is also very high, and the agents respond very efficiently.

Demo Account

It is a standard service to offer a demo account, and AcivTrade do offer this facility. It is always good practice to try a demo account with a new broker, before opening a live account and deposit real money.

Countries Accepted

Due to regulation policy, the following countries are not accepted to trade with ActivTrade: Afghanistan, Åland Islands, Al-Qaida & Taliban, Belarus, British Columbia, Burma/Myanmar, Canada, Central African Republic, Democratic Republic of the Congo, Eritrea, Serbia, Guinea, Guinea-Bissau, Iran, Islamic Republic of, Iraq, Japan, Liberia, Libya, North Korea (Democratic People’s Republic of Korea), Poland (business decision), Somalia, Sudan, Syria, Tunisia, U.S. Virgin Islands, USA, United States Minor Outlying Islands, Yemen, Zimbabwe.

Conclusion

Activ Trade offers a fair variety of tradable instruments and a good selection of deposit and withdrawal methods. A nice touch to this broker is that even though they offer MetaTrader as well as their own platform, the trading conditions such as spreads and leverage remain the same on both platforms. This demonstrates a fair attitude towards the clients. Clients can also appreciate the quality of customer support this broker provides; efficient response time and a very personable manner from the agents.

An American residing individual, citizen of Korea, was featured in the news in 2018 was confirmed to own and operate more than one forex business and unregulated forex brokers including AHL Forex. This individual was at the receiving end from CFTC scrutiny over a fraud scandal. The result of this was a 2.26 million dollar penalty fine. Nonetheless, AHL Forex still appears to be in operation, so let’s take a look at this particular broker and see what they offer. The first thing to note is that this broker is only available for Turkish citizens, no other citizens are accepted. This could be a result of the CFTC backlash back last year.

Account Types

AHL Forex offers 3 different account types: Standard, Gold, and VIP. The website states that the minimum deposit requirement varies depending on the pairs you trade. For the Standard account, this could be between $13,500 up to $ 25.000. For the Gold account, the minimum deposit could vary between $25,000 up to $50,000 while the VIP account must have a minimum deposit of at least $50,000. These minimum deposit figures give us some indication that this broker is suitable for those only who are well experienced in forex trading and have large capital at their disposal.

Platforms

AHL Forex offers the MetaTrader 4 platform as well as MT5. Both options are available via Desktop, mobile (iOS and Android). Especially for the more experienced traders, it is nice to have the option between both MT4 and 5 since MT5 offers slightly different features to MT4, and for some, is the new preferable platform.

Leverage

The homepage advertises leverage of up to 1:80 which is not particularly competitive and stands out as a slightly odd number to provide for leverage. However, upon speaking to a customer service representative, it was clarified that AHL Forex offers leverage of 1:10 for trading, for all tradable instruments. This is not competitive at all to what is out there and available, however seeing as the minim deposit requirements are so high in comparison, the profit potential with even such low leverage can still be meaty.

Trade Sizes

The Minimum and maximum trade sizes are not stated on the website anywhere, so we took this question to live chat who did not understand the question and there was a strong language barrier that hindered communication. Eventually, we came to the conclusion that the minimum trade size is 0.01 lot, and the maximum trade size is unconfirmed so we cannot comment on that at this time.

Trading Costs

We could not find the trade commission and swap fees easily or obviously set out on the website, and when asking the live chat, we were refused answers unless we provided personal contact details. The Live chat agent then refused to assist and then closed the chat. Do bear in mind that the commission and swap fees may vary according to the account type. Eventually, after some digging, we found that the commission fees are $10 per lot, per trade. It is not clear if this is per side or round turn, but if it is applicable per side, this is an average cost in comparison to other brokers.

Assets

A full list of instruments available to trade is on the website, which includes: Forex, Indices, and Commodities. The selection of tradable instruments is a little limited in comparison to what other brokers can offer, in terms of the number of types of assets offered.

Spreads

There is no mention of spreads or even an average spread to go by from the website so in order to discover what spreads are available on which currencies, a potential client must open a demo account to check these out. DO bear in mind that spreads (floating/fixed) as well as a variation in pips, could be dependent upon the account type you opt for, although this is not clarified on the website.

Minimum Deposit

The only information regarding minimum deposits can be found under ‘account advantages’ on the FAQ which states the minimum is 50,000 TL but on the account comparison page, it states that the minimum deposit requirement varies depending on the pairs you trade. For the Standard account, this must be between $13,500 up to $ 25.000. For the Gold account, clients must deposit between $25,000 up to $50,000 while the VIP account must have a minimum deposit of at least $50,000.

Deposit Methods & Costs

AHL Forex only allows deposits via Bank Transfer with the following banks:

• Akbank
• Warranty
• Is Bank
• Construction loans
• TEB
• Denizbank
• Vakıfbank
• Clearing Bank

The above banks are evidently Turkish local banks, and specific branch account details are set out on the website to save clients contacting their bank for specific bank details to send the funds to. Funding costs are not mentioned so we can assume there are no fees applied for the above methods.

Withdrawal Methods & Costs

Withdrawal methods are not set out on the FAQ page, as the funding options are, so it can be assumed that the withdrawal methods are the same as the deposit methods. Again, withdrawal fees are also not mentioned but it is always advisable to check with your banking provider regarding any fees when moving money in and out of your account, to and from a forex broker, to avoid any surprises.

Withdrawal Processing & Wait Time

It is odd that AHL Forex has neglected to mention basic information and especially important information that is a shared concern between traders, especially when considering a new broker; withdrawal methods, timescales, and cost. This information is nowhere to be found and the customer service team struggles to communicate with non-Turkish speaking, which in turn made getting answers very difficult.

Bonuses & Promotions

AHL Forex does not appear to offer any deposit bonus scheme or promotional offers. This is definitely a positive element since it then leaves the trader to feel pressured to hastily keep placing orders in order to reach the target to be able to withdraw the bonus profit.

Educational & Trading Tools

AHL offers a ‘glossary’ which does shed light on trading terminology used, which is especially helpful for those still in the demo phase or just wanting to enhance their trading knowledge. Free seminars are also available. In addition, AHLF Forex also offers an economic calendar and daily analysis of the markets which is useful before charting up and beginning a forex session.

Customer Service

This broker is for Turkish clients only and therefore the customer support is Turkish speaking only. This made communication very difficult, and also because the website itself does not fully translate to English. The customer service team is available via email and telephone, or you can raise a ticket to request a call back which is especially handy so that you can be called back with the answer to your queries already solved and with an explanation, at a time that is convenient to you. It is unclear however what hours the customer service team operates. The Live Chat facility at times appears on the website, but at other times, it does not, which is odd and frustrating for those that prefer to communicate efficiently via that method.

Demo Account

Potential clients can backtest this broker’s services via demo and have the option to demo with an amount of up to $100,000.

Countries Accepted

As mentioned at the beginning of this review, this broker only offers trading services to those with Turkish ID. If you cannot present a Turkish ID and/or residency proof document you will not be verified and accepted to trade with AHL Forex.

Conclusion

This broker is very vague when it comes to the provision of basic information which could raise concerns about the safety of one’s funds with this broker. The high deposit requirements clearly indicate that this broker is not for beginner traders, and this is backed up by the fact that beginners would not necessarily know what to look for in trading conditions, which are incredibly hard to discover from the website and unresponsive customer support. Should you be considering becoming a live client of this broker, it would be prudent to open the demo account first, really clarify what the trading conditions are (spreads, leverage, lot size, etc) and see if these correspond with your trading strategies. If you are looking for a broker with on-hand support on the go, this is probably not the best choice of broker.

FSMSmart is a forex broker based in Switzerland and offers a number of different trading opportunities. There are a number of different accounts, assets, and instruments available with FSMSmart. In this review, we will delve a little deeper to find out what makes them tick, looking at aspects such as customer services, spreads, costs, deposits and more, and if it is worth signing up with FSMSmart.

Account Types

FSMSmart provides their clients with 5 different account types to choose from each one has different opening balance requirements and slightly different features, let’s take a little look at what they offer.

Beginner: The entry-level account from FSMSmart, with an opening deposit requirement of $250 it is accessible to most retail traders. It has a minimum lot size of 0.01 lots also known as a micro lot. It has floating spreads and uses the MetaTrader 4 (MT4) trading platform. The one downside to this account is that it does not offer free bank transfers.

Silver: The silver account increases its minimum deposit to $5,000, all other features seem to remain the same, however, we are unsure of what the floating spread entails at this time and we would expect it to be slightly lower than on the beginner accounts.

Gold: The gold account further increases the minimum deposit to $20,000, pricing out a lot of retail traders. It keeps the 0.01 lots minimum trade size however now the spreads change from floating to fixed, what the fixed spreads are is not clear at this point in time. This account also uses MetaTrader 4 (MT4), all other features

Gold+: The minimum deposit continues to rise with it now sitting at $50,000. According to the comparison tables, there are no differences to the Gold account, it does not say what the spread is, but we can assume they would be slightly lower, otherwise, it would make the difference in accounts pointless apart from the increased deposit.

Platinum: This is the top tier account with a minimum deposit of $100,000, once again, it does not appear that there are any differences to the previous two accounts, we are sure that there are some hidden details, and we may discover what these are later in the review.

Platforms

FSMSmart offers a single trading platform, which is MetaTrader 4 (MT4), they advertise a platform called FSM platform, but this is simply a branded version of MT4. Having MT4 as the sole platform is not such a bad thing as it is one of the world’s most popular trading platforms. It offers a wide variety of financial instruments, one-click trading, and compatibility with hundreds and thousands of indicators and expert advisors to help aid your trading. MT4 is available on multiple platforms including desktop, android, and iOS devices and as a WebTrader to trade using your web browser. This allows for accessibility wherever you are. It would have been nice to have additional platforms to choose from, but MT4 is still a solid platform to use.

Leverage

Leverage can be selected when opening up accounts, there is currently maximum leverage available of 1:400. Different increments can be used when selecting leverage such as 1:50 or 1:100, so it is up to the client how much leverage they wish to use. 1:400 is a good amount and is in line with what the industry standard seems to be moving towards.

Trade Sizes

All accounts with FSMSmart come with a minimum trade volume of 0.01 lots which is also known as a micro lot. There is no mention of the maximum trade size on the website.

Trading Costs

FSMSmart does not work with a commission-based system and so all trading costs are added to the spreads when opening and closing trades. Spreads are dependant on the account that you are using, with both flexible and fixed spreads being available. The beginner and silver accounts have floating spread with the beginner accounts starting at 3 pips and the silver account starting at 2 pips, these are flexible so will move both up and down depending on the market conditions.

The gold and platinum accounts have fixed spreads which do not change depending on the market conditions, the gold account starts at 2 pips while the platinum account starts at 1.5 pips.

Assets

FSMSmart offers a number of different tradable assets including Forex pairs, Metals, and Derivatives. There is not a definitive list of what assets are available but the website states that there are over 50 forex pairs, silver, and gold for metals, and a number of commodities, world stock indices and equity shares available.

Spreads

Spreads are based on the account that you are using and also whether or not the account you have has fixed or variable spreads. The beginner accounts have spreads starting at 3 pips, however, these are variable and so can go higher, the silver account has minimum spreads of 2 pips and similarly to the beginner account it has variable spreads so they can often be seen higher. The gold and platinum accounts have fixed spreads so they do not change, the gold accounts have a starting spread of 2 pips while the platinum account has a starting spread of 1.5 pips.

Minimum Deposit

FSMSmart indicates that their minimum deposit amount is $100, while this may be true overall, if you are opening an account for the first time, you are required to make a minimum deposit of $250, any subsequent deposits will have the minimum lowered to $100.

Deposit Methods & Costs

There are a variety of deposit methods available, these include credit/debit cards, Vload vouchers, Ethereum, Wire Transfers, Bitcoin Cash, Litecoin, Bitcoin and MPWP. FSMSmart indicates that they do not add any transaction fees to their deposits, however, your own bank or deposit provider may charge fees. It would have been a benefit if other online e-wallets such as Neteller and Skrill were available, but the current selection is sufficient.

Withdrawal Methods & Costs

There is no indication of which methods are available to withdraw with, the majority of the deposit methods are also withdrawal methods on other brokers so we would expect to see, credit/debit cards, Bitcoin, Litecoin, Bitcoin Cash, Ethereum as a minimum for withdrawal methods. Similarly to deposits, there are no added fees to withdrawals by FSMSmart. It is worth noting that only one withdrawal request will be processed each day.

Withdrawal Processing & Wait Time

The FSMSmart website does not indicate how long the processing time is for withdrawals, we would be expecting 24 hours for cryptocurrencies and between 1 to 5 business days for a card and bank transfer.

Bonuses & Promotions

There was no mention of any promotions or bonuses so we believe that there are currently not any available, there may be in the future so be sure to check back and see.

Educational & Trading Tools

FSMSmart offers a number of different educational tools to use, there are ebooks available that help to teach you the basics of forex, they do not go into massive detail, but they are definitely enough to get you started. Along with the ebooks is a video series that teaches you the basics and what a few different definitions mean.

There are interactive courses available, where you learn by doing things and answering questions, this is quite good because it ensures that you are doing and learning what is being taught.

There is chart analysis, although basic, can give an idea of what the markets will be doing, these are available as both charts and also as videos. Along with the analysis is daily news and a summary of what was predicted and what actually occurred.

Some of these tools can be helpful to those first getting started, however, once you have learned the basics and know how to do basic analysis yourself, you will quickly outgrow what is currently available from FSMSmart.

Customer Service

There are a few ways to get your questions and queries over to FSMSmart, these include an online web form where you will get a reply via email, there is also an online chat, telephone number, and email address. We tested out the live chat and got a response within a few minutes, the respondent was helpful, although rather slow. We got the answers we needed and were satisfied with the service being offered in regards to the customer service.

Demo Account

Demo accounts are apparently available with FSMSmart, however, we could not open one and assume that the ability to do this is from within the client area. Details of what conditions the demo account shave are not present or easily accessible on the website.

Countries Accepted

FSMSmart does not accept clients from the following countries: USA, North Korea, and Iran.

Conclusion

FSMSmart has a good selection of accounts to choose from, they offer decent leverage at 1:400 however the spreads are relatively high, this is acceptable when considering that there is no commission, however, lower spreads can be found on quite a few other brokers. Customer service was helpful and responded well, we could not test the demo accounts though which was a shame. FSMSmart certainly does not seem like the worst broker around, however, they have not done much to really stand out from the crowd. Make of that what you will.

We hope you liked this FSM Smart review, if you did, be sure to check out some of the other reviews to make sure that you find the broker that is right for you.

Founded in 2017, Darico Ecosystem caters to ForEx and cryptocurrency traders alike. You deposit and withdraw funds through your e-wallet. Additionally, the broker provides traders with a debit card that can be used for fiat-currency transactions. There are certain pros and cons to using Darico. Their tools, diverse promotions, and access to a wide range of assets are unique and, in many ways, unmatched. However, if you aren’t necessarily a crypto enthusiast, you will find many negative aspects of Darico.

Methods of transferring funds are limited to cryptos and e-wallets. Other features, too, mainly cater to cryptocurrency users. Nonetheless, whether you prefer fiat or digital currencies, this article will help you evaluate Darico as a broker and determine if it is the right one for you.

Account Types

Darico offers 1 account type that allows you to trade the ForEx markets and CFDs. The broker recently rolled out a cryptocurrency exchange system. Darico Ecosystem Coin (DEC) enables you to trade cryptocurrencies, FX pairs, and CFDs with discounted fees in a quick and reliable manner. Traders have to purchase DEC shares to enjoy these benefits.

Minimum Deposits: $0
Spreads: Vary
Commission: NA

One of the best features of Darico is that the broker has a video that shows you how to open your account. The footage goes over the process step-by-step, highlighting how you can fill out their forms, confirm your email, and access your dashboard. The website doesn’t specify what the minimum deposit is, but it mentions that traders can deposit funds via paper currency or BitCoin. Similarly, their spreads vary from one instrument to another. Commissions are also different and will depend on your account size.

Platforms

MetraTrader 5 (MT5) gives you access to thousands of currency pairs, cryptos, and CFDs. You don’t have to purchase the DEC to trade cryptocurrencies, especially since you can do so through MT5. In addition, the platform can be downloaded on Macs, Windows browsers, and smartphone devices (iOS and Androids alike). Darico’s DEC is integrated with MT5, giving you a range of tools and instruments that you can invest in. This is on top of what is available on MT5.

In comparison to the older version, MetaTrader 4 (MT4), MT5 has expanded tools and more accurate charts, spreads, and technical analysis indicators. Moreover, you can code your own scripts through the MQL5 language to implement trades and buy/sell orders. Lastly, MT5 gives you access to an economic calendar that you can view on all devices.

Leverage

When you open an account, you can set your own leverage, up to 1:300 for ForEx pairs and 1:5 for cryptos. Having said that, DEC accounts get a 1:500 leverage on currencies, but the 1:5 crypto rate still applies. Spot metals, indices, and commodities have 1:300, 1:150, and 1:150 leverage rates, respectively. DEC accounts, meanwhile, get up to 1:500 on spot metals and 1:250 on both indices and commodities. Shares have the same leverage for all accounts, which vary from one market to another.

Trade Sizes

The standard contract size for ForEx is 100,000 of the base currency. The lot size for cryptos is 1 contract. There is no maximum volume mentioned on Darico’s website, so you should expect that constraint to be tied to your maximum leverage and required margin levels.

Margin Call: 1% (ForEx) and 20% (cryptos)

You are expected to maintain a balance that is 1% the margin requirement when trading currency pairs. Cryptos have a larger maintenance margin (20%) because of their volatility. If you get a margin call, you will have to either deposit additional funds or close existing positions to bring your balance back to the required level.

Trading Costs

As we previously mentioned, Darico’s commissions vary based on your account size and the instruments you want to trade. However, the broker also charges you spread fees, which are different from one currency to another. In addition, market conditions impact the spreads. DEC account holders get a 70% discount on commissions and 50% off of spread costs.

Assets

You can trade all types of currency pairs (major and exotic), cryptos, CFDs, indices, spot commodities, spot metals, and stocks on MT5. Additionally, the DEC program allows you to access more cryptocurrencies than what is available on MT5. One of the most unique features that the DEC has, which also differentiates Darico from other brokers, is that you can trade tokens that are tied to real-life assets. These include real estate investments and artworks. You can also buy CFDs and tickets on stocks traded in the American, European, Russian, and Asian markets.

Spreads

The spreads are largely dependent on the asset you want to trade and macroeconomic conditions that impact bid/ask prices. During more volatile situations, the spread will be larger. DEC accounts get a 50% discount on spread fees. However, this doesn’t apply to cryptos and shares in any of the available markets on Darico. DEC accounts get a 0% discount on the spreads of these instruments.

Deposit Methods & Costs

If you are a crypto trader and enthusiast, you will highly appreciate the transaction and deposit options that you have. However, we find this part to also be problematic for those who want to make a deposit via their bank or credit/debit card. The only way for you to transfer funds into your account is through a cryptocurrency wallet.

First, you have to choose your cryptocurrency (such as BitCoin, BitCoin Cash, Etherium, and others). Once you initiate the deposit, the funds are immediately available in your Darico wallet. From there, you want to transfer the capital from Darico to your MT5 wallet. This is done through a code or links that you will be provided with. If you prefer paper currency over cryptos, you can purchase the DEC platform and deposit funds there, which is also instantaneous. Once the money is available, you would transfer them again into your MT5 wallet that Darico provides.

On the positive side, this broker charges no fees for deposits. This is especially advantageous due to the fast and instant processing of transfers. The ‘Knowledge Hub’ page on Darico’s website has videos that walk you through every step of the process.

Withdrawal Methods & Costs

Just as with deposits, withdrawals are free and there are no transfer fees. The way to do this is also outlined in great detail on the ‘Knowledge Hub’ page. Initially, you want to pick the crypto or DEC wallet that you want to transfer funds out of. Afterward, you provide the link to your crypto wallet and Darico will withdraw the capital. However, you have to make sure that your wallet’s URL/address is correct. Otherwise, the funds will be transferred to the wrong account and, if this happens, you can’t reverse the transaction. Darico also states that they are not responsible for these types of errors nor will they reimburse you.

Bonuses & Promotions

As we previously explained, DEC accounts get a 50% discount on MT5’s spreads and 70% off on commissions. When you participate in the DEC program, you are more or less buying shares. Darico is a community-owned broker that pays DEC account holders dividends. On top of that, you have the option of selling your DEC shares at a higher price. If that doesn’t happen, the broker will give you a 1.5% return on your deposit per month by the end of 2019. For each DEC that you purchase, you will get a $1 bonus. This is deposited into a separate wallet that contains US dollars (just as the others have a cryptocurrency balance).

Darico’s has an affiliate program for bloggers and traders with an established presence on social media. After friends, family members, and affiliates create an account through clicking on your custom URL, you will receive up to a 70% discount on commissions. Once your referral closes a trade, Darico will immediately pay you and deposit the funds (in cryptocurrency) into your account.

Educational & Trading Tools

Darico has a series of detailed and incredibly useful educational videos. All of them can be found on the ‘Knowledge Hub’ page. The first set contains step-by-step guides on how to open an account, transfer funds, install MT5, use the different available trading tools, and other basic information. The other 2 categories of videos explain technical analyst’s concepts, how to read candlestick charts and the implementation of different trading strategies.

For more advanced and experienced traders, you can find a large range of resources on MT5. These include unlimited charts with 21 timeframes and up to 38 technical indicators. You can also execute 6 different order types and program a custom trading algorithm through the MQL5 coding language. Moreover, Darico’s website has a news feed that discusses topics related to the DEC program, available broker features, and more. You can get the latest updates by following Darico on social media.

Customer Service

The Customer Support department is available 24 hours a day and 7 days a week. To get in touch with them, you can either fill out the form on their website or send an email to [email protected]. Darico doesn’t have a phone number listed on their website or social media pages, but the broker has a live chat feature.

Demo Account

You can open a demo account through the MT5 platform and immediately start trading. All currencies and financial instruments that are available on the live account can also be traded on the demo. Even if you are an experienced trader who is familiar with MT5, the demo allows you to add the DEC features and get accustomed to them before investing real funds.

Countries Accepted

Traders in the US cannot open an account with Darico because of regulatory restrictions on cryptocurrencies. Similarly, the broker is not available in any other country that prohibits or limits the usage of cryptos.

Conclusion

Darico Ecosystems is a great broker because it allows you to access an endless amount of assets, ForEx pairs, and cryptocurrencies. The fact that they are a community-owned broker also means that you benefit from the successes of your own trades and Dirco’s at-large performance as a company. Moreover, traders will use the MT5 platform, which is one of the best in the market. The process of transferring funds is easy and customer support is available 24 hours a day.

Yet, you might want to think twice if you don’t have an e-wallet or feel uncomfortable in holding your funds in cryptocurrencies. This is because withdrawal and deposit options are limited. Just as importantly, if you live in a country that heavily regulates trading cryptos (such as the US), you can’t open an account with Darico. All of these aspects don’t necessarily mean that this broker is a bad option. However, you might want to carefully weigh the pros and cons (especially if you are unfamiliar with cryptocurrencies) before signing up.

TopForex is one of many brands of the Goldenburg Group Limited, a registered investment company based in Cyprus. CySEC is the authority body regulating this company and shows a valid license for other domains and brands such as www.toptrader.eu, www.fxglobal.com, www.tradecentrum.com, www.etrader.eu, and more.

This broker describes themselves as an STP type broker, although some issues could render all the advantages of this model useless. The website is clean with the dominant red color theme. There are no usual key selling points like low spreads or a great range of Cryptocurrencies that could distinguish TopForex from other brokers. Except for using now already typical marketing sentences such as innovation, technology, and regulation, Top Forex promotes physical shares trading and customer support in many languages. This offer has its pros and cons to CFD but it is not as popular as CFD retail trading.

TopForex’s main target markets seem to be the Czech Republic, Slovenia, and Slovakia, judging by their tied partners’ location. Goldenburg Group has very good legal documentation including the annual reports, Execution Quality Summary Statement (EQSS), which gives detailed insight into the company’s business health. We will review TopForex according to common trader’s preferences so you will know if TopForex is for you.

Account Types

TopForex mentioned account types in the legal documents, although we could not find any kind of selection. There is only one account type and according to the Trading Conditions page this account features “floating spreads, standard lots, wide range of instruments and the default leverage.” The minimum deposit amount and some other information are not under the same page, so visitors would need to wander through the TopForex website. The search bar is present but does not work as intended.

Platforms

TopForex offered only one platform to us, the Metatrader 5. MT4 is mentioned under the platforms and also in the Clients Area. Whatsmore, the xStation platform is listed under the options. Still, the only platform TopForex has a license is the MetaTrader 5 and the other options could be leftovers from previous CRM. MT5 is available to download for Windows, Android, and iOS mobile. Interestingly, Mac is not listed as supported. Web MT5 version is available through the Clients Area, but only once you register for a live account. The Demo does not have an option to go straight to the Web MT5.

TopForex server is not a dedicated Demo, just a single Live server that has a ping of 59ms, which is great comparing to the industry average. The MT% is updated to the latest with default settings and One-click trading buttons enabled. The asset specification window has some information filled but for example, the Swap calculation method is missing. Judging by the figures, swaps are calculated in points. Note that the use of any software or AI for trading is not allowed without consent from TopForex. Order execution time is around 55ms which is great comparing to the industry average. This would be great trading conditions for EAs and fast strategies if not for wide spreads and connection drops that we have experienced.

Leverage

TopForex has to abide by the MiFID II directive and ESMA rules for leverage. The set default is at 1:30 with a possibility for higher if traders pass the questionnaire for professionals. Forex leverage is, therefore, 1:30 for majors, 1:20 for exotics. For indices, it is also 1:20 while for Oil is 1:1. Spot Gold has 1:20 leverage and Silver 1:10.

Trade Sizes

Trading sizes are casual in micro-lots or 0.01 lots. So the minimum trading size is 0.01 lots as well as additional volume steps. The maximum volume per trade is 50 lots. For Gold, the maximum is 100 lots. Oil follows the mini-lot structure or 0.1 lots for the minimum and step volume while the maximum is 100 lots. Interestingly, TopForex also offers different contract sizes for Oil so traders can select the standard 1000 barrels contract. Margin Call is set to 100% and an automatic alert will be triggered. Stop Out is at 50%. Stops level is at 0 meaning there is no required distance for pending orders.

Trading Costs

This broker does not charge commissions except a fee for physical shares trading. This is called the Management Fee. This fee will be charged at the end of the business day for shares that are held. -2%/360 is charged for 1 lot on all types of shares per day. A triple Management fee is on Wednesdays. FTT is applicable for all Italian companies CFD stocks and Italy 40 Index. The tax is charged as a fixed fee scaled to the size of the trade. For example, up to EUR 2 500 – 0.25 EUR fee.

Swaps are an issue when trading with TopForex. The reason is unusually high swap rates for all assets. We had to make sure that swaps are calculated daily as stated in the documents. EUR/USD swap is -38 long and -23 for short position, USD/JPY –24 and -37, and similar levels for all of the Forex pairs, without any positive swaps. For the Gold this is even more extreme, XAU/USD has -611 long and -326 short swap, ten times than what could be expected. Oil follows this trend and has -40 on both positions.

Inactivity fee exists and is called the maintenance Fee. The fee is 40 EUR and charged monthly for accounts that were inactive for 6 months.

Dividends are contributed for all traders that hold long positions on CFD stocks while short positions have the same amount deducted overnight. Note that the swap rates for these instruments are -10% per annum on both positions.

Assets

TopForex offers Stocks as CFDs and regularly, Commodities on spot and futures, precious metals, Forex, Indices, and some ETFs. The forex range is great with some rare currency pairs. All the major currency pairs and crosses are present. Singapore dollar is commonly crossed with the majors extending the usual range. Some of the exotic pairs are USD/PLN, USD/HUF, GBP/PLN, GBP/SEK, EUR/CZK, CHF/HUF, TRY/JPY, USD/BRL and more. Forex traders will be very pleased with the options given.

Commodities range is also good and some are divided as futures contracts CFD. These are Cocoa, Coffee, Sugar, and Cotton. Special attention is given to metals as Copper, Zinc, Nickel, and Aluminium are listed. The Commodities range is further improved with Soybean, Corn, Wheat, and of course both Oil types, WTI and Brent in 100 and 1000 barrel versions. Spot Gold and Silver have one additional precious metal to choose – Platinum.

The index range is not bad with 11 total. All the majors are listed and from more exotic are Hong Kong, Spain 35, and CAC France 40. Interestingly the Italian 40 that is mentioned on the TopForex website is not listed.

Stocks range is truly above average covering many companies from Switzerland, the United States, and the EU. We have also noticed some not grouped properly from South America. Equity traders will appreciate this range although the negative swap hurts the eye.

ETFs are listed with a total of 16 diversified Fonds. One of the popular is The Cannabis ETF, SPDR Gold shares, TVIX, UGAZ and so on.

Spreads

TopForex promotes floating spreads from 3 pips. Since this is already not competitive, especially for an STP broker, TopForex does not rely on high trading volume but high income by expensive trading conditions. The EUR/USD spread was around 30 points, as well as for USD/JPY, GBP/USD, USD/CHF. The rest of the currency pairs had wider spreads. Aussie and CAD pairs like AUD/CAD, AUD/NZD, CAD/CHF had spreads above 90 points. The biggest spread was for EUR/RUB with an amazing 200 pip spread. XAU/USD spread was also similarly enormous at 160 pips and spot Silver 14 pips. Trading in these conditions is certainly not suitable for frequent strategies. On the other hand, it is also not attractive for longer considering the swaps.

Minimum Deposit

Depending on the deposit method rather than on any account type the minimum deposit is $250 for Bank Wire and $200 for Visa and MasterCard method.

Deposit Methods & Costs

There are only two methods of deposit. By Bank Wire (SWIFT) or using the Visa or MasterCard. TopForex will not charge any fee for deposits. Any fees that are charged by banks will not be covered by this broker.

Withdrawal Methods & Costs

The withdrawal has a minimum of $250 – not a common practice in the industry to have this amount higher than $50 if such a policy exists in the first place. The same withdrawal method will be used as with deposits. Only two options are possible, Bank Transfer or Visa/MasterCard.

Withdrawal Processing & Wait Time

According to TopForex FAQ, the exact time is not disclosed except “as soon as possible”. In the legal documents, though, it is stated that the withdrawal will take up to 1 business day.

Bonuses & Promotions

These terms are absent from the site and legal documents. Since the TopForex support did not inform us of any bonuses we conclude there is none.

Educational & Trading Tools

Immediately after Live Account creation, you will receive an e-book about the basics of trading. The book does not contain anything advanced and all the information could be easily obtained online.

TopForex has a dedicated News and Education section on the website. Education has a single article about elementary issues like Leverage, Pip, Lot and so on. In the News section, there are a lot of articles that describe global major events. The event articles had a pause and only 3 are fresh. These 3 are not in English but in the Czech language. Looking at the content, these news articles do not elaborate on the news, they are short and look like headlines that cannot be used for trading. Analysis articles are too old.

Whatsmore, they do not give anything of value to the trader. The content is very superficial with figures and a chart with averages and RSI indicators. TopForex has some social media coverage that also shows a lack of attention in 2019. No other tools or calendars are present. Social Account is optional to open under the Clients Area but we are unsure as to what service this is as it is not described anywhere.

Customer Service

TopFOrex has a nice Contac Us page full of each department’s emails and phone numbers. Additionally, clients can select one of the languages dedicated phones if they want to speak in their native language. Languages available are Spanish, Slovakian, Slovenian, Czech, Italian, German, Polish, and English. The chat service is available but we have not received a reply during the few hours of waiting. The email response time is also longer than 24h.

Demo Account

The Demo account is available after registration. The web MT5 demo can be opened only through the Clients Area which requires registration for a Live account. The account will last for 30 days regardless if a trader is active or not. This practice shows intentional limitations on the trader’s skill development.

Countries Accepted

There are no specific notes about any country not applicable to TopForex service. This broker has a “categorization” policy that is evaluated upon registration. Three types are used, Professional, Retail Client, and Eligible Parties. The third type does not have the rights as the first two. For more information, traders should check the documents within the Clients Area.

Conclusion

TopForex is obliged to report the percentage of losing clients and 82% lose with this broker. This percentage is higher than the average and considering the trading conditions, this is not a surprise. Note that the client’s funds will be kept in banks relevant to the country of registration. So for example, clients from Czech and Slovakia republic will have UniCredit Bank, for German – Hypovereinsbank AG and so on. Investors should check the safety ratings of these banks first. TopForex or the Goldenburg Group also offers other services like Portfolio Management and even Investments Advice, services that require special licenses.

Finally to mention that the Goldenburg Group was fined by the CySEC in 2019 with a record €170.000. The fine structure follows the 50k penalty for failing to maintain adequate records of the services and transactions it provided to customers. 80k for failing to meet regulatory guidelines on honest dealings with clients, or more specific, misled clients via its marketing activities. The rest of the fine was related to tied agents with the company and opening new offices in different jurisdictions.

Pepperstone is an FX and CFD, ECN broker with offices located in London and Australia. Their Australian office is regulated by the Australian Securities and Investments Commission. Since 2010, the company claims they set out with a commitment to improving the world of online trading, after dealing with slow execution speeds, poor customer support, and expensive prices. It seems that the company has been heading in the right direction since they’ve managed to earn several yearly awards for everything from Best Forex Broker to #1 Customer Service. All of this certainly helps make the company seem like a worthwhile option; however, we were determined to investigate further, just to see if this broker is hiding any disadvantages below the surface.

Account Types

This broker offers two account types; the Razor account and the Standard account. The broker quickly mentions that the Standard account type is meant for beginners, while the Razor account is aimed towards scalpers and/or algorithmic traders. Many clients see the Standard account type as a simpler version of a Razor account since all trading fees are included in the spread. Another difference would be that Standard account holders are excluded from participating in the company’s Active Trader rebate program. Similarities come in the form of deposit requirements, leverage options, available instruments, and trade sizes. We’ve provided a quick overview of both account types below.

Razor Account
Minimum Deposit: $200 (or less)
Leverage: Up to 1:500
Spreads: 0.0 – 0.3 pips
Commissions: $7 AUD round turn (100k traded)

Standard Account
Minimum Deposit: $200 (or less)
Leverage: Up to 1:500
Spreads: 1.0 – 1.3 pips
Commissions: $0

It takes 5-10 minutes to complete the account application process, which includes an onboarding quiz and asks for personal ID documents. In order to verify identity, the company requires the client to submit 100 points worth of documentation. Primary photographic IDs, like passports or driver’s licenses, are worth 70 points, while secondary forms, such as utility bills, are worth 30 points. Staff will review documents once they have been submitted and email clients with their trading account details upon approval.

Platform

This broker offers a selection of three different trading platforms; MetaTrader 4, MetaTrader 5, and cTrader. The well-known MT4 and MT5 platforms provide all of the tools and capabilities a trader could need and should suit everyone, from beginners to professionals. MT4 is the most popular of the two, although MT5 was designed to be a more powerful version of its predecessor. cTrader is a lesser-known platform that was designed to offer a more simplistic experience. The program is easy to use but still offers the ability for advanced customization and capabilities. If you’re a beginner, this platform may be a better option due to its simplicity. All platforms are available on mobile, tablet, desktop, or through the web app.

Leverage

Leverage options go as high as 500:1 on all account types, but there are some restrictions based on the type of instrument that is being traded. Currency pairs and commodities can be traded using the highest leverage offered by the company, while there is a limit of 200:1 on indices, 100:1 on currency index CFDs, 20:1 on share CFDs, and 5:1 on crypto. Leverage caps are often much lower for these types of assets, so we aren’t surprised to see these limitations. Overall, it seems that this broker is offering higher than average leverages on certain products, although they have set more reasonable limits on others.

Trade Sizes

The smallest allowed trade size is one micro lot. The maximum lot size for one trade is 100 lots and clients can have 200 trades open at any time on live accounts. Demo accounts are capped at 50 trades at any one time.

Trading Costs

Costs are broken down into commissions, spreads, swaps, and administration charges.
Commissions: These charges are only applicable on Razor account types and are charged on standard lots traded, at a rate of $7 AUD round turn per 100k traded. There are zero commission fees on Standard accounts.

Spreads: All of the trading costs for the Standard accounts are built into the spreads, which are from 1.0-1.3 pips or higher. On the Razor account, spreads are from 0.0-0.3 pips or higher. More on spreads later.

Swaps: These fees are rollover interest charges that are either earned or paid for holding positions overnight. Factors that determine whether the traded will be charged or paid depending on the asset that is being traded, whether the position is long or short, and whether the trade was held over the rollover period. Triple swaps are charged on Wednesdays to account for the weekend. Pepperstone rollover occurs 23:59 – 00:01, MT4 server time, which is currently on GMT+3.

Admin Charges: Traders will be charged a fixed administration fee on any trade that is held open the past ten consecutive days. This fee is charged every ten days until the position has been closed.

Assets

Pepperstone offers 150 plus instruments across FX, indices, equities, crypto, energies, and commodities, and more. FX options include 61 currency pairs, including majors, minors, and exotics. Commission-free index CFDs are offered on 14 different major stock markets around the world. Share CFDs are offered from more than 60 of the most popular companies in the US. Commodities, such as coffee, cocoa, sugar, cotton, and orange juice are offered in addition to silver, gold, platinum, and palladium and oils. Cryptocurrency features some of the most popular options, including the ever-popular Bitcoin, Bitcoin Cash, Ethereum, Dash, and Litecoin. Finally, traders can trade currency index CFDs on the USDX.

Spreads

Spreads are advertised as being from 0.0-0.3 pips on Razor accounts and from 1.0-1.3 pips on Standard accounts. However, we found that the broker is actually advertising the minimum spread as the highest figure, rather than the average. For example., the minimum spread on AUDCAD on the Razor account is 0.3 pips, as advertised, but the average is actually 0.88 pips. The actual spreads can differ much more significantly once one starts looking at the average options, rather than the minimums. Under ‘Trade with Us’ > ‘Spreads, Swaps, Commissions’, traders can view the minimum and average spreads for both account types on all assets. It may be worth taking a look since spreads are so variable.

Minimum Deposit

The initial deposit minimum for the company is $200, although they explain that this requirement is not actively enforced, meaning clients are able to deposit any amount. It’s odd that the company doesn’t simply take down the old requirement and advertise their lack of deposit requirement as an advantage. Still, we’re always happy to see such flexibility in this category, as it can be a real advantage to those that are apprehensive about making a deposit for any reason. Hopefully, the company will continue to allow traders to deposit any amount.

Deposit Methods & Costs

Deposits can be made via Visa, MasterCard, POLi, Bank Transfer, BPay, PayPal, Neteller, Skrill, and Union Pay. This broker does not accept third-party deposits, so always be sure to send funds from an account in your own name. Any international telegraphic transfer fees (TT) charged by the company’s bank are passed on to the client. These fees are typically $20 AUD.

Withdrawal Methods & Costs

Withdrawals can be made through all of the available funding methods. The broker does not charge fees on withdrawals; however, those international telegraphic transfer fees we mentioned earlier may be applied. In order to make a withdrawal, clients will need to click on the ‘Funds’ tab from within their secure client area.

Withdrawal processing & Wait Time

Withdrawals received before 7:00 (AEST) will be processed the same business day, while withdrawals received after that time will not be processed until the following business day. Withdrawals via bank wire typically take 1-5 business days to reach the client’s account, although unforeseen circumstances could cause the wait time to be longer. Once the withdrawal has been sent, it takes 2 business days to be received by PayPal, Neteller, and Skrill. Clients can check the status of their withdrawal on the ‘Funds’ tab while logged into their account.

Bonuses & Promotions

This broker is currently offering an Active Trader program as a means for high-volume traders to earn cash rebates and save on trading commission. The actual rebate amount would depend on how many standard lots are traded per month and rebates are paid to accounts the day after a position has been closed, so that they can be used immediately. The company has divided the reward level into three tiers; 100 lots, 200-500 lots, and 500 plus lots traded. There is a 10% rebate on 100 lots and a 15% rebate for anything that falls on the second tier. The broker recommends traders contact their account manager for information on the rewards for the third tier. This program is only available for those operating Razor accounts and tier one is only applicable to Pepperstone Pro clients.

Educational & Trading Tools

The company offers several different sections within the Education category: Learn to Trade Forex, Webinars, MetaTrader 4 Course, Trading Guides, and Forex Trading Course. The Learn to Trade Forex category contains several articles that are sorted and labeled based on skill level. Clients can register for live webinars and the company will send a reminder email one day and one hour before the live seminar begins. At this time, upcoming webinars are based on the three key times to trade Forex, a breakdown of price action strategy, and advanced price action scalping strategies. You’ll notice that one would need some general knowledge in order to follow along with these webinars since they are more technical.

The MT4 course is designed to explain everything about operating the platform itself, while the Forex Trading Course is made up of YouTube videos from live presentations. The website also contains Market News, an Economic Calendar, news on Financial Events, and Trading Opportunities. All of these are helpful tools and provide information that would be relevant to all traders.

Demo Account

This broker provides the opportunity to open a free demo account to any trader that would like to do so. Demo accounts aim to mimic the trading conditions on a real account, but the broker does mention that there could be some execution differences. For example, you can have up to 200 live account trades open, whereas demo accounts are limited to 50 open trades at any one time. Despite that hang-up, these accounts are still excellent practice tools for traders that need to learn how to use platforms, practice strategies, further develop their skills, etc. Demo accounts expire after 30 days unless the client has set up a live account and requested a non-expiring version of a demo account. You can always create a new demo if your old one expires, but many may prefer to continue trading from the account they have already been using.

Customer Service

Multilingual customer support is available 24 hours a day, five days a week. Note that the website does provide a FAQ and explains some other details under their support page, so it may be worth taking a look at in case your question is already answered there. Otherwise, an agent can be reached through LiveChat, email, or phone. The company uses one email address, but there are two separate phone numbers for both office locations. The company is also active on Facebook, Twitter, LinkedIn, and YouTube. You’ll find all of the listed contact information below.

Email: [email protected]
Phone:
Australia: 1 300 033 375
London: +44 (800) 0465473
Address:
Level 16, Tower One, 727 Collins Street, Melbourne, VIC 3008, Australia
70 Gacechurch Street, London EC3V 0HR, United Kingdom

Countries Accepted

The Pepperstone website claims that information is not intended for residents of the United States, United Kingdom, Europe, or by any person in any country where it would be contrary to local law or regulation. However, you will find that the UK is an option on the sign-up menu. Sadly, the broker does not provide any US-based options and even excludes the Minor Outlying Islands and the Virgin Islands from the list. Europe also seems to be completely excluded from opening an account.

Conclusion

Pepperstone is an award-winning broker that offers two different account types and 150 plus instruments, including cryptocurrencies. The broker also provides three different trading platforms; MetaTrader 4, MetaTrader 5, and cTrader. The company does not enforce their minimum deposit requirement and invites clients to deposit any amount. Leverage options go up to 1:500 on some assets but are capped at more realistic levels on others. Both accounts offer different trading costs, with all costs being built into the spread on Standard accounts.

Spreads can also be higher than advertised, but still, seem to be advantageous. Several deposit methods are available but fees may be charged by the company’s bank. There is an ongoing rebate program that could help save on some of the trading costs associated with the broker as well. Overall, this broker does seem to be offering several benefits, although it is up to the individual trader to determine whether to open an account.

Welcome to our ADSS broker review, ADS Securities or ADSS for short was founded in 2011 and so are still a relatively young organization in terms of forex brokers. ADSS is regulated by the Central Bank of the UAE, the Financial Conduct Authority (FCA) in the UK and the Securities & Futures Commission (SFC) in Hong Kong. ADS Securities state that they were formed to deliver the highest quality products and services, we take a look at what they offer and how they perform to see if they live up to these expectations.

Account Types

Please note that different brands of ADSS (regions) have different account types, they have a lot of similarities however be sure to check when signing up, in this review we are looking at the UK based accounts.

Opening an account with ADSS is simple and straightforward and they offer a number of different account types to cater to the different requirements of their traders.

Classic Accounts: Classic accounts are the accounts that are meant for anyone, they offer a minimum deposit of $100 (with no maximum deposit), leverage up to 1:500 and a choice of platforms including Meta Trader 4 and OREX, ADSS’s very own trading app.

Elite Accounts: These accounts are intended for the big players in retail trading, the minimum deposit to have one of these accounts currently sits at $200,000, which takes the majority of us out of the equation. One reason for this is the fact that having one of these accounts gives you access to perks such as 1-on-1 access to senior traders and briefings with the Chief Market Strategist, training and personalized benefits.

Swap Free Accounts: The swap-free accounts also known as Islamic accounts are intended for people do not wish to receive or pay swap fees due to religious reasoning. The requirements of these accounts are similar to the Classic and Elite, there are however additional requirements when holding trades, so be sure to check them out before opening a swap-free account.

Platforms

ADSS offers two platforms when using them as a broker, the popular MetaTrader 4 (MT4) trading terminal is available for all account types. Offering a reliable and flexible platform compatible with the majority of Expert Advisors and Indicators that are on the market today. MT4 also has mobile capabilities for the traders who are always on the move, which is available on iOS and Android and is fully compatible with ADSS.

ADS Securities also offer their own trading platform called OREX, this was created as an alternative to MetaTrader 4 and offers many of the same functionalities. OREX can be used on your mobile devices, namely iOS and Android devices and can also be used on your computer or laptops web browser. OREX does not offer quite as many assets to trade as MetaTrader 4 does, but ADSS boasts that it is far more streamlined and responsive to its competition and when taking a look at the platform, it does stand out from the crowd with its smooth lines and very clean interface.

On testing the OBEX platform, we could tell that it was designed for this one purpose, it is smooth and responsive and very nice to look at. It does not offer as many trading opportunities as MT4 as it does not contain as many assets, but all the major ones are present and ready to be traded. The way OBEX was built makes it easy to import and set up expert advisors to do the trading for you, however after a little testing, we decided to move back to MetaTrader 4, the familiarity of MetaTrader 4 and the ability to use the same settings with other brokers means it is still number one to us.

Leverage

The leverage being offered is pretty standard amongst brokers, you can have leverage from as low as 1:1 and up to a maximum of 1:500. As a new trader, it can be tempting to jump straight in at 1:500 however we recommend that you stick to around 1:200 until you are fully comfortable with trading and the platform before moving up to leverage such as 1:500.

Please note that leverage options are different depending on the region that you sign up with due to the different regulatory bodies, the above numbers are based on the UK accounts and website. We have seen other websites within the ADSS group stating that 400:1 is the maximum, so be sure to check when signing up.

Trade Sizes

The trade sizes that can be opened are pretty standard when it comes to Forex brokers, you can open micro-lots (0.01) trades and trades as large as 1,000 lots. ADSS is pretty standard when it comes to this department and doesn’t do anything to stand out from the crowd, having said that, the range of trade sizes is good enough to suit any type of trader.

Trading Costs

The chargers and commissions charged by ADSS vary depending on the account type that you have signed up for, and the region that the accounts are based.

The classic account has a slightly higher spread in order for the broker to profit, the spreads for EUR/USD are aimed to be at 1.6 pips, however, it has been seen to be hovering around the 2.0 pips mark when viewing their live spreads. If you were to join with the Elite account, then spreads are reduced and are seen to be around 1 pip on the EUR/USD currency pair.

The ADSS website does not mention anything in regards to commissions on each trade and we were unable to find any concrete information on the internet regarding if they do charge a commission or if they are using strictly a spread based profit strategy.

Assets

ADSS currently offers the following assets to trade, currencies, shares, indices, commodities, and cryptocurrencies. It was hard to find exact numbers on how many assets are available to trade, but below are the numbers that we could find:

Indices: 16
Cryptocurrencies: 5
Commodities: 4 Categories (Energy, Metals, Agriculture, etc.)

We could not find a definitive list of currencies. However, the majority of sources simply state 55+, and the stocks list is far too long to look through or to post.

Spreads

The spreads depend on what sort of account you have, as mentioned previously in this review, there are different accounts depending on what region you sign up with, we are looking at the UK site of ADSS.

With the Classic Account, the spreads are aimed to be at 1.6 for the EUR/USD pair with others being slightly higher, however, during our tests, we normally saw speeds of around 2.0 on EUR/USD and slightly higher on others.

The Elite Account is meant to have lower spreads, however, we are unable to test this, as unfortunately, we do not have $200,000 to open an account to test what the spreads actually are.

As previously mentioned, there are different accounts from different regions, so spreads may be different if you sign up from a different region.

Minimum Deposit

As mentioned in the accounts section of this review the minimum deposit for any of the accounts that ADSS offer is $100, which will get you into a Classic Account or a Swap Free Classic Account. If you wanted to take advantage of the Elite account or the Swap Free Elite Account then you will need a minimum deposit of $200,000 or more.

The $100 minimum deposit for a Classic Account is a reasonable amount, due to the fact that if a very low deposit is made, it is harder for a trader to take proper risk management and potential profits will also be restricted, having it too much higher would potentially price out a lot of casual or new traders out of the broker.

Deposit Methods & Costs

ADSS offers your standard deposit methods, they currently offer Visa and MasterCard deposit, both debit and credit accepted. Maestro debit cards can also be used and so can Skrill, an online money wallet.

There are no fees for depositing and the ADSS website states that the times for processing deposits are from 08:30 to 17:30.

It is a shame that they are limited to these deposit methods, newer forms of money transfer such as cryptocurrencies would have been good to see. Also, there was no mention of bank transfers which is quite strange for a broker not to support this method.

Third-party or prepaid cards are not allowed.

Withdrawal Methods & Costs

The withdrawal methods are the same as the deposit methods, Visa and MasterCard debit and credit cards, Maestro debit card and Skrill. The timing is slightly different as the processing time is between 08:30 and 13:00 so we assume that if you make a request after 13:00 then it will be processed the following day.

It would have been nice if there was a later finish to the withdrawal processing times as 13:00 is quite early but we assume this is due to the banks that ADSS use.

There are no withdrawal fees which is a nice touch, but it would be nice to see more methods of withdrawal such as bank transfer or cryptocurrencies.

Withdrawal Processing & Wait Time

We were not able to test this out ourselves, but scouring the internet led us to a number of different sources which indicated the same things, if you put in a withdraw request prior to the cut off time (13:00) it will be processed the same day, if not then it will be processed the next working day. Once the withdrawal has been processed, it can take another two or three days for the money to reach your account.

Two or three days in this day and age is quite a long time with other brokers now taking action to get you your money the next working day or for some even on the same day. This is an aspect that ADSS needs to work on.

Bonuses & Promotions

ADS Securities is currently offering just one promotion, their refer a friend promotion. For this promotion you need to invite people you know to join ADSS, once they do this, they need to deposit and trade in order for you to earn any commission. The screenshot below outlines these requirements and commissions paid out.

There are currently no other active promotions at the time of writing this review, however, be sure to regularly check back in case a new promotion has come up. It appears that in the past there were other promotions active, so there is hope that there will be others in the future too.

Educational & Trading Tools

ADSS does not offer reading materials to teach you to trade on their site, however, they do offer a number of different resources. They are offering seminars, where you can sign up and attend seminars which cover everything you need to be a successful trader, you can learn and also have the opportunity to speak to account managers. This is more intended for people who are not yet trading, however, anyone could potentially benefit from them.

The website mentions webinars, however, every time we have looked at the website has stated that there are currently no webinars available, so we are unsure if they are still doing these. They also have the standard Q&A but this does not offer much beneficial information to new traders.

One aspect that is quite nice is that ADSS offers market analysis, which can be viewed directly on their website, each day they put up an individual analysis of various pairs and assets. It does not have the greatest amount of information, but it is nice that they are offering something beneficial to their customers and potential customers.

ADSS also offers Autochartist, which allows people to keep up to date with market movements and also gain trading setups for their own trading.

In terms of the other trading tools, we mentioned OREX earlier in this review, it is ADSS’s own trading tool, which you can use directly on your web browser or download to your iOS and Android devices.

Customer Service

There are plenty of ways to get in contact with ADSS and the various departments within their organization. There is an inquiry form on their website that sends them an email when we tried this to test, we got a response within 36 hours which is pretty standard for most Forex brokers.

ADS Securities also offers their postal address in case you wished to send a letter, or for some reason turn up in person, however, these are located in the United Arab Emirates, so it may be quicker to send an email.

There are various telephone numbers and email addresses for their different departments including client inquiries, institutional sales team, legal and compliance, communications department and the marketing department. It is impressive that the numbers for different departments are given out as many brokers do not do this, and it makes it far easier to get through to the department that you need.

We tested the client inquiry number and it took about 2 minutes before we were put through to talk to someone, not a bad waiting time by any means, however, we only tested once and may have just gotten lucky.

ADSS offers 24/6 customer service and is closed on Sundays.

Demo Account

ADSS makes it easy to start practicing with their free demo accounts, simply click the link on their website and it will take you to signup for. These demo accounts do not expire unless you stop using them for an extended amount of time, however, if one expires you can open up a new one. Unfortunately, the data and progress from the closed account will be lost.

Countries Accepted

Looking through the website and also ADDD’s terms & conditions, we could not see anything in regards to excluded countries, so to our understanding, anyone may use ADSS and there are no restricted countries. If this information is incorrect, then we will update as we learn otherwise.

Conclusion

ADSS is receiving a very mixed reaction from customers or people who claim to be customers (you never know who you can trust these days). Their standard account seems pretty average when comparing it to other available brokers and unfortunately their spreads are quite high. We were not able to test the Elite Account, as the entry-level priced us out and will price out the majority of other traders too. Withdrawal times are another little concern of ours as we do not want to be waiting a few days to get our money out.

Their bespoke trading platform seems promising and is a nice touch, but we are not sure how effective it will be compared to the already popular MetaTrader 4. All in all, ADSS seems like your average run of the mill broker, not the worst by any means, but nothing to write home about.

Be sure to check out some of our other broker reviews so you can be sure you choose the right forex broker for you.

Fusion Markets is a forex broker situated in Australia, regulated by the Australian Securities and Investment Commission (ASIC) Fusion Markets aims to make things simple for their clients. No hype, no buzzwords, and lower costs. We take a little look at Fusion Markets to see if they achieve this and to see if they are a service worth using.

Account Types

There are two accounts available from Fusion Markets, The ECN Account and The Classic Account, we will take a look and see what the differences are.

The ECN Account: The ECN account is exactly what it says on the tin, an ECN account. It has very low spreads, starting at 0 pips, however much like other ECN accounts it charges a commission, the commission charges are $4.5 AUD per lot traded. The account uses MetaTrader 4 (MT4) and there is no minimum deposit amount to open up this account type. The minimum trade size for this account is 0.01 lots (micro lot) and the maximum is 100 lots.

The Classic Account: The standard account does not charge a commission, instead, it has a slightly raised spread which starts at a minimum of 0.8 pips. All other aspects of this account are the same as the ECN account such as trade sizes, minimum deposits, and available trading platforms.

Platforms

Fusion Markets only offer MetaTrader 4 (MT4) as a trading platform. MT4 is a widely used retail trading platform that a lot of brokers offer. It is popular for good reason as it offers high levels of customization, compatibility with hundreds and thousands of indicators and expert advisors as well as a number of other features to help aid in your analysis and trading. MT4 is available from Fusion Markets as a desktop download, application for iOS and Android devices and as a WebTrader to use within your internet browser.

Leverage

Leverage is dependant on the instrument that you are trading, for Forex the minimum leverage is 1:20, while the maximum leverage is 1:500. For CFDs, the maximum leverage is 1:200 and for cryptocurrencies, the maximum leverage is 1:5. It is nice to see 1:500 available for Forex trading as this is quickly becoming the industry standard and the ratio that a lot of traders aim for.

Trade Sizes

Minimum trade sizes start at 0.01 lots (also known as a micro lot) and the maximum trade size is 100 lots, however, Fusion MArkets recommend not opening trades over 50 lots to ensure maximum efficiency and to ensure that it is executed instantly. For indices, the minimum trade size is 1 lot.

You are able to have up to 200 trades open at any one time.

Trading Costs

If you have an ECN account, then there is a commission charged on each trade, this is currently set at $4.5 AUD however may be different depending on the currency pair or asset that you are trading so be sure to check out the listing on the site to see what your currency pairs will charge.

The Standard account does not charge a commission but does have increased spreads, which are indicated as a minimum of 0.8 pips but can often be seen around 2 pips. There are also swap fees being charged or received when holding trades overnight, the exact costs can be viewed from within MT4 itself.

Assets

There is a wide selection of instruments that can be traded with Fusion MArkets, these include the usual Forex where there are over 90 different currency pairs available. Energy including Crude Oil, Brent Oil, and Natural Gas. Precious metals have metals such as Gold, Silver, Zinc, and others. Equity Indices and finally Cryptocurrencies such as Bitcoin, Dash, Ripply and other major cryptocurrencies.

It states that Commodities are coming soon, it is nice to see cryptocurrencies available as they are quickly becoming a popular trading asset, especially or newer traders and a lot of more experienced traders are starting to look towards them due to their volatility and profit potential.

Spreads

If you are using the ECN account then there is a much-reduced spread which can be as low as 0, however, it can fluctuate slightly higher and also is higher for certain currency pairs. Using the Standard account, it states that these will be around 0.8 pips at a minimum; however they can often be seen around 2 pips, there is a list on the site indicating what some of the average spreads are when using this account type.

Minimum Deposit

There is no minimum deposit with Fusion Markets, however, if opening up an account we recommend depositing at least $500 so you are able to take proper risk management precautions when trading.

Deposit Methods & Costs

You can currently use credit or debit cards to deposit, both VISA and Mastercard or you can use bank wire transfers to fund your account. There are no fees when depositing with Fusion Markets, however, when performing a bank transfer, there may be charges issued by your own banking service.

It is a shame that there are no e-wallets currently available to use as they are quite popular amongst traders and there is also no way to use cryptocurrencies to fund your account which is becoming an ever more popular way to transfer money online. Note that you can only deposit from accounts that are in your own name.

Withdrawal Methods & Costs

You can use the same methods to withdraw as you could to deposit, before changing the withdrawal method, you must have withdrawn the same amount that you deposited on each individual method. For example, if you deposited $1000 by visa debit card, you must withdraw at least $1000 to that same card before using another method for withdrawing. Again, you can not withdraw to third part accounts and the accounts must be in your name.

Withdrawal Processing & Wait Time

If a withdrawal request is received before 11 am AEDT, it will be processed the same day, any requests after 11 am AEDT will be processed the next business day. Funds are normally received within 1 to 5 business days for card withdrawals and 2 to 5 business days for bank wire withdrawals.

Bonuses & Promotions

Apart from the usual affiliate schemes, there does not seem to be any active promotions or bonuses, there may have been in the past or will be in the future so be sure to check back if you are interested in opening an account with Fusion Markets.

There is however an opportunity to get a discount on a VPS, you must trade at least 20 lots each month, however, the discount is only 20% as opposed to the usual free that a lot of other brokers are offering.

Educational & Trading Tools

We could not see or locate any information regarding any education being offered by Fusion Markets so we do not feel that any is currently available.

Customer Service

There are a few ways to get in contact with Fusion Markets, they have the usual online contact form, where you fill it out and get a reply via email. There is also a physical address available, a general email address and a phone number to use. Support is available 24 hours a day 5 days a week and is closed over the weekends to coincide with the markets being closed.

Demo Account

Demo accounts are available, simply click the Try A Free Demo button and sign up. The accounts last indefinitely as long as they are being used, if they are left dormant for too long they will be removed however you can easily open up a new one.

Countries Accepted

Due to the registered regulation, the following countries are excluded from the services of Fusion Markets: Burma, Côte d’Ivoire, Democratic People’s Republic of North Korea, Democratic Republic of the Congo, Eritrea, Former Federal Republic of Yugoslavia, Ghana, Iran, Iraq, Lebanon, Liberia, Libya, Japan, New Zealand, United States of America, Somalia, Sudan, Syria, and Zimbabwe.

Conclusion

The trading conditions offered by Fusion Markets are positive, they offer a choice of accounts and payment structures, it would have been nice to see more deposit and withdrawal methods as being restricted to just cards and the bank is a little disappointing. Plenty of assets to trade means you will always find something to trade and it is also nice to see that there is no minimum deposit so you can top up even small amounts should you need to. Fusion Markets seem like a well-established broker.

If you like this Fusion Markets review, please be sure to check out some of the other reviews to help find the broker that is right for you.

FinOperate is an offshore broker registered in St Vincent and the Grenadines. They are staying ahead of the game by offering the latest MetaTrader platform (MT5) and aside from offering a trading service, they also offer training courses for those that may be interested. It is apparent that this broker is fairly new on the scene as there is very little information to be found about them online.

Account Types

With this broker, you will not be bombarded with snippets of advantages and disadvantages of a handful of account types; FinOperate offers one account type: Standard account with a $1,000 minimum deposit. This account offers variable spreads starting at 1.3 pips and executes orders Instantly.

Platforms

FinOperate offers MetaTrader 5 trading platform. MetaTrader is generally the most popular and favorable trading platform to date. Clients may use Windows, Mac, Android and iOS versions of MT5.

Leverage

FinOperate offers a maximum leverage allowance of 1:300, which is more than generous for Forex currency trading. 1:300 is very competitive and not always easy to come by in brokers.

Trade Sizes

The website states that the minimum trade size is 0.01 lots, which allows traders a lot of freedom, especially if you wish to use the scalp trading method. The maximum trade sizes allowed with FinOperate is 100 lots.

Trading Costs

Swap fees and Commission fees are not charged by FinOperate which lessens the cost for the client overall however do bear in mind that this means the broker makes their profit from the spreads, which we will go into shortly.

Assets

Clients of FinOperate have access to a strong variety of tradable assets: Forex, Stocks, Indices and a large range of Cryptos. The full list is not available on the website so one would need to open a demo account to see any specific pairs you might be after.

Spreads

FinOperate offers variable spreads, starting at 1.3 pips which is average to competitors, for a starting spread. As mentioned earlier, FinOperate does not charge commission or swap fees meaning that their profit is made via the spreads. The spreads are also floating so this is something that one would need to backtest on demo to see if these spreads are suitable for your style of trading.

It is also important to note that FinOperate has stop out levels at 30%. This means that the trade can stay open for longer, but on the flip side, this also can cause a more prominent loss on losing positions.

Minimum Deposit

The minimum deposit required to get started with FinOperate is $1,000. Compared to the majority of brokers that offer similar trading conditions, this minimum requirement is quite a bit higher.

Deposit Methods & Costs

The website does not set out the deposit methods available, so we cannot comment on that at this time. However, it is slightly concerning that this information is not available so potential clients should be wary when considering signing up for a live account with this broker.

Withdrawal Methods & Costs

A prominent issue with FinOperate’s website is that information such as withdrawal methods cannot be found. There is no FAQ page either, to answer such questions.

Withdrawal Processing & Wait Time

Withdrawal methods and timescales are not displayed on the website and they do not have a live chat for a quick reference to obtain this answer.

Bonuses & Promotions

Deposit Bonuses or promotions are not mentioned on the website so we can assume this broker does not offer such schemes.

Educational & Trading Tools

FinOperate does not offer any trading training courses or educational tools. This is not an issue seeing as there is a multitude of options available online for free education material, should you require it.

Customer Service

Should you wish to contact FinOperate, they offer a telephone line and an email address. There is no live chat, and they also do not state their operating hours. This is another concerning factor, elevating doubt even more so if it is not clear that clients can get in touch easily or efficiently in the case of any issues or queries.

Demo Account

It is concerning that FinOperate does not offer a demo account, especially when they are not very specific on which instruments they offer and do not give a good indication of what the variable spreads look like. Without a demo account to try out their trading conditions, it is difficult for a potential client to gauge if this broker is suitable for one’s style of trading.

Countries Accepted

This broker is not regulated so be mindful that if your residing country does not allow trading, you should not be accepted when registering with your Identification and Proof of address documents. Unfortunately, there is not an FAQ page or any mention of which countries are accepted to trade with this broker, so it is a matter of registering and finding out.

Conclusion

This broker appears to offer very generous leverage, which is competitive. The fact they offer MT5 is also an appealing factor, however, we cannot ignore the fact this broker fail to display even the most basic information that should be available to clients if this is a fully legitimate and fair broker. If deposit and withdrawal methods, a full list of instruments, and a demo account are not available, which is the case with FinOperate, it would be wise to approach this broker with caution or perhaps consider an alternative broker where you can be certain on what trading conditions will be available to you.

InvestAZ offers its pwn tailor-made trading platform as well as MetaTrader 4, with a large variety of trading accounts and over 100 assets to trade. The website itself is clear and simplistically set out for ease of navigation, and a live chat facility is available should you need assistance.

Account Types

InvestAZ offers 5 account types to choose from:

• Mini
• Standard
• Universal
• Pro
• VIP

Minimum lot size and spreads do vary, however, leverage caps are the same across all accounts, as is the margin call and stop out level, as well as platform options and the fact that all accounts are not charged trade commission fees. Islamic (swap-free) accounts are also available upon request.

Platforms

InvestAZ offers two platforms: MetaTrader (4) and their very own customized platform, namely, InvestOR.Both options are compatible with both desktop and mobile versions. YOu are also not restricted to using just one platform in accordance with the account type you choose, which means clients can even alternate between the two if they prefer one over the other, for example; you are not stuck with one platform choice.

Leverage

This broker is rather liberal with leverage allowance, offering up to 1:100 leverage. This applies to all account types, which is nice to see, seeing as some brokers essentially penalize clients wth certain trading conditions and caps according to account type’s deposit requirement.

Trade Sizes

Minimum trade sizes do vary according to the account type you choose, which are all set out on the website as well. The Mini, Standard, Universal accounts have a minimum trade size requirement of 0.01 lot and the Pro and VIP accounts have a minimum trade size of 0.10 lot

The maximum order volume is actually rather low in comparison to what many brokers allow. Nonetheless, the website does also state maximum trade sizes, which are the following:

• Mini: up to 10 lots
• Standard: up to 50
• Universal: up to 50
• Pro: up to 100 lots
• VIP: up to 200 lots

Trading Costs

As mentioned earlier, this broker does not charge trade commission fees, on any of their account types, so this is one less concern for the client. This, however, does mean that InvestAZ makes their money via the spreads, which is why there is such a variation between the minimum spreads on each account type, which we will go into shortly.

For Swap fees, these are calculated according to spreads on particular pairs, so swap fees will vary between account type, and whatever volume you are trading.

Assets

InvestAZ offers over 100 assets in total which include Forex, Indices, and Commodities, which you can see on the website, along with their live spreads (floating). They do not offer an overly wide selection of pairs in comparison to other brokers, however, at the same time, this is also a sufficient selection of tradable assets that would satisfy most traders who are focused on just the FX markets.

Spreads

InvestAZ offer floating spreads, and you can see the live spreads on the most popular pairs, on the website. Spreads, overall, are relatively tight across the board, and definitely competitive, especially for the FX major pairs they offer.

Minimum Deposit

As mentioned, there are 5 account types, and thus, each has a different minimum deposit requirement:

• Mini: $1,000
• Standard: $5,000
• Universal: $10,000
• Pro: $20,000
• VIP: $50,000

By no means is even the smallest account among the lowest deposit requirements; in fact, this is rather high compared to other broker minimum deposit requirements. This is another reason why it is good practice to try a demo account first, with the required deposit amount of the account you think will be preferable, to gauge what capital works for you in line with your strategies.

Deposit Methods & Costs

The disappointment for this broker kicked in when we discovered that nowhere on this website does it state which deposit methods can be used. In this case, we tried using the live chat facility to find out, but on two occasions (two different times) they were offline, so we had to raise a ticket. After 36 hours, we had no response, on two occasions. This is slightly unnerving for potential clients when it is impossible to know which deposit methods are available and to see if there are any that are available for a trader personally.

Withdrawal Methods & Costs

Similarly to what was mentioned above, it is disconcerting that the InvestAZ website does not contain an FAQ page to discover the withdrawal methods. The customer support team was also unresponsive on several occasions to help us answer this question for you. However, withdrawal fees are mentioned on the account comparison page, which is the same fee applied to all account types:

• <1000$ – 25$
• 1000$ to 5000$ – 45$
• 5000$< – %1

This fee structure indicated that there is one withdrawal method, or very restricted selection, since the fee is the same for all accounts, for everyone.

Withdrawal Processing & Wait Time

Since we could not establish which withdrawal methods are even available, we cannot, at this time, comment on processing times or wait times for funds to land back with the client. It is very poor of a broker to not present such important information to clients prior to them registering.

Bonuses & Promotions

There is no mention of any bonuses or promotions, even away from the website, and on social media, we could not find any deposit bonus schemes being advertised in association with InvestAZ.

Educational & Trading Tools

InvestAZ does not offer any training courses or solid plans to follow to learn how to trade, but what they do offer is some handy tools to help new and experienced traders alike, along the way. These include a Forex Glossary to help understand trading terms used, as well as some reading material about Forex and how the industry works.

Customer Service

In order to contact InvestAZ, you have the option of live chat, email, or the option to fill out a ticket to request a callback. These facilities are all very good options if only the customer support team were responsive. To date, we have no received any response from any of the channels provided. This is an indication that this broker is perhaps not legitimate, or, have cut off means of contact for a reason, which is a concrete cause for concern.

Demo Account

You may open a demo account with InvestAZ before you register for the live account. This is always a good way to gauge if this broker’s trading conditions are a suitable match for you and your preferred trading style/strategies. This demo account opportunity is also good to practice with while you learn how to trade, if you are a new trader, or wish to brush up on your skillset before trading live.

Countries Accepted

InvestAZ is not regulated therefore is not restricting in the way a regulated broker would be when it comes to onboarding clients, but of course, this does mean the obvious; clients from the US should not be targeted. Nowhere on the website does it say which clients from which countries/jurisdictions would be accepted or denied access to these services, but bear in mind that as part of the registration process, you will be screened and verified via proof of address and ID documents. It is, of course, the individual’s responsibility to check if their jurisdiction permits the use of these services by their residents/citizens.

Conclusion

On the surface, InvestAZ offers some very amicable trading conditions, and a broad range of account features across the board of account types. However, it should be concerning that clients would find it difficult, or even impossible to contact this broker with the poor quality of customer support communication. It is also a concerning factor that withdrawal methods are not mentioned, so clients would not know how to withdraw their funds, prior to becoming a client. This broker should be approached with caution before considering becoming a client.

Open Broker is not a typical broker experienced traders know about. This is a Market Maker model broker with a different approach to customers, offering plenty of options and products. Open Broker is based in the Russian Federation, oriented towards Russian clients. Since establishment in 1995, it was a part of the Open Group that emerged as the largest privately-owned financial institution in Russia. Having a sustained business to be one of the leading brokerage services today.

Open Broker received many awards and is frequently mentioned in the press. The management structure is heavy, structured and organized to cope with extensive products and services. Completely specialized for the Russian market- Moscow exchange, Open Broker received good ratings from their local traders. Being a part of the Open group, it allows coverage to effectively serve customers almost anywhere in Russia, as well as in London, Frankfurt, and Cyprus (bank clients). On June 28, 2002, the licenses set was obtained from the Federal Securities Commission of Russia for a complete range of brokerage services, also requiring 500 Million rubles base capital ($7,87 M). This regulator is extreme in some areas and specific to Russian laws.

According to the Moscow Exchange, in 2016, the broker takes 5th place for the number of registered customers, active customers, 1st place for the volume of client transactions. Today, Open Broker has more than 3 million customers across Russia. In the following section, we will evaluate why this broker has this success and what makes it so specific.

Account Types

Open Brokers does not have the usual number of accounts. A total of 16 types are classified into 3 groups. Do-it-Yourself accounts, Investments accounts, and Ready-made Investments account. Since most independent traders would go with the self-managed trading accounts we will provide more details for those. The tariffs for each account is very detailed, many of the administration costs are transferred to the client. For example, there is a cost for using the leverage, reporting, different commissions for OTC, Stocks, Currencies, maintenance, etc.

Currency Exchange service is a simple conversion tool that enables clients to exchange currencies directly from the market. It works by opening an account, topping it with the currency and then exchange it to another with better rates compared to the banks. Then, these funds can be transferred to the card or a bank account. The service has no fees but has a commission that is included in the rate. The Conversion Account does not have a minimum deposit although has a fee if it is less than 50.000 rubles.

Russian Market Account gives the ability to trade Stocks, Currencies, Bonds, Metals, and Commodities on the Russian market. This account has a flexible Universal tariff that enables traders to try different trading strategies. The Account features a cashback for transactions on the Moscow Exchange, 0.057% commission, and account maintenance of 175 rubles per month if there is trading activity.

International Markets Account Trader is open to stocks, bonds and ETFs around the world on leading international exchanges, like Nasdaq. AMEX, TSX, FTSE and also OTC market trading. This account has 3 tariffs, All-Inclusive, US PRO, and Standard ITP. All-inclusive is optimal for beginners and experienced traders who trade small volumes and mainly use market orders. The commission is $1 per 100 shares and up to a 4% annual fee for the leverage use. US PRO tariff is for scalpers and high volume traders (from 10,000 shares per day). Limit orders have the Rebates mechanism useful for scalpers. Standard ITP tariff is for investors, long term traders. Leverage for this tariff is not available.

Probably the best what Open Brokers have is the Individual Investment Account. This account has a tax benefit and the ability to connect the investment with finished products, or strategies. This way you are into a kind of PAM account. It is affordable for entry, provides full control over your account and full support. Historical ROI for this account is 31.84%

The accounts structure is not simple, and even experienced traders will lose amid all the information and costs. This is also a sign of transparency and professionalism on the other side. Open Broker has a consultation agent form at every page so visitors can be introduced to what is the best for them.

Platforms

Open Broker has two platforms and one of them is not so widely known. Metatrader 5 is adopted and most traders are familiar with the software from Meta Quotes. The other one is QUIK from ARQA Technologies.

The MT5 is not set to the defaults and has 4 chart panels opened. The information lines in the journal and almost every tab of the terminal are extended and not common to see. For example, the Trade tab will show additional Margin segments like Initial Margin, Maintenance Margin, Commission and more, all grouped for all positions. When making an order, traders can select how the order will be executed too. The instrument specification panel is also extended and full of information that may seem overwhelming. Still, the trading has limitations like unusual trading sessions that cause chart gaps. The connection to the server is very quick and the execution times are a bit above 100ms on average, which is great for a dealing desk broker type.

The QUIK platform will certainly require some adaptation even if traders have trading knowledge. Windows arrangement can be linked and will display a real-time feed from the exchange. Level 2 quotes are also displayed which is very useful to some traders. The news feed is available from the broker or other agencies. Over 30 technical analysis indicators can be plotted, Fibonacci lines, angles, arcs, trend drawing, horizontal and vertical lines, text marks, etc.

The platform support pending orders, stop-limit, take profit, if-done orders, but also execute orders and import of transactions prepared in other programs. Scalper’s Level2Quotes (quotes window view) are standard, allowing quick orders by using buttons or with drag-and-drop. Import and export of data are available for MS Excel including the Level2Quotes table. The platform is adapted for the Moscow Exchange but is very rich in features. The drawback is the lack of support and abundance of addons the MT4/5 has. Open Broker does allow all trading styles, including EAs on both platforms. Algorithmic trading is also supported by the VPS service. All platforms are available for Android and iOS.

Leverage

The leverage is available to some accounts and it will come with a different fee that depends on the tariff. The exact leverage level can be arranged but traders need to consult with the Open Broker staff. For Investors type account leverage is not available.

Trade Sizes

There are many kinds of assets with varying trade sizes. Open Brokers is not simple and not typical like the other where trades sizes are clear for each asset. Here this is scaled to the account type and also to the tariff. So, for example, Investors will have bigger minimum trade sizes than scalpers. What is good is that all the information is transparent and a bit of study is required to find what is optimal for each trader or investor.

Trading Costs

Open Broker has multiple tariffs and account types combinations. This split tariff selection and account types opens a plethora of combinations, therefore different costs. Open Broker puts a lot of administration costs to the trader so, for example, account maintenance, leverage, reports and so on, all have a fee. If traders select the International Markets Account, the commission will be 1 cent for the stock market per lot, but not less than $7 if the stock is worth more than $1.01. For stocks worth less than $1 a commission of 0.0257% but not less than $7, even for partial position closing. For the EU stocks, the commission is 0.07% but not less than 13 EUR/USD/GBP. The leverage used will cost 7% annually for stocks (long positions only).

OTC market has another set of fees. The commission is 0.35% for trades of up to $100.000, above that value is 0.25% and above $300.000 is 0.15%. The minimum is $59 regardless of the transaction size. OTC market leverage has a fee of 3.75% per anum for Eurobonds. Reporting on the client’s securities and movements will also cost $3. For other accounts, there are similar tariffs sheets but do not differ too much.

Assets

Open Broker falls into the specialized class for the Russian market. A full range of major companies and financial institutions are listed, thus making a huge list of over 10.000 assets. The US and EU stocks market are not so extensive but all the major companies are listed. The currency market is different and revolves around the Russian Ruble. Currency pairs like EUR/USD are not present. If you seek to trade all combinations with the RUB, Open Broker will have all the exotics like CNY/RUB, HKD/RUB, CHF/RUB and so on. Open Broker also features Precious metals, Bonds, EFTs, Options, and Futures.

Aside from this, Open Broker also has a Structured Product. This is a structured portfolio designed to maximize the return of a particular idea. It is based on different assets, from stocks to currencies. Once this package is acquired, no management is needed. In essence, it is like a deposit or an investment with scalable levels of risk and ROI. Periods for these investments can be from 1 month to 3 years. Open Broker markets this product as an alternative to a bank deposit. Of course, the yield is higher. Structural products can be customized and optimized according to the investor’s plans.

Mutual Funds Investment is familiar to investors as an optimal risk solution. Riskier than bonds but safer than stocks trading. Open Brokers also offers to invest with mutual funds. A total of 10 funds are available to select across multiple global regions. For this kind of asset investment, a minimum of 5000 rubles is required, which is a very low figure and suitable for anyone without experience in trading.

Spreads

Open Broker relies on commission and the spreads vary across instruments but also many accounts types. The spreads cannot be compared to other brokers since typical currency pairs are not listed with them. What we have measured is that all are under normal values. All the information is transparent for all the account types and customizations.

Minimum Deposit

The minimum deposit is measured for every account type. For Individual Investment Account the minimum deposit is customized according to the client’s ability, but no more than 1M rubles per year. Ready-made portfolios do not have a minimum but 300.000 rubles per year is recommended. The signals service also does not require any minimum. For investment solutions, 5000 rubles is the minimum and for managed investments is 250.000 rubles. Other accounts do not require any minimum deposits.

Deposit Methods & Costs

The methods will be listed once your application is completed. It can be done only by the assigned agent after a phone call. Generally, Open Brokers accept Bank transfers and Visa / MasterCard. Deposits are all without fees.

Withdrawal Methods & Costs

For the Standard Do-It-Yourself account, a fixed withdrawal fee is $35. No fee is charged when withdrawing funds to another personal account opened under any other agreement concluded with a broker. Such an agreement is if a client uses the Open Bank account within the Open Group. Similar fees follow for other international markets tariffs.

Ready-made portfolios account for the Russian market have 10 rubles fee or 0.02% if the withdrawal is in foreign currency. Outside the Open Group withdrawal in foreign currency is $25, 25EUR/CHF/GBP.
The withdrawal methods are the same as with deposits, Open Brokers accept Bank transfers and Visa / MasterCard.

Withdrawal Processing & Wait Time

The withdrawal processing is within a day and should reflect instantly on Visa/MasterCards. Bank transfers within the Open Group are also within the same day and for international transfers, it could take up to 7 days.

Bonuses & Promotions

O. InveStore! TM is a form of Open Broker loyalty program that rewards contributors with bonus points. Each bonus point is worth 1 rouble. Transaction volume with up to 5% cashback, points awarded for referrals, each year of having an account with Open Broker, and for participation in promotions and events. Since March 2019, there are over 10.000 products redeemable for the points collected by this program, shipped across Russia. The products range from electronics, software, books, music, cosmetics and so on.

Educational & Trading Tools

Open Brokers gives an impression of academic level education to visitors. This section contains an admirable level of educational material, tools, coaching, workshops, webinars, articles, courses, and individual training.

Workshops are a kind of class that is scheduled and for free. These are local and held in Open Broker classrooms. For example, ISS accounts will introduce the conditions for obtaining a tax deduction and the class will explain in more detail how to get full benefits. This is very specific to Russia and the broker.

Webinars selection is extensive and professional. Visitors can select a range of free or paid webinars. 4 paid webinars cover the subjects like How to make money during a crisis, Fundamentals Investing, FORTS speculation methods, Risk and Money Management.

These cost from 4500 ($70) to 6500 rubles. Free webinars are numerous very interesting and have supreme quality. Options Trading, Oil Trading, Individual Account Intro, All about Dividends, How to make your trading system and more webinars could be found. If a topic is not covered traders can recommend a subject to Open Broker.

Trading Coach service is free for deposits of 300.000 rubles. Training will cover the platform, Fundamenta and Technical analysis and Risk management System. Coaching will be remote and traders will have all the information they need with the goal to improve trading skills. The duration will depend on the levels of skills.

Exchange Simulator is an interactive simulation app that aims to bring the elementals and strategies to beginners. It is based on Adobe Flash Player and is used in conjunction with webinars and seminars.

Video Courses are similar in quality like webinars. A total of 18 videos will cover basics but also much more and advanced topics like trading with Options, Futures, ETFs, Structured Products, Trading Academy, and so much more. Some can last up to 240 minutes and not all are free. For example, Academy Training 2.0 costs 299 rubles ($4.7) and lasts 4 hours.

Articles range is admirable and close to a library level. The articles are categorized to subject tags like indicators, psychology, MT5, QUIK, Stocks and so on. There is also a search line that is useful considering the number of articles. The content quality is very good, going into details but also keeps simple language to be understandable to beginners. For example, the TRIX indicator has its own article, explaining all the inner works, usability, application and more. The only drawback is that the educational section is all in the Russian language and everything has to be translated manually.

The individual Training Program is a customized service according to the client’s wishes. Clients can choose what to learn, when and how. Clients need to register, compose a program with the specialist, pay for the program and receive personal training on any location, time and without redundant information that you might not need. The cost of these programs is not disclosed.

Trading Ideas is a signal service developed in various forms. Investment ideas are an example of ideas of what to trade and why. These are updated and contain an analysis. Market Pulse is another form if a signal service where the markets are analyzed deeply for that day, review style. These are a few pages long but do not contain any visual presentations. Top Lis is a quick prediction of what may happen and these are very basic without much value. Strategies are a set of instructions for a certain asset, written in a professionally looking, comprehensive article with figures, charts, and tables. Depository News contains very techy news about what market entities are doing with the equities.

Dividend Calendar displays dividend distribution dates and events. The calendar is very well designed with filters and good sorting options.

Customer Service

Open Broker does not have a chat service. Only email and a phone line. Social networks are well managed so you can also use Facebook for a chat. We have used the English language and received an automated response in Russian. The agents are not available 24/7. From what we could see, the support level is comparable to the rest of the services and expresses a professional and ethical approach.

Demo Account

The Demo account is available but will not reflect all Open Brokers have to offer. The registration requires an SMS validation, not just the email. Once you type in the OTP code, the demo account credential will be sent to the email. Traders will receive two account login details. One is for currencies, the other ID is for equities. The demo is available for both QUIK and Metatrader 5.

Countries Accepted

Since the website is only in Russian, visitors may think this is for Russian citizens only.
Information for foreign citizens is not disclosed on the Open Broker website or in legal documents. Although, for legal entities, there is a form with several requirements like a transliteration of the name to the Russian language in full, shortened form, English name form the company establishment documents, English shortened form and so on. There are no prohibited countries, so even traders from the United States can register if they own a company. The biggest drawback to all this is the lack of English interface or guidance.

Conclusion

Open Broker has a good rating form the benchmark websites in Russia since English websites do not list this broker. This broker shows professionalism in every aspect of their services. The complexity of features compares only to the best and the biggest that can afford the scale of the business required for so many services provided. Any chance of unethical behavior is close to none. In terms of costs, fees are present at every step, and in return, this broker provides premium support through the product range, education, platforms, tools, and additional services. Regulation for this broker seems unnecessary just by looking at the approach to the trader from all aspects. Russian clients surely respect this and stimulate Open Broker to advance. Others can only hope that this broker plans to expand and accept international clients.

This is a Hong Kong-based broker that is dealing with Chinese clients only. It is a part of Chuangfu Yinghui Group. An interestingly named company, Mega Rich Global Financial Limited, is their overseas subsidiary. The company nourishes its so-called “creating wealth and sharing the wealth” slogan or philosophy. There is nothing special to this as it promotes common ideas like having leverage, stable platform, fast transactions, many products, etc.

This broker does not offer the same level of service as other brokers that accept clients across the globe. China is very enclosed to these kinds of business, none of the foreign brokers managed to get approved in China. Therefore, this is another market that cannot be compared. Chuangfu Yinghui is specialized in the London Gold and Silver trading only. This review will cover what could be useful and interesting to Chinese clients.

Account Types

Chuangfu Yinghui does not have account types. What we have noticed is that trading is focused on Gold, “London Gold”. London Gold and Silver is a spot contract common in Hong Kong that has 100 ounces as 1 contract or 1 lot. For London Silver 1 lot is 5000 ounces This is an OTC market that should be open 24h. Everything is under a single account. Leverage could be selected during the registration. Chuangfu Customer Service will conduct a call back to ensure the registration details are correct. The documents needed are ID card/passport, bank account, and other information, Proof of address (water, electricity, coal, telephone bill, bank statement or policy) not older than three months.

Platforms

Metatrader 4 platform is the only one provided. It is registered to Mega Rich Group and updated to the latest version. Everything is set to defaults. The servers show a ping rate of around 220ms. The information about the assets is filled with key trading figures enough to understand what is offered. MT4 is available for desktop and mobile versions. Also in web-accessible form without installation.

Leverage

The leverage can be selected, up to 1:100 level.

Trade Sizes

Some information could be obtained on the Chuangfu web site. The stated minimum trade size of 0.01 lots is in line with the figures in the MT4 platform. The step volume is also 0.01 lots. The maximum trading level is 40 lots. The Stop Out level is set to 30%, although traders should be careful that this level can be breached in the weekend gap and even go beyond the Stop Out level. The maintenance margin is $300/lot Monday to Friday and is changing for the weekend to $1,000/lot. During the weekend there could be some OTC offers that can cause volatile price movements. Note that trading with this broker is not 24h and the following schedule applies: Beijing time from 6:31 am to 3:30 am on Saturday (during summertime); Beijing time Monday 7:01 am to Saturday 4:00 am (Winter season).

Trading Costs

According to the trading Rules Page, there are no commissions. The swaps exist for both assets. Buy swap is 1.75% and sell: 0.15%. This figure can be divided by 360 for daily swap percentage. All non-US dollar deposits will be converted into US dollars.

Assets

Chuangfu Yinghui is specialized to London Gold and Silver. This is very similar to the spot Gold market in terms of pricing and movements. At the moment of this review, the broker offered $1455.78 per ounce. No other assets are available. As we are informed by the support, Forex and other assets are not in the near term plan.

Spreads

The spreads are fixed and controlled by the broker. The spread for London Gold is 0.5 USD/ounce and For Silver 0.03 USD/ounce. When recalculated, this is $50 per lot or close to 3.5%. The spread could be changed by the broker as stated, half an hour before the market closes and the first half-hour of the market opening. Also modified according to the market conditions. The company has the right to change the spreads without notice.

Minimum Deposit

This broker does not have set minimum deposit although based on their model, traders would need at least $10 to open the minimum trading size of 0.01 lots, including the 1:100 leverage.

Deposit Methods & Costs

There is only one method to invest – Bank Transfer. The usual banking rates will apply to the client. For China clients, there is also an option to use the card free of charge. The cross-border fee could be applied to clients outside China. The account deposit currency could be in USD, HKD, and CNY.

Withdrawal Methods & Costs

At the time of withdrawal, the company will exchange the account currency according to the market exchange rate. There are no fees charged by the broker.

Withdrawal Processing & Wait Time

Chuangfu Yinghui Group promotes fast withdrawal times. Time to withdrawals is 2 hours and this is very fast comparing to the average in the industry.

Bonuses & Promotions

No bonuses or promotions are offered. The Affiliate programs are also absent.

Educational & Trading Tools

Chuangfu put some effort to bring trading closer to the Chinese clients. The educational structure is well developed and features News, analysis, Signals service, Gold encyclopedia and more.

The Gold Encyclopedia is a form of a blog page. It covers the history of Gold, Characteristics of precious metals investment, How to grasp short positions in gold trading, The impact of NFP on Gold, What is the relationship between London gold and spot gold and so on. The topics could be repeating as they have very similar headlines, although the articles are fresh. Each page contains a dozen of articles, and there are many pages. As this is a Gold and Silver broker only, almost all of the articles are about Gold trading.

Under the Strategy section, Chuangfu displays comprehensive analysis based on the Technicals and Fundamentals. It is updated daily. The reports are very professional, deep and the analysis of the chart is based on the moving averages and other custom projections. Of course, the focus assets are Gold and Silver.

The strategies are a form of advice published daily by the broker team. The analyst team backgrounds are presented along with their trading type, success rate and the total amount earned. The published signals appear to be very good, although we are not certain in their success rate. This service does not come from third parties and it is not common to see in the industry.

The News is not that fresh, the last report was 2 months old. They are all related to Gold and global main events that the majority of people already know. The quality is decent with interesting views on how it may affect the Gold prices.

Non-Farm Payroll event has a special section on the Chuangfu web site. It is divided into a few key elements that represent a complete analysis. These include the historic movements of the NFP, long term arguments for bullish and bearish sentiment, and also counter until the next report.

Finally, the economic calendar is much better than the usual from MetaQuotes. It has filters, day selection toolbar, impact meter and the impact direction on the asset. Although the design is good, we did not find any explanation about the even or its historic level movements.

Customer Service

Chuangfu Yinghui has a 24h support line, work phone, chat, and email. The quality is one of the best we had encountered in the industry. The agents are extremely fast typers we had an impression we are speaking with an automated response AI. There is no waiting for more than 10 seconds until the agents accept your chat request. Answers they provide are very detailed and carry respect to the visitor, showing professionalism and level of service similar to 5-star luxury hotels. This level of Customer Service confirms the usual Chinese approach with customers anywhere.

Demo Account

The self-service demo account in the MT4 trading platform is not available. You must obtain a demo account from the customer service or apply for a demo account on the Chuangfu Yinghui website. The registration process requires to enter the SMS code that will be sent to the number provided. This is an additional step that filters fake accounts with the broker. There is no information about the Demo account expiry time.

Countries Accepted

China clients only.

Conclusion

The broker delivers the additional value for specialized Gold traders in forms of various analysis, personal training assistant, and great customer service this broker has. For China, Chuangfu Yinghui is a great choice as security of the trader’s account is protected and supervised by the Chinese Government, and it is widely known how effective their control measures are. The spread and trading conditions are not great, although taking into consideration that China is very restrictive for the CFD industry, clients may enjoy having the possibility to trade Gold with leverage that is unavailable in the EU or the United States.

500 Capital has a very fashionable website design and almost devoid of any useful information for traders. The name of this broker is very similar to the well known plus500 broker. Sometimes this is very useful for masking the name of a company involved in a dishonest activity to say at least. The information about 500 Capital is very obscured, from various sources there is almost no information.

As stated, this brand is owned by 500 CAPITAL PTY LIMITED that has a registration but not the license for CFD offering. Therefore, this broker is not regulated and the address points to a commercial leasing tower. The website is in Russian by default and EUR as the only currency expression, clearly intended for Russian clients as many reports also mention Russian agent names from 500 Capital. Founded in 2018, 500 Capital has a god range of assets but no details, only categories are described. This review will tell you what traders can expect when trading with 500 Capital.

Account Types

500 Capital has two account types, Standard and VIP. The Standard Account features a bonus for deposits of 1000 EUR, although no additional info is disclosed. The account includes floating spreads, no commissions, and a personal manager.

VIP Account requires no less than 100.000 EUR and features Swap-Free compensation. For many traders, the swap should not be a concern so offering this compensation points that the swap levels are very high. More on this in the Trading Costs section. All the other published conditions are the same, as with the Standard Account.

Platforms

The only platform available is the Metatrader 4 available for the desktop with Windows and Mac operating systems. Mobile devices are also supported with Android or IOS. For those that do not want to install anything, MT4 Web is available but within the Traders Cabinet. MT4 client is updated to the latest version, by default settings. Connection to the servers has a 150ms latency. The execution response time is around 300ms which is above average compared to other brokers.

Both, Demo and Live Account did not have trading enabled for any asset and we are unsure if this was a measure against us or default setting. This may be a sign of restriction so no one can trade until the agent makes a phone connection with the client. The market watch window shows many disabled Forex duplicate assets and counterparts with a dot suffix. Some information from the asset specifications window is missing, like the minimal volume in some cases. This is a strange setup that is not common with other brokers.

Leverage

The leverage level for both Account types is adaptable from 1:10 to 1:200. This level is high enough for deposits of 1000EUR as traders can place micro-lot positions. This leverage can be set in the Traders Cabinet.

Trade Sizes

500 Capital uses the common minimum trading volumes of 0.01 lots or micro-lots. The minimum step volume is also 0.01 lots making precise, low-risk positions easier to scale in and out. Although this is the info from the 500 Capital web page, the real volume step, and minimum initial volume is different against the readings in the MT4 platform for the demo account. The asset specification showed 0.1 lot step volume and the minimum volume size figure is missing in the demo account. The real account shows the levels stated on the web site. The maximum volume is 1000 lots. The closest distance traders can put pending orders like Stop Loss and Take Profit is 1 pip, also called Stops level. The margin call is at 100% as stated for both Account types and Stop Outs is at 25%

Trading Costs

500 capital does not charge commissions on any of the offered account types. For those that want a swap compensation will have to deposit 100.000 EUR, although the levels look normal and acceptable, note that the swaps are not calculated in points, but percentages. For example, the EUR/USD pair swap is -12.07% for short and +6.03% for long, so even positive swaps are present, but pay attention that if you leave a short position overnight you will have a significant cost.

The fast-moving major, GBP/JPY has a -2.84% short and +0.22% long swap. If we go into exotics zone, USD/ILS has -3.5% and -2.9%. Gold has a swap for long at -1.9% and -5% for short. Some pairs like the USD/TRY have swap levels expressed in points. Now, in the crypto category, for BTC/USD the swap is -18% on both positions, meaning any trades left overnight will probably be completely unprofitable. Most of the cryptocurrency pairs have the swap in percentage terms but not all.

A dormant fee of $75 exists if traders are not active for one month and will be charged every month.

Assets

500 Capital has a total of 6 categories are listed on the website, Forex, Crypto, Indices, Shares, Commodities and, a rare category – Portfolios. This is almost a complete coverage of asset classes compared with the industry canon.

Starting with Forex, Capital 500 has 41 currency pairs that we have counted, a bit more than 39 mentioned in the Account types web page. All majors are present, and some exotics are not common, like the USD/ILS, EUR/TRY, and EUR/MXN. Other exotics are RUB, Scandinavian currencies, HKD and SGD.

The crypto range is above average for sure. Of course, major coins like BTC and XRP are listed, but also a lot of altcoins. Monero is available in 3 combinations, Monero/Ethereum, Monero/USD and Monero/Bitcoin. Ethereum Classic can be found against Ethereum, USD, and Bitcoin. Bitcoin itself has an amazing list of combinations. How many times can you see BTC/CNY or BTC/RUB? Other Bitcoin variants like Mili Bitcoin and Bitcoin Gold are rare to see too. A total of 46 crypto combinations are found in the MT4 platform. From the exotics not mentioned, we found QTUM, OmiseGO, NEO, IOTA and Zcash, It looks like a crypto enthusiast heaven.

Indicies are modest compared to the crypto range but a total of 11 Indices are listed. Major are all there, S&5500, DAX, NASDAQ, Nikkei, UK100, STOXX, France 40, Spain 35, etc. Less common ones are RTS (Russian Trading System), Hong kong 33, and mini Dow Jones.

Precious metals range is good, containing all 4 precious metals and Copper under the Commodities category in MT4. Gold, Silver, Platinum and the “independent” Palladium are all listed. The only thing that could be a drawback for using these for hedging is the swap rate, otherwise, this range is almost complete.

Stocks range is great, 500 Capital offers 38 EU companies, 124 US companies, and 26 Russian – of course, more familiar to the Russian clientele. Most of these major, big companies from different industry sectors. This range is also unique for the list of not so common Russian corporations.

Commodities list is very extended, which is rare to see among brokers. A total of 20 commodities means commodity specialists will like what they see with 500 Capital. WTI and Brent Oil is a must, on top, there is Natural Gas in the energies section. Now, rare to see commodities are Feeder Cattle, Live Cattle, Lean Hog, Soymeal, Rough Rice, Oats, Aluminium, Zinc, and Nickel. We are not sure if these are popular in Russia.

Finally, Portfolios are grouped assets that can be traded as CFD. Each portfolio assets have some unique characteristics so they can be useful when grouped. For example, Beer, Weed, and Spirit. US financial company portfolio, IT portfolio, etc. 500 Capital went even further offering Crypto portfolio. What cryptos are included inside is not disclosed but the same swap percentage is set as with Cryptocurrency pairs(-18%). Unlike cryptocurrencies, trading with this portfolio is not 24/7.

Spreads

The spreads are floating type and both Account types are from 1.3 pips. Metatrader 4 confirmed that this is true for the EUR/USD and also USD/JPY pairs. Other pairs did not have many deviations and under normal levels. Exotics like USD/RUB USD/TRY and USD/MXN seem to have fixed spreads at 9000, 2182 and 1600 points respectively, even though in the specification floating spread is typed in. USD/ILS has a 21 pips spread.

Metals category spreads are average, XAU/USD has 54 pips spread, XAG/USD 4.8 pips, Platinum 10 pips and Palladium 61 pips. Oils had a range from 3 to 5 pips and Bitcoin/USD a very wide 120 pips, making the major crypto very hard to trade profitably even without the -18% swap. BTC/EUR has a much lower spread at 25 pips, which is a strange deviation. Other coins have a similarly widespread like the BTC/USD.

Minimum Deposit

The minimum deposit is not stated but we believe it is 500 EUR. Once you select the account registration type in the Traders cabinet, there will be a 500 EUR Account name. Also, the deposit amount of 500 EUR will be granted within the Cabinet, but not less. For the VIP the minimum is 100.000 EUR.

Deposit Methods & Costs

500 Capital has an interesting way to deposit with Bitcoin. Other ways are Visa/MasterCard, Bank Transfer, ePayments, and so-called “COINPAYMENTS”. 500 Capital also mentioned QIWI and Yandex.Money as payments, although these were an option in the deposit drop menu. The broker does not seem to charge any fees for deposits, but the exact statement about this does not exist anywhere on the site or the documents.

What is important to know is that we have found out that the Bank Transfer method does not exist n practice. The information needed for the transfer is not displayed such as the IBAN. Furthermore, Visa/MasterCard is used but only to buy cryptocurrencies that are later deposited to the 500 Capital wallet. This is one of the methods to invalidate your right for a chargeback as Bitcoin is irreversible and unregulated by design.

The ePayments method exists and the recipient account name is Private Genesys Fund. Finally, the “COINPAYMENTS” payment method will lead you to the portal where you can also buy crypto to deposit to 500 Capital. The company behind this portal is very interesting.

More on this company and about Private Genesys Fund in the conclusion section at the bottom of this review.

Withdrawal Methods & Costs

Withdrawal methods are the same as with deposits. Fees are undisclosed.

Withdrawal Processing & Wait Time

This information is undisclosed although the withdrawal method by ePayments is instant. As other methods are, in essence, Bitcoin transfers, a transaction will be complete once 3 confirmations are processed, which usually takes about 1 hour if the Bitcoin network is nominal. Card withdrawals are also processed within minutes generally.

Bonuses & Promotions

500 Capital mentioned the bonus in the Accounts page, as stated if clients deposit 1000EUR is required to receive the “500Capital” bonuses. As to what is exactly a bonus and the conditions for the same are undisclosed.

Educational & Trading Tools

500 Capital does not have even the most basic tools or education material. The only instance of tools is in the Account types page where tools are available to those who deposit at least 1000EUR.

Customer Service

There is a form within the Trader Cabinet once you log in. The social network buttons do not work, as well as any social network account in the name of the company. The phone number is presented in different parts of the site and the Traders Portal, sometimes with a different calling country code, for UK, Russia, and Australia. Chat service does not exist although mentioned in the Traders Cabinet.

Demo Account

500 Capital not only that it does not present the Demo Account but looks like they prohibit the use of it. The Demo is not available to open going the usual way. To be able to see the demo you need to open a web trader and register for a demo within the MT4 Web Trader. That way you can get credentials to your email and see what is offered, since there almost no info from the website. The Demo is set not to allow trading.

Countries Accepted

Even though 500 Capital is oriented to Russia, anyone that wants to risk can make a deposit. This broker is unregulated and uses crypto for transactions.

Conclusion

This broker looks very good on paper, or better to say within the MT4. 500 Capital can be categorized as a market maker type although it could also be classified as a scam. What we have found out is that the location of this company is virtual, or in other words, 500 CAPITAL PTY LIMITED really is registered at “5 11 Queens Road, Melbourne, Victoria, 3000, Australia”. Whatsoever, “COINSPAYMENT” proxy points to pacifictradelp.com, a partner company that also opens Virtual Offices. This is a service that enables a company to work remotely and present a registered business location with Virtual Office anywhere.

Furthermore, using an IP phone, the lines are also virtual. Private Genesys Fund is a previous brand name of 500 Capital that got exposed as many scam reports arose before March 2018. Of course, 500 Capital has scam reports although the company is still not easy to find for the search engines. Finally, the company documents reveal a few discouraging key points, as if they hold any value given to the above mentioned. Terms and Conditions under point 10 enable this company to restrict trader’s orders, 11.1.10 does not allow scalping, 11.2.7 does not allow EAs and some more under point 17.

This broker is very old if we compare this legacy to the retail CFD emergence and trading today. Windsor Brokers are established in 1988 and this experience is one of their key selling points, marketed all over the website. The brand had a good image back in the days, but recently has very strong cases of scam reports by users. As with many brands, the name carries the trust within its consumers and the brand name is worth that much. Once the underlying business structure is sold, the name of the brand usually is kept for the effect it has.

Windsor Brokers is something different now, although regulated, with deep capital reserves and good product coverage. The modern web site design has a good flow of useful information and is well structured. The regulation is split into two domains and regulatory bodies, and into two registered companies in different countries. The domain that covers EU traders is windsorbrokers.eu and for the rest of the world is windsorbrokers.com. The offers value, safety, and quality of service will be evaluated in the following sections.

Account Types

Windsor Brokers has 3 account types that are well described and distinctive. The Zero Account is a Metatrader 4 platform only, low variable spreads, and commission account that requires a $2500 minimum deposit. This Account is catered for a “heavy trader” that does not require training, and also is not interested in Islamic, swap-free accounts. It features negative balance protection, allowed hedging, and spreads from 0 pips on majors as described.

The Prime Account is bound to the MT4 platform and mainly distinct as a beginner-friendly account. Therefore, traders will have an Account Manager like in the Zero Account and also training. To open this account you will need $100 minimum deposit, and as Prime Account does not have a commission, the spreads are wider from 1 pip on Majors. Islamic, swap-free trading is available. The leverage levels and other conditions are the same as with Zero type account.

The third type is the VIP Zero Account that is not directly listed along with the types described above. This is reserved for high volume and fund deposit clients that will enjoy a dedicated personal account manager, one-on-one sessions with a personal analyst, and a lower commission per turn. The exact figures for this account type are not disclosed.

Platforms

Windsor Brokers is focused only on the Metatrader 4 platform, one of the most widely used and supported platforms with many trading addons. There are 4 downloadable versions, for Windows, Mac, Android, and iOS. For those that do not want to install anything on their devices, MT4 Web Trader is available from any browser. Interestingly, the MT4 Multiterminal version is also available for download. This version provides easier access for simultaneous management of multiple accounts, useful for managers of investors’ accounts and for traders that need this feature. Windsor Brokers is involved with IB (Introducing Brokers) that use this version, many of which are connected to the negative reports and investigations. More on this issue in conclusion.

The desktop MT4 platform is updated to the latest version although does not have the default layout once first started. It has a white template on six evenly arranged charts, for 4 major currency pairs and two charts representing Gold and Silver, all set to H1 (one hour) timeframe. Additionally, each window has a few common indicators already applied in seemingly intentional combos to form a basic trading system. For example, EUR/USD has RSI, MACD, Momentum, and Stochastic oscillator arranged to their default settings. Also, USD/JPY has Ichimoku Kinko Hyo and Volume set up, and so on. This arrangement looks better than MT4 default and showcases the possibilities of the Metatrader 4 platform.

Some custom templates are available to insert too, probably prepared for live sessions with the Windsor Broker Account Manager. Windsor Brokers servers have a ping time of 53ms, automatically selected to the fastest. Execution times average 180 ms but with some deviations, going up to 350ms to execute an order. The symbols for each asset are neatly categorized, the instrument specification if filled with enough information. The platform will reflect the commission charged and the swap correctly for each position opened. Note that the demo account will not reflect swaps.

Leverage

The leverage is up to 1:500 for all account types and is easily changeable within the Client’s Portal. This leverage does not apply to all assets and the level will vary from asset to asset. For example, spot Gold has a leverage of 1:100, spot Silver is at 187.5% margin percentage meaning your set leverage is divided by the factor of 1.875, hence the leverage of 1:266 in our case. Note that the leverage of up to 1:500 is different from the other, EU Windsor Brokers domain, regulated by CySEC. For traders that do not apply with this regulation/domain have riskier option to trade with more leverage.

Trade Sizes

Both account types, Zero and Prime have the same trading sizes. The minimum possible order size opened is 0.01 lots or in micro-lots. This applies to Forex and both spot metals too (XAU, XAG). The maximum allowed trade is 50 lots for currency pairs, for spot Gold and Silver it is 20 lots maximum. Volume steps are also in micro-lots or 0.01 lots allowing for a more precise Money Management control, especially for scaling in and out trading methods. Stops level will vary from 2 to 5 pips. All Account types have a 100% Margin Call level and 20% Stop Out.

Trading Costs

Windsor Brokers Zero Account has an $8 commission per round but also smaller spreads. Prime Account does not have any commission but wider spreads. The swap levels are under normal levels with a few positive figures for certain pairs. For example, XAU/USD has a -12-9 point swap for the long position, which is steep compared to other brokers, and a positive 3.7 for short. Also, AUD/CHF has a positive swap for a long position at 0.88 points, -0.528 for short – this is one of the lowest swaps differences we could find on the list. The only swap that is somewhat unattractive is for long term traders holding Gold positions, which also makes hedging a bit expensive for those that are cost-sensitive.

Assets

Windsor Brokers has a great asset range. Each category is well developed except Cryptocurrencies are not on the list. Starting with Forex, 15 major and 30 minor pairs are available. The exotics range is not particularly extended, PLN, Scandinavian currencies, HKD, SGD, TRY and HUF are the ones worth mentioning. So if you would like to play with the China-US trade war CNY, in not the currency you can balance to. What makes this broker different is the currency CFD for AUD, JPY, CAD, CHF, EUR, and GBP. These instruments have a very correlated price movement with their USD denominated counterparts making them less useful.

Precious metals are limited to Silver and Gold. They are both available on the Spot and Futures market. This is not very useful concerning the prices that are extremely correlated between them. Traders interested in metals will demand to also have Platinum and Palladium and will probably move on from Windsor Brokers. Copper is listed under the Commodities category.

Commodities range features a total of 14 assets that are tradeable counting the overlapping Future types. Both Oil kinds are listed, Crude and WTI, also on the Spot and Futures market with some other energy classes like Natural Gas, Heating Oil, and Gasoline. Non-energy commodities that are available are Corn, Coffee, Wheat, Sugar, and Soybean. This range is good enough and on par with some bigger brokers in the industry.

Indicies have a better than average range and cover a few global markets. Special attention is given to the APAC region (Asia-Pacific) under which China 50, Hand Seng 50, Japan 225, MSCI Singapore and Taiwan Index can be found. In the EU region notable and less available indices are AUST20, and SWI20 Index. US companies’ indices are somewhat limited to only 3. These are S&P500, Nasdaq and Dow Jones Industrial 30. A total of 16 assets are found on the MT4 platform including the US Dollar Index.

Probably the weakest category Windsor Brokers has are the Shares. A very low number of shares available will not attract many traders that follow their favorite companies. Only 12 most popular stocks form the US are listed, and all are tech giants like Microsoft, Intel, AMD, Apple, Facebook and so on. This offer is inadequate for diversification purposes.

Now Windsor Brokers may not have the popular Cryptocurrencies but they have some interesting assets under the Bonds category. A total of 4 Bond types are listed, US Bonds under 2, 5 and 10 years due dates and Euro Bund. These are very interesting and a good alternative for Gold hedging for example. Note that the trading sessions for these are not 24h.

Spreads

The s[reads are variable for all account types. The Zero Account that is presented with spreads from 0 pips is, although close but not true. The most liquid currency pair EUR/USD has 0.3 pips that we have measured in calm periods. The similar spread is with the USD/JPY pair and the others have 1-2 pips wider, do the spread deviation is low. The biggest spread in the Forex majors category is with the GBP, also known as the big mover. So, GBP/NZD has 4.2 pips, GBP/CAD 2.9 and GBF/CHF 2.7 pips.

The exotics also have very good spreads, USD/SGD is at just 1.8 pips spread, and USD/TRY 293 points. Among the metals the spread is also competitive, Spot Gold has just 15 pips, Silver in a similar spread range. The EUR denominated metals pair has a bigger spread that starts from 20 pips. Interestingly, we did not notice a big spread difference between the Zero and Prime Account types and we are not sure if the. These spreads generally are among the most competitive and certainly one of the highlights of Windsor Brokers.

Minimum Deposit

Prime Account requires a minimum of $100 deposit and the Zero at least $2500. The VIP Account does not have any amount specified but taking from earlier types no longer offered, this amount is probably above $25.000.

Deposit Methods & Costs

There are a few choices of deposit methods with e-wallets, cards, and PSP. Not all deposit methods will be available for each investor but starting from Skrill the available currencies are EUR, GBP, and USD with the 3% fee for the transaction. THB has no fee but a minimum deposit amount of $20. Netteler is the same as for Skrill, a 3% fee and the same currencies. Web money will charge a 0.8% fee for the deposit only available in USD.

For the APAC region, the deposit is available in CNY through UnionPay, there are no fees and the processing within the same day. Master Card and Visa are the offered options for Debit/Credit cards. They are both available only in USD, a 3% fee and a maximum deposit of $5000. Finally, the Bank Wire method is possible in USD, EUR, and KWD – an indication of Kuwait bank cooperation with Windsor Brokers. Fees and processing time will vary.

Withdrawal Methods & Costs

The same methods as with deposits are used for withdrawals with a few different fees and conditions. Visa and MasterCard will have a $3 fee and a maximum of $5000. The processing should be on the same day. Web money is available in USD, with a 0.8% fee per transaction and no maximum amount. Union Pay has the same conditions as with deposits, while Netteler will have a $3 transaction fee or currency equivalent (3GBP, 3EUR). Skrill and THB have the same fees and processing time as with deposits.

The conditions for withdrawals are similar as with other brokers, although for Credit Cards is a bit different: Deposits by Credit Card must be withdrawn back to the same Credit Card if a withdrawal is requested within six months from the deposit time. After 6 months, the client should provide a bank statement. This time condition is similar in length as with the chargeback protection from Visa and MasterCard. For the bank transfers and e-wallets, the same channel condition remains.

Withdrawal Processing & Wait Time

For all the withdrawal methods processing time is within a day except for the bank transfer, of course. Bank transfers will always require more than a day and usually up to 7 days to reflect in the client’s bank account. For THB methods, the processing time is instant.

Bonuses & Promotions

Windsor Brokers has a few promotion types and none of them is a bonus on top. The most noticeable is the $30 Free Account symbolic to the Windsor Brokers 30 years of service. This promotion will fund the trader’s account with $30 that are not withdrawable. What is withdrawable is the profit gained from trading but must be greater or equal of $30. The conditions also list the countries that are not eligible.

Previous promotions are presented on the website and these are Facebook contests, predictions, and guessing games. Facebook contests are held weekly and cover the most important weekly news. These promotions are different than popular but complex bonuses and allow Windsor Brokers to have a better approach to traders with more fun-based action.

Educational & Trading Tools

Education is distributed in two places, on the web site and the Client’s Portal. The home panel of the Client’s Portal contains 8 video packages that cover the basics of trading but also some interesting modern trading methods like social trading, various strategies, etc. The videos are not long and also very neutral, giving traders different aspects of trading. For beginners, these videos will give great insight into what the Forex is.

The webinars are only found within the Client’s Portal. There are a total of 13 videos that will explain how to trade using Fibonacci levels, Support and Resistance, Technical and Fundamental Analysis, Economic Calendar and so on. Of course, these are general videos, without going into deeper trading theories and practices.

Ebook is available only within the Clients’ Portal, these are basic, short books not longer than 20 pages. Most of the topics are elementary.

Windsor has a special district for Analysis and News. It is in the Blog section where traders could have some in house material that is updated frequently. The portal features Technical Analysis, Trading Ideas, News, Calculators, and the Economic Calendar. The News events are coming from Windsor Brokers Tweeter account, and the breaking, most important ones, are written like a blog article that contains some basic technical analysis. Trading Ideas are just some predictions based on some common technical indicators and are not very deep.

To our surprise, Windsor Brokers did not put any effort into the Economic Calendar, the standard Meta Quotes design is integrated with familiar basic features. On the other side, the calculator’s section is very well developed by Windsor Brokers and features a pip, pivot, profit, margin, Fibonacci and currency calculator. Overall, educational and tools provide much more than many other brokers.

Customer Service

Windsor Brokers Customer service is not the best and we say this for the following reasons. The chat is not always available and you have a better chance of making contact with the representative if you register and log in. The representatives do not give full answers and the delay between responses is too long, sometimes no response at all. Some agents even said to come back after 3 hours. There is no professional etiquette or a polite approach. The other contact channel is through the message form. The phone line is not available for the .com domain. It is strange to receive below-average support from the broker that put some effort into many areas.

Demo Account

As per Windsor Brokers’ statement, demo accounts are for demonstration purposes only and do not necessarily reflect market prices, commissions, charges and/or methods of execution offered by Windsor live account. Their agents told us that they are the exact match with a real account, but we could not receive any information from them as they were uncooperative.

Countries Accepted

The windsorbrokers.com domain does not accept the countries from the EU, also the United States, and Belize. The .eu domain is under CySEC regulation and the EU directives, and as such, different trading conditions and security will apply to traders registered through this domain.

Conclusion

Windsor is a Market maker broker with great spreads and a solid range of assets that may attract first-time traders with their education material, promotions, and lower minimum deposit. The regulation for the .com domain is not as strict as the CySEC or FCA, the International Financial Service Commission of Belize doest not impose any funds insurance program, Capital Reserves/Adequacy, and other requirements.

The € 5.000.000 free insurance Windsor Brokers agreed with Lloyds of London does not show the Insurance Certificate, just an empty page. The main issue with Windsor Brokers is the extreme negative user reports that involve serious offenses that led to the investigation. Windsor Brokers has filed a lawsuit against some of its own clients over negative reviews and forums posts. This case that started in 2017 involving more than 500 clients from Egypt and other countries, is still ongoing.

Tickmill Ltd is a non-dealing desk Forex broker that is regulated by the Seychelles Financial Services Authority (FAS) and is therefore required to hold client funds in segregated accounts. The company offers high-leverage trading on FX, Metals, Indices, Oil, and Bonds from three different account types. Tickmill claims to be built by traders, for traders, and its experts have experience in the market that dates back to the 80s. This broker has also won several awards every year for its transparency, execution, trading conditions, and more. Stay with us to find out more.

Account Types

This broker offers three different account types; Classic, Pro and VIP. In addition to the three primary account types, Islamic accounts and demo accounts are also available. Accounts share the same leverages, tradable instruments, and trade sizes. Conditions differ when it comes to spreads and commission fees, so the main difference would be the way one pays trading costs. All account holders are eligible to participate in promotional opportunities. We’ve outlined some of the more important details below.

Classic Account
Minimum Deposit: $100
Leverage: Up to 1:500
Spreads: 1.6 pips
Commissions: Zero

Pro Account
Minimum Deposit: $100
Leverage: Up to 1:500
Spreads: 0.0 pips
Commissions: 2 per side per 100,000 traded

VIP Account
Minimum Deposit: Above $50,000
Leverage: Up to 1:500
Spreads: 0.0 pips
Commissions: 1 per side per 100,000 traded

Islamic Account: These accounts are available for all three live accounts and offer the same exact trading conditions and terms, except that there is no swap charged on trading instruments. Instead, the broker charges a handling fee for holding exotic currency pairs overnight for more than three consecutive nights. Traders would need to sign up for a regular account of the type of their choosing and then contact support in order to have the account converted within one business day.

In order to register an account, potential clients must submit a Proof of Identity (POI) and Proof of Address (POA) document. The broker does not specify how long it can take to review these documents.

Platform

This broker features the MetaTrader 4 Terminal as their sole trading platform. MT4 is widely recognized as the world’s best trading platform and features an easy-to-use interface, enhanced charting functionality, more than 50 indicators, and supports the use of expert advisors. Using MT4 with this broker also means one would have access to an advanced notification system and execution times of 0.15 seconds. The platform can be downloaded on PC, Mac, Android, or iOS devices. WebTrader is also available and is simply a browser-based version of the program that can be accessed more conveniently, should one not have the time or ability to download the platform.

Leverage

Leverage options range from 1:1, which means trading with the available account balance, up to 1:500. The leverage cap is offered on all account types, so there is no need to compare it on that basis. However, there is a limitation when trading Silver that makes the leverage 4 times lower than the set leverage on the account. For example, if the account’s leverage was set to 1:500, then the leverage for Silver would be 1:125. Gold can be traded with the highest leverage cap. The leverage cap on Indices, Oil, and Bonds is limited to 1:100. Also, note that 1:500 is the default leverage amount. If you’re a beginner or if you don’t have a lot of funds to risk, we recommend choosing an option that is lower than the default amount.

Trade Sizes

All accounts require a minimum trade size of at least 0.01 lots, otherwise known as one micro lot. Once your account net equity drops below 100% of the initial margin required to establish open positions, MT4 changes color to red to indicate that you are close to margin call. Once your account net equity drops below 30% of the margin requirements, the system will begin closing trades out one by one.

Trading Costs

Tickmill charges commissions, spreads, and swaps.

Commissions: Classic account holders will not have to pay any commission fees. On Pro accounts, commissions are charged at 2 currency units per side per lot. VIP accounts offer a lower 1 currency unit per side per lot.

Spreads: Spreads are not fixed and start from 0.0 pips on Pro and VIP accounts. Classic account holders will have access to spreads that start from 1.6 pips.

Swaps: Swap rates are applied at 00:00 platform time. Triple swap charges apply for positions on FX pairs, Silver and Gold that are held overnight on Wednesday. For the rest of the instruments, triple swap charges apply for positions that are held overnight on Friday. These swaps cover the interest for Saturday and Sunday when the markets are closed.

All swaps are based on the quote currency. The company offers updated information on their swaps under ‘Trading’ > ‘Spreads & Swaps’ and recommends clients check the swap rates on a regular basis. Rates can also be checked within the MT4 platform.

Assets

This broker offers 80 plus tradable instruments, including Forex, 14 Stock Indices and Oil, precious Metals, and Bonds. Forex options are made up of 60 currency pairs, including majors and minors. Metal options include Gold and Silver. Bonds are limited to German options only. As a whole, the company does offer a few options, but we’d love to see some more commodities and maybe even cryptocurrencies featured here. For some, this won’t be something that is missed, but others may feel that the instruments are a bit restrictive.

Spreads

The very best spreads start from 0.0 pips and are available on Pro and VIP accounts. You can’t go lower than this, although you should expect to see the spreads climb higher. Spreads are not fixed with this broker and the broker seems to advertise the minimum spreads, while typical spreads are higher. Spreads start from 1.6 pips on the Classic account type. This would put the spreads as being slightly above average, although one should remember that there are no commissions charged on this account type, meaning that trading costs are built-into the spread. The website also states that spreads can widen substantially at market opening and closing times, so be sure to keep this in mind.

Minimum Deposit

There is a standard $100 deposit requirement on Classic and Pro accounts. It’s always nice to see lower options for beginners, but this amount shouldn’t be too intimidating. A plus side would be the fact that both accounts require this deposit, so one would not need to come up with a larger amount if they’d prefer a Pro account. As for the VIP account, clients must maintain a minimum balance of $50,000. This would mean that traders would need to deposit a larger amount in order to trade while maintaining the required balance. The VIP account would, of course, be more suited for more professional traders that have the capital, so novice traders will want to stick with either a Classic or Pro account for a while.

Deposit Methods & Costs

Available deposit methods include Visa/MasterCard, Bank Transfer, Skrill, Neteller, SticPay, FasaPay, UnionPay, Nganluong, and QIWI. The broker covers any bank charges on deposits on deposits of at least $5,000, but clients making smaller deposits through Bank Transfer will be required to cover any banking charges. All of the other methods are fee-free. Most deposits are credited instantly, although there is a waiting period of up to one business day on Bank Transfers and 1-2 hours for UnionPay.

Withdrawal Methods & Costs

Tickmill only processes withdrawals back to the original form of payment and clients can then choose to withdraw any extra profits through their method of choice. All of the deposit methods are available for these withdrawals. This broker does not charge commission fees on withdrawals through any method. All of the withdrawal methods do require a $20-25 minimum amount to be withdrawn.

Withdrawal Processing & Wait Time

The broker processes all withdrawals within one working day (Mon-Fri), but the actual amount of time it can take to receive those funds varies. Skrill, Neteller, SticPay, FasaPay, and QIWI are all available instantly once processed. It can take 2-7 working days to receive Bank Transfers and 8 working days to receive payments back to Visa or MasterCard. UnionPay is credited within 48 hours and it can take one working day to receive Nganluong payments.

Bonuses & Promotions

Currently, this broker is running three different promotional opportunities; Trader of the Month, Tickmill’s NFP Machine, and $30 Welcome Account. Each offer is completely different, so we have provided an overview and some of the most important terms for each below.

Trader of the Month: Each month, the broker rewards the best trader with a $1,000 withdrawable cash prize. When deciding the winner, the broker accounts for good profit and money and risk management skills. Participation is automatic, so there is no need to sign-up for the offer. Note that minimum equity of $500 is required to qualify. The promotion begins on the first day of each month and ends on the last day. Winners are announced within 15 days of the next month. You can also view all previous winners on the Wall of Fame on the website.

Tickmill’s NFP Machine: The object of the game is to guess the price of a chosen instrument on the MT4 platform at 16:00. A perfect guess will bring $500 to one’s trading account. If nobody guesses correctly, the closest predictor will be rewarded with a $200 prize. This promotion runs weekly, every Friday. Traders will need to submit trading account information along with their guess ahead of time.

$30 Welcome Account: This is offered for new clients that are interested in opening a live account with this broker. The account offers the ability to trade with $30 in free funds, with no need to make an initial deposit. The account is available for 90 days and has the same trading conditions as the broker’s Pro account type. Up to $100 in profit can be transferred to a real account or withdrawn.

Educational & Trading Tools

As always, we were happy to see a multitude of educational resources available on the website. All traders have to start somewhere, so it’s great to see brokers putting in an effort to help teach the newer generation of clients. This broker offers seminars, Ebooks, video tutorials, infographics, a forex glossary, fundamental analysis, technical analysis, articles, and market insight. Some of these options speak for themselves, but we do always like to take a more in-depth look at seminars and video tutorials since the information provided in those can vary so widely.

When it comes to seminars, this broker offers an updated list of all upcoming events, including dates and the ability to register. These events seem to be live, therefore it is unclear if one could live stream the seminar.

The website also provided pages upon pages full of educational videos, so it’s safe to say that beginners should have access to everything they could need. In addition to all of their educational offerings, the broker also provides several tools on their website, all of which have been listed below.

–AutoChartist
–Myfxbook Copy Trading
-Economic Calendar
-Forex Calculators
-Tickmill VPS
-One-Click Trading

Demo Account

Along with the majority of its competitors, this broker is offering free demo accounts as a means of practice. It is not necessary to open a live account in order to access a demo, so anyone can take advantage of this opportunity. Registering for a demo account only takes a few minutes and requires a few personal details – name, email, phone, and country. This broker also offers more specialized options and there are demo accounts modeled after each of the broker’s real accounts. Rather than being given a standard deposit amount, this broker allows clients to input any amount they’d like in virtual currency, so long as it is not below their standard deposit requirement of $100.

Clients can also choose from leverage options ranging from 1:1 up to 1:500. Note that demo accounts will expire after 7 days if there is no login activity. In our opinion, this broker is offering one of the better demo account options, due to the fact that they put so much effort into assuring that conditions are realistic. Traders could test demo accounts in several different ways with this broker, by testing different account types, leverages, deposit amounts, etc.

Customer Service

Tickmill’s multilingual support team can be contacted through several different methods – LiveChat, phone, email, or by filling out a contact form on the website in order to receive an email or callback. Customer service is available from 7:00 to 20:00 GMT/GMT+1 during Daylight Savings Time. LiveChat or phone would be the quickest contact methods and support claims to respond to emails within 24 hours on business days.

The company provides one email address and has three telephone lines for their office, client support, and sales lines. We tested out the LiveChat option and received a response from a real person instantly, making this our favorite contact method offered by this broker. You’ll also find that the company is active on Facebook, Twitter, LinkedIn, YouTube, and Instagram. All contact information is listed below.

Email: [email protected]
Phone:
Office: +248 434 7072
Client Support: +852 5808 2921
Sales: +852 5808 7849
Address: 3, F28-F29 Eden Plaza, Eden Island, Mahe, Seychelles

Countries Accepted

Being a highly regulated broker, we weren’t surprised to see some stricter country restrictions. Our LiveChat agent informed us that the broker accepts clients from a list of certain countries. After asking what country we were located in, she quickly informed us that United States residents are not accepted. The US and all similar options are completely missing from the sign-up list, so the broker seems to take these limitations seriously. We didn’t find any other specific country names that are also banned, but we recommend reaching out to support if your country is also missing from the sign-up list.

Conclusion

Tickmill is a regulated Forex broker that offers trading on FX, Metals, Indices, Oil, and Bonds via 3 different account types on the MetaTrader 4 platform. The Classic and Pro accounts require a minimum deposit of $100, while the VIP account needs to maintain a balance of $50,000. All accounts offer the same leverage options of up to 1:500. The Classic account is a commission-free option that offers spreads from 1.6 pips. The Pro and VIP accounts both offer spreads from 0.0 pips, but commission fees differ, with fees being lower on the VIP account type.

Accounts can be funded through several different methods with no fees on deposits or withdrawals. Customer support can be contacted easily and was quick to reply when we tested out the LiveChat option, although we would love to see longer support hours. There are also several educational resources on the website and specialized demo accounts are available. The broker has three running promotions at the moment, including one that allows clients to open an account with no deposit and a credited $30 for trading by the company. If you find these conditions to be advantageous, then this broker would certainly be a worthy choice.

Nord FX is regulated by CySEC and fully compliant with the MiFID. Their services are compatible with Meta Trader 4 and there are over 160 assets to trade. The website is well structured for easy navigation and there is 24/5 assistance for clients in the event of any questions or queries. It is slightly odd, and rare, to come across a broker brand which has a regulated and unregulated version for the same broker. This does, however, mean that potential clients can opt for either or, depending on their residency acceptance to either of the versions.

Account Types

Nord FX (EU) offers 4 account types to choose from Bronze, Silver, Gold, and Platinum. Nord FX.com offers different accounts (3), which is not regulated, but simply compliant with the Vanuatu Financial Service Commission (VFSC). For Nord FX (EU) The higher the account deposit, the higher the percentage on discounts you will be entitled to. The Bronze account has no discounts on fees applied, and also does not come with a dedicated personal account manager, whereas the Silver, Gold, and Platinum do.

Platforms

Nord FX offers its services compatible with MetaTrader 4 (desktop, iOS/Android and tablets). MT4 is usually the preferred platform for most traders to date, and having the flexibility of being able to trade at home as well as on the go is definitely beneficial to many of us.

Leverage

Leverage options are not set out on the website so we spoke with the live chat support team to find out what leverage is available. We were advised that the maximum leverage for all clients, for the trading of ALL instruments, except for Cryptocurrencies, is 1:1000. However, this raised doubts as the footer of the website do state they are CySEC regulated, which, is an obvious indication that leverage caps should be a lot lower than that.

The Live Chat agent then sent an email contact to be contacted should one want a CySEC account. If not, the other account you would have is ‘regulated’ under the Financial Commission. This shed light on the fact that there are two versions of the brand- regulated and unregulated (Nordfxeu/com/ Nordfx.com) This means that potential clients can effectively choose whether they want to go with the regulated or unregulated brand, which then, of course, will mean the trading conditions vary significantly between the two.

Trade Sizes

Nord FX (EU) website does not state what the minimum and maximum trade sizes are, and when asking the customer support team, they could not disclose any information regarding Nord FX EU, but only Nordfx.com, for which they did not respond to, either. Be mindful that the two variations of the brand could have different minimum and maximum trade size requirements.

Trading Costs

Trading costs are not mentioned on the website, and even after a 48-hour wait after submitting an email ticket to the support team, no response was received. For this reason, we cannot comment on trade costs at this time but do bear in mind that commission and swap fees are likely to be applied.

Assets

With Nord FX EU it is unclear exactly what tradable assets are available as they are not set out on the website, but of course, once can open a demo to see the full list available, that would reflect the live account. At the same time, you could also check the spreads this way, too.

Spreads

Nord FX offers floating spreads, which start at 0.1 pips. Floating rather than fixed is usually what works well with many traders, and 0.01 is a competitive starting point. Live spreads are not displayed on the website however you do have the option to open a demo account to take a look at the spreads that are offered.

Minimum Deposit

The minimum deposits vary on the account type you choose, of which there are four:

• Bronze: min deposit $250
• Silver: min deposit $2,500
• Gold: min deposit $10,000
• Platinum: min deposit $25,000

Deposit Methods & Costs

With Nord FX, you may fund your account via the following methods:

• Bank Card (visa/mastercard/UnionPay) – UnionPay has a 3.25% fee
• Neteller – no fees
• Skrill – no fees
• Bank Transfer (CardPay Ltd/AstroBank) – a full table is available on the website with how fees are set out, which can be up to 60 euro per transaction.

This selection of methods available allows flexibility with traders who may opt for more than one funding method, or allow them to use their preferred or most familiar methods.

Withdrawal Methods & Costs

You may withdraw your funds via the same methods available to deposit:

• Bank Cards – up to 200: 20 EUR / 20 USD per transaction/ 200 – 1000: 30 EUR / 30 USD per transaction/ over 1000: 3% per transaction
• Neteller/ Skrill – 5% fee
• Bank Transfer – a full table is available on the website with how fees are set out, which can be up to 60 euro per transaction.

Withdrawal Processing & Wait Time

The timescales for processing withdrawals are set out on the website, which states the following:

• Bank card – 1 working day
• Neteller/ Skrill – 1 working day
• Bank Transfer – 3-5 working days

Of course, bear in mind that your banking provider may vary in timescale due to standard checks, which may cause delays in the receiving of funds back to your account so it is always good practice to check with your provider before requesting a withdrawal. This applies to deposits and withdrawals alike.

Bonuses & Promotions

Bonuses and promotional schemes are not at all mentioned on the website, and given the regulation status, it would seem these services would not be allowed to be offered anyway. Upon checking, we can confirm that neither the regulated or unregulated versions of this brand offer bonus schemes.

Educational & Trading Tools

Nord FX does offer a multitude of trading training educational material including readable content as well as videos. However, in order to access these, you must first register as a client. This is a clever way to entice potential clients and convert them into live clients before having a full understanding of forex and how it works; why would someone try to access training material if they did not need to? The point is, Nord FX have educational packages available, should that be of interest to you.

Customer Service

Should you need to contact Nord FX EU, you may call in or send a ticket between Monday and Friday 9 am – 6 pm Cyprus local time. For NordFX.com you also have support on a 24/5 basis, but you have live chat facility in addition to the telephone line and email options.

Demo Account

Nord FX does offer a demo account for one to backtest their trading conditions to test suitability. It is always good practice to make use of a demo until sufficient profits are being made to ensure your strategies are compatible with the trading conditions offered.

Countries Accepted

Bear in mind that this Nord FX brand, there are two versions- regulated and unregulated. This means that with the CySEC regulated version, note that they cannot provide financial services to the residents of USA, Canada, Japan, Belgium, and other additional jurisdictions.

On the other hand, the unregulated brand does not allow the provision of services to US citizens or residents due to the US internal fiscal and security regulations. They also don’t accept clients from South Africa. It is also interesting to note that you can become an affiliate of the unregulated version, but not the regulated version of this broker.

Conclusion

It is incredibly confusing and misleading that there exist two versions of this brand- regulated and non-regulated which means there are significant differences int rade conditions between the two. Overall, however, for what you are entitled to (depending on residency, etc), Nord FX offers amicable conditions accordingly. Of course, the regulated version is more restricting when it comes to leverage allowance, whereas the unregulated version is a lot more preferable with 1:1000 leverage, as opposed to 1:10.

The unregulated version offers a live chat facility, whereas the regulated version does not. Customer support and availability/methods do play a very important part in a broker, so it is frustrating for some traders, if there is not someone they can speak to, quickly and around the clock, should they have any trade queries or concerns.

Overall, this brand does offer good trading conditions, and a demo account means you can backtest this broker’s services to see if they suit you and your trading style/strategies.

FXCM was established in 1999 and is one of the leading providers of retail Forex trading. FXCM state that they put the client first and offer premium trading conditions for their clients, offering a number of earning opportunities and platforms, we will look deeper into what FXCM offer and see if they really are one of the leading platforms.

The FXCM brand is spread across a large number of different sites which are based on region, each region/site offer different features, for the purpose of this review we will be looking at the UK based site, so some information may be slightly different when you visit FXCM.

Account Types

There are a few different accounts on offer from FXCM, on the Uk site, there are a couple of basic ones for us to look at, other versions of FXCM may have different account types.

Spread Betting:
A spread betting account is a trading account with a difference, it is classed as gambling by the UK government, so this means that there is no tax payable on any earnings. So why doesn’t everyone use these accounts? To put it simply, the spreads are often a lot larger than on a standard retail trading account. The Spread Betting account comes with a leverage of between 30:1 and 2:1 depending on the instrument that is being traded. The spread betting account uses MetaTrader 4 and NinjaTrader platforms (we will look at this later) and has spreads ranging from 1 pip to 5 pips. The minimum deposit to open a Spread Betting account is £50.

CFD Trading Account:
This is an account that you will be far more familiar with, it is a standard retail trading account, It allows you to trade currencies, indices, and commodities. These accounts have similar leverage of between 1:30 and 1:2 dependant on the instrument that is being traded. This account uses the MetaTrader 4 and Trading Station platforms and has a minimum deposit of £50. Spreads range from 0.5 pips to 5 pips.

FXCM has kept things simple, there are only two true account types, with other variations of them which we will go into more detail in the promotions section, as they are more based on bonuses from trading.

Platforms

FXCM offers a wider range of platforms to trade on and with, we will look at them in a little detail now.

Trading Station

The Trading Station is FXCMs very own trading platform, designed for their own service it is custom-built to offer their clients the best trading experience they can offer. Trading Station is available on multiple platforms from a desktop download, a web browser trading extension and an app for both iOS and Android. It provides additional features such as advanced charts, automated trading strategies, and easy one-click trading.

MetaTrader 4 (MT4)

MT4 is one of the most well known and used trading platforms, available as a desktop download, a web-based platform to use within your internet browser and as an app for iOS and Android devices. It offers high levels of customization and is compatible with hundreds and thousands of indicators and expert advisors. There is a reason why it is one of the most used platforms, due to its stability, it can be relied on to undertake even the highest demand trading.

NinjaTrader

NinjaTrader 8 is designed to be used with the FXCM spread betting accounts. It features extensive forex functionality including analytics, charting, and automated trading. It is customizable and you are able to alter its interface to suit your needs, one-touch trading makes it fast and efficient at getting your trades set when you want them.

ZuluTrade

ZuluTrade is a social trading platform where you are able to follow other people’s trades or allow others to follow your trades. FXCM is fully compatible with ZuluTrade and can be linked and set up within minutes to being your social trading experience.

Leverage

Leverage is based on what instrument you will be trading, major currency pairs have a leverage restriction of 1:30, non-major currency pairs, gold and major indices have leverage of 20:1. There is a 10:L1 leverage for commodities other than gold and non-major equity indices, and finally, there is a 2:1 leverage for cryptocurrencies.

Trade Sizes

The minimum trade size for all accounts with FXCM is 0.01 lots which is also known as a micro lot. We were not able to locate the information in regards to the maximum trade size, however, there is mention of a maximum trade of 5 million currency.

Trading Costs

FXCM uses a spread based cost system on their accounts, this means that there are no commissions charged with each trade or per lot. What it does mean is that the accounts get an additional spread added to them in order for the broker to make a bit of money with each trade.

Assets

There are a number of different asset types to trade when using FXCM, they are the following: Forex, Forex Baskets, Stock Baskets, Indices, Commodities, and Cryptocurrencies.

The Forex Baskets are not often seen on retail brokers, these give you the ability to trade a base currency against a “basket” of other currencies, such as the USD against EUR, AUD, GBP, and YEN at the same time.

It is also nice to see cryptocurrencies present as these are a rapidly growing sector of trading with both new and experienced traders beginning to trade them due to their volatility and high profit (and loss) potential.

Spreads

Spreads vary, and they vary a lot based on the instrument that is being traded, a few examples of the current spreads are AUDCAD 2.6 pips, EURUSD 1.3 pips, and GBPUSD 1.8 pips. As you can see there is no set spread and you will need to monitor the instruments that you wish to be trading in order to see what their spreads currently are.

Minimum Deposit

The minimum deposit when using the UK site is £50, having a quick look at other sites, it seems that $50 or 50 in the equivalent currency is the standard with most of the FXCM websites.

Deposit Methods & Costs

There are a number of different ways to deposit on the UK site, please remember that these may vary from your own regions site for FXCM.

• Debit / Credit Card – No Fees
• Bank Transfer – No Fees
• Skrill – Max £20,000 per month – No Fees
• Neteller – Max £20,000 per month – No Fees

FXCM does not allow third-party payments, this means that they would not allow someone else to deposit into your account.

Withdrawal Methods & Costs

From what we can see, there are only two ways to withdraw from FXCM which is strange considering the four methods to deposit are often used to withdraw also.

Bank transfer and Credit / Debit card the available methods. There are no fees in order to withdraw, however, your own bank may charge a fee for bank transfers.

If a deposit has been made with a Credit or Debit card, then the deposit amount must be withdrawn before a new withdrawal method can be used.

Withdrawal Processing & Wait Time

Withdrawing via Credit or Debit card will take approximately three to five business days. Bank Wires will take between one and two business days to process, international banks will take between three to five business days.

Bonuses & Promotions

Different versions of the FXCM website have different promotions and bonuses available, we will be looking at the UK based bonuses.

There are VPS servers available, however unlike a lot of other brokers, there is a charge for this broker of £30 per month, we could not see if there was a requirement to get this VPS for free though as some brokers offer them for free if you trade enough lots per month.

There is an Active Trader promotion, if you trade enough during each month then there is an opportunity to gain better trading conditions such as tighter spreads. The requirements are not made public and it appears to be on an individual basis. If you are interested in this promotion, then you need to call or contact FXCM to see if you qualify.

Those are the only visible promotions on the UK site, as mentioned previously, there may be others or different versions of the same promotions on one of FXCM’s other regional sites.

Educational & Trading Tools

There are a few basic tools available with FXCM such as an economic calendar and some charts on the website. There are also some more in-depth tools to help become a better trader such as online classroom-based sessions.

There is something called FXCM Plus, which is a section of the FXCM website that you only have access to if you are a client of FXCM. This provides you with some additional tools such as trading signals to give you an idea when and what to trade, a technical analyzer which gives you things such as moving averages and finally trading analytics, this gives a visual way to find mistakes in your trading and trading strategy.

Similarly to the bonuses, some of these tools may not be available on other versions of FXCM, and there may be other educational tools available.

Customer Service

There is a multitude of ways to get in contact with FXCM, and multiple different languages to do it in. In fact, there are 42 different languages when it comes to making a phone call, this type of accessibility is very refreshing to see.

You are also able to send a text message, use the online chat, which we tested and got a good response time from a helpful customer service representative, however the time between each response was a little long, around 30 seconds to reply each time.

You are also able to email various departments regarding your questions or queries.

Demo Account

Demo accounts are available, they are available for both the Forex accounts and the spread betting accounts. You can have two different types of a demo account, the first requires you to sign up and works as a more traditional account. They last for an unlimited amount of time, but if they are left dormant for too long then it will be closed but a new one can then be opened to continue testing.

You can also load up the WebTrader and try trading using this, no account setup is needed, however when you close the browser, all trade history and progress will be lost, so it is good for a quick 5 minute test, but if you want a long term test, then you will need to sign up for a full demo account.

Countries Accepted

FXCM have so many different regulations, regions and sites that anyone is able to trade, clients from the USA are also allowed through the USA based site.

Conclusion

FXCM are a company that are trying to cater for everyone, there are so many different variations of it that it can be confusing, especially if you are taken to the wrong version for whatever reason. Having said that, they offer a competitive trading environment with spreads being at a decent level when there is no additional commission.

No deposit and withdrawal fees are always a plus and the customer service is very accessible and the representative we had was helpful. FXCM could make a good choice as a broker if you are happy with all the information mentioned above.

We hold you like this review, if you did, make sure to check out some of the other reviews to help find the broker that is right for you.

FXPrimus is one of the more well-known forex brokers, they have been around for years and offer a very solid platform. FXPrimus claim to be setting new standards within the retail forex industry, let’s take a closer look and see what they are really offering.

Account Types

There are three different accounts on offer from FXPrimus, Standard, Premium and VIP, each coming with their own requirements and perks, so let’s take a look at these accounts and see what they offer. It should be noted that the account comparisons on the FXPrimus site do not specify differences between spreads, commissions, and other such aspects of the accounts, so we will assume that they are all the same and we will cover them later in this review.

Standard Account: The standard account is the entry-level account from FXPrimus. It has a minimum deposit requirement of $1,000, it comes with daily market outlooks, SMS alerts and a one to one consultation.

Premium Account: The premium account has an increased minimum deposit of $2,500. This comes with the same perks as the standard account, however also included a 60 minute MT4 and trading tools training session, and live market update phone calls.

VIP Account: The VIP account has a further increased minimum deposit sitting at $10,000. This comes with all the same perks as the premiums account but also has the following included too, a 30-minute consultation with a market specialist, personal access to a market specialist 24/5 and access to VIP trading signals.

A lot of these are perks that would not necessarily make you chose FXPrimus over another broker, they are nice to have, but we would be more interested in seeing more information about spreads and other important details.

Platforms

The main trading platform on offer from FXPrimus is MetaTrader 4 (MT4) which offers huge amounts of customization and is compatible with thousands of indicators and expert advisors. MT4 is available to download for desktop computers, on Android and iOS devices and as a WebTrader to trade within your internet browser, giving it a lot of flexibility and accessibility. FXPrimus also offer API access for those that wish to use it, but that is more advanced than the majority of retail traders will ever get.

Leverage

All trading accounts with FXPrimus have a maximum leverage of 500:1, this can be adjusted when opening an account or on an existing account as long as there are no open trades. Leverage can be set at 50:1, 100:1, 200:1, 300:1, 400:1 or at 500:1.

Trade Sizes

While looking through the FXPrimus site, we could not find the information regarding the maximum trade size allowed, this is normally between 50 lots and 1000 lots, however, there was no mention of it. We did discover that the minimum trade size was 0.01 lots, also known as a micro lot, which is the standard amongst retail brokers.

Trading Costs

When there are small spreads involved it normally means that there will be a commission to pay, and that is no different with FXPrimus. When using their ECN accounts, there is a commission of $10 for every lot traded, this is relatively high as the average amongst brokers seems to be around $6 at the moment. It would be good to see this reduced, especially if someone is going for the VIP account, you would have thought that a reduced commission would have been a nice incentive.

There are also spreads charged or received for holding trades overnight, these charges can be found directly within the trading platforms used by FXPrimus.

Assets

There are a number of different instruments that can be traded on FXPrimus, these are Forex, Metals, Energies, and Indices, while there is not a full breakdown of what is tradable on the site, there are a few examples:

Forex: Majors, Minors, Crosses, and Exotics
Metals: Gold, Silver, XAUEUR
Energies: USOIL.sp, UKOIL.sp, USNGAS
Indices: S&P500, ND, AUS200, STOXX50, HK50, JP225 and ESP35

Spreads

The FXPrimus website states that all ECN accounts have a spread of around 0.1 pips, however, in reality, this is not quite the case. When looking at the live spreads, the lowest we saw was 0.4 pips, with others going as high as 1 pip, quite a bit bigger than advertised, however having said that, a 0.4 pip spread is not exactly massive.

Minimum Deposit

The minimum deposit in order to open up the standard account (FXPrimus’s entry-level account) is $1,000. However, once an account is open, the minimum amount that can be deposited with each deposit is $100, this is helpful if you just wanted to top the account up slightly.

Deposit Methods & Costs

There are a number of deposit methods available, each being standard within the retail forex industry, there is a bank wire transfer, Visa and MasterCard deposits, both credit and debit, Neteller and Skrill.

As mentioned above, there is a minimum deposit of $100 for each of these deposit methods, there are no added fees to these deposits and any and all deposits must come from your own bank account.

Withdrawal Methods & Costs

Withdrawing your duns is nice and easy and the same methods are available as the ones to deposit. There is equally a $100 minimum withdrawal amount. There are no added fees for withdrawals, however, bear in mind that your bank may place charges on incoming transactions. Please note that FXPrimus will only withdraw funds back to the original deposit method, as detailed in their terms and conditions.

Withdrawal Processing & Wait Time

All withdrawal methods have an up to 24 hours processing time except for bank wire transfers, which have a processing time of around 2 – 5 working days, however, this is dependant on the speed of your own banks processing times.

Bonuses & Promotions

FXprimus offer a number of different promotions and bonuses including, VPNs available to people who trade over a certain lot threshold, there are also a number of deposit bonuses or reduced commission bonuses, the details of which are not prevalent on the site, but there are mentions of them at various places on the website.

Educational & Trading Tools

There are a number of different educational tools available with FXPrimus, some you may find more helpful than others. There is a weekly outlook, giving ideas on upcoming news events, there are views in the “Learn to Trade” section, these details certain aspects of trading and to help develop someone into a more knowledgeable trader. Finally, there are a number of webinars and seminars where you can interact and learn from experts.

Customer Service

Should you wish to get in contact with FXPrimus there are a number of different ways in which you can do it, you can use the online contact form, send an email direct, use live chat, use the postal address or via phone. We tested the live chat feature and were connected within a few seconds, the person on the other end took a while to respond, however, they were helpful and courteous and managed to answer all of our questions without much hassle.

Demo Account

Demo accounts are available and are easy to open, simply follow the on-screen instructions. These last for an unlimited amount of time, however, they may be closed and progress lost if they are left idle for too long.

Countries Accepted

The following information is mentioned on the FXPrimus website: “This information is not directed or intended for distribution to or use by residents of certain countries/jurisdictions including, but not limited to, Australia, Belgium, Canada, France, Iran, Japan, North Korea, Singapore, and the USA. The Company does not offer its services to residents of certain countries/jurisdictions including, but not limited to, Australia, Belgium, Canada, France, Iran, Japan, North Korea, Singapore, and the USA. The Company holds the right to alter the above lists of countries at its own discretion.”

Conclusion

FXPrimus is a well-established broker, offering a solid and reliable service. The information regarding their accounts is a little vague and it can be hard to understand what the trading conditions actually are. Once you get past that hurdle it is pretty plain sailing and the actual trading conditions are very good, the only downside is the $1,000 requirement to open an account, while this is the recommended amount with any account, newer traders or smaller traders may want accounts with slightly less capital.

If FXPrimus ticks all of your boxes, then we would recommend signing up, if they didn’t, then be sure to check out some of our other reviews to help find the broker that is right for you.

PSS Forex is an investment bad that is also acting as a forex broker, based in a number of different countries including, Norway, Denmark, Sweden, Germany, Hong Kong, and Singapore, it has been up and running since 2003. PSS Forex has an aim to help their clients become financially independent through their guidance and tools. We will be taking a look at what is being offered in a little more detail to see if they can achieve this goal.

Account Types

PSS Forex keeps things simple, there is only one account available which caters for everyone. A lot of reading is required to work out exactly what hew trading conditions are for these accounts, we have managed to find the following. Spreads currently start from around 0.1 pips however there is a volume-based discount, the more you trade, the lower the spread will become. Access to all available assets including forex, crypto, and commodities. In order to find out any additional information, we are required to sign in to an account, the information is not readily available on the website. Swap-free accounts are available upon request should you not be able to pay or accept swap charges due to your beliefs.

Platforms

Just like the account types, PSS Forex keeps things simple for their clients, there is only one trading platform available. It is MetaTrader 5 (MT5), MT5 is one of the most advanced trading platforms for retail traders, offering a whole host of features such as one-click trading, compatibility to thousands of indicators and expert advisors and a dedicated signal and auto trading community. There is a huge amount of customization available and the platform is easily accessible through a desktop download, iOS, and Android devices, and as a WebTrader to trade directly from your internet browser.

Leverage

We had a look through the website and terms of use but could not locate any information regarding the leverage levels provided, so we are unable to provide you with the minimum or maximum leverage levels for PSS Forex.

Trade Sizes

The minimum trade size being offered by PSS Forex is currently set at 0.01 lots which are also known as a micro lot. There is, unfortunately, no information available in regards to the maximum trade sizes.

Trading Costs

PSS Forex does not charge a commission on their trades, the only cost comes in the form of a spread, these are still quite low and can be seen with a minimum of 0.1 pips, although these are often slightly higher and some pairs naturally have higher spreads than others. It is quite rare to see such potentially low spreads on accounts that don’t have any commission added to them.

There is also a dormancy fee, so if you do not use your account for 6 months, there will be a charge of $10 per month until either trade is executed or the account balance reaches $0.

Assets

There are a number of different tradable assets available with PSS Forex, these include over 180 currency pairs, over 300 different EFTs, Bont trading, more than 19 different cryptocurrency pairs including Bitcoin and the opportunity to trade over 20,000 different stocks. There is a huge selection to choose from and we are particularly happy to see cryptocurrencies making the grade as they are quickly becoming the go-to asset for both new and experienced traders.

Spreads

There is no definitive answer to what the spreads are like with PSS Forex, however we can see that the minimum spread is stated as 0.1 pips, however, due to the nature of spreads, these will often be seen higher and some currency pairs naturally have a higher spread and so will always be above this figure.

Minimum Deposit

We were not actually able to find this information located on the PSS Forex website. Some other sites have stated that the minimum deposit is $100, however, there is no confirmation of this on the PSS Forex website.

Deposit Methods & Costs

There are a number of different ways to deposit with PSS Forex, these include things like credit/debit cards, bank transfers and a number of different e-wallets. There is no indication on the site of exactly which wallets are available. Recently in 2019 PSS Forex added a number of cryptocurrencies as a deposit method, it is nice to see the adoption of cryptocurrency as it is an ever increasingly used money transfer method.

All funds are held in a segregated account for protection and there is no indication of any added fees to deposits.

Withdrawal Methods & Costs

The same transfer methods are available for withdrawal, again there is no indication of which e-wallets are available. Similarly to the deposits, there are no added fees to withdrawals.

Withdrawal Processing & Wait Time

Processing time is currently not stated on the website, the usual wait for bank transfers is 3 to 5 business days, credit/debit cards are 1 to 5 business days and e-wallets are often processed between 24 and 48 hours. These are just estimates though, as no solid information is currently provided by PSS Forex.

Bonuses & Promotions

Currently, it does not appear that there are any bonuses or promotions available with PSS Forex, they indicate certain benefits but these come as standard with the accounts. If you are interested in opening an account with PSS Forex, then be sure to check back regularly to see if any promotions have come up.

Educational & Trading Tools

There are some basic tools and information available from PSS Forex, there is an economic calendar allowing you to see any upcoming major news events, there is also an Analyst Room which can give some detailed analysis on certain markets to help you decide what to trade. Finally, there is some market data available, to use alongside your own analysis, there is no formal education of any kind.

PSS Forex does also offer some trading signals to use within MT5, should you wish to trade using their expert advisor robots and signals.

Customer Service

PSS Forex offers a few different ways to get in contact with them, through their online form, you can send your queries and get a reply via email. There are also offices in Norway, Denmark, Sweden, Germany, Hong Kong, and Singapore, each with their own phone number to get in touch with the branch that you want. Each branch also has its physical postal address available.

We tested out the Norway branch, they had an English speaker and were able to answer most of our questions, we did ask about the minimum deposit amount, but the response left us no closer to knowing the minimum deposit which was a little disappointing.

The customer support team is available 24 hours a day, however, they are closed over the weekend when the markets are also closed.

Demo Account

A demo account is available, however, the demo account simply uses the web trader in your internet browser. This allows you to trade and practice on your internet browser, but does not show off the main trading terminal and makes it hard to test out any advanced strategies. The account comes with $100,000 practice funds for your testing needs.

Countries Accepted

There is an indication in the PSS Forex terms and conditions that certain countries will be excluded from using then service, however, there is no list of countries present, so be aware that than signing up, it may be indicated that your country of residence is not accepted at PSS Forex.

Conclusion

PSS Forex offers a lot of different services, focusing on the trading side of their operation, they make it very simple by offering a single account and single trading platform (although available on multiple devices). There is a slight lack of information regarding some of the trading conditions such as deposit limits, and also the details on the deposit and withdrawal methods. Customer service was quick to respond but failed to answer one of our questions. Trading conditions seemed good, no commission and low spreads, however, the spreads that we did see were considerably higher than the stated 0.1 pips, however, fluctuations do happen.

PSS Forex seem competent, if you decide to join them, just be aware that your country may not be accepted, so if in doubt, contact their customer services to check.

We hope you like this review, if you did, be sure to check out some of the other reviews to help find the broker that is right for you.

Operating from the Seychelles, Hugo’s Way is an offshore ECN/STP Forex broker that has been in operation for a few years now. The firm offers an impressive asset index, which does include cryptocurrencies, with spreads starting as low as 0.0 pips. In this detailed Hugo’s Way review, we’ll uncover what it’s truly like to trade with this broker and let you know what to expect with regard to the trading platform, customer support, funding, and much more.

Account Types

There are no tiered account types offered by Hugo’s Way. According to the FAQ’s, Islamic accounts are not provided at this time. With just one account type, all traders can expect to need to meet the same requirements with regard to funding and trading, and all will be provided with the exact same trading conditions within the platform. Understandably, some traders do like to have the ability to access extra perks in exchange for an extra-large deposit, but the truth is that the average trader typically does not opt for a VIP-type account until they have become quite experienced in Forex trading.

Platforms

There is one platform provided, with that being MetaTrader 4. This platform is provided in app format for iOS and Android devices, as well as WebTrader format for in-browser trading. Those with concerns over using the apps will be happy to note that they do offer plenty of analysis tools and indicators, along with a complete set of trading orders. The PC and Mac versions of the platform can be downloaded from the broker’s website, as can the apps, which are also available in their respective app stores.

Leverage

Hugo’s Way provides rather flexible leverage, with the maximum leverage ratio being 1:500. Those who wish to trade without any leverage can drop their setting down to 1:1, while those who wish to select a setting somewhere between the lowest and highest ratios will be able to choose from a variety of settings between the two. Provided that there are no open trades, clients can make changes to their leverage setting from their account at any time. Simply visit the ‘My Accounts’ area to make this change.

Trade Sizes

Micro-lot trading is possible, with trade sizes starting at 0.01. The largest allowed is 1,000 lots. A variety of FX strategies, including scalping, hedging, and news trading are permitted. Scalping, in particular, is best done using smaller trade sizes. In connection with trade sizes and rules, let’s talk about the margin rules. Hugo’s Way has a margin call set to transpire at 100%, while their stop out level is set to 70%. If you’re completely new to Forex trading, we highly advise that you learn how these settings can impact your trades well in advance of trading with actual money.

Trading Costs

Hugo’s Way does charge commission of $5 per lot traded. The commission charge will be adjusted accordingly on trade sizes which are less than one whole lot. Swap fees, or rollover, are charged and do vary by asset. These costs can be viewed within either a demo or live version of the MetaTrader 4 platform. Simply click on any asset and then ‘Specifications’ to open a box containing detailed information about the chosen asset.

Assets

Hugo’s Way currently offers nearly two-hundred assets for trading, including:

• Stocks – 104
• Currencies – 55
• Cryptos – 31

Above this, a small number of Metals, Indices, Futures, and Energies are also provided. The broker does provide a complete asset listing on their website, so do visit that page to see if your preferred assets are made available.

Spreads

This broker does offer excellent liquidity, having made connections with several major investment banks and liquidity providers. As a result of these relationships, they are able to offer some rather attractive trading conditions. Spreads start as low as 0.0 pips and remain reasonable across the board. As we so often see, brokers that charge commissions typically offer the best spreads and Hugo’s Way is no exception. The firm does provide live asset information on its website for those who are interested in checking out the latest rates.

Minimum Deposit

The lowest accepted deposit is only $10, which is more than reasonable. When paired with the fact that they allow micro-lot trading, this combination provides an excellent path to testing the platform with little risk. There are, however, higher minimum requirements for some payment methods, and we have outlined the minimum and maximum limits for you below.

Credit/Debit Card:
Min $50
Max $600 (Per transaction)
Max 3 transactions per 24 hours (Per card)
Max 10 transactions per 30 days (Per card)

Wire Transfers:
Min $100
Max unlimited

BitCoin:
Min $50
Max unlimited

Ole Platform:
Min $50
Max unlimited

Instacoins:
Min $50
Max $5000

VLoad:
Min $10

Deposit Methods & Costs

The accepted deposit methods are as noted above. Of these, the only method that carries a deposit fee is bank wire transfer. When that deposit method is opted for, there will be a $25 fee. That fee is waived on all deposits in excess of $5,000. Bank wire transfer is, of course, a secure method of depositing, but the other payment options offer a much faster way to get funds into your account. New and existing clients will find complete instructions for how to make a deposit using each of the accepted payment methods within the Hugos Way FAQ area.

Withdrawal Methods & Costs

Each of the accepted deposit methods may also be used to make a withdrawal. There are no fees for withdrawing funds back to your credit/debit card however, additional profits may incur withdrawal fees depending on the additional withdrawal method used.

• Credit/Debit Card: 0%
• Wire Transfers: $25
• Bitcoin: 0%
• Other Withdrawal Methods: $0-$20

HW asks that you contact customer support for additional information regarding fees on the “other” withdrawal methods.

Withdrawal Processing & Wait Time

The Hugo’s Way payments team processes all withdrawal requests either the same day or on the next business day. Any request made prior to 1 pm GMT will be processed on the same day. On withdrawal requests made on Friday’s, any request made after 5 pm GMT will be reviewed on Monday morning.

The expected wait time for funds to arrive are as follows:

• Cards: Banks timelines vary, but the average is 3 to 6 business days
• Bank Wire Transfer: Average is 3 to 6 business days
• Bitcoin: Average of 1 to 3 hours or as soon as 6 confirmations clear the blockchain

Customer Service

Hugo’s Way offers true 24-hours a day, 7-days a week. By “true” we mean that some brokers claim to offer around the clock support, but when tested, do not actually have staff members available to speak with clients at all hours. When tested, support agents responded to live chat requests within mere seconds, and our request for a callback was completed within two hours. An email sent to [email protected] was responded to within 15-minutes, so the firm passed all customer service tests quite easily.

Bonuses & Promotions

At the time of completing this Hugo’s Way review, there were no ongoing bonus or promotional offers. Obviously, this could change in the future, so check the broker’s website to check for these types of promotions in the future.

Educational & Trading Tools

Although not needed by experienced traders, novice traders do need educational tools. Hugo’s Way provides an excellent FAQ area, but there are no real educational resources to speak of. Obviously, this information can be found elsewhere online, but it’s still nice to see a broker providing at least the basics. As for trading tools, these are limited to only what the platform provides, which is a variety of technical indicators, analytical tools, and Expert Advisor capabilities.

Demo Account

Free, unlimited demo accounts are available to anyone who wishes to test the platform. A demo account can be opened directly from the website or from within the platform itself. Demo accounts allow end-users to select their desired leverage ratio and starting balance. It is possible to have more than one practice account if you wish, and each will remain active indefinitely, provided that they are logged into on a regular basis.

Countries Accepted

Residents of the following locations will not be allowed to open an account with Hugo’s Way:

• Burma
• Congo
• Cuba
• Democratic Republic of Congo (Republic of Zaire)
• Iran
• Iraq
• Japan
• Lebanon
• Libya
• Malta
• North Korea
• Somalia
• Sudan
• Syria
• Vietnam
• Zimbabwe

At the time of reviewing this FX broker, traders from the United States and Canada were permitted to create accounts and trade.

Conclusion

Hugo’s Way has become a “fan favorite” in the Forex industry, especially among U.S. and Canadian traders, both of which have limited broker options these days. Their customer support team is stellar, their trading conditions attractive, and their platform reliable. The addition of some educational resources would be nice, but those can easily be found elsewhere. For now, we’re giving this broker two thumbs up and giving traders the green light to use their trading services.

SM Invest also known as Scope Markets is a regulated broker located in Belize. They offer a selection of account types with different trading conditions and a number of tradable assets. We take a look in detail into what is being offered by Scope Markets and find out if it is worth investing and trading with them.

Account Types

There are four different accounts on offer from Scope Markets and each one has a different opening requirement and trading conditions, let’s take a little look at them in detail.

Bronze: This account is the entry-level account at SM Invest, it has an opening balance requirement of $500. The account has a minimum trade size of 0.01 lots (also known as a micro lot) and a leverage of up to 1:500. This account grants you access to a trading platform introduction, a dedicated account manager, webinars and seminars, a financial market introduction and a daily market brief. Withdrawals are not free with any account under platinum.

Silver: The silver account has a minimum balance requirement of $5,000, this comes with the same benefits as the bronze account with a few extras such as a risk management explanation, one-on-one MT4 courses and sentimental, fundamental and technical analysis one-on-one tutorial.

Gold: The gold account requires a balance of $25,000. It has the same benefits as the silver account however there is no longer a maintenance fee attached to this account.

Platinum: This is the high-end account provided by Scope Markets, it offers the same benefits as the gold account with a few added extras. The maximum lot size is increased (does not state how high), access to trading central, spreads are reduced and there are free withdrawals.

Please note that you are able to have up to 5 trading accounts at any one time.

Platforms

SM Invest used MetaTrader 4 (MT4) which is one of the world’s most used retail trading platforms, MT4 offers a whole host of features such as one-touch trading, extensive customization options and compatibility with hundreds and thousands of expert advisors and indicators to help you analyze and trade. MT4 with Scope Markets is available as a desktop download, an app for iOS and Android devices and finally as a WebTrader to use in the internet browser.

It would have been nice for there to be more options, however, MetaTrader 4 is a solid platform to use.

Leverage

Leverage can be selected when opening an account and changed from the client account menu. You can select wither 1:100, 1:200 or 1:500 as your account leverage. 1:500 is quickly becoming the industry standard so it is nice to see this as an option, it is, however, strange that there is no option to go lower than 1:100, meaning that you can not reduce risk by reducing leverage.

Trade Sizes

Minimum trade sizes currently sit at 0.01 lots (also known as a micro lot) for all accounts. There is no mention of what the maximum trade size is, except for the fact that the platinum account states that it has a higher maximum trade size, again we have no idea what this new maximum trade size is.

Trading Costs

There are both spreads ad commission charges on accounts with SM Invest, however, what these commissions are we do not know. The FAQ section states that the commission changes dependant on the account that you hold, so we would be assuming that the higher value account, the lower the commission, however, we can not clarify this as the support department did not answer our queries.

Some sections of the site indicate zero commission for forex trading and low commission for trading on things such as metals, however, this information is not consistent throughout the site.

As mentioned, there are also spreads involved and the higher tier accounts have reduced spreads, but there is also no indication of what the spreads are or what the reduced spreads are, so we can not comment with any concrete information here.

Assets

There are a number of different tradable assets with Scope Markets, there are Forex pairs available, the website states over 30 currency pairs available which are actually quite low. Indices are also available to trade alongside 3 different energies. Gold and silver are available, there are also a number of cryptocurrencies available such as Bitcoin and Ripple. It is good to see cryptocurrencies being available as they are quickly becoming one of the assets that new and experienced traders are looking towards due to their volatility and growing popularity.

Spreads

We can not comment on spreads except to say that there are some. The forex section of the site indicates that there are both fixed and variable spreads depending on the account, there are also sections that mention reduced spreads based on the account type, however, we are not able to locate an example of what the spreads will be, either variable or fixed.

Minimum Deposit

The minimum deposit is stated as $250, however, it requires a deposit of $500 in order to open up the most accessible account, so the true minimum initial deposit is $500. Once you have opened an account, the minimum deposit drops to $250 should you wish to top up your account.

Deposit Methods & Costs

The currently available deposit methods include credit card, Skrill, Neteller, Wire Transfer, and several other alternative methods, what these methods are we are unsure, but the most popular methods seem to be available for use.

There are no fees added to deposits, however, please check with your own bank as they may charge a bank transfer fee. You are also not able to make any third party deposits, so all deposits must come from accounts in your own name.

Withdrawal Methods & Costs

There is a minimum withdrawal amount of $50, withdrawals need to be processed using the same method you used to deposit if this is not possible then Scope Markets will suggest an alternative for you to use. You are able to withdraw as many times as you want, however, there is only one free withdrawal per account per day, any additional withdrawals will have a fee of $35.

Withdrawal Processing & Wait Time

Withdrawal requests can be made at any time, however, any requests after 2 pm GMT will be processed the next business day. Processing takes on average between1 to 2 business days from the receipt of the request. Wire transfer and card withdrawals usually take between 3 and 8 working days for you to receive your funds due to the additional time of bank processing.

Bonuses & Promotions

From looking around the website, there was one open promotion that offered a chance for new clients to win a VIP package to a West Ham United game in London. In order to register, one needs to create a new account and make a deposit in the amount of $250 or more. To read the fine print or to register, click on the popup banner that appears upon visiting the SM-INVEST website homepage.

Educational & Trading Tools

There are a few educational and helpful guides available from Scope Markets, some you get free with certain account types, others require you to sign up directly. There is some basic information on the very basics of trading, which most would not necessarily find helpful. You are then able to get a one-on-one training session on a number of things such as how to use MetaTrader 4, in different ways to analyze the markets. These are free with the higher tier accounts, however, cost if you are on a lower tier account. Then there is a training program that helps you to put your skills to the test and trade for real.

Customer Service

There are more than enough ways to get in touch with Scope Markets should you have any questions or require help. There is a live chat option, where you can chat with a support team member, however, we tried this approach and unfortunately no one was around, we may have just chosen a bad time to try, but it did not leave us with much confidence.

There is also a phone number available to try along with a large selection of emails based around the different departments, so if you want to get in touch with general inquiries, customer support, trade support, funding support, know your customer support or cardholder correspondence there is an individual email available to make sure the right people get your message.

Demo Account

We could not see any information regarding a demo account, it would be very strange if there was not one available, but we have seen brokers in the past without them, so, unfortunately, we can not comment on any conditions if they are in fact available with SM Invest.

Countries Accepted

There is a notice at the bottom of the page stating that the services provided by SM Invest are not directed at or available for citizens of the European Union.

Conclusion

There is a large selection of accounts on offer with varying requirements, the higher tier accounts will be pricing out a lot of regular retail traders. The customer support has a lot of options available, however, our one attempt to use them did not bear much fruit. There is a lack of details in regards to trading conditions, with various bits of information in different places but no solid facts about what is being offered. This coupled with the fact that members of the European Union are not able to use the service can make it a hard service to recommend.

We hope you like this SM-INVEST review. If you did, be sure to check out some of the other reviews to help find the broker that is right for you.

ThinkMarkets are a leading forex broker that was founded in 2010 and is authorized and regulated by the Financial Conduct Authority and the Australian Securities and Investment Commission. ThinkMarkets offer a wide range of instruments and platforms, so let’s take a closer look at what they really offer.

Account Types

ThinkMarkets currently offer two main types of accounts and then some additional accounts such as Islamic and Joint Accounts. Let’s take a little look at what is on offer from the accounts:

Standard Account:

The standard account is as the name suggests, the standard account at ThinkMarkets. The standard account comes with spreads as low as 0.4 pips however the average spread for forex is around 1.2 pips. It has a $0 operating balance, so it can be used from any balance amount. It provides a maximum leverage of 1:500 and there is a maximum trade size of 50 lots. With this account, you are able to use both MetaTrader 4 and MetaTrader 5 and also Trade Interceptor (we will go into more details on this later).

ThinkZero Account:

ThinkZero is ThinkMarkets zero spread account, and it offers 0 pip spreads, although the average sits at 0.1 pip, we can let them off for that one. This account comes with a commission of $3.5 per lot, which is relatively low when looking at the competition. There is a minimum operating balance of $500, which means that your account can not drop below $500. It also has a leverage of 1:500 and wit this account, the maximum trade size is 100 lots which are more than enough. You are able to use MetaTrader 4 and MetaTrader 5, and this account also comes with AutoChartist and an account manager which the standard account did not.

Islamic Accounts:

If you are not able to accept or pay swaps due to your beliefs, you are able to open up an Islamic account that does not have overnight swaps. You will need to get in touch with ThinkMarkets for them to set this up for you. The majority of the options that come with it are similar to the above two accounts.

Joint Account:

There is less information regarding this one and the only way to open one is to contact ThinkMarkets directly. If it is similar to other joint accounts then it will mean that multiple people have access to it and can withdraw and deposit from multiple accounts.

Spread Betting:

There are also spread betting accounts available, these are used by some people in the UK as it constitutes as gambling and so no tax needs to be paid on any earnings. The details of this account are not publicized on the site, however, when setting up an account the option is there should you wish to use it.

Platforms

There are a few different platforms on offer from ThinkMarkets:

MetaTrader 4 (MT4):

One of the world’s most popular and widely used platforms, MetaTrader 4 offers unparalleled customization and access to thousands of expert advisors and indicators. MetaTrader 4 with ThinkMarkets is available as a desktop download, a mobile app for iOS and Android and also as a WebTrader to use on your web browser, offering plenty of opportunities to trade wherever you are.

MetaTrader 5 (MT5):

MT5 is MT4’s younger brother, building on the success and features of MT4, MT5 has a few extra features and is more streamlined than it’s older brother, and also offers similar levels of customization, there aren’t quite as many expert advisors or indicators working for it, but you will find more than you’ll ever need. Similarly to MT4, MT5 with ThinkMarkets is available as a desktop download, apps for Android and iOS and also as a WebTrader to use with your browser.

Trade Interceptor:

Trade Interceptor is ThinkMarkets own trading platform, boasting it’s advanced technology and performance. Trade Interceptor allows multiple graphs on screen, multiple indicators to run on mobile, which is very refreshing to see. While not as customizable as the MetaTrader series, Trade Interceptor definitely seems like a winner when it comes to mobile functionality.

Leverage

Leverage on accounts att ThinkMarkets all have a maximum of 1:500 which is fast becoming the standard with more modern brokers, the leverage can be changed within the account settings and can be changed at any time as long as there are no open trades. Anything between 1:1 and 1:500 is selectable.

Trade Sizes

All account types have a minimum trade size of 0.01 lots (micro-lot), if you have the standard account then your maximum trade size will be 50 lots, if you have a ThinkZero account, then your maximum trade size will be 100 lots. Not many traders will reach these limits, so they are high enough for most.

Trading Costs

Trading costs will be based on your account type if you have a standard account, then your costs will be based around a slightly increased spread. The spread can be as low as 0.4 pips however the average is closer to 1.2 pips and 1.5 pips. There is no commission with this account.

If you are trading with the ThinkZero account, then you do not have any spread markup, instead you are charged $3.5 per lot traded, which is actually surprisingly low, the majority of brokers will look to charge around $6 per lot, so it is refreshing to see a broker going below this figure.

There is also a dormant account fee, if you do not use your account for 90 days, it will be charged at (base currency) 50 until your account balance reaches 0. You can avoid this by making at least one trade every 90 days.

Assets

There isn’t a full breakdown of available assets and instruments with ThinkMarkets, however, there are a number of different asset types available such as Forex, Shares, Cryptocurrency, Indices, Metals, and Commodities. We are particularly happy to see Cryptocurrencies making an appearance as they are quickly becoming the go-to trading asset for a lot of traders and people just getting into trading. It appears that there may only be 5 or 6 available to trade, but it is definitely a step in the right direction.

Spreads

Spreads on the standard account can be as low as 0.4 pips, however, we have seen them hovering around the 1.2 pips to 1.5 pips mark. This is still a pretty good level for an account not charging commission. The ThinkZero account spreads were seen to be around 0.1 pips which is appropriate for an account charging a commission (and a relatively low commission too).

Minimum Deposit

The minimum amount of equity needed to be deposited with ThinkMarkets is $250, this will get you the standard account, if you wish to take advantage of the ThinkZero account then you will need to deposit a minimum of $500, however if you lose your first trade you will need to deposit further to continue trading (due to minimum operating balance requirement), so we would recommend a minimum of $10,000 for the ThinkZero account.

Deposit Methods & Costs

There are a number of different ways to deposit with ThinkMarkets, there are bank wire transfers, card via Visa or Mastercard, Neteller, Skrill and Bitcoin payments through BitPay. As far as we can see, there are no added fees for depositing with any method, we are particularly happy to see the opportunity to pay with Bitcoin, as a lot of newer tech-savvy traders are using Bitcoin to fund their trading.

Withdrawal Methods & Costs

The same withdrawal methods are available as the ones to deposit. There are no added fees on any withdrawal from any of the available methods. Please note that your bank may charge currency conversion fees or similar.

Withdrawal Processing & Wait Time

Withdrawals for all methods are processed within 1 business day, for the majority of methods this will mean that your funds are processed and in your account within a few hours after processing, however for bank transfers, it may take an additional 3 – 5 business days. The 1 day processing time is pretty standard for brokers these days.

Bonuses & Promotions

There are no bonuses being advertised on the website, however, a quick google search indicates that there are or have been promotions in the past. Many of these require you to sign up with an introducing broker however as they are not advertised on the ThinkMarkets website, we do not want to comment on them.

There is of course the affiliate program, where you can earn for introducing new clients to Think Markets.

Educational & Trading Tools

There are a few educational tools available with ThinkMarkets, they have a “Learn to trade” section where they outline all of the basics of trading, including how to analyze, how to use the trading platforms and various other aspects of trading. There are also a number of different tutorials that outline different aspects of trading in much more detail and are intended as a learning course to help develop your own trading skills and knowledge. Along with this, there is also a glossary of all the different forex and trading terms in case you are unsure what one of them means.

There is an economic calendar available as well as a number of different webinars where you can tune in to learn from someone live, this can be quite beneficial as it also gives you an opportunity to ask questions to a professional trader.

AutoChartist is also available with ThinkMarkets, AutoChartist is a bit of kit that can provide you with all sorts of helpful information such as support and resistance levels and other automated visual analysis. If you have heard or AutoChartist before we suggest looking it up and seeing how it can benefit your trading.

Customer Service

Support is available 24/6, you are able to contact them via the contact form on the site, there are also a number of different email addresses available which let you contact the exact department that you are after rather than a single support line. There are also phone numbers available in multiple different countries including the UK and Australia. We tried contacting the UK phone line and they picked up within a couple of minutes and were helpful in answering all of our questions (we didn’t have many as were just testing).

Demo Account

Demo accounts are available with ThinkMarkets and you are able to get a demo account top use on wither MT4, MT5 of Trade Interceptor. These accounts last forever as long as they are being used, if it is dormant for too long then it can be closed, however, you can simply open up a new one.

Countries Accepted

ThinkMarkets do not accept clients from AF, Yugoslavia, AO, GM, NG, AW, GH, KR, BY, GN, BO, GN, PK, BW, HT, PG, IR, PN Island, Burma MM, IQ, RW, KH, , SN, CF, JP, Sierra Leone, TD, KG, SO, CI , LB, SZ, CU, LS, SY, of CG, LR, TJ, DJ, LY, Tanzania, EC, Laos, TG, ER, ML, TM, ET, MN, UG, Falkland Islands, NA, US of America, FJ, NI, YE, ZW

Conclusion

ThinkMarkets have been running for quite a while now, their customer service was quick and efficient and their accounts are currently great value for money with low spreads and low costs. There are quite a few excluded countries, so if you live in one of them, you may need to look elsewhere.

There are plenty of options when it comes to trading platforms and there is a lot of education and tools provided to help you trade better. With the addition of cryptocurrency, there are plenty of assets and instruments to trade too. We can’t think of a good reason to tell you to avoid ThinkMarkets, so if they seem like a broker you could use, go for it.

We hope you liked this review, be sure to check out the other reviews to help find the broker that is right for you.

XM is an award-winning broker and is the trading name of Trading Point Holdings Limited which is a company based in Cyprus. XM has won a number of awards such as Best Customer Service awards, Best FX Service Awards and many more. When a broker is consistently winning rewards it may seem like a no brainer, in this review we will dive deeper into what XM really offer, and to see if they are suitable for traders like you and me.

XM offers a website in three different regions, Global, AU, and CY, depending on which site you use there may be a few differences to what we have written, for the purpose of this review, we are using the global site as this will be suitable for more people. Remember to double-check the information when signing up, just in case any details are different from what we state.

Account Types

There are five different account types available with XM, three standard accounts, one share-based account and one zero spread account which is classed in its own category. We are going to have a little look at them in more detail.

Micro Account:

The micro account is the entry-level account for XM it works the same way as a cent account does on other brokers as a lot is equal to 1,000 base currency unite It offers a low minimum deposit of $5 and can have a base currency in USD, EUR, GBP, JPY, CHF,‎ AUD, HUF, PLN, RUB, SGD, and ZAR. The leverage on offer is dependant on your account balance and is as follows 1:1 to 1:888 ($5 – $20,000), 1:1 to 1:200 ($20,001 – $100,000), 1:1 to 1:100 ($100,001 +).

The account offers negative account protection and has spreads starting at 1 pip, however, they can often be seen higher, there is no commission charged on this account. There can be a maximum of 200 open positions and there is a minimum trade size of 0.01 if using MetaTrader 4 and 0.1 if using MetaTrader 5. Bonuses are available, hedging is allowed and if you are not able to accept or pay swaps, a swap-free Islamic account is also available.

Standard Account:

The Standard account has many of the same features as the micro account, the main difference is that a lot is equal to 100,000 currency base units instead of the micro accounts 1,000 units. Minimum deposit, base currencies, leverage, spreads, commission, max open positions, negative balance protection, bonuses, hedging and access to Islamic swap-free accounts all remain the same. The only other changes are that the minimum trade size is set at 0.01 lots across the board and there is a maximum trade size of 50 lots. All other details remain the same.

XM Ultra Low Account:

The XM Ultra Low Account takes both the micro and standard accounts and changes a few of the features. It has a minimum deposit of $50 and the base currencies available have been reduced to EUR, USD, GBP, AUD, ZAR and SGD. Contract sizes are based on whether you use a micro or standard account, spreads are lowered to a minimum of 0.6 pips but can often be seen quite a bit higher. All other aspects of the accounts remain the same as the micro or standard counterpart, the only other difference is that trading bonuses are not available with this account (no deposit bonus is available).

Shares Account:

The shares account does what it says on the tin, it is based around shares rather than trading, so if you want a forex trading experience, this is not the account for you. It has a minimum deposit of $10,000 and a minimum trade of 1 share. You can have up to 50 positions open and there is no leverage available on this account.

XM Zero Account:

The XM Zero account gets its own section on the XM website as it is the account that XM is pushing the most. From just the name, you can already guess what it’s aim is, it has a 0 pip spread (although it can sometimes be 0.1 or equivalent). Due to having low to zero spreads, a commission is charged on this account, that commission is $3.5 per lot, this is relatively low and beats a lot of the competition where the industry average seems to be sat at around $6 per lot. There is reduced leverage with the maximum being set at 1:30, it is also available to sue with both MetaTrader 4 and MetaTrader 5. Base currencies are restricted to USD, EUR, and JPY and there is also a VPS service available with this account.

There is plenty to choose from with a number of different features, so whatever you are looking for there should be something to help fill your needs.

Platforms

XM claims to have 16 different platforms available to use, but in reality, there are two, within those two there are a number of different ways to access them which XM are touting as separate platforms.

MetaTrader 4 (MT4):

MetaTrader 4 is one of the world’s most used trading platforms, it has been around for a long time and has a well-established user base. It offers high levels of customization and is compatible with hundreds and thousands of indicators and expert advisers. MT4 is available as a desktop download for both Windows PC and Mac, it also has applications for iOS and Android devices. There is a WebTrader that allows you to trade using your internet browser and there is also a multi-terminal that allows you to trade with multiple different accounts at the same time.

MetaTrader 5 (MT5):

MT5 is the younger broker of MT4 and is designed by the same company. It is a more streamlined design and interface, due to it being newer, it does not have as many indicators and expert advisors but the numbers are constantly growing due to its improved functionality over its older sibling. Similarly to it’s older counterpart, it is available as a desktop download for PC and Mac, an app for Android and iOS devices and as a browser-based trading platform, the multi-terminal is not available with MT5.

Both platforms offer functionality such as one-click trading and have access to hundreds of different trading instruments along with various other technical analysis tools and functionalities.

Leverage

Leverage is based on a number of factors and can be broken down into different categories based on account equity and what instruments are being traded, in regards to account equity, below figures are currently valid:

• 1:1 to 1:888 ($5 – $20,000)
• 1:1 to 1:200 ($20,001 – $100,000)
• 1:1 to 1:100 ($100,001 +)

When it comes to the XM Zero account, the following leverages are valid:

• 1:30 Forex Major Pairs
• 1:20 Other Forex Pairs
• 1:20 Major Indices
• 1:10 Minor Indices
• 1:20 CFDs on Gold
• 1:5 CFDs on Shares
• 1:10 CFDs on Commodities

Trade Sizes

Trade sizes are based on the account that you use, if you are using a micro account or the ultra low micro account then you have a minimum lot size of 0.01 with MT4 and 0.1 with MT5. When using any other account then the minimum trade size is 0.01 lots, also known as a micro lot. The share account has a minimum position of 1 share.

The maximum trade size for the micro-based accounts is 100 lots, which the other accounts are all set at 50 lots. While it may seem low, it is an appropriate level for 99% of retail traders who will never reach 50 lot trades.

Trading Costs

All accounts come with a spread based pay structure except for the zero account, the zero account comes with a commission of $3.5 per lot traded, this is relatively low when looking at the industry standard of around $6.

The other accounts have spreads starting in a range of 0.6 pips to 1 pip, however, they can often be seen slightly higher.

All accounts are charged swap fees, either needing to pay or receiving them when holding a trade overnight, these numbers can be found directly within the trading terminals. If you are of Islamic faith, you can get swap-free accounts for most account types.

Assets

When it comes to tradable instruments, XM offers plenty of them so there should always be something available for you to trade. We have broken them down into various categories to get a better understanding of what is on offer.

• Forex: 55+ instruments
• Commodities: 8 instruments
• Indices: 18 indices and 12 future indices
• Stocks: 1,200 stocks
• Metals: Gold and Silver
• Energies: 5 instruments

Spreads

Spreads can be as low as 0 pips if you are using the XM Zero Account. However moving into the more spread based accounts, the Ultra Low accounts have the spreads increase to a minimum of 0.6 pips and the micro and standard accounts rising further to a minimum of 1 pip. While these are the minimum numbers, fluctuations occur in the markets so they may rise higher and certain currency pairings naturally have higher spreads.

Minimum Deposit

The overall minimum deposit for XM is $5, this can be used on the micro and standard accounts, in order to use the ultra low accounts this figure rises to $50, and the XM Zero Account has a minimum deposit of $200.

Deposit Methods & Costs

XM offers a number of different deposit methods, the good news is that none of them have a fee in order to deposit. The current methods on offer are bank transfer, Visa / MasterCard, Neteller, Skrill, MuchBetter Wallet, and Trustly. Unfortunately, there is currently no support for PayPal.

Withdrawal Methods & Costs

Withdrawals can be completed using the same methods as depositing. There is no fee charged if the withdrawal is over $200, however, withdrawals under $200 may receive a $15 fee. When using Visa or MasterCard or electronic wallets such as Skrill, you are only able to withdraw the amount you have deposited, any extra must use bank transfer.

It is a shame to see fees being added to lower withdrawal amounts as many brokers are not getting rid of withdrawal fees completely.

Withdrawal Processing & Wait Time

The amount of time it takes to process a withdrawal will depend on the methods you are using, for bank transfers it can take between 3 and 5 business days which is the standard time for bank transfer processing. Car transactions will take between 1 and 5 days depending on your card issuer and electronic wallets are processed within 24 hours.

Bonuses & Promotions

XM offers a number of different bonuses across their sites, so be sure to check out the offers in your own region, on the global site there are two offers available.

Free VPS: Clients who maintain an account balance over $5,000 and trade at least 5 lots per month are able to receive a free VPS. If you fall below this threshold then you are required to pay $28 a month.

0 Fees on Deposits and Withdrawals: Not really an offer, just confirmation that there are no fees for withdrawing and depositing.

There have been deposit bonuses and no deposit bonuses on offer in the past, so be sure to keep checking back to see if any new bonuses or promotions have come up.

Educational & Trading Tools

XM offers three different categories to help you become a better trader:

Research: Research offers a number of different sections to help you become a better trader, they offer market news and events to help you understand what is going on in the world, technical summaries as well as technical analysis to help give you a better idea of certain trading setups. There is an economic calendar and some videos that offer daily analysis to help you trade and understand certain trade setups.

Learning: For learning, there are a number of different courses aiming to help teach you both the basics and slightly more advanced ideas within the forex industry and trading. There are video courses as well as seminars and webinars to get involved in and ask questions. There are also tutorials on how to use the trading platforms on offer from XM.

Tools: There are a couple of tools on offer, there are some trading calculators to help you work out profits, trades and other aspects of trading, there are also some indicators to download to help you improve your own analysis.

The education section is quite robust and helpful, as are some of the analysis tools. The daily videos, in particular, can be very helpful.

Customer Service

XM go all out when it comes to accessibility to their customer service team, they have members of the team speaking in over 25 different languages, so whatever language you speak, there should be someone available to help you.

They have physical addresses and phone numbers for three different offices based in Cyprus, Australia and Greece, there are also phone numbers and email addresses for different departments including the support desk, affiliate department, marketing resources, back-office, client relations, and the PR inquiries.

We tested the support desk via telephone, they were helpful and responsive, our call was picked up within a couple of minutes and all questions answered clearly and concisely, which is a big bonus.

Demo Account

Any major broker would be expected to offer demo accounts and XM doesn’t falter here, they offer each client up to 5 demo accounts, each starting with up to $100,000. These accounts last forever as long as they are being used, after a long period of inactivity they may be closed but new ones can be opened. Simply fill in the online form to open up your demo account.

Countries Accepted

There are some countries excluded from using the XM sites, some of them include the USA, Canada, Israel, and Iran. There are more exclusions but they are not listed on the site, be sure to get in contact with the XM customer service team in case you are unsure if you are in an accepted country. One way to check is to go to sign up to a new account and see if your country is in the drop-down list if it is not then your country is currently excluded from using XM.

Conclusion

XM is a well-established company, receiving many different awards for various aspects of its running operations. Offering a wide range of accounts and instruments you should easily be able to find a trading environment and instruments to suit your needs. Customer service was quick and helpful and very accessible. There are no fees for withdrawals over $200, however, the only downside to this was the $15 fee for withdrawals under $200. There isn’t too much else to say, other than XM seems like a very competent broker and one that we do recommend at this time.

If you like this XM broker review, be sure to check out some of the other reviews to help find the broker that is right for you.

BIC Markets offers many great features that traders will appreciate. For a start, the broker doesn’t charge any commissions and the leverage that it offers is very competitive. Moreover, you can choose between some of the best ECN platforms to manage your account through. BIC Markets’s bonuses are very generous and not many other brokers in the industry can match them, either. Nonetheless, you might find potential downsides when looking at the spread sizes and transfer processing mechanisms of BIC Markets. This article outlines all of these important areas, allowing you to make a comprehensive and well-rounded evaluation of the broker’s features.

Account Types

Alongside the 2 retail accounts (Zero Commission and VIP), you can open a Percent Allocation Management Module (PAMM) and Multi Account Manager (MAM). However, the latter 2 are designed for money managers who oversee several clients’ accounts. Most retail traders do not need the PAMM or MAM offerings unless they have several accounts that need to be managed from a single, centralized platform.

Zero Commission Account:
Minimum Deposit: $100
Spreads: From 23 points (2.3 pips)
Commission: $0

VIP Account:
Minimum Deposit: $100,000
Spreads: From 23 points (2.3 pips)
Commission: $0

The main difference between the 2 accounts is that Zero Commission mostly benefits high volume traders and those who rely on scalping strategies. Meanwhile, the VIP Account is appropriate for traders who have large capital and want more flexibility in terms of the spreads. The 23 points (or 2.3 pips) minimum spread is relatively high when compared to other brokers. However, you might be able to qualify for lucrative discounts by contacting your BIC Markets account manager. This, combined with no commission charges, are considered major pluses when it comes to using this broker.

Platforms

BIC Markets utilizes MetaTrader 4 (MT4) because of the platform’s user-friendly features, automated trading tools, and availability in multiple languages. You can download it on your desktop, smartphone, and tablet/iPad. MT4 provides traders with a daily account statement and performance summaries. You can also access live news feeds and utilize different technical analysis tools.

Similarly, MetaTrader 5 (MT5) is available through BIC Markets. The platform is the modified version of MT4. While both of them are highly reliable, MT5 is suitable for traders who want to access more technical indicators and in-depth charting tools. MT5, like MT4, is also available on all devices. Under the ‘Platforms’ tab on BIC Markets’s website menu, you can look at how these platforms function on each device and download a user guide that contains comprehensive details about them.

Leverage

The Zero Commission Account has relatively high leverage at 1:400, but VIP only has 1:100. Leverage is subject to change based on your deposited capital.

100:1 Leverage: No minimum or maximum account size
200:1 Leverage: $500 to $100,000
300:1 Leverage: $1,000 to $50,000
400:1 Leverage: $1,000 to $10,000

The larger your account size is, the less available leverage you have. BIC Markets structured it this way to minimize your risks and losses.

Trade Sizes

Both Zero Commission and VIP have a minimum trade size of 0.01 lots and a maximum of 50 lots per open position. You can have no more than 300 open trades at any given time.

Margin Call: 80%
Stop-Out: 50%

When your invested funds reach 80% of the requirement, BIC Markets will issue a margin call. At this point, you can either deposit more funds or close some of your trades (preferably the ones with the biggest losses). If your account is stopped out, the broker will automatically liquidate all of your positions.

Trading Costs

BIC Markets doesn’t charge commissions, but you do incur spread fees, which are calculated as follows: (Spread) x (Pip Cost) x (Number of Lots Traded) = Total Cost. You also have to pay extra fees on the swap rate when trades are kept open overnight. The amount depends on whether you short or long a currency pair, as well as other economic factors that can impact interest rates and prices.

Assets

This broker mainly offers ForEx instruments and has 26 available currency pairs. You can also trade 7 different indices, which include the Dow Jones Industrial Average, S&P 500, Nasdaq, and the indexes of each of the Australian, Hong Kongese, Japanese, and British markets. The 4 available commodities are spot silver (XAG.USD) and spot gold (XAU.USD), alongside the British and American crude oil CFDs.

Spreads

BIC Markets’s spreads are highlighted in points. 1 pip equals 10 points. Almost all currency pairs have an average spread that is between 23 and 29 points (2.3 to 2.9 pips). The only 3 exceptions are EUR.NZD (31 points or 3.1 pips), GBP.CHF (31 points or 3.1 pips), and GBP.JPY (35 points or 3.5 pips). Commodities and indices, for the most part, have a spread of 30 points/3 pips or higher.

Deposit Methods & Costs

Unfortunately, BIC Markets’s website doesn’t provide any information about deposit or withdrawal methods. However, when you register with the broker, you will be asked for your credit or debit card information, as well as your bank’s routing and account number. Based on this, we can assume that these are the only 2 available transfer methods. It is very important that you double-check this information, inquire about transfer fees, and ensure that their processing times are convenient for you.

Bonuses & Promotions

BIC Markets has several bonuses and promotions. If you refer a family member or friend to the broker and they deposit a minimum of $500 to open an account, BIC Markets will give you a $100 bonus within 30 days. In addition, after opening your own Zero Commission Account and depositing between $1,000 and $200,000, you get a 10% bonus. First, it will only be added as a credit. From there, the credit will be converted into $50 in cash for every 10 trades you make. For example, a trader who deposits $10,000 into their Zero Commission Accounts receives a $1,000 credit. After they execute 10 trades, they get $50 in cash. This keeps adding up until the entire $1,000 credit is fulfilled and deposited into the trader’s account.

The broker also has an ongoing scooter giveaway promotion. Every 2 weeks account holders who trade 10 lots or more are entered into a random draw. The winner gets a free scooter. The promotion will keep running until all 6 scooters are awarded, but it is only available in Cambodia. Those who live in another country will, instead, receive $500 in cash if their name is drawn. Lastly, you may be able to qualify for large discounts on spread fees. To find out if you’re eligible, you would have to contact your account manager.

Educational & Trading Tools

The broker’s educational and trading content ranges from introductory articles about the ForEx market to live economic calendars. They might also have upcoming seminars and events. You can access 2 introductory articles that explain what the ForEx market is and outlines key terms that beginner traders need to know. Additionally, the economic calendar includes all the major market events from different countries. You can access the schedule up to 1 month ahead or behind in time.

Customer Service

BIC Markets is located in Phnom Penh, the capital of Cambodia. Their customer service team is available from 8 am to 5 pm on weekdays.

Phone: +855-023 966 669
Email: [email protected]

The broker can be contacted via live chat, email, or phone. You can also reach out to them by filling out the contact form on the website.

Demo Account

Through the MT4 platform, you can easily open a demo account to start learning about the different available charts and trading tools. In fact, before trading actual funds, beginners can test the markets through a paper account until they define their strategy and master profitable techniques. Similarly, if you are unfamiliar with MT4, take the time to familiarize yourself with the platform’s different features and order types before opening a live account. BIC Markets has a detailed guide on their website that walks you through every aspect of using the demo account, starting with filling out the signup form. In addition, you can open more than 1 demo account and manage them all from a single device (such as your laptop). This is useful because, if you have more than one strategy and are unsure which of them works best, you can test out the different approaches and track the profitability of each account.

Countries Accepted

BIC Markets is registered in Cambodia and the broker’s services are available to clients across the world. However, traders in the US may not be able to open an account. Meanwhile, Canada, the United Kingdom, and others are on the list of available countries on the account application form. Nonetheless, you should check your local regulations on trading CFDs and other instruments that BIC Markets offers before you register.

Conclusion

In the end, we found that the positives of BIC Markets’s offerings outweigh the cons. The main downsides to using the broker are the limited amount of currency pairs that you can access. Similarly, if transfer fees and processing times are important to you, contact BIC Markets’s customer service team because their website has a lot of missing information about this topic. Otherwise, there are 2 great account types for you to choose from, none of them charges any commission fees while the leverage rates are relatively flexible. Additionally, your funds will be protected against hefty losses through BIC Markets’s restrictive margin call and stop-out levels.

The bonuses, of course, are very generous. They range from scooter giveaways to affiliate promotions. If you really care about this part, then you can easily qualify for at least one of the bonuses. As mentioned earlier, should the issues related to the spreads or transfer of funds concern you, contact BIC Markets’s customer service team. All the pluses of using this broker might make doing so worth it.

LQDFX has been providing Forex trading services out of the Marshall Islands since 2015, acting as an STP broker. Their strongest selling points include spreads from 0.0 pips, 70+ assets within their MT4 platform, and commission-free trading. The LQDFX review that follows will tell you exactly what else to expect from this broker with regard to the platform, trading conditions, customer service, costs, and much more.

Account Types

LQDFX offers several account types and these are:

• Micro
• Gold
• ECN
• VIP
• Islamic

Each of these accounts is actually quite similar, but there are a few key differences. It should also be noted that there are commission charges on the ECN and VIP accounts. Those are 3.50USD/EUR per 100,000 and 2.50USD/EUR per 100,000, respectively. The smallest accepted deposit is $20, which applies to both the Micro and Islamic accounts. Spreads range from 0.1 to 1, based on account type. The Islamic account is essentially the same as the Micro account but without the need to pay swap fees, which as not compliant with Shariah Law.

Platforms

As we so often see, LQDFX offers the MetaTrader 4 platform for all account types. The platform can be downloaded for Windows computers, as well as for Android and Apple devices. There currently is no dedicated download for Mac-based systems. Benefits of the platform include the following:

• Ultra-Fast Execution
• One-Click Trading
• Depth Of Market
• Advanced Technical Analysis
• Advanced Charts
• Negative Balance Protection

Leverage

Leverage does vary by account type, so we’ve broken it down for you below.

• Micro – 1:500
• Gold – 1:300
• ECN – 1:300
• VIP – 1:100
• Islamic – 1:300

Note that the leverage ratios listed above are the maximum allowed. You can opt to trade with less or even no leverage at all. The maximum leverage, 1:500 is on par with what most offshore Forex brokers offer. You will find a few that are offering 1:1000 or even 1:2000, but obviously, that is considered by most to be dangerous territory.

Trade Sizes

With the exception of VIP clients, all traders are allowed to trade in micro-lots (0.01). VIP clients, on the other hand, cannot enter into positions that are smaller than 0.1 lot. As for maximum trade sizes, Gold, ECN, and Islamic accounts have a limit of 40 lots. The Micro account has a limit of 5 lots and there is no limit at all on the VIP account.

Trading Costs

The Micro, Gold, and Islamic accounts all offer commission-free trading. There are commission charges on the other two accounts, as follows:

• ECN – 3.50USD/EUR per 100,000
• VIP – 2.50USD/EUR per 100,000

While neither of these charges is exorbitant, it is a tad perplexing as to why LQDFX would charge a commission on the VIP account. VIP account holders are already asked to submit a large deposit and trade in larger than average lot sizes. Yes, the spreads are tightest for the VIP account, but it still seems strange to charge the top clientele a commission.

Assets

As mentioned in the opening of this LQDFX review, the firm does offer over seventy total assets for its clients to trade with. Currency pairs make up the bulk of the asset index and after that, there are a few indices and commodities to select from. If you’re looking for metals, there are a few, and those are included with currencies. It would appear that there are no cryptocurrencies, which could be problematic for some.

Spreads

This brokerage does offer variable spreads on all account types, with the best spreads going to the VIP account holders. The lowest possible spread is 0.1, which is offered to those who have ECN and VIP accounts. LQDFX does offer live spreads on a total of sixteen assets on their website homepage, although it is not known exactly which account type those spreads relate to. Overall, the spreads seem to be reasonable on all but the Micro account, which starts at 1 lot. Then again, we must keep in mind that there is no commission charge on that account level.

Minimum Deposit

If you want to start out with a deposit as low as $20, you’ll need to opt for either a Micro or Islamic account. The Gold and ECN accounts require a minimum and from there, the VIP account jumps much higher, climbing to $25,000. Staring out with a Micro account may be the way to go if you simply want to test the broker out. However, if you plan to trade with LQDFX over a much longer period, it would be sensible to climb to a higher account tier in exchange for better trading conditions.

Bonuses & Promotions

At this time LQDFX is offering a deposit bonus that offers a 100% match on any first-time deposit of $20,000 or less. In order to claim this bonus, one must deposit at least $250. It would appear that existing customers may also claim the bonus, as the website had the following to say, “Existing customers must create a new trading account in order to receive the 100% bonus. You can do so by logging in to your LQDFX Client Area.” There are, of course, requirements which must be met in order to cash out the entire bonus and those can be viewed on the broker’s bonus page: https://www.lqdfx.com/en/promotions/bonus

Deposit Methods & Costs

LQDFX accepts several different payment methods, including:

• Wire transfer
• Credit/Debit card
• Neteller
• Skrill
• China UnionPay
• FasaPay
• Bitcoin Cash
• Bitcoin (+ other cryptos)
• UPayCard
• VLoad

Of the available payment options, only wire transfers are subject to a deposit fee and even that can be avoided by depositing $500 or more. The brokerage deserves credit here, as many brokers now struggle to accept even a few payment methods. The fact that for the most part, deposit fees are completely avoidable, is just a bonus.

Withdrawal Methods & Costs

There are no withdrawal costs on e-payments and cryptocurrency payments. On credit and debit withdrawals, a $10 withdrawal fee is charged. On bank wires, the costs vary from bank to bank. There are minimum withdrawal amount requirements in place for each of the available methods and those are shown below.

• Wire transfer – $100
• Credit/Debit card – $20
• Neteller – $5
• Skrill – $5
• China UnionPay – $5
• FasaPay – $0
• Bitcoin Cash – $10
• Bitcoin (+ other cryptos) – $30
• UPayCard – $5
• VLoad – $50

Withdrawal Processing & Wait Time

LQDFX processes withdrawal requests in two business days or less. As usual, the wait time after that is completely dependent upon the chosen withdrawal method. Wire transfers take the longest, with a wait time of 2 to 10 business days. Card payments take up to two business days to arrive and eWallet payments typically arrive within one business day. The processing and wait times are on par with those of regulated brokers and there are no problems to report here.

Educational & Trading Tools

LQDFX does offer a number of educational courses and tutorials for novice and experienced Forex traders alike An Economic Calendar is provided, along with FX chart analysis tools. Forex calculators such as Pivot, Fibonacci and Deal Size are provided on the website also. An e-book is provided for new traders, as are trading strategies. On the whole, LQDFX has gone above and beyond what many brokers offer in this area and should be commended.

Customer Service

Telephone, live chat, and email are the primary contact options, although the firm can be found on social media websites such as Twitter, Facebook, LinkedIn, and Instagram. Support is available 24-hours a day, 5-days a week. The primary LQDFX contact number is +44 2035988261, and the primary email address is [email protected]. A callback request form is provided for those who wish to avoid outgoing call charges. Additional departmental email addresses are listed below.

• Trading Department – [email protected]
• Partners Department – [email protected]
• Deposits & Withdrawals – [email protected]

Demo Account

Free demo accounts are available to those who want them. The site’s demo account registration form asks for only some basic information, after which, you’ll be able to select a currency and starting balance. Demo accounts remain active indefinitely, provided that they are actually being used. To open an LQDFX demo account, simply click on the demo tab from the site header on any page.

Countries Accepted

The broker’s website does not provide any listing of country exclusions. Instead, it says the following, “This website is not directed at any jurisdiction and is not intended for any use that would be contrary to local law or regulation.” We did go one step further to speak with a support member regarding this topic and were told that residents of Belarus are not allowed to create an account. All others, including residents of the United States, are welcome to join.

Conclusion

A search for LQDFX scam information turned up little more than the average complaints. These are common with Forex brokers in general, as those who enter into trading without being properly educated and then losing money as a result, tend to later complain that the broker “stole” their money. The truth regarding broker liability is strongly linked to the amount of time that they have been in business. LQDFX has been providing services for several years now and shows no signs of slowing down. This, combined with their reasonable trading conditions and trusted platform, make this FX broker a viable option for those looking to trade the markets.

Alfa Forex is a currency exchange broker that is based out of Moscow, Russia. At first glance, there are plenty of negative aspects about this broker, such as their limited instruments, geographical constraints, and restrictive leverage. Having said that, the resourceful educational material, tight spreads, and highly advanced trading platform can make this broker reliable in the eyes of some traders. This article will cover these aspects in detail, allowing you to make a comprehensive judgment on whether or not to open an account.

Account Types

To open an account, you have to submit documents on Alfa Forex’s website. The whole process takes a few hours. If the broker requires additional information or documents, it could take up to 2 days to get started.

• Minimum Deposit: None
• Spreads: From 0.16 pips
• Commission: Variable swap rates for different currency pairs

There are no deposit requirements to start trading with Alfa Forex. You could fund your account with just what is needed to buy or sell their minimal trade size (0.01 lots). This broker doesn’t charge commissions on trade, but you do incur swap fees on overnight positions. These costs vary from one currency pair to another. In addition, short and long positions come with their own fees for each FX instrument. One of the main positives of using Alfa Forex is their low spreads, which start at 0.16 pips (USD).

Platforms

Alfa Forex traders will use MetaTrader 5 (MT5). The state-of-the-art and market-leading platform gives you access to more than 80 graphs and technical analysis tools. You can also change the timeline of the charts, ranging from 1 minute to 1-month graphs. Traders can program their own robot so that it opens and closes positions based on pre-established market conditions.

MT5 makes it possible for traders to access and emulate the strategies and algorithms that others utilize. On Alfa Forex’s website, you can download MT5 to your Windows browser, alongside the smartphone apps for iOS and Android devices. Mac users will have to install MT5 from the platform’s website, directly, as that option is not available on Alfa Forex’s website. Afterward, they can immediately start trading, just as users of other devices can.

Leverage

The maximum leverage amount that this broker offers is 1:50, which is incredibly low when compared to others. However, this is mostly out of Alfa Forex’s control as Russian law sets a limit on how much leverage they can provide. You can increase your leverage, but doing so means that the broker will raise your stop-out level to minimize risks and potential losses.

Trade Sizes

Alfa Forex has micro lot sizes, with 1 contract being worth 1,000 of the base currency. For example, if your account’s default currency is USD, then 1 lot of the EUR.USD pair would be 1,000 Euros. You can enter trades that are as small as 0.01 lots.

Stop-Out: 85%

If you want to use Alfa Forex’s fixed leverage, which is 1:40, then you will be stopped out at the 85% margin requirement. Leverages of 1:50 and 1:100 have a stop-out level of 100% and 200% the initial margin, respectively. The broker doesn’t provide variable or floating rates, with each currency pair having a fixed 1:40 leverage (which, as mentioned, can be adjusted). This prevents you from losing all of your capital and having a negative balance.

Reaching the stop-out level means that Alfa Forex will immediately close your position to bring your account down to 80% of the margin requirement. You will have to either deposit more funds into your account or continue trading at lower leverage or margin (depending on how much capital you have left after being stopped out).

Trading Costs

We previously mentioned that Alfa Forex doesn’t charge commissions and, instead, traders incur swap fees when they keep positions open overnight. The swap fee depends on the exchange rate and interest. On the broker’s ‘Trading Conditions’ page, you can see the current swap fees for every currency pair that they offer. However, these costs are subject to change if certain news events or developments arise. The EUR.RUB (Russian Rubble) has the highest swap fees on long trades, while the USD.CHF is the most expensive pair to short.

Assets

We found the very limited access to currencies and other financial instruments to be one of the main downsides of using Alfa Forex. There are only 29 currency pairs, which is far below what other brokers offer. In addition, there are no CFDs, commodities, stocks, or cryptos that you can trade on Alfa Forex. Apart from the majors, you can find currency pairs with exotics such as the Russian ruble, Mexican peso, and South African rand.

Spreads

You can access a full list of spreads on Alfa Forex’s website. The broker has unique tools that allow you to view spreads, swap fees, and lot sizes in either the USD, EUR, or RUB. Since each currency is different in value, it is very useful to look at spread sizes based on your account’s default one. For example, EUR.USD has a 0.16 pip spread in US dollars, but it is 0.14 and 10.19 if your account’s currency is in the Euro and Russian ruble, respectively. The highest spread is 0.45 pips (USD), which is the case for the GBP.NZD. Given that the difference between the lowest (0.14 pips) and highest (0.45 pips) spreads are relatively tight, Alfa Forex traders enjoy a good degree of certainty (as opposed to dealing with fluctuating spreads).

Minimum Deposit

Alfa Forex only requires a deposit that is enough to trade the smallest contract size (0.01 lots). Otherwise, their website makes no mention of any deposit size that is needed to open an account. If you have enough funds to bid for a contract (regardless of how small), then you can start trading.

Deposit Methods & Costs

You can only deposit funds in Russian rubles. There are 3 ways to do so, all of which take 1 to 2 business days to process. You can wire funds online from your bank through Alfa Click (the broker’s software) and there are no fees associated with this method. Another option is to transfer funds through the broker-affiliated Alfa Bank. The cost per transaction depends on the branch location and department. Lastly, you can wire deposits into your Alfa Forex account through your bank, which can be done online or in person. Alfa Forex doesn’t charge any fees, but your bank or financial institution might.

Withdrawal Methods & Costs

You can only withdraw funds via bank transfers and there are 2 ways to do so: Either to an Alfa Bank account or another financial institution. If you want to transfer money to Alfa Bank, there are no fees. Other financial institutions might charge you for each transaction, but the broker doesn’t.

Withdrawal Processing & Wait Time

Both withdrawal methods (via Alfa Bank or another institution) take 1 to 2 business days until they are processed.

Educational & Trading Tools

There are various educational and trading resources that Afla Forex makes available to account holders. In fact, we find those to be very resourceful and easy-to-use. First, Alfa Forex offers video webinars about trading strategies, how the currency exchange market functions, and Q&A sessions where analysts interact with account holders. A calendar of upcoming webinars is going to be posted on their website in the near future. Alfa Forex also provides training courses that are developed and designed by the Bank of Russia (the country’s central bank).

As far as trading is concerned, there are several existing and soon-to-be rolled out tools that you can access. The website provides the live exchange rates and prices of each currency pair that they offer to account holders. Additionally, there are daily and weekly economic calendars that outline major events from all over the world. You can customize the list based on country, category (central banks, employment, confidences indexes, …etc.), and volatility (ranging from 1 bar/least volatile to 4 bars/most volatile). In addition, you can choose the date range that you prefer and monitor upcoming (as well as previous) events.

Customer Service

Alfa Forex can be contacted in person, by phone, via live chat, or through filling out a form on their website. Their service hours are from 7 am to 11 pm (Moscow time) on weekdays, which also includes their live chat’s availability. If you want to visit the broker in person, they are located in Moscow, Russia. Traders who contact them outside of their regular hours will hear back from the customer support team sometime during the next business day. A map with their exact location is available on the website.

Phone: +7 (499) 215-79-79 or 8 (800) 100-62-02
Email: [email protected] or [email protected]

Demo Account

Alfa Forex recommends using a demo account alongside their training webinars and online courses. This allows beginner traders to test their strategy and develop it as they grow their knowledge of the FX markets. More specifically, through combing educational materials and paper trading, users can learn from their mistakes and duplicate their successes until they feel confident enough to start investing their actual funds.

Countries Accepted

Only Russian citizens can open an account with Alfa Forex. In fact, you even need to have a Russian passport, which is part of the required documents in the application. Even if you live in Russia but aren’t a citizen, you can’t open an account with this broker. Other requirements include being 18 years old and not having any criminal or legal problems that would prevent you from participating in the financial markets. Reviewing Russian investment laws is highly recommended, especially for inexperienced traders who are new to the market.

Conclusion

The obvious elephant in the room is that only Russian citizens who live in Russia can open an account with Alfa Forex. If this happens to be you, then you will greatly benefit from the tight and well-defined spreads that the broker offers. Having said that, there are only a few ForEx pairs that you can trade. Additionally, other financial instruments are unavailable, including cryptos. Alfa Forex doesn’t have any minimum deposit requirements and you can start trading with just enough funds to buy a 0.01 lot contract.

Leverage, meanwhile, is incredibly low, even with the room for potential increases. Expanding your leverage means that you have to trade with a more strict stop-out level. Just as importantly, transfers come with difficult-to-ignore fees, unless you use the broker-affiliated Alfa Bank.

All in all, even if you are a Russian passport holder, some of Alfa Forex’s features are highly undesirable and traders can find better options elsewhere. The available tools are only suitable for a small number of traders, especially beginners who want to access informative educational content and those who don’t mind the very restrictive leverage (i.e., traders with a low risk tolerance). Otherwise, Alfa Forex is definitely not the best option for you.

Dividendcare is a broker that focuses on new trading technologies and providing market liquidity through fast order executions. Account holders can enter and exit positions through the MT4 platform, a state-of-the-art ECN that leads the ForEx market. Some of the main advantages of using Dividendcare include its strong leverage offerings, a generous initial bonus, and the personalized attention that account holders receive. Having said that, some traders might find their minimum deposit requirements to be too high. Just as importantly, there is a limited number of currency pairs and the broker is not available in most of North America.

Account Types

Dividendcare has 3 types of accounts: Standard, Premium, and VIP. Forex traders have to install MetaTrader 4 (MT4). Regardless of which account you choose.

Standard Account:
Minimum Deposit: $10,000
Commission: $0
Leverage: Up to 1:400

Premium Account:
Minimum Deposit: $100,000
Commission: $0
Leverage: Up to 1:400

VIP Account:
Minimum Deposit: NA
Commission: NA
Leverage: Up to 1:500

The broker doesn’t have a specific minimum deposit for the VIP Account. When you apply for one, they will look at the amount of your capital, expected future deposits, and how often you plan to trade. To get a VIP Account, traders have to contact Dividendcare’s customer support team. While Standard and Premium traders enjoy zero commissions, the fee is unspecified for VIP clients.

Platforms

You can download MetaTrader 4 (MT4) directly from Dividendcare’s website to your Mac, Windows, iOS, or Android device. The MT4 platform provides traders with in-depth technical analysis tools that include various indicators, chart types, and diagrams. It is available in English, Spanish, Russian, French, German, Arabic, Turkish, and other languages. You can also download datasets and historical performance metrics. MT4 can be accessed and managed directly from your phone, but the desktop version has more features and tools.

Leverage

Standard and Premium traders have up to 1:400 in leverage. The VIP Account comes with 1:500. Nonetheless, all 3 types have relatively high leverage that only a few brokers in the industry can match.

Trade Sizes

Margin levels vary, they largely depend on the specific instrument and how much leverage you use. Dividendcare may change the margin requirements if you incur significant losses. Similarly, they don’t issue any margin calls and will immediately liquidate all your positions if you fall below the required maintenance amount.

Trading Costs

Standard and Premium are not charged any trading commissions, but they do incur spread fees. The VIP Account has much narrower spreads, but traders may have to pay commissions. Dividendcare will charge a swap fee when you keep your positions open overnight.

Assets

You can trade ForEx pairs, commodities, bonds, indices, options, and stocks on Dividendcare. Standard and Premium account holders can trade up to 27 different currency pairs, while the number of available ForEx instruments is not specified for VIP Accounts.

Minimum Deposit

As previously outlined, each account type has its own minimum deposit requirement, which is $10,000 and $100,000 for Standard and Premium, respectively. To open a VIP Account, your available capital and trading experience will be assessed. There is no specific minimum deposit requirement.

Deposit Methods & Costs

You can deposit funds via Visa, MasterCard, Bitcoin, or CryptoCoins. If you want to make a deposit by transferring money from your bank account, you should contact Dividendcare’s customer service team for detailed instructions. Transfers from your debit or credit card are immediately available for you to trade, while it can take the broker up to 3 days to process bank wires. Dividendcare doesn’t charge any fees for depositing funds.

Withdrawal Methods & Costs

Similarly, you can use a debit/credit card or a bank transfer to withdraw money from your Dividendcare account. The broker doesn’t charge any fees for credit or debit card withdrawals, but your bank or the card-issuing institution might. Their website doesn’t mention anything about bank transfer withdrawal fees, apart from the fact that the VIP Account doesn’t incur any charges through using this method. You should contact their customer support team to make sure that your account type and bank transfer fees suit what you’re looking for.

Bonuses & Promotions

Traders get a 10% bonus when they create an account, install MT4, and deposit funds. For example, if you deposit $200,000 into your account, you receive a $20,000 bonus (10% of $200,000). There are no other promotions or bonuses that are currently offered by Dividendcare.

Educational & Trading Tools

You can access live charts, economic calendars, and daily market analysis reports through Dividendcare. The VIP Account comes with free, one-on-one training that the broker offers. In addition, all account types can access training courses that thoroughly explain how the financial markets work and specifically focus on different Forex concepts.

Customer Service

Whether you open a Standard, Premium, or VIP Account, Dividendcare’s customer support team is available 24 hours per day and 5 days a week. Similarly, you can request a bank transfer anytime and someone will be there to process it for you around the clock during weekdays. The website is available in English, Spanish, and Russian. You can contact the broker via phone, email, or by filling out a form on the website.

Phone: +852 589-85-264
Current clients: [email protected]
24 hour (weekdays) customer support: [email protected]

Demo Account

Through MT4, you can open a demo account and immediately start trading. This will give new traders the chance to develop their approach and test their strategy, while those who are unfamiliar with the MT4 platform can take the time to learn how to use its various tools. Demo accounts have access to more than 200 financial instruments.

Countries Accepted

Dividendcare is headquartered in the Caribbean country of Saint Vincent and the Grenadines. Traders from all over the world can open an account. However, the broker is not available to residents of the US and Canada.

Conclusion

All in all, we found that Dividendcare’s features will largely depend on your personal trading strategy and risk tolerance. This is an essential part of determining whether or not this broker is the right fit for you. Traders who have a sizable amount of funds and are willing to take risks can enjoy Dividendcare’s generous leverage. This applies to beginner and experienced market participants, especially because of the dedicated and personalized account supervision features that the broker provides. Additionally, the 10% initial deposit bonus can come in handy.

However, if you prefer access to more currency pairs, cryptos, and the latest MetaTrader platform (MT5, instead of MT4), then you might find better options elsewhere. Just as importantly, if you don’t have the minimum $10,000 deposit requirement, you can’t open an account with Dividendcare. Therefore, you must weigh all aspects, negative and positive ones alike, and determine which of them matters most to you.

LMFX is an offshore Forex broker offering Forex trading services out of Saint Vincent and the Grenadines. This firm offers a wide variety of assets, including currencies, commodities, indices, and more within their version of the MetaTrader 4 trading platform. The LMFX review that follows will provide you with the latest information regarding this FX broker, including current trading conditions, deposit & withdrawal information, trading costs, and more.

Account Types

LMFX offers three distinct account types to their clients. The three available options are as follows:

Premium: This account type can be opened with a deposit in the amount of $50. All subsequent deposits can be as small as $25 each. Premium account holders are treated to the platform’s largest leverage ratio (up to 1:1000) and will trade on spreads starting at 1 pip. There are no commission charges on this account type. The margin call and stop-out levels are 50% and 20%, respectively.

Fixed: This account is named such due to the fact that it provides the account holder with access to fixed spreads. The same as the Premium, Fixed is not associated with any commission charges. A Fixed account can be opened with a deposit in the amount of $250, with all subsequent deposits needing to be only $50 or more. The maximum leverage here is 400%. The margin call and stop-out levels are 30% and 15%, respectively.

Zero: This account is named such due to the fact that it offers spreads as low as 0.0 pips. The minimum deposit requirement for this account is $100, with subsequent deposits needing to be in the amount of $50 or more. The leverage maximum here is 1:250, while margin call is set to occur at 30% and stop-out at 15%.

Although not listed along with the primary account types, Islamic accounts are an option for those of faith. In order to open an Islamic account, one would need to fill out an application that differs from the standard application. The LMFX support team can provide you with complete details regarding this type of account.

Platforms

LMFX has opted to offer the MetaTrader 4 platform to its clients. They also offer this platform in app and WebTrader formats. The apps are available for Apple (iPhone and iPad) devices, along with a separate version for Android. The MT4 software download is provided for both Windows and Mac, and the broker does provide a user guide for each. With LMFX MT4, end users have access to more than 50 total advanced indicators and tools to help with the analyzation of price dynamics across nine separate time frames.

Leverage

The maximum leverage varies by account as follows:

• Premium Account: Up to 1:1000
• Fixed Account: Up to 1:400
• Zero Account: Up to 1:250

Even the Zero account provides a respectable leverage maximum, so there are no problems to report here. Just be certain to select the Premium account if you plan to make use of seriously high leverage ratios.

Trade Sizes

At LMFX, most trading conditions vary by account type and allowed trade sizes are no different. The smallest allowed size is 0.01 (micro) lot, and this applies to all account types. The maximum trade sizes are broken down as follows:

• Premium Account: 60 Lot Maximum
• Fixed Account: 75 Lot Maximum
• Zero Account: 100 Lot Maximum

The firm also has maximums in place when it comes to the number of positions that can be open simultaneously. Those maximums are shown below.

• Premium Account: 100 Lot Maximum
• Fixed Account: 150 Lot Maximum
• Zero Account: 200 Lot Maximum

Trading Costs

There are no commission charges on the Premium and Fixed accounts. However, you will need to pay up if you opt for the Zero account. With this account, there will be a cost of $4 per lot traded. All accounts, aside from Islamic, are subject to Swap or Rollover fees. These come into play whenever a trade remains opened before 21:00 GMT that are left to run after market hours. As always, these costs will vary from asset to asset, but each individual cost can be viewed within the trading platform using either a demo or live LMFX account.

Assets

Currently, there are 80+ assets to trade on, including:

(48) Forex Pairs
(9) Indices
(5) Commodities
(7) Metals & Oil
(15) Shares

It is worth mentioning that the currency list does not include any cryptocurrencies. This will certainly be disappointing for some. A comprehensive asset list can be accessed from the broker’s website.

Spreads

Spreads vary (you guessed it) by account type, with the lowest available spreads being as follows:

• Premium Account: As low as 1 pip
• Fixed Account: As low as 0 pips
• Zero Account: As low as 0 pips

LMFX does provide an account comparison page on their website and this proves quite helpful when breaking down what each account offers. Simply select the asset of interest and then click on ‘Spreads’ to see the details for each.

Minimum Deposit

The smallest acceptable deposit is $50, which is for the Premium Account, whereas the largest is $250, which is for the Fixed Account. Between the two is the Zero Account, which requires a minimum deposit in the amount of $100. After the initial deposit, there are smaller minimum requirements for adding funds. Those are as follows:

• Premium – Reload $25 or More
• Fixed – Reload $50 or More
• Zero – Reload $50 or More

Bonuses & Promotions

There are two options for LMFX bonuses. One is offered in the form of a deposit bonus, while the other is known as a “Phoenix Recovery Bonus” (or redeposit bonus). The deposit bonus offers a 100% match on all first-time deposits in the amount of $100 or more. The Phoenix bonus is equal to 15% of the total first deposit amount and will only be added to the account if the entire first deposit is lost. Obviously, both bonus types have terms and conditions to go with them, so be sure to read up on those before accepting bonus funds.

At the time of this LMFX review, there were three live contests taking place:

LMFX Crystal Ball Contest: Predict the most accurate future exchange rate of the currency pair of the week to win one of several prizes up to $1,000.

LMFX Ultimate Traders: Show off your trading skills by competing with other traders and have the chance to win $1,000 monthly.

Learn & Earn Contest: A demo account contest, this contest offers a risk-free way to compete for cash prizes.

LMFX is also one of the few forex brokers to offer ongoing contests, so this is certainly a plus. Clearly, bonuses and contests should not factor strongly into the broker selection decision, but they do go a long way in highlighting the FX brokers that are quite client-centric.

Deposit Methods & Costs

LMFX accepts several different deposit methods, which certainly is a plus at a time when many brokers struggle to offer more than one. Even better, there are no deposit fees, regardless of the payment method chosen. Below, you’ll see a complete list of the accepted deposit methods, along with the minimum deposit amount required for each.

• Visa – $50
• MasterCard – $50
• Wire Transfer – $250
• Skrill – $50
• Neteller – $50
• Fasapay – $50
• VLoad – $50

Credit/debit and e-payments offer the fastest way to fund an account. These types of payments typically clear within only a few minutes. Wire transfers are the slowest option, typically taking 2 to 5 business days to arrive.

Withdrawal Methods & Costs

LMFX charges no withdrawal fees, not even on wire transfers. The list below outlines the available withdrawal methods and the smallest allowed withdrawal amount that is associated with each method.

• Visa – $10
• MasterCard – $10
• Wire Transfer – $1,000
• Skrill – $10
• Neteller – $10
• Fasapay – $10
• VLoad – $10

As you can see, most of the minimums are more than reasonable. Even the highest requirement for wire transfers is understandable, as this payment method tends to be the most costly and labor-intensive for Forex brokers.

Withdrawal Processing & Wait Time

Any withdrawal request that is submitted prior to 10 am server time will be reviewed and if approved, paid out on the same day. The anticipated average wait time for payment to arrive can be seen below.

• Visa – 2-15 days
• MasterCard – 2-15 days
• Wire Transfer – 2-15 days
• Skrill – Same day
• Neteller – Same day
• Fasapay – Same day
• VLoad – Same day

Educational & Trading Tools

LMFX does offer several educational tools, along with some attractive trading tools as well. Video tutorials, an economic calendar, market analysis, and more are provided. An impressive seven total Forex calculators are also provided on-site. The platform itself contains a variety of indicators and other helpful analysis tools for traders to make use of.

Customer Service

This broker offers customer support 24-hours a day, 5-days a week (Monday to Friday). The available contact options include telephone, email, and live chat. There are several different contact numbers available and those are provided below.

• Business Phone: +44 2035192105
• General Support: +44 2035192105 or [email protected]
• Sales: +44 2035192105 or [email protected]
• Affiliates: [email protected]
• Trading Desk: +44 2035192105

The available departmental email addresses are as follows:

• Sales Department: [email protected]
• Affiliates Department: [email protected]
• Customer Support: [email protected]

Demo Accounts

LMFX does offer free demo accounts, but traders should note that these do not provide the exact same trading conditions as the live platform. They do, however, mirror the conditions closely and are unlimited. Furthermore, they can be opened in the platform of your choice and do allow for the testing of expert advisors (EAs) and strategies. New Clients must first register an account in order to open a demo trading account. Existing clients, on the other hand, can log into their Wallet and open the practice account directly from there.

Countries Accepted

LMFX has decided not to extend services to residents of Belgium, Bulgaria, Macedonia, and Cyprus. It appears that all others (including residents of the United States) are welcome as of the writing of this LMFX review. Broker rules and regulations do change rather quickly though, so do check with the broker should you encounter any issues with registering a new account.

Conclusion

After completing a large number of Forex broker reviews, it becomes quite easy to quickly spot a scam broker. LMFX most certainly does not come off as anything more than a brokerage that wants to keep its clients happy and wants to do what it takes to remain in business (which they have managed to do since 2017). The FX industry is tough on brokers and those who do not remain trustworthy are quickly ousted. As for the conclusion of this LMFX review, we are recommending them. This could change in the future, of course, but as of now, they appear to be one of the better offshore brokerage options in operation.

This broker is available across the globe and has offices that cater to local traders in different locations. FIBO Group’s different account types all require minimal deposits, which means that traders can easily choose the one that best fits their strategy and needs. In this article, we will highlight important aspects of this broker, including the available assets, transfer costs, platform features, and other information that you should know before you open an account with them.

Account Types

FIBO Group offers five different types of accounts. Traders also have the option of opening an Islamic account.

MT4 Cent:
Minimum Deposit: $0
Spreads: From 0.6 pips
Commission: $0

MT4 Fixed:
Minimum Deposit: $50
Spreads: From 2 pips
Commission: $0

MT4 NDD:
Minimum Deposit: $50
Spreads: From 0 pips
Commission: 0.003% of the transaction amount

MT4 NDD (No Commission):
Minimum Deposit: $50
Spreads: From 0.8 pips
Commission: $0

cTrader NDD:
Minimum Deposit: $50
Spreads: From 0 pips
Commission: 0.003% of the transaction amount

MT5 NDD:
Minimum Deposit: $1,000
Spreads: From 0 pips
Commission: 0.005% of the transaction amount

What makes this broker unique is that each account type is related to the trading platform used. More specifically, you can choose between MetaTrader 4 (MT4), cTrader, and MetaTrader 5 (MT5). The main difference between the 2 MT4 DD accounts is that one offers no commissions, but has a spread that starts at 0.8 pips. The other one has a commission of 0.003% the transaction amount, but no spread. In addition, each of the 6 account types is different in terms of the default currency options, available assets, and trades sizes. All of which will be outlined in more detail in this article. The Islamic Account has the exact same features as the others. However, it doesn’t have the rollover bonuses while swap fees for overnight positions are only charged on Wednesdays and Thursdays.

Platforms

You can trade through the MetaTrader 4 (MT4), the modified MetaTrader 5 (MT5) platform, and cTrader. Each of these platforms has its own distinct features and you should pick the one that is most in line with your trading strategy. MT4 gives you access to over 50 different technical indicators and allows you to code your own trading signal.

MT5 is more advanced than MT4 because it gives you access to more order types and lets you manage several account features from one screen. Both platforms can be installed on Macs, Windows, iOS, and Android devices. You can download them directly from FIBO’s website. Keep in mind, though, that if you want to download MT4 on your Mac, you might have to do so directly from the platform’s website because it requires specific software. Only the windows version of MT5 can be downloaded through the broker’s website.

In addition to those 2 platforms, FIBO Group gives you access to cTrader. Just as with MT4 and MT5, you are able to use a wide variety of technical indicators, code your own trade signals, and execute orders at a very high speed through cTrader. The platform is also available in 14 languages.

Leverage

FIBO Group offers incredibly high leverage that is amongst the best in the market. MT4 Cent account holders have up to 1:1000 in leverage, which is almost unheard of in the industry. MT4 Fixed Accounts only have 1:200, but the other 4 give you up to 1:400 in leverage, which is still higher than what other brokers have to offer.

Trade Sizes

Lot and trade sizes are dependent on the type of account you choose. The minimum lot size is the same across the board at 0.01. Only MT4 Cent has a maximum volume requirement; traders can’t have more than 50 open positions at the same time and each trade has to be 100 lots or less. All accounts, however, have restrictions on volume per trade, which varies from one currency pair to another.

Stop-Out: 20% (MT4 Cent, MT4 Fixed, and cTrader NDD) and 50% (Both MT4 NDD accounts and MT5 NDD).

When the stop-out level is reached, FIBO Group will give you 30 minutes before the markets close to exit some/all of your positions or deposit additional funds. Otherwise, the broker will close all or some of your positions to bring it to that level. It is important to note that, during weekends, FIBO Group might increase the margin call and stop-out as well as minimize the maximum leverage. The changes will depend on the market’s volatility and how risky your trades are.

Trading Costs

FIBO Group will charge you either a commission or the spread fee. MT4 Cent, MT4 Fixed, and MT4 NDD have a spread of 0.6 pips, 2 pips, and 0.8 pips, respectively. Meanwhile, the other 3 account types (MT4 NDD, cTrader NDD, and MT5 NDD) have 0 spreads. The commissions are charged based on the trade or transaction size. For example, buying 1 standard lot of the USD.CAD (which equals $100,000) will come with a 0.003%/$3 USD commission (MT4 NDD and cTrader NDD) or a 0.005%/$5 commission (MT5 NDD). Overnight positions also mean that you have to pay the swap fees, which depend on interest and market developments that pertain to the currency pair that you are trading. Islamic Accounts, for religious reasons, do not incur spread fees. The only exceptions are positions that are open overnight on Wednesdays and Thursdays.

Assets

You can trade over 60 ForEx pairs through FIBO Group, alongside various CFDs, spot metals, and cryptocurrencies. However, access to these assets depends on the account type you choose. Only MT4 Fixed allows you to buy or sell 60 currency pairs. MT4 Cent and MT4 NDD (with commission) provide you with 38 and 32 currencies, respectively. MT4 NDD (no commission), cTrader NDD, and MT5 NDD give you access to 45, 41, and 42 currency pairs, respectively. Just as importantly, only MT4 Fixed and MT4 NDD (with commission) let you trade CFDs. The available default currency options also vary.

• MT4 Cent: USD cent and GLD (SPDR Gold ETF) cent
• MT4 Fixed: USD, GBP, EUR, CHF, and RUR (Old Russian ruble)
• MT4 NDD: USD, EUR, and GLD
• MT4 NDD (No Commission): USD, EUR, GLD, BTC (Bitcoin), and ETH (Etherium)
• cTrader NDD: USD and EUR
• MT5 NDD: USD only

Spreads

Accounts that don’t pay commissions will have to incur spread fees. While FIBO Group’s spreads are relatively low, they can vary from one currency pair to another. In addition, two different account types may have a different spread on the same currency pairs. Generally speaking, MT4 Cent has the lowest minimum spreads at 0.6 pips. MT4 Fixed has the highest, ranging from 2 pips upwards, which is way above what other brokers offer.

Minimum Deposit

FIBO Group’s deposit structure is very flexible, especially because all accounts can be easily accessed. The largest minimum deposit is $1,000 (MT5 NDD), which is much lower than what other brokers require, especially those that have different account types. Most of the time, the industry requires 10s, if not 100s, of thousands to open an account with desirable or competitive features, All accounts on FIBO Group have a minimum deposit of $50 or the equivalent in the base currency you choose. Opening an MT4 Cent account, however, doesn’t have a minimum and you can start trading with a deposit that is just enough to buy the smallest available lot size (0.01).

Deposit Methods & Costs

GIBO Group doesn’t charge fees for deposits via bank transfers and debit/credit cards, but they do so when it comes to certain methods.

• Bank Wire Transfers: 2 to 5 days; Only bank fees apply ($35 to $50); USD & EUR deposits
• Credit/Debit Card and Connectum: Instant processing; No fees; Maximum 3,000 EUR per transaction or 10,000 EUR within 24 hours; USD & EUR deposits
• RegularPay: Instantly processed during business hours; No fees; Not available in several countries (including the US and Canada); USD & EUR deposits
• Paysafe Card: Instant processing; No fees; Only available in Saudi Arabia, Kuwait, and the UAE; Only USD deposits
• Bitpay: Instant processing; No fees; No minimums or country limitations; Only Bitcoin and Bitcoin Cash deposits
• Blockchain: Processed during business hours after confirmation by Bitcoin chain; Blockchain main charge fees; Only Bitcoin deposits
• Neteller: Instant if the Neteller account has the same email as the FIBO Group one (if not, it is only processed during business hours); No fees; Minimum deposit of $1.29 only; USD and EUR deposits
• WebMoney: Instantly processed; No fees; Maximum deposit of $100,000 per transaction; USD and EUR deposits
• Skrill: Instant if the Skrill account has the same email as the FIBO Group one (if not, it is only processed during business hours); 3.9% fee; Minimum deposit of $1.00 plus the transfer fees; Only USD deposits
• CashU: Instant processing; 7% fee; Only USD deposits
• Fasapay: Instant during business hours or, otherwise, processed on the next day; 0.5% fees ($0.01 minimum and $5 maximum per transaction); Minimum transfer size of $0.10 and maximum of $1,000,000 per transaction; Only USD and IDR (Indonesian rupiah) deposits
• EcoPayz: Instant processing; No fees; $2,500 deposits per transaction if the account is not verified; Only available in the Gulf Cooperation Council (GCC) countries; Only USD deposits
• Perfect Money: Instant processing; Perfect Money might charge transfer fees; Only available in Afghanistan, India, and Pakistan; Only USD deposits

Withdrawal Methods & Costs

You can withdraw funds by using most of the deposit methods. However, the fees charged by FIBO Group vary.

• Bank Wire Transfers: Bank fees may apply (between $35 and $50); Minimum of $80 per transaction; USD, GBP, EUR, and CHF withdrawals
• Credit/Debit Card and Connectum: Fees of 2.5% the withdrawn amount plus 1.5 Euros per transaction; Maximum of $3,000 during a 24 hour period and $10,000 per month; USD and EUR withdrawals
• RegularPay: $10 fee per transaction; No minimums or maximums; USD and EUR withdrawals
• Neteller: 2% fee per transaction (minimum of $1.29 and maximum of $30); Minimum of $10 withdrawn per transaction (plus fees); USD and EUR withdrawals
• WebMoney: 0.8% fee per transaction (maximum of $50 USD or 50 EUR); Minimum of $5 or 5 EUR withdrawn and maximum of $10,000; USD and EUR withdrawals
• Skrill: 1% fee per transaction; Minimum of $1.00 withdrawn (plus the 1% fee); Only USD withdrawals
  QIWI: 1% fee per transaction; Minimum of 5 RUR and maximum of 15,000 RUR or $200; Only USD and RUR withdrawals
• Bitcoin: 0.001 BTC fee per transaction (plus Bitcoin fees); Minimum of 0.01 BTC per transaction; Only BTC withdrawals
• Perfect Money: 0.5% fee per transaction; No minimums or maximums; Only USD withdrawals Keep in mind that, for each withdrawal method, the same country-specific and geographical restrictions apply. For example, only traders in Afghanistan, India, and Pakistan can deposit or withdraw funds via Perfect Money.

Withdrawal Processing & Wait Time

• Bank Wire Transfers: Within 3 days
• Credit/Debit Card and Connectum: Instant transfers, but, at times, it can take up to 3 days (especially if the transaction was made after business hours)
• RegularPay: 10 business days
• Neteller: On the same day if the transaction is made during business hours. Otherwise, it will be processed on the next business day.
• WebMoney: 1 day
• Skrill: On the same day if the transaction is made during business hours. Otherwise, it will be processed on the next business day.
• QIWI: Instantly processed
• Bitcoin: Takes several hours to process
• Perfect Money: Takes only a few minutes for funds to transfer

Bonuses & Promotions

FIBO Group doesn’t offer any bonuses or promotions. However, their website has a ‘Promotions’ page with a form that you fill out to signup to their email newsletter. If you are interested in the promotions, you can subscribe and get email updates on when the next bonus or promotional program becomes available.

Educational & Trading Tools

There are analytical tools that benefit both short and long-term traders alike. Their analytics articles include content about different currency pairs and events that can impact the market. At the moment, their ‘Long Term Forecasts’ section doesn’t have any posts. However, their ‘Interest Rates’ page is very useful. It has a list of the current rates that the central banks of 15 different countries have set, alongside the date of their last meeting and upcoming policy decisions. You can also access a live economic calendar and customize it based on country, degree of importance, and your desired timeframe.

Customer Service

FIBO Group’s website is available in 14 different languages, including English, Dutch, Italian, Spanish, Arabic, and others. Their global offices cater to traders in local areas across the world, with a unique phone number and email for each. The Austrian phone number and email is the unified contact information for clients in all locations (apart from those where FIBO Group has an office). They can be reached 24 hours a day during weekdays. The other offices are open during the business hours of the location that they serve.

Phone: +43 720 02 23 55
Email: [email protected]

Demo Account

You can open a demo account with MT4 or cTrader, depending on your preference. Each of the 2 platforms allows you to create a demo that enjoys the same features and accessibility to financial instruments that the live ones do.

Countries Accepted

FIBO Group is regulated and licensed in Cyprus and the British Virgin Islands. The broker has offices in Austria, Kazakhstan, Germany, Ukraine, and China. The broker is in compliance with financial market regulations across the world. However, it is not available in the US, UK, Australia, Belgium, Austria (even though they have an office in the capital, Vienna), Iraq, and North Korea.

Conclusion

Unless you live in one of the countries where this broker is unavailable, FIBO Group provides plenty of competitive and resourceful tools. The low deposit requirements and wide range of available platforms give traders a lot of flexibility, while deposit methods make FIBO Group ideal for fiat and crypto enthusiasts alike. In fact, apart from a few restrictions, we find this broker to be one of the best options on the market. As this article has shown, you can enjoy minimal trading costs, access to many resourceful educational materials, and a customer service team that is very easy to reach.

Whether you prefer traditional currency pairs or cryptos, Hispamarkets offers you access to many financial instruments and CFDs. The broker also has various deposit requirements, making it easier for you to compare different account types and choose the one with the leverage that you prefer. Having said that, Hispamarkets doesn’t offer a lot of information about key features and trading conditions, including those related to margin and transfer processing. In addition, if you have a low level of risk tolerance, it is important to carefully study how Hispamarkets can protect you against potential hefty losses. This article contains the important details that will help you evaluate this broker.

Account Types

Hispamarkets offers 3 account types, alongside the newly introduced Crypto Account. The way each account is structured makes this broker ideal for both beginner and professional traders.

Bronze Account:
Minimum Deposit: $2,000
Leverage: Up to 1:500

Plata Account:
Minimum Deposit: $5,000
Leverage: Up to 1:300

Gold Account:
Minimum Deposit: $10,000
Leverage: Up to 1:100

Crypto Account:
Minimum Deposit: $2,000
Leverage: Up to 1:500

The Bronze Account suits inexperienced traders who are just starting out because it offers a fixed margin rate and allows you to choose your leverage (up to 1:500). In turn, users can access all financial instruments (including cryptos) while minimizing their risk. The Crypto Account is similar to the Bronze one in terms of the minimum deposit and leverage. However, it also utilizes blockchain technology, making it perfect for cryptocurrency traders.

Plata and Gold are designed for seasoned traders who prioritize low spreads and dedicated support. There are 2 differences between the Plata and Gold accounts. First, minimum deposits are $5,000 for Plata and $10,000 for Gold. Second, by opening a Gold Account, you get access to trading reports, advanced account management tools, and customized, one-on-one consultations with Hispamarkets’s analysts. The Silver Account also enjoys access to customer support, but traders don’t have the same detailed reports and individualized consultations that the Gold Account has to offer.

Platforms

This broker uses MetaTrader 4 (MT4), which is one of the most sophisticated and advanced trading platforms in the world. MT4 gives you access to a wide variety of financial instruments. You can also create a custom algorithm that automatically trades on your behalf. Moreover, MT4 comes with valuable technical signals and enables users to integrate their preferred indicators.

The platform is very easy to use and can be accessed via Mac, Windows, iOS, and Android, making it ideal for experienced and novice traders alike. You can download and install MT4 directly from the platform’s website.

Leverage

When you open an account with Hispamarkets, you can choose your own leverage (up to a certain maximum). Bronze and Crypto users get up to 1:500 in leverage while Plata and Gold have 1:300 and 1:100, respectively. Hispamarkets’s website doesn’t specify why there are differences between the accounts. Yet, it might be safe to assume that, because Bronze traders have less capital than the other account types, they are provided with larger leverage in order to realize meaningful profits. Similarly, many brokers offer low leverage to accounts that have a sizable amount of funds in order to control risk.

The broker’s website also doesn’t mention anything about margin requirements. However, if you get a margin call, Hispamarkets requires you to immediately transfer funds in order to meet the maintenance amount. Otherwise, they will liquidate one or all of your trades.

Trade Sizes

The smallest lot amount that you can trade is 1,000 in the currency unit (a micro lot). Hispamarkets’s website doesn’t specify maximum volume levels. As mentioned, this broker, unfortunately, doesn’t provide a lot of information about leverage, margin calls, and stop-outs. You will be notified when a margin call is issued, which could happen even if you are hedging to minimize your losses. Should a trader fail to respond to the margin call, there is a risk that their account balance will turn negative and that they lose their entire deposit. The broker could automatically close some or all of your positions if the losses reach that level.

Assets

Hispamarkets gives traders access to ForEx pairs, equity CFDs, and commodities. The brokers allow you to trade over 80 currency pairs and the Crypto Account gives you access to 16 cyber currencies. These include BitCoin, Bitcoin Cash, Ethereum, and others.
This broker also focuses on Over the Counter (OTC) products and instruments. The commodities offered are oil, spot gold, and spot silver. Additionally, you can trade other commodity futures that are available on the MT4 platform, as well as the CFDs of stocks traded in the US market and around the world.

Minimum Deposit

As mentioned earlier, the minimum deposits are $2,000 for Bronze and Crypto, $5,000 for Plata, and $10,000 for Gold. After you open an account, you can always upgrade it by depositing additional funds. For example, if you start with a $3,500 deposit, you get the Bronze Account. Afterward, if you transfer an additional $3,000 and bring your balance to $6,500, you can switch to the Plata Account.

Deposit Methods & Costs

You can deposit funds into your Hispamarkets account from your bank via a wire or an Automatic Clearing House (ACH) transfer. You can also use your Visa or MasterCard. Whichever one you choose, it is important to keep in mind that you will need to use the same method to withdraw funds. For example, if you deposited money into your Hispamarkets account through a bank wire transfer, you can only make a withdrawal through a wire transfer to the same bank account.

Hispamarkets charges no fees for depositing money. But before doing so, you need to provide a copy of a government-issued ID and a proof of address document (such as a utility bill or bank statement) that is no more than 3 months old. If Hispamarkets runs into any issues when verifying your identity, address, or ownership of the payment method, then both deposits and withdrawals might be delayed.

Withdrawal Methods & Costs

As we just mentioned, you can only withdraw money through the same payment method that you used to make a deposit. Just as with other essential information, Hispamarkets’s website offers limited details about withdrawal fees and processing times. We can assume that withdrawals follow the same mechanisms that deposits do, but you should contact the broker to make sure what the process entails. Otherwise, you risk facing larger than expected withdrawal fees and lengthy transaction times.

Educational & Trading Tools

Even though Hispamarkets barely provide you with currency spreads, margin requirements, and other similar information, they do have a blog that is rich with content. Each article covers a specific topic or concept that is related to ForEx investments (as well as cryptos, stocks, CFDs, and futures). Beginners will find this to be especially useful, while experienced traders can access market analysis and news updates. Hispamarkets’s website is available in English, Spanish, Arabic, Chinese, French, Portuguese, and Italian.

Customer Service

You can contact Hispamarkets via phone, email, or by filling out the contact form on their website (displayed on the home, contact, and almost every other page).

Phone: +541151925656
Email: [email protected]

Demo Account

Hispamarkets allows you to open a demo account directly from their website. Since MT4 also offers demos, you want to make sure that this account is opened through the platform and that you have access to the same tools and financial instruments as live traders. You can familiarize yourself with MT4’s functionalities and develop your strategy before risking your real money.

Countries Accepted

The broker is registered in Saint Vincent and the Grenadines, a nation island in the Caribbean. Hedging is only available in countries where the practice is regulated and legal. To find out if Hispamarkets is available in your country, contact them directly because their website doesn’t provide this information.

Conclusion

Obviously, the main negative point about Hispamarkets isn’t related to its features, about it mostly has to do with the lack of information about them. The website is unreliably vague, which is a massive red flag. Yet, because this broker offers diverse account types and competitive access to different currency pairs and cryptos, traders who care about these features might find it worthwhile to further consider this broker. Luckily, there are plenty of ways to get in touch with the customer service department.

When it comes to other areas, Hispamarkets doesn’t offer a stop-out level that prevents your account from going negative. In other words, you could easily lose all of your capital if you aren’t careful with the leverage. Many brokers in the industry tend to issue a margin call and a stop-out level to ensure that this doesn’t happen. Certain details about how Hispamarkets processes transfers are missing while the broker is unclear about its margin requirements and trading costs (including commissions). Again, the lack of these specifics can be enough for many market participants to steer clear.

Based out of Vanuatu, TradeFred is a global brokerage firm that offers competitive bonuses, high leverages, and access to almost 50 different currency pairs. In fact, the best part of using TradeFred has to do with its diverse tools, various deposit methods, and the availability of local customer service teams in multiple countries. Having said that, traders in the US, Canada, New Zealand, and several other locations cannot open an account with this broker. Similarly, withdrawals can take a relatively long to time process. After reading this article, you will be able to thoroughly evaluate the pros and cons of TradeFred and determine whether or not you should open an account with this broker.

Account Types

There are 4 different types of live accounts on TradeFred. You also have the option of opening an Islamic Account. There are 3 base currencies that you can choose from: USD, GBP, and EUR. Traders are able to open more than 1 account with different base currencies. However, after the account is active, you can’t change the currency.

Silver Account:
Minimum Deposit: $250
Spreads: From 1.7 pips

Gold Account:
Minimum Deposit: $2,500
Spreads: From 1.7 pips

Platinum Account:
Minimum Deposit: $10,000
Spreads: From 1.7 pips

VIP Account:
Minimum Deposit: $30,000
Spreads: From 1.7 pips

All of the above options provide traders with a personal account manager, training, daily market analysis, and access to different trading signals. However, only VIP Account traders get private consultations and the lowest available spreads. Platinum and VIP enjoy training benefits, such as an Ebook and complimentary webinars. You can open a business account with TradeFred and manage your company’s portfolio. To do so, contact the broker’s customer support department and they will tell you what documents you need to provide.

Platforms

After you pick your account type and signup, you have to install the MetaTrader (MT4) platform. You can do so on your Mac, Windows, Android, or iOS. TradeFred’s website allows you to directly download and install MT4. The desktop version provides you with competitive tools, customer support features, and detailed market analysis. Through the mobile version, traders can manage their account, open/close positions, and access the same tools that desktop users do. However, the desktop version has more expanded features.

Another key platform that TradeFred provides is the social trading program, which is especially useful to beginners. This platform allows you to simulate the trades and algorithms of other investors in a manner that is aligned with your personal approach. First, you have to answer questions about your risk tolerance and objectives. Afterward, you can access the social platform and follow the trading techniques of experienced professionals that have a similar attitude towards risk.

Leverage

With all types of accounts, you can choose between 1:200 to 1:400 in leverage. The higher end of the range is considered competitive in comparison to what other brokers on the market offer. This, however, only applies to ForEx pairs. The minimum leverage for cryptos is only 1:2. Precious metals, energy assets, and other commodities have between 1:50 and 1:200 in leverage. Aluminum, however, only has a 1:10 rate.

Trade Sizes

The standard Forex lot size is 100,000 in the base currency, but all account users can open positions that are as low as 0.01 lots. A crypto’s lot size is 1 contract. The Initial Margin ranges between 0.5% and 1%.

Margin Call: 50%
Stop-Out: 25%

TradeFred’s goal is to prevent traders from having a negative account. Their margin call and stop-out levels are designed to ensure that. At the margin call level (50%), you have to either deposit more funds or liquidate existing trades. If you fail to do so and your account goes down to 25% the margin level, the broker will automatically close all of your positions to prevent you from losing more than what you initially deposited.

Trading Costs

This broker, like many others, doesn’t charge any commissions. Instead, they make their money through the spreads and swap fees. Spreads vary from one FX pair to another. You also incur overnight swap fees and each currency pair has its own long and short costs. Some of them are only a few cents per lot, while others can reach double digits. Bitcoin has a standard $150 per night swap rate, regardless of whether your short or long. Islamic accounts do not incur any swap charges, regardless of how many days you keep a position open.

Assets

You can trade 24 hours a day from Monday to Friday in the ForEx market. TradeFred provides account holders with access to almost 50 currency pairs, including major ones as well as exotics from developing countries. In addition, you can trade Bitcoin against 3 different currencies. The pairs are BTC.USD, BTC.GBP, and BTC.EUR. All of which are available 24 hours and 7 days a week (as opposed to ForEx pairs, which can only be traded during weekdays).

You also have access to US stocks (listed on the New York Stock Exchange and Nasdaq) and UK shares that are on the FTSE. Moreover, users can invest in indices futures, precious metals, and different types of commodities that include cotton, cocoa, coffee, soybeans, and platinum. This selection of commodities is not offered by many other ForEx brokers, which makes it worthwhile for traders who prefer these assets to look into TradeFred.

Spreads

Spreads depend on which currency pair you want to trade. Some are as low as 1.7 pips. However, exotics and certain major pairs have a higher spread. Bitcoin has a much wider spread of $150.

Minimum Deposit

To open a silver account, you need to deposit no less than $250. Gold, Platinum, and VIP require deposits of $2,500, $10,000, and $30,000, respectively. If you don’t use the US dollar, then the required funds are the equivalent value in your default currency of the minimum deposit for each account.

Deposit Methods & Costs

All deposits into your TradeFred account are free, regardless of which type you want to open (Silver, Gold, Platinum, or VIP). However, each method has a different processing time.

• Bank Transfers: 3 to 5 business days
• Transfers from another broker: 3 to 5 business days
• Debit or credit card: Instantly available
• WebMoney: Instantly available
• Qiwi: Instantly available
• Skrill: Instantly available
• Neteller: Instantly available

Withdrawal Methods & Costs

Withdrawals, too, are for free, regardless of the method you choose. Transfers out of your account takes 5 business days, even those with an instant deposit time. Because transfers take a full business week to process, you should take into consideration that weekends and holidays might delay the time until the funds become accessible. Additionally, your bank or financial institution might take more time to process withdrawals. You should check their policies and make sure that they have all the information that they need in order to make this process easier.

Bonuses & Promotions

The different types of bonuses and rewards that TradeFred offers are very competitive. They include cash rewards, birthday checks, and swap refunds. The cashback offers are available after you execute 100 trades during a quarter. This bonus can range up to 50%, depending on your account type, and the funds are directly added to your balance. Only ForEx trades are eligible for this bonus.

While larger accounts receive more in cashback rewards, those with a smaller deposit can also get an exclusive refund on their spread fees. If you deposited 1,000 or less in the base currency (so 1,000 USD, GBP, or Euro), TradeFred will give you a refund on all the spreads you incurred during your first 14 days of trading with the broker. Positions that are held for less than 3 minutes, however, are ineligible for the refund. Hedged trades (where you long and short the same currency to protect yourself against losses) will only count as 1 trade and receive the refund accordingly. You will have the swap fees deposited into your account within a week after your 14th day with TradeFred.

TradeFred will also send you a $25 check on your birthday. While it is not as lucrative as other bonuses and rewards, it is still a nice token of appreciation that shows that the broker truly cares about traders. To be eligible for this, you must close at least 25 trades per quarter. Only accounts that have been active for 3 months or more will receive the birthday check.

There are two additional rewards that TradeFred provides you with: A First Deposit Credit and a Registration Reward. The First Deposit Credit is awarded to you based on how much funds you put in your account when you get started with the broker. The minimum amount is 300 of your base currency. Traders who deposit 300 to 499 receive a 100 currency unit credit, which proportionately increases with larger deposits. The maximum credit is 14,000, awarded to traders who initially fund their accounts with 40,000 in their base currency or more. The Registration Award is only available to Australian traders, who would receive $25 when they open an account. It is rewarded in USD.

Educational & Trading Tools

The TradeFred Academy educates traders about basic market concepts. This includes an introduction into Forex and CFD trading and an overview of technical analysis and fundamentals. Platinum and VIP account holders have free access to ebooks and webinars. Just as importantly, all accounts provide you with a personal trainer who actively oversees and, if requested, manages your portfolio. When it comes to live trading tools, TradeFred will provide you with daily market reviews, newsfeeds, economic calendars, and access to different technical signals.

Customer Service

You can get in touch with TradeFred via phone, email, or by filling out the contact form on their website. They offer an email address and phone number that traders from all locations can use, as well as support lines for account holders in specific countries.

• Email: [email protected]
• Phone (Universal): +61-280734453
• UK: +44-1613942198
• South Africa: +27-129428155
• Ireland: +353-766701255
• Denmark: +45-78733115
• Sweden: +46-500729267

Demo Account

Demo accounts are active for 14 days and you start with $10,000 in paper funds. The demos have the same features and instruments that live account traders access, as well as complimentary educational content. This will help beginners define their strategy and test different approaches before putting their actual funds at risk. In fact, TradeFred’s blog has an article with comprehensive and detailed reasons that show you how you can best benefit from your demo account experience.

Countries Accepted

TradeFred is regulated by the Vanuatu Financial Services Commission, the governmental body that oversees financial markets in the Republic of Vanuatu (an island that is not too far away from Australia). The broker’s services are available across the world, but they are not accessible to traders in the US, Canada, New Zealand, Japan, and Belgium.

Conclusion

If lucrative promotions and access to a wide range of financial instruments are important to you, then TradeFred is an excellent option. You will enjoy rewards in different forms, competitive leverage rates, and various account type options. Traders who want to be able to quickly withdraw their profits, on the other hand, might not appreciate how long it takes for outbound transactions to process. Similarly, crypto enthusiasts can only trade 3 Bitcoin currency pairs. Just as importantly, regardless of which of these features you like or dislike the most, TradeFred cannot be used in certain countries.

This broker can be a perfect fit for some traders, but others will find it to be completely inconvenient or inaccessible altogether. All of this is based on your trading strategy and the features that revolve around it.

Swissquote has established itself well in the industry and has managed to maintain a high level of popularity. Swissquite is regulated by FINMA, which, for those of you who don’t know, is the Swiss Financial Market Supervisory Authority. In addition to offering Forex trading services, they are also renowned for their banking solutions, from regular online banking to mortgage solutions.

Account Types

Swissquote offers just one account to trade Forex, Cryptocurrencies, Stocks and more. The minimum deposit for this trading account is $1,000, which immediately gives the sense this trading service is for the more experienced/elite traders who are well-practiced and confident to deposit such an amount.

Platforms

With Swissquote, you may choose to use MetaTrader 4 or 5, or alternatively, you may use Advanced Trader, which is their very own customized platform.

Leverage

Note that leverage options are the same on both MetaTrader and Advanced trader (their own tailor-made platform). For trading the Forex Major pairs, leverage is 1:100. For all other pairs, you will need to refer to a PDF found on the website to calculate leverage according to the margin requirements of each pair.

Trade Sizes

Minimum trade sizes with Swissquote are 0.01 lot, on the MetaTrader platform, however for the Advanced Trader platform, the minimum is 1.000 lot. The maximum order sizes are dependent on the pair you are a trader. There is a full list set out on the website.

Trading Costs

Swissquote does not charge trade commissions, as they make their profit via the spread and rollovers. Swap fees are all set out on the website, a complete list is available, showing the swaps according to each currency pair.

Assets

Swissquote offers a fair variety of tradable assets being 138 Forex currencies and 7 Commodities. Swissquote does not offer Cryptos, Indices, or Stocks.

Spreads

Spreads vary according to the amount you have in your account; the higher you deposit, the better spreads you will have access to. For example, if you deposit $50,000, you will have access to the best spreads available.

Minimum Deposit

The minimum deposit requirement is $1,000 or the equivalent in an alternative currency. This could be an indication this broker is more suited to those traders with more experience.

Deposit Methods & Costs

You may fund your account via visa/Mastercard debit/credit card or via bank wire via Swissquote e-banking. Broker charges are not mentioned however your banking provider may apply charges so bear this in mind and check before completing the transaction.

Withdrawal Methods & Costs

To withdraw fromSwissquote, you may send your funds to your Swissquote e-bank account. The only other alternative is an external bank wire transfer. There are no alternative options, according to the website. It makes sense to first be a Swissquote bank account holder and client before becoming a trading client also. The cost of a bank wire withdrawal is 2 EUR/CHF(external bank wire transfers), but for express transfers, it is 5 CHF. Depending on particular currencies, fees can vary and a full list is available via the website.

Withdrawal Processing & Wait Time

All withdrawals are processed on the same day, however, no exact time scale could be provided by the live chat agents.

Bonuses & Promotions

Swissquote does not offer any deposit bonus schemes or similar promotions.

Educational & Trading Tools

Since Swissquote does not specifically target their service to traders but more on the banking side, it is not a surprise that they do not offer forex education training tools alongside their platform. Having said that, there is an array of free training material to be found online.

Customer Service

You may contact Swissquote via telephone, email, or live chat. The hours of operation are 9:00 – 18:00 CET Monday through to Friday.

Demo Account

You may open a demo account to test Swissquote trade conditions for yourself. This is always good practice before opening a live account to ensure a broker is suited to your style of trading.

Countries Accepted

It is not specific on which countries are restricted and which are accepted and when we asked live chat support, we were advised you will only know once you register when you will need to select your residing country from the list available. Should your country not appear, then you will not be accepted as a client.

Conclusion

Swissquote remains to be a very popular choice among traders, due to their strong quality of service they provide as well as the fact they are regulated. We believe this broker may be more suitable for those who have more experience and for those wishing to trade with higher capital since the minimum deposit requirement is rather high compared to the majority of Forex brokers.

For beginner traders, the website is not entirely easy to use and finding information is not easy. We communicated a lot with customer support live chat as a result of this, which made pinpointing basic information very time-consuming. All in all, the trade conditions offered are fair, and this broker offers a strong variety of assets to trade.

Belight Capital Group Limited is a Cyprus Investment Firm (CIF) regulated and supervised by the Cyprus Securities and Exchange Commission. They operate under CIF Licence number 364/18 and Company registration number HE 345448, offering Forex services to all, but are seemingly targeting new traders. The BelightFX review that follows will shed light on the platform and services that this broker is currently providing.

Account Types

Accounts can be opened with a default currency of EUR (Euro), GBP (Pound Sterling) or USD (US Dollar). There are two types of accounts available to customers:

-Company Account
-Individual Account

When you register as a client with Belight they will perform an appropriateness test on you. They will test your knowledge, financial background, and experience in regard to financial services. Based on the scoring you receive, you will be informed whether you are eligible to receive their services and become one of their clients. You will also be informed of the maximum level of leverage you are entitled to.

One thing to be aware of is if your account is not used for 4 months then Belight reserve the right to start charging you fees to keep the account open. So if you do decide to stop using your account with them I’d advise you to close your account.

Platforms

No mention anywhere on their site on which platforms or web traders they use. I’ve contacted their customer support and have not had a response regarding this. A quick Google search tells me that they only provide a web trader and do not allow their clients to use MT4 or MT5.

Trading Conditions

You can place trades from your computer/device or alternatively, you can place trades over the phone. Belight is quite strict when it comes to the types of trading they allow. The following are not allowed and are classed as “Abusive Trading”

• Placing “buy stop” or “sell stop” orders prior to the release of news relevant to the Underlying Market or Asset.
• Arbitrage, manipulations or exploitation of any temporal and/or minor inaccuracy in any rate or price offered on the Trading Platform.
• A combination of faster/slower feeds.
• Abuse of the cancellation of trades features available on the Platform.
• Use (without the prior and written consent of the Company) of any robots, spiders or other automated data entry system with the Platform.
• Any software, which applies artificial intelligence analysis to the company’s systems and/or platform(s) and/or Client Account.

Leverage

Your maximum leverage will be determined when you sign up based on how you perform in the appropriateness test.

Trade Sizes

Traders can use standard lots, micro-lots and mini-lots. The actual minimum size of an order may be different for each type of account.

Trading Costs

Belight charge commission and/or adds mark-ups on quoted prices of CFDs (unless explicitly stated). They also obtain the price for swaps (in relation to any given type of CFD) from third party external reference sources such as its liquidity providers and (unless explicitly stated) does not add a mark-up on the swap prices it quotes. They claim that you will never find trading fees lower than theirs.

Assets

BelightFX will allow you to trade the following markets:

• Forex
• Indices
• Commodities

Spreads

There is no mention of the spreads on their website.

Margin Rules

When the margin level reaches 10% (ratio of equity to Margin in the Client Account), the client positions will start closing automatically at market prices (Stop Out level of 10%).

Liquidity Providers

BelightFX uses different liquidity providers and performs due diligence on them. The company places great significance on the choice of its liquidity providers as it strives to offer, on a consistent basis, best execution to its clients. Some of the parameters that the company evaluates include the following:

• Pricing frequency – how many ticks per second does the liquidity provider provide.
• Speed of communication/execution – How fast are the prices received/orders executed.
• Occurrence and frequency of price freezes.
• Depth of liquidity – What is the liquidity provided by the liquidity provider.
• If dealing back-to-back is the overall cost (i.e. total consideration paid by Clients) competitive compared to the industry.
• If dealing with back-to-back symmetry of slippage should be evaluated in detail for every order type.

Minimum Deposit

There is no information regarding the minimum deposit on their website.

Deposit Methods & Costs

Belight offers multi-currency deposits via two payment methods:

• Bank Transfer. Belight does not charge a fee to top up your account via bank transfer but does not guarantee that your bank will not charge fees.
• Secure Online Payment with Visa / Mastercard

Withdrawal Methods & Costs

There is no mention of withdrawal methods, cost and waiting times on their website.

Bonuses & Promotions

There is no mention of any bonuses or promotions on their website.

Educational & Trading Tools

After an apparent 5 minute long signup and deposit process, Belight will instantly provide you with educational material. What form this material is in is not made clear. You will also be given access to their Forex-centric blog where you can join others to share insights and ideas.

Customer Service

Belight has a contact form where you can get in touch with them. I tried this method for the purpose of the review as there is a fair bit of information missing on their website. After 4 days there has been no response.

You can also phone them on +357 222 71 830

If snail mail is you preferred contact method then you can contact them at:

1st floor
Flat 101
33 Larnakos Avenue
1046
Nicosia
Cyprus

All such communications are recorded by Belight Capital Group Ltd. Any such records shall be provided to you upon request.

There is a complaints procedure whereby you may submit a complaint in writing. The complaint will be acknowledged within five (5) business days from the receipt of your complaint.

Demo Account

There doesn’t appear to be the option of opening a demo account.

Countries Accepted

There are no restricted countries mentioned on the Belight website and they just state that you should not use their services if it is contrary to your local laws or regulations.

Conclusion

There is a fair amount of information missing from the Belight website such as trading platforms, spreads, minimum deposits, and withdrawal methods. This doesn’t make them a bad broker it just means they have some work to do in the web design department.

Of slightly more concern is the apparent lack of demo accounts. This is crucial, especially when they appear to only allow trading via their own web browser. Traders need time to get used to unfamiliar software and mistakes could be costly.

By far the biggest negative is the lack of response to all of my support requests. This is one area that any broker worth its’ salt should get right. It’s an easy fix and when they can’t get this right it’s a big reds flag for me.

Trade Centrum is part of the Goldenburg Group Limited group and provides investment services in several countries around the world and provides access to the financial markets. Clients have the ability to trade a large number of financial instruments. Trade Centrum consists of professionals who are willing to provide first-class service to clients. They claim to be one committed team always ready to help and have fast customer support (we’ll be testing that).

Trade Centrum is a Cypriot Investment Firm (CIF) supervised and regulated by the Cyprus Securities and Exchange Commission (CySEC). They are licensed to provide investment and ancillary services in relation to financial instruments.

Account Types

There are two account types available to open with Trade Centrum.
Personal Account – To open a personal account you will need to provide documentation to confirm your identity. Your passport or driving licence will be sufficient. You will also need to provide proof of address. This can be a utility bill or bank statement.

Business Account – If the client is interested in establishing an account for a business or other type of business entity, there are a few more hoops to jump through with regard to documentation. Documents such as Certificate of Incorporation, Memorandum (and Articles) of Association, Company Charter will all need to be supplied.

Platforms

Trade Centrum offers MT5 as their trading platform and this can be downloaded to any desktop PC, Android device or iOS device. You can also access your trading account from any Internet browser.

Leverage

Trade Centrum offers a default highest leverage of 1:30 when you open an account with them. You may request higher leverage up to a maximum of 1:100 and this request will be granted based on your knowledge and experience.

Trade Sizes

You can trade with standard lots only.

Trading Costs

Swap Fees – Swaps will be charged at the end of each business day. Triple swaps will be charged on Wednesday.

Management Fee – Holding physical stocks leads to the management fee which will be charged at the end of each business day. Please note, that on Wednesdays the fee will be tripled.

Maintenance Fee – This is a charge of up to EUR 40, which will be charged if the trading account is inactive or dormant for 6 months. The maintenance fee will be charged on a monthly basis.

Assets

A quick glance on their website shows the following tradable assets:

Forex – 62 Forex pairs.

Commodities – Trade in commodities like petroleum, gold, precious metals or different cereals.

Shares – Buy shares in a company. You become a shareholder of the company. Thus, the share represents a share in the ownership of the company and, at the same time, the right to participate in the profit.

Indices – Indices are a statistical indicator that measures the development and performance of the entire market. They represent a set of stocks within a whole and can be considered as their average price.

Shares CFD – Trade shares with the largest investment companies like Google, Amazon or Apple. Trading in shares in the form of CFDs is one of the most common trading methods. CFD offers traders an opportunity to open both long and short positions because the traders themselves do not physically own the shares and the subject of the deal is just a contract that copies the price of the underlying asset.

Spreads

Spreads are variable which means they fluctuate and market conditions may cause widening or narrowing of spreads beyond the boundaries of typical spreads. Spreads for EUR/USD can be as low as 3 pips.

Margin Rules

At a 100% margin level, clients are alerted by the platform that they are close to automatic liquidation of their position. Clients will receive an automatic notification only if they are logged on to the platform. Therefore, clients are warned to log on regularly to the platform and monitor the value of their assets and relevant notifications. Clients are also warned that if their margin falls below 50%, the platform automatically closes their positions.

Liquidity Providers: There is no information on their website regarding their liquidity providers.

Deposit Methods & Costs

The following deposit methods are available to you with Trade Centrum:

• Bank Transfer
• Visa Credit Card
• Dotpay

Trade Centrum does not charge fees for any of the deposit options above. However, they don’t cover 3rd party charges and state that “all fees for payments and transfers of a third party will be borne by the Client and the Company will deduct the respective amount from the Client Account.”

Withdrawal Methods & Costs

Only one withdrawal method and that is by Bank Transfer. The minimum withdrawal amount is $250. Trade Centrum does not charge fees for withdrawals but will not cover 3rd party fees as mentioned above.

Withdrawal Processing & Wait Time

There is no indication as to how long withdrawals take on their website.

Bonuses & Promotions

Trade Centrum does not currently offer a signup bonus or any other promotions.

Educational & Trading Tools

Trade Centrum provides clients with a few educational tools. These include webinars and videos to explain the basics of using the business platform and to introduce basic business strategies. There is an economic news page on their website detailing upcoming news events along with a daily Forex analysis page. They also provide newsletters to keep clients informed.

Customer Service

Trade Centrum have the following customer support options:

• Telephone – Contact number is +357 2505 6478
• Fax – Fax number is +357 2202 2664
• Email – [email protected]
• Website Contact Form – You can send your query using this method if you don’t have access to your email client.
• Snail Mail – Physical address is: 1 Siafi Street, Porto Bello BLD, 3042, Limassol, Cyprus. (I tested the email support option to ask a few questions for the purpose of this review and after a week of waiting, I am still to get a response.)

Demo Account

The demo account is limited to 30 days, after that, you have the option to switch to a LIVE account.

Countries Accepted

No mention of any restricted countries on their website.

Conclusion

There are plenty of assets to trade at Trade Centrum which is always good to see. They have a few deposit and withdrawal options which are another plus. On the negative side, they fall down where many other brokers fall down and that is with their customer support offering. Waiting a week for an email to be answered is not good customer service. Also, traders should be allowed to use demo accounts indefinitely and not be time-restricted.

Opened for business in 2014, Tallinex operates from Saint Vincent and the Grenadines, relying strongly on fund segregation and attractive trading conditions to appeal to Forex traders in search of a broker. The firm acts as a true ECN/STP broker, eliminating any dealer intervention. In the Tallinex review that follows, we’ll tell you exactly how attractive those conditions actually are, and also provide information regarding their banking procedures, trading platform, account types, and more.

Account Types

Tallinex offers the following three types of trading accounts:

• ECN-MICRO
• ECN-PRO
• PRO-MANAGED

The Tallinex ECN-MICRO account was designed with new FX traders in mind, thus providing the following:

• Variable spreads starting at 1.8 pips
• Average spread is 2.5 pips
• Commission-free trading
• Leverage from 1:1 to 1:1000
• Smallest trade size is 0.01 lots (1,000)
• Smallest increment is 0.01 lots (1,000)
• Minimum opening deposit is $100 / EUR 100
• No dealing desk intervention
• Margin call / Stop-out levels: 150% / 100%
• No re-quotes

The Tallinex ECN-PRO account offers raw-spreads and ideal trading conditions for professional and institutional traders, including:

• Variable spreads starting at 0.0 pips
• Average spread is 0.6 pips
• ECN commission of $6 per 100,000 round turn
• Leverage from 1:1 up to 1:500
• Smallest trade size is 0.10 lots (10,000)
• Smallest increment is 0.01 lots (1,000)
• Minimum opening deposit is $2,000 / EUR 2,000
• No dealing desk intervention
• Margin call / Stop out levels: 150% / 100%
• No re-quotes
• Hedging allowed
• Pricing to 5 decimals
• True ECN liquidity

PRO-MANAGED accounts are for traders who want to earn money from Forex, but wish to do so without spending lots of time learning how to be an advanced trader. Tallinex’s PAMM system allows Money Managers to trade your account for you, all without having direct access to it. As the owner of this type of account, you will be allowed to monitor trades live as they happen, and review past activity. Features of the PRO-MANAGED account include:

• Variable spreads starting at 0.0 pips
• Average spread of 0.5 pips
• Leverage from 1:1 up to 1:500
• Smallest trade size is 0.01 lots
• No dealing desk
• Margin call / Stop-out levels: 150% / 100%
• No re-quotes
• Pricing to 5 decimals
• 100% bonus for all deposits
• True ECN liquidity

Platform

Tallinex provides the MT4 trading platform, making it available to international clients in 32 languages. Its built-in technical analysis tools help with the prediction of price fluctuations and the tracking of real-time market movements. Dedicated servers and high-tech software work together to ensure fast response times, efficient trade processing, and the highest possible level of liquidity. The firm uses an STP model with real-time market and price feeds provided by FSA regulated banks. Hedging is allowed, as are scalping strategies and all types EAs, with no restrictions.

Leverage

Currently, 1:1000 is the maximum leverage limit for ECN-MICRO account types. There is a maximum leverage ratio of 1:500 for ECN-PRO accounts. We did note the following in small print on the Tallinex website, “Leverage above 1:400 for Micro accounts / 1:200 for Pro accounts is subject to assessment” and wondered how this assessment is completed and by whom. With this statement in place, we can only assume that there could be at least some possible leverage restrictions when attempting to use higher levels of leverage.

Trade Sizes

The smallest trade size is 0.01 lots for the ECN-MICRO account and 0.10 lots for the ECN-PRO account. The PRO MANAGED account also has a minimum trade size requirement of 0.01 lots. No information is provided with regards to the largest allowed trade size, but the MetaTrader 4 base platform has a maximum allowance of 1,000 lots. Do check with the Tallinex support team if you’re planning on entering into large positions and need to know the exact maximum allowed size.

Trading Costs

If you opt for the ECN-PRO account, you’ll be asked to pay a commission charge of $3 per $100,000 per trade side, or in other words, $6.00 per lot ($100,000) round-turn. There is no commission charged on the ECN-MICRO account, but you can expect higher spreads with this account type. There is no mention of any commission charges in relation to the PRO-MANAGED account type, so we are going to assume there aren’t any until we’re told otherwise.

Assets

The Tallinex website states that 49 currency pairs are offered, but there is no asset listing provided. It could very well be that there are no other asset types and no cryptocurrencies to trade on, and it would be nice if the firm would provide a bit more information on the assets that it provides. It should be possible to contact their support team to request a comprehensive asset listing though, and we do recommend doing this to ensure that you’re preferred assets are going to be accessible.

Spreads

The minimum spread on the ECN MICRO account is 1.8 pips, while the minimum on the ECN PRO is 0.0 pips. The average spread on the EUR/USD pair with the MICRO account is 2.5 pips and 0.6 pips on the PRO account (this varies between 0.0 and 1.0, depending on the time of day and market conditions). The best way to assess a full breakdown of Tallinex spreads is to register for a free demo account, which provides the same trading conditions as the real platform.

Minimum Deposit

When clicking on the “Depositing” link to find information related to account funding, we were re-directed to an accounts information page. On that page we were able to find the minimum deposit requirements, which were:

ECN-MICRO – US$ 100 / € 100
ECN-PRO – US$ 2 000 / € 2 000

We then ventured over to the PRO-MANAGED account page in seek of the minimum for that account and were unable to locate any minimum deposit requirement.

Deposit Methods & Costs

It was equally as difficult to find any information related to deposit methods and costs. However, we did locate one deposit-related question within the FAQ’s which told us that currently, wire transfer is the only accepted deposit method. If this is the case, then it is definitely a drawback to using this broker. There was no mention of any fees or costs related to using this payment method to fund an account.

UPDATE: At a later time, we did find an area of the site that stated the following, “Various deposit & withdrawal options are available, such as bank wire transfer, credit/debit card, etc.” Even so, the FAQ clearly stated that bank wire was the only option, so there is conflicting information being offered to prospective clients.

Withdrawal Methods & Costs

The “Withdrawing” page of the website also redirects to an accounts page where there is no information to be found regarding withdrawals. We can assume that if bank wire transfer is the only accepted deposit method, it stands to reason that it will be the only available withdrawal method. With most brokers, there is a fee for wire withdrawals, but no such information was provided by Tallinex. Because of this, we recommend contacting their support team prior to funding an account with them.

Withdrawal Processing & Wait Time

Once again, no information was to be found. We did take the time to read other Tallinex reviews online to see if we could find any credible information related to payment processing with this broker and were unable to find any recent information to pass along. What we do know is that once a withdrawal request is reviewed, approved, and paid out, the wait time for payment to arrive ranges anywhere from 2 to 14 business days. The average wait time is somewhere between the two, usually around 5 to 7 business days.

Bonuses & Promotions

All clients are automatically eligible for a 100% withdrawable deposit bonus. Each deposit of new funds is recorded in the Tallinex system and can be earned back as cash after meeting the required trade volume. The volume requirement is currently set at 0.50 lots per currency unit traded, and there is no time limit for meeting the full requirement. The Tallinex website goes on to state that, “Account withdrawals (up to the full account balance) are permitted without affecting qualification progress – to resume bonus qualification, simply deposit additional funds and begin trading again. Full details are available on our Terms of Use page.”

Educational & Trading Tools

The Tallinex education center does provide a number of guides, an e-book, Forex trading instructions, FX strategies, and more. A news section is also provided on the company website, but this does not appear to be updated frequently. Most tools are built into the platform itself, but the firm does offer free Forex signals that are apparently available to all clients, regardless of their chosen account type.

Demo Account

Free demo accounts are provided by Tallinex and these will not expire, provided that they are being used. Any unused demo account will be automatically deleted after a period of 30-days of inactivity. According to information found on the broker’s website, demo accounts behave exactly like live accounts, sharing the same specifications and price feed. This is excellent, as it allows one to experience exactly what it would be like to trade with this FX broker, all without taking on any financial risk.

Customer Service

Multi-lingual support in English, Spanish and Russian is provided. Support is offered via live chat, phone, and email (via an on-site ticket system). No specific customer service hours were provided, so we’re unsure as to when the support staff will be available. By phone, the broker can be reached by calling +1-855-241-2214. When not using the ticket system, general inquiry emails can be sent to [email protected].

Countries Accepted

The broker’s website has the following to say regarding service location restrictions, “Tallinex does not solicit residents of the United States of America, Canada, Puerto Rico, Guam, American Samoa, Northern Mariana Islands, US Virgin Islands, United States Minor Outlying Islands or St Vincent and The Grenadines in relation to the provision of retail Forex services, and no option exists for residents of those countries to apply for retail Forex services due to regulatory requirements.

Conclusion

We’re conflicted about this one. On one hand, the broker has been in operation for a number of years now. Longevity tends to be a sign of reliability. On the other hand, key information which would assist one in making a decision about which Forex broker to select is missing from the broker’s website. So much was missing, in fact, that this Tallinex review seems incomplete in many ways. Our advice? Reach out to the Tallinex support team, ask questions, and have a lengthy discussion before making your final decision on whether or not to partner with this FX broker.

Hamilton Club is a forex and CFD broker that is located in Saint Vincent & the Grenadines. On their website, the company explains that they have had more than ten years of experience in the Forex market and that their attractive trading conditions have helped them to form a large client base. The broker also takes credit for helping their clients earn 2.5 million daily and has earned awards, both for being innovative and for Best Russian Broker 2018. After investigating, our research revealed that this broker is ideal for one specific type of trader. Keep reading to find out if you belong in that category, or if you should continue looking elsewhere.

Account Types

In total, Hamilton offers four different account types, with the choices being Standard Micro, Standard, Professional Micro, and Professional accounts. This broker assigns status levels to each account type, based on a certain deposit minimum that is made. Status levels range from the default Silver and top out at Diamond status. So, for example, the most basic account would be a Silver Standard account, while a Diamond Professional account would be the account type with the lowest trading costs, but we will explain how costs are affected in more detail later.

One of the main differences for the account types would be that the Micro account options both offer trading on currency pairs, raw materials, and metals. Meanwhile, both of the main account types offer trading on currency pairs, raw materials, metals, stocks, indices, and cryptocurrencies. The Professional account types offer lower spreads and commissions than those available on the Standard accounts, but exact details differ, based on the status level we mentioned earlier. The accounts share the same leverage options.

Platform

Like many of their competitors, this broker exclusively features the MetaTrader 4 platform as their sole trading platform. Allow us to catch you up to speed if you aren’t already aware of what this trading platform offers. Many traders would point out the easy to use, customizable user-interface as a clear advantage to choosing this platform, while others would mention the built-in programming language, which allows one to create your own advisors and indicators. MT4 also comes with many built-in tools, technical indicators, analytical objects, and more.

The platform is highly accessible, so traders should have no problem accessing it from anywhere, even on the go. The program can be downloaded on PC, Mac, iOS, and Android. Keep in mind that this also means you can access MT4 from your smartphone, tablet, or any other device that supports the App Store or Google Play. To access the download links, you can select the ‘Trading Platform’ from the website’s main menu.

Leverage

Regardless of which account type you choose, you’ll have access to the same leverage options, starting from 1:1 and including 1:50, 1:100, and the highest option, 1:500. Generally, many professional traders feel that choosing leverage of around 1:100 is ideal. However, those that enjoy high-risk, high-reward trading prefer high leverages, so the 1:500 option would be perfect. Overall, this broker is offering an excellent selection of leverages, including the most ideal option, and an option that is high above average. Whatever your situation is, you should be satisfied with these choices.

Trade Sizes

The smallest allowed trade size would be one micro lot on all account types. Micro accounts limit the maximum trade size to 1 lot, while there is a limit of 50 lots on the other account types. Also, only one open position is allowed on the Micro accounts, but there is an unlimited amount offered on the main account types. Therefore, you’ll want to avoid Micro accounts if you prefer a larger trading volume and opening multiple positions at once. The stop-out level is set at 30% on Micro accounts and 20% on the main account types.

Trading Costs

On the website, one can use an interactive chart that shows what type of commission would be charged. First, you would choose a status level: Silver is the default, then there is Gold, Platinum, and Diamond. Next, you would choose an account type, with the options being Standard + Standard Micro and Professional + Professional Micro. Finally, you can select an instrument from a drop-down list in order to view the applicable commissions and spreads. From what we learned, opening a Professional account, including the Mini version, grants commission charges that are always 0.002% lower than those charged on the Standard account types. Below, we have provided some examples for different scenarios, but you can also use this chart to compare the results yourself.
Silver Status: 0.013% for the majority of instruments on Standard account types, going as high as 0.16%; conditions are always 0.002% lower on each asset for the Professional account types. (Default)

Gold Status: 0.011% for the majority of instruments on Standard account types, going as high as 0.14%; conditions are typically 0.002% lower on each asset for the Professional account types. (Requires a $10,000 deposit)

Platinum Status: 0.09% for the majority of instruments on Standard account types, going as high as 0.12%; conditions are typically 0.002% lower, or more, on the Professional account types. (Requires $50,000 deposit)

Diamond Status: 0.007% for the majority of instruments on Standard account types, going as high as 0.1%; conditions are typically 0.002% lower on the Professional account types.

In addition to the applicable commission charges, one should be prepared to pay rollover interest on any positions that are held overnight.

Assets

The Micro account versions of the Standard and Professional account types offer the least variety of tradable instruments, with options bring limited to currency pairs, raw materials, and metals. The Standard and Professional account types offer trading on all of these options, including a larger variety of metals, stocks, indices, and cryptocurrencies. The website doesn’t offer more specific information on the assets in each category, so we cannot go into further detail about each category.

Spreads

Remember earlier, when we explained how the interactive chart on the website can be used to view commission charges? The same exact chart can be used to gain examples of spreads. However, the differences in the spread on each account status and account type vary more greatly. From what we learned, it seems that each status level affects the spreads, as well as whether the account is Standard or Professional. Of course, the spreads are highest on the Silver account status and are best on the Diamond status.

The Professional account types also seem to offer spreads that are significantly lower than those offered on the Standard account types. It seems that spreads are higher than average on all of the Standard account options, but can be lower than average on all of the Professional account types. Comparing all of the options can be exhausting, so we provided an example using the AUD/CAD currency pair below. Note that spreads are floating. If you’d like, you can use the interactive chart by choosing ‘Trade on Forex’ under ‘Products and Services’.

The spread on AUD/CAD is 2.5 pips on the Silver status Standard account types. On the Professional account types of the same status, the spread is 1.2 pips. On the same asset type, the spread is 2.3 pips on the Gold Standard accounts and from 1 pip on the Professional account types. The same asset type has spreads starting from 2.1 pips on the Platinum Standard accounts and from 0.8 pips on the Professional account types. The best status level, Diamond, offers spreads from 1.9 pips on the Standard account types and from 0.6 pips on the Professional account types.

Minimum Deposit

All account types are automatically assigned the Silver status level, which doesn’t seem to require a minimum deposit. To earn the Gold account status, you’ll need to make a deposit of $10,000. The next best account would be the Platinum status level, with a minimum deposit of $50,000. The very best status would be Diamond. A $100,000 deposit is required to earn this title, so acquiring this status level will be beyond many trader’s reach. As we explained earlier, this broker offers the very best conditions to those that can afford the higher deposits. This isn’t uncommon in the Forex world, but we wish that it was more realistic for an average trader to afford one of the better two account types.

Funding

This broker does not offer much information about their funding methods and procedures. We do know that MNP, Visa/MasterCard, WebMoney, Qiwi, and Rhaekc are all listed on the website, so we assume that these are the methods currently offered for funding and withdrawing. The website doesn’t offer details until your account has been approved, so we can’t say much more from there. The best advice for this situation would be to be prepared in case there are any withdrawal fees and to try to request withdrawals in advance of when you’ll actually need the funds. Otherwise, you could reach out to support for more information.

Bonuses & Promotions

All promotional offers are valid on all account types. Terms and conditions apply to all of the options, but those details are not available on the website, so be sure to contact your account manager to ask for the details. Keep in mind that there are likely conditions, like a certain deposit requirement to apply for a bonus, limits on when the client can withdraw funds, etc. that you’ll want to consider if you’d like to qualify for any of these offers. All opportunities have been listed below.

-Deposit Bonus: Get an additional 25%-100% added to your trading account, based on your deposit amount. The broker applies status levels to each deposit amount and the status level determines how much of a deposit is needed. Note that these status levels are given different names that the main status levels, and really only matter with regards to this section. The levels are as follows:

• VIP White: $10,000 deposit = 25% bonus
• VIP Blue: $50,000 deposit = 50% bonus
• VIP Black: $100,000 deposit = 100% bonus

-Trade After Pay: Begin trading for bonus funds and the company will provide 10 days to replenish the funds.

-Commission Compensation: Broker will refund two times the amount paid in commission fees directly to the client’s trading account.

-Interest on Deposit: Earn 1-2% per month on your deposit, adding up to a total of 12%-24% paid back in interest. Note that 12% interest is paid back for VIP White status, 50% for VIP Blue status, and up to 24% for VIP Black status.

Educational & Trading Tools

We’ll start by highlighting the educational opportunities available on the company’s website. First, there are free 14-day Forex courses that are aimed towards providing one with enough knowledge to be prepared for trading. The company offers a Basic, Advanced, and Professional course, so these can be beneficial for traders of all different skill levels. In addition, you’ll find a Forex Glossary, which is filled with helpful definitions. All of the technical tools include Copy Trading, Analytical Research, an Event Calendar, Trading Forecasts, AutoChartist, Prime News, Macroeconomic Indicators, and FxWirePro.

The latter is a professional information service that allows you to receive the actual stream of news from the financial markets directly. Copy Trading provides the ability to choose for your account to automatically copy the trades of a selected professional trader. This could be a golden opportunity for those that don’t have much knowledge, although you may want to test this feature with caution, just to be sure that your chosen trader really knows what they’re doing.

Demo Account

Considering the fact that the website does not mention demo accounts and we could not find anywhere to sign up, we must conclude that this broker simply doesn’t offer the ability to open practice accounts. Sadly, these account types can be extremely beneficial for those that need experience trading. This isn’t enough of a reason to choose another broker, but we do wish this broker would add these account types in the future.

Customer Service

Hamilton provides customer support 7 days a week via email, phone, ticket, or social media. All clients will use the same email address to contact support, but there are multiple phone numbers listed, so you’ll need to use the best one based on your location. A ticket can also be created by choosing ‘Questions’ under ‘Support’ when logged into your account. This broker is also active on social media and updates their Facebook regularly. Support can be messaged directly via Telegram as well. All contact information, including links to social media accounts, have been listed below.

Email: [email protected]

Phone:

• United Kingdom: +44 (8000) 698-465
• United States: +1 (888) 718-65-94
• Canada: +1 (888) 718-65-94
• Russia: +7 (800) 200-00-51
• Mexico: +52 (800) 269-44-52
• France: +33 (805) 0-888-59
• Japan: +81 (120) 963-036

Address: First Floor, First St. Vincent Bank Building, James Street, Kingstown, St. Vincent & the Grenadines.

Social Media:

• VK: vk.com/hamiltonclub
• Facebook: Facebook.com/hamilton-club-480213925679638
• Ok: Ok.ru/group58415991160893
• Telegram: t.me/HamiltonResearch_bot

Countries Accepted

Hamilton Club’s convenient location in St. Vincent & the Grenadines makes it possible for them to provide less restrictive rules. Therefore, all countries appear to be accepted. We were especially happy to note that the United States is included in this list, and the company even provides a direct phone line to clients located in the US.

Conclusion

Hamilton Club is a forex and CFD broker that offers trading on various assets, including cryptocurrencies, on four different account types. Some of the highlights would be the flexible leverage offers on all account types, the fact that clients from all locations are accepted, and the great educational offers and trading tools available. However, the best trading conditions are reserved for the clients that can make larger deposits. Another downside would be the lack of information on the site about funding.

This broker definitely rewards those that afford to make larger deposits. If you can afford the $10,000-$50,000 deposit requirement that grants a better account status level, then you’ll have access to the very best trading costs. Otherwise, you may have a harder time profiting under the conditions on the most basic account types. This is an excellent broker for those that are more established, but we are always looking for advantages for the underdogs.

Genetrade is an offshore broker located and regulated in Belize. As one of the attractive solutions for broker companies that seek an easy entry and regulation, Belize regulatory authority – International Financial Services Commission (IFSC) has a sound name but not much to offer in terms of client protection. Genetrade is one such brand under Genius Trading LTD company, using its own payment processing company in Cyprus. Owning such a company makes easier approvals for VISA and MasterCard transactions.

Genetrade has a good and polished website where information is structured and covers important topics for investors. Although, a lot of redundant, empty marketing words are used, common for brokers that just fill the page without any argumentable, defined content. Genetrade highlights the high leverage level and bonus promotion, one of the two most effective lead collectors for offshore brokers. Still, this can be understandable considering Genetrade needs some popularity. This review will evaluate whats great about this broker as many that try to break through the competition offer good value for money.

Account Types

From the moment you open the Account Types page, Genetrade wants to point to benefits traders will have. Transparency, fast executions without re-quotes, no Dealing Desk, MetaTrader 4 platform, Global customer support, and Account Manager. This is what most traders want to hear, we will test these claims in the next sections. Account types are limited to two, and they differ by lot trading sizes, and that’s all.

Micro Account allows trading in 0.01 lots or micro-lots, while Standard Account contract size is 100.000 units or one lot. Available base currencies for both Account types are USD, EUR, GBP, JPY, HUF, PLN, and ZAR. Furthermore, accounts are commission-free, have low spreads, and swap-free for Islamic clients. Genetrade does not restrict trading styles such as scalping, hedging, or news trading. Overall, great offer without many Account types with different packages and scaling deposit levels which is common with other brokers.

Platforms

Genetrade is focused only on the MetaTrader 4 platform. MT4 is available as a direct web browser version without any installation which looks like the ordinary desktop MT4 variant. Mobile versions are supported for Andriod and iOS and desktop for PC and Mac. Once launched, the MT4 Platform will log in with blazing speed. The communication lag to the server was a very fast 40ms on average.

Everything is set to default except the one-click trading buttons are turned on. The execution times are averaging a bit above 100ms which is very good compared to other brokers. Traders will have the latest version of the platform that feels really responsive to Genetrade’s servers. The margin levels will not reflect the leverage you have selected during the registration so traders will have to remember what is set during the sign-up process or calculate manually. MT4 is the standard among brokers and actually trading quality depends on how good is the broker network connection.

Genetrade has one more web platform, Sirix This platform has a social module integrated and is shown on the right side as a social feed of other traders. This way clients that do not have any skills can copy the trades of others, follow them and analyze them to develop their ideas. This platform is available for real accounts.

Leverage

One of the selling points of Genetrade Is the leverage up to 1:1000. This is available for both account types and all assets. This also means Gold leverage is up to 1:1000, which is rare to see in the industry. This kind of leverage cannot be allowed within regulated brokers in the EU or USA and can be attractive to some high-risk traders. It is not obligatory to use this leverage, clients can change it to lower values.

Trade Sizes

Trade sizes are divided by the two account types, Standard and Micro. The minimal trading volume is 0.01 lots for the Micro as the name suggests. Volume steps are also in 0.01 lots giving traders to employ low risk, precision scale in and out strategies. The maximum volume for one trade is 50 lots. The Standard Account has the minimum volume set to 1 lot and apparently is catered for bigger deposits. Combining this with high leverage also opens the trading field for a lower deposit, high-risk traders.

Trading Costs

Genetrade does not charge commissions for any of the account types. Trading costs in terms of swaps for non-Islamic accounts are under normal levels. Not all swaps are negative, For EUR/USD the swap is +2.19 and –9.21 points for a long position. Gold has -10.14 long and -0.42 short position swap, although the majority of forex pairs have a negative swap. Genetrade is very transparent for fees and trading costs and presents all instrument swap table. We have checked the accuracy and found out the table is not updated to the levels in the MT4 platform. After 100 days of trading inactivity, the client’s account will be regarded as dormant and a $10 fee will be charged every month.

Assets

Probably one of the weakest points of Genetrade is the assets offer range. This is Forex focused broker, there are no commodities, shares, indices or crypto. Precious metals are limited to two, spot Gold and Silver. A total of 57 currency pairs reveals that at least the Forex category is fully developed. Apart from the major pairs, there is a fair number of exotic pairs. Traders can find USD/RUB, USD/PLN, USD/HUF, USD/HKD, USD/HKD, USD/ZAR, USD/CNY, USD/TRY and Scandinavian currencies under US Dollar-denominated exotics.

Furthermore, the options are extended with the EUR denominated combinations and also some with GBP. Certainly, Forex traders do not need to look elsewhere.
If you stumble under the Indicies category on the Genetrade website, you may see that it is available, in practice it is not yet introduced. The Genetrade staff informed us that they plan to expand soon.

Spreads

When brokers promote variable spreads from 1 pip the statement will hold even if it is 50 pips. Genetrade 1 pip spread was never reached even for the most liquid pair. Although, the EUR/USD pair spread is around 1.7 pips which is acceptable. The spread level for other currencies varies considerably, so, for example, the GBP/JPY has a 4.5 pip spread, AUD/NZD 4.9, EUR/NZD 8.5 pips and the GPB/NZD has a wide 10.8 pips spread in normal conditions. Taking a look back at the “from 1 pip” offer will make traders aware that it is just pure marketing. For the spot Gold and Silver, the spread is around 4 pips, making it one of the top 50 spreads offered for these assets.

Minimum Deposit

Since Genetrade is still new and offers basically one account type, it tries to attract new traders to the pool. If low spreads and assets range does not work, the minimum deposit will. For $5 you can apply for a live account for both types, although we are not sure if a $5 deposit is normal for the 1 lot minimal trade Standard Account sets.

Deposit Methods & Costs

The payment options for withdrawal and deposit vary from area to area. Clients can see the options once they login to the Members area. Globally, Genetrades will accept deposits from Bank Wires, Credit /Debit Cards, Skrill, PayTrust, Bitwallet, and Netteler. There are no fees for any deposit method except for Skrill charged 2% of the deposit amount.

Withdrawal Methods & Costs

The minimum withdrawal is $10, no fees are charged by the Genetrade. When clients request multiple withdrawals is a short time, Genetrade will process it as one to minimize the transaction costs. In the Terms and Conditions document, there is a statement that enables Genetrade to impose fees and limits to their system at any time. The support staff told us that this case has never happened, probably it Is set there for future changes or just as a legal safety.

Withdrawal Processing & Wait Time

Processing time is usually instant, for Bank Wires It depends on the client’s bank and will take between 3-5 days. Genetrade will process the request in a few hours. Interestingly, If the client has used the Credit/Debit Card for deposit, any profits made will be sent by Bank Wire, but also a client can choose his e-wallet. Most brokers will only use the Bank Wire method for profits. Withdrawals are possible even when the markets are closed.

Bonuses & Promotions

Genetrade has a very interesting bonus that is not based on the trading volume. A simple idea, 50% Deposit Bonus up to $5,000 will be credited without any deposit minimums. After a withdrawal request, the bonus will be canceled and any profits gained are available for withdrawal too. This kind of bonus is additional equity that enables bigger positions and potentially a bigger share of profits. What is great about this bonus is that there are no special conditions or funds lockup. For the broker, it affects the number of withdrawal requests as traders want to utilize the bonus funds as long as possible.

Educational & Trading Tools

Apart from the mentioned Sirix social trading platform, Genetrade has no educational material available. Also no news or analysis section. Genetrade probably does not see immediate value from this and want to keep focused on assets expansion.

VPS service is available for free. This feature is online 24/7 but has certain requirements. Traders need to maintain at least $5000 equity and trade at least 5 lots per month. This is valid for all client’s accounts cumulatively. Even if you do not qualify for free VPS, it is still available for $28 per month.

Customer Service

Genetrade support is available, although not 24/5 as described. The chat was not always available, and when it was there was no waiting queue. Support representatives act politely and give relevant answers to our questions, still, there is a room for improvement to give better answers. Genetrade is also reachable via email but we did not find a phone line that is stated on the web site. Overall, the support this broker provides is better than average.

Demo Account

The demo registration process is easy after filling the email and other details. To our surprise, Genetrade had internal server errors that blocked us to make one. Only the real account worked. We have approached the support with the issue just to receive a reply to try again later. We are unsure if this is just a mechanic to open a real account instead since it just requires $5.

The demo is not time-limited if traders are active. After 90 days of inactivity it will be closed automatically, but another one is always possible. You can maintain up to 5 demo accounts at one time.

Countries Accepted

Genetrade does not have a long list of banned countries. Full information on this is not disclosed on the website or the legal documents. The list we got is from their support: United States, North Korea, Syria, Sudan, Cuba, Iran, Belize, Burundi, Iraq, and Mali.
Interestingly, Japan is not on the list, and as we are told, clients form Japan are Genetrade’s target group. This is further confirmed by the Japanese version of their web site.

Conclusion

Genetrade is an ECN STP model broker that utilizes the regulatory liberty to provide high leverage, better deposit/withdrawals, account types conditions, bonus model and wider global client coverage. As a new broker, it does not have a large client pool and the situation may change as it gets bigger. Traders will not enjoy tight security but will have more freedom, both for trading and off trading. The main drawback, for now, could be the lack of other trading instruments categories.

Looking at the benchmark sites, this broker does not have notable reviews except the one about the possible fake arbitrage trading foul that Genetrade does not allow. Genetrade is a good example of how bonuses could be made to benefit both the trader and the broker without complex, unethical rules. Furthermore, trying out this broker service is affordable considering the low deposit requirements. In the long term, traders will need to understand the risk of a growing and changing broker such as Genetrade to the extent that conditions offered now might quickly change tomorrow.

VT Markets is a brand of Vantage International Group Limited, under a Vantage Global Prime Pty Ltd company regulated by ASIC. This group also has VantageFX and KlimexCM brands under their control. VantageFX is much more popular than newly established VT Markets and this is an attempt to get around more restrictive ASIC regulation for overseas operations. This caused Vantage International to open different brands under different regulators like the Cayman Islands Monetary Authority (CIMA).

VT Markets internationally are regulated by this authority yet also regulated by ASIC for Australia clients. VT Markets is a kind of an extension of VantageFX to Asia-pacific region setting targets to China, Thailand, Malaysia, and Singapore markets. Although still new and unpopular, judging by other brands, this broker has a solid set up to bring quality service to traders, developed IT solutions and structure for features, and a good business model for sustainability. We will research each section to see what makes VT Markets stand out.

Account Types

VT Markets offers VIP ECN Account and Standard STP (Straight Through Processing) Account. The VIP Account is still not available and as to when will more options come online is unknown. It is said that traders will have a lot of account types to choose from, based on their trading style. Unfortunately, it is just one – Standard STP for now. This account encompasses all the styles, EAs, scalping, hedging, news trading, all allowed. The opening process is simplified, primarily oriented to Asian clients, where VT Markets is focused on. This is a Metatrader 4 platform only account, no commissions, with low spreads.

VT Markets put a lot of effort to connect with as many liquidity providers as possible to get the best spreads but also fast executions. Over 13 large and well-known LPs are listed, among them, JP Morgan, Bank Of America, Barclays, Citi Bank, Deutsche Bank, and more are connected via oneZero Financial Systems company’s MT4 Liquidity Hub. This is one of the leading choices brokers worldwide decide to implement for connection to liquidity providers. The MT5 platform accounts will be possible in the future and it is one of the VT Markets objectives. In the next sections, we will test the technology this broker speaks about and if it holds to the words on the transparent and informative website.

Platforms

As already mentioned above, Metatrader 4 is the only available platform available in all of its iterations for desktop and smart devices. MT4 web is also set up for those that do not want to install anything. The MT5 is announced to be adopted as Metaquotes slowly develops the support for that platform, although many brokers have adopted MT5 a long time ago. VT Markets MT4 is in default settings, latest build, pinging to the North Virginia server in 1.15ms, although the first issue we have noticed is the black, waiting for update chart on USD/CHF currency pair. The reason behind this is that the normally quoted-pair is called USD/CHF-VIP instead. We assume this is because of VT Markets preparation for the VIP ECN Account package, yet, this pair is not exotic in any way.

Whatsoever, almost all of the Forex pairs have the VIP suffix, leaving us confused about VT Markets decisions on account types range. The execution times are above 200ms mark averaging 250ms showing mostly slower executions times compared to other brokers, especially concerning STP ECN types where VT Markets belong. Whatsmore, the Take Profit order we have set on AUD/JPY pair has not executed when reached for unknown reasons.

VT Markets also features its App for mobiles but not available from Google Play Store or Apple. The app is all in the Chinese language and it is specifically designed for that region, where English is not well adopted. The App features K chart, Stop Loss/Take Profit orders, alarm module, data analysis and reporting system, Forex forum and social elements.

Leverage

VT markets feature 1:400 leverage on the Standard STP accounts. Of course, this is valid for Forex, the leverage will vary from asset to asset. Metals leverage is 1:100, Commodities 1:50. Generally, this leverage is high comparing to other brokers allowing small deposits a high-risk breakthrough to thousands. Even for Gold 1:100 leverage is very attractive. Indicies leverage is also 1:100.

Trade Sizes

Trading sizes are optimal, starting from micro-lots minimum order size (0.01 lot) to 50 lots for Forex. Volume steps are also in micro-lots allowing full precision in trading and flexible money management. Stop Gold follows the same levels, up to 50 lots maximum and Silver up to 25 lots. Stops level is at 20 points.

Trading Costs

VT Markets will not charge conversion fees, commission or any other fees related to trading. Apart from spreads, swaps are the only type of cost traders will face when trading. The swaps are all under normal levels and it is common to see positive values on many instruments. In fact, we had trouble finding a Forex pair without a positive swap on one side. EUR/USD has -10.57 and +6.62 points on the short side, GBP/JPY +3.08 long swap and -6.33 short, AUD/NZD has +0.08 on long and -0.99 points on the short overnight swap. For sure, this is a good sign for traders that the broker is not obsessive with profits even though swaps are marginal costs.

Assets

This category is probably the weakest point of VT Markets. There is a bit of everything for all sets and we are not sure if some instruments are available for VIP ECN Accounts only as their name suffix implies. Forex has a total of 38 currency pairs are on the list with the VIP suffix. Without the VIP mark, there are just 5, EUR/USD, AUD/USD, USD/JPY, GBP/USD and a pair that is more interesting for the Asia-Pacific zone – USD/HKD. For anyone looking for exotics, SGD is present across all major pairs like SGD/JPY, NZD/SGD, etc. Some Scandinavian currencies and TRY are listed, giving enough instruments for classic Forex traders. 

Precious metals range is different than what is announced on the VT Markets website. Namely, Palladium and Platinum are not listed in the MT4 platform. Spot Gold, Silver and Copper are available though, but taking into account that Silver and Gold move almost in sync, metal traders will not have another asset to diversify. 

Indicies range is good, covering all the majors and as expected, more indices specific for the Asia-pacific zone. A total of 15 indices counting the VIX and US Dollar Index are on the MT4 platform. APAC zone traders would like the ASX SPI200, Hang Seng Index, China 50, ES35, and Nikkei 225 index. 

The commodity offer is better than average in the industry. A total of 10 commodities are tradeable as CFD. Including Orange Juice, Cotton, Cocoa, Sugar, and Coffee. Energies set is also extended and traders can find WTI, Brent Oil, Natural Gas, Heating oil, Low Sulphur Gasoil, and Gasoline. If we could pick a broker type based on the asset offered, VT Markets would certainly be a commodity broker.

Shares offer range is good, although it is also oriented towards the APAC zone traders. The shares range is equally divided into US and HK companies with over 100 total listed. The biggest from both sets are selected including banks, oil and tech giants many are familiar with. We do not see any VIP suffix here meaning that shares are open for all account types. Traders that want to trade companies not listed elsewhere will probably find them with VT Markets if it is in the Asia-Pacific region.

Spreads

Like with some other ECN STP brokers, VT Markets also states spreads from 0.0 pips. This is not correct and by our estimation, the minimum variable spread recorded was 1.1 pips. That spread is for EUR/USD currency pair although it is surprising that the spread did not go over 3 pips for any other pair. For example, AUD/SGD is 2 pips, SGD/JPY 1.5 pips, and even GBP/JPY is 2 pips. The biggest spread was for GBP/HKD pair at 31 points which are good for their Average Daily Range. Both Silver and Gold had spread of around 3 pips and Oil around 4. Looking at other assets we can conclude that the spreads are not the best, certainly not form 0.0 pips but very even and competitive. 

Minimum Deposit

This amount is very obscure and is hard to find. What we could get from the support and the Product Disclosure Statement is that the minimum is 200 AUD or equivalent. VT Markets describe themselves transparent, and with most of the information, this is truly making us wonder why the minimum is not published on the website. 

Deposit Methods & Costs

Depending on the jurisdiction and where the trader comes from, the deposit methods will vary although all will be listed from the VT Markets client portal. All the possible methods are Bank Wire, VISA, MasterCard, BPAY, Neteller, Poli, and Skrill. VT Markets does not charge fees for deposits and the costs may arise from the client’s bank or payment service.

Withdrawal Methods & Costs

In accordance with AML, VT Markets will do all reporting relevant transactions to AUSTRAC and process the withdrawal using the methods listed in the client’s portal available from the website. There are no fees except the fees associated with the currency conversion and the client’s bank.

Withdrawal Processing & Wait Time

Banks transfers that are local in Australia will be finished in 2 days. International transfers will take up to 7 days. E-wallet and Credit/Debit Card are usually instant. Withdrawal processing time for VT Markets is 1 business day.

Bonuses & Promotions

VT Markets has a rebate scheme that is directly credited to the MT4 platform on a daily basis. Now this rebate program is available for the Standard STP Account although what amounts are in question is undisclosed. VT Markets has bonus promotions from time to time and mostly targeted for Chinese clients. We have found a $100 bonus for new deposits program in 2018, as per bonus requirements, traders only had to trade 2 lots to claim the bonus. For now, no bonuses are offered.

Educational & Trading Tools

VT Markets does not have any education material or at least not at the moment of writing this review. It is stated on the website that” a plethora of content under both the News and Education menu tabs.” These tabs do not exist yet. On the other hand, VT Markets have a Tools section with a few different products. MT4 Smart Trader Tools is a package of additional apps that could be inserted into the Metatrader 4 platform. The exact content of this package is not disclosed, the page reserved for this product is not yet complete. 

EAs are supported and encouraged. MT4 is the main base for new EAs and from the description on the VT Markets website, VPS service is available for free. Still the “VPS page” is mentioned but nowhere to be found. For now, clients will have to check with the support for this service.

Trading Central signal service is offered and sent by email to live clients. MT4 signals are also described that come with Metaquotes by default. The signals that come from Trading Central are not deeply described just the statement that TV Markets are not responsible for any losses made from using the signals.

The economic calendar page is created and contains the classic Metaquotes calendar. This calendar is basic in features without any kind of filters. The events are described well with the addition of a chart of historic levels. The impact of an event is marked as well as expected values. There is nothing special about this calendar. 

Customer Service

VT Markets customer support is available through phone, email, and chat. The broker boasts about “24h award-winning support”, this is not what we have encountered. The chat is offline and the email response takes longer than 24 hours. Yet we are certain that the support staff is well trained to answer all the questions and concerns.

Demo Account

The demo account is easy to make with an email confirmation process. It is limited to 90 days and reflects the actual trading environment. In the legal documents, it is stated that the real account might be different from the demo. As this account is available with the desktop MT4 version, bot EAs and the Trading Central signal service can be tried out.

Countries Accepted

VT Markets legal documents state Japan, United States, and North Korea are not available for their services. We also know that other countries do not allow trading or fall under high-risk jurisdiction according to The Financial Action Task Force (FATF).

Conclusion

TV Markets is an extension brand for adapted for the APAC region and shares the same legal documents with VantageFX, another brand under the Vantage Global Prime company. The structure of this group is distributed to cover all possible clients across the globe and features of a competitive broker. This way, VT Markets has two regulations CIMA and ASIC. Only clients from Australia will be under the ASIC, all other global coverage comes under the CIMA as stated in the legal documents.

Another key point traders should know is that VT Markets is closely working with Hong Kong, the mobile app is available only in Chinese and via the installable APK android package. Traders will probably have conditions with VantageFX as VT Markets feels specialized. Furthermore, this broker has still an unfinished website, packages, tools, and education material that is mentioned. On the other hand, This broker can be a good choice for APAC clients in the future. We also encourage the transparency and efforts to bring additional value to traders, no restrictions on any kind of trading style and EAs support.