Category: Forex Brokers

This section will hold our reviews about all the available Forex broker sites. Each report will be delivered, using our methodology that covers all aspects of interest:
Account Types, Platforms, Leverage, Trade Sizes, Trading Costs, Assets offered, Spreads, Minimum Deposit, Deposit Methods & Costs, Withdrawal Methods & Costs, Withdrawal Processing & Wait Time, Bonuses & Promotions, Educational & Trading Tools, Customer Service, Demo Account, and Countries Accepted.

Forex Brokers

InitialRate Review

InitialRate is a Forex broker operating since 2018. In this review, we will detail all the information we have found about this broker. Pay special attention before investing your money with InitialRate, as we have enough doubts about this broker. InitialRate is the trademark of Ez Education LTD. This is a company that is registered […]

InitialRate is the trademark of Ez Education LTD. This is a company that is registered in the Marshall Islands, a place where Forex brokers are not adequately regulated. This is a big problem for us, as customers do not have all the rights to appeal if they have significant problems, and their interests are not adequately protected.

InitialRate has informed that its registered address is at Trust Company Complex Ajeltake Road Ajeltake Island, Majuro Marshall Islands MH 96960. We have to note that several offshore brokers, such as iForex24, PBN Invest, iForex24, Crypto Eu, PBN Trade, and FXG Invest, to name a few, are also registered at this same address. To this, we must add that we have reviewed comments about these brokers, and most have turned out negative, as a consequence of the bad experiences of their clients.

InitialRate customers can buy and sell cryptocurrencies, but with one caveat, they can only do so against USDT and EURT (Tether). Tether is the cryptocurrency, supposedly backed by US dollars or euros, respectively. So, you can’t buy the most popular cryptocurrencies like Bitcoin, Ethereum or Litecoin, for example, with US dollars or “real” euros, or with any other fiduciary currency.

ACCOUNT TYPES

InitialRate has four different accounts. They are called, Silver, Gold, Platinum, and Diamond. It is incredible that the broker’s website does not mention any specific differences between these types of accounts, does not provide information about the minimum investment required, and we have not been able to know the minimum and maximum trade sizes.

PLATFORMS

InitialRate offers an excellent platform with good graphics. It is a tool where the broker offers his services on a web-based platform. Its commercial interface is intuitive and simple, but seems fast enough and is equipped with some advanced features. One of the things we liked is that it includes good graphics with TradingView and a wide range of technical analysis indicators. Also, the web platform has some risk management tools, such as the well-known Stop Loss and Take Profit options, which are very easy to handle.

Although the web trading platform used by InitialRate is not bad, it lacks many of the advanced features of the popular MT4 platform. For example, the InitialRate platform does not support automated business strategies, while MT4 is well-known for its Expert Advisors (EA’s).

LEVERAGE

This is one of the essential facts that we have not been able to verify, given the scant information that the broker provides on his website.

TRADE SIZES

In the same way, this is one of the crucial data that we have not been able to verify, given the scant information that the broker provides on his website.

TRADING COSTS

We haven’t been able to tell if this broker applies trading fees. We have only been able to see their spreads, of which we speak in the corresponding section.

This broker has an inactive account policy. A trading account will be considered inactive, according to InitialRate, if it has no movements for a period of 30 days. InitialRate will perform monthly revisions of all accounts where there is no activity (no operation has been performed for an extended period of 30 days). InitialRate, you have the right to freeze the trading account, which we consider abusive temporarily. The broker will charge a 5% percentage of the deposit amount for each month the account remains inactive. To reactivate the trading account, the customer must perform at least three operations.

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

ASSETS

An advantage of InitialRate is that it offers the possibility to trade in many asset classes, including Forex, CFDs in indices, commodities, stocks, and a wide variety of cryptocurrencies.

SPREADS

We found the spreads attractive. Although InitialRate does not mention any commercial costs on its website, we have tested its platform and found the spreads to be quite good. For example, the InitialRate benchmark spread EUR/USD is fluctuating around 0.9 – 1.0 pips, and GBP/USD over 1.2 pips.

MINIMUM DEPOSIT

We have not found information about the minimum deposit required to open an account with this broker.

DEPOSIT METHODS & COSTS

The deposit methods available with InitialRate are 4, bank transfer, credit or debit cards (Visa or Mastercard), Skrill, and Neteller. No information is provided on deposit costs, but there is normally no charge for bank card income, and for bank transfers, it is the commission that your bank can charge for issuing it.

WITHDRAWAL METHODS & COSTS

In accordance with generally accepted rules and regulations, withdrawals must be made only through the same bank account, credit/debit card, or electronic payment means, which was used to deposit the funds.

InitialRate charges for withdrawals. The broker charges a fee and is applicable for all different withdrawal methods.

Bank transfers 50 USD/GBP/EURO
Credit card 25 USD/GBP/EURO

Credit card processing fee:

10 USD or 8 GBP or 9 EURO
Electronic payments 25 USD / GBP / EURO

WITHDRAWAL PROCESSING & WAIT TIME

When we submit a withdrawal request, InitialRate.com may take up to 5 business days to process such a request. Once the application is approved, you will have to wait between 5 – 7 additional days before viewing your funds in your account, as they report.

The minimum amounts that can be withdrawn are as follows:

Credit card 100 USD/GBP/EURO
Bank transfer 500 USD/GBP/EURO
E-wallet 100 USD/GBP/EURO

BONUSES & PROMOTIONS

InitialRate does not currently offer Bonuses or promotions, but we know that in the past, it has offered deposit bonuses.

EDUCATIONAL & TRADING TOOLS

InitialRate has, on its website, an area dedicated to education. It deals with nine different aspects of trading, which are: What is Trading?, What is Forex?, Money Matters, Forex Advantages, Forex Players, Trading Sessions, Trading Styles, Speak Forex, and Trading Advice.

Analyzing the content, we found it rather weak and sparse. You can spend 10 minutes or less reading all the educational content this broker offers. We lack an economic calendar, a handy tool for traders because in it they can consult the most important daily events, and how can affect the different assets.

CUSTOMER SERVICE

To get in touch with InitialRate’s customer service, you have 3 options, a phone from England, an email, and a contact form that you can find in the “Contact Us” section of the website. The contact details are:

Phone:+44 7872237038

E-Mail:

DEMO ACCOUNT

InitialRate does not offer a demo account, which is bad news, but at least it gives us direct access to its web platform to know it and see its features.

COUNTRIES ACCEPTED

The website does not explicitly describe any country with restrictions on operating with InitialRate. We’ve only seen one phrase like this one: “InitialRate.com offers financial services of trading to its users, only in jurisdictions where it is permitted by law”. What we have done is to go to the account opening page and see the list of available countries. We have detected that the United States of America and Canada are not on the list. Either way, in case of doubt, when opening an account, we recommend contacting customer service to verify if you are a potential customer or not.

CONCLUSION

InitialRate is a newly created CFDs and forex broker that seems to want to focus on cryptocurrencies. Their trading platform and the spreads they offer are good, and it is the positive part of this broker. On the negative side, there is a lack of regulation, and that gives us a lack of confidence. The broker is not licensed or supervised by any authority and therefore does not deal with InitialRate on any regulated market, such as the EU, USA. U.S. Or Japan, it’s just not legal.

If you are a fan of cryptocurrencies, we can suggest another more solid broker like, for example, Kraken, as InitialRate trades only against Tether. We find unfavorable conditions in the Terms and Conditions; it is a worrying sign regarding InitialRate that we find some clauses in the broker’s terms and conditions that are quite unfavorable to customers. For example, InitialRate reserves the right to refuse any trade for any reason. In our opinion, this is totally inappropriate. Additionally, the broker charges a 5% inactivity fee for your funds, if a customer does not use their trading account for a period of 30 days.

Advantages:

Spreads are acceptable.
Friendly platform.
Wide variety of assets.
It offers cryptocurrencies for trading.

Disadvantages:

Broker registered in a tax haven.
No information on the characteristics of the accounts offered.
No demo account offered.
MT4 not available, although the web platform they offer is not bad.

Tags InitialRate, InitialRate Forex Broker, InitialRate Review

Forex Brokers

EGM Securities Review

In 2018 a licensed broker in Kenya, Execution Point Limited, rebranded to EGM Securities Limited to become one of the branches of the Equiti group of companies also operating in the United States, United Kingdom, Armenia, Jordan, UAE, and New Zealand. EMG Securities is regulated by Capital Markets Authority Kenya and promoted as the first brokerage to obtain one. CMA regulation is not as strict as the FCA but has the features of funds segregation, capital adequacy, and security measures.

The brand is relatively new and does not have attention on the internet but applies the popular NDD/ECN model most traders prefer because of the better conflict of interest policy, costs, and executions. Other brokers belonging to the group receive average to good ratings. EGM Securities website is very well designed with eloquent expressions, good transparency on both the company and the trading conditions.

Additional value to traders is given by offering a very good information digest on the markets, company, and events. Additionally, the Academy section is full of useful content adequate for beginners and established traders. Some parts of the website are still undeveloped or empty as the menu is still not filled out yet. The broker is working hard to set the initial business cycle and it can be seen in several aspects by providing a good mix of marketing, transparency, and quality. This EGM Securities review will test the key areas so traders can decide if this broker is the right choice for them.

Account Types

EGM Securities currently has two account types to offer, Premiere and Executive. The accounts do not differ much, only in two aspects, the minimum deposits and the choice of having lower spreads with the commission or just higher spreads. Both accounts are designed for the MetaTrader 4 platform, the MT5 still just mentioned and in the introduction. The affordable Executive Account has a reasonably low minimum deposit requirement, higher spreads, and no commissions compared to the Executive. The Premier Account minimum deposit is a more serious amount traders will probably avoid since the broker still has to prove the quality and reliability of service.

There are no differences in the assets range, leverage, trade sizes, execution method, or Stop Out levels. Both accounts are available only in the USD currency according to the webpage but during the registration, we have also found GBP, EUR, and AED as optional. As we are informed by the support staff, hedging, scalping, and EAs are allowed and Swap-free accounts are available. Stop out is set to 30% but the Margin Call is not disclosed.

Platforms

EGM Securities’ servers are all located in London, UK (LD4). LD4 means the broker is utilizing Equinix data centers in London, they are proven to be one of the market leaders in the industry. EGM Securities offers only the MetaTrader 4 platform with the MT5 in the introduction. The MT4 is offered in a downloadable installer package for Windows but we are unable to find the link to the web-accessible or Android versions. Once installed, the platform presented us with two EGM Securities servers, live and demo with a very good ping rate of 30 and 35ms. MT4 client is updated to the latest version and registered to the appropriate EGM Securities broker and address. The default template contains 4 major currency pairs set on the H1 timeframe without any special indicators to showcase. One-click trading buttons are not visible but can be enabled.

The indicator list contains only the default list that comes with the MT4 installer and there are no additional templates. The Symbols list is organized into several groups where the same asset category is divided into smaller groups. Grouping logic seems to be according to the instrument’s liquidity levels although in our opinion there are too many of them. The instrument specification window is filled with enough information for each asset. The trading Terminal is showing all the information about the trading costs, commissions, and swaps. The execution time is one of the best in the industry with an average below 100ms with small deviations of up to 10ms. This environment is very good for fast trading EAs, especially in combination with unrestrictive trading conditions described in the following sections.

Leverage

EGM Securities feature 1:400 maximum leverage for all accounts. Therefore there are no ESMA limitations for clients in the EU. Note that this may be a subject of change in the CMA since this is the first broker with a license. Not all instruments have 1:400 leverage, in the Forex category currency pairs such as EUR/TRY and USD/TRY have 1:5 maximum according to the published list but we have found 1:20 leverage for these pairs in the MT4 platform. Interestingly, exotics like the USD/RUB or USD/MXN have the promoted 1:400 leverage which is very rare and favorable for exotic pair traders with smaller accounts.

Spot Gold against the USD has the default leverage of 1:400, Platinum against the USD also has 1:400 leverage – high levels comparing it with the competition where the usual leverage is 1:100 or lower. Indexes leverage is 1:100 while non-energy Commodities have 1:33. Oil type assets, including the futures, have 1:100 leverage and Natural Gas has a maximum of 1:400. Shares have leverage from 1:5 to 1:20 maximum depending on the company.

Trade Sizes

EGM Securities sticks to the default micro-lot minimum trade volume sizing for most instruments offered. For the Forex currency pairs, the minimum is therefore 0.01 lots with the additional steps also 0.01 lots. The maximum per trade is 150 lots for majors, 100 for minors. For some exotics, the maximum is reduced to 50 lots but the minimum remained at 0.01. Stops level is zero for the complete assets range, therefore there are no restrictions where traders can put their pending orders. Precious metals also have the 0.01 lots minimum trade sizing. Indexes have a 0.1 lot minimum except for the Nikkei 225 for which the minimum is set to 1 lot and 300 lots maximum.

Trading Costs

The Executive account does not have a commission while the Premiere Account has a commission of $7 per lot traded. For Stocks, the commission is 0.02% per lot and there are also financial expenses per year, -0.25% for short positions and -4.25% for long. Swaps are the only trading costs remaining if traders are not applying for swap-free accounts. They are calculated in points and tripled on Wednesdays. EGM Securities have positive swaps but not as much as one would expect, especially for the exotic currency pairs.

Major pairs have low positive swaps and higher negatives, for example, EUR/USD has -9.87 points on the long positions and 3.98 on short, USD/JPY 2.82 points on long and -8.93 points short, GBP/USD -6.8 points on the long and 0.613 on short, AUD/USD -3.43 long and -0.9 on short, EUR/GBP -5.22 long and -0.30 short position swap. As we go to minors, all negative swaps are more frequent, so for AUD/NZD, the swap is -7.21 points on the long side and -5.21 on short, CHF/JPY has -5.21 long and -1.59 points short, CAD/CHF 0.8 on long and -9.466 points short swap or GBP/NZD with -9.64 long and -2.22 short side all negative swaps.

Exotics do not have many positive swaps although they are not extreme. USD/RUB has -254.9 points on the long and -60.47 points on short, USD/MXN -453 on long and 90.99 on short, MXN/JPY 40.19 points on the long and -197.5 on short or EUR/TRY with -285.5 points on the long side and 65.84 on the short.

Precious metals swaps are under normal levels. Spot Gold has -10.27 points on the long and 3.14 on the short, Platinum -15 on long and -1.92 on short and Silver has -2.11 long and -0.215 points on the short side. There are no fees for inactive accounts and no account maintenance fees.

Assets

EGM Securities has Precious metals, Forex, Stocks, Commodities, and Index categories in their retail CFD offer range. The most developed is the Forex with a total of 68 currency pairs although 7 of them are not opened for trading. Traders will be happy to find many interesting pairs and new opportunities EGM Securities has to offer and plans to include. Notable, rare to find pairs are CAD/SGD, CHF/SGD, EUR/HKD, EUR/MXN, EUR/TRY, GBP/HKD, HKD/JPY, MXN/JPY, SEK/JPY, USD/CNH, USD/RUB, and USD/PLN.

Precious metals range is extended although more by the EUR quote offer for the Gold and Silver than with the actual metals. Aside from Gold and Silver against the USD and EUR, EGM Securities offers Platinum against the USD. The metal range also has futures CFD for High-Grade Copper, Gold, and Silver.

Out of Commodities, we have found both Oil types, Brent and WTI with the futures CFD instrument too. Out of the energy assets, traders will also find Natural Gas futures CFD. Non-energy commodities are limited to Cotton, Coffee, and Cocoa.

Indexes range is interesting with 15 total unique indexes. The range is interesting because there are many futures CFD optional instruments extending the range to well over 20 total. The most interesting Indexes are Spain 35, US Dollar Index futures, Hong Kong 50, Germany 30, and France 40.

Spreads

EGM Securities have published a list with average spreads so visitors can compare the two account types. Executive Account has floating spreads that are not the best in the industry but there are no commissions. According to the list, the typical spread for the EUR/USD is 1.6 pips for the Executive Account, 2.1 pips for AUD/USD, 2.5 pips for USD/CHF, USD/JPY – 2.1 pips, NZD/USD – 2.2 pips, and GBP/USD – 2.3 pips. We have checked for the validity of these levels in the MT4 and we have measured lower values by around 2 points. Among the minors, the highest spreads are for the EUR/NZD with 38 points, GBP/AUD – 46 points, GBP/NZD with 57 points, NZD/CHF with 42, and GBP/CAD with 47 points.

The widest spreads are for the exotics, 1057 points for the USD/ZAR, 381 for USD/TRY, 336 for USD/RUB, 987 for USD/MXN, and 1080 points for GBP/NOK. As seen, some of these exotic pairs have very competitive spreads. Gold against the USD has 28 pips spread according to the MT4, 149 pips for the XPT/USD, and 20 pips for XAG/USD. Against the EUR, Gold has 37 pips spread. As for the Oil assets, both types have around 20 points spread on spot.

Premiere Account spreads are usually more than 100% lower compared to the Executive Account. For example, according to the published comparison, EUR/USD has 4 points spread, AUD/USD – 4 points, USD/CHF and USD/JPY also 4 points, NZD/USD – 9 points, and GBP/USD – 4 points. The widest average spreads are for the USD/ZAR with 41.2 pips, 20.2 pips for USD/RUB, 33.2 pips for USD/MXN, and 40.4 pips for GBP/SEK.

Minimum Deposit

The most affordable Executive Account requires a $200 minimum deposit. Premiere Account steps up to $5000.

Deposit Methods & Costs

EGM Securities supports Credit Cards, Wire Transfers, and Mobile Payments. USD, KES, UGX, and TZS currencies are supported, accommodated to the in-area clients. Bank Transfers should be completed in 1 to 3 days, for cards is 1 business day and within 24 hours for mobile payments. There are no costs charged by the broker. There are several methods for Mobile Payments, some of which are available only in African countries. These are Mpesa, Lipa na Bonga, EazzyPay, Airtel money, eLipa, Visa Mastercard, Vadacom, and MTNMoney (UGX). Note that Netteler and IPAY are also mentioned in the FAQ.

Withdrawal Methods & Costs

Withdrawal methods used for withdrawals must be the same as with the deposit. All withdrawals are free except for the international Wire Transfers which have a $16.5 fee. According to the broker, the withdrawal fee is subject to daily currency exchange rates which may vary from time to time. The Mobile Payments methods available for withdrawals are the same as with deposits. Note that international clients will need to use the Wire Transfer for withdrawals.

Withdrawal Processing & Wait Time

The withdrawal process is initiated through the My EGM Area after registration. The withdrawal process for Wire Transfers will take 3 to 5 days to complete and 24 hours for Mobile Payments.

Bonuses & Promotions

We have noticed that the Live Account registration form contains a promo code but we are not sure if any bonuses are available. The website does not mention any bonuses.

Educational & Trading Tools

EGM Securities has several educational and informational sections. A Blog, News Room, Technical Views, and Academy section. The Blog seems to contain many interesting headlines but as we have opened them we found very little information or value to traders. Even though they are written by the Equiti staff, they leave the impression to be there just to fill the menu. The latest article is from October 2019 and goes back to 2017.

On the other hand, the Latest News section is updated daily with good coverage of what is going on in the world market. Again, similar to the Blog, the content is extremely short but it seems to catch the gist only like it is meant to summarize the news to the elementals. Some traders will appreciate this approach.

The Technical Views section follows the same idea of minimal and elemental information in the reports. Technical analysis is very short with the big chart with included MACD and RSI indicators. In our opinion, technical analysis should have more information.

The Market Wrap Up section has very good content and analysis by Ben Robson. Unfortunately, this section is not updated with new articles since September 2019.

EGM Securities has developed a few calculators with examples and embedded codes. There are Pip value Calculator, Profit/Loss Calculator, and Margin Calculator. They are nicely designed with good and professional explanations on how to use them. Very good for beginners.

The Economic Calendar is on the menu but it is not developed.

The Academy section has a menu that may lead to empty or bogus pages. It is evident that EGM Securities has not yet filled this section with content but leaves a good impression of what is coming up. The Academy section contains Videos, Guides, Glossary, Infographics, Seminars, Webinars, and Market research. There are a few elementary guides about the forex, some really nice infographics but we could not find anything more in the Academy section.

Customer Service

EGM Securities has invested in the 24/5 customer service that is available through phone, chat, and email. We have contacted the broker through the Zendesk chat app service to confirm it is 24/5 and also very responsive. We have not waited for longer than a minute to reach a representative. It is evident that the staff is new and lacks experience but there is a great effort to be kind and assistive.

Demo Account

The demo account is available and promoted throughout the website. Premier Account conditions are not available to try in the demo for now even though it is in the drop list. The demo is reflecting the actual trading conditions and can also be opened through the MT4 platform directly, with more than 10,000 virtual funds. You will be able to change the leverage and the virtual currency amount. Your demo account will expire if it is not active after 90 days of opening it.

Countries Accepted

EGM Securities support provided us with the full list of their blacklisted countries. They are Afghanistan, Belarus, Belgium, Bosnia and Herzegovina, Canada, Central African Republic, Democratic Republic of Congo, Ethiopia, Eritrea, Iran, Iraq, Japan, Lao PDR, Libya, Myanmar, New Zealand, Poland, Singapore, Somalia, South Sudan, Sudan, Syria, Ukraine, USA, Vanuatu, Western Sahara, and Yemen.

Conclusion

To conclude this EGM Securities review, we will share some more information and opinion on this broker. To compare, 73.07% of retail investor accounts lose money when trading CFDs with this provider, which is about the average in the industry. Note that the broker still may have a small traders pool but is financed and owned wholly by the large Equiti Group with significant experience. EGM Securities is primarily focused on the Africa region as there are many interested citizens in Forex and trading. At this moment the broker has good trading conditions and a very good forex range. Funds safety should not be a concern although traders should know that CMA is very new and EGM Securities is their first regulated broker. FXPesa is another brand recently opened in West Africa belonging to the Equiti group but is fully developed. Lack of ratings should pose a red flag, there is a very low risk that the broker will pose any problems with the withdrawals, trading, or conduct any kind of manipulation. As the broker continues to expand, there are enough arguments for positive reviews.

Tags EGM Securities, EGM Securities Review, Forex Broker Review

Forex Brokers

SGT Markets Review

SGT or Sterling Gent Trading Ltd is a CFD ECN, DMA, and STP type offshore broker regulated with the British Virgin Islands Financial Services Commission that can also act as a market maker. The broker license is legit although the regulation from FSC does not provide funds security measures as some other authorities such as the FCA. This aside, SGT Markets, formerly SGTForex.com and SterlingGent.com, has made a good reputation among traders that choose offshore brokers.

The correspondence SGT Markets address is in Bermuda, meaning you cannot visit them in any office but according to the user reviews, this broker enjoys trust which is very hard to create considering the type, and could only be made by constantly offering quality and incident-free service. Established in 2006, SGT Markets can be classified as a veteran offshore broker that can offer more than the competition. Starting with the website presentation, visitors will appreciate the good composition and transparent information about the service, broker, and trading conditions.

Marketing is augmented with pages about low trading costs, funds segregation, execution technology, assets range, and several deposit options, none of the content is presented without a good foundation. Whatsmore, SGT Markets has a very good and informative FAQ page and excellent support. Notable services this broker promotes are FIX API, MAM/PAMM accounts, Fund managers, VPS solutions, and Myfxbook copy trading. Judging by the covers, we are looking at the broker that is standing out from the competition. This SGT Markets review will evaluate the quality of service and features to uncover why this offshore broker has earned traders’ trust.

Account Types

SGT Markets offer 3 account types named Direct, Prime, and SGT Select. The page presenting them seems to be focused on the SGT Select Account as there are few details about the more affordable Direct and Prime Accounts. Starting with the one with the smallest minimum deposit requirement, Direct Account promotes spreads from 0.9 pips, high leverage, no commissions, MT4 platform, and micro-lot trade volume size. Upon selection, you will be asked to open an individual or corporate account and select the FIX API or MT4 platform. Prime Account features spread from 0.0 pips but have a commission charged instead. It has the same trading size and leverage policy as the Direct Account and a higher minimum deposit requirement. The top, SGT Select Account, requires and 6 figure deposit amount or minimum trade volume of $100 million per month.

The VIP services included are free VPS, no deposit/withdrawals fees, fastest funds processing, reduced spreads or commissions, volume-based trading costs, private consultations, and manager and Daily Market Analysis. The broker uses aggregated liquidity pool from banks and other liquidity providers. Swap-free accounts are available and there are no compensations for the lack of swap credits/charges in higher commissions or spreads. SGT Markets does not restrict any trading strategies, meaning MT4 Expert Advisors, hedging, scalping, and news trading are all allowed. The accounts are available in GBP, USD, and EUR currency.

Platforms

SGT Markets offers only one platform, the MetaTrader 4. The lack of MT5 and other platforms is compensated by the FIX API that allows a communication protocol to your automated or semi-automated trading systems. The advantages of FIX API protocol is the naked transparency of the market, traders see the orders book, and the execution is ultrafast and accurate.

SGT Markets is the partner of the PrimeXM XCORE Community where the liquidity is exchanged with other brokerages, liquidity providers, and financial institutions. This means trading conditions are one of the best in the industry. The MT4 platform is also offered in the mobile version for Android and iOS powered devices but we have not seen the web-accessible version without any installation requirement. Still, the MT4 is downloadable in a zip file from the STG Market’s website and is installed using the MetaQuotes direct API file download.

There are 2 servers offered once the MT4 is opened, STG markets Demo and Live. The Demo server has a 33ms ping rate and the Live 45ms, a promising start. Everything is by defaults, the standard 4 major currency pairs set on the 4H timeframe with the default indicators applied to them. There are no additional templated or custom indicators installed with the MT4 package. The About window will show the MT4 is updated to the latest version and registration to Sterling Gent Trading Ltd, with another location address in Tortola, BVI. The watch list will present 6 grayed-out major currency pairs meaning they are not used for trading but only for conversion rates used for P/L calculations.

Of course, these pairs are open for trading but under a different instrument name. The instruments will have a “d” suffix signifying the Direct Account and “p” for the Prime. Symbols are grouped into only 4 categories, 3 of which are related to trading. Since the default 4 major currency pairs are not open for trading, One-click trading buttons are not visible, but any other instrument presented on the chart will have One-click trading. The specification window is filled in with all the necessary information for trading.

The Terminal Trade tab is showing all the trading costs and swaps as intended. We went on to check the execution times which is the most interesting part to calculate just 99ms average execution time with a small deviation of 10ms. Equinix LD4 and servers are used for the MT4 and it shows. As expected, these trading conditions are one of the best for fast trading and automated systems.

Leverage

SGT Markets use the dynamic leverage scheme dependant on the deposit amount. Deposits of up to 20k allow the leverage level of 400:1, up to 50k deposit – 200:1 leverage, up to 250k – 100:1 while CFD’s on Equity and Oils have fixed leverage of 1:100. There are also additional adjustments to the leverage depending on the asset liquidity and volatility. This means not all assets will have the maximum allowed leverage. According to the legal documents and the MT4 platform, these assets will require 2, 3,6, and 10 times more margin. These are mostly exotic currency pairs such as USD/RUB and EUR/RUB with 1:40 maximum leverage, EUR/TRY or EUR/MXN with 1:66, or GBP/SGD with 133:1, while most of the Scandinavian pairs have 1:200 leverage. Precious metals have a maximum of 1:400 despite the 1:200 limits stated in the instrument specification document. This leverage scheme applies to Direct and Prime Accounts, SGT Select Account could have more flexible options. The leverage is high enough to minimize the commission costs of the Prime Account if the same risk management is applied.

Trade Sizes

SGT Markets is using the standard micro-lot minimum trade volume sizes or 0.01 lots. Additional trade steps are also 0.01 lots. The maximum trade size is limited to 50 lots to prevent MT4 partial fills according to the FAQ but we have noticed 100 lots maximum. STG is open for trade size modifications. The minimum trade size for Oil assets is 0.1 lots but SGT Markets uses 100 barrels per contract. Indexes have 1 lot minimum trade size. Stops level is 0 for all instruments listed in the MT4 meaning traders have complete freedom to put pending orders to any levels. These trade sizes apply to Direct and Prime Accounts. STG Markets sets Stop Loss at 50% and a Margin Call is at 70%.

Trading Costs

Commissions are applied to Prime Account only and it is the same for all assets. A $6 per traded lot is charged, not per side as most brokers promote to make the commission appear smaller. Direct Account is commission-free but with an increased spread. As for the swaps, they are calculated in points and tripled on Wednesdays and Fridays for Indexes. Swaps are under normal levels and positive swaps are frequent. EUR/USD has -4.07 points on the long side and 0.75 on the short, USD/JPY has -0.53 on long and -3.73 on short, GBP/USD has -2.21 on long and -2.46 on short, AUD/USD has 2.06 on long and -4.47 on short and USD/CHF has 2.01 on long and -5.19 on the short side.

Some pairs do not have any swaps as per MT4 platform specs. For example, such is the case with the AUD/SGD, SGD/JPY, or USD/THB. Exotics have increased swaps but still competitive. USD/MXN has -327.02 points swap on the long side and -17.02 on the short, USD/RUB has -24.3 on long and 12.9 points on the short side. Some exotics are rare and at the same time have surprisingly low swaps, like the ZAR/JPY with 0.1 on long and -3.6 points on the short side or USD/ILS with -11.44 on long and -26.44 points on short.

SGT Markets has an inactivity fee for the API FIX accounts. The inactivity is measured in trading volume. If traders execute less than 50 lots per month, a fee of $300 will apply. Accounts with consistent trading volume may be exempt from this fee if the number of inactive months in a row is less than 3.

Assets

STG Market offers 4 asset categories for Prime and Direct Accounts, Forex, Indexes, Commodities, and Precious metals. The best out of these categories is the forex with a total of 78 currency pairs. This is a very good range, way above what other brokers offer. There are a good number of exotics and a great number of crosses thus making this range extended. All of these instruments are liquid and trading can be done without any off-quotes warnings. Notable exotics are ZAR/JPY, USD/THB, USD/RUB, USD/MXN, USD/ILS, USD/CNH, USD/HKD, USD/CZK, TRY/JPY, SGD/JPY, NZD/HUF, HKD/JPY, GBP/ZAR, GBP/HUF, EUR/ILS, CHF/PLN, AUD/HUF and a few more with the other majors combinations.

Precious metals are limited to only Spot Silver and Gold although traders will find Gold quoted in EUR too. Both metals have 3 decimals price quotes. This range is not impressive but the spreads for them are. More on this in the next section. SGT Markets mentioned Palladium, Platinum, Zinc, and other metals but we have not noticed them listed in the MT4 platform.

The index range is good with 13 assets in total. This is not as good as the SGT Markets forex range but is still better than usual. Notable Indexes are Switzerland 20, Spain 35 Index, Italy 40, Hong Kong 33, CAC 40, and DAX 30.

Commodities range is limited to only energy assets. Only the two Oil types are offered WTI and Brent, and nothing else. We have noticed that the Direct Account also has Natural Gas offered here but this is not the case with Prime.

Spreads

SGT Markets Prime account features the tightest spreads while Direct Account does not have the commission. All spreads are a floating type and we went on to check if the promoted “from 0.0 pips” spread for the Prime Account holds in the MT4 platform. EUR/USD and USD/JPY have the tightest spread of 2 points which is very close to 0 but the 0 levels were never reached.

Currency pairs with the lowest spreads on the Prime Account are AUD/USD – 5 points, CAD/JPY – 6 points, EUR/JPY – 5 points, GBP/USD – 5 points, surprisingly also HKD/JPY with just 4 points, NOK/JPY – 5points, NZD/USD – 6 points, USD/CHF – 4 points, USD/JPY – 1 point, and ZAR/JPY – 5 points. The widest spreads are attributed to the exotic currency pairs. These are USD/ZAR with 950 points, USD/RUB – 889 points, USD/CZK – 1000 points, GBP/ZAR – 1230 points, and EUR/CZK – 1160 points. One of the best spreads in the industry is applied to XAU/USD, just 14 pips, and Silver – 0.7 pips. Oil assets have spread around 26 points both.

When compared to the Direct Account it looks like 1 pip is added on top of the Prime Account spreads. So, EUR/USD has 12 points, USD/JPY – 12 points, GBP/USD – 14 points, NZD/USD – 14 points, USD/CHF – 18 points, and AUD/USD – 14 points. The rest of the pairs follow a similar +1 pip pattern while the exotics have almost the same spread. XAU/USD has a noticeable jump compared to the Prime Account to 35 pips and Silver to 4.8 pips. To most Prime Account has better spreads worth the higher minimum deposit amount and the $6 commission per lot traded.

Minimum Deposit

STG Markets used to have a Start-Up Account with a very low deposit amount but currently the most affordable is the Direct Account with a $500 minimum deposit requirement. This amount is somewhat higher compared to other brokers but it is still a reasonable amount. Good ratings and great conditions put this amount in the right spot. Prime Account will require a $1000 deposit and the benefits are good enough to justify this increase. The exclusive, customized and the best SGT Select Account requires no less than a $100,000 minimum deposit. Institutional Accounts may consider this option.

Deposit Methods & Costs

SGT Markets will present the funding methods very transparently with all the fees and processing times on their website. There are 9 deposit methods including the classic Credit/Debit Card and wire transfers. VISA or MasterCard deposit will carry no fees by the broker but processor fees may apply. Note that the broker mentioned the 2.5% processor fee. Bank Transfers accepts all currencies but processor fees may apply. SGT Markets has a security step where traders will have to fill in the Source of Funds document.

Skrill and Neteller methods are available but not available to EU residents. Deposits will have a 4% fee for both e-wallets.

Perfect Money methods do not have any fees but only accept EUR and USD currencies. There is a referral link you can use to open a Perfect Money account.

Wirewallet accepts only EUR currency and has no fees while FasaPay accepts only the USD and has a fee of 0.5% or a $5 maximum. CashU method is also available without any fees and accepting USD only.

Withdrawal Methods & Costs

The withdrawal methods listed are the same as with deposits except different fees apply. VISA and MasterCard have a 2% + 10 currency fee. They are available in USD, GBP, and EUR. The bank transfer fee is 1% maximum or $25 minimum.

Neteller withdrawals are available only to non-EU residents and have a fee of 2%. Skrill has a lower fee of 1% but has the same non-EU residents-only withdrawal policy. Perfect Money fee is 0.5% available for USD and EUR currencies. FasaPay withdrawals are available only in USD with a processor fee that may vary. Wirewallet does not have any fees and available currencies are USD, GBP, and EUR.

Withdrawal Processing & Wait Time

VISA and MasterCard processing is done in 24 hours by the SGT Markets and then takes 2 to 5 days to reflect on the investor’s account. Profits exceeding the amount deposited may have to be credited by bank wire instead of the card. For bank transfers, the broker will process the request in 24 hours.

Skrill and Neteller withdrawal requests will be processed in 24 hours while Perfect Money requires 6 to 12 hours. FasaPay transactions require 1 day processing time, the same for CashU and Wirewallet.

Bonuses & Promotions

SGT Markets does not involve bonus programs on promotions.

Educational & Trading Tools

SGT Markets does not have any educational content except for a brief background intro about a specific market such as Forex, Metals, Indexes, and so on. None of these can be regarded as educational, they are not intended to be. The broker is more focused on the tools and added value provided to traders.

Starting with the Company news, traders are informed about the latest developments and features offered by the broker. The latest news from 14th August 2019 mentions FIX API connectivity for the Multi-Account Manager structure (MAM). This section provides a good insight into plans.

The FAQ is solid with some of the basics questions mixed in, such as “What are CFDs?”. There is no search box but the FAQ is not extended to require one. Elementary trading conditions are presented here in detail.

SGT Markets has a free VPS offer without any limitations or requirements. Traders, of course, will have to have a live account and apply for a VPS. For those not introduced to VPS, (Virtual Private Server) hosting allows traders to run automated algorithmic strategies 24 hours a day on a cloud computer, therefore there is no need to leave your platform running.

Myfxbook copy trading is offered with the broker allowing traders to select trading systems and apply them with SGT Markets accounts without hassle. There are no volume-based fees or requirements. Myfxbook AutoTrade runs automatically on its own, without the need to have any software on the trader’s end.

The Market News section contains articles about the latest developments on the market mixed in with some technical analysis. The section is updated daily and covers 3 to 4 major currency pairs such as EUR/USD, AUD/USD, and similar. The content provides some commentary that could be useful to traders but is also using popular Price Action levels. Some past Economic Events are listed, in our opinion do not have any relation value and could be obtained by looking at any Economic Calendar. Market News is made by the broker staff.

Finally, SGT Markets offers Asset Management services. According to their promotion, they are linked with some of the best managers and managed funds in the industry.

Customer Service

SGT Markets has a great support management team. The broker is active on several social networks and is available by email, phone, chat, and the contact form too. The chat service is 24/5 with a few breaks. The chat app is powered by LiveZilla with the option to request a callback, and leave a message in case agents are away. SGT Markets representatives have a deep understanding of trading and have a very good answering approach. Their answers are in full and easily understandable. After each chat, you can evaluate their service in a few categories. The broker is also active on benchmark websites answering negative reviews with good reasoning and, according to users, ethically solve matters.

Demo Account

Demo accounts are available and traders can select Prime or Direct Account demo. This way both conditions can be tested. Trading conditions reflect actual live accounts as they are using the same Equinix servers. The MT4 platform shows a bit faster ping rate with the demo servers though. To open a demo, traders will have to apply via the website link as the demo account opening is not possible within the MT4 platform. Traders can open multiple demo accounts with different leverage and currencies. FIX API can also be tested with a demo.

Countries Accepted

SGT Markets does not accept clients from the United States.

Conclusion

This section of the SGT Markets review will summarize the overall impression and provide some additional information. This broker certainly gives out a positive opinion with a transparent approach and rich features. The effort to differentiate is evident with free VPS, FIX API, great trading conditions, and great forex instrument range. This is further complemented with professional support, funds transfer options, copy trading, PrimeXM XCORE Community membership, and good ratings across multiple benchmarking websites. Traders that do not rely much on regulation can be certain that this offshore broker follows business ethics like the ones that are regulated by stronger authority bodies. For those that seek compensation fund programs offered by CySEC or FCA may certainly find similar brokerages, but few, if any, can offer this leverage and other benefits.

Tags SGT Markets, SGT Markets Forex, SGT Markets Review

Forex Brokers

Trading 212 Review

Trading 212 is a rebranded market maker broker formerly known as Avus Capital Ltd, with not so great reputation. Based in Bulgaria, Trading 212 holds multiple regulation licenses from FCA and Bulgaria Financial Supervision Commission. As an added protection, clients will enjoy the Financial Services Compensation Scheme (FSCS) and ICF Bulgaria although limited compensation up […]

One of the highlights is that Trading 212 regards itself as a market disruptor introducing the first zero-commission stock trading (not under the CFD) in the UK and Europe. The website is modern, using a small number of wide, large font pages with big elements promoting the zero commission, proprietary platform, ratings, media presence, instrument range, and other strong points. Visitors will see the right level of transparency but only once you find the right page. This is especially tiresome for experienced traders seeking specific data. The information is not presented immediately, but requires a bit of searching, to keep scary-looking numbers and terms away from beginners. This is common practice for large, market maker brokers, attracting beginner to intermediate traders who do not want to invest too much time on trading development and want an easy-going experience.

Trading 212 has everything right – good ratings, regulation, great asset range. But we cannot ditch the feeling we are dealing with a marketing giant and an expert in promoting their service and products. The marketing campaign scale is evident with many articles written by Forbes, Financial Times, The Telegraph, Independent, and other well-known media. Whatsmore, many users have complained about too many ads appearing in their browsers after registering. This Trading 212 review will reveal what is behind the good-looking phrases to present you just the naked quality of service.

Account Types

Opening an account is streamlined with several questionnaires you will have to fill in. A few of these ask about private income, sources, experience, and so on. Only at the end, you will be presented with 3 account types. They are called CFD, Invest and ISA and all can be selected at the same time. There is no comparison table with the details about each account. Not even in the FAQ Accounts section states any info experienced traders would want to know about. Traders will need to find the trading Conditions link on the homepage. This web page is not on the Trading 212 website menu so some visitors may never know about it. Still, once you find it, there is enough information.

The CFD account is offering CFD contract trading with zero commissions and tight spreads as promoted. Investing Account is for trading real stocks and ETFs without commissions or fees. Shocks and Shares ISA account allows tax-free gains without commissions. We will focus on the CFD Account offer in the next sections as this is what the majority of retail traders are interested in. The broker does not classify these accounts by the minimum deposit requirement. Clients will be presented with an amount slider once they want to deposit. The starting amount required is small enough even students should be able to afford it, meaning the broker target clients pool is wide.

Platforms

Trading 212 uses proprietary platforms developed for smart devices running on Android and iOS and for all types of computers that can access their browser-based platform. Ratings on these platforms on Google Play and App Store are very good, highlighting the ease of use. As with most proprietary platforms, automated trading systems and custom-made indicators are not available as with the popular MT4 or MT5. However, Trading 212 is partnered with the ProQuant app that enables traders to build their automated scripts or follow others. This system can be connected with the trader’s account with the API key.

The app is available for smart devices from App Store and Google Play and features testing, monitoring ability, and also a practice environment. Traders will need to open a ProQuant account and set up their algorithm. ProQuant is also partnered with Binance, Coinbase Pro, and HitBTC. This automated trading solution does not require coding knowledge to build one, it is more catered to wider masses and is not enough for serious automated trading programs. However, for many traders, this will be a very fun experience.

The Trading 212 platform is not promoted or described on the website but a tutorial will pop up once you log in. The web-accessible platform also has a plugin for a glance at the current market and other features. Once logged in you will see a white theme that can be changed to dark in the settings but will remind you of TradingView style. As with most platforms, there are 4 modules, the central chart window, the Watchlist module to the left side of the screen, the trading info panel to the right, and the bottom position management module. These can be resized but not detached and dragged, full screen is available and select modules can be completely hidden.

The top bar holds the opened chart tabs, a search box, the option to enter multiple chart mode, and an account management panel. Central screen charting has the same timeframe options as the familiar MT4 platform, 1, 5, 10, 15, and 30 minutes, 1H, 4H, Daily, Weekly, and Monthly. Chart types available are Candlestick, Heikin Ashi, Bar, Area and Line. What is useful are the info inserts that can show you on-chart the candle close time, candle patterns, price alerts points, position entry or close points, scale, and more. Adding indicators is possible of course, although traders will not be impressed with the selection. There are about 40 familiar indicators, they can be customized using several options including the coloring, line thickness, and other indicator specific settings. Mouse pointer can be set to show useful information and also be used as a measuring tool.

Drawing on the chart is possible with text, lines, Fibonacci lines, shapes, Elliot Waves, and so on. The Watchlist is customizable and traders can make their own. The spreads are not displayed in any mode, just the Bid/Ask prices. Traders can select the default instrument categories and also Top Winners/Losers, Cannabis, New on Trading 212, upcoming earning report companies, and Hot – most traded instruments. In Full View, the instruments list will have additional info for each, displaying a mini chart, price change in percentage and units, Low/High level, and the best of – the Sentiment indicator. This indicator does not show the sentiment chart but is still useful. You can customize what parts are displayed, so, for example, you can have only the sentiment indicator for each instrument or just the mini chart.

Entering a trade is possible from the Watchlist where you can also set the trade size and lock it. The right side Info panel shows stats such as price movements, the sentiment, price change on various timeframes, the instrument specification that has enough information about the trading conditions, and the trading hours chart. This module also has the option to open trades, set price alerts, and new pending orders. Additional goodies are integrated into this module, traders will find videos, news, analysis, Economic Calendar, notifications, and the ProQuant setup. Videos section contains videos from 2019, with good quality explanations, narration, and infographics. Some of the topics covered are “How To Make a Foreign Investment”, “The Different Ways Commission Free May Cost You Money”, “How To Use A Tight-Stop Strategy to Trade a Breakout” and many more about indicators, fundamentals, risk management, and other trading categories. They are all of great quality.

Trade 212 Chat service is also integrated here. Trade Box has a trade size slider, Once Cancels the Other -OCO, and Pending Orders tab. Stop Loss and TakeProfit are set by distance. Margin and Swap charge/credit is also displayed. The bottom Positions overview panel is simple but has enough information about the trader’s exposure also having the option to aggregate close positions on selected parameters. Pending orders and Price alerts tabs will show the current status and options to create new alerts or orders. The Trading 212 platform is very easy to use, in some areas is more advanced than the MT4 although it is not designed to serve experienced traders. Some key information is missing, such as the actual spread. The instrument details will show the Target spread that may not be the actual, real-time spread. In the Spread section of the Trading 212 review, we will disclose real-time spreads.

As for the mobile version app, it is very similar and has an intuitive design. User reviews show good ratings. However, several users complain about the inability to close positions on some high volatility scenarios. This issue is even reported on the benchmark websites that severely hit the Trading 212 image. The execution times are hard to measure although we have not experienced a single hiccup in the order execution, about less than 0.2 seconds. During the weekends, when markets are closed, except Crypto, the platform will simulate price movements on the practice accounts.

Leverage

Trading 212 applies the ESMA policy that limits the leverage level to 1:30 maximum for retail traders. Professional traders have the maximum leverage of 1:500. To qualify as a professional trader, the client will need to pass certain criteria and this will also void certain benefits such as FSCS compensation. Trading 212 leverage level also depends on the instrument specifics, so exotics currency pairs have lower leverage. The page about the trading conditions contains the leverage data for each traded instrument.

Forex currency pairs have 1:20 leverage, the exceptions are more liquid pairs such as CAD/CHF, CAD/JPY, CHF/JPY, EUR/CAD, EUR/CHF, EUR/GBP, EUR/JPY, EUR/USD, GBP/CAD, GBP/CHF, GBP/JPY, GBP/USD, USD/CAD, USD/CHF, and USD/JPY all with 1:30 leverage. Cryptocurrency leverage is 1:2 while Professional clients mostly have 1:20. Precious metals have varying leverage, Gold against the USD, GBP, EUR, TRY, JPY, and AUD has 1:20 maximum leverage but Silver has 1:10. Professional clients mostly have 1:100 leverage. Palladium and Platinum are under the CFD futures contracts and are against the USD with 1:10 maximum leverage. Commodities all have a maximum of 1:10 leverage, including the Copper, Oil, and other commodity types. Equities including ETFs have 1:5 leverage for Retail traders, while Indexes can have 1:20 to 1:5 maximum leverage depending on the Index liquidity tier. For example, Hong Kong 50 has 1:5, but Australia 200 has 1:20.

Note that Trading 212 also preserves dynamic leverage based on the total balance on the client’s account. As stated, “for accounts with equity over €25 000, Trading 212 reserves the right to require a higher margin. Margin requirements are subject to changes, that you will be notified about in advance.”

Trade Sizes

Trading 212 does not have standardized minimum trading volume sizes, instruments in the same category will have various minimums. The trade volume is calculated in units, not in lots for Forex. Currency pairs trade minimum sizes start from 500 to 50000 units. We could not discern why, for example, USD/CAD has 500 units minimum but USD/CHF or USD/TRY have 1000. Anyways, most majors have 500 units minimum trade sizes such as EUR/USD, AUD/USD, or GBP/USD. Exotics will have a minimum of 1000 to 50000 units.

The biggest minimum trade sizes are for DKK/JPY, DKK/ZAR with 25000 units, MXN/JPY, NOK/JPY, NOK/PLN, NOK/SEK, NOK/ZAR, SEK/JPY, ZAR/CZK, and ZAR/JPY all have 50000 units minimum. Additional trades or scale-ins have the same minimum volume trade size policy. The maximum trade size seems to have no limits. As for cryptocurrency, the minimum trade sizes are in lots for some and others may be calculated in units. Bitcoin against the USD has a minimum of 0.01 lots, Ripple has 250 units, Ethereum 0.1 lots, Dash has 1 lot, NEO – 2, and so on.

As for the Gold against the USD, the minimum is 0.1 lots following the standard contract size of 100 Oz. This minimum trade size is in mini-lots, larger than usual. The broker also has the Gold Mini instrument with a smaller trade size minimum, but the trading is suspended for this one. Stops level information is not available but based on the Order panel, for major Forex instruments, it is 10 points. This level is not too wide for traders that apply fast trading methods or automated systems from the ProQuant app. Margin Call is set to 50% and Stop Out is at a 25% level.

Trading Costs

Trading 212 does not charge commissions although a currency conversion fee of 0.5% is charged. This means if you are trading an instrument in a different currency than your account currency the fee will apply to the trade order amount. The Swap costs are disclosed on the Trading Conditions page and also in the instrument details window in the platform. We have noticed that most of the swaps are negative, and positive ones are very small. Apparently, the absence of commission is compensated by the conversions fee, spreads, and the negative swaps for overnight positions.

The Swaps are presented in points, tripled on Fridays, but this info is not disclosed. Swaps are above-average in our opinion, comparing to other brokers, and in some cases extreme. To give some examples, EUR/USD has -14.2 on long side position and 0.2 points on the short, GBP/USD has -8.2 long and -2.6 points for short, and AUD/USD has -1.8 on long and -2.8 short. USD/JPY has an abnormal swap of -153.7 points on the long and -465.8 points on short, NZD/USD -2.6 long and -3 short.

Some notable exotic currency pairs swaps are for the USD/HUF with -684.7 points long and -1112.7 short side, USD/RUB with -2021.6 on long, 205.9 positive swap on short, USD/TRY has just -130.5 on long and 13.9 on short, EUR/MXN with -385.6 and 50.5, and EUR/JPY with an abnormal -1363.9 on long and -149 on short side. Precious metals traders will be shocked, especially the ones that leave overnight Gold positions. XAU/USD has an abnormal -15861.1 points swap for the long position and -7357.8 points for short.

XAU/EUR is similar, with -21134.7 on long and -9989.1 points on short. As for the crypto assets, BTC/USD Mini does not have identical swap rates on both sides. On the long side, the swap charge is -37310.1 points and 0 on the short. Interestingly, the JPY, Gold, and BTC have extreme swaps, yet they are commonly used for day trading. Traders should pay attention and open order details in the ordering panel to see the calculated swap value. The swap will not be presented in the Trading Terminal for open positions.

The inactivity fee is charged by Trading 212. As per the Client Agreement document, “an inactivity fee may become payable by you in case there are no generated transactions on your Account for at least six consecutive months”. It is not disclosed what amount is paid anywhere.

Assets

Trading 212 has over 1800 instruments across 6 categories. This great range is available only with well developed, large capital brokers. The Forex range consists of more than 160 currency pairs. All majors are present of course, and an astonishing number of exotics. Most interesting are the very rare ZAR/RUB, ZAR/CZK, USD/BGN, TRY/JPY, TRY/HKD, TRY/DKK, TRY/CNH, SGD/ZAR, PLN/MXN, NZD/ZAR, NZD/RON, NZD/MXN, HKD/ZAR, CHF/MZN, CAD/RUB, BGN/MXN, and many more. Forex range that offers so many opportunities makes Trading 212 unique.

Precious metals range is also extended featuring Palladium and Platinum under futures CFD, Gold quoted in many major currencies and even some exotics. Traders will find XAU/RUB, XAU/AUD, XAU/EUR, XAU/GBP, XAU/JPY, and XAU/TRY aside from the USD. The same currencies are combined with spot Silver. Gold Mini and Silver Mini instruments are also on the list.

Commodities range is the least developed compared to other categories, although you will find 9 assets under the futures CFD. This includes both Oil types, Brent and WTI, other commodities such as Sugar, Natural Gas, Copper, Coffee, Cocoa, and Cotton.

Indices range is great that includes ETF Indexes and some other hard fo find instruments. Apart from major and minor Indexes, traders will find USD Index, Lyxor Stoxx Europe 600 Telecoms, Media, Insurance, Tech, Healthcare, Banks, and Financial Services ETF Indexes. Whatsmore, the ETF Index range is extended to Lyxor Russia DJ Russia GDR, Lyxor MSCI Korea, Lyxor MSCI India, Lyxor HSI Hong Kong, iShares MSCI Brazil, Canada ETF, Crypto 30, Global Cannabis Giants Index, US Biotech Giants, US Cybersecurity Giants, and Lyxor Hang Seng China Enterprise.

The number of company stocks listed is very high. There are so many stock instruments that it will take some time just to scroll to the end. The focus of Trading 212 is equities, especially knowing they are the first to offer zero-commission stock trading service in the UK and Europe for retail clients. All of the equity assets are diversified and liquid.

The cryptocurrencies list is relatively short. This category is not promoted on the website but as per the Trading 212 platform, cryptocurrencies take the first 4 positions as most traded. These assets are included in the Forex category on the Trading Instruments page. There are a total of 16 instruments, major coins are listed and other, interesting additions are NEO, Dash, EOS, Monero, IOTA, Litecoin, and Bitcoin Cash. Mini size instruments are available for Bitcoin, Dash, Ethereum, Litecoin, and Monero. Crypto 30 Index could also be very interesting for crypto traders. This asset category has 24/7 trading sessions.

Spreads

Trading 212 has mostly floating spreads although fixed spreads are set for certain instruments. On the broker’s Trading Instruments page and the platform, visitors may see the Target Spread for each instrument. This spread is not actual and could be regarded as a reference value. So, for the EUR/USD the target spread is 8 points but in reality, it is 11 points. USD/JPY has 8 points both target and real spread, AUD/USD has 15 points real spread and 25 points stated as the target, GBP/USD has 26 points real spread and 15 points stated as the target, USD/CHF has 20 points real spread, and NZD/USD with 26 points. Note that the actual spread has to be calculated manually as traders will not have it displayed anywhere on the platform. Spot Gold real spread is 48 pips, Silver 25, Palladium 229 pips, and Platinum 32 pips. In the crypto category, Bitcoin against the USD has a $35 spread, Ripple 35 points, and Ethereum has 111 points ($1.11).

Minimum Deposit

Trading 212 minimum deposit amount is $10 or €10 regardless of the account type selection. Upon registering, traders will have a slider for the deposit amount showing $10 minimum and $30,000 maximum.

Deposit Methods & Costs

According to the broker, the methods are bank transfers, credit/debit card payments, Skrill, Dotpay, Giropay, Carte Bleue, Direct eBanking, Google Pay, Apple Pay, and iDEAL. In the platform, where account funding is integrated, presents Credit/Debit Card, Bank Transfer, Skrill, and Google Pay. Therefore, some deposit options are not available for all clients. There are no fees charged by Trading 212 for deposits.

Withdrawal Methods & Costs

Withdrawal channels are the same as with the deposits. Trading 212 will send funds using the same method the client used for the deposit. If a client has used various deposit methods, the broker will return the funds to the credit/debit card. No fees are charged for withdrawals.

Withdrawal Processing & Wait Time

Withdrawals are made within the platform under the account settings. Trading 212 will process the request and settle the funds in 2 to 3 days to the investor’s bank account or card. Other methods could be faster although the exact wait time is not disclosed.

Bonuses & Promotions

Trading 212 does not currently offer any bonuses or promotions.

Educational & Trading Tools

Trading 212 has a well-developed educational section consisting of videos, articles, FAQ, and Blog posts. There are 7 videos covering topics like “How to Start Investing”, “RSI: Understanding Divergence”, and “The Stochastic Oscillator Explained”. These are solid although there is some marketing involved and the content does not include anything interesting for intermediate or advanced traders. The latest video is published in December 2019.

Articles are well organized but there are only two apparently, about Technical Analysis and about the platform’s abilities to have Hedging or Aggregation. The latter is not useful although the Technical Analysis covers some topics that are interesting to beginners. Still, they are not deep enough to be considered as a prime source for skill development.

The Blog seems to just announce what is new with the platform, the broker, or what assets are introduced. The latest post is from August 2019. Probably the most usable part for beginners is the Community Forum. There are many topics here and what is more important, they are active, updated, and made by users. The forum is well designed and organized.

Example of educational videos.

The analysis section contains The News, Economic Calendar and in-house made Daily Analysis content. Trading 212 daily Analysis covers multiple major assets from the metals, forex, indices, and commodities category. The content is short and mostly is influenced by the support and resistance levels. To some traders, Trading 212 hint will be enough to make a decision.

The Economic Calendar is also integrated into the platform and available on the website. The one in the platform is more versatile with the option to see the historical change chart. There is no sorting or filtering on either location, traders can only select the day events are covered for and the timezone.

Customer Service

Trading 212 invested into Customer Service that is available 24/7. Contact Form, email, chat and a UK phone line is available. The chat app is integrated into the platform and is not available on the website alone. So this service is only available once you fill in the KYC questionnaire and register. The staff response time is up to 5 minutes maximum. They are polite and have enough knowledge, but will not always respond fully, especially if it is not positive for the broker.

Demo Account

The demo or Practice account is made immediately once you register. Traders will have $50,000 funds and the same conditions as real money trading. The platform is on the same server for both accounts and does not have any restrictions.

Countries Accepted

According to the broker support agents, the US, Canada, Turkey, Syria, and Northern Cyprus are the countries that do not have access to Trading 212.

Conclusion

This section will summarize and conclude this Trading 212 review with additional important information. Trading 212 has an average general success rate as 76% of retail investor accounts lose money trading with this broker. Although it should be noted the broker is beginner-friendly and not very appealing to senior traders. Traders should vary that large, market makers of brokers with proprietary platforms have complete control over the orders and the trading conditions. This may pose a conflict of interest, regardless of the strong regulation.

According to the benchmark websites, Trading 212 occasionally blocks trading, leaving the traders unable to close their opened positions in the platform. Still, the broker does not have a bad reputation, clients recognize the good, intuitive platform packed with numerous instruments. Whatsmore, the minimum deposit is small enough for most traders and with the fractional sized assets, anyone can trade. If you are just begging into CFD trading, Trading 212 is the right choice. Senior traders will probably choose the MT4 platform, for example, expert advisors, customization, and direct access conditions.

Tags Forex Broker Review, Trading 212, Trading 212 Broker, Trading 212 Forex

Forex Brokers

SECURCAP Review

Securcap, oriented towards the Asian markets, is an offshore agency offering to trade on its Metatrader5 platform. Their customers can choose from the 2 account types available, both with high levels of leverage. Securcap broker has more than 40 currency pairs and various CFDs to trade, such as 15 commodities, 23 stock indexes, and 3 bonds. This diversification of underlying assets is always appreciated by traders.

ACCOUNT TYPES

Securcap broker has 2 types of accounts, called Live account and Premium account.

Let’s look at the characteristics of each of them:

Live Account:

Spreads from 3 pips
Leverage: up to 1:500
Account Base Currencies: USD
Max Trade Size (FX): 10 lots
Min Trade Size (FX): 0.1 lots
FX Pairs: 40+, Commodities: 15, Indices: 23, Bonds: 3
Min Deposit: $200 USD

Premium Account:

Spreads from 1 pip
Leverage: up to 1:1000
Account Base Currencies: USD
Max Trade Size (FX) 100 lots
Min Trade Size (FX): 0.1 lots
FX Pairs: 40+, Commodities: 15, Indices: 23, Bonds: 3
Min Deposit: $10.000 USD

PLATFORMS

Securcap makes the Metatrader5 (MT5) platform available to its customers. Although it is not the MT4, a platform to which most traders are accustomed, the presence of any of the Metaquotes platforms by a broker is always positive.

MT5 was born in 2010 and is actually very similar to its predecessor, the Metatrader 4. For example, advanced graphics, the multitude of indicators, the Expert Advisors (EA), and simplicity in use, are common on both platforms. MT5 was originally designed to operate in Forex, stocks, and commodities.

LEVERAGE

The maximum leverage available on both accounts is 1:500 and 1:1000 respectively. It is difficult to find brokers that offer such high levels of leverage. The leverage of up to 1:1000 offered by this broker can serve as the most aggressive trading strategy. But traders need to know that such high leverage is associated with a much greater risk of losing their funds with a small market fluctuation. That is why the leverage available to retail traders is limited in several countries, such as Europe 1:30, the US 1:50, and Japan 1:25.

TRADE SIZES

In the 2 accounts that the broker offers, the minimum size to trade is 0.1 lot (mini lot).

TRADING COSTS

The broker does not clearly specify the costs associated with the transactions. What we understand is that in the Live account, due to its high spreads, it is possible that it is exempt from commissions, while in the Premium account there may be some sort of commission.

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

ASSETS

More than 40 currency pairs and various CFDs to trade, such as 15 commodities, 23 stock indexes, and 3 bonds. The broker does not specify which currency pairs are the commodities and indices. We only know that the available bonuses are: BUND (5 years Germany Bond), SCHATZ (2 years Germany Bond), and TNOTE (10 years US Bond).

SPREADS

We see from the information on the Securcap website that the reference spread in EUR/USD is above 3 pips in the Live account type. These spreads are not attractive for traders. Because they are much higher than most traders offer 0.7 – 1.3 pips in the case of EUR/USD.

MINIMUM DEPOSIT

The minimum deposit for the Live Account is 200 USD, while for the Premium account, the minimum deposit is 10,000 USD. We consider the minimum deposit requirement for the Premium account to be very high. In the market, we find many brokers with better commercial conditions and a minimum deposit of 100 USD.

DEPOSIT METHODS & COSTS

It’s very curious that throughout the broker’s website, we don’t find deposit methods. We understand that once the account has been requested, the broker will inform us of the methods available for depositing. The most common deposit methods, and that virtually every broker offers, are bank transfer and payment by debit or credit card.

WITHDRAWAL METHODS & COSTS

Not knowing the deposit methods, we don’t know the withdrawal methods, let alone the costs. Normally to make a withdrawal, it is normal to do it in the same deposit method that has been used previously.

WITHDRAWAL PROCESSING & WAIT TIME

We haven’t been able to figure out withdrawal processing or wait time. That information is not provided by the broker on his website.

BONUSES & PROMOTIONS

Securcap does not have any bonuses or promotions currently available. Also, the broker has the possibility that the customer will become an Introductory Broker (IB). A program that several brokers offer and that consists of the collection of commissions for the clients that you take to the broker and that they trade with real money.

EDUCATIONAL & TRADING TOOLS

There is an educational area with 12 video tutorials where you deal with basic aspects of trading, as well as the operation of the website. It also has a very long glossary of trading-related terms and an updated economic calendar.

CUSTOMER SERVICE

Securcap has several options for contacting their customer service. It has a chat room that we think is very interesting to deal with all those questions that require a quick answer. It also has a telephone, 2 emails, a contact form, and a physical address.

ADDRESS: SECURCAP SECURITIES LTD. Office 4, Suite C2, Orion Mall, Palm Street Avenue, Victoria, Seychelles.

CONTACTS. Tel: +248 4323 763

EMAIL [email protected] , [email protected]

DEMO ACCOUNT

Securcap offers a free DEMO account with which you can trade in fictional money emulating a real-money operation. It is also important to know that the Demo account retains the same live prices and market conditions, simulating the exposure in a real account.

COUNTRIES ACCEPTED

The broker does not inform about the objection of certain citizens or jurisdictions to trade with their accounts, so we assume that any citizen of the world can be a customer of Securcap Broker.

CONCLUSION

This broker claims to be authorized and regulated by the Financial Services Authority, but this agency is based in the Seychelles Islands. With the regulation of Forex brokers in Seychelles, they have no obligation to comply with any requirements and have little regulatory oversight.

Indeed, clients of such brokers are exposed to substantial risk, as their funds are not protected. Brokers registered in this type of offshore jurisdiction are not required to have a certain minimum capital, nor to keep clients’ money in segregated accounts, or to set up a clearing system in the event of insolvency.

Advantages: MT5 platform, a wide variety of CFDs, wide leverage possibility.

Disadvantages: No adequate financial regulation, high spreads, no information on deposit and deposit methods, costs, and waiting times in the process.

Tags Forex Broker Review, SECURCAP Broker, SECURCAP Review

Forex Brokers

KAB Kuwait Group Review

KAB is an innovative multinational financial group, focusing on global financial markets and investments. KAB was founded in 2002 and is named after three co-founders: Mr. KC Chan, Mr. Alan Chan, and Mr. Billie Lam. KAB International Holdings Ltd. has offices in Asia, Europe, and the Middle East. The KAB Group offers international financial investment products, services, and solutions for its partners and customers worldwide.

KAB is a broker with an extensive portfolio of products, including China and Hong Kong shares, global futures as well as currency pairs. The website and brokerage mark are operated by KAB Strategy Ltd., a Cypriot company authorized and regulated by the Cyprus Securities and Exchange Commission (Cysec) since 2005.

KAB operates in Asia, Europe, and the Middle East. In addition to its Cypriot unit, the group includes China Finance KAB Limited (a registered distributor under the Hong Kong SFC and participant in the SEHK exchange), KAB Bullion Hong Kong Limited (a member of the China Gold and Silver Exchange Society), and KAB International Trading Limited. KAB Kuwait Group (KABKG) is probably also a member.

Regulation in Cyprus involves certain rules and requirements for authorized brokers, such as having a minimum capital of at least € 730 000, which must be maintained. In addition, regulated companies should keep clients’ funds separate from the company’s operational assets and regularly report on transactions executed, among other requirements.

What is particularly important for retail investors is that all companies regulated by Cysec are members of the Investor Compensation Fund, which covers a maximum of EUR 20.000 if an authorized broker becomes insolvent or bankrupt. On the other hand, licensed brokerages in Cyprus have the advantage of offering their services throughout the European Union under Mifid regulations, as the country is a member of the EU.

KAB also targets the Chinese market by offering a language version on the website.

ACCOUNT TYPES

KAB has four different types of accounts:

HK Account/China Stocks

Designed to access and invest directly in one of the largest stock exchanges in the world in terms of capitalization such as the Hong Kong Stock Exchange, investing directly in its stocks, ETF, warrants, and IPO. KAB Hong Kong Securities Accounts are cash accounts that their customers manage directly on their online platform. The execution of operations is instantaneous. No minimum opening balance and no maintenance fees.

Portfolio Management Account

Designed to access the most important IPO market in the world. KAB has an asset management team to assess the investment and management needs of a portfolio in the Hong Kong securities market, using various investment strategies. The objective is to achieve an appreciation of long-term capital by investing in initial public offerings of shares Returns often significantly exceed those of HSI. Initial subscription minimum HKD 1,000,000. (OPI), pre-OPI, and private placement offer in the Asia Pacific region.

KAB MT4 Account

The KAB MT4 account is the traditional trading account, where you can trade CFD’s FOREX, stock indices, metals, energy, as well as coins and spot metals using our latest generation MT4 platform. KAB MT4 accounts are self-managed and allow leverage to be used for trading in standard mini lots on all assets.

ECN FOREX Account

To trade multiple currency pairs and access real-time prices from more than 60 banks worldwide with lower spreads through the Currenex ECN and KAB platform.

PLATFORMS

Like most foreign exchange brokers, KAB offers the most widely used foreign exchange trading platform: Metatrader 4. It also claims to provide Currenex for its ECN accounts, but this platform is not available to download on its website. The MT4 platform is available in both desktop and mobile versions for Android.

LEVERAGE

The maximum leverage offered by this broker on the MT4 platform is 1:500, which is considered high, although many brokers offer similar proportions. Some traders, especially beginners, tend to use the maximum leverage provided by a broker, as it allows them to trade in much larger amounts than they have deposited. However, this practice can generate large profits, but it can also generate losses above the initial investment.

TRADE SIZES

The minimum business size to trade with this broker on all your accounts is 0.1 lot.

TRADING COSTS & SPREADS

Maximum leverage is 1:100, with spreads as low as 0.1 pips. We tested the broker’s MT4 demo platform and discovered that spreads are two pips for the EUR/USD pair. To our surprise, KAB also charges a $50 standard lot fee, which means that the negotiation costs of this pair amount to 7 pips per lot, which is one of the highest we have seen in the industry. Traders will want to take this into account for certain.

ASSETS

This broker focuses mainly on stocks, also offers a wide range of Futures, Metals, and Forex. In total, there were over one-hundred to choose from at the time of this review

MINIMUM DEPOSIT

KAB offers 4 different types of investment accounts, containing over 40 types of products. The minimum investment deposits for their various products vary. For example, on precious metals, the initial margin for a standard contract lot is $1,000. They also provide 0.1 mini-contract lots with an initial margin of US$100. On their website, they invite you to contact customer service to find out the exact minimum deposits.

DEPOSIT METHODS & COSTS

KAB offers its customers the following modes of payment: bank transfer, credit and debit cards, also the Unionpay card. Deposits via bank transfer will be credited to your trading account within 1 to 3 days. Deposits made through any card are credited instantly. The broker does not report the costs associated with deposits, although most do not usually charge for a first deposit.

WITHDRAWAL METHODS & COSTS

The withdrawal methods shall be the same as for deposits. The Broker will handle the withdrawals of funds using the same method as with deposits. On the website, the broker does not describe the costs associated with withdrawals.

WITHDRAWAL PROCESSING & WAIT TIME

To perform a withdrawal of funds, the customer must complete a withdrawal form that will be sent by fax or e-mail. When the broker receives the withdrawal form, he transfers the required funds to the customer’s account within one day. Clients can typically receive their funds within 1 to 3 days. (Generally, both deposit and withdrawal will require about 3-4 business days for processing, depending on the settlement procedure and the speed of your local banks.)

BONUSES & PROMOTIONS

KAB is currently not offering any bonuses or promotions.

EDUCATIONAL & TRADING TOOLS

KAB claims to offer training programs. We did note market news, an economic calendar, daily trends, chart analysis, and more. Please contact customer service to enquire about educational materials.

CUSTOMER SERVICE

To contact their customer, service KAB offers four methods, phone, email, fax, and at their physical offices in Cyprus. A negative aspect is the absence of an online chat for the quick resolution of doubts or questions. Their data are as follows:

KAB Strategy Ltd. Office 203, Stavrakis Court, 13 Griva Digeni Avenue, 6030 Larnaca, Cyprus

Tel : (357) 2481 5186 Fax: (357) 2481 5187

Email: [email protected]

DEMO ACCOUNT

KAB offers a free DEMO account with which you can trade in fictional money emulating a real-money operation. It is very common for traders to open a Demo account before depositing money into a real account. It is also important to know that the Demo account retains the same live prices and market conditions, simulating the exposure in a real account.

COUNTRIES ACCEPTED

KAB does not accept as customers residents in Hong Kong, the U.S., United Kingdom, Netherlands, and Singapore. Its website is available in Chinese and English.

CONCLUSION

KAB STRATEGY LIMITED (Licence Number: 058/05 Registration Number: HE 165975) is a Cypriot investment company licensed and regulated under the Cyprus Securities and Exchange Commission, authorized to operate within all EU member states under Mifid.

As part of a multinational financial group, KAB is a well-regulated broker, offering a wide range of financial products for trade. Unfortunately, when we tested their MT4 demo account, we noticed that they apply extremely high commissions.

ADVANTAGES:

Well regulated
MT4 available as well as Currenex
Part of an international group

DISADVANTAGES:

High commissions
Limited methods of payment

Tags Forex Broker Review, KAB Kuwait Group, KAB Review

Forex Brokers

Grow Brokers Review

Growbrokers is a Forex broker registered in the United Kingdom that has to trade 32 currency pairs and 27 CFDs on Indexes and Commodities. The broker makes the popular MT4 platform available to its customers. We haven’t found much information about this broker, except that the Company behind the trademark is called GROW BROKERS LTD, and is headquartered in Glasgow. GROW BROKERS LTD is registered in England and Scotland, but there is no FCA regulation or any other. Its website is available in English and Arabic.

ACCOUNT TYPES

Grow Brokers offers five types of accounts, 3 of them for retail investors and 2 for institutional investors. The broker claims that all accounts are without commissions. The spreads offered by Grow Brokers are fixed; this means that they will have no variations with the different volatilities of the financial markets. We also know that in the Mini account, it is possible to operate with micro lots, although, in the rest of the accounts, a higher payout is required. The broker has for all its clients the MT4 trading platform, a well-known platform of which we will comment more details in the following section.

The Grow Brokers website is available in 2 languages, English and Arabic. That makes us think that it is a company oriented to provide its services to the Arab world. Perhaps, for this reason, the broker also offers Islamic accounts, the main feature of which is that they do not have swaps, that is, if the customer has open overnight transactions, the broker will not charge interest, positive or negative, on that loan financing.

PLATFORMS

Like most brokers, Grow Brokers offers its customers the popular Metatrader 4 (MT4) platform. This commercial platform is available in both the desktop version, so you can use it on your computer, as well as in mobile versions, compatible with iOS and Android, which you can use on devices such as smartphones and tablets.

The MT4 platform has been in the market for more than 10 years and is the most popular platform among traders, being also the most used. Although the company Metaquotes has developed MT5 for a long time, there are still a minority of users who use it, with MT4 being the current preference. The characteristics that have made this platform the most used are: the ease in its use, the immense amount of technical indicators it has, the advanced graphics, and the possibility to automate your strategies through Eas (expert advisors).

There was one detail we didn’t like. When we downloaded the platform to test it, we saw that, for example, the currency pair EUR / USD oscillated its price in the 0.7 pips environments. However, the broker announces that he has a fixed spread policy, so this inconsistency has worried us, as this may mean that the broker does not have a transparent pricing policy.

LEVERAGE

Grow Brokers offers different leverages depending on the account you have. For the Mini and Standard accounts, you have a leverage of 1:200, while for the Premium account, the leverage is 1:100. If you want to open a mini or standard account and want to trade with smaller leverage, just contact the customer service, they will be in charge of modifying that parameter. Remember that high leverages can make your profits very high, but also your losses. That is why it would be advisable for novice traders to start trading with lower leverages and when they have more experience to be able to raise them by taking a higher risk.

TRADE SIZES

Grow Brokers offers different trade sizes in their accounts. If we analyze the three accounts provided to retail investors, we see that:

The Mini account has a trade size from 0.01 lots (1 micro lot)
The Standard account has a minimum trade size of 0.05 lots (5 micro lots)
Premium account has a minimum trade size of 0.10 lots (1 mini lot)

For novice traders, it is advisable to start trading with micro lots to minimize the risk of their commercial accounts and to increase the lot sizes as they gain more experience and want to raise the risk level of their operations.

TRADING COSTS

The broker claims that his accounts have no commissions and that he does not apply swaps to any of his accounts. This means that the only expense that the trader will have to assume, is the spread, which is the difference between the purchase and sale price of a financial asset (Bid/Ask).

ASSETS

Grow Brokers has more than 30 currency pairs, several CFDs on indexes, and precious metals.

SPREADS

We’re not sure of the exact spreads for each asset. We can only tell you that the broker advertises low, fixed spreads at all times.

MINIMUM DEPOSIT

The minimum deposit is different for each of the accounts that Grow Brokers offers; here is a summary of the requirements:

Account Type – Minimum Deposit

Mini – 500 USD
Standard – 5000 USD
Premium – 100,000 USD

We consider that a minimum deposit of 500 USD as a requirement for the most basic account (Mini), is a high amount. We can find in the market regulated brokers with better commercial conditions and minimum deposit requirements from 100 USD.

DEPOSIT METHODS & COSTS

Grow Brokers offers its clients the following payment methods: bank transfer, credit or debit cards, and Paypal. This broker does not charge any deposit fees.

WITHDRAWAL METHODS & COSTS

Withdrawals can also be made by bank transfer, debit or credit card, and Paypal. Remember that withdrawals will always be made to the source from which the deposit originated. For example, you cannot deposit by bank transfer and request withdrawal to a Paypal account. This is because of anti-money laundering laws. The broker does not report on his website about the costs associated with withdrawals.

WITHDRAWAL PROCESSING & WAIT TIME

To make a withdrawal, you must first fill out a form that you have available on the broker’s website, in the “services” section. The broker announces that the time to process withdrawals is 24 hours, then depending on the method used, it will take more or less time. For example, an international bank transfer takes between 2 and 5 days, while if you use Paypal the withdrawal is almost instantaneous.

BONUSES & PROMOTIONS

The website of Grow Brokers has a promotion to refer to third parties. This is about receiving a reward if you manage to make customers for the broker.

Here is the promotion currently available:

If you refer a friend to GROW BROKERS LTD and he opens a trading account, deposits, and trades with it, you can earn up to $350 in trade bonus. Also, we will also give your friend a commercial bonus of up to $300 to use in his trading account.

Fewer and fewer brokers offer such promotions, as they are banned in Europe.

EDUCATIONAL & TRADING TOOLS

Grow Brokers has an educational area, but it is quite weak in content. There is a forex articles section with only two small items, another forex trading tips section with ten little tips, a forex tutorial, and a gold and silver trading overview. On the other hand, it has an economic calendar that we do consider of interest because all traders must consult daily the most important events that will occur during the trading session.

CUSTOMER SERVICE

To contact customer service, we have basically 2 ways to do it. Telephone, and a contact form available on the web. Grow Brokers does not provide a live chat on their website. Their address, email, and phone number are:

Adress: GROW BROKERS LTD. HOUSE OF SHER 211WALLACE STREET. GLASGOW SCOTLAND G58NT. United Kingdom

Phones: UK: + 447405140888

Email: [email protected]

DEMO ACCOUNT

Grow Brokers offers a demo account with the MT4 platform, which we consider good news, as a Demo account helps the novice trader learn how to use the platform without risking his capital. On the other hand, as we have already commented before, the spreads that appear on the platform are different from those that the broker announces on his website, which gives us a certain mistrust.

COUNTRIES ACCEPTED

The broker does not mention anywhere on his website about citizens or jurisdictions that may have restricted the fact of opening an account with Grow Brokers. We advise all traders interested in opening an account with this broker to contact customer service to find out if they can open an account or not.

CONCLUSION

Grow Brokers is another foreign exchange broker and unregulated CFDs. It has the MT4 platform and is headquartered in the United Kingdom. The trading conditions the broker reports on his website are different from those listed on his MT4 demo account. We cannot recommend Grow Brokers, as no authority oversees their activities. It is always preferable to choose a broker duly authorized and supervised by the UK FCA, the Australian Securities and Investments Commission (ASIC), or the Cysec Cyprus.

Here are, in a few words, the advantages and disadvantages of this runner:

Advantages: No commissions per operation. No Swaps (night financing) charged on any of your accounts. You have the MT4 platform. Acceptable variety of available assets. Accepts Paypal as a deposit method.

Disadvantages: Unregulated broker. A high initial deposit is required. The spreads offered on the website are different from those shown on the Demo account.

Tags Grow Brokers, Grow Brokers Forex, Grow Brokers Review

Forex Brokers

Renesource Capital Review

Post author By Forex Academy
Post date 31 March, 2021
No Comments on Renesource Capital Review

Renesource Capital is one of Latvia’s leading brokers, licensed to trade foreign exchange since 2013. Renesource Capital offers the following assets, 90 currency pairs, gold and silver, CFD on energy, indices, and copper, and also options, ETF, stocks, futures, bonds, and commodities. The number of trading currency pairs is very diverse and is not offered […]

Renesource Capital was established in 1998 in Latvia as an investment broker. That same year he was licensed as a stock market professional to be able to carry out brokerage activities. It is in 2012 that he acquires the status of ECN Truefx broker, and in 2013 he definitively obtains the license of the Latvian Financial Market and Capital Commission (FCMC). With this new license, he began offering new investment services and began offering financial advice, foreign exchange operations, and issuing financial instruments.

ACCOUNT TYPES

Renesource Capital offers its clients several different types of accounts. Below is a summary of a few of them:

PLATFORMS

Renesource Capital has several trading platforms: Metatrader 4 (MT4), the most popular, and also other platforms such as Currenex and Integral, less popular.
Currenex trading platform is a leader in the trade process industry, as well as in price discovery and liquidity aggregation. It connects ECN forex traders and offers trades through Straight Through Processing (STP) technology. It is only available for Renesource Capital’s FX Prime account. Other forex brokers like FXCM also offer to trade on Currenex.
The Integral platform grants direct access to ECN exchanges. It also offers a flow of several liquidity providers and more than 80 currency pairs. Integral offers a great choice for aggressive high-volume traders. The platform is only available to customers with FX Prime accounts.

Another option is the QUIK trading platform, which is one of the most widely used trading systems for securities on Russian exchanges. J-Trader, a platform developed by Patsystems, is one of the trading systems most used for trading futures and options. The features that differentiate J-Trader are simplicity and ease of use. If you are interested in the quick execution of orders and an easy-to-use interface, J-Trader is a platform that you may be interested in. Other platforms offered by Renesource Capital are CQG and DMA. For more information, you can access the platform section of the broker’s page.

LEVERAGE

Renesource Capital offers maximum leverage of 1:100, this leverage can be low when we know of many brokers offering levels of 1:500. However, other brokers that are constrained by regulatory constraints, such as in Europe, have smaller leverage, for example, 1:30.

TRADE SIZES

The minimum trade size to trade with Renesource Capital is 0.01 lots (micro lot).

TRADING COSTS

Apart from spreads, PRO and PRIME accounts are subject to a commission of USD 25 for every USD 1.000.000 traded. The cost for inactive account maintenance is 50 USD. An inactive account is considered to be one that has had no movements for a period of 6 months.

ASSETS

Among the assets we can trade with Renesource Capital are Forex, CFDs, Stocks and stock options, futures and options, Bonds, and Over the counter instruments (OTC).

SPREADS

Renesource Capital, as we said, has a fairly large asset portfolio with up to 90 currency pairs. The broker offers spreads starting from 0 pips for accounts with $25 commissions for $1 million: FX Prime and FX Pro. For the Micro and Classic accounts, spreads start from 0.3 pips. According to the company, spreads are updated every six months but were last updated in 2014.

MINIMUM DEPOSIT

Renesource Capital has a minimum deposit requirement of only $10 for your micro account, up to $50,000 for the FX Prime account. This minimum deposit requirement is comparable to many regulated EU forex brokers that have a very small deposit requirement. In this way, these brokers are accessible to a majority of small retail investors.

DEPOSIT METHODS & COSTS

This broker only accepts deposits through bank transfers. Neither credit cards nor electronic payment systems like Paypal or Skrill are accepted. You will have to accept the costs that your bank will pass on to you when making the bank transfer, and Renesource Capital charges a commission of USD 50 for each deposit in your trading account.

WITHDRAWAL METHODS & COSTS

Similarly, Resource Capital only makes withdrawals via bank transfer to the same account from which the previous deposit was made. Charges for all withdrawals are subject to a $50 commission.

WITHDRAWAL PROCESSING & WAIT TIME

This broker processes withdrawals in 1 business day. Bank transfers take between 1 and 3 days depending on whether the transfer is between Latvian or international banks.

BONUSES & PROMOTIONS

Resource Capital does not currently have any current bonus or promotion.

EDUCATIONAL & TRADING TOOLS

Renesource Capital lacks an educational platform and the only tool it has is a glossary of basic trading terms. We are missing a news section and an economic calendar with the most important events of the day.

CUSTOMER SERVICE

Renesource Capital’s customer service offers 2 ways of contact, telephone, and email. We’re missing a live chat on the broker’s website.

Contact Information:

+371 67 092 737

[email protected]

Duntes str.15a, Riga, LV-1005, Latvia

DEMO ACCOUNT

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

COUNTRIES ACCEPTED

We have not found among the information provided by the broker any restrictions on any jurisdiction that cannot operate with Renesource Capital.

CONCLUSION

Like most European financial market regulators, the FCMC has a set of rules and requirements to be met by the entities it oversees. Some of those requirements are to keep clients’ accounts in segregated accounts and be a member of a customer compensation system. In general, all forex brokers that are established in Latvia must be regulated by the FCMC.

Foreign exchange trading is one of the many investment options provided by the Latvian broker Renesource Capital. It has relatively low minimum deposit requirements, this can attract smaller retail traders. However, it seems that small traders are not their main target, as this broker does not offer commercial bonds that normally attract more customers.

Renesource Capital seems to be more interested in negotiating with institutional operators, and therefore provides the necessary conditions, with trading platforms such as Currenex and Integral, offering a lot of liquidity and a quick execution of orders. However, with the MT4 platform, retail traders are welcome.

Tags Renesource Capital, Renesource Capital Broker, Renesource Capital Review

Forex Brokers

Just2Trade Review

Just2trade is a Russian Forex broker, founded in 2016. Just2trade Online Ltd is authorized and regulated by the Cyprus Securities and Exchange Commission in accordance with license No.281/15 issued on 25/09/2015. This broker also offers the following trading assets, shares, cryptocurrencies, futures, options, CFD, and Eurobonds. The broker has a trading portfolio of 26 major […]

This broker also offers the following trading assets, shares, cryptocurrencies, futures, options, CFD, and Eurobonds. The broker has a trading portfolio of 26 major and minor currency pairs. We consider this a rather limited variety when compared to other brokers.

Just2trade is the trademark of Finam Forex, which in turn is part of Finam Holding of Russia. Finam Holding is a company that offers various services, among others, banking and brokerage services, aircraft and helicopter rental, flight training, and finally, travel and tourism services.

Finam Forex was the first forex broker to obtain a license from the Bank of Russia and was for a time the only one to have one. The broker’s website is available in the following languages: English, Chinese, Russian, Polish, Malay, and Spanish.

ACCOUNT TYPES

Just2trade offers us 3 different account types, called Forex and CFD Standard, Forex ECN, and MT5 Global. The characteristics of these accounts are:

Forex and CFD Standard: Trading account ideal for beginning traders. A minimum deposit amount of 100 USD. Leverage up to 1:500. Spread from 0.5. Minimum lot 0.01. Brokerage commission 0. Negative balance protection: Yes

Forex ECN: Unique technology provides a direct connection to ECN. Suitable for experienced traders. A minimum deposit amount of 200 USD. Leverage up to 1:500. Spread from 0. Minimum lot 0,01. Brokerage commission ≤ $3 per lot. Negative balance protection: No

MT5 Global: Individual approach and improved trading conditions for professional traders. A minimum deposit amount of 100 USD. Leverage up to 1:500. Spread from 0. Minimum lot 0,01. Brokerage commission ≤ $2 per lot. Trading Platform MT5.

PLATFORMS

This broker offers the most popular trading platform: Metatrader 4 (MT4) developed by the Russian software company Metaquotes Software. It also offers the MT5 platform for your MT5 Global account.

In the last 10 years, MT4 has maintained its position as the main platform for traders, due to its stability, versatility, and ease of use. It has numerous options and functionalities and offers multiple technical analyses, graphics tools, as well as the possibility of algorithmic trading and automation of the operation.

Both platforms, MT4 and MT5, are available for desktop as well as mobile versions, Android and iOS, for use on smartphones and Tablets.

LEVERAGE

Just2trade offers its customers maximum leverage of up to 1:500 on all their accounts.

TRADE SIZES

Just2trade applies a minimum trade size for all its accounts of 0.01 lots (micro lot).

TRADING COSTS

The standard account has no brokerage costs. The Forex ECN and MT5 Global accounts have brokerage fees of USD 3 per lot operated and USD 2 per lot operated respectively, apart from the spread.

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

ASSETS

Just2trade has the following types of assets to trade: Forex, stocks, futures, options, CFD, and Eurobonds. It is also possible to trade with the following cryptocurrencies, Bitcoin and Ethereum if you have the MT5 Global account.

SPREADS

Some examples of spread that we have been able to see on the Just2trade website are:

EUR/USD: 0.3 XAU / USD: 0.1

USD/JPY: 0.5 OIL: 0.06

GBP/USD: 0.6 BTC / USD: 11

MINIMUM DEPOSIT

Just2trade requires a minimum initial deposit of USD 100USD on your standard account. For your ECN Forex account, the minimum deposit is USD 200. These are relatively low amounts compared to other brokers.

DEPOSIT METHODS & COSTS

Just2trade has a wide variety of methods for making deposits, including Bank Transfer, Debit or Credit Card (Mastercard), and electronic means of payment, Paysafecard, Union Pay, Neteller, Skrill, and Cashu. The broker reports that all deposits are free of commission.

WITHDRAWAL METHODS & COSTS

The broker does not provide information about withdrawal methods. We understand that they are the same methods as for making deposits and that the costs will be the usual ones.

WITHDRAWAL PROCESSING & WAIT TIME

Nor does the broker provide us with information about the processing of withdrawals or the withdrawal waiting times.

BONUSES & PROMOTIONS

Just2trade currently has a deposit bonus with the following features:

deposits up to 200 USD you receive 50 USD
deposits up to 1000 USD you receive 100 USD
deposits up to 2000 USD you receive 400 USD
deposits up to 5000 USD you receive 750 USD
deposits up to 10,000 USD you receive 1000 USD
deposits over 10,000 USD you receive 2000 USD

Terms and conditions apply in this campaign.

The broker offers an IB system (Introducing Broker). In fact, on the website, there is access for them where they can access their private area using a username and password. The IB is a partner that attracts clients for the broker in exchange for a commission for their operations. Obviously, the particular conditions have to be dealt with by the broker directly.

EDUCATIONAL & TRADING TOOLS

In this section, the broker provides a news area that is updated and an economic calendar with all the important events of the day and that every trader should know. It also has an area, available under subscription (customers only), with a Forex Daily, Forex Weekly, World Markets Weekly, and Trading Ideas (Market Research). It also has the last section called the “The Archive of Research Notes from just2trade analytics” (where we have not been able to access it since it asks for a username and password), so we understand that it is a service exclusively for customers.

CUSTOMER SERVICE

To contact the customer service we have several ways. We have a phone, an email and, a very interesting, online chat and a service that with a single button you access a live call via the web. We found this last service interesting and novel since almost no broker has it.

Tel: +357 25 030 442

E-mail: [email protected]

Address: Just2Trade Online Ltd. 10 Chrysanthou Mylona, MAGNUM HOUSE. 3030 Limassol, Cyprus

DEMO ACCOUNT

Just2trade offers a free demo account with 50,000 virtual USD for risk-free trial trading, which is excellent. It is very common for traders to open a Demo account before depositing money into a real account. It is also important to know that the Demo account retains the same live prices and market conditions, simulating the exposure in a real account.

COUNTRIES ACCEPTED

Just2Trade does not report any restrictions on some citizens or jurisdictions who cannot open an account.

CONCLUSION

Just2trade is the first Forex broker to obtain a license from the Bank of Russia at the end of 2015. It is one of the few local currency brokers, along with VTB24 Forex and Gerchik & Co, and Alpari, although the latter is a much larger company.

In comparison with its Russian competitors, Just2trade offers slightly better trading conditions, especially in terms of minimum deposit. Its minimum commercial size is also more favorable and so spread.

Advantages: MT4. High leverage. Adjusted spreads without commission. Multiple payment and withdrawal options. Initial deposit relatively low. Multiple ways of contact with customer service.

Disadvantages: There is no information about withdrawals, their processing, or possible associated costs.

Tags forex broker reviews, Just2Trade Forex Broker, Just2Trade Review

Forex Brokers

Samtrade FX Review

Samtrade is a Forex broker, stocks index, and commodities. Created in 2016, it is a broker whose commercial presence focuses on countries such as Australia, China, and Southeast Asian countries. The website is available in English and Chinese. Samtrade FX is registered and regulated on the islands of Saint Vincent and the Grenadines, like many […]

Samtrade FX is registered and regulated on the islands of Saint Vincent and the Grenadines, like many other Forex brokers, but is essentially a Forex broker directed to the Chinese market.

This broker promises tight spreads and running STP on ECN. We cannot know whether this is true or not. Samtrade FX also claims to have client funds in segregated accounts. They also offer a copy trade service, so a customer can replicate the operations of other traders in real-time. Certainly, the website is very well built and has a pretty professional appearance.

Samtrade FX claims to have been awarded 3 times as the best broker in China, receiving the “Best STP Broker/ECN” awards in China (Shenzhen) Forex Expo 2016, the “Best Forex Broker of the Year 2017 (APAC)” at China International Investments & Financial Expo and the “Most Influential Broker in Asia 2019” at the Kuala Lumpur Wikifx Expo 2019.

ACCOUNT TYPES

Samtrade FX has a standard account type for live trading. It also offers Islamic accounts, corporate accounts, and joint accounts. It is very positive that Samtrade FX offers its customers a free demo account.

PLATFORMS

Samtrade FX offers the popular trading platform Metatrader 4 (MT4). More than 10 years after its launch, it is still the platform most used by traders. Among its main features are, it is easy to use, has multiple indicators, various analysis tools, and third-party add-ons. It is also possible to use one of their expert advisors and do automatic trading.

LEVERAGE

The leverage that this broker applies to all his accounts is 1:100, which we consider suitable leverage.

TRADE SIZES

We have not found information about the trade sizes available. But knowing that the minimum deposit to start trading is 100 USD we are convinced that you can start trading from 0.01 lot, this is our assumption for lack of information.

TRADING COSTS

Samtrade FX does not charge commissions in your trades. The commission is implicit in the spread (the difference between the purchase price and sales price). We have seen that spreads are not cheap, so the profit for the broker is considerable.

ASSETS

Samtrade FX has 60 currency pairs in FOREX, CFD’s in 10 stock indices, and 5 Commodities. This is more than enough to allow for effective and profitable Forex trading.

SPREADS

Certainly, you can easily find other brokers with better spreads. Below are a few examples:

MINIMUM DEPOSIT

The required minimum deposit is 100 USD or equivalent currency.

DEPOSIT METHODS & COSTS

Deposits can be made through bank transfer, credit or debit card, and also with the ePayment Unionpay (very popular in China). Deposits are free of charge from the broker.

WITHDRAWAL METHODS & COSTS

Withdrawal methods are the same as for depositing. Bank transfer, credit or debit card, and also with the ePayment Unionpay. All withdrawals must be made to the same method of payment by which the deposits were made. Withdrawal fees are paid by the customer but Samtrade FX does not report the exact amounts.

WITHDRAWAL PROCESSING & WAIT TIME

Waiting times are the same for all retirement systems, from 1 to 4 working days. The required minimum withdrawal amount is the same for bank transfers as for cards and Unionpay, 50 USD.

BONUSES & PROMOTIONS

Samtrade FX has a monthly competition among its customers, with prizes of up to 2000 USD for the most successful trader of the month. This competition is called the “Traders Challenge.” Also, the broker has the possibility that the customer will become an Introductory Broker (IB). A program that several brokers offer and that consists of the collection of commissions for the clients that you take to the broker and that they trade with real money.

EDUCATIONAL & TRADING TOOLS

We are positively surprised by Samtrade FX in this section. It has an academy where the basic concepts are explained widely that every trader should know, and talks about the following topics: What is FOREX? What are CFDs? What are commodities? What is leverage? What is the margin? What is Night Financing? What is the Margin Call Policy?

Samtrade FX also has a full 60-hour course called Samtrade FX Trader’s Club. This course costs 10,000 USD, and although it seems expensive, it is true that it is a classroom course with quality content. The Course consists of the following topics:

INTRODUCTION

Chapter 1 – Introduction. Chapter 2 – Knowing the Markets. Chapter 3 – Systematic and Unsystematic Risks-.

READING AND INTERPRETING THE MARKET

Chapter 4 – The Art and Science of Price Actions. Chapter 5 – The Art and Science of Understanding Algorithms.

UNDERSTANDING MACROECONOMICS

Chapter 6 – Understanding and Reading Trends. Chapter 7 – Effectiveness of Economic Indicators. Chapter 8 – Major News Release

SECTOR ROTATION

Chapter 9 – The Art and Science of Sector Rotation. Chapter 10 – Understanding Economic Cycles.

TECHNICAL ANALYSIS

Chapter 11 – Understanding Advanced Support and Resistance Lines. Chapter 12 – Mastering Breakout Patterns. Chapter 13 – The Art and Science of Candlestick Analysis. Chapter 14 – Big Players’ Entry – Volume.

TRADING STRATEGIES

Chapter 15 – Establishing a Proper Financial and Risk Management Framework. Chapter 16 – Understanding Fundamental Analysis. Chapter 17 – Mastering Position and Swing Trading. Chapter 18 – The Art and Science of Speculative Trading. Chapter 19 – The Art and Science of Scalping.

PSYCHOLOGY OF TRADING

Chapter 20 – How to Manage the Psychology of Trading

Samtrade FX also has an economic calendar, where the most important events of the day are reported and can affect our trading. And also a section of trading signals, where they are reported through Telegram channels.

CUSTOMER SERVICE

We do not know about the quality of customer service but we are always disappointed that there is no contact phone or live chat that are the most direct channels to deal with any issue.

The ways of contact, in this case, are: Contact form and an email ([email protected])

DEMO ACCOUNT

COUNTRIES ACCEPTED

We have not found any of their legal documents that list restrictions on any country.

CONCLUSION

We should know that Samtrade FX is an offshore broker with virtually no regulation, so trading with them is riskier than dealing with reputable brokers and tighter regulation. As a general rule, we always recommend opening an account with brokers licensed and regulated by entities such as the UK FCA or ASIC that have strong requirements and supervise the operations of regulated brokers.

We have no information on the regulatory requirements of China, but there are global brokers that offer their services in Chinese and have much more serious regulation than Samtrade FX. Nor are we very impressed with the spreads offered, however, we are satisfied with their educational platform.

Advantages: MT4

Disadvantages: Offshore Regulation, no contact phone available.

Tags forex broker reviews, Samtrade FX, Samtrade FX Review

Forex Brokers

Trade12 Review

Trade12 is a global brokerage brand. The company is headed by a team with decades of experience in the field of Forex. Trade12 operates in compliance with the standards of financial laws and states that they take the security of funds very seriously. The company’s opening statement on the site gives out a good first impression. We will be using this review to look into the services offered by the DominicanRepublic based broker so we can see how they compare to the competition and so you can decide if they are a broker you would want to use for your trading needs.

Account Types

Trade12 offers its clients 4 different account types, each one having its own requirements to open and offering different trading conditions, we have briefly outlined them below.

Beginner Account: This account requires a minimum deposit of $250, it comes with spreads starting from 1.2 pips, and trade sizes start as low as 0.01 lots. It uses MetaTrader 4 as its trading platform and the spreads mentioned are floating. The account also comes with daily analysis, 24-hour support, access to an account manager, and mobile trading.

Trader Account: This account requires a minimum deposit of $10,000, it comes with spreads starting from 1 pip, and trade sizes start as low as 0.01 lots. It uses MetaTrader 4 as its trading platform and the spreads mentioned are floating. The account also comes with daily analysis, 24-hour support, access to an account manager, and mobile trading, it also has access to ECN broker services.

Expert Account: This account requires a minimum deposit of $50,000, it comes with spreads starting from 0.8 pips, and trade sizes start as low as 0.01 lots. It uses MetaTrader 4 as its trading platform and the spreads mentioned are fixed. The account also comes with daily analysis, 24-hour support, access to an account manager, and mobile trading, it also has access to ECN broker services and free bank wire transfers.

VIP Account: This account requires you to contact an account manager to open it, it comes with spreads that you need to decide when opening up the account, and trade sizes start as low as 0.01 lots. It uses MetaTrader 4 as its trading platform and the spreads mentioned are fixed. The account also comes with daily analysis, 24-hour support, access to an account manager, and mobile trading, it also has access to ECN broker services, free bank wire transfers, and also a free VPS service.

Platforms

Trade12 uses MetaTrader 4 as its trading platform, it offers a whole host of available features such as its user-friendly interface, over 250 instruments available to trade including forex, energy, commodities, indices, and futures. It allows for one-click trading, offers an extensive pre-packaged technical indicator suite, and multi-lingual support. MT4 is also usable as a desktop download, mobile application, or web trader so you are able to access it and your trades wherever you are in the world (as long as there is the internet of course).

Leverage

Leverage with Trade12 can go as high as 1:400, we are not sure if there is a difference between the accounts but that is the maximum stated by them. Leverage can be chosen when opening up an account and can be changed by contacting the customer service team with your request.

Trade Sizes

Trade sizes on all accounts start from 0.01 lots, they then go up in increments of 0.01 lots so the next trade will be 0.02 lots and then 0.03 lots. We did not see any information regarding what the maximum trade size is or how many trades you can have open at any one time.

Trading Costs

As far as we know there are no added commissions on any of the accounts so they use a spread-based system that we will look at in a later section of this review. There are however swap fees, these are charges that are charged for holding trades overnight, they can be both positive or negative and can be viewed within the MetaTrader 4 trading platform.

Assets

The assets at Trade12 have been broken down into a number of different categories, we will outline them for you below along with any instruments within each category of assets.

Forex: EURUSD, USDJPY, GBPUSD, EURJPY, AUDUSD, USDCHF, EURCHF, EURGBP, USDCAD, NZDUSD, AUDJPY, CHFJPY, GBPCHF, USDHKD, CADJPY, GBPJPY, NZDJPY, CADCHF, EURAUD, USDSGD, AUDCAD.

Metals: Gold and Silver.

Commodities: Cocoa, Cotton #2, Feeder Cattle, Heating Oil, Lean Hogs, Live Cattle, Oats, Frozen Orange Juice, Palladium, Platinum, RBOB Gasoline, Rough Rice, Soy Beans, Aluminum, Copper, Lead, Nickel.

Futures: Brent Oil, WTI Oil, Natural Gas, Coffee, Sugar #11, FTSE 100, Dow Jones 30, Nasdaq,m S&P 500, Corn, Wheat, DAX 30, CAC 40.

Equities: There are hundreds of equities available from the United States, Europe, and Asia.

Spreads

Each account type has a different starting or style of spread. The Beginner account has spreads starting from 1.2 pips while the Trader account has spread starting from 1 pip, the spread on these accounts is variable or floating which means they move with the markets, when there is added volatility they will often be seen higher.

The Expert account has spread starting from 0.8 pips, these spreads are fixed which means they will not change, it doesn’t matter what is going on in the markets, they will always remain the same. The VIP account doesn’t have a set spread as this needs to be decided when opening up the account, it also uses a fixed spread though. Different instruments will also have different starting spreads so while on the beginner account, one instrument may start at 1.2 pips, another may be starting at 2 pips or more.

Minimum Deposit

The minimum amount required to open up an account is $250 which gets you access to the Beginner account, should you wish to use a higher tier account you will need to deposit at least $10,000.

Deposit Methods & Costs

There are a number of different methods available when depositing into Trade12, they are Visa/MasterCard, Bank Wire Transfer, Skrill, CashU, China UnionPay, Moneta, Yandex Money, Paysafecard, Ali Pay, and WebMoney.

The good news is that there are no added fees from Trade12, however, you should always check with your own bank or processor to see if they add any transaction fees of their own.

Withdrawal Methods & Costs

The same methods are available to withdraw with, again these are Visa / MasterCard, Bank Wire Transfer, Skrill, CashU, China UnionPay, Moneta, Yandex Money, Paysafecard, AliPay, and WebMoney.

Just like with the deposits, there are no added fees when withdrawing but be sure to check with your own processor or bank to see if they charge any incoming transfer or processing fees.

Withdrawal Processing & Wait Time

We didn’t notice any information about withdrawal times, however, we would expect them to process withdrawals within 48 hours and then the processing of the request will depend on the method used but a withdrawal request should be fully processed between 1 to 5 days from the request being made.

Bonuses & Promotions

There doesn’t appear to be any active promotions or bonuses at the tie that we were writing this review. This doesn’t mean that there won’t ever be any, so if you are interested in taking part in promotions, you should contact the customer service team to see if there are any coming up.

Educational & Trading Tools

There are a few different educational tools available. The first is an economic calendar that details upcoming news events as well as information on the markets that they could affect. There are also some market reports that detail past events and there is an education center that provides guides on what trading is and how to use things like MT4. There is also a tool called Autochartist available to use.

Customer Service

The customer service team is available Monday to Friday between 7 am and 10 pm GMT. You can use the online submission form, simply fill it in and you should then get a reply via email. They can also use the email address provided or the live chat feature. There is also a phone number available for the main support as well as different international lines in London, Zurich, Dublin, Sydney, Singapore, Kuala Lumpur, Italy, Tokyo, Canada, Barcelona, Madrid, Moscow, Kyiv, Kazakstan, and Berlin.

Email: [email protected]
Phone: +18886834913

Demo Account

Demo accounts are a way for people to test out new strategies or trading conditions without having to risk any of their own capital. It is a shame to see them not advertised on the site. This is something that Trade12 needs to get added to their service, you can open one from within MetaTrader 4 but the trading conditions will be unknown.

Countries Accepted

The following statement is present on the site, if you are still not sure of your eligibility we would recommend contacting the customer service team to find out prior to opening up an account.

“Please note Trade12 does not service the USA, France, and Belgium entities or residents of any kind. While we welcome clients from all over the globe, governmental restrictions along with our company policies prohibit Trade12 from opening accounts originated from the following restricted and/or OFAC sanctioned countries: Afghanistan, Botswana, Cote d’Ivoire (Ivory Coast), Cuba, Cyprus, Egypt, Gambia, Ghana, Guinea Bissau, Guinea Conakry, Iraq, Iran, Kyrgyzstan, Lesotho, Liberia, Libya Mali, Niger, North Korea, Senegal, Sierra Leone, Somalia, Syria, Tajikistan, Togo, Turkmenistan, The Democratic Republic of Congo The former Liberian Regime of Charles Taylor, Uzbekistan, Yemen, and Zimbabwe.”

Conclusion

Trade12 offers a variety of different accounts each with its own trading conditions, there is a choice of both floating and fixed spreads as well as different starting spreads. The costing of the accounts is reasonable with the spreads below 2 pips and no added commission. There are also plenty of ways to deposit and withdraw with no added fees. They also offer Autochartist which is a helpful trading tool.

You now have the information to decide if they are the right broker for you or if you would prefer to look elsewhere, we have plenty of other reviews to help you find the broker that is right for you.

Tags Trade12, Trade12 Forex Broker, Trade12 Review

Forex Brokers

Choosing a Forex Broker? Here’s What You Need to Know…

Post author By Forex Academy
Post date 24 March, 2021
No Comments on Choosing a Forex Broker? Here’s What You Need to Know…

When looking to get into Forex trading, the new trader is bombarded with massive amounts of ads, offers, and, of course, online forum noise. In this article, I will try to analyze some of the most important issues to consider when choosing a Forex broker. After all, the most important function of a Forex broker is to enable it to trade with the liquidity provider, and at the end of the day, most features work similarly. However, that does not mean that there are some things I should pay close attention to.

Are they all regulated?

Surely the most relevant thing to keep in mind is whether the Forex broker you are choosing is regulated or not. In addition to that, the place where they are regulated is also important. Unfortunately, not all regulatory bodies are the same, and therefore, some traders are absorbed by reputable brokers because of this reason alone.

The regulation allows the trader to feel somewhat protected, as there is a government agency that is paying attention to what the Forex broker is doing. Years ago, when Forex trading was something new to retail traders, there were many nefarious companies out there willing to take their money.

Since then, we have seen an adjustment and maturation of the industry, so almost all Forex brokers are regulated at this point. If they are not, it is a great red flag and must be avoided at all costs.

Apart from this, the standard regulation in a country like the UK or Germany is very different from regulation in a country like Belize. Some of the stricter regulatory regimes can be found in the UK, the US, the EU, Australia, and Japan. In short, countries with more advanced economies often have better regulatory protections for the retail Forex trader. It is important to note that some countries, such as the United Kingdom, offer deposit protection insurance, which means that even if your agent goes bankrupt, the government will eventually reimburse you for the balance of your account.

What products do you offer?

Obviously, you need to know if the broker you are interested in offers the markets you want to trade. For example, if you want to exchange the CAD/JPY pair, the broker must offer it. Not all brokers offer all currency pairs. There have been brokers I have seen offering only 10 pairs, but I have seen other brokers offering several hundred. In general, larger brokerage firms will offer at least 25 pairs, quite often 40. Some of the most institutional liquidity and brokerage providers may offer several hundred, giving you the opportunity to engage in exotic trades. Make sure you can get the product you are looking for before completing the paperwork.

ECN or operating table?

An electronic communication network, or ECN, links orders directly to each other, making the market transparent and fair. Trading Table Brokers, on the other hand, will seek to match orders or trade directly with you. A reputable broker will follow the rules and regulations of the regulator and treat it fairly regardless. It may be considered foolish to say this, but experience has dictated that there is no difference in the type of brokerage I choose, although the differentials may vary greatly between these two different models. Normally, if you get an ECN Broker to facilitate your order, you will be charged less and extended, but you will be charged a commission. One area for which ECN works best is scalping, as it allows quick entry and exit operations and you don’t have to worry about any desktop delays. If you want to scalp, keep in mind that many brokers do not allow scalping-style trading, so be sure to check it out.

Analysis

Some brokers offer expert analysis, while others do not. It all comes down to whether or not you need some extra help to form trading ideas, or whether you’re comfortable trading on your own. However, beyond that, there are many places online where you can find a lot of analysis for free.

Extras

Some brokers will go beyond the usual calendar and announcements and offer many extras. Sometimes those are deposit bonuses, sometimes they’re webinars or even trading education. Again, all this can be found free online, but some Forex brokers have pretty good educational sections for example. Imagine something like buying a car, you can opt for the reduced version, which is always cheaper, or you can buy a more expensive model that comes with all the accessories as standard. Brokers are a lot like this.

CFDs Offered

Let’s not forget the CFD market. Unfortunately, CFDs are not available for trading everywhere (as in the United States). However, most of the world allows CFD trading, and this is something to pay attention to. If you have the ability to conduct Forex trading, why not do index trading or crude oil trading? This gives you the possibility to trade with the world in a single account, which, of course, has a great advantage if you understand the correlation between markets. One of the main advantages that the rest of the world has over the United States is the ability to carry out trading in these markets since it is not necessary to enter through a full futures contract to make trading with natural gas, You can just put a small amount of margin.

Longevity

Just like any other business, the better you treat your customers, the longer you stay alive. That said, as a general rule, you should feel a little more comfortable with a broker that has existed for 10 years compared to the one that just started this year. However, if they are regulated in the right sense and based on a sound and financially mature country, it should be fine. Be sure to read as many reviews as possible, but keep in mind that some of them should be taken with a little salt, as trading is emotional, and some people will review Brokers negatively after losing money (which is not the Broker’s fault). In general, however, you can see through these negative publications, as they tend to be a bit exaggerated.

In Conclusion

The best way to choose a Forex broker is simply to use common sense. There are some things I would consider about brokering before depositing. Are they regulated? If so, where? Do they offer demo accounts? Do they have the coins I’m looking for trading Basically, you think that, if the answer to any of these basic questions is “no,” you should keep looking for another broker.

Tags Broker Criteria, Broker Selection, Forex Brokers

Forex Brokers

SuperTrader (Super Forex) Markets Review

Post author By Forex Academy
Post date 24 March, 2021
No Comments on SuperTrader (Super Forex) Markets Review

Super Forex Markets is a forex broker regulated by the Australian Securities and Investments Commission (ASIC). They do not give a lot of information about themselves away but they state that they are offering a transparent platform with multiple order types, and low spreads. We will be using this review to find out exactly what […]

Account Types

The account types seem to be dependent on the platform (see next section) that you wish to use. Due to this, there isn’t an account comparison page, instead, throughout the review, we will detail any differences in each individual section. If there are no differences we will also mention this fact.

Platforms

The popular MetaTrader 4 platform is provided to clients. The SuperForex MetaTrader 4 platform is a reliable and innovative trading technology service. The top award-winning trading platform, MT4 is the preferred platform of a large number of trading professionals. It is designed to provide fast execution and accurate brokerage services to clients within FX and futures markets.

Leverage

Unfortunately, we do not have much information in regards to leverage so we are not able to say what the maximum leverage is or what the leverage choices are.

Trade Sizes

Trade sizes start from 0.01 lots (known as a micro lot) and go up in increments of 0.01 lots so the next trade would be 0.02 lots and then 0.03 lots. We do not know what the maximum trade size is or what the maximum number of open trades available is.

Trading Costs

Unfortunately, just like the trading sizes, we do not know if there are any commissions added to the accounts, due to this it makes it very hard to work out exactly what the trading costs are. The spreads are very low which tells us that there should be commissions, but we do not know what they are. There are however added swap fees that are charged for holding trades overnight, these can be viewed from within the trading platform you are using.

Assets

The assets have been broken down into four categories which are Forex, Commodities, Indices, and Shares. Unfortunately, there isn’t a full breakdown of the available assets or a product specification available. It is important for brokers to provide a full breakdown as many potential clients will look at what is available in the hope of seeing that their preferred assets are available, not having it means they may just look elsewhere for somewhere that does.

Spreads

While there is not a full breakdown of spreads or assets, the forex page does state that their spreads on EURUSD start from as low as 0.1 pips. The spreads are variable which means they will move with the markets and could mean higher spreads at times. Different instruments will also have different starting spreads and so some will naturally be higher than others.

Minimum Deposit

We, unfortunately, do not know what the minimum deposit required is and it is a little shocking that this information isn’t present and available on the site.

Deposit Methods & Costs

There are four different methods available, these are Electronic Funds Transfer (EFT), BPay, POLi, and Credit/Debit Card. There are no added fees when using EFT, BPay, or PILi, however, when using Credit / Debit Card there will be a fee ranging from 1% to 2.8% for AUD-based credit cards and up to 3.65% for USD based credit cards.

Withdrawal Methods & Costs

It seems like the same methods can be used for withdrawing too, for clarification these are Electronic Funds Transfer (EFT), BPay, POLi, and Credit/Debit Card. For Credit/Debit cards, only the amount that has been deposited can be withdrawn and any extra withdrawals will need to be done with one of the other available methods. It is not known if there are any added transfer fees for the withdrawals but be sure to check with your bank or card issuer to see if there are any added transfer fees by them.

Withdrawal Processing & Wait Time

We did not see this information anywhere on the site, however, we would expect any withdrawal requests to be fully processed between 1 to 5 days from the date of the initial request, this may be slightly longer if the request is made on a Friday, bank holiday or weekend.

Bonuses & Promotions

There doesn’t seem to be any active bonuses or promotions at the time of writing this review but that does not mean that there won’t ever be any. If you are interested in bonuses then we would suggest contacting the customer service team to see if there are any upcoming promotions that you could take part in.

Educational & Trading Tools

There is a research section of the site that contains a number of different videos on different aspects of trading such as how forex works and how to trade. The videos are pretty basic and may be helpful for those just starting out, but if you have traded before then you may need to look elsewhere for materials that will help improve your trading.

Customer Service

The customer service team is available from Monday to Friday between 9:30 am to 5:30 pm EST. You can contact them using the online submission form, fill in your question and you should then get a reply via email. There are also a few different email addresses available for the support team, sales team, and compliance team as well as offices in three different locations around Australia including Sydney, Melbourne, and Brisbane.

Support Email: [email protected]

Sydney:

Address: Suite 2304, Level 23, International Tower One, 100 Barangaroo Ave, Barangaroo, Sydney, NSW 2000

Phone: 61 2 8197 0065

Demo Account

Demo accounts are present and they offer an opportunity to test out the trading conditions and also new strategies without risking any capital. You can choose a demo account for the MT4 platform or for the Next-Gen Platform, other details will mimic the available account but we, unfortunately, do not know all of them. The accounts seem to last indefinitely too which is good to see.

Countries Accepted

The following statement is available on the website:

“The information displayed on this website does not constitute an offer or invitation in any place outside Australia (including USA, Japan, and New Zealand) where it would be unlawful to make such an offer or invitation.”

Conclusion

Sadly it is going to be hard for us to recommend SuperTrader Markets as a broker to sue for a number of reasons, the first being the lack of information on trading costs. The spreads are said to be low, but then there is no mention of any commissions, also without a breakdown or product specification it is hard to see exactly what the spreads are. While the methods of depositing and withdrawing are present, it is the first time that we have struggled to find information about the minimum deposit amounts, not knowing if we can trade with our $100 or if we need $10,000 means that we may sign up and then find that we cannot afford to trade with this broker.

Tags Super Forex Markets, Super Forex Markets Review, SuperTrader Markets, SuperTrader Markets Review

Forex Brokers

Ortega Capital Review

Ortega Capital (not to be confused with the Ortega Capital Group) is a broker mainly dedicated to currencies (Forex) and metals. This broker is registered in Labuan, Malaysia. The company has a pretty decent offerings, but there are some gaps in the information they provide. Ortega Capital also has a legal entity based in Saint […]

Ortega Capital also has a legal entity based in Saint Vincent and the Grenadines. Even if you think Labuan is a decent jurisdiction, this is an offshore zone. If you want to open an account with this broker, be sure to check which company you are registering with. Ortega Capital’s website is available in German and Chinese English.

Check this review to see what we like and what we don’t like about this broker.

ACCOUNT TYPES

The broker does not appear to offer multiple account types. Let’s think of their accounts as a standard account type, whose required minimum deposit is $5,000. The leverage of their accounts is 1:100, and the spreads are detailed in the corresponding section, but they start at 0.2 pips, to which must be added a commission of 8 USD for each lot traded.

Ortega Capital does not benefit from the losses of its clients. The terms STP, ECN, and NDD are mostly interchangeable in this context. This broker should technically be an ECN, since its profits consist of a commission for trading lots, in addition to the spread. By comparison, STP runners simply put their rate in the margin, which is what Ortega Capital does.

PLATFORMS

It is always good news that the broker has the MT4 platform available. MetaTrader 4 remains the leading forex platform in the trading industry, despite having been in the market for more than 11 years. This platform offers a very advanced graphics package, while still very intuitive. The main advantage of this platform is the ability to use a multitude of highly developed technical indicators and expert advisors (EAs). These Eas are available on the MQL market as well as other online suppliers.

Unfortunately, we were unable to test Ortega Capital’s MT4 platform, due to technical problems in its environment. So we couldn’t check the assets available, the spreads … etc. As mentioned above, we were not able to access the MT4 platform offered by this broker due to a connection problem. After registering an account (which required SMS verification) we created several demo accounts, but we were never able to access the company’s server.

LEVERAGE

The leverage offered by Ortega Capital is 1: 100, which we consider being optimal leverage to trade, fleeing the 1: 500 or 1: 1000 leverages provided by other brokers, and which instill a rather high risk for your account. Most professional traders trade with 1: 100 leverage.

TRADE SIZES

The broker does not report minimum or maximum trade sizes to trade with its assets. Nor have we been able to access the demo platform, as we have not been able to verify it in that other way.

TRADING COSTS

The broker charges a commission of USD 8 for each lot traded. This means an equivalence of 0.8 pips useful in the spread. We speak of the pairs where USD is the second quoted currency, the so-called pairs majors. This means that the minimum total spending with Ortega Capital would start from 1 pip in the most popular currency pair (0.8 pips which is equivalent to the commission they apply for trading, plus 0.2 pips of spread). These expenses increase more for the rest of the currency pairs; you can see the spreads detailed in the corresponding section.

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

ASSETS

Ortega Capital is a broker mainly dedicated to Forex. The assets available to trade are 69 currency pairs, and 4 metals. We didn’t find CFDs available. Although the number of currency pairs backed by Ortega Capital is quite high (69 currency pairs), they do not offer indices, commodities, or any other CFD. This is not as big a problem as some of the above, especially if the trader is interested in trading only in forex, but it is worth mentioning.

SPREADS

Below we detail several of the assets offered by the broker with their corresponding spreads:

With spreads at par EUR/USD as low as 0.2 pips and an $ 8 per lot commission, this is a fairly competitive commercial broker. We must clarify that these are only the broker’s information, which we have not been able to test properly, due to technical problems on your part.

MINIMUM DEPOSIT

The minimum deposit required is very high. With a minimum deposit requirement of $ 5,000, Ortega Capital will be a broker difficult for many traders to access. Indeed, many brokers have taken the other route on this topic, eliminating all deposit levels, in order to attract a more significant number of customers.

DEPOSIT METHODS & COSTS

This broker provides us with multiple deposit methods. Ortega Capital supports bank transfers, credit or debit cards (Visa or Mastercard), Skrill, Neteller, and China Union Pay. Basically, these deposit methods cover all popular payment solutions, except those used by Russian traders and those who want to use Bitcoin as a payment method.

WITHDRAWAL METHODS & COSTS

We have not been able to obtain information about withdrawal methods, but we understand that they must be the same as for deposits. Withdrawals are likely to come at some cost, but we have no information about them.

WITHDRAWAL PROCESSING & WAIT TIME

We have no information about the processing time for withdrawals, although they are usually 1 business day for withdrawals made with bank cards and e-wallets, and 2 – 5 business days for withdrawals made by bank transfer.

BONUSES & PROMOTIONS

We have not found any current bonuses or promotions provided by Ortega Capital.

EDUCATIONAL & TRADING TOOLS

We have missed a chapter with educational content for clients. There is not. And as tools for the trader, there is an economic calendar. This tool is handy for the trader because in it you can consult all the daily events and that can affect the assets that you are trading.

CUSTOMER SERVICE

To get in touch with Ortega Capital’s customer service, we have 3 main ways of contact, email, a web contact form, and a live chat. The data collected are as follows:

Registered Address: Unit No. 3 A – 16, Level 3ª. Labuan Times Square. Jalan Merdeka. 87000 Federal Territory of Labuan, Malaysia.

Ortega Capital Limited (St. Vincent). Suite 305, Griffith Corporate Centre, Beachmont P.O. Box 1510, Kingstown, St. Vincent, and the Grenadines.

Email: [email protected]

DEMO ACCOUNT

Ortega Capital offers a demo account, although we have had problems accessing it and we have not succeeded. We trust that this has been a one-time problem and that a client can generally obtain a demo account.

COUNTRIES ACCEPTED

We have found neither on the webpage nor in the legal documents any restriction to any particular jurisdiction. If you are interested in opening an account with this broker, it is best to contact customer service and check if you are a suitable customer or not.

CONCLUSION

Ortega Capital is a broker of currencies and metals. Their offer is attractive (especially considering the low trade costs), but we have to keep in mind that Labuan remains a jurisdiction that still has to prove its quality. We believe that the security of your investment should be a higher priority than saving a few dollars on each trade.

Trading with a broker in a well-established jurisdiction will allow you to have your funds secured. One of our favorite examples is the UK, where the Financial Conduct Authority (FCA) strictly supervises brokers.

All investment intermediaries have to follow many rules and send reports frequently. The two most important measures are the segregation of customer accounts and the Financial Services Clearing System (FSCS). The first means that the broker cannot access your funds, which must be kept in individual bank accounts. The FSCS, on the other hand, if your business partner declares itself, insolvent will protect your investment, up to £50,000.

We think it is very positive that Ortega Capital is making the MT4 trading platform available to its clients, as it is very complete and valid for all types of traders. The 1: 100 leverage seemed to us very correct since most professional traders use it regularly. The spreads are unbeatable, with 0.2 pips in EUR/ USD almost no broker can compete, but the commercial costs are increased by the commission of 8 USD that applies for each lot traded, yet the total costs remain attractive.

The number of assets will only satisfy you if you want to trade in Forex and metals because it does not offer CFDs in indices or commodities. On the other hand, the amount required as a minimum initial deposit is excessively high, USD 5,000, and very few traders may want to access this broker for this reason. The deposit methods available are varied, but we lack an educational area with content of interest to customers.

Here are the advantages and disadvantages we have seen from Ortega Capital:

Advantages:

The broker uses an STP / ECN model.
Spreads and attractive commercial costs.
MT4 platform is available.
Variety of deposit methods.
Lots of currency pairs.

Disadvantages:

Very high minimum deposit.
No CFD is available.
No education area is available.

Tags Forex Broker Review, Ortega Capital, Ortega Capital Review

Forex Brokers

MXC Forex Review

MXC Forex is an offshore broker founded in 2015. This broker offers assets to trade as Forex, Commodities, Metals, and Cryptocurrency, all through the famous MT4 platform. The broker claims to have client accounts segregated and separated from the broker’s management accounts, which if true gives us more confidence in MXC Forex. The company behind […]

The company behind the trademark MXC is MX CAPITAL FINANCIAL LIMITED, a company that is registered in Labuan, Malaysia (LL12478). The website reports that MX CAPITAL FINANCIAL LIMITED is regulated by the Labuan Financial Services Authority (LFSA). LFSA requires financial services companies to comply with certain capital requirements and procedures such as risk management, staff training, accounting, and auditing.

Let us not forget that Malaysia is a popular tax haven country and that the regulation of its country is not as strict as the FCA O Cysec.

ACCOUNT TYPES

MXC Forex offers 7 different accounts to choose from, according to the requirements of its clients. They are called, Gold Account, Wise Account, Jarvis Account, Standard Account, Mini Account, Perfect Account, and VIP Account.

Here we show you the differences and characteristics of some of them,

JARVIS Account

Products offered: Forex, Metal, Oil, Energy, and Cryptocurrency. Currency Options, USD, EUR, GBP, JPY, CHF, AUD, XAU, XAG, CAD, and NZD. Account Balance Cap, No Limit. Leverage 1:100. Spreads, As Low as 2.0 Pips. Commission, Yes. Minimum Trade, 0.01 Lot. Max Position, 100 Lots.

STANDARD Account

Products offered: Forex, Metal, Oil, Energy, and Cryptocurrency. Currency Options, USD, EUR, GBP, JPY, CHF, AUD, XAU, XAG, CAD, and NZD. Account Balance Cap, No Limit. Leverage 1:100. Spreads, As Low as 2.0 Pips. Commission, No. Minimum Trade, 0.01 Lot. Max Position, 100 Lots.

MINI Account

Products offered: Forex, Metal, Oil, Energy, and Cryptocurrency. Currency Options, USD, EUR, GBP, JPY, CHF, AUD, XAU, XAG, CAD, and NZD. Account Balance Cap, 2000 USD. Leverage 1:500. Spreads, As Low as 0.3 Pips. Commission, Yes. Minimum Trade, 0.01 Lot. Max Position, 3 Lots.

PERFECT Account

Products offered: Forex only. Currency Options, USD, EUR, GBP, JPY, CHF, AUD, XAU, XAG, CAD, and NZD. Account Balance Cap, 2000 USD. Leverage 1:100. Spreads, As Low as 2 Pips. Commission, No. Minimum Trade, 0.05 Lot. Max Position, 100 Lots.

VIP Account

Products offered: Forex, Metal, Oil, Energy, and Cryptocurrency. Currency Options, USD, EUR, GBP, JPY, CHF, AUD, XAU, XAG, CAD, and NZD. Account Balance Cap, 2000 USD. Leverage 1:100. Spreads, As Low as 1,5 Pips. Commission, No. Minimum Trade, 0.05 Lot. Max Position, 100 Lots.

PLATFORMS

The trading platform used by this broker is MT4. MXC Forex offers its customers, as we have already said, the most famous application in the Forex industry. We will have the MT4 desktop version and also the mobile plication for use on tablets and smartphones.

MT4 is a well-equipped working tool that allows you to operate in financial markets (Forex, CFD, and Futures). It provides its users with many tools and resources to analyze the prices of financial assets, conduct business transactions and create and use automated software (Expert Advisors).

Also, MXC Forex customers have access to the Mirror Trader Platform, for copy trading, and the latest version of Tradency, Robox. The famous Autochartist technical analysis reports are also available to MXC broker customers.

LEVERAGE

MXC Forex offers leverage up to levels of 1:500, this is considered high leverage. But really, many brokers offer leverage of 1:500. We just have to keep in mind that using high leverage levels means a higher risk of loss. And even if this broker offers high leverage, the customer can, from his investor portal, adjust leverage to levels of 1:100 or 1:200 if he desires.

TRADE SIZES

The minimum trade size depends on the customer’s account but ranges from 0.01 to 0.05 micro-lots.

TRADING COSTS

Some accounts like the Jarvis account or the mini account have commissions, but unfortunately, the broker does not report the amount of them. Where we will always have an expense is in night financing if we leave open trades overnight. This is a small interest that varies according to the currency and can be negative or positive.

ASSETS

With MXC Broker you can trade assets such as Forex, Commodities, Metals, and Cryptocurrency. We do not have information about how many currency pairs there are, how many commodities, metals, or cryptocurrencies. We would have liked to know the variety of assets available, but that information does not appear on the broker’s website

SPREADS

The variable spreads offered by MXC Forex are above average, starting from 1.5 pips. In the market, other offshore brokers offer spreads averaging 1.2 pips on their accounts without commissions.

MINIMUM DEPOSIT

The broker does not clearly report the minimum deposit required to open an account. We only have information on the minimum deposits required in the different deposit methods.

DEPOSIT METHODS & COSTS

MXC Forex Broker offers its clients a wide variety of deposit methods, here we list what they are:

Mastercard: Minimum Amount, 5 USD. Maximum Amount, 1.000 USD, Transaction Cost, 4%. Processing Time, Instant.
Bitcoin: Minimum Amount. , NA. Maximum Amount, NA, Transaction Cost, 5%. Processing Time, Instant.
Local Depositor: Minimum Amount, 10 USD. Maximum Amount, 10.000 USD, Transaction Cost, No. Processing Time, Within 1 working day.
Bank Transfer: Minimum Amount, 5.000 USD. Maximum Amount, 100.000 USD, Transaction Cost, 10 USD + Bank Charges. Processing Time, Within 3 – 5 working days.
Neteller: Minimum Amount, 10 USD. Maximum Amount, 5.000 USD, Transaction Cost, 5% (Min. 1.00 USD) + 0.29 USD. Processing Time, Instant.
Skrill: Minimum Amount, 10 USD. Maximum Amount, 5.000 USD, Transaction Cost, 5% (Min. 1.00 USD). Processing Time, Instant.
WeChat Pay: Minimum Amount, 10 CNY. Maximum Amount, 5.000 CNY, Transaction Cost, 2%. Processing Time, Instant.
UnionPay Mobile: Minimum Amount, 10 CNY. Maximum Amount, 2.000 CNY, Transaction Cost, 2%. Processing Time, Instant.
UnionPay Desktop: Minimum Amount, 10 CNY. Maximum Amount, 100.000 USD, Transaction Cost, 2%. Processing Time, Instant.
Alipay: Minimum Amount, 10 CNY. Maximum Amount, 5.000 CNY, Transaction Cost, 2%. Processing Time, Instant.
FasaPay: Minimum Amount, 10 USD. Maximum Amount, 5.000 USD, Transaction Cost, NO. Processing Time, Instant.
Paypal: Minimum Amount, 5 USD. Maximum Amount, 1.000 USD, Transaction Cost, 4%. Processing Time, Instant.
Perfect Money: Minimum Amount, 1 USD. Maximum Amount, 1.000 USD, Transaction Cost, 3%. Processing Time, Instant.

WITHDRAWAL METHODS & COSTS & WAIT TIME

MXC Forex broker also offers a wide variety of methods to make your withdrawals. Here we detail the methods, the commissions applied, and the waiting times:

Mastercard. Minimum Amount, 20 USD. Maximum Amount, 1.000 USD. Transaction Cost, 4%. Processing Time, Within 1 working day.
Bank Transfer. Minimum Amount, 1.500 USD. Maximum Amount, unspecified. Transaction Cost, Varies depending on bank charges. Processing Time, Within 1 – 5 working days.
Local Depositor. Minimum Amount, 20 USD. Maximum Amount, 10.000 USD. Transaction Cost, NO. Processing Time, Depends on Local Depositor availability.
Bitcoin. Minimum Amount, NA. Maximum Amount, NA. Transaction Cost, 5%. Processing Time, Instant.
Neteller. Minimum Amount, 20 USD. Maximum Amount, 5.000 USD. Transaction Cost, 2% (Min. 1.00 USD). Processing Time, Within 1 working day.
Skrill. Minimum Amount, 20 USD. Maximum Amount, 5.000 USD. Transaction Cost, 1% + 0.29 EUR. Processing Time, Within 1 working day.
RPNpay. Minimum Amount, 100 CNY. Maximum Amount, 100.000 CNY. Transaction Cost, 0.5% (min CNY 30 fee). Processing Time, Within 1 working day.
Fasapay. Minimum Amount, 20 USD. Maximum Amount, 100.000 USD. Transaction Cost, 0.5%. Processing Time, Within 1 working day.
PayPal. Minimum Amount, 20 USD. Maximum Amount, 1.000 USD. Transaction Cost, 4%. Processing Time, Within 1 working day.
Perfect Money. Minimum Amount, 20 USD. Maximum Amount, 1.000 USD. Transaction Cost, 3%. Processing Time, Within 1 working day.

BONUSES & PROMOTIONS

This broker does not have any Bonuses or promotions currently available. MXC Forex broker also has an Introducing Broker program. Basically, if a customer succeeds in making new clients for this broker, he will be rewarded with commissions that are generated by operating them.

EDUCATIONAL & TRADING TOOLS

MXC Forex broker has a small educational area where some of the basic forex concepts that every trader should know are detailed:

What is Forex?, Who trades Forex?, How can I trade Forex?, Understanding Forex prices, Understanding currency pairs, Introduction to margin, Contract sizes, Majors and currencies pairs revisited, Approaches to trading the market, and Basic concept and additional Strategies.

It also has a FAQ with answers related to Forex and the relationship with the broker. And an academy called Mxcacademy in the web domain https://www.mxcacademy.com/ , which at the time of this review was not operational.

Trading Tools: It has a trading tool comparator such as mirror trader, tradeworks, dubips, echofin… etc. It also has an updated economic calendar, a link to download the Mirror Trader application, and another link to download and use Qyptech, which is an Expert Advisor (EA).

CUSTOMER SERVICE

MXC Forex broker has several methods of contact, such as phone, email, and live chat, plus an informed physical address. They are as follows:

MX Capital Financial Limited: 14th Floor, Main Office Tower, Financial Park Labuan Complex, Jalan Merdeka, 87000 Labuan F.T., Malaysia

Phone number: +6087599257

Email: [email protected]

DEMO ACCOUNT

We have not seen the broker offer a demo account, at least we could not find any information. This gives us a bad impression, as a demo account allows new traders to test trading conditions and test strategies before risking their own money. Any serious broker should include a download link to a demo account on their website.

COUNTRIES ACCEPTED

MXC Broker does not report in the legal documents available on its website any list of countries that are not accepted by the broker.

CONCLUSION

To conclude, trading with an offshore broker is unwise, although it must be said that many offshore brokers are reliable and do not cause any problems to their clients. However, if we can choose, it is better to invest your money in a licensed broker in the UK, Cyprus, or Australia, where traders have more protection and watchful regulators supervise their operations.

MXC Forex has online trading services available for its clients in Forex and CFD, however, trading margins are high. Worst of all, the company has poor regulation.

Here are the advantages and disadvantages of MXC Forex:

Advantages: MT4 available, copy trading option, some accounts have no commissions. High leverage is available.

Disadvantages: No European regulation, high spreads.

Tags Forex Broker Review, MXC Forex, MXC Forex Review

Forex Brokers

The Liquidity Forex Brokerage Review

Post author By Forex Academy
Post date 10 March, 2021
No Comments on The Liquidity Forex Brokerage Review

The Liquidy is a Saint Vincent and the Grenadines-based foreign exchange broker. They claim to offer the finest technology, the highest standards, and seamless connections. They also say that they offer top-quality safety of funds, fast deposits and withdrawals, excellent trading conditions, and 24/5 customer support. We will be looking into the services to see if these exist and so you can decide if they are a broker you would want to use.

Account Types

Should you decide to join The Liquidity you will have a choice of three different accounts, we have outlined the options below.

Micro Account: This account requires a deposit of $100, it comes with an average spread of 1.6 pips and has access to forex, metals, and CFDs. It uses market execution and the minimum trade size is 0.01 lots going up in 0.01 lot increments until it reaches the maximum trade size of 150 lots, you are able to give 1,500 lots or 500 trades open at any one time. The margin call level is set at 50% with the stop out level at 0%, the account must be in USD and there is no added commission on this account.

Premium Account: This account requires a deposit of $2,000, it comes with an average spread of 1 pip and has access to forex, metals, and CFDs. It uses market execution and the minimum trade size is 0.01 lots going up in 0.01 lot increments until it reaches the maximum trade size of 150 lots, you are able to give 1,500 lots or 500 trades open at any one time. The margin call level is set at 50% with the stop out level at 30%, the account must be in USD and there is an added commission of $4 per side which equates to $8 per round lot on the account.

VIP Account: This account requires a deposit of $50,000, it comes with an average spread of 0.7 pips and has access to forex, metals, and CFDs. It uses market execution and the minimum trade size is 0.01 lots going up in 0.01 lot increments until it reaches the maximum trade size of 150 lots, you are able to give 1,500 lots or 500 trades open at any one time. The margin call level is set at 50% with the stop out level at 30%, the account must be in USD and there is an added commission of $2 per side which equates to $4 per round lot on the account.

Platforms

The Liquidity is offering one platform to use, it is MetaTrader 4, one of the world’s most popular trading platforms. Some of its features include various execution technologies: Instant Execution and Request Execution, complete technical analysis package: wide range of inbuilt indicators and charting tools, the ability to create various custom indicators, different time periods (from minutes to months), a history database management and import/export facility, inbuilt help guides for MetaTrader 4 and MetaQuotes Language 4, and the ability to manage your account in different base currencies.

Leverage

The available leverage on all accounts goes as high as 1:500 on the Micro account, 1:400 on the Premium account, and 1:200 on the VIP account, this can be selected when opening up an account and can be changed by sending a request to the customer service team.

Trade Sizes

Trade sizes on all accounts start from 0.01 lots and go up in increments of 0.01 lots, so the next trade would be 0.02 lots. The accounts have a maximum trade size of 150 lots but we would recommend not going higher than 50 lots on a single trade. You can have up to 500 trades open at any one time or 1,5000 open lots, whichever comes first.

Trading Costs

The Premium account has an added commission of $4 per lot side, which means it will charge you $4 for opening a trade and also $4 for closing it, so the total commission is $8 per lot traded, this is slightly over the average $6 per lot we see around the industry. The VIP account has a slightly reduced commission of $2 per side, so $4 per lot traded. The Micro account doesn’t have a commission as it uses a spread-based system. There are also swap charges, these are fees charged for holding trades overnight and can be viewed within the trading platform of choice.

Assets

The Liquidity has broken down its assets into a number of categories which we have outlined below along with the instruments within them.

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

CFDs: WTI Crude Oil, Brent Crude Oil, Copper, and Natural Gas.

Metals: Gold, Silver, Platinum, and Palladium.

Spreads

The spreads that you get depend on the account that you use. The Micro account has spread starting from 1.6 pips, the Premium account from 1 pip, and the VIP account has spreads starting from 0.7 pips. The spreads are variable which means they move with the market and their volatility. Different instruments will also have different natural starting spreads.

Minimum Deposit

The minimum deposit required to open up an account is $100 which lets you access the Micro account, the Premium account requires $2,000 and the VIP account requires $50,000 as a deposit.

Deposit Methods & Costs

The methods available to withdraw include Bank Wire, Visa, MasterCard, Neteller, Skrill, and PayPal. There are no added fees when depositing but be sure to check with your own bank or processor to ensure you know if they add any fees of their own.

Withdrawal Methods & Costs

The same methods are available to withdraw with, for clarification these are Bank Wire, Visa, MasterCard, Neteller, Skrill, and PayPal. Just like the deposits, there are no added fees from The Liquidity, but be sure to check with your own bank or processor just in case they add any incoming processing fees of their own.

Withdrawal Processing & Wait Time

Bank Wire Transfer will take between 3 to 5 business days to fully process while all other methods (Visa, MasterCard, Neteller, Skrill, and PayPal) will be processed within 24 hours of the request being made. There could be slight delays if requested over the weekend or on bank holidays.

Bonuses & Promotions

There are quite a few promotions taking place, we won’t outline them all or we will be here all day, but we will mention three at random so you get an understanding of the sorts of promotions that are available.

Cashback: After a deposit of 100 USD or more to a particular account, a credit of 20 USD will be added to the concerned trading account. It seems like the bonus funds last for 7 days and are not withdrawable which makes the bonus a little pointless in our eyes.

30% Deposit Bonus: Deposit and receive a bonus of up to 30%. The funds available shall be transferred to the Balance of the Clients trading account and shall be available for trading following completion of this Terms or withdrawal if the Client has traded the Minimum Number of Lots (calculated in accordance to the following formula) within Active period and the Client has not submitted a withdrawal request for the Deposit during Active Period. Minimum Number of Lots = Bonus Amount * 2 / 10.

No Deposit Bonus: You can receive up to $500 as a no deposit bonus, the trading period is 7 days and the bonus funds are converted into real funds at a ratio of $5 per lot traded.

Educational & Trading Tools

We did not notice anything relating to education or trading tools on the site, this is a shame as a lot of more modern brokers are looking to help their clients improve on their trading by adding education and learning, so it would have been nice for The Liquidity to do something similar.

Customer Service

The Liquidity support team is available 24 hours a day 5 days a week. You can contact them using the online submission form, simply fill in your question or concern and you should get a reply via email. There is also an email address and skype username available.

Email: [email protected]
Skype: theliquidity

Demo Account

Demo accounts are available from The Liquidity and allow you to test out the trading conditions without risking any real capital. You can choose a demo account version of any of the live accounts and leverage between 1:1 and 1:500 (depending on the account’s own limits).

Countries Accepted

The following statement is present on the website: “The Liquidity does not accept clients from the U.S., Canada, Iraq, Sudan, Syria, and North Korea.”

Conclusion

The three accounts on offer give you a choice of different reading environments from commission-based to spread-based. The Premium account is a little expensive having a commission of $8 per lot traded along with spreads averaging at 1 pip. There are enough assets to trade apart from there being no indices available to trade. Plenty of options to deposit and withdraw with, there are also no added fees which is good to see.

Tags The Liquidy, The Liquidy Broker, The Liquidy Review

Forex Brokers

FXTSwiss Review

FXTSWISS is an online market maker providing advanced trading solutions, or at least, that is what they claim on their website. From the get-go, we did notice that their website is quite outdated, their content has multiple typos and there is a ton of important information that is left out. Although their name includes the […]

FXTSWISS states that this company was set up with the aim of providing the best trading experience for their clients, however, they do not mention when and by whom this company was started. On their Why FXTSWISS page they mention a number of advantages that their customers will enjoy including; low fixed spreads, no commission or swap fees, the MT4 platform, guaranteed fills on all orders, instant deposits, the safety of funds, and a free demo account. Join us as we go through their website to determine whether these claims are factual or not.

Account Types

FXTSWISS seems to offer only one type of account for their customers, however, judging from the online form that customers have to fill in when creating an account, we assume that the broker might offer different trading conditions depending on the principal occupation or business, annual income, customer’s experience with Forex trading and the initial amount customers would want to deposit.

The information on their website states that no commission fees or swap fees are applied to these accounts, so we assume customers cannot hold trades overnight. We cannot confirm this as we were not given any answers when contacting the broker regarding these specifications. It is also stated that this account will enable customers to use leverage of up to 1:400, which is quite high.

Platforms

This broker offers a popular and multilingual MT4 platform. This platform is well known for its multitude of charts and built-in technical indicators. Strangely there is no download link for the MT4 on FXTSWISS’ website. Some customer reviews we found online stated that the Demo account offered by this broker does not in fact make use of the MT4, but rather a simplified platform that does not mimic the MT4 conditions.

Leverage

The only information this broker states on their website is that clients can make use of a leverage ratio up to 1:400. Recently many brokers have had to decrease their leverage because of new regulations set to safeguard clients’ funds, so this broker’s leverage is quite high in comparison. We always advise customers to be extremely cautious when dealing with such high leverages, especially when these are offered by unregulated brokers such as this one.

Trade Sizes

There is no information regarding minimum and maximum trade sizes available with FXTSWIS, apart from a brief mention of trade standard and mini lots being available, however since no specific details are given regarding this, we cannot comment any further.

Trading Costs

This broker claims that customers using their service will not be charged any commission or swap fees on their trading. Apart from this, the broker also states they offer a 1 Pip fixed spread on all their major currencies and under all market conditions. From online customer reviews and feedback, we concluded that this might not in fact be the case, as multiple past customers of this broker encountered higher spreads than those stated by the broker. We did try to get in touch with the broker to clarify these allegations, but we were not given a reply.

Assets

This broker offers trading on Forex currency pairs, precious metals, and also Bitcoin. However, the broker does not offer specific details regarding which assets they offer. On their bitcoin page, the broker states that customers can start trading bitcoin from as little as $500 and they can do so 24/7.

Spreads

According to a table highlighting the spreads available for their Forex currency pairs, the broker lists that all their major pairs, including EUR/USD, GPD/USD, USD/CHF, and AUD/USD have a fixed spread of 1Pip. One can find the spreads of other assets available with this broker, however, keep in mind that this table might not be representative of the current market situation, so it is always best to test out the Demo account before placing any trades with FXTSWISS.

Minimum Deposit

When opening a live account with this broker, customers are asked to state the amount they will deposit into their account, so we assume that this broker does not stipulate a fixed minimum deposit requirement to open up client accounts.

Deposit Methods & Costs

Customers wanting to deposit funds into their FXTSWISS account can do so either via credit card or bank transfer. After opening an account, customers will receive an email with their account log in details and deposit instructions that they have to follow.

Withdrawal Methods & Costs

Customers can withdraw their money via credit card or bank transfer. The broker does not state whether any charges will be applied for withdrawals.

Withdrawal Processing & Wait Time

Although this broker has a dedicated page for deposits and withdrawals, there is no concrete information regarding fees and time frames customers should expect. We did find quite a large number of worrying customer feedback that this broker only allows customers to withdraw their funds after two months from opening their account. We cannot guarantee if this is the case, but we advise customers to be extremely cautious when dealing with this broker.

Bonuses & Promotions

At the moment, this broker is offering a few promotions. One such offer includes up to 50% in bonus funds, while another offers cash rebates. Contact the broker to request the terms and conditions surrounding these offers.

Educational & Trading Tools

On their website, FXTSWISS provides some information regarding the assets that they provide along with some historical information about the trading world. On their Crypto page, the broker does have a number of articles about the subject, however, the most recent article seems to have been updated in 2017 which makes it very outdated and irrelevant nowadays. In terms of trading tools, this broker offers an Economic Calendar on their website.

Customer Service

Clients wanting to get in touch with this broker can do so by requesting a call back via an online form found on their contact page. Strangely their Contact Us page does not include any of the usual information customers expect to find such as an address, email address, and telephone numbers. We did request a call back to clarify many details about their service, however, we did not receive any feedback within 24 hours, even though we contacted them during business hours on weekdays.

Demo Account

FXTSWISS does offer a demo account that enables their clients to test out their trading strategies on Forex, Oil, Gold, and Silver. Clients can choose either $5,000, $10,000, $50,000, $100,000 or $5,000,000 to be in their demo account. The broker does not state whether demo accounts expire after a certain amount of time.

Countries Accepted

The broker makes no mention of restricted countries when it comes to using their service. We also had a look at their country of residence list and we did not notice any missing countries.

Conclusion

FXTSWISS is a forex broker that was added to the RED (Registration Deficient List) by the U.S Commodity Futures Trading Commissions back in April 2017. Apart from the that this broker is not authorized or regularized by any regulatory body, we also found a ton of missing information on their website such as account characteristics, trade sizes, withdrawal, and deposit information, and updated education content. The lack of a terms and conditions document is also worrying because this implies that clients will be investing their money without knowing the full conditions they should expect.

Their educational content leaves much to be desired as most of it was very outdated and their customer service support is lacking as we were left without any answer after 48hours of contacting the broker. Adding this to the number of negative online comments we found about this broker, we can safely assume that this might not be the safest broker to invest your hard-earned money with. However, if you are still interested in this broker, head on to their website and request a call back to clarify any information.

Tags Forex Broker Review, FXTSwiss, FXTSwiss Review

Forex Brokers

Tao Trade Review

Tao Trade is a Greek online foreign exchange broker that is registered and regulated by the Hellenic Capital Market Commission. They claim to offer a comprehensive online trading course, useful market tools, and a personal Account Manager. They also claim to provide access to free education, trading tools, offer a high-class customer service team, multiple […]

Account Types

There are a massive 7 accounts available to retail clients, we have outlined their major features below.

Basic Account: This account requires a minimum deposit between $200 to $1,999. It comes with access to a free eBook, training, personal account manager, trading insider, one-click trading, and pop-up alerts.

Discovery Account: This account requires a minimum deposit between $2,000 to $4,999. It comes with access to a free eBook, training, personal account manager, trading insider, one-click trading, and pop-up alerts. It also has a 10% price discount.

Silver Account: This account requires a minimum deposit between $5,000 to $9,999. It comes with access to a free eBook, training, personal account manager, trading insider, one-click trading, and pop-up alerts. It also has a 20% price discount and access to the trading central education center.

Gold Account: This account requires a minimum deposit between $10,000 to $14,999. It comes with access to a free eBook, training, personal account manager, trading insider, one-click trading, and pop-up alerts. It also has a 30% price discount, 17% rollover (swap) discount, and access to the trading central education center.

Diamond Account: This account requires a minimum deposit between $15,000 to $29,999. It comes with access to a free eBook, training, personal account manager, trading insider, one-click trading, and pop-up alerts. It also has a 40% price discount, 20% rollover (swap) discount, and access to the trading central education center.

VIP Account: This account requires a minimum deposit between $30,000 to $44,999. It comes with access to a free eBook, training, personal account manager, trading insider, one-click trading, and pop-up alerts. It also has a 50% price discount, a 33% rollover (swap) discount, and access to the trading central education center.

VIP+ Account: This account requires a minimum deposit of $50,000 or more. It comes with access to a free eBook, training, personal account manager, trading insider, one-click trading, and pop-up alerts. It also has a 60% price discount, a 50% rollover (swap) discount, and access to the trading central education center.

Platforms

The platform on offer is called PROfit, it is available as both a web trader and as a mobile application for your devices. Some of its features include a clear design with an easy-to-use interface, one-click trading orders, on-time trading alerts, real-time quotes, powerful trading tools, easy navigation, a set of charts and daily analysis, and no downloads or installations required for the web trader version.

Leverage

Tao Trade follows the recommendations from the ESMA which state that leverage limits on the opening of a position by a retail client from 30:1 to 2:1, which vary according to the volatility of the underlying:

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

If you are eligible to use a professional account then your leverages change to:

200:1 for major currency pairs;
200:1 for non-major currency pairs, gold, and major indices;
100:1 for commodities other than gold and non-major equity indices;
10:1 for individual equities and other reference values;
10:1 for cryptocurrencies

Trade Sizes

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

Trading Costs

Looking through the site it does not appear that there are any commissions added to the accounts as they use a spread-based system. There are however rollover charges which are charged when holding trades overnight and they are 0.015% for all assets except for Cryptocurrencies which has a 2% rollover for retail traders and 0.1% for professional traders.

Assets

The assets have been broken down into a number of different categories. We have outlined them below along with the instruments within each category.

Forex: AUDCAD, AUDCHF, AUDJPY, AUDNZD, AUDUSD, CADCHF, CADJPY, CHFJPY, EURAUD, EURCAD, EURCHF, EURCNY, EURGBP, EURJPY, EURNOK, EURNZD, EURPLN, EURRUB, EURSEK, EURUSD, EURZAR, GBPAUD, GBPCAD, GBPCHF, GBPJPY, GBPUSD, GBPZAR, NZDCAD, NZDCHF, NZDJPY, NZDJPY, USDCAD, USDCHF, USDCNY, USDDKK, USDJPY, USDMXN, USDNOK, USDPLN, USDRUB, USDSEK, USDSGD, USDZAR.

Cryptocurrencies: Bitcoin, Ethereum, Ripple, Litecoin, Dash.

Spot Commodities: Aluminum, Cobalt, Gold, Silver, Tine, and Zinc.

Equities: Plenty of equities and shares are available including the likes of Apple, Coca-Cola, eBay, Disney, and Intel.

Indices: ASX 200, CAC 40, DAX, Dow Jones, EURO 50, FANG, FTSE, HANG, JSE, IBEX, MIB 40, Nasdaq, Nifty, Nikkei, OMXH 25, OMXS 30, S&P 500, VIG, and WIG 20.

Commodities: Brent Oil, Coffee, Copper, Corn, Cotton, Crude Oil, Natural Gas, Palladium, Platinum, soybean, Sugar, and Wheat.

EFTs: FAS, iShares iBocxx, NIGT, QQQ, SSO, TNA, UCO, UPRO, UVXY and, UWT.

Spreads

Spreads seem to start around 1 pip, the spreads are variable and move with the markets so they will always be changing. Different instruments will also have different starting spreads, so some will naturally be higher than others.

Minimum Deposit

The minimum amount required to open up an account is $200 which allows you to use the Basic account. We do not know if this amount reduces once an account has already been opened.

Deposit Methods & Costs

The funding information page indicates Credit/Debit Card, Bank Wire Transfer, and Skrill, however at the bottom of the site there is an image of PayPal, but we are not sure if that method is actually available or not. There isn’t any information on any potential fees but also none to say that there aren’t any, we would always recommend contacting the provider you are using to see if they add any outgoing transfer fees of their own.

Withdrawal Methods & Costs

You can withdraw back to the same method that you used to deposit with. So these are Credit/Debit Card, Bank Wire Transfer, and Skrill, and possible PayPal. Once again there is no mention of any fees but be sure to check with your own bank account or processor for any added fees.

Withdrawal Processing & Wait Time

Withdrawal requests will be processed by Tao Tarde within 1 business day. It will then take an additional 1 to 5 business days based on the method you use and their own processing times.

Bonuses & Promotions

There doesn’t appear to be any active promotions or bonuses taking place so if you are thinking of joining and want to know if there are any coming up, you could always contact the customer service team to find out.

Educational & Trading Tools

There are a few different tools available, the first is an economic calendar that details different upcoming and past news events and the potential impact that they can have on the markets. There is a simple page showing the history of forex and a page telling you how to use different charts. Finally, there is also a glossary available which tells you the meaning of different trading-related terms. The account page also mentions a trading central and trading insider but we do not have any information about these.

Customer Service

You can get in contact with the customer service team in a number of different ways and they are available 24 hours a day from Sunday to Friday. You can contact them using the online submission form, phone number, postal address, and various emails for customer services, dealing desk, complaints, and company info.

Address: 4, 28th October Street, Marousi, Greece.

Email: [email protected]

Phone: + 39 068 3464810

Demo Account

We did not notice anything on the site which indicated the demo account so we are not sure if they are available or not. If they aren’t then it is a shame as they allow potential clients to test out the markets or existing clients to practice new strategies without any risk.

Countries Accepted

The following statement can be found on the website: “VIE FINANCE A.E.P.E.Y S.A. does not provide services to the territories of the USA, Canada, Belgium, and Iran.”

Conclusion

The accounts on offer don’t seem to have different trading conditions, just additional account features. We do not know for certain if there are any additional commissions as the accounts use a spread-based system. There are plenty of assets available to trade which is great too. There was a little confusion with the funding methods as PayPal is not mentioned but its image is present on the site. We also do not know if there are any added fees for the depositing or withdrawal of funds.

Tags Forex Broker Review, Tao Trade, Tao Trade Review

Forex Brokers

Starfish FX Review

Starfish FX is a UK-based foreign exchange broker located in Northampton. They are not giving a lot of information about themselves away and so there is a limited amount about them on the site. Some of their main selling points stated by themselves are that they offer ECN accounts with interbank liquidity, offer more than 250 products, including forex derivatives, have greater accessibility, top-notch service and support, and a shared wallet. We will be looking deeper into the services that are being offered to see what really is on offer from Starfish FX.

Account Types

There are three different account types available, there isn’t a whole lot of information about them but we have outlined the information that we do know below and as we go through the review we will outline any differences between them within each section of the review.

Star Prestige Account: This account requires a minimum deposit of $5,000, the account comes with trade sizes starting at 0.1 lots and can be leveraged up to 1:500. There are no restrictions on trading strategies and it is an ECN account. There is an added commission of 1 pip per lot traded and spreads can start from as low as 0.2 pips.

Premium Account: This account requires a deposit of at least $30,000 in order to open it up. The account comes with some additional tools such as adaptive indicators, trade aid, and others that will help with your trading and analysis. The account will close if the balance falls below $20,000.

VIP Account: This account will require you to deposit at least $100,000 in order to open it, the account comes with some other requirements such as trading 100 lots for 6 consecutive months. The account comes with some additional benefits such as interest on earnings, and cash rebates for trades during your birthday month.

Platforms

Starfish FX offers MetaTrader 4 as its trading platform of choice and it is the only one available, the good news is that MetaTrader 4 is one of the world’s most used trading platforms, and for good reasons. It is filled with plenty of features to help with both your trading and analysis. It has the ability to display multiple charts in multiple timeframes, it has compatibility with thousands of expert advisors and indicators to help customize your trading experience to suit your needs. It can also be accessed as a desktop download, mobile application, or as WebTrader within your internet browser. MetaTrader 4 is a great platform to be using and it is good to see it on offer from Starfish FX.

Leverage

The maximum leverage available on the Star Prestige account is 1:500, however, it depends on the balance that you have in the account, we have listed the requirements below.

Balance in Account	Available Leverage
$10,000 and below	1:500
$10,001 to $20,000	1:400
$20,001 to $30,000	1:200
$30,001 and above	1:100

There isn’t any additional information about the other two account types, but as they each require a deposit of more than $30,000 we would expect the maximum leverage to be 1:100 for both of them.

Trade Sizes

Trade sizes on the Star Prestige account start from 0.1 lots which are known as a mini lot. We do not know what the increments of the trades are or what the maximum trade size is, there is also no information about how many open trades you can have at any one time. The other two accounts do not have any information provided about them so we do not know what the trading sizes for those two account types are.

Trading Costs

The Star Prestige account has an added commission of 0.5 pips per trade side, so that is 0.5 pips when opening the trade and also 0.5 pips when closing the trade, this means that the total commission of 1 pip per lot traded. If you manage to trade 22 lots in a month, the commission is reduced down to 0.8 pips per lot traded, so a 0.2 pip discount. Once again there is no additional information about the other two accounts so we do not know what the added commissions on them are, but we suspect that there are some.

Assets

There isn’t a full breakdown of the available assets on the site, instead, they simply state that you should use their trading platform and look at the market watch within it, this isn’t a very user-friendly way to do it as many potential clients may want to see what is available prior to signing up or downloading anything. We do know that you are able to trade forex, commodities, indices, and more, but not exactly which instruments are available.

Spreads

The spreads on the Star Prestige account average from 0.2 pips to 0.6 pips. The spreads are variable which means that they will be influenced and move with the markets, the more volatility that there is in the markets the higher the spreads will be, also different instruments will have different starting and average spreads so some will naturally be higher than others. We do not know if there are any differences between the Star Prestige accounts and the other two account types in regards to their spreads.

Minimum Deposit

The minimum deposit required to open up the Star Prestige account is $5,000 if you want the Premium account you will need to deposit at least $50,000 and for the VIP account, you will need to deposit at least $100,000. The site doesn’t state that the deposit reduces once an account is open but we suspect that it would worth considering the fact that the initial deposits are so high.

Deposit Methods & Costs

You are able to deposit using Visa, MasterCard, Bank Wire, China UnionPay, and Skrill. When depositing you should take note that some of the methods have different deposit limits, so if you are after one of the higher tier accounts you will be limited in the methods available to you. There are also fees, we have outlined them below.

Visa: 4% fee, but there is a 6% bonus to offset this fee
MasterCard: 4% fee, but there is a 6% bonus to offset this fee
Bank Wire: Fee of 10-40 USD for each transaction
China UnionPay: 2% fee, but there is a 3% bonus to offset this fee
Skrill: 3% fee, but there is a 4.5% bonus to offset this fee

Withdrawal Methods & Costs

The same methods are available for deposit with, for clarification they are Visa, MasterCard, Bank Wire, China UnionPay, and Skrill. There are also fees for using some methods which we have once again outlined below.

Visa: No fee, just bank transfer fees
MasterCard: No fee, just bank transfer fees
Bank Wire: Fee of 10-40 USD for each transaction
China UnionPay: No fee, just bank transfer fees
Skrill: No fee mentioned

Withdrawal Processing & Wait Time

The processing times aren’t stated however we would hope that any withdrawal requests would be fully processed within 1 to 7 working days from the request being made, we cannot say this for sure though.

Bonuses & Promotions

There are a few different bonuses available but there don’t seem to be any terms for them, so our actual understanding of the bonuses is pretty limited. There is a 10% bonus on deposits, both the first deposit and subsequent deposits, we do not know how to convert the bonus funds into real funds though. When using the VIP account, you can receive a 2.5% interest on your account margin and you also receive $2 cashback per lot traded when trading within the month of your birthday. Again, the full terms of both of these are not fully known to us.

Educational & Trading Tools

There are a few smaller tools and educational pieces available, the first is an economic calendar that details upcoming news events and also shows what impact they could have on the markets. There are also some tutorials on how to trade that talk you through the basics of trading and analysis.

There are two main tools on offer, the first is adaptive indications, these monitor the charts and then give you entry points and they can be used to predict future movements. The second tool is called TradAid, this is an indicator that helps you look at support and resistance levels as well as a few other aspects to help with your analysis and trading.

Customer Service

The customer service is available 24 hours a day, they can be contacted using a postal address, email address, or phone number, so there is a range of ways to get in contact with them

Address: Starfish Markets Limited, 6 Prospect Way, Royal Oak Industrial Estate, Daventry Northamptonshire, England NN11 8PL

Email: [email protected]

Phone: +852 8191 7339

Demo Account

Demo accounts are available, you can sign up for one using the online form. The trading conditions will mimic those of the accounts and conditions mentioned throughout this review. The demo account will allow you to test out the markets and strategies with no real risk, we do not know if there is an expiration on these accounts.

Countries Accepted

The following statement is shown on the website:

Starfish FX’s services and all trading products including but not limited to CFD, Forex and Forex Derivatives are not available to both U.S Residents and U.S Citizens.”

If you are still not sure of your eligibility, then you should contact the customer service team to ensure you are eligible for an account prior to signing up for one.

Conclusion

The initial deposit amounts to trade with StarFX are quite high, the different accounts don’t seem to have different trading conditions, rather other features make them more unique. The trading conditions seem reasonable, the spreads are relatively low and the commission is just 1 pip per lot traded. There are a number of ways to deposit and withdraw which is good, but there are fees despite the site stating that there aren’t any, the fees are returned as a bonus but we do not know what the terms of these bonus funds are. There is also no information about available assets. It costs a lot to get started and with the little bits of missing information it could be concerning to deposit so much into a broker you don’t know everything about, whether or not you will use them, it is up to you.

Tags Forex Broker Review, Starfish FX, Starfish FX Review

Forex Brokers

NessFX Review

NessFX (formerly Rynki) claims to be an STP broker and offers to trade online on a wide variety of financial assets, including Forex, CFDs, stock indices, commodities, bonds, and stocks. Straight Through Process, or STP, brokers operate almost as well as ECN brokers. That is, they connect their client’s operations with the broker’s liquidity providers, […]

ACCOUNT TYPES

NessFX offers its customers 3 different account types, taking into account different types of traders. Its main features are as follows:

PLATFORMS

NessFX offers the MT4 platform, which is available in all versions, desktop version, for use on a computer, and web and mobile version for use on smartphones and tablets. NessFX customers who have a balance of $2,000 or more in their account can apply for free VPS hosting; it is a virtual computer that can be used to host their EAs. However, when we downloaded the MT4 from the broker, we noticed that it is provided by another company, called Belfx limited, a company registered in Belize.

LEVERAGE

NessFX differentiates between retail clients and professional clients, thus offering different leverages to each of them. Here is the summary:

Retail Clients, 30:1 for major currency pairs
20:1 for non-major currency pairs, gold and major indices
10:1 for commodities other than gold and non-major equity indices
5:1 for individual equities and other reference values
Professional Clients: 1:500

As we see, the maximum leverage offered by NessFX is 1:500, which is a very high rate, knowing the risks involved, and the fact that Cysec recommends brokers regulated by it, offering predetermined leverage of 1:50.

When using very high leverage levels, the trader can quickly lose or earn a lot of money with small market swings. That’s why in some jurisdictions, leverage is limited by law: in the U.S. and the United States. Until 1:50, in Japan up to 1:25, and in Poland up to 1:100. By the way, in the Polish version of NessFX’s website, the maximum leverage indicated is 1:100.

TRADE SIZES

With this broker, we can start trading from only 0.01 lot (micro lot).

NessFX Margin Requirements

TRADING COSTS

Spread, trading fees and swap determine trading costs. The spreads, we have considered, are slightly elevated. The VIP account seems to offer good spreads, but its initial investment requirements are too high. (25,000 USD). There are no commercial batch commissions on the Basic, and Pro accounts. There are commissions in the VIP account, but they are not reported on the broker’s website.

On the other hand, we have the Swap, a standard cost for all brokers. The Swap is any position held overnight, which will incur a maintenance cost (interest). This amount can be negative or positive depending on the instrument and the direction of the position, and its amount is fixed by the central banks of the base currency of the open position.

ASSETS

NessFX offers its customers quite a variety of assets to trade with. Below are just a few of what is available.

SPREADS

Spreads vary by account type. Below is an example of spreads and trading conditions on the Micro account:

MINIMUM DEPOSIT

The broker establishes a minimum deposit for each of the 3 accounts he offers, so in the basic account the minimum deposit is only USD 50, in the Pro account the minimum deposit is USD 10,000, and in the VIP account the minimum deposit is USD 25,000. The commercial conditions in the VIP account are indeed good, but a minimum deposit of 25,000 USD seems excessive.

DEPOSIT METHODS & COSTS

NessFX offers its customers different methods to make the initial deposit into your trading account. This is the summary of available methods and associated costs:

NessFX processes withdrawal requests within 24 hours. Below is a table of the estimated waiting times:

BONUSES & PROMOTIONS

NessFX does not currently have any bonuses or promotions. This broker does not have any broker introduction program either.

EDUCATIONAL & TRADING TOOLS

The broker has an economic calendar on his website. We have always commented that this tool is handy for any trader, because in it we can visualize the most important daily events, and that can affect the trading of the assets we are trading.

NessFX also has a Learning Center with several readings oriented to the beginner trader. The topics it deals with are: Introduction To Forex Trading, Learn Trading Terms and Technical Jargon, Understanding Forex Quote, How to Analyze the Market, Introduction to Trading Platform, Introduction to Forex Charts, Introduction to Candlestick Patterns, and Common Trading Mistakes and How to Avoid the Traps.

They also have a reasonably complete FAQ trading with questions regarding Forex / CFD Market & trading conditions.

CUSTOMER SERVICE

NessFX offers its customers 3 main ways to contact their customer service, telephone, email, and a contact form that you will find on their website. The data are as follows:

DEMO ACCOUNT

To get the demo account offered by NessFX, just fill out a form with your personal data, and they will respond with the instructions for installation.

COUNTRIES ACCEPTED

NessFX.com does not provide trading or any other services to residents of the following countries and regions: Belgium, Russia, Quebec, Japan, Turkey, Canada, British Columbia, Saskatchewan and the United States of America.

CONCLUSION

NessFX is one of the forex trademarks of Fxnet Ltd. This broker seems to be primarily aimed at Polish traders. The company behind NessFX is appropriately regulated in Cyprus, but on the other hand, its spreads are high and, besides, the MT4 it offers is provided by another company. The educational area and the tools for traders available on the web are more than acceptable.

To summarize the above, here are the advantages and disadvantages concerning this runner:

Advantages:

Proper regulation (Cysec)
MT4 available
A relatively low minimum initial deposit is required
Excellent educational and resource area for the client

Disadvantages:

Spreads are relatively high
MT4 provided by another company

Tags Forex Broker Review, NESSfx Review, Rynki Review

Forex Brokers

JMI Brokers Review

JMI Brokers AG is a Swiss legal corporation that has a registered office in ZUG (Registration no. 334-229-499) however they are licensed as a Financial Services Provider by Vanuatu Financial Service Commission (license no. 15010). JMI Brokers is incorporated in St. Vincent and the Grenadines as an international business company (registration no. 2375 IBC 2019).

According to their About Us page, this broker has managed to become a prominent financial services company with a vast client base in the Middle East, Europe, Gulf, North Africa, and the Far East. JMI Brokers offer retail, institutional, IB, and also White label clients the opportunity of trading a variety of assets on automated trading platforms. Clients can choose from three account types, as well as a swap-free option for clients of the Islamic faith. They offer tight spreads, low margin, 24hour support, competitive 2-way pricing, transparency, instantaneous auto trade executions, hedge capability, and flexible lot sizes.

Join us as we delve into their website, which is brimming with information, as we discover what this broker has to offer to those interested in opening up an account with them.

Account Types

Clients wanting to open up an account with JMI Brokers have 3 account types to choose from namely; the Micro Account, the Standard account, and the Professional account.

The Micro account is the cheapest account to open as it has a minimum deposit requirement of $100. This account is ideal for those traders wanting to trade smaller transactions (1k or 0.01 Lots). Like the other accounts, clients using the Micro can make use of leverage of up to 1:400 and they can trade Forex, Precious Metals, Equity Indexes, and Energies. This account can also be opened as a swap-free account that is catered towards clients of the Islamic faith.

The Standard account is slightly more expensive to open as its minimum requirement is $500. This account comes with low trading rates with spreads being around the 2Pip mark on the major currency pairs offered by this broker. This account is fee-free however the leverage offered is lower than that of the mini at 200:1. This account also comes with fully automated margin liquidation and no capital gains on tax profits.

As the name implies, the Professional Account is ideal for experienced traders that have been in the trading industry for quite some time. The minimum deposit requirement for this account is quite steep at $50,000 and the leverage offered is the lowest from the three accounts at 100:1. Spreads on this account are quite low as they start at 2Pips on EUR/USD, USD/JPY, and AUD/USD.

Here is a breakdown of each account’s main characteristics.

Micro Account

Minimum deposit requirement: $100
Spreads starting from NA
Commission: No
Leverage: 1:400

Standard Account

Minimum deposit requirement: $500 to $5000
Spreads starting from 2Pips
Commission: No
Leverage: 1:200

Professional Account

Minimum deposit requirement : $50,000
Spreads starting from 2Pips
Commission: No
Leverage: 1:100

To open up any of these accounts customers are asked to download the Customer Account Agreement, which you can find on the site, read the full document, and sign once you are happy with all the terms and conditions which are placed by JMI Brokers and send over the documents required (Proof of Identity and Proof of Address). Unlike most brokers, this one actually opens up the account for the customers themselves after all documents are verified. Once the account is created the broker sends a confirmation letter containing the username and password for the customer’s account. After the customer signs this off and sends it via fax or via email, the customer would be able to fund the account and start trading. This does seem like quite a long process; however, it shows a level of seriousness from the broker’s side.

Customers can also opt to have several sub-accounts belonging to their main account. This can be done by simply filling in the sub-account form and sending it via email to the broker.

You can find more information about the above-mentioned accounts on the broker’s website.

Platforms

JMI Brokers offer the popular MT4 platform to their clients. This platform is popular worldwide for a number of reasons such as, it is multilingual so that helps in eliminating communication problems, market watch, a multitude of charts that can be very beneficial to traders, especially those just starting out, trailing stops, and a trading terminal and so much more advantages that we can never list them all. This broker also has a number of Key features explained in detail on their Platforms page, which can be beneficial for those who are new to trading or those who have never used the MT4 platform before. This platform can be used on desktop, Iphone, and Ipad devices, Android, and also windows mobile.

Leverage

This broker offers different leverages according to the account type the customer has chosen to open. The highest leverage can be found on the Micro Account which has a high quite a leverage of 400:1. The Standard account has a leverage of 1:200 and the lowest leverage is available on the Professional account at 1:100.

Trade Sizes

It appears that the Micro Account is the only one that allows clients to trade small sizes starting from 0.01 Lots. The other 2 accounts seem to have a minimum trade size that is equivalent to $100,000 for Major Forex Currencies. There is no information regarding the maximum trade size available on the three available accounts offered by JMI Brokers.

Trading Costs

We confirmed via live chat that none of the accounts have commissions or fees associated with them. This is also stated on their site, but we wanted to be certain that this is the case. It seems like this broker makes all its profit via spreads and not by imposing commission on each trade, however, on their Trading products page we did see mention of a commission rate, however, no clear explanation of how much this commission would be was mentioned.

Assets

JMI Brokers has quite a variety of assets available for trading including over 25 Forex currency pairs as well as Future (OTC) Currencies, Silver and Gold as precious metals, Natural Gas and Light Sweet Crude Oil for Future (OTC) Energies, E-Mini Nasdaq 100, E-Mini S&P 500 and Dow Jones as Future (OTC) Indices and quite a long list of CFDs including CitiGroup Inc., Ebay Inc, General Electric and American Int. Group Inc just to mention a few. You can find the full list of available assets including their contract sizes, exchange, cost of point, and trading hours on the broker’s Trading Products page.

Spreads

Spreads available on the Micro account are not explained however both the Standard and the Professional accounts have a list of the average spreads customers might encounter when trading on these two account types and their spreads seem to be quite similar.

The popular EUR/USD currency pair has a spread of 2 Pips on both the Standard and the Professional account, which is slightly higher than the industry standard. You can find a full list of the spreads one should expect when trading with this broker, however, the information on the list might not be 100% accurate to the market conditions encountered when placing your trades.

Minimum Deposit

The minimum deposit requirement is different for each available account. The cheapest one to open up is the Micro account that requires only $100 to start up. This requirement is quite affordable to those just starting out in the industry as well as those traders that are not intending to trade very big lots. The Standard account has a minimum requirement of $500 whilst the Professional account has a very high minimum deposit requirement of $50,000.

Deposit Methods & Costs

This broker accepts deposits via multiple payment methods including, Visa, American Express, MasterCard, Neteller, Bank Wire, Coin Base, Epay, and advcash just to mention a few. There is no available information regarding any fees or commissions that might be applied to deposits. However, when speaking to their customer support we were informed that there are no added fees for funding your account. Customers can only deposit funds via deposit payments in their own name.

Withdrawal Methods & Costs

Customers can withdraw their funds using any of the above-mentioned payment methods. Their customer support informed us that there are no commission fees applied to any withdrawal method apart from fees that may be incurred by the customer’s respective banks.

Withdrawal Processing & Wait Time

Unfortunately, there is no information regarding the processing and wait time customers may encounter when withdrawing their funds so we cannot comment on this for the time being.

Bonuses & Promotions

At the moment, this broker does not have any promotions or bonuses on offer, however, check their website every now and again to see if any have been added.

Educational & Trading Tools

JMI Brokers offer a very extensive Education Centre that is made up of a number of articles that are short, to the point, and easy to understand. These articles cover a number of topics such as; Forex pricing, understanding currency pairs, basic concepts of technical analysis, moving averages, diversification, ideas on trading news, and pattern recognition just to mention a few. This educational center can provide a good basic understanding of trading for beginner traders that are still discovering this diverse and ever-evolving industry.

Apart from the education contact available, this broker also offers daily fundamental analysis as well as a daily technical analysis to help their customers make the right choices when trading on their JMI accounts.

Customer Service

Customers wanting to get in touch with this broker can do so via telephone, email, FAX, live chat, or by requesting a callback. We had a very pleasant experience on their live chat as we were assisted by a friendly and well-informed customer service agent. Their live chat response is quick, and we were given answers within seconds.

Telephone- + 971 44096705

Fax – +971 44096740
Email – [email protected]

On the JMI Brokers website, you can also find the contact information of their Egypt office.

Demo Account

JMI Brokers does offer a demo account for clients to test out their trading conditions. We could not find any specific details about this demo account apart from a simple online form that customers must fill in to create their demo account.

Countries Accepted

JMI Brokers do not have any restrictions and accept customers from all over the globe.

Conclusion

JMI Brokers is a regulated broker with offices in Dubai and Egypt. Their website, which is quite user-friendly, has a lot of information including an extensive education center. The broker offers 3 types of accounts that should cater to traders of different levels and on these accounts customers can trade a very large number of assets. They also offer swap-free accounts catered for Islamic clients, as well as a demo account for customers to test out. Their minimum deposit requirements vary according to the accounts and they do not charge any commission for depositing or withdrawing funds. They offer the most popular trading platform available, the MT4, and their customer support is very quick and efficient.

Tags forex broker reviews, JMI Brokers, JMI Brokers Review

Forex Brokers

FXTRADING.com Review

As required by Australian law, FXTRADING.com (formerly Rubix FX) is the registered name of Gleneagle Securities Pty Ltd. Gleneagle Securities Pty Ltd holds ASIC license No. 337985. All client funds are stored in the segregated account of AA-rated Westpac Bank, in accordance with strict additional requirements and standards, to ensure that customer funds are protected […]

Founded in 2014, FXTRADING.com is a broker with more than 70 currency pairs, several CFDs, and precious metals for trading on the popular MT4 platform. FXTRADING.com is the registered trade name of Gleneagle Markets Pty Ltd and Gleneagle Markets Pty Ltd, which are authorized corporate representatives of Gleneagle Securities Pty Limited, a company that is regulated by ASIC. Gleneagle Securities is an institutional broker that offers its liquidity to Global Prime and FXTRADING.com.

ASIC requires licensed companies to meet specific requirements and meet several standards. Client funds should be kept in segregated accounts separate from the broker’s operating account. According to the FXTRADING.com website, customer funds are held in a segregated account at Westpac Banking Corporation.

As for minimum capital requirements, Australian foreign exchange brokers must have at least $ 1 million to trade legitimately. By comparison, the FCA in the UK and Cysec in Cyprus require brokers to hold at least EUR 730.000 and EUR 1.000.000, respectively. However, unlike European regulators (based in Cyprus and the UK), Australian brokers are not guaranteed by any compensation scheme.

ACCOUNT TYPES

FXTRADING.com has 4 different account types to offer to its customers. These accounts have a maximum leverage of up to 1: 400, variable spreads, and the option to trade in micro-lots. The standard account has no commissions, while the rest of the accounts offer tighter spreads and a commission for an ECN business environment.

Standard Account: Spread from 1.0 pip. Aggregated liquidities from over 20 commercial Banks. Fast Market Execution Trading. Minimum deposit $ 200. Minimum trading volume 0.01 lots. Maximum Leverage 1: 400. Direct Trading Execution Model. Supporting all major currency pairs. Allow EA/hedge strategies. Accessible with auto trade tools. Order directly processed by the inter-banks.

Professional Account: No Commission. Ultra-fast Trading Execution Technologies. Multi-bank Liquidity. Level II Pricing – Market Depth. No Restrictions on Trading. Minimum deposit $ 500.

PLATFORMS

This broker supports the industry’s most popular trading platform, Metatrader 4. MT4 provides all the tools and features that a trader needs: a wide variety of technical indicators, an advanced graphics package, a tasty variety of Expert Advisors, and a comprehensive testing environment with historical data.

If you are running an EA, it is very important that your platform is connected to a server 24 hours a day. The best option, in this case, is hosting on a VPS (Virtual Private Server) and FXTRADING.com offers this solution for its customers through an agreement with Beeks FX. The expenses of a VPS vary from USD 29 to USD 98 per month, depending on the volume of operations.

Also, FXTRADING.com customers who wish to trade copies can use the Myfxbook Autotrade. Autotrade is a third-party technology made available to FXTRADING.com customers through the Metatrader 4 application. Myfxbook manages duplication service or commercial copy technology.

LEVERAGE

FXTRADING.com customers are eligible for a leverage of up to 1: 400, which is considered high, as standard leverage is set at 1: 100. Higher leverage implies a higher risk of loss, although it can also lead to succulent profits. Leverage is an element that you have to know how to control.

TRADE SIZES

The trade size offered by FXTRADING.com for all your accounts is 0.01 lot (micro lot).

TRADING COSTS

FXTRADING.com spreads on standard accounts are within the average of 1.0 – 1.5 pips in EUR/USD, starting from 1.0 pips. However, spreads on ECN accounts are really good, averaging 0.3 pips in EUR/USD and involving a $2.5 commission per lot traded. In summary, the trade costs for these account holders amount to about 0.8 pips per lot for this pair, including commission, which is an excellent price. Although you have to keep in mind that you must invest at least $ 1000 to qualify for these spreads.

Another cost to consider is the Swap, a cost that you will have with all the brokers unless you have an Islamic account that lacks them. The Swap is any position held overnight, which will incur a maintenance cost (interest). This amount can be negative or positive depending on the instrument and the direction of the position, and its amount is fixed by the central banks of the base currency of the open position.

ASSETS

With FXTRADING.com we can trade with Forex, Indices, and Commodities. Here is the listing of all the assets we can trade with this broker:

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

Indices: AUS200, DE30, ES35, France 40, JP225, STOXX 50, SWI20, UK100, US30, US500, and USTEC.

Commodities: XAGUSD, XAUUSD, BRENT, and WTI.

SPREADS

FXTRADING.com provides us with information about its spreads in Forex, Indices, and Commodities. The lowest spread we were able to find was 0.3 pips. Spreads were quite a bit higher than this on the rarer assets.

MINIMUM DEPOSIT

FXTRADING.com requires its customers an initial minimum deposit of $200 to open a Standard Account, which is an average initial amount in the industry.

DEPOSIT METHODS & COSTS

FXTRADING.com puts different methods at the disposal of its clients to make deposits in the accounts. The methods available are:

Bank Transfer, Credit or Debit Card (Visa or Mastercard), Poli-Pay, and Neteller.

Bankcard, Poli-Pay, or Neteller deposits are instantaneous. Bank transfers take between 1 and 3 days to reach your account.

The broker does not report any fees for deposits.

WITHDRAWAL METHODS & COSTS

Withdrawals may only be made by bank transfer to an account in the name of the holder of the trading account. The broker does not charge a commission for withdrawals.

WITHDRAWAL PROCESSING & WAIT TIME

The process and waiting time for bank transfer withdrawals, which is the only possible withdrawal method, range from 3 to 5 business days.

BONUSES & PROMOTIONS

They currently have a promotion in which they apply a 10% bonus on the next deposit made by a customer. The promotion is not valid for Chinese citizens. It is necessary to meet the conditions of lots marketed that are not reported on the web.

The broker has an Introducing Broker program. What is it?

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

EDUCATIONAL & TRADING TOOLS

FXTRADING.com has an analysis and education section. In it, we can find a Trading Training, which contains An introductory course, Trade analysis, Trading strategies, and MT4 tutorial. Another section with Advanced Techniques, The advanced strategy, Economic principles, and MT4 advanced.

It also has a gallery of e-books, in which we can find the following topics: What is the foreign exchange market, quickstart, Beginner’s strategy, Conceptual glossary, Global Exchange, Transaction psychology, Capital management, Market analysis, Basic technical analysis, advanced technical analysis, and advanced strategy.

It also has an updated economic news section and an economic calendar that we always consider of interest to the trader, because it appears the most relevant daily events and that can affect the trade of certain assets.

CUSTOMER SERVICE

To get in touch with FXTRADING.com customer service, we have 4 main routes, telephone, email, a contact form that you will find on the web, and a live chat. The data collected are as follows:

Phone: + 61 2 9099 4288 Fax + 61 2 9098 5067

Email: [email protected]

Level 27, 25 Bligh Street Sydney NSW 2000 Australia

DEMO ACCOUNT

Fortunately, FXTRADING.com offers a Demo account to its customers on the MT4 platform. Just fill in your personal data in a form, and the broker will respond in an email with the instructions for installation and use.

COUNTRIES ACCEPTED

FXTRADING.com is unable to open accounts for the following states and jurisdictions at this time, America (USA), Ontario Province inside Canada, North Korea, Vanuatu, and Iran.

CONCLUSION

FXTRADING.com is an Australian forex broker, well regulated by ASIC but without its own license. We have found the trading conditions to be quite useful. It has a tasty variety of 4 accounts in which you can start with a minimum deposit of 200 USD, which is a reasonable requirement. The leverage is up to 1:400, which seems to us very high, but the trader can lower it to 1:100 if he wants. It has an excellent educational area and tools for the trader. It currently has a promotion valid until the end of March 2020, in which they pay you 10% of your next deposit meeting specific requirements of the volume of trade. It is primarily a Forex broker, and the variety of currency pairs it offers is sufficient. It has the MT4 platform, which is always good news.

To summarize, here are the advantages and disadvantages concerning FXTRADING.com:

Advantages:

MT4 platform available
ECN environment
Low commercial costs
Trading copy platform (Autotrade) available
Good educational tools and of interest to the trader
Leverage up to 1: 400
It offers a Demo account

Disadvantages:

Does not have a license of its own (is an authorized representative)

Tags forex broker reviews, FXTRADING.com, FXTRADING.com Review, Rubix FX

Forex Brokers

TTS Markets Review

TTS Markets is a broker that offers trading with more than 60 financial instruments, including Forex, commodities, and indices, on two trading platforms: Metatrader 4 and Metatrader 5. According to the information on the broker’s website, the company behind the trademark TTS Markets is Tamil Trading Services Ltd. This company is based in Belize and […]

However, when we tested your MT4 demo platform, which is provided by another forex broker (Richly Active Limited), we found only twenty pairs of forex and precious metals available for trading. What we like least is that TTS Markets is not regulated.

As we have said in other reviews, trading with an off-shore broker has some risks. Regulation in Belize is better than having nothing. Unlike the UK FCA and other financial institutions, IFSC has rather light control over foreign exchange brokers. But regulation in Belize is undoubtedly better than most offshore destinations. IFSC sets a minimum capital requirement for derivatives brokers, and commodities brokers of USD 500,000, which is to demonstrate the financial solvency of the company. Also, it charges an annual leave fee of $25,000. Also, IFSC requires licensed companies to have client funds in segregated accounts.

Let’s see all we can find out about this broker:

ACCOUNT TYPES

Like most foreign exchange brokers, TTS Markets offers its customers the option of up to 7 different account types, depending on the initial investment. All accounts are free of quotations, except one, and offer variable spreads, as well as the option to trade in micro lots, in order to have a good risk management strategy.

TTS Markets offers 7 different account types, called, Cent account, Mini account, Classic account, Pro account, Vip account, Fixed spread account, and Islamic account, here are the features of each of them:

Cent Account:

Spread floating, from 1.8 points
Commission None
Execution type Instant Execution
Execution speed 1.63 seconds
Platform MT5
Leverage 1:1000 – 1:1
Account base currency USD
Minimum deposit $1
Maximum deposit $1,000
Minimum lot 0.01
Maximum lot 500
Minimum step 0.01
Max. number of orders Unlimited
Margin Call Level 100%
Stop Out Level 20%
Forex contract size 1 lot = 100000
Limit & stop levels From one spread

Mini Account:

Spread floating, from 1.8 points
Commission None
Execution type Instant Execution
Execution speed 1.13 seconds
Platform MT5
Leverage 1:1000 – 1:1
Account base currency USD
Minimum deposit $10
Maximum deposit No limit
Minimum lot 0.01
Maximum lot 500
Minimum step 0.01
Max. number of orders Unlimited
Margin Call Level 100%
Stop Out Level 20%
Forex contract size 1 lot = 100000
Limit & stop levels From one spread

Classic Account:

Spread floating, from 1.8 points
Commission None
Execution type Market Execution
Execution speed 1.13 seconds
Platform MT5
Leverage 1:1000 – 1:1
Account base currency USD
Minimum deposit $10
Maximum deposit No limit
Minimum lot 0.01
Maximum lot 500
Minimum step 0.01
Max. number of orders Unlimited
Margin Call Level 100%
Stop Out Level 20%
Forex contract size 1 lot = 100000
Limit & stop levels From one spread

Pro Account:

Spread floating, from 0.6 points
Commission From 5$ per lot
Execution type Market Execution
Execution speed 0.95 seconds
Platform MT5
Leverage 1:500 – 1:1
Account base currency USD
Minimum deposit $1,000
Maximum deposit No limit
Minimum lot 0.01
Maximum lot 500
Minimum step 0.01
Max. number of orders Unlimited
Margin Call Level 100%
Stop Out Level 20%
Forex contract size 1 lot = 100000
Limit & stop levels From one spread

VIP Account:

Spread floating, from 0.1 points
Commission From 2.5$ per lot
Execution type Market Execution
Execution speed 0.37 seconds
Platform MT5
Leverage 1:300 – 1:1
Account base currency USD
Minimum deposit $50,000
Maximum deposit No limit
Minimum lot 0.01
Maximum lot 500
Minimum step 0.01
Max. number of orders Unlimited
Margin Call Level 100%
Stop Out Level 20%
Forex contract size 1 lot = 100000
Limit & stop levels No limit

Fixed Spread Account:

Spread floating, from 2 points
Commission None
Execution type Instant Execution
Execution speed 1.13 seconds
Platform MT5
Leverage 1:1000 – 1:1
Account base currency USD
Minimum deposit $10
Maximum deposit No limit
Minimum lot 0.01
Maximum lot 500
Minimum step 0.01
Max. number of orders Unlimited
Margin Call Level 100%
Stop Out Level 20%
Forex contract size 1 lot = 100000
Limit & stop levels From one spread

Islamic Account:

Spread floating, from 1.8 points
Commission None
Execution type Market Execution
Execution speed 1.13 seconds
Platform MT5
Leverage 1:1000 – 1:1
Account base currency USD
Minimum deposit $10
Maximum deposit No limit
Minimum lot 0.01
Maximum lot 500
Minimum step 0.01
Max. number of orders Unlimited
Margin Call Level 100%
Stop Out Level 20%
Forex contract size 1 lot = 100000
Limit & stop levels From one spread

Looking at all the accounts, we see that there are differences in spreads, leverages, and minimum deposits. It calls our attention that there are differences in execution speed and that the account called Fixed Spread, has a variable spread (unless it is a typographical error of the website)

PLATFORMS

TTS Markets offers its customers two of the most popular currency trading platforms, MetaTrader 4 (MT4) and Metatrader 5 (MT5). Both platforms, MT4 and MT5, are available in a mobile version for use on smartphones and tablets, whether iOS or Android. Besides, TTS Markets offers its clients the VPS hosting service. It is a remote server that guarantees stability, reliability, and high-quality technical conditions, beneficial for those who work with Expert Advisors and automated strategies.

LEVERAGE

The biggest leverage with this broker (1:1000), is available on all your accounts except the Pro account and the Vip account, where you have a leverage of 1:500 and 1:300, respectively. Traders can start with a minimum no deposit account and leverage of 1:1000. While this may seem like a reasonable offer, we do not recommend using the leverage of 1:1000 with this or any other broker. Because if the market moves against you, even a minimal move, chances are you’ll lose the whole account.

TRADE SIZES

In all accounts offered by TTS Markets, the minimum trade size is 0.01 lot (micro lot), and the maximum trade size is 500 lots.

TRADING COSTS

Regardless of the Spreads, TTS Markets accounts generally do not have commissions for traded lots. Only the Pro account costs 5 USD per lot, and the Vip Account costs 2.5 USD per lot. Another cost to add will be the Swap, which is any position held overnight, which will incur a maintenance cost (interest). This amount can be negative or positive depending on the instrument and the direction of the position, and its amount is fixed by the central banks of the base currency of the open position.

ASSETS

The assets available to trade are 40 currency pairs (Forex), and CFDs on metals, indices, and commodities.

SPREADS

As for TTS Markets spreads, they are not very competitive: more than 2 pips in EUR / USD. We tested the broker’s MT4 demo platform, and the spreads for this pair of currencies were fluctuating around 1.6 pips (probably the Classic account price feed), a cost that is also above the market average.

MINIMUM DEPOSIT

The minimum deposit required by TTS Markets varies according to the account chosen. For example, for the Cent account, they only ask for 1 USD, for the Mini or Classic accounts, they are 10 USD. Pro and VIP accounts already require higher initial capital, USD 1,000, and USD 50,000, respectively.

DEPOSIT METHODS & COSTS

Customers of TTS Markets, have available the following payment methods: credit or debit cards (Visa or Mastercard), bank transfers, and the following e-wallet, Skrill and Neteller. Additionally, it is also possible to deposit in Bitcoins. The Broker announces no deposit fees.

WITHDRAWAL METHODS & COSTS

The methods of withdrawal must be the same as those by which the deposit was made. The broker announces that he does not charge commissions for withdrawals, and if there is any expense, he assumes it. This is good news and a plus.

WITHDRAWAL PROCESSING & WAIT TIME

TTS Markets announces that it processes withdrawals within 24 hours. Also, the time taken for the various withdrawal methods should be added, which are usually instantaneous in the case of e-wallets and bank cards, and 2 to 5 working days in the case of bank transfers.

BONUSES & PROMOTIONS

There are currently several bonuses available with this broker:

-A bonus of 115% for your first deposit, the condition to be able to withdraw that 115% is to trade 500 lots. Condition quite difficult to get.

-Welcome bonus of 30 USD. The Bonus is not removable, but you can withdraw the winnings generated by it.

-There is negative balance protection; in this case, if your balance sheet turns negative as a reason for a losing trade, the broker will restore the balance to 0 USD. In short, you can never lose more than you’ve deposited.

-They also have in the promotion to rent VPS s from 15 USD, depending on the characteristics of the VPS that can cost up to 30 or 45 USD.

-Another of their promotions, called 0% commissions, is that the broker will reimburse you any expenses you may have when making your deposit so that it is free for the customer.

The broker offers an Introducing Broker program. An Introducing Broker is an agent that introduces customers to a broker. The IB’s receive compensation, in the form of a commission, for the clients they add, but do not collect from the clients. In the case of TTS Markets, it is offered, 10 USD per lot on customers with Classic account, and 2 USD per lot on the PRO account.

EDUCATIONAL & TRADING TOOLS

As tools, we have an economic Calendar, which we like very much to appear on the website, as it is a tool of interest since it seems the most important events of the day, and that may affect different financial assets that the trader may be trading. We also found a blog, very educational, with many interesting articles, all of them related to trading, worth reading. And finally, we also have a Screener and a Forex Heat Map to see the current status of the assets and their real-time quotes.

CUSTOMER SERVICE

To get in touch with TTS Market’s customer service, we have 4 main routes, Telephone, email, a contact form that appears on the web, and a live chat. The data we have collected are as follows:

Email: [email protected]
London Contact : +44 12239 69922, +27 11 083 5399
Dubai Contact : +971 5813 98086
Hong Kong Contact: +852-8192 9984
General Queries. 24 hours ( Monday – Friday ). [email protected]
Sales Queries. 24 hours ( Monday – Friday ). [email protected]
Technical Support. 24 hours ( Monday – Friday ). [email protected]
Fund Deposit. 24 hours ( Monday – Friday ). [email protected]
Website Related. 24 hours ( Monday – Friday ). [email protected]
Introducing Broker Queries. 24 hours ( Monday – Friday ). [email protected]
Partner Queries. 24 hours ( Monday – Friday ). [email protected]
Over All Support. 24 hours ( Monday – Friday ). [email protected]

DEMO ACCOUNT

Fortunately, TTS Markets provides a demo account that you can install in a few seconds. There is a download section on the website where you can choose the version you want, MT4 or MT5. Notify that the platform is provided by a company that is not TTS Markets. (liquiditysoftsolutions).

COUNTRIES ACCEPTED

The broker does not mention anywhere on his website about citizens or jurisdictions that may have restricted the fact of opening an account with TTS Markets. We advise all traders interested in opening an account with this broker to contact customer service to find out if you can open an account or not.

CONCLUSION

TTS Markets is a Belize-based foreign exchange broker with MT4 and MT5 trading platforms. The broker claims to be in the process of obtaining a license from the Belize IFSC. But it is currently operating without a currency broker license, and this is a disadvantage. Moreover, their spreads are above the market average. Another broker provides the MT4 platform, and its asset portfolio is quite limited.

To sum up, we discuss the advantages and disadvantages:

Advantages:

MT4 and MT5 platforms available
A low initial deposit is required
VPS available at a very reasonable cost
Very high levels of leverage are offered

Disadvantages:

Broker not regulated
Spreads are relatively high
MT4 provided by another company
No CFDs on indices and raw materials

Tags forex broker reviews, TTS Markets, TTS Markets Review

Forex Brokers

Gerchik & Co Broker Review

Post author By Forex Academy
Post date 19 February, 2021
No Comments on Gerchik & Co Broker Review

Gerchik & Co’s account holders enjoy very narrow spreads, can access hundreds of financial assets, and may program their own automated trading algorithm. Moreover, Gerchik & Co’s individualized, one-on-one customer support offerings make them even more desirable to forex traders. The company has been servicing financial market participants since 2015. Moreover, in 2017, they expanded their tools and asset selection in order to appeal to a larger number of traders. Even though Gerchik & Co is based out of the Pacific Ocean island-country of Vanuatu, their offers extend to traders from all over the world (although some regional restrictions may apply).

In short, Gerchik & Co is a brokerage firm founded by and for traders. But should you open an account with them? This review will go over their different portfolio types, unique aspects about this broker’s trading conditions, the type of currencies that customers can trade, and other crucial aspects that you need to know before you decide to open an account.

Account Types

Gerchik & Co has an impressive selection of account types for retail traders. Moreover, 5 of the 6 accounts allow you to utilize algorithmic trading tools (that automatically open/close positions). The Platinum Account is the only one that enables you to create a custom code/algorithm, where a robot buys and sells forex pairs if they meet the technical and fundamental conditions that you would pre-establish.

Easy Start for Investors Account:

Minimum Deposit: $100
Spreads: From 0.4 pips
Commission: $10 per lot

Mini Account:

Minimum Deposit: $500
Spreads: From 0.4 pips
Commission: $10 per lot

Simple Account:

Minimum Deposit: $1,000
Spreads: From 0 pips
Commission: $10 per lot

Silver Account:

Minimum Deposit: $10,000
Spreads: From 0 pips
Commission: $9 per lot

Gold Account:

Minimum Deposit: $25,000
Spreads: From 0 pips
Commission: $8 per lot

Platinum Account:

Minimum Deposit: $100,000
Spreads: From 0 pips
Commission: $7 per lot

Even though the minimum deposit for Platinum, Gold, and Silver may be sizable, the Simple Account retains all of the features that the former 3 do, including account/performance statistics and 0-pip spreads. The only unavailable tools are the customized trading robots and access to individualized consultations, both of which are exclusive to the Platinum Account.

Platforms

Regardless of the type, Gerchik & Co’s account holders will trade through the MetaTrader 4 (MT4) platform. In fact, according to the broker, it is used by 90% of forex traders from all over the world. While a new and more advanced version is available (MetaTrader 5 or MT5), many people still prefer MT4 because of its all-encompassing tools and features. For a start, it is designed to suit traders who follow different strategies, including scalpers, day-traders, and investors that want to hold on to positions for years. In addition, technical analysts can choose between 30 different indicators and view charts at 9 different times (such as 1-minute candlesticks, 1 hour, 1 day, …etc.). Lastly, the MT4 app, which enables you to open/close positions and manage your account (alongside much more), is available on desktops and smartphones. Moreover, you can access it from anywhere in the world.

Leverage

Even though Gerchik & Co has many competitive offerings that differentiate it from other firms in the industry, the buying power that all 6 account types have is relatively limited. You only have up to 100:1 in leverage. Portfolios with a balance of $500,000 or more will have even lower leverage of 50:1. This puts Gerchik & Co in the lower range, especially since some (but not plenty) brokers will give traders 400:1 in buying power. Nonetheless, if you are an experienced trader, Gerchik & Co may give you a 200:1 buying power after they learn about your strategy and past performance.

Trade Sizes

Both the Simple and Mini Account have a minimum position size of 0.01 lots, which is a micro lot. The other 4 account types, on the other hand, must enter trades that are not smaller than 0.1 lots (a mini lot) or the equivalent of 10,000 in the base currency.

Margin Call: 100% (all account types)
Stop-Out: 50% (all account types)

Gerchik & Co’s margin call policy is to require the trader to deposit more money. Otherwise, they can’t open new positions. At stop-out, the broker will close the biggest losing trading and, at times, others, up until the account has enough to satisfy the margin requirement.

Trading Costs

As previously outlined, each of the Easy Start, Mini, and Simple Account have a $10 per traded lot commission. These fees gradually go down to $9, $8, and $7 per lot for Silver, Gold, and Platinum, respectively. When you keep trades open overnight, there is also an interest amount, which you may earn or pay (depending on the forex pair). The swap is tripled on Wednesdays to account for Saturday and Sunday’s interest. Apart from that, you could also incur a spread expense. However, since 4 out of 6 accounts have a 0 spread, this is mostly minimal. We will discuss the details of this for all account types later in this article.

Assets

Gerchik & Co’s list of financial instruments includes 66 forex pairs, 7 cryptos, 10 commodities, 12 indexes, and almost 270 stocks. In short, this broker is ideal for those who like to diversify their trading and exchange different types of assets. Cryptos are traded as a pair against a fiat currency. For example, Bitcoin is offered as BTC.USD. The commissions for digital currencies is 1% of the position’s total value. In addition, cryptos have a 20% margin buying power, a more restricted maximum trade size, as well as a -10% and -4% overnight swap fee on short and long positions, respectively. Amongst the forex pairs, this broker offers both majors and exotics. The latter even includes the Czech Koruna, Chinese Yuan Offshore, Hungarian Forint, and Singapore Dollar.

Spreads

Despite the fact that the Easy Start and Mini can’t access the zero-spreads that other accounts do, their 0.4-pip gap between the bid and ask prices is competitively tight and advantageous. Keep in mind that these two account types have a relatively small deposit requirement. Even with the use of leverage, such a minimal spread will not cause you to incur significant costs. When it comes to all of the accounts that are offered by Gerchik & Co, the bid and ask quotes are floating, which means that they could change and become wider when the markets are volatile. This includes the prices that Simple, Silver, Gold, and Platinum see.

Minimum Deposit

The deposit requirements for each account type are outlined above. Gerchik & Co’s website doesn’t tell us what the minimum amount is for each transaction (after the initial deposit).

Deposit Methods & Costs

Needless to say, as a broker that offers access to cryptocurrencies, this firm has a variety of deposit methods, including the following traditional and electronic payment systems: Bank wires, ADVCash, Neteller, Payeer, Perfect Money, Skrill, WebMoney, and Visa/MasterCard. Account-holders also have the option of making deposits through their Bitcoin, Ethereum, Litecoin, and Ripple wallets. Almost all transfers are processed immediately and become instantly available to use for trading. However, debit/credit card and cryptocurrency wallet transfers may take up to 1 business day. Bank wires, meanwhile, will be processed between 1 and 5 days.

As far as fees are concerned, those also depend on your payment method. Electronic systems (such as Neteller and Perfect Money) can have a transfer cost of between 0.5% and 4% of the transaction size. All deposits from your crypto wallet will come with a 0.5% fee. For example, if you fund your account with $10,000 through Bitcoin or Ethereum, Gerchik & Co will charge you $50 (0.5% of $10,000). Visa/MasterCard transactions have a 2.8% fee, while bank wires have a fixed rate of 5€ ($5.50) for each transfer.

Withdrawal Methods & Costs

You can use any of the available deposit methods to withdraw capital. Interestingly enough, the fees to take money out of your account are less. Most of the time, brokers will not charge you for deposit funds, in the first place. MasterCard/Visa only has a 2% fee, while outbound transfers through Neteller cost you 1% (as opposed to the 4% charge on deposits). Withdrawals also have minimums and maximums. The smallest amount you can transfer out of your account is $1 for almost all methods, apart from bank wires’ 100€ or $110 minimum transaction size. There is no restriction on the maximum withdrawal size, but bank transfers may vary based on your local laws.

Withdrawal Processing & Wait Time

It takes only 1 business day or less until the money is available on your debit/credit card or electronic wallet. You may have to wait longer (up to 5 days) if you withdraw funds through a bank transfer.

Bonuses & Promotions

Gerchik & Co doesn’t have any bonuses, but they run demo account contests and competitions on an ongoing basis. In fact, the list of competitors for this round, which is provided on the broker’s website, includes almost 5,500 participants. The 55 most profitable traders get $1,000 each. This year, however, Gerchik & Co is offering a contest where real/live accounts are evaluated, with $5,000 up for grabs. This broker also offers an affiliate marketing program. Participants get 40% of the commission revenue from their referral’s activity, up to $4 per trade.

Educational & Trading Tools

The value-rich trading tools that Gerchik & Co offers are amongst the firm’s main strengths. Furthermore, there are 3 different calculators that account holders have at their disposal. The ‘Pip Calculator’ shows you the monetary amount of profit/loss when a forex pair moves by 1 pip. It takes into account the trader’s default currency, which is a factor that may influence their returns after the position is closed and the profits are converted. The ‘Risk Calculator’ helps you to determine an appropriate place for your stop-loss orders, while the ‘Trading Customization’ tool allows you to examine different potential outcomes based on the position’s size, whether you’re long or short, the used leverage, your account type, and more. Apart from the calculators, Gerchik & Co’s ‘Traders Statistics’ offering, which accurately collects information about your account’s performance, identifies errors and crucial trends that can act as a guide when you make adjustments to your strategy.

‘Risk Manager’ is an automated program that is especially helpful for those who want to control their psychological impulses. When stop-loss orders get triggered too often or an account holder suffers from a series of unsuccessful trades, the Risk Manager tool automatically halts their activities. This gives traders some time to take a step back, reevaluate certain strategies, and make decisions after their emotions evaporate. It is important to note that Risk Manager is customizable, which means that you set the parameters and conditions that trigger it. Lastly, ‘Real Market Volume’ could act as a difference-maker to many technical analysts who rely on investment/exchange volume when determining whether to buy/sell a forex pair. Real Market Volume assembles that data, compare it to underlying technical trends, and alerts account holders when they spot a ‘false signal’ to buy or sell.

Customer Service

There are many ways to get in touch with support, including via phone, email, Skype, and a form on the firm’s website. Alternatively, you may send mail to their office or visit them in person. Gerchik & Co’s main location is in the Pacific Ocean country of Vanuatu. Only the Coral Sea separates it from Australia’s northeastern shores.

Phone:+44-203-318-42-01 (United Kingdom), 8 800 333 27 54 (Russia), 0 800 210 216 (Ukraine), +77-273-50-59-77 (Kazakhstan), 883510001243216 (Viber)

Email: [email protected]

Demo Account

Before putting your actual money on the line, the demo account lets you test your strategy in a live market environment and learn how to take advantage of MT4’s different toolsets. Gerchik & Co integrated and pre-built certain strategies that you can immediately deploy after opening a demo. There are 3 steps that account holders would take. First, they understand how to analyze trade volume patterns and key price points.

After that, traders can identify breakout levels and crucial buy/sell signals. From there, the strategy tutorial shows them how to emulate successful trades and follow the patterns of major market participants. All of this can be found on demo account holders’ user dashboards.

Countries Accepted

Gerchik & Co have certain geographic restrictions and their services are available based on a country’s membership or standing with the Financial Action Task Force (FATF). Most nations around the world are members of FATF, but many countries in eastern Europe (including EU members like Poland), the Middle East, and Southeast Asia aren’t part of the organization. Additionally, in spite of their membership, this broker isn’t available to traders in the US, Canada, and Japan. Moreover, American and Canadian citizens, regardless of where they live, cannot open an account. However, citizens/residents of these 3 countries may do so under a few conditions. They have to demonstrate to Gerchik & Co that the firm’s customer contract and the services that they will get do not violate any local laws or regulations.

Conclusion

This broker’s spreads are remarkably low, if nonexistent. However, their commissions are undesirably high, especially in comparison to the industry’s average rates. In fact, if there is one obvious downside to using Gerchik & Co, it’s their fees. While many firms will not charge you money for depositing funds, this broker has fees on both inbound and outbound transfers. For that matter, withdrawals cost less than deposits. Yet the negative aspects stop here. When we look at Gerchik & Co’s trading tools, barely any other firm can outperform them. Not only does Gerchik & Co offer 3 customizable calculators, but they also have resources that help traders manage their psychology, minimize their risks, and identify false buy/sell signals while the rest of the market is making these errors. Even their demo account comes with an integrated, pre-built strategy that you may deploy in real-time conditions. More specifically, the demo helps traders analyze volume, identify key price levels, and, as a result, enter or exit trades at the right time and point.

Unfortunately, all of these great features are not available to American, Canadian, and Japanese citizens or residents. However, if you really like this broker but live in one of those countries, you may get an exception by showing that local laws aren’t in conflict with the firm’s services. From there, you may pick between 6 different account types based on your deposit size, commission preferences, and desired spreads. Another downside is that Gerchik & Co only gives you 100:1 in buying power. Yet just as with regional restrictions, there are exceptions to the rule. This broker is willing to increase professional traders’ buying power after they demonstrate their expertise and a track record of success. Another way to access more capital is by participating in the demo account contest and becoming one of the top 55 profitable traders that receive $1,000 each. In fact, the broker is hosting a live-account competition in 2020.

Listing the pros and cons can be difficult because they depend on where you live, how you trade, and what you prefer. However, this review gives you the details that you need to make an accurate assessment.

Tags Forex Broker Review, Gerchik & Co Broker Review, Gerchik & Co Review

Forex Brokers

Aura FX Review

No commissions, minimal spreads, and a small deposit requirement make Aura FX the perfect, easily-accessible match for traders who want to control their costs. Other than that, this broker’s strongest offerings include their lucrative cash bonuses, an array of trading tools, and live coaching services. These features are even more powerful when combined with the […]

All of this enhances the company’s commitment to its mission, which revolves around empowering traders. Since 2013, Aura FX has been providing market participants with state-of-the-art technology and a dedicated support team. The broker’s main office is in New Zealand, but they work with traders from all corners of the globe, including the United States.

Want to know more about Aura FX? This review should cover all the details that you need.

Account Types

Aura FX’s retail account is ideal for traders who are looking to minimize costs. The broker doesn’t charge any commissions and the spreads are well below industry averages. Furthermore, their minimum deposit makes Aura FX accessible to most traders.

Minimum Deposit: $300
Spreads: From 0.8 pips
Commission: $0

This broker only has one retail account type, the rest are for institutional traders (large companies such as banks) and long-term investors. However, they do have a strong demo account offering (more details to follow in this review).

Platforms

MetaTrader 4 (MT4) is an incredible trading platform that suits market participants of all types and levels of experience. For instance, fundamental analysts can follow live newsfeeds that are related to a specific forex pair or the at-large markets. Similarly, MT4 provides traders with a wide selection of technical indicators and charting timeframes. It also has the toolsets and software that high-frequency trading algorithms require. Even beginners will appreciate the one-on-one consultations and other types of educational content. Above all else, MT4 is available on desktops devices (PC and Mac) and smartphones (Androids and iPhones). This platform is certainly ideal for a high-quality and user-friendly trading experience.

Leverage

It seems that Aura FX will give you up to 200:1 in leverage, but no more than that. Their website doesn’t offer any other details.

Trade Sizes

Aura FX follows the industry-wide trade sizes and, through MT4, account holders can trade standard, mini, and micro-lots, which are equal to 100,000, 10,000, and 1,000 in the forex pair’s base currency, respectively.

Margin Call: NA
Stop-Out: NA

The broker’s website gives no information about the margin requirements, stop-out level, and what would happen if an account’s balance reaches one of those points.

Trading Costs

There are no trading commissions levied by Aura FX. Moreover, their spreads are relatively narrow, much more so than other brokerage firms. However, whether or not you open an account with Aura FX, all positions that are kept overnight will incur a swap/interest expense. Brokers don’t determine the amount or frequency of these fees. Instead, the interest policy of the central bank that issued a given currency defines the swap costs.

Assets

Aura FX has a selection of currencies that encompasses exotics and majors. There are 40+ forex pairs that account holders may trade. Notably enough, those who like to trade exotic European currencies have access to the Czech Koruna (CZK), Danish Krone (DKK), Hungarian Forint (HUF), Norwegian Krone (NOK), and Polish Zloty (PLN), alongside the Hong Kong Dollar (HKD), Mexican Peso (MXN), and more. This broker doesn’t provide its account holders with cryptocurrencies, but they do allow you to trade 14 different stock indexes and a variety of precious metals.

Spreads

If you’re a trader whose strategies rely on tight spreads, Aura FX has a competitive and difficult-to-beat bid/ask gaps. Their minimum 0.8-pip spread can be found when exchanging several forex pairs, including the AUD.USD, EUR.CHF (Swiss Franc), and more. Several others have a bid/ask gap of only 0.9 pips, while almost none of the major pairs exceeds 2.5 pips. Nevertheless, exotic currencies, because of their more volatile and unpredictable nature, tend to have larger fluctuations between the bid and ask prices. Equally as important, Aura FX offers variable spreads, which are subject to change based on market conditions and at-large investors’ attitudes.

Minimum Deposit

To open an account, traders must fund their portfolio with $300 or more. Moreover, the more money that account holders deposit, the higher the bonus that they will be eligible for. This part will be discussed in more detail later in this article.

Deposit Methods & Costs

You can transfer money through your bank or Neteller account. Moreover, Aura FX doesn’t charge any fees when it comes to deposits. The available currency options are USD, EUR, and GBP.

Withdrawal Methods & Costs

Alongside the 3 deposit currencies, withdrawals can also be made in the New Zealand Dollar and the Australian Dollar. No information is provided about withdrawal fees.

Withdrawal Processing & Wait Time

Both inbound and outbound transfers are processed through a form on Aura FX’s website. You can also email it to them or send it via mail. Either way, after receiving your request, the broker may take up to 2 days to complete the transfer.

Bonuses & Promotions

Aura FX’s bonuses are amongst its leading features, putting it ahead of many competitors in the brokerage market. The Deposit Bonus gives traders the chance to earn up to $10,000. Starting from your initial $300, this broker will give you a 100% bonus. However, these are distributed according to brackets. For example, deposits between $300 and $499 receive $300, while those that range from $500 to $749 get $500. This continues up to $10,000, which is the maximum Deposit Bonus amount.

Nonetheless, there is also a Referral Bonus. When participants refer a friend or family member to Aura FX and they open an account, the trader gets a bonus that is equal to 10% of the referral’s deposit. For example, if the referred person puts $1,000 to $2,499 in their portfolio, the broker gives the existing account holder $100. The maximum Referral Bonus is $1,000 for associates who deposit $10,000 or more. Lastly, you can enroll in Aura FX’s ProTrader Bonus, with gives you access to detailed market forecasts and guides. After contacting customer support, account holders will get 30 days for free, while those that fund their portfolios with $500 and $1,000 enjoy 90 days and 12 months of access, respectively.

Educational & Trading Tools

Another great aspect of using this broker is their educational content. More specifically, Aura FX offers live webinars, an economic calendar, a glossary, beginner guides, and a Pure Line Forex program. The latter allows you to view analysis and educational videos that are put together by successful, globally-recognized traders. Even though it costs $700, beginners will learn how to analyze articles, understand key elements that impact the market, and examine detailed forecast reports. All of which is done through live and pre-recorded video seminars. Additionally, anyone can register for and access Aura FX’s own webinars for an opportunity to learn from trading coaches while they actively participate in the market. This feature is offered for free.

The third, and final, educational tool that this broker has is their Beginners Guide. It is specially designed for those who are new to trading. The 21-page long PDF goes over the process of opening an account, key mistakes to steer clear of, skills needed to be successful in the market, and basic forex concepts. In fact, this can be particularly useful when utilized alongside Aura FX’s comprehensive glossary. Even experienced traders can deploy it while they trade, in case they come across any new or unfamiliar terms. Lastly, there is also an economic calendar that outlines major daily news events from different countries, such as interest rate decisions and GDP releases.

Customer Service

In addition to email, phone, and traditional mail, you can get in touch with the Aura FX customer support team on social media through LinkedIn and YouTube. If you prefer to mail them certain documents or requests, they are located in New Zealand. Otherwise, there is also a contact form on their website.

Phone: +64 988 97 872
Email: [email protected]

Demo Account

Aura FX will give you $50,000 in paper/fake money to practice with. The demo account enjoys access to 50 forex pairs and other financial assets. Here, you can test different strategies, go through the trial-and-error process, and define what works/doesn’t, all before putting any real money at risk. Just as importantly, anyone who is used to platforms other than MT4 could benefit from a demo. These accounts access the same live prices and trading conditions as those that have real money in them.

Countries Accepted

This broker’s services are available all across the world, including the United States. They also operate in Europe, Canada, Japan, China, and the United Kingdom. However, in order to stay safe and compliant, traders should check if any products or services that Aura FX offers are in-line with local laws and regulations. The simplest way to do so may be through directly contacting the firm’s customer support team.

Conclusion

First, opening an account with Aura FX is easy, especially because of the relatively minimal minimum deposit requirement. Second, after registering with the broker, you don’t have to worry about any commissions or large spreads. In fact, the firm will even give you a 100% cashback bonus, all the way up to $10,000. If you refer a friend, you get awarded, as well. On top of that, these lucrative promotions (and the broker’s services, in general) are available in different parts of the globe, with the United States, Japan, and Europe amongst them. There are other reasons why many traders open an account with Aura FX. They include a competitive selection of exotic European forex pairs, a wide set of trading tools, and the ability to transfer money in multiple currencies.

Nonetheless, there are also certain downsides. For example, leverage cannot exceed 200:1, no cryptocurrencies are offered, and only 2 deposit/withdrawal methods are available. However, many traders will overlook this because Aura FX’s spreads are well below the industry average. Additionally, beginners can pick between PDF guides, video tutorials, and live training seminars as they educate themselves about the markets. Meanwhile, experts can certainly rely on the broker’s economic calendar and other trading tools.

Tags Aura FX, Aura FX Review, Forex Broker Review

Forex Brokers

SIBFX Review

SENTRATAMA BERJANGKA INVESTOR (or SIBFX) is an investment intermediary in Indonesia. The company offers many different services, but in this review, we will focus on how they allow retail customers to trade in foreign exchange. Regulated in Indonesia, SIBFX is affiliated with all relevant institutions in Indonesia. They include the Supervisory Board and the Commodity […]

Regulated in Indonesia, SIBFX is affiliated with all relevant institutions in Indonesia. They include the Supervisory Board and the Commodity Futures Trading Regulatory Agency (BAPPEBTI), the Indonesian Derivatives Clearing House (ICDX), and the Jakarta Futures Exchange (BBJ). While this seems like a very comprehensive regulation, it is merely how the legal system in the country currently works.

SIBFX is a company with a long history in the industry, as it has been operating since 2000. With two decades of experience, they have probably encountered all the possible technical and market problems that can be imagined.

SIBFX offers its customers managed accounts, and we usually mention this as a negative aspect, mainly when an offshore market maker provides the service. That said, this is a highly regulated company, which follows many rules. Although we have not seen the full record of the INVESTOR OF SENTRATAMA BERJANGKA, this review will provide a comprehensive breakdown of what they offer.

ACCOUNT TYPES

SIBFX appears to have only one account type to trade with, as it does not provide details on different types of accounts. The data provided by the broker for that account tells us that leverage of up to 1:100 is offered, spreads are up to 3 pips, and trading costs equal $30 commission per lot.

PLATFORMS

We have available Metatrader4. SIBFX is traded through one of the best trading platforms, especially when it comes to currencies. MT4 has possibly the most advanced graphics package in the business, and also includes a lot of additional features to back it up, such as the wide variety of technical indicators it offers. We are talking about additional tools, available in the MQL market (and some other external suppliers). Expert advisors, (Eas), are the easiest way for a regular trader to automate his trade. Metatrader is available in desktop version and also in mobile and web versions, for use on smartphones and tablets.

LEVERAGE

Leverage of up to 1:100 is offered. This is a “classic” level for a broker/trader relationship, and it has been implemented by many brokers in the past. We believe it provides the right balance in terms of risk. Make sure you understand the basics of position size before you start trading, this is very important.

TRADE SIZES

We have not been able to verify the minimum and maximum trade sizes that this broker accepts for trading. On the one hand, the website does not report on this important variable, and on the other hand, since we cannot access any demo accounts, we have not been able to find out that way either.

TRADING COSTS

Clearly, the trading costs of this broker are very high. We know that its minimum spread is 3 pips, and to this must be added a commission of no less than 30 USD for each lot traded. Frankly, these seem to us to be out-of-market costs. It is very easy to find brokers that offer a much lower spread and no commissions.

ASSETS

The products offered by SIBFX are Stock Index Participation Units (Stock Index Future), Units of Foreign Exchange (Foreign Exchange), and Commodities Unit. As far as our efforts are concerned, we have not been able to obtain information about how many currency pairs it has to trade, and what they are.

SPREADS

The most negative aspect of SIBFX is the high trade costs. While this should not be the most crucial factor when comparing brokers, the conditions of this broker are not in line with the current offer of the industry. A spread in EUR / USD of 3 pips and a commission of 30 USD per lot traded, is simply somewhat exaggerated compared to the majority of brokers out there now in the market.

Each dollar in the “return” commissions (charging once per trade, instead of at the opening and closing of the position) is the equivalent of 0.1 pips (for pairs where the USD is the second currency). This means that the effective spread in SIBFX will be at least 6.0 pips, which is much more than one can imagine.

MINIMUM DEPOSIT

There is no information on the minimum deposit required. SIBFX does not specify any minimum amount to start trading with them. This is a standard practice in the industry as the work required to process a $10 transaction is similar to that of a $10,000 deposit. Obviously, some clients will bring more business to the broker than others. Today, some companies want even the smallest possible customers, although the average deposit requirement is around $100.

DEPOSIT METHODS & COSTS

SIBFX apparently only accepts bank transfers as a deposit method. Actually, this does not seem to us any concern, as everyone has access to a bank and a current account, but undoubtedly many traders will miss other payment methods, such as credit or debit bank cards, Skrill, Neteller, or even Bitcoin.

WITHDRAWAL METHODS & COSTS

Withdrawals are to be made, the same as deposit, by bank transfer. The broker does not report on his website the costs associated with a withdrawal.

WITHDRAWAL PROCESSING & WAIT TIME

There is no information about the procedure for withdrawals, or how long it takes the broker to process them. Anyway, as with the rest of the brokers, we will have to wait between 2 and 5 days after the transfer is issued until we can see it in our account, that is the usual time.

BONUSES & PROMOTIONS

We have not found that this broker is currently offering any bonus or promotion.

EDUCATIONAL & TRADING TOOLS

SIBFX has an area with tools of interest to the trader. It has a section for technical analysis, fundamental analysis, trading opportunities, and a calculator for Forex and Indices. The most exciting thing, in our opinion, is another section where they have economic news and an economic calendar. We always say that an economic calendar is a very useful tool for the trader because in it all the relevant events of the day appear and that they can affect the assets that the trader is trading.

CUSTOMER SERVICE

To contact SIBFX customer service, we have mainly 3 ways to do it, by phone, email, and a contact form that they have on the web. The data we have collected are as follows:

Menara Rajawali, 11th floor, Jl. DR Ide Anak Agung Gde Agung Lot 5.1. Mega Kuningan district South Jakarta 12950. Indonesia

Ph. + 62 21 5793 7700 (hunting)

Fax. + 62-21 5793 9938

Email: [email protected]

DEMO ACCOUNT

SIBFX does offer demo accounts but has not provided any details regarding the length of time that this account type may be utilized. Feel free to contact SIBFX to learn more.

COUNTRIES ACCEPTED

We have not found on this broker’s website any restrictions on citizens who cannot open an account with them. In any case, after a thorough analysis of its website, it seems that this broker is targeting its services to the Indonesian public.

CONCLUSION

SENTRATAMA INVESTOR BERJANGKA or SIBFX is a well-established broker in the Indonesian financial markets. With 20 years of experience, they are expected to have all the knowledge necessary to run a brokerage agency with full professionalism. That being the case, their foreign exchange offer, which was the main subject of this review, is not so impressive, mainly due to the widespread.

If you are looking for better business conditions, going with a more globally oriented company may be the best option. Be sure to look for a well-regulated broker. Some of the most important brokers are supervised by the UK Financial Conduct Authority (FCA). We will briefly mention two of the benefits of trading with this type of brokers (the Indonesian vigilante – BAPPEBTI also implements similar rules):

The regulations in question concern the security of your investment. In principle, customer accounts should be segregated and separated from the broker’s operational account. Also, the Financial Services Clearing System (FSCS). The first means that client funds must be kept separate from the company’s core funds. This prevents many problems. The FSCS, on the other hand, offers protection in case of insolvency of its broker. Each trader is insured for the value of his account, up to £50,000.

Here are the advantages and disadvantages we have found to this broker:

Advantages:

With experience since 2000.
Metatrader4 available
Leverage 1: 100
It has an educational area and acceptable trader tools.

Disadvantages:

Regulated in Indonesia.
Spreads are very high.
Only bank transfers are allowed as a deposit method.
No information on the minimum deposit.
No demo account offered.

Tags Forex Broker Review, PT. SENTRATAMA BERJANGKA INVESTOR, SIBFX Review

Forex Brokers

JCMFX Review

JCMFX was founded in 2014. This broker has more than 50 currency pairs, CFDs, stock indices, and precious metals. JCMFX uses the most modern platform of the company Metaquotes, the Metatrader 5 (MT5). Joint Capital Management LTD is the company behind the trademark JCMFX. This company is registered by the Financial Services Authority (FSA) of […]

Vincent and the Grenadines is a Caribbean island, where the registration process for Forex brokers as International Business Companies (IBC) is straightforward and quite economical. Under this jurisdiction, brokers registered there face very limited regulatory oversight.

We always recommend brokers regulated by trusted authorities such as the UK FCA or the Australian ASIC. However, being an offshore broker is not synonymous with being a scam broker as many assume. In fact, JCMFX, despite having more flexible regulation, seems to be a reliable broker. We have reviewed several user reviews on some of the most popular forex websites, and opinions about this broker are quite positive.

ACCOUNT TYPES

JCMFX offers two types of trading accounts for trading in currencies. Accounts are called MINI and STANDARD. There is also a free demo account with unlimited duration for beginner traders. The two account types offer the same variable spreads, quite high leverage levels, up to 1:1000, and the option to trade with micro-lots.

Here are the main features of the 2 accounts offered by JCMFX:

MINI Account:

Base Currency Options USD, EUR, GBP, JPY, CHF, AUD
Contract Size 1000
Leverage 1:1 to 1:1000
Spread on all majors As Low as 1.2 Pip
Commission No Commission
Maximum open/pending orders 200 Positions
Lot restriction per ticket 100 Lots
Hedging allowed 200 Positions
Islamic Account Optional Yes
Minimum Deposit 10 USD

Standard Account:

Base Currency Options USD, EUR, GBP, JPY, CHF, AUD
Contract Size 1000
Leverage 1:1 to 1:1000
Spread on all majors As Low as 1.2 Pip
Commission No Commission
Maximum open/pending orders 200 Positions
Lot restriction per ticket 50 Lots
Hedging allowed 200 Positions
Islamic Account Optional Yes
Minimum Deposit 100 USD

Also, there are Islamic accounts with this broker. Swaps are not applied to these accounts; that is, no interest applies to positions that remain open overnight.

PLATFORMS

JCMFX is compatible with the most popular platform among traders: Metatrader, this time in its most modern version, MT5. The platform is available both in the desktop version, for use on a computer, and in a mobile version, so that you can use it on your mobile devices such as smartphones or tablets. The JCMFX MT5 features more than 30 technical indicators, a back-testing environment for analyzing your strategies, an advanced graphics package, and an extensive range of Expert Advisors (EA), allowing you to automate your operations fully.

On the other hand, JCMFX also provides the use of a VPS (virtual private server) to traders who use Eas (expert advisors) to trade, thus allowing commercial robots to act most efficiently if you have a high-speed broadband Internet connection.

LEVERAGE

The maximum leverage rates offered by this broker are very high, reaching 1:1000. Most brokers provide leverage within a range of 1:200 – 1:500. We advise novice traders to be careful when using very high leverage levels, as not only can they multiply their earnings on a small deposit, but they can also have losses that exceed the initial investment.

TRADE SIZES

Nowhere on the broker’s website have we been able to find the minimum trade sizes to start trading. We are quite sure, analyzing the available bonuses and the minimum deposits required, that the minimum trade size will be 0.01 lot (micro lot).

TRADING COSTS

This broker is advertised as a broker without commissions in trading. Nor does he have commissions on deposits and withdrawals. The only expense we will have with this broker, as with any other, will be the Swaps, that is, any position held overnight, which will incur a maintenance cost (interest). This amount can be negative or positive depending on the instrument and the direction of the position, and its amount is fixed by the central banks of the base currency of the open position.

ASSETS

This broker has more than 50 currency pairs, CFDs, stock indexes, and precious metals.

SPREADS

The spreads offered by JCMFX are variable and average more than 1.2 pips in EUR / USD. Therefore, we consider them, compared with other brokers, slightly higher than the average of the sector, which would be in 1 pip.

MINIMUM DEPOSIT

In order to open a trading account with JCMFX, a minimum deposit of 10 USD is required. We consider this to be a shallow initial requirement.

DEPOSIT METHODS & COSTS

JCMFX has the following payment methods for its clients:

Credit or debit card, bank transfer, and e-wallets like Skrill, Neteller, Fasapay, and Union Pay. All deposits are instantaneous, minus the bank transfer that may take 2 to 5 days to appear in your trading account. This broker does not charge any commission for deposits or withdrawals.

WITHDRAWAL METHODS – PROCESSING & WAIT TIME

The withdrawal methods are the same, as we have seen in the previous section. Always remember that the same system should be used for deposits and withdrawals. The broker announces that he will not charge any commission for withdrawals. Withdrawal waiting times are instantaneous for bank card and Union Pay withdrawals and takes 3-5 days for withdrawals made with Skrill, Neteller, and Fasa Pay. Withdrawals made by bank transfer will be delayed between 7 working days.

BONUSES & PROMOTIONS

JCMFX seems to be a generous broker, offering 4 types of bonuses:

– Welcome bonus: No deposit required, just by opening a trading account, the broker deposits you at your balance of 30 USD. This bonus is available for 60 days. This promotion is only valid for new customers. The bonus is not removable, but the winnings you make with it. Please note that the maximum leverage allowed in the accounts participating in this promotion is 1:100.

-100% deposit bonus up to 1,000 USD. It is a deposit promotion of at least 100 USD, up to a maximum of 1,000 USD. You can withdraw after meeting certain volume requirements. This bonus is also intended to open new accounts. The maximum leverage of the accounts that will participate in this promotion is 1:500.

– 20% bonus up to a maximum of 1000 USD. The trader has to deposit a minimum amount of 100 USD to be able to participate in this promotion. The previous 100% commented bonus is more attractive.

– 60% bonus, up to a maximum of 1000 USD. Another promotion is also applicable only to new customers. The amount of the bonus cannot be withdrawn, but the winnings generated with it can be withdrawn.

All bonuses are intended for commercial purposes, but gains from investing the bonuses earned can be withdrawn.

JCMFX broker also has an Introducing Broker program. Basically, if a customer succeeds in making new clients for this broker, he will be rewarded with commissions that are generated by their operative.

EDUCATIONAL & TRADING TOOLS

In this area, we find little content of interest to the trader. There is hardly an economic calendar available, which we always consider very important so that traders can consult, daily, the most important events of the day, and that can affect their trading, and then we find a section, where the broker tries to explain the most basic concepts like, which is Forex and how it works, and something similar with CFDs.

CUSTOMER SERVICE

JCMFX has several ways to contact customer service. We have a telephone, email, a contact form on the web, and a live chat. The details are as follows:

Email: [email protected]

Teléfono: +85 28199 9515 ; +852 8191 5066

Suite 305, Centro Corporativo Griffith, Kingstown, San Vicente y las Granadinas.

DEMO ACCOUNT

It is quite common for traders to open a Demo account before depositing money into a real account. It is also important to know that the Demo account retains the same live prices and market conditions, simulating the exposure in a real account. JCMFX demo accounts do not have an expiry date, and so you can use them as long as you want. Demo accounts that have been inactive for longer than 120 days from the last login will be closed.

COUNTRIES ACCEPTED

Joint Capital Management Ltd (JCMFX) does not provide services for citizens of certain regions, such as The United States, North Korea, Iran, Myanmar, Iraq, Cuba, Sudan, and Syria.

CONCLUSION

JCMFX is an offshore broker that offers online Forex trading services and a variety of CFDs on indexes and commodities. This broker uses the most modern platform of the company Metaquotes, the MT5 platform. Aside from its “poor” regulation, the main disadvantage compared to other better-regulated brokers is that their spreads seem to be a little high. We liked the variety of systems for making deposits and withdrawals, and that both are free and commission-free. It also has various welcome bonuses for new users, which can be taken advantage of if you know how to trade well.

Here is a summary of the pros and cons of JCMFX:

Advantages:

MT5 available
Low initial deposit
No commission trading
High levels of leverage are offered
Good bonuses, one of them available without making an initial deposit

Disadvantages:

Loose regulation
Typical spread in EUR/USD above 1.2 pips

Tags forex broker reviews, JCMFX Broker, JCMFX Review

Forex Brokers

SMFX Solidary Markets Review

Post author By Forex Academy
Post date 17 February, 2021
No Comments on SMFX Solidary Markets Review

SMFX Solidary Markets is a New Zealand-based Forex broker offering Over 70 Forex Pairs, Metals, CFDs, and Cryptos for trading. In the review that follows, we’ll provide information on the account types, trading platforms, trading conditions, and other specifics related to this Forex brokerage. SMFX has three types of commercial accounts, calls, Standard, Top, and […]

SMFX has three types of commercial accounts, calls, Standard, Top, and Elite. All three accounts offer access to a relatively complete portfolio of assets. It also provides the possibility to trade binary options in 26 currency pairs, gold, and silver. SMFX Solidary Markets offers its customers a free demo account, so they can practice with the platform before investing their real money.

This broker also offers a VPS (private virtual server) service for its clients. For this service, there are three types of monthly rates, ranging from €12 to €22, to which a single installation fee of €5 must be added. This service is efficient for traders who do automatic trading, as they can shut down their computers with the peace of mind that the virtual server will continue to trade. In what currency can you open your account at SMFX Solidary Markets? You can open it in Euros Australian Dollars, or American Dollars.

SMFX Solidary Markets is an STP broker. The STP brokers (Straight Through Processing) are those who send the orders of the clients directly to the liquidity provider, and these liquidity providers trade in the interbank market. The result is that traders have access to the real market, and their orders will be executed very quickly.

Another characteristic of SMFX Solidary Markets is that it calls itself solidarity because it claims to donate part of its benefits to charitable and social causes. An initiative we’ve never seen in any broker.

The broker’s website is available in English and Chinese.

ACCOUNT TYPES

As already mentioned in the intro, SMFX Solidary Markets offers three types of accounts. Below is a summary of the characteristics of each of them.

Standard Account:

Minimum opening deposit 50 USD / EUR. Maximum opening deposit, Unlimited. Maximum balance, Unlimited. Max. Leverage, 1:200. Instruments, Over 70 Forex Pairs + Metals+ CDFs + Cryptos. Minimum size position, 0.01. Maximum size position, 100. Execution, STP Market Execution. Time execution in VPS, Average execution time 50 ms. Spread, Variable Raw Concept from 1.3. Commission 0 USD. Margin Call 200%. Stop Out 100%. Account Currency USD, EUR.

Top Account:

Minimum opening deposit 50 USD / EUR. Maximum opening deposit, Unlimited. Maximum balance, Unlimited. Max. Leverage, 1:200. Instruments, Over 70 Forex Pairs + Metals+ CDFs + Cryptos. Minimum size position, 0.01. Maximum size position, 50. Execution, STP Market Execution. Time execution in VPS, Average execution time 50 ms. Spread, Variable Raw Concept from 0. Commission 2.9 USD per lot (0.0029% notational)/side. Margin Call 200%. Stop Out 100%. Account Currency USD, EUR.

Elite Account:

Minimum opening deposit 50 USD / EUR. Maximum opening deposit, Unlimited. Maximum balance, Unlimited. Max. Leverage, 1:200. Instruments, Over 70 Forex Pairs + Metals+ CDFs + Cryptos. Minimum size position, 0.01. Maximum size position, 100. Execution, STP Market Execution. Time execution in VPS, Average execution time 50 ms. Spread, Variable Raw Concept from 0.2. Commission 3.9 USD per lot (0.0039% notational)/side. Margin Call 200%. Stop Out 100%. Account Currency USD, EUR.

We have analyzed that the fundamental differences between them are in the spread and the commissions. For a novice trader, the standard account is sufficient, has a spread of 1.3 pips, according to the market, and will not pay commissions.

For more advanced traders, and more experienced, Top and Elite accounts, offer lower spreads for a fee ranging from 2.9 USD to 3.9 USD. If the volume of transactions is high, then it is more convenient to pay a commission, which will always be less than the savings you get for the lowest spread.

PLATFORMS

SMFX provides access to its own web platform, called SMFX Web Trader. The SMFX Webtrader platform, which uses Solidary Markets FX has been developed with the latest technologies and offers essential tools such as, Technical indicators, trend lines, oscillators, volatility data…but we still prefer the popular MT4 platform of Metaquotes. SMFX also offers the FX Lite Bo mobile application for its binary options trading service; this software is developed by the company Tradetools FX.

The broker also makes available to its customers the Myfxbook Autotrade application, which serves for automated trading. Autotrade was created in 2013 by Myfxbook, a UK-based forex analytics tool company, and a famous portal for the trader community. As an automated social trading copy service, Myfxbook’s Autotrade offers traders to search, compare, analyze, and share their business strategies. Myfxbook is not a broker in itself, and traders must register with one of its associated brokers to get permission to use the platform.

LEVERAGE

The broker has a leverage of up to 1:200. This level of leverage can only be maintained on trading accounts with a balance sheet of up to EUR 50,000/USD. You can change the leverage of your trading account at any time, simply request it by email at [email protected], and in less than 24 hours, you will have the change made.

TRADE SIZES

The minimum size position is 0.01 lots (micro lot), and the maximum size position is 100 lots. Traders, with the broker’s permission and with sufficient liquidity in the markets, may request the opening of positions of up to 500 lots. The exception is the TOP account, where the áximum trade size allowed is 50 lots.

TRADING COSTS

Traders can have two trading costs apart from the spread. Commissions for trading in 2 of the accounts offered by the broker (Top and Elite) are 2.9 USD and 3.9 USD per lot operated, respectively.

At this cost, you have to add the swap, that is, any position held overnight, which will incur a maintenance cost (interest). This amount can be negative or positive depending on the instrument and the direction of the position, and its amount is fixed by the central banks of the base currency of the open position.

ASSETS

The assets available to trade with this broker are varied and include over 70 Forex Pairs, Metals, CFDs, and Cryptos.

SPREADS

The spreads that Solidary Markets FX applies to its accounts are as follows:

Standard Account – Variable Raw Concept from 1.3 – Commission 0 USD

Top Account – Variable Raw Concept from 0. 2.9 per lot, (0.0029% notational)/side.

Elite Account – Variable Raw Concept from 0.2. 3.9 per lot, (0.0039% notational)/side.

MINIMUM DEPOSIT

The minimum deposit required by SMFX Solidary Markets to open any of the 3 accounts available is USD 50 / EUR. This is a very affordable amount to start trading, and the standard account conditions are optimal for a novice trader.

DEPOSIT METHODS & COSTS

How to deposit money into an SMFX Solidary Markets account? There are currently four options available:

1) Bank transfer

2) Credit or debit card

3) Skrill

4) Neteller

What fees will you have to pay for making a bank transfer to SMFX Solidary Markets? For SMFX Solidary Markets there are no commissions. For transfers from European Union (EU) countries the SMFX bank does not charge a commission. For countries outside the European Union, there is a cost of 15 USD / EUR /AUD.

What is the commission for entering money with my credit card? The cost for coming with card is 3.8% of the total. Is there any limit to entering by credit card? Yes, up to a maximum of 25,000 USD / EUR.

Neteller or Skrill, summary:

Neteller. Currency: USD/EUR. Minimum Deposit: 10 USD/EUR. Maximum Deposit: 5.000 USD/EUR. Fee: 4.09%. Wait Time: 1-12 hours.
Skrill. Currency: USD/EUR .Minimum Deposit: 10 USD/EUR. Maximum Deposit: 5.000 USD/EUR. Fee: 3.5%. Wait Time: 1-12 hours.

There are three options available to enter by bank transfer, and these are the options:

Bank Transfer. Option 1. European Bank. (SEPA). Currency: EUR. Minimum Deposit: 10 USD/EUR. Maximum Dep.: N/L. Fee: 0.75%. Wait Time: 2-5 days.

Bank Transfer. Option 2. European Bank. (SEPA). Currency: EUR. Minimum Deposit: 10 USD/EUR. Maximum Dep.: N/L. Wait Time: 2-5 days. Fee:

Up to 1.000 – 10 EUR
from 1.001 to 5.000 – 12 EUR
from 5.001 – 17 EUR + (0.06% max. 250 EUR)

Bank Transfer. Option 3. European Bank. (SWIFT). Currency: EUR (SWIFT). Minimum Deposit: 10 USD/EUR. Maximum Dep.: N/L. Wait Time: 2-5 days. Fee:

Up to 1.000 – 35 EUR
from 1.001 to 5.000 EUR – 35 EUR + 0.28%
from 5.001 – 40 EUR + (0.28% max. 3000 EUR)

WITHDRAWAL METHODS & COSTS

What is the limit you can withdraw with a card? Up to 25,000 USD / EUR.

What is the minimum amount I can withdraw from my account?

– By card 100 USD / EUR.

– Through bank transfer, there are no limits.

– By Skrill or Neteller from 10 USD / EUR.

Neteller. Currency: USD/EUR. Min. Withdrawal: 10 USD/EUR. Max. Withdrawal: 5.000 USD/EUR. Fee: 2%. Wait Time: 1-12 hours.
Skrill. Currency: USD/EUR. Min. Withdrawal: 10 USD/EUR. Max. Withdrawal: 5.000 USD/EUR. Fee: 1%. Wait Time: 1-12 hours

Bank Transfer:

Bank Transfer. From European Bank Option 1. (SEPA).

Countries: Inside the European Union
Currency: EUR. Min. Withdrawal: 100. Max. Withdrawal: N/L.
Fee: 85 EUR up to 12.000 USD/EUR, 0.75% from 12.001
Wait Time: 2-5 days
Countries: Outside the European Union
Fee: 85 EUR up to 12.000 USD/EUR. 0.75% from 12.001
Wait Time: 3-7 days

Bank Transfer. From European Bank Option 2. (SEPA).

Countries: Inside the European Union.
Currency: EUR. Min. Withdrawal: 100 USD/EUR. Max. Withdrawal: N/L.
Fee: Up to 1.000 – 20 EUR, 1.001 – 5.000 – 25 EUR, >5.001, 30 EUR + 0.08%
Wait Time: 2-5 days
Countries: Outside the European Union (*)
Fee: Up to 1.000 – 35 EUR, 1.001-5.000, 35 EUR + 0.28%, 5.001, 40 EUR + 0.28%. (max 3.000 EUR)
Wait Time: 3-7 days

WITHDRAWAL PROCESSING & WAIT TIME

How to withdraw your funds?

In the menu “Enter or Withdraw” you select “Withdraw Funds,” there you will find an option to request your refund by “Bank Transfer.” Following the instructions, you will arrive at a form, you must fill it out with your bank details. When the broker receives your request, they will send you a confirmation, informing you that the refund process has been done correctly. The broker agrees to process your withdrawal request no later than 2 hours after receipt (provided it is on business hours). The time limit within which the money must be in your account will be 2 to 5 working days.

How long does it take for my deposit to be available in my trading account? If the deposit has been made by bank transfer, the standard term is 2 to 5 working days. In the case of a deposit by credit or debit card, the balance will be available within 1 to 12 hours. Deposits made using Skrill or Neteller, the balance will be available within 1 to 12 hours.

BONUSES & PROMOTIONS

They currently have a promotion where they give away a mobile phone of the Xiaomi brand. They offer 3 models: Xiaomi Note 8T, Xiaomi MI 9T, and Xiaomi Note 10. The requirements for you to choose one of these mobile phones are: Open a trading account with SMFX. Deposit in the account a minimum of 2000 EUR or 2300 USD. Stay in the trading account for 24 months. The value of the mobile phone will be retained in your account. You also have the option to finance it and pay it in 6, 12, 18, or 24 months.

EDUCATIONAL & TRADING TOOLS

In this section, we have found an economic calendar, which is always important to consult to know the most important events of the day, and which can influence the movements of assets. SMFX Solidary Markets also provides a complete forex course free of charge, which we have seen and enjoyed the content. Add that this is provided by an external agent, https://www.whitetigertools.com.

CUSTOMER SERVICE

There are several ways to contact the SMFX Solidary Markets customer service, as follows:

Phone: +64 (0) 36694803
Customer Service: [email protected]
General Information: [email protected]
Technical Support: [email protected]
Opening Accounts and Withdrawals: [email protected]
Skype: service_smfx ; smfx_info

They also have an online chat available 24 hours from Monday to Friday.

DEMO ACCOUNT

The broker provides us with a Demo account based on your SMFX Webtrader version. The demo account will become inactive if you do not use it for a period of 30 days. After that period, you can activate a new Demo account if you wish.

COUNTRIES ACCEPTED

We have not been able to find a list of restricted countries on the website. We have gone to the registration page to check the countries accepted, and we have detected that at least 4 countries are not on the list, and therefore will not be able to open an account with this broker. The excluded countries are the United States of America, Canada, Libya, and Syria.

CONCLUSION

Solidary Markets NZ Ltd owns SMFX Solidary Markets. This company is registered and based in New Zealand, but is not regulated by the Financial Markets Authority (FMA). The company claims to be a Financial Services Manager but is outside the policies of the 2008 Financial Law; therefore it does not require it to belong to the FSP Registry for companies providing services within New Zealand.

The broker claims that he keeps the client’s funds in segregated accounts, which is good practice and is one of the requirements of the strictest regulations. It seems that the broker is serious despite not being regulated. It is based in New Zealand, a country that maintains an excellent regulatory reputation. We can say that their trading conditions are quite good and they are within the average of the industry sector.

Advantages: Very acceptable minimum deposit requirement. It has several commercial platforms. It offers VPS at a reasonable cost. Tasty variety of accounts. Wide range of assets to trade. Attractive welcome promotion.

Disadvantages: Not regulated but appears to be a serious broker.

Tags Forex Broker Review, SMFX Solidary Markets, SMFX Solidary Markets Review

Forex Brokers

Varchev Financial Services Review

Post author By Forex Academy
Post date 16 February, 2021
No Comments on Varchev Financial Services Review

The Varchev broker offers trading in forex, CFDs, ETFs, agricultural goods, stocks, as well as in futures on metals, oil and gas, and indices. The broker’s currency portfolio contains about 40 pairs, major and minor in the Metatrader account, as well as some exotic pairs in the account called VAT. Varchev is a Bulgarian financial […]

Varchev is a Bulgarian financial services company with 17 years of market experience. It is regulated as an investment mediator by the Bulgarian Financial Supervisory Commission (FSC), which means that the company can provide its services throughout the EU, thanks to the Mifid passport rules. Also, Varchev Finance is registered by the Financial Conduct Authority (FCA) of the United Kingdom as a foreign company from another EEA country.

Varchev Finance is also a member of the Investment Compensation Fund in Bulgaria, which covers up to 90% of the amount due in the event of the company’s insolvency, but not more than 40.000 BGN (around 20.000 EUR). The FCA points out that the Financial Services Clearing Service may also compensate specific customers if the company closes for economic reasons. This makes Varchev a highly regulated and secure broker who can provide its services throughout the European Economic Area with guarantees.

ACCOUNT TYPES

Varchev offers 2 types of accounts for trading in Forex and CFD, called Metatrader and VAT (Varchev Absolute Trader). This latter account is actually the xStation platform of the main Polish broker XTB, which offers it through a white label association. The platforms have more or less the same trading conditions with the clear main difference in spreads. The broker also offers a free demo account with $10,000 virtual for trial purposes.

PLATFORMS

Varchev Brokers offers two trading platforms: MetaTrader 4, MetaTrader 5, and Xstation in collaboration with XTB, renamed Varchev Absolute Trader (VAT). Both platforms also offer apps for Android and Apple, for use on mobile devices such as smartphones and tablets.

The XStation platform was the “Best Trading Platform 2016” given by Online Personal Wealth Awards and offers fast execution speeds, technical analysis, graphics tools, social trading, and a host of other options.

For their part, the platforms of MetaTrader, both in its version 4 and in its version 5, much more modern, do not need too much presentation. They are, without a doubt, the platforms most used by traders all over the world. These platforms are highly appreciated for their excellent advanced graphics package, their variety of technical indicators, their ability to use their well-known Expert Advisors (Eas), very useful to automate your trading, your historical data for backtesting, and testing the effectiveness of your strategies, etc. And on the MT5 platform, the possibility to include all the characteristics of its predecessor, and also to be able to trade in derivatives and futures, all on the same platform.

LEVERAGE

The leverage will depend on whether the trader is professional or retail. In this way, a retail trader will have the leverages recommended by the ESMA, with a maximum of 1: 30 for certain currencies and a professional trader will be able to obtain leverage of up to 1: 500 depending on his balance sheet or volume. Here are the leverages for each client group:

Retail Traders

1:30 for all Major Forex pairs: EUR USD, USD JPY, USD CHF, USD CAD, EUR GBP, GBP USD, EUR JPY, EUR CHF, EUR CAD, GBP JPY, GBP CHF, GBP CAD, CHF JPY, CAD JPY, and CAD CHF.
1:20 for non-major Forex pairs: AUD USD, NZD USD, EUR AUD, EUR NZD, GBP AUD, GBP NZD, AUD CAD, AUD CHF, AUD JPY, AUD NZD, NZD CAD, NZD CHF, NZD JPY, USD BGN, GBP BGN, USD TRY, and EUR TRY.
1:20 for Gold and Major equity índices: DAX, CAC, UKX, DJIA, SPX, NDX / DE30, FRA40, UK100, US30, US500, US100, JAP225, EU50, and GOLD
1:10 for minor equity indices: ITA40, SPA35, SUI20, and W20
1:10 for Commodities and Metals: Silver, Palladium, Platinum, Aluminium, Copper, Nickel, Zinc, NATGAS, OIL, OIL WTI, Cocoa, Coffee, Corn, Cotton, Soybean, Sugar, and Wheat
1:5 for Stocks and ETFs: American stocks, European stocks, and ETFs
1:5 for all other CFDs
1:2 for Cryptocurrencies: BTC USD, ETH USD, XRP USD, and LTC USD

Professional Traders

Leverage Balance/Equity

1:500 up to $ 10,000
1:400 $ 10,000 – $20,000
1:200 $ 20,000 – $50,000
1:100 $ 50,000 – $250,000
1:75 $ 250,000 – $400,000
1:50 above $ 400,000

Volume Leverage

Up to 10 lots (1 mil.) 1:500
From 10 lots (1 mil.) to 20 lots (2 mil.) 1:400
From 20 lots (2 mil.) to 100 lots (10 mil.) 1:200
Above 100 lots (10 mil.) 1:50 under negotiating

TRADE SIZES

With Varchev, in any of its 2 available accounts, you can trade with a minimum trade size of 0.01 pips (micro lot). This is a good fact because the majority of novice traders demand the possibility of being able to start trading with small positions to minimize their risks.

TRADING COSTS

The trading costs with this broker will be determined basically by its spread and commissions to trade. Barchev offers 2 accounts and we have detected a big difference in costs, in terms of spread, between them, so we will take as reference the VAT account that offers spreads in EUR / USD from 1 pip.

Additionally, this broker does not charge commissions for trading, so to assume a cost from 1 pip in the major currencies, is a very reasonable cost and even a little below the industry average.

The other cost we have to take into account is the Swap or Overnight Financing, which is any position held overnight, which will incur a maintenance cost (interest). This amount can be negative or positive depending on the instrument and the direction of the position, and its amount is fixed by the central banks of the base currency of the open position.

ASSETS

Varchev makes available to its clients a wide range of assets to trade, including CFDs, cryptocurrencies, indices, metals, commodities, stocks, and Forex.

In this review we give priority to forex trading, so we will show only the currency pairs we will have available to trade with this broker:

AUD CAD, AUD CHF, AUD JPY, AUD NZD, AUD USD, CAD CHF, CAD JPY, CHF JPY, EUR AUD, EUR CAD, EUR CHF, EUR GBP, EUR JPY, EUR NZD, EUR TRY, EUR USD, GBP AUD, GBP BGN, GBP CAD, GBP CHF, GBP JPY, GBP NZD, GBP USD, NZD CAD, NZD CHF, NZD JPY, NZD USD, USD BGN, USD CAD, USD CHF, USD JPY, and USD TRY.

SPREADS

In the Metatrader account, Varchev Brokers offers fixed spreads of between 2 to 4 pips, which is a little above the industry average. The spread in the other account (VAT) is 1 pip in the EUR USD pair, which is much more favorable. The company does not charge commissions or fees on any of the account types to trade. We find this cost difference somewhat incomprehensible, which will undoubtedly make the majority of potential customers opt for the VAT account, which is considerably cheaper.

MINIMUM DEPOSIT

Varchev Brokers, like its Bulgarian counterpart Benchmark, does not require an initial deposit requirement to open a trading account. Naturally, to start trading, customers need to make a deposit. However, we have not been able to find information on what is the minimum deposit requirement, if any.

DEPOSIT METHODS & COSTS

Varchev Brokers accepts customer deposits through bank transfers, credit and debit cards (Visa, Mastercard, and Maestro), as well as through online payment systems Neteller, Skrill, Ukash, Giropay, Itau, the Bulgarian ePay, and Paypal online payment system. The company also accepts deposits at Bitcoin.

It is also possible to make cash deposits. You can deposit with cash by going to the broker’s offices available in Sofia and Varna. For deposits, the broker will not charge any commission to his customers, only the costs that a bank transfer may have on the part of the customer’s bank will have to be taken into account.

WITHDRAWAL METHODS & COSTS

The withdrawal methods will be the same as those detailed in the section on deposits. The only difference is that no cash withdrawals can be made at the broker’s offices, but must be made by bank transfer to an account in your name if you used that deposit method before.

All withdrawals from Varchev Finance to its customers will be returned to where the funds originated initially, that is when they were initially transferred to Varchev Finance. The broker does not report on its website about the costs that may exist for making deposits using any method.

WITHDRAWAL PROCESSING & WAIT TIME

Varchev undertakes to process withdrawals requested by its clients within a maximum of 1 business day. Then you have to add the waiting times that each payment system has. Withdrawals made by credit/debit cards and e-wallets are usually paid on the same day. Withdrawals by bank transfer will take between 2 and 5 days to appear in your bank account balance.

BONUSES & PROMOTIONS

Varchev Brokers has a bonus program with various types of offers.

The first is the “Account” bonus, which is a credit rate of up to $1000, depending on the volume of deposit made by the customer. This promotion applies only to new customers on their first deposit. For example, for deposits of at least 3,000 USD, the broker will add a bonus of 250 USD, and for deposits of at least 10,000 USD, the broker will add the maximum bonus of 1,000 USD. These bonuses are removable subject to a number of trading volume conditions. Varchev has not clearly reported the terms on its website. There is also a cashback bonus and a promotion for when you refer to a friend or a third person.

EDUCATIONAL & TRADING TOOLS

We haven’t found a specific educational area, but we have found a lot of interesting content. This broker has a fascinating blog, as well as a pervasive and high-quality economic news area. It also has market analysis and certain assets. There is also an economic calendar, which we always comment on is a handy tool for any trader by the information of the most important events of the day that come in it.

CUSTOMER SERVICE

To contact the customer service we have several alternatives. We can do this by phone, by means of a contact form available on the web, through a live chat live, by telegram, or by personally going to any of the 2 offices in Sofia and Varna. Curiously we have not found an email address, and clarify that Telegram is an instant messaging service similar to WhatsApp.

The contact details collected are as follows:

Contact with dealer +359 700 17 600.
Varchev Exchange – +359 700 115 44.
London Phone: +44 20 8144 1497.
25 Canada Square, Level 33, office 50, Canary Wharf London
Sofia – “Tzar Samuil” street N1 on the corner of Patriarch Euthymius
Varna – “Vladislav Varnenchik” bulevard 186, Floor: 4, office: 4.035

DEMO ACCOUNT

Fortunately, Varchev provides its customers with a demo account. The client will be able to choose the platform to have that Demo account, it can be MT4 or MT5. In order to have this account, Varchev has a specific area on its webpage where you can download the application and also obtain the necessary instructions for its use.

COUNTRIES ACCEPTED

The broker does not report on his website about citizens of any jurisdiction who may not be Varchev’s clients. In this case, if you intend to open an account with this broker, you will need to contact Varchev to check if you are a suitable customer or not.

On the Varchev registration page, we have detected that no United States of America appears, so we assume that citizens of this country are not accepted to open an account with this broker.

CONCLUSION

Varchev Brokers is a well regulated European broker, which means it is reliable and can offer its services throughout the EEA, and its association with XTB gives it an advantage over other brokers. On the other hand, Varchev offers greater leverage for professional traders (1:500) and offers many payment options, as well as an account (VAT) with no commissions and an attractive spread.

Tags Forex Broker Review, Varchev Financial Services, Varchev Review

Forex Brokers

VARIANSE Review

VARIANSE is the business name of the company VDX Limited, a company regulated by the FCA, specialized in electronic commerce technology, low latency systems, and market data. The broker offers its clients e-commerce in currencies, indices, energy products, metals, and futures through its comprehensive e-commerce platform, called Latentx. According to the VARIANSE website, this platform provides direct access to the STP market and a running speed of only 0.1 ms.

As mentioned above, VARIANSE is operated by VDX Ltd.; a company authorised and regulated by the UK Financial Conduct Authority (FCA). The UK financial regulator sets strict requirements for brokers. They are required to comply with certain rules and procedures that guarantee client funds, the execution of orders, and the minimum capital requirement.

Regulated brokers are required to keep clients funds separate from their operating funds in segregated accounts, and VARIANSE says on its website that the funds of segregated clients are deposited at Barclays Bank, London. Also, FCA-regulated brokers are required to hold at least €730000 to demonstrate their financial solvency. Regulatory authorities, such as the FCA, in most jurisdictions, require very similar minimum capital requirements for financial service providers. For example, brokers based in Cyprus must have at least €1 million to operate legally.

Concerning customer money security, we must say that all companies regulated by the FCA are included in the Financial Services Clearing System (FSCS), which guarantees customers up to £50,000 per person.

ACCOUNT TYPES

VARIANSE offers its clients a selection of three types of accounts: Classic, Ecnpro, and PRIME. The Classic account is designed for inexperienced beginner traders as well as those who do not want to trade in large volumes. The Ecnpro account provides direct ECN connectivity and is ideal for both regular and expert traders. Finally, the PRIME account is designed for professional traders trading in high volumes. FIX API and Free VPS connected, are available in this last account, but, no metals are offered for trading. Also, the commissions in the PRIME account are negotiable.

Here are the characteristics of each:

CLASSIC Account:

No. of Instruments 100 +
Spreads (from) 1 pip
FX Commissions (per side) Click for CFD rates. Non
Minimum Deposit (In Base Currency Units). 500 USD / EUR / GBP
Base Currency USD / EUR / GBP / PLN / JPY / AUD
Pro Leverage up to 1:400
Retail Leverage up to 1:30
Minimum Trade Size 0.01 lot
Minimum Trade Step 0.01 lot

ECNpro Account:

No. of Instruments 100 +
Spreads (from) 0 pips
FX Commissions (per side) Click for CFD rates. 3,5 USD / lot.
Minimum Deposit (In Base Currency Units). 5.000 USD / EUR / GBP
Base Currency USD / EUR / GBP / PLN / JPY / AUD
Pro Leverage up to 1:400
Retail Leverage up to 1:30
Minimum Trade Size 0.01 lot
Minimum Trade Step 0.01 lot

PRIME Account:

No. of Instruments 60 +
Spreads (from) 0 pips
FX Commissions (per side) Click for CFD rates. From 2 USD / lot
Minimum Deposit (In Base Currency Units). 50.000 USD / EUR / GBP
Base Currency USD / EUR / GBP / PLN / JPY / AUD
Pro Leverage up to 1:200
Retail Leverage up to 1:30
Minimum Trade Size 1 lot
Minimum Trade Step 0.1 lot

PLATFORMS

VARIANSE offers its customers two excellent trading platforms. The well-known MT4 and the Flextrade platform. MT4 is perfectly equipped for traders to take advantage of the power and movement of foreign exchange markets. It provides the necessary tools and resources to analyze prices and market trends. MT4 provides facilities for fast and efficient execution of trades and has the ability to create and employ custom algorithmic trading strategies (Expert Advisors) through customization built into the MQL editor.

On the other hand, Flextrade is only available for PRIME account customers. Maxxtrader, is the most professional option for Forex traders, and is a trading platform that allows advanced execution of trades. This platform supports advanced STP runs and electronic routing of orders, and you can see how it is used on the desks of forex operations of the world’s largest institutions.

LEVERAGE

The maximum leverage rates offered by VARIANSE are comparatively high, equivalent to 1:400 in the Classic and ECNpro accounts, and 1:200 for the Prime professional account. Traders need to know that greater leverage means higher risk, not just the ability to make big profits on a small deposit. It’s a double-edged weapon we need to know how to handle.

TRADE SIZES

The minimum trade size for the Classic and Ecnpro accounts is 0.01 lot (micro lot), while for the Prime account the minimum trade size is one lot. We think the minimum trade size required for Prime accounts is a bit excessive; we think a requirement of 0.1 lot (mini lot) would have been more appropriate. There is no information on the maximum trade size on this broker’s website.

TRADING COSTS

Now we’ll show you a table with the commissions that VARIANSE charges for trading its assets in the different accounts it offers.

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

ASSETS

VARIANSE has a tasty variety of assets with which to trade, here we detail the complete list with the offer of this broker,

Forex:

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

Indices:

AU200 Australia 200, DE30 Germany 30, ES35 Spain 35, FR40 France 40, HK50 Hong Kong 50, JP225 Japan 225, EU50 Euro 50 ESTOXX, UK100 FTSE 100, US30 US 30, US500 S&P 500, and UT100 US Tech NASDAQ

Energy:

UKOil F Brent Crude Oil, USOil F West Texas Oil, and NGAS Natural Gas

Metals:

XAU USD Gold Spot, XAG USD Silver Spot, and Copper HG Copper

SPREADS

VARIANSE offers competitive variable spreads in its asset portfolio, starting from 1 pip in the main currency pairs for the Classic account without commissions. The other two accounts, ECNpro and Prime, offer tighter spreads, from 0 pips in EUR/USD in the most volatile hours on the markets, but have a commission amounting to USD 3.5 per lot traded in the ECN account, and 2 USD per lot traded in the Prime Account; This commission is negotiable depending on the volumes traded.

MINIMUM DEPOSIT

VARIANSE requires at least 500 USD from its customers in order to open a real account. This is a relatively high initial deposit for the industry average. We can find other FCA regulated foreign exchange brokers that require smaller amounts. Remember also that the ECN account requires a minimum deposit of USD 5.000, and the PRIME account of USD 50,000, which is a considerable amount.

DEPOSIT METHODS & COSTS

VARIANSE offers to its clients several different methods of deposit, these include Bank transfer, credit or debit cards (Visa or Mastercard), Skrill, Sofort, Uphold, and Unionpay.

WITHDRAWAL METHODS & COSTS & PROCESSING & WAIT TIME

On its website, VARIANSE says that all withdrawals are usually processed via bank wire transfer, and in some cases, they may be able to send funds back to your Credit Card, Skrill, or Uphold account if the funds were originally deposited via the method.

The withdrawal costs in the different methods are as follows:

The broker’s withdrawal processing time is 24 hours.

BONUSES & PROMOTIONS

On the VARIANSE website, we have not found any current bonuses or promotions. However, the broker has an Introducing Broker program. This program is made to reward individuals or companies who refer new clients, and they open trading accounts with VARIANSE. Every time one of the clients you have indicated to perform a transaction, your account will be rewarded in real-time. There is no limit to the number of clients or transactions that may be paid.

EDUCATIONAL & TRADING TOOLS

We have not found any educational content on the VARIANSE website. Nor any tool of interest to the trader. We have missed some news section, or a simple economic calendar, very useful for trades so that they can know the most important daily events and that can affect the different assets they may be trading. For us, it is a negative point that this broker has not bothered to incorporate these tools for his clients on his website.

CUSTOMER SERVICE

To contact the customer service of this broker, we have three main ways, phone, email, and an online chat. Here are the details:

DEMO ACCOUNT

A Demo account can benefit the trader in 2 ways:

– Practicing commercial techniques

– Learning the different tools of the platform.

It is widespread for traders to open a Demo account before depositing money into a real account. It is also essential to know that the Demo account retains the same live prices and market conditions, simulating the exposure in a real account. To get the demo account offered by VARIANSE, just fill out a form with your personal data, and they will respond with the instructions for installation.

COUNTRIES ACCEPTED

The information on the VARIANSE´s website is not directed at residents of the United States or any particular country outside the UK and is not intended for distribution to any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

CONCLUSION

In general, the commercial conditions of VARIANSE are attractive, both for the new traders and for the more experienced ones, although the initial minimum deposit for the Prime account seems excessive (50.000 USD). The broker is well regulated (FCA), and says it offers high-speed execution in transactions. It also provides a good variety of assets to trade. A negative aspect is the absence of educational content and tools of interest to the trader, such as an economic calendar. The broker offers a demo account, which we consider essential, and 2 good trading platforms (MT4 and Flextrade). We don’t like the commissions you apply to both deposits and withdrawals.

To summarize the above, here are the advantages and disadvantages concerning VARIANSE:

Advantages:

Regulated by the FCA
Good trading platforms, too
Attractive spreads

Disadvantages:

Low levels of leverage
It has no educational material or tools of interest to its clients

Tags Forex Broker Review, VARIANSE, VARIANSE Review

Forex Brokers

TusarFX Review

Tusarfx is primarily a Forex broker, founded in 2011, but also deals in metals, gold, and silver. The website is available in several languages, including English, Russian, Indonesian, Chinese, Malay, and Thai. We can deduce from the broker’s interest in adding these languages that he wants to target the Asian public.

Tusarfx is an introductory broker (IB) of the offshore financial services provider FXCL. Introductory brokers are only intermediaries between brokers and traders. They only act as marketing agents, who get clients for their partner.

TusarFX is registered in a tax haven and offers four types of account with leverage of up to 1:500, Tusarfx customers can start with an initial investment of only $1, being able to use the popular Metatrader4 platform.

Tusarfx is the trademark of TUSARFX Ltd. This company is registered in Nevis, an island country in the West Indies. The broker does not mention anything on his website about whether or not he has a license. The financial authorities of St. Kitts and Nevis, the Financial Services Regulatory Commission (FSRC), regulate only the banking sector and tend not to pay attention to the island’s registered foreign exchange and CFD brokers.

The situation of FXCL is similar: the broker is currently registered in Saint Vincent and the Grenadines (SVG), where foreign exchange brokers are neither licensed nor controlled by any regulatory agency.

We have also discovered that the Indonesian government blocked more than 100 forex broker websites in 2013, including those of Tusarfx. But, although FXCL is an offshore broker, it has been trading for more than 10 years and has built a reputation for being a trustworthy, well-rated company.

Here is the review of this broker, after having made a thorough investigation about the company and having tested its platform. Make sure you read it before you invest with Tusarfx.

ACCOUNT TYPES

Tusarfx offers us 4 types of commercial accounts; the broker calls them, Premium account, Standard account, Light account, and Advanced account. Here we detail the characteristics of each one of them.

Premium Account

Minimum Deposit, Starting from 1.00 USD
Maximum Deposit, 10.000 USD
Deposit Method, Bank transfer, Credit or Debit card, OKPAY, DengiOnline, Perfect Money, Western Union, and MoneyGram.
Trading Platform, MetaTrader 4, Android Mobile Trader, iPhone Mobile Trader, Windows Mobile Trader.
Deposit Currency, USD/ EUR/ RUR
Margin Call Level, 60%. Stop Out Level 40%
Maximum Leverage 1:500
Spread, Dynamic, from 1.1 pip with a 5 digit price feed
Maximum Position Size 2 standard 100k lot
Minimum Position Size 0.01
Maximum Number of Orders Online, 30
Swap accounts – 0.6 pip per standard lot
Swap-free accounts – 1.6 pip per standard lot

Standard Account

Minimum Deposit, Starting from 1.00 USD
Maximum Deposit, 7.000 USD
Deposit Method, Bank transfer, Credit or Debit card, OKPAY, DengiOnline, Perfect Money, Western Union, and MoneyGram.
Trading Platform, MetaTrader 4, Android Mobile Trader, iPhone Mobile Trader, Windows Mobile Trader
Deposit Currency, USD/ EUR/ RUR
Margin Call Level, 40%
Stop Out Level 20%
Maximum Leverage 1:500
Spread, FIXED from 2 pips
Maximum Position Size, 2 standard 100k lot
Minimum Position Size 0.01
Maximum Number of Orders Online, 50
Commission, No Commission

Light Account

Minimum Deposit, Starting from 1.00 USD
Maximum Deposit, 7.000 USD
Deposit Method, Bank transfer, Credit or Debit card, OKPAY, DengiOnline, Perfect Money, Western Union, and MoneyGram
Trading Platform, MetaTrader 4, Android Mobile Trader, iPhone Mobile Trader, Windows Mobile Trader
Deposit Currency, USD/ EUR/ RUR
Margin Call Level, 40%
Stop Out Level 20%
Maximum Leverage 1:500
Spread, FIXED from 2 pips
Maximum Position Size, 2 standard 100k lot
Minimum Position Size 0.01
Maximum Number of Orders Online, 70
Commission, No Commission

Advanced Account

Minimum Deposit, Starting from 1.00 USD
Maximum Deposit, 7.000 USD
Deposit Method, Bank transfer, Credit or Debit card, OKPAY, DengiOnline, Perfect Money, Western Union, and MoneyGram
Trading Platform, MetaTrader 4, Android Mobile Trader, iPhone Mobile Trader, Windows Mobile Trader
Deposit Currency, USD/ EUR/ RUR
Margin Call Level, 60%
Stop Out Level 40%
Maximum Leverage 1:500
Spread, Dynamic, from 1.1 pip with a 5-digit price feed
Maximum Position Size, 2 standard 100k lot
Minimum Position Size 0.01
Maximum Number of Orders Online, 50
Commission, No Commission

We can observe that the main differences between the different accounts are found, in the spread, the margin call, the stop out, the maximum deposit, the Maximum Number of Orders Online, and the commissions.

MC / SO levels depend on account type: 40% / 20% for Standard and Light account types and 60% / 40% for Premium and Advanced.

PLATFORMS

Tusarfx offers the MT4 platform. As Tusarfx is an IB from another company, it is normal that offer trading on a Metatrader4 (MT4), powered by FXCL. Most traders use the MT4 platform, and therefore having it available in a broker’s offer is always good news.

This platform is known worldwide because it is very reliable, customizable, and easy to use. It is equipped with an excellent advanced graphics package, a wide range of integrated technical indicators, offers automated trading options with your well-known Expert Advisors (Eas), and a comprehensive backtesting environment for your strategies.

LEVERAGE

Leverage is a trading instrument that offers the ability to trade more funds than is presented in its balance. Leverage helps to maximize profits even with small market fluctuations, thus increasing the “risk-benefit” correlation. Tusarfx offers leverage of up to 1:500.

Leverage for metals will be half the size of leverage for Forex.

For example: if the leverage for Forex instruments is 1:500, the leverage for metals will be 1:250.

Keep in mind that trading with greater leverage does not guarantee better results, in fact, it is often said that leverage is the main reason why beginners lose money in markets.

TRADE SIZES

The minimum Position Size is 0.01 lots (micro lot), while the maximum Position Size is 2 standard 100k lots. We are struck by the fact that the maximum size is only 2 lots. Most brokers offer the possibility to trade with greater trade size.

TRADING COSTS

Spreads are reasonable, as we will see in the corresponding section. As for trading fees, 3 of the 4 accounts offered by Tusarfx have no commission, and Tusarfx only charges a commission on the Premium account, which costs 0.6 pip per standard lot.

The broker announces that if the account is not used, inactivity fees may be charged, but does not specify the time or amount. On the other hand, there is the cost of Swap, which is common in all brokers. The Swap is any position held overnight, which will incur a maintenance cost (interest). This amount can be negative or positive depending on the instrument and the direction of the position, and its amount is fixed by the central banks of the base currency of the open position.

ASSETS

When we tested the MT4 platform offered by Tusarfx in demonstration mode, we noticed that its asset portfolio is not very extensive. It included less than 30 currency pairs and CFDs on precious metals (Gold and Silver). We understand that many traders will lose trading instruments as popular as the S&P 500, the DAX 30, or trading Stock CFDs.

SPREADS

Trade conditions are apparently good. The spreads advertised on the Tusarfx website are really good on most types of accounts: fixed on 2 pips or floating, starting from 1.1 pips in EUR / USD. Additionally, when we tested the broker’s MT4 Demo platform, we found that the spread in EUR / USD effectively fluctuated around 1.1 pips.

MINIMUM DEPOSIT

Tusafx provides all facilities to any potential customer, as their minimum deposit requirement is only USD 1.00. So you can start trading in minimal quantities, and affordable to any public.

DEPOSIT METHODS & COSTS

Tusarfx offers wire transfers and deposits using all types of credit cards through the payment systems OKPAY, Dengionline, and Perfect Money. It also offers deposits through Western Union and Moneygram payment systems. This broker does not charge deposit fees, but banks and payment systems can charge a specific transaction fee directly to the customer.

WITHDRAWAL METHODS & COSTS

Tusarfx does not charge withdrawal fees, but banks and payment systems may charge a specific transaction fee to the customer. With this broker, withdrawal requests of more than 700 USD must be processed only by bank transfer.

Can a withdrawal be made to a bank account in a tax haven? Yes, but with this broker, by choosing bank transfer as a withdrawal method, you will be charged an additional $1,000 if you withdraw your funds from an offshore bank. Offshore banks are banks located in the following countries: Burma, Cuba, Iran, Liberia, Lebanon, Syria, North Korea, Iraq, Zimbabwe, Hong Kong, etc. Also, know that Tusarfx does not cooperate with banks of the following countries, Liberia, Ivory Coast, North Korea, Japan, Iran, Iraq, Lebanon, the Democratic Republic of the Congo, Sudan, Somalia, Eritrea, Libya, Guinea-Bissau.

WITHDRAWAL PROCESSING & WAIT TIME

For the process of a withdrawal, we need to log in to our customer area of the broker’s website, choose the withdrawal section, and complete a small online form. Your request will be executed in one or two business days, and from there, it will take the bank to deposit your funds into your bank account, which can be between 2 and 5 additional business days.

BONUSES & PROMOTIONS

Tusarfx offers a complicated Bonus system. Basically, it can be summed up to a 50% bonus for the initial deposit, up to a maximum of 2,000 USD, and always an additional 20% bonus for the remaining deposits.

Loss deposit bonus. The broker always returns 0.6 pips per lot operated, directly to your account. For the refund of losses we give the following example:

If you have lost 100 – 300 USD – Tusarfx pays you back 50% of your loss.
If you lost 301 – 500 USD – Tusarfx pays you back 60% of your loss.
If you lost 501 – 1000 USD – Tusarfx returns 70% of your loss.

But in order to be paid this bonus, you must deposit twice the amount of the bonus. For example, You have lost 200 USD. To get a 50% loss refund (200 / 2 = 100 USD) you must deposit at least 200 USD.

This type of Bonus makes us think that this broker is Market Maker. The broker offers an Introducing Broker program. An Introducing Broker is an agent that introduces customers to a broker. The IB’s receive compensation, in the form of a commission, for the clients they introduce but do not collect from the clients.

The most common forms of commission are CPA or Cost per Acquisition (a fixed payment for each customer), a % of the Spread, or a commission per lot operated established by the broker. In this case, TusarFX pays 40% of the spread, up to 3 pip per 1 standard lot.

EDUCATIONAL & TRADING TOOLS

There is a news section with little content. It also has a Forex calculator. It has come to our attention that Tusarfx, despite having a quite complete website, does not have an economic calendar, a tool that we consider necessary and very interesting for the trader routine, as it allows us to know the most important daily events, and which may affect the different financial assets.

This broker has a partnership with FX Instructor, which is a course provider. Tusarfx offers its clients free Forex courses, a sophisticated daily Forex forecast, and a technical analysis of the markets. Unfortunately, the link to access and view the content does not work, so we cannot assess the quality of that educational content.

CUSTOMER SERVICE

To get in touch with Tusafx customer service, we have 3 ways of contact, email, and online form you’ll find on the web, and a live chat. The available email addresses are:

[email protected] – technical support and troubleshooting
[email protected] – trading terms, conditions
[email protected] – partnership, advertising
[email protected] – promotions

DEMO ACCOUNT

A Demo account can benefit the trader in 2 ways :

– Practicing commercial techniques

– Learning the different tools of the platform.

It is widespread for traders to open a Demo account before depositing money into a real account. It is also important to know that the Demo account retains the same live prices and market conditions, simulating the exposure in a real account.

Tusarfx offers us a demo account on the MT4 platform. To access it, we must fill out a form with our personal data and some account details. We will then receive an email from the broker with instructions for installation.

COUNTRIES ACCEPTED

According to the policies applied by Tusarfx, Canadian, Japanese, and US citizens (regardless of residence), residents of Canada, and the US (regardless of citizenship) cannot open trading accounts with this bróker.

CONCLUSION

Tusarfx is an offshore company that acts as an introductory agent for FXCL, a company that is also registered in a tax haven. Although FXCL’s reputation is not bad, Tusarfx customers are exposed to the risks of trading with an unregulated broker.

As always, our best advice for traders looking for a reliable currency broker is to look for those licensed by reputable financial institutions, such as the Financial Conduct Authority (FCA) in the UK, or ASIC in Australia, for example.

We found good spreads and very generous leverage, up to 1: 500. The methods of deposit and withdrawal are varied, and in short, the years that this broker has been in the market gives us some confidence, together with the fact that we have not found negative customer reviews on other websites.

And finally, here are the highlights of our review of Tusarfx, where we value that there are many more positive than negative aspects:

Advantages:

Generous leverage, up to 1: 500.
Spreads are acceptable.
MT4 platform is available.
Very affordable initial deposit.
It is an IB of a known runner (FXCL)

Disadvantages:

No financial regulation.
His portfolio of assets is not very varied.

Tags Forex Broker Review, TusarFX, TusarFX Review

Forex Brokers

LUCROR FX Review

Lucror Capital Markets LP is a brokerage firm which is headquartered in Auckland New Zealand (registration number 2539816). This broker offers the popular MT4 platform which can be used when trading on their four available accounts and they also have quite an affordable minimum deposit requirement. Lucror FX offers a number of currency pairs and […]

Account Types

Customers of Lucror FX have a choice of four account types to choose from, namely: The Mini Account, The Micro Account, the Muslim Account, and the Standard Account. The accounts vary in their leverage ratios and minimum volume per trade, however, all accounts seem to offer quite similar conditions. The standard account has the largest number of available forex pairs, 29 whereas the other accounts all have a choice of 17 pairs, which when comparing it to what other brokers offer, seems to be quite limited. On their terms and conditions page, we found that this broker requires a minimum of $1000 to maintain an open account.

Here is a breakdown of the four accounts’ main characteristics:

Mini Account

Leverage – 100:1
Minimum Account size – 1000
Minimum Volume – 0.1
Swap-Free – No
Hedging – Yes
Available pairs – 17

Micro Account

Leverage – 200:1
Minimum Account size – 500
Minimum Volume – 1
Swap-Free – No
Hedging – Yes
Available pairs – 17

Muslin Account

Leverage – 100:1
Minimum Account size – 1000
Minimum Volume – 0.01
Swap-Free – Yes
Hedging – Yes
Available pairs – 17/20

Standard Account

Leverage – 100:1
Minimum Account size – 1000
Minimum Volume – 0.01
Swap-Free – No
Hedging – Yes
Available pairs – 29

Platforms

Lucror FX uses the Meta Trader 4 as their platform. The MT4 is the world’s most popular and most trusted trading platform and for good reason. This platform is compatible with several different operating systems including MAC and Windows-based, as well as iOS and Android. The MT4 is ideal for beginner traders looking to discover more about the industry and also for advanced traders who are looking for a data-rich experience and multiple tools to make the most of their trading.

Leverage

The leverage offered by this broker depends on the account type customers decide to open. The highest leverage customers can use is 200:1 which is available for those who have a Micro account. The other three accounts, Mini, Muslim, and Standard, all have a leverage of 100:1.

Trade Sizes

Trade sizes are also dependent on the account type, the Micro account has a minimum volume of 1 lot, the mini 0.1 lots and both the Muslin and Standard account have the minimum volume of 0.01 Lots.

Trading Costs

Regarding this topic, the information on Lucror FX’s website is quite lacking. There is no mention of commission fees applicable to trades on their account, however, in their Terms and Conditions documents, we did find commissions and fees mentioned quite often, however without any specific details about what type of commissions customers will be expected to pay. We did get in touch via Live chat, however, we did not receive any information about this.

Assets

From what we could see on their website, this broker does not have a very extensive list of assets available for trading. The only information given is that the Mini, Micro, and Muslim account have 17 FX Pairs available, whilst the Standard account has 29 available pairs, however, the broker does not specify which pairs these are. Apart from this, all available accounts can also trade precious metals, Spot Gold and Silver specifically.

Spreads

On their homepage, this broker claims that they offer highly competitive spreads, however, we could not locate any more information about the specific spreads customers should expect when trading with Lucror Fx.

Minimum Deposit

Although this information is not found on their Accounts page on their website, we did manage to find a section in their Terms and Conditions that states that a minimum deposit of $1000 is required to commence trading. We are not sure if this is applicable to all available accounts, however taking into consideration the lack of choice when it comes to trading assets, we feel this deposit requirement is quite steep.

Deposit Methods & Costs

Customers wanting to deposit funds to their Lucror FX accounts can do so via two payment methods, Bank Transfer or via Credit card. The broker does not state whether there are any charges that customers are expected to pay.

Withdrawal Methods & Costs

To withdraw money out of an account, customers must send a signed withdrawal request via fax, email, or post. On the request, customers must include their account details, the amount they wish to withdraw, and the account that the money will be withdrawn to. Unfortunately, we could not find any information regarding commission or fees associated with withdrawing funds. We suggest that interested customers should speak to the broker beforehand to have a clear idea of what deductions might be made before deciding to open up an account and withdrawing money.

Withdrawal Processing & Wait Time

We found no information regarding processing and wait time for withdrawals so we cannot comment any further on this for the time being.

Bonuses & Promotions

At the moment there does not seem to be any available welcome bonuses, however, they are offering a completely free $15 account for new clients. Profits on that account can be withdrawn at any time, but there is a $15 charge for withdrawal. So this means that only profits can be withdrawn.

Educational & Trading Tools

When clicking onto the Education page on Lucror Fx’s website, we did not find any information however when we searched the term Forex a number of articles came up. These articles covered topics such as the best type of forex platform, exchange money rate, how to guide to Forex hedging, and a few more articles. Customers can also find a glossary outlining commonly used terms and phrases within the trading industry.

The website also has an Industry News page; however, the last article was posted back in 2011 which makes the information completely out of date.

Customer Service

For those wanting to get in touch with this broker, they can do so via telephone or through their live chat option. We did try and contact them through live chat however after filling in the short form to start the conversation, nothing really happened and we were left with unanswered questions. We also tried to reach the broker through their Facebook page, however it seems like this page no longer exists.

Here is their contact information:

Address – 1008-1009, Level 10,

300 Queen Street, Auckland 1010,

New Zealand

Telephone – +64.9.2813160

Demo Account

Lucror FX offer their Demo account for customers to test their trading strategies risk free and in a real-time environment. Once customers apply to open up a demo account, they will be given virtual cash (no details about the amount) and they will also be able to use a fully-functional version of the Lucror ProTrader. Customers can use the demo for 30 days before it expires.

Countries Accepted

This broker does not specify if they have any restrictions on any particular countries so we suggest that customers get in touch with them to find out whether their own residence it accepted.

Conclusion

Lucror FX is a New Zealand based broker that offers four similar account types with a limited number of available assets for trading. We did find that the information on their website is either not explained fully or not present at all, which is inconvenient for potential customers. We also noticed that they are quite limited when it comes to funding accounts as they only accept two payment methods. On the plus side, they do offer a demo account that can help customers determine whether the trading conditions offered by the broker are good or not.

Their customer service is quite lacking, and we were left with unanswered questions after 48 hours and although they do have quite a lot of articles on their education page, their news segment is very outdated with the latest news article having been put up more than eight years ago.

If you’re interested and would like to know more about what this broker has to offer, head on to their website and determine whether investing with this broker would be a good move for you.

Tags Forex Broker Review, LUCROR FX, LUCROR FX Review

Forex Brokers

TradeDirect 365 Review

In 2014, Davin Clarke, a professional trader, decided to launch his very own CFD trading company with the idea of offering traders the fairest and the easiest way to trade available, and this is how TradeDirect365 was created. Today, six years after its launch, this company still holds the same values at heart; transparent pricing […]

TradeDirect365, which is actually the trading name of Finsa Pty Limited, are regulated by ASIC (AFSL No. 422661), one of the world’s most respected financial regulators. This alone should put customers’ minds at ease that their funds are safe and held separately from the company’s own.

On their sleek looking website, this broker lists a number of advantages that their customers will experience as well as a comparative list, comparing TradeDirect 365, to other similar brokers, which is quite unusual to find.

Join us on this review as we dive deeper and see what this broker has to offer and to check whether what they claim is based on fact.

Account Types

TradeDriect 365 has two account types on offer, and these completely depend on the platform that the clients decide to use. There are quite a few differences between the two. The Cloudtrade CFD platform has many more options when it comes to available instruments to trade and this account only offers fixed spreads. Customers using this platform and account can also enjoy a welcome bonus and a one-click demo account. You can find a full comparative list of the two accounts/platforms on the broker’s Compare Our Trading Platforms page.

Platforms

This broker offers two different platforms to its clients, the popular MT4 as well as their proprietary CloudTrade platform. Starting from the MT4, this platform does not need much introduction for those of you who have been trading for a while. This multi-lingual platform is well known as one of the most recognized and prestigious platforms around. This platform offers trading on a number of devices namely; Windows, Mac, Android, and IOS. You can find a download link on the TradeDirect365 website as well as a link to open up an MT4 account.

The platform offers 30 built-in technical indicators with adjustable and interactive charts that enable clients to stay afloat current trading market activities, which is convenient as this industry changes at lightning-fast speeds. Some additional perks of this platform include full customizability, Expert Advisors, and multilingual service. Although we now have the MT5, the ‘bigger brother’ of the initial MT4 platform, many traders still prefer the latter.

The broker’s own CloudTrade platform is a browser-based and app-based CFD trading platform that has been developed for a number of years. The broker offers a number of videos to help get customers used to trading using this platform. You can find these videos on the broker’s Platform’s page.

Leverage

This broker offers a decent leverage of 200:1. Beginner traders, and even experienced ones, should use leverage cautiously as it might bring about big losses, however trading wisely with leverage can be extremely fruitful and worthwhile.

Trade Sizes

The minimum contract size available with this broker is a mini contract, or AUD $ 0.01 on their CloudTrade CFD Platform or 0.01 lot on the MT4 platform. This broker does not specify the maximum trading sizes that they allow.

Trading Costs

It seems as though this broker tries their best to keep trading costs at a minimum for their clients. From what we could see on their website they do not charge any inactivity fees, account closure fees, account maintenance fees or phone trading order fees, which is always good news. However, the ASX (Australian Securities Exchange) does charge a monthly fee for real-time pricing data for Australian stocks per account. The cost for this is AUD $27.50 per month, however, if customers of TradeDirect 365 execute 2 round turn trades, or four single legs, of any ASX stock CFD within a calendar month, this fee is waived. This fee is not compulsory as it is the customers themselves who have to opt in to receiving this live data feed, however for those of you who would like to receive it make sure that you subscribe to it at the beginning of the month as ASX charge the full month price, irrespective of which day of the month customers subscribes.

For those holding overnight fees, they should also expect to be charged swap fees. All cash CFD transactions held overnight incur; 2.5% finance fee + RBA rate per annum on ASX CFDs for long positions and this is the same for short positions. Customers should expect to be charged a 0.07% on ASX stock trades when using the CloudTrade CFDs platform and $1.50 per lot when making use of the MT4 platform. Apart from this, this broker offers tight, 24 hour fixed spreads on all of their available markets but we will discuss this later on in this review.

Assets

TradeDirect365 has a large variety of assets available for trading, this includes Trade Indices, Stocks, Forex Currencies, Commodities, and even cryptocurrencies. For Indices, this broker offers Australia 200, UK100, Germany 30 and Wall St, Commbank, Rio Tinto, Deutsche Bank and Amazon as Stocks, EUR/USD, AUD/USD and USD/JPY for Forex, Gold, Silver, and Oils as Commodities and Bitcoin, Ethereum and Ripple as Cryptocurrencies.
You can find the full list of TradeDirect 365’s available assets on their Markets to Trade page on their website.

Spreads

This broker offers fixed tight spreads 24 hours on all their available markets. This way their clients can rest assured that their trades are not influenced by external factors and are not subject to spikes in their spreads.

They claim that their fixed spreads are some of the most competitive in the industry, for example, the popular EUR/USD, AUD/USD, and USD/JPY forex pairs all have a fixed spread of 0.8 (with no added commissions). Comparing this to other brokers, we must admit that TradeDirect 365’s spreads are quite tight. The Aussie 100 Index CFD has a fixed spread of 0.9 points.

Minimum Deposit

Unlike many other brokers around, TradeDirect 365 does not implement any minimum deposit requirement for clients to open up an account. This is good news for those who would like to try out trading for the first time as this broker allows anyone to open an account with what they afford.

Deposit Methods & Costs

When it comes to depositing funds into your TradeDirect365 account there aren’t a lot of options as this broker only accepts deposits via Bank Transfer/Wire, Credit or Debit card only for AUD deposits or Polipay which is an instant online payment method. Those customers setting up an account with USD, GBP, or EUR should contact the broker directly for more information regarding depositing.

From what we could see on their website, this broker does not charge any fees for depositing.

Here are their Bank details for AUD payments:

Bank Name: Wastpac Banking Corporation
Bank Address: 115 Queen Street, Brisbane, QLD 4000, Australia
BSB Number: 034-008
Account Number: 188015
Account Name: Finsa Pty – Treade Direct 365 Client AUD

Withdrawal Methods & Costs

Customers can withdraw their money back to the same payment method they used initially to deposit the funds, that is via Credit or Debit card, PoliPay, or Bank transfer. There is no mention of withdrawal fees customers may encounter when withdrawing their funds, however, we suggest that you ask the broker directly regarding this information.

Withdrawal Processing & Wait Time

The only information we found regarding estimated wait times customers may encounter when waiting for their funds is that instant deposits can only be made from their platform’s PAYMENTS tab.

Bonuses & Promotions

This broker has an interesting Cash rebate that can be extremely attractive for those about to open up an account with this broker. This welcome bonus gives new customers up to AUD $2,500 trading cost (spread + commission) cash rebate for their first month’s trading costs. Usually, these kinds of bonuses come with a number of complicated terms and conditions customers must be sure to follow, however, in TradeDirect 365s’s case this does not seem to be the case. To be eligible customers are only required to open up an account, start trading and after one month get in touch via email and claim their bonus. Keep in mind that this promotion runs from 1st August to the 29th of February and only for those using the broker’s proprietary platform the CloudTrade platform.

Another plus is that the money can be either used to trade or it can even be withdrawn. The rebate is paid out according to the percentages stated by the broker for example if a customer opens an account and trades FX and Stocks for 30 days with their spread and commissions reaching $800, their welcome bonus will be $80 (10% of $800).
You can find the full rebate percentages on the broker’s About Us page under the 2500 Cashback promotion title.

Educational & Trading Tools

On their website, TradeDirect 365 has a page dedicated to educational information. On this segment of their site you can find a number of easy to follow, short videos explaining topics such as finding an instrument on the platform, placing trades, using watch lists, and closing trades just to mention a few. Apart from these videos which provide a good solid background to those just starting out on the broker’s own platform, this broker also has an extensive segment dedicated to Secrets of CFD Trading. The articles cover a diverse range of topics that will help customers get a hang of trading CFDs and developing their own strategies.

Customers can also make use of a Glossary and a FAQ page that covers the basic questions people tend to ask when starting to trade with a new broker. When it comes to trading tools, the broker only has a Dividend Projection chart and Market Information on their site, so their customers need to use trading tools found on the platform that they decide to choose.

Customer Service

Clients wanting to get in touch with this broker can do so via telephone, email, or live chat. Unfortunately, we did not have such a great experience when trying to contact the broker as our email was left unanswered and the same happened on their live chat. We assumed this might be because of the time zone difference. However, we expected to be given an answer via email within 42 hours, and this did not happen.

Here is their contact information:

Address – Level 36,
Governor Phillip Tower,
One Farrer Place,
Sydney, NSW 2000

Email Address – [email protected]

Telephone – Support Line (within Australia): 1800 886 514 (press 2)
Outside Australia: +61 2 8310 4713
Support Line (UK): +44 (0) 203 301 0483

Demo Account

Trade Direct 365 does offer a demo account that enables customers to test drive their CloudTrade CFD Platform. This broker also provides a number of videos that can help traders get started on this platform and become more confident when placing their trades. The Demo Account comes with $10,000 in virtual funds and it will enable customers to access thousands of global markets risk-free.

If you want to test out this platform, head on to the Broker’s Platforms page and there you will find a simple form to fill out to open up the demo account. Unfortunately, there is no option to test out the Demo account using the MT4 platform.

Countries Accepted

On the disclaimer found at the bottom of their website, the broker states that the information and services explained on the site are not directed towards residents of the United States or any other country out of Australia in which the use or distribution of such information would be contrary to their own countries laws and regulations.

Conclusion

TradeDirect 365 is an Australian CFD and Forex broker that is regulated by one of the most reputable regulators, the ASIC. The broker does not offer much choice when it comes to account types, however, customers can open an account with no strict minimum deposit requirements. The MT4 and CloudTrade platforms both have a number of advantages; however, customers can only test out the CloudTrade platform on the demo account.

They offer a leverage of up to 1:200 which is quite decent, and their fixed spreads are quite low when comparing them to other regulated brokers. Their Learn page has quite a number of interesting videos and articles that should point beginner traders in the right direction when making decisions whilst trading.

Some disadvantages we encountered were a lack of choice when it comes to payment methods and more importantly, their customer service seems to be rather slow and we were left with questions unanswered.

Taking everything into consideration, TradeDirect 365 seems to be a broker that customers can trust with their money and they have many more advantages than disadvantages. If you like what you’ve read about this broker, visit their website to get a clearer idea of what they’re offering and determine whether this broker would be a good match for you.

Tags Trade Direct 365, TradeDirect, TradeDirect 365 Review

Forex Basics Forex Brokers

Tell-Tale Signs You Need to Get a New Forex Broker

Post author By Forex Academy
Post date 11 January, 2021
No Comments on Tell-Tale Signs You Need to Get a New Forex Broker

Are you here because your forex broker hasn’t been meeting your expectations lately? If so, then you don’t have to settle. New brokers open their doors every single day and hundreds of options have probably popped up since you first signed up for that old trading account. Finding a new broker can offer multiple benefits, from reduced fees to a wider selection of trading instruments, the chance to make extra money through bonuses, and more. If you’re seriously considering switching, then take a look at our list of tell-tale signs that you need to find a new forex broker.

Sign #1: You’re Paying Too Much in Fees

You’re likely paying commissions, spreads, and possibly withdrawal fees for trading through your broker. In some cases, you might not be paying commissions but you’re dealing with a higher spread to make up for it. If you’ve been trading with the same company for some time, you may not have been paying much attention to these fees, but have you compared them to any other brokers lately? If your broker is charging you a spread that is above 1.5 pips on EURUSD, we can almost guarantee that their other prices are too high, which means that you could be walking away with more of your own money in your pocket at the end of the day if you simply switch to a broker with cheaper fees. There’s also a good chance you could find a broker with no withdrawal fees for debit cards versus the 7% fees we’ve seen listed through several brokerages.

Another thing to watch out for are extra charges, like inactivity fees or account maintenance charges. Some brokers do charge small inactivity fees to clear out balances that are left behind forever, but others charge high fees after about a month of zero trading activity. Account maintenance charges are basically like made-up charges that your cell phone provider would come up with to make a few extra dollars. Now is a good time to check your broker’s terms & conditions to see if any of these fees apply. If so, you might want to switch, especially if you’ve been hit with inactivity fees before.

Sign #2:LacklusterCustomer Service

When it comes to customer service, a good broker offers flexible hours, quick and convenient contact methods, and polite service representatives. Sadly, you won’t find this available with every broker and you’d have an easier time pulling teeth than getting in touch with an agent through some shadier brokerages. Imagine having an issue where you never received a withdrawal you desperately needed, but you couldn’t get in touch with anyone to find out what happened. Or perhaps you simply get locked out of your account and can’t reset your password, so you’re stuck missing out on trading opportunities for days while you wait for an agent to respond to you. If you haven’t been there before, there’s always a chance that this will affect you in the future. Rudeness is another thing that you shouldn’t have to tolerate and is a sure sign that you’ll do better with another company.

Sign #3: Limited Trading Opportunities

If you’re a trader that is only interested in currency pairs, then this one might not matter to you as much, as long as your broker offers a good selection of majors, minors, and exotics. However, many traders do look to diversify their trading portfolio over time, even if they started out focusing only on currency pairs. If this is the case for you, then you’ve probably outgrown your forex broker if they don’t offer much in the way of commodities, stocks, or cryptocurrencies. If you’re in this situation, you might want to switch to gain access to a wider diversity of investment options – or you could open a secondary account through another broker and continue to trade currencies on your current account if your broker offers competitive prices.

Sign #4: An Unsatisfactory Trading Platform

Some brokers offer access to award-winning platforms like MetaTrader 4 and/or 5, or they have their own trading platform for users to trade on. If you’re dealing with a broker that lets you trade on MT4 or MT5, then you already have access to one of the best platforms out there, but don’t hesitate to switch if you don’t personally like those options. If your broker offers their own platform, you’ll need to think about how satisfied you are with the features and tools within it. Does it seem basic? If your trading platform is missing out on all the tech you’re looking for, consider switching. Also, know that more popular brokers are more likely to offer outstanding platforms, while smaller shadier brokers are likely offering up more basic trading platforms.

Sign #5: Your Broker Is Too Basic

Some brokers have a lot to offer in the way of extra perks, like bonuses and promotional opportunities, a wide selection of assets to choose from, a wide array of educational resources, trading tools like calculators, amazing trading platforms, and etc. Others only offer a basic trading platform with zero resources or extra perks on their site. Obviously, the latter is rather boring when there are so many companies offering so much more out there. If your broker only offers the bare minimum, we highly recommend looking at other options so that you can benefit more from the trading experience.

Tags Education, Forex, Forex Broker, Forex Broker Accounts, Forex Brokerage

Forex Brokers

Regal Core Markets (RCMFX) Review

Post author By Forex Academy
Post date 8 January, 2021
No Comments on Regal Core Markets (RCMFX) Review

Regal Core Markets (RCMFX) is an offshore Forex and CFDs broker on indices, commodities, and cryptocurrency, founded in 2019. Their website is well-built and available in English and Chinese, although we have detected a lack of relevant information on the business features of their accounts, such as types of accounts they offer, expenses and processing […]

Regal Core Markets is registered in Vanuatu and is licensed locally by VFSC. The VFSC license is probably the easiest to get for a small broker who is starting his business. Local authorities in Vanuatu require only USD 2,000 of capital before providing the company with a license to become a “Securities Distributor. If we compare this requirement to the AUD 1.000.000 required by the Australian Securities and Investments Commission (ASIC), we see that the difference is enormous. Also, ASIC imposes funds segregation accounts for customers. This policy prevents brokers from accessing their client’s accounts.

Regal Core Capital, informs on its page that it maintains segregated accounts, this is usual in some offshore brokers; they comply internally with specific requirements of the significant regulators because for the lack of the necessary money initially, they cannot access them. Another specific aspect of Regal Core Markets is that they seem to be aimed at the Chinese market, as this is the only other language version available, other than English.

Finally, we haven’t been able to find out if Regal Core Markets is a broker that applies an STP / ECN policy or is a “ Market Maker “, broker. His website says nothing about it, so we can imagine that if he were an STP broker, he would probably advertise it. Although we insist that being a Marmet Maker broker is not a bad thing, it’s just that being your client’s counterpart can create a particular conflict of interest.

ACCOUNT TYPES

Regal Core Markets does not specify on its website what types of account it offers. We believe that there is no choice but to contact the customer service to find out what different possibilities there are, or only provide a single standard account.

PLATFORMS

Regal Core Markets offers its customers the Metatrader4 (MT4) platform. This is the most widely used currency trading platform in the world. Most traders prefer to continue using MT4 even though Metaquotes has already developed its most modern version, the MT5, years ago.

MT4 has excellent graphics capabilities, while the software is quite light on your computer. That said, its most significant feature is the programming environment: the add-ons to the platform can be easily programmed through the MQL language, and it is relatively simple. The most popular tools you can find in the MQL market are technical indicators and automated trading systems, called Expert Advisors (or EAs).

LEVERAGE

With leverage, you’re using borrowed capital, as the margin, to increase the potential returns on investment. Leverage is used to increase your purchasing power significantly and allows you to open significant positions with a small investment.

Regal Core Markets offers leverage of 1:500. For example, with a deposit of 1000 USD, you can trade with the equivalent of up to 500.000 USD. This leverage is too high, and initially, we can ask to lower it to a level of 1:100, for example. Always remember that while leverage increases your earning potential, it also increases the risk of loss and therefore requires minimal training.

Beginners often underestimate the importance of risk management in trading. A very high leverage relationship does not mean that a broker is offering you better trading conditions. A higher level simply means that you may have higher risks, both in terms of profit and loss.

TRADE SIZES

According to the operations we have been doing in the Regal Core Markets demo account, it is not possible to trade with micro-lots (0.01 lots), and the minimum trade size is a mini lot (0.10 lost). This is a small inconvenience for beginner traders who do not want to take many risks, and who start their operation with micro-lots.

TRADING COSTS

According to the operation we have been doing in the Regal Core Markets Demo account, we can say that there are no commissions for lots operated and that the broker’s profit is based on the spread (the difference between the purchase price and the selling price).

Additionally, there is the expense of the swap, which is common in all brokers, and that is, any position held overnight, which will incur a maintenance cost (interest). This amount can be negative or positive depending on the instrument and the direction of the position, and its amount is fixed by the central banks of the base currency of the open position.

ASSETS

With Regal Core Markets, you can trade in currencies (Forex), and CFDs on indices and commodities. These are all the assets you can trade with; the list is not very extensive:

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

Indices: SSEC (Shanghai Composite, HIS (Hang Seng), N225 (Nikkei 225), FTSE (London Stock Exchange), DAX (Frankfurt Stock Exchange), CAC40, Pan-European Stock Exchange), SMI (Swiss Stock Exchange), MerVal (Buenos Aires Stock Exchange), BVSP (BM&F Bovespa Stock Exchange), NASDAQ Composite, S&P 500, S&P TSX Composite (Toronto Stock Exchange).

Commodities and metals: gold (XAU), silver (XAG), palladium (XPD), platinum (XPT), natural gas, unleaded petrol, Brent crude oil, WTI crude oil, soy, wheat, corn, cocoa, cotton, sugar.

Cryptocurrencies: Bitcoin (USD), Éter (USD), Bitcoin cash (USD), and EOS (USD).

SPREADS

The spreads in Regal Core Markets are variable, and according to the information we have extracted from your commercial platform we detail what affects some pairs.

EUR/USD from 1,4 pips, GBP/USD from 1,4 pips, USD/JPY from 1,5 pips, USD/CHF from 1,6, USD/CAD from 1,6 pips, AUD/USD from 1,4 pips, or NZD/USD from 1,8 pips.

The offer of spreads is not bad, also knowing that there is no commission for lots traded. Sometimes spreads are not the essential commercial aspect, as customers value a lot of other factors such as customer service, speed in processing collections, and payments… etc., but long-term trading costs can be an important factor.

MINIMUM DEPOSIT

There is no information on the minimum deposit required to open an account on the Regal Core Markets website. We consider it an error to omit this information, as it is in the interest of any trader to know the minimum amount to be able to trade with any broker.

DEPOSIT METHODS & COSTS

Regal Core Markets accepts payments by bank transfer, credit or debit card, Skrill, and China Union Pay. It also accepts deposits in cryptocurrencies such as Bitcoin, Ethereum, and USDT. Certainly, this broker has a pretty solid variety of deposits, covering the most traditional methods, a popular Western electronic wallet, and the most used payment system in China.

The costs associated with the deposits have not been reported, but they usually do not cost the customer, except for those who want to make a bank transfer and therefore have to pay their bank commission.

WITHDRAWAL METHODS & COSTS

Withdrawal methods are usually the same methods available for deposits. However, withdrawals must be processed by the same system by which the previous deposit was made. This is due to the international anti-money laundering laws. Withdrawal costs are another piece of information missing from the Regal Core Markets website.

WITHDRAWAL PROCESSING & WAIT TIME

We have no information about withdrawal processes and waiting times. Usually, and analyzing the deposit methods that this broker offers, we dare to say that the waiting time of all of them can be 1 working day, except for international bank transfers, which can take 2 days 5 working days to see the money in your account.

BONUSES & PROMOTIONS

Regal Core Markets does not currently have any current bonuses or promotions. Nor do we know that he has had any active promotion in the past.

EDUCATIONAL & TRADING TOOLS

Regal Core Markets does not have any educational resources for its clients. As a tool, it only has an economic calendar. We always say that an economic calendar is a very useful tool, as it allows us to know the most important daily events, and that they can affect the assets we may be trading.

CUSTOMER SERVICE

To contact customer service, we have 3 ways to do it. Regal Core Markets does not provide us with a phone number, but it does have an email, a contact form, and an online chat. Your email address is: [email protected]

DEMO ACCOUNT

Regal Core Markets offers its customers a demo account. It is common for traders to open a Demo account before depositing money into a real account. It is also essential to know that the Demo account retains the same live prices and market conditions, simulating the exposure in a real account. The demo account of this broker can be downloaded directly from your website in a very simple and automatic way. In less than a minute you have it activated.

COUNTRIES ACCEPTED

There is, on the Regal Core Markets website, no information regarding citizens who may or may not open their account. When this happens, we usually go to the registration page and display the list of countries to try to find out which countries are missing from the list and which, theoretically, cannot trade with that broker. The surprise was when we accessed the Regal Core Markets registration page and found that the country tab does not exist, and in this way, anyone, from any jurisdiction, can open an account with this broker.

CONCLUSION

Regal Core Markets is an off-shore Forex broker. Having a license in Vanuatu is not the most protective regulation for the customer; it is very little. The trading platform is one of the best they can offer us, for its simplicity and solidity (MT4). The spreads are correct and average for the current state of the industry, and the leverage is very high, ideal for the riskier traders.

Here are the advantages and disadvantages we see in this broker:

Advantages:

It has the MT4 platform
Demo account available
Spread reasonable

Disadvantages:

Off-shore regulation
Lack of relevant information on their website
Minimum trade size of a mini lot (0.10 lots)

Tags RCMFX Review, Regal Core Markets, Regal Core Markets Review

Forex Brokers

Midtou Financials Review

Looking at the information on the broker’s website, Midtou Financials is a subsidiary of an Indonesian company called PT Midtou Aryacom Futures, which is duly registered. It trades under the supervision of the Indonesian Commodity Futures Trading Regulator (BAPPEBTI). In addition, PT Midtou Aryacom Futures is a member of the Jakarta Futures Exchange (JFX), as well as the Indonesia Futures Company association. In turn, Midtou Financials is operated by Midtou Global Financial Corp., a licensed company in Belize. We will be wary of the risks involved in trading with offshore brokers.

ACCOUNT TYPES

We could not find information about the different types of accounts that Midtou Financials offers to its clients. It could very well be that there is only one account type, which is not unheard of. Contact Midtou’s customer support team if you are interested in the availability of tiered accounts.

PLATFORMS

Midtou Financials offers its trading services on the famous Metatrader 4 platform. The availability of MT4 is very positive, as this platform has proven to be reliable and used by both beginner and professional traders. MT4 is recognized for its excellent advanced graphics package, numerous technical analysis indicators, expert advisors, and customization options. The Midtou Financials website offers a download link to this platform, both the desktop version for your computer and the mobile version for use on tablets and smartphones.

LEVERAGE

Midtou Financials is in that group of brokers that offer high levels of leverage, reaching 1:500. Leverage is a fundamental part of trades, as we can use very small currency price fluctuations, and leverage gives us the ability to trade in much larger amounts of currency in a transaction with only a small deposit. One must always think that the greater the leverage, the greater the risk of loss.

TRADE SIZES

With Midtou Financials you can trade from a micro lot (0.01 lot). It is certainly an advantage to be able to operate in micro lots, especially for novice traders. Smaller trade sizes allow us to better manage risks.

TRADING COSTS

We do not have information about trade commissions. We understand that with such a wide spread, the broker’s profit will be limited to that difference between the purchase price and sale price (Bid / Ask).

Where we will always have an expense is in night financing if we leave open trades overnight. This is a small interest that varies according to the currency and can be negative or positive.

ASSETS

The range of assets offered by Midtou Financials is quite limited. This broker offers us 20 currency pairs and precious metals. There is no CFD on stocks, indices, nor cryptocurrencies.

SPREADS

The Midtou Financials website reports that the spreads are set at 2 pips in EUR / USD. On the other hand, when we tested the MT4 demo platform, we discovered that they are set to 3 pips for that same pair. Honestly, it’s not a competitive price, as many brokers offer lower spreads.

MINIMUM DEPOSIT

The initial deposit seems high to us. Midtou Financials sets it at a minimum of USD 500 to open a real account. This amount is higher than the average that most brokers require to start trading.

DEPOSIT METHODS & COSTS

There is no mention of deposit methods anywhere on the website. What we have seen is a subdomain to send a proof of deposit online, so we can guess that the deposits are made, at least, by bank transfer.

WITHDRAWAL METHODS & COSTS

With withdrawals, we find the same problem of lack of information as with deposits. Likewise, we have found an area of the page for the application of the same, where a bank account number has to be filled out, so we can ensure that withdrawals are made by bank transfer.

WITHDRAWAL PROCESSING & WAIT TIME

The website reports that withdrawals are attempted on the same day that the client sends the online request. They may occasionally be delayed by 1 working day. The waiting time from the broker’s processing time already depends on the bank, whether it is international or not or the currency is coincident or not.

BONUSES & PROMOTIONS

Midtou Financials does not currently have any current bonuses or promotions. We have also found that you do not participate in any affiliate or IB program.

EDUCATIONAL & TRADING TOOLS

On the educational side, they maintain 4 teaching blocks. These are, technical analysis, fundamental analysis, key factors affecting the market, and market players. Unfortunately, 3 of those 4 areas are virtually empty of content and outdated.

CUSTOMER SERVICE

Midtou Financials does not have a telephone or online chat. Nor does it have a contact form. To contact customer service, we have basically only one way, email. Although it also provides 2 mailing addresses that are usually of little help.

Headquarters: UOB Plaza Thamrin Nine, JI.M.H. Thamrin kav 8–10 Jakarta Pusat
Sales Office: A: No 5, Cork Street Belize City, Belize
Customer Support: [email protected]

DEMO ACCOUNT

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

COUNTRIES ACCEPTED

We have not found any exceptions to any citizen or jurisdiction to be able to trade with Midtou Financials, so we understand that any citizen of the world is welcome to open an account with this broker.

CONCLUSION

Normally we advise traders to keep an eye out for offshore brokers, however, the situation of Midtou Financials is different as, although it is registered in Belize, it is part of a group whose other undertakings are duly regulated.

What we like most about Midtou Financials is that it uses the famous Metatrader 4 platform and is able to offer high levels of leverage. We also like the possibility to trade with micro-lots.

As a disadvantage, their spreads are wide, and we see that the variety of assets is quite scarce. It does not have CFDs in stocks, indices, or cryptocurrencies. Moreover, the initial deposit required high compared to many other brokers. Few media contact. It does not offer a Demo account. Poor educational content.

Tags Midtou Financials, Midtou Financials Broker, Midtou Financials Review

Forex Brokers

NESSfx Review

Nessfx is a forex and CFD broker on indices, commodities, and metals, offering pure NDD execution on two different trading platforms, MT4 and Sirix. The broker’s Non-Dealing Desk (NDD) or no trading table, offer access to the interbank market without passing orders through a trading table as in the case of a Market Maker. In this […]

With the real NDD brokers, there are no recotizations in the orders and no additional pause during the confirmation of the order. This particular feature allows the performance of transactions without any type of transaction at the time when important market news is made known. NDD brokers earn their earnings either by collecting a transaction fee (based on trading volume) or by increasing the spread over quotations, in which case Forex transactions are free of commissions.

The trademark was initially operated by Lionsman Capital Markets Ltd. (currently working the binary options brand Optionweb ); however, the company waived its CIF license and obviously sold its business to Fxnet Ltd. The latter is a Cyprus investment firm, licensed by Cyprus Securities and the Exchange Commission (Cysec), and also operates the Fxnet and Rynki brokers.

Licensed Cysec brokers must have at least €730,000 to prove their financial solvency, and keep client funds in segregated accounts, as well as report to the Commission regularly, and also meet many other requirements. However, in exchange, they are allowed to operate throughout the EU under the MIFID rules and are covered by an insolvency clearing system so that they can secure their client funds (up to €20,000). Also, Nessfx claims to offer its customers negative balance protection.

The broker’s website is available in the following languages: English, Spanish, Polish, French, German, Italian, Bulgarian, and Czechoslovak.

ACCOUNT TYPES

As you can see, Nessfx offers its customers 3 options of account types, depending on the minimum deposit. With this broker, customers can choose between two trading platforms: Sirix and Metatrader 4, fixed or variable spreads, and benefit from their pure execution of NDD and in addition to the exemption of commissions for trading in Micro and Premium accounts (the platinum account does have commissions).

Premium account holders are offered tighter spreads, an individual trading coach, and accelerated withdrawal processing within 48 business hours, while Platinum can get guaranteed automatic withdrawals.

The broker offers the possibility of opening Islamic accounts. Only the Micro account can become Islamic, and a holder cannot be a holder of Islamic accounts and standard accounts. Remember that Islamic accounts are exempt from the cost of Swap, this is to comply with Sharia law.

PLATFORMS

Nessfx is compatible with the Metatrader4 trading platform (MT4), available both in its desktop version for Windows and Mac and in mobile versions for use on smartphones and tablets. The broker also offers the Sirix platform as an alternative, although we like the MT4 much better.

NESSfx allows you to access global financial markets through the ever-popular Metatrader4 (MT4). This is a reliable option as it offers incredible potential for advanced graphics, a lot of custom technical indicators, which can be found, tested, and purchased on the MQL market. Also. There are automated trading systems, called expert advisors (Eas).

The Sirix platform is equipped with advanced integrated indicators and advanced graphics options. Charts can be displayed in several time periods, and traders can add their own lines, measurements, and annotations. It also allows users to view and copy trades from other traders. Sirix available with this broker desktop version for computers, a web version, and mobile versions for smartphones and tablets.

Besides, some additional services, such as forex signals and social trading are also available with Nessfx.

LEVERAGE

Leverage will be different depending on the asset traded. This is the detail of the leverages offered by Nessfx:

30:1 for major currency pairs.
20:1 for non-main currency pairs, gold, and major stock indices.
10:1 for non-gold commodities and non-main stock indices.
5:1 for individual equity securities (stocks).
The broker offers professional traders maximum leverage of up to 500:1.

This broker uses the leverage recommended by the ESMA. Remember that high leverage offers opportunities to make big profits with a relatively small deposit. However, we recommend traders to be careful when using it, as increased leverage also implies a higher risk of losses, which may even exceed the initial investment.

TRADE SIZES

Trade sizes are different depending on the account. For the micro account, you can trade with trade sizes of 0.01 lots (micro lot), but in the Premium and Platinum accounts, the minimum trade size is 0.10 lost (mini lot).

TRADING COSTS

The trading costs in the micro and premium accounts are basically determined by the spread since these accounts have no trading fees. The platinum account has the lowest spreads, but it does have a trading fee that we haven’t been able to find out for lack of information.

Another expense to consider is the Swap, a cost that you will have with all the brokers unless you have an Islamic account that lacks them. The Swap is any position held overnight, which will incur a maintenance cost (interest). This amount can be negative or positive depending on the instrument and the direction of the position, and its amount is fixed by the central banks of the base currency of the open position.

The cost of the swap is not considered in the Islamic accounts as they are designed to comply with Sharia law.

ASSETS

Below are some of the assets available to trade:

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

Metals: XAG USD, XAU USD, XPD USD, XPT USD, and Copper.

Commodities: BRT USD, NGAS, USOil1000, Cocoa, Corn, Cotton, Sugar, Coffee, and Wheat.

Indices: Amsterdam 25, CAC 40, China 50, DAX 30, DOW 30, DXY, EURSTOXX 50, FTSE 100, Italy 40, MICEX 50, NAS 100, NIKKEI 225, Spain 35, SPX 500, VIXX, and WIG20.

SPREADS

NessFx does offer different spreads in conjunction with different account types. These are shown below.

Nessfx offers to trade without commissions on two of its accounts (micro account and premium account); however, their spreads are high, as they amount to 2.3 pips and 1.9 pips in EUR / USD, respectively.

In fact, the best spreads offered by this broker are in the Platinum account, but to access this account you need an initial minimum deposit of 20,000 USD, an amount within reach of very few. Also, in the platinum account, the broker charges a commission for each lot traded, although that data is not reported on the website, and we have not been able to find out.

For comparison purposes, the average spreads of most brokers in the accounts without commissions amount to 1.2 pips in EUR/USD, while those of the account type without spread, with an average of 0.6 pips in EUR/USD, involve a commission of USD 5 per standard lot traded.

MINIMUM DEPOSIT

To open an account with Nessfx, traders must invest a minimum of $500 by opening a micro account. Such a minimum initial quantity is considered to be a little high compared to the average of the industry. Other brokers based in Cyprus can be found, which require a significantly lower initial deposit and similar commercial terms.

DEPOSIT METHODS & COSTS

Nessfx offers its customers a wide variety of deposit methods. Here is a table with the available methods, accepted currencies, waiting times, and associated costs:

WITHDRAWAL METHODS & COSTS & WAIT TIME

Same methods we have for deposits for withdrawals. Here is the table with the waiting times and the costs of making a withdrawal depending on the method used:

BONUSES & PROMOTIONS

We have not found any bonuses or promotions available with this broker at present. Nor have we found on the Nessfx website that they have an affiliate program or Introducing Broker (IB).

EDUCATIONAL & TRADING TOOLS

Nessfx has a section where it has a F.A.Q. on trading, which is like a kind of glossary with the most basic terms that every trader should know. It doesn’t seem a little basic but it’s the correct content.

As tools of interest to the trader, in the same section, the broker offers an economic calendar, which we always say is a fundamental tool for every trader as it reports the most important daily events and which can affect the assets we are trading.

CUSTOMER SERVICE

To contact Nessfx customer service we have 4 possibilities, telephone, email, web contact form, and a live chat available from Monday to Friday during market hours. These are the contact details of this broker:

Office: 4 Theklas Lysioti St, Harmony House, Office 31, 3rd Floor, 3030 Cyprus
Email: [email protected]
Phone: +357 25 022 870

DEMO ACCOUNT

A Demo account can benefit the trader in 2 ways:

– Practicing commercial techniques

– Learning the different tools of the platform.

Fortunately, Nessfx provides a free demo account to its customers. To obtain the demo account, we must fill out a form with our data, then we will receive an SMS with a pin code, and we from our customer area must configure the account to our liking in order to start trading with it with virtual money.

COUNTRIES ACCEPTED

This broker has geographical restrictions in a good number of countries, as reported in his legal documents. The list of countries that will not be able to open an account with Nessfx is Belgium, Turkey, Russia, Japan, Canada, British Columbia (Canada), Quebec (Canada), Saskatchewan (Canada), and the United States of America.

CONCLUSION

Nessfx is a well regulated Forex and CFDs broker. The trading conditions it offers are not the best on the market as the spreads offered are a little high. It has two trading platforms to choose from for its customers, such as the popular MT4 and Sirix.

The initial deposits required are high, even for the most basic account (500 USD), and to aspire to better spreads you have to make high disbursements, 2000 USD in the Premium account and 20,000 USD in the Platinum account. On the positive side, we have a variety of deposit methods available, and that the customer has the possibility to open a Demo account before depositing their actual funds into a live account.

To summarize the above, let’s show the advantages and disadvantages we have found in this broker:

Advantages

Well regulated, licensed Cysec 182/12.
Scope of payment methods.
Has accounts without commissions
Choice of platforms, MT4, or Sirix
Forex signals and social trading available

Disadvantages

High commissions on deposits and withdrawals
High spreads

Tags NESSfx Broker, NESSfx Forex Broker, NESSfx Review

Forex Brokers

The Secrets Behind How Professional Traders Choose Brokers

Post author By Forex Academy
Post date 14 December, 2020
No Comments on The Secrets Behind How Professional Traders Choose Brokers

What the best broker is for you might not be for someone else. They come in many different flavors, although some of them do better than others in all categories. To try one broker you will have to open an account, hopefully, what you get on the demo you get on the real account. Yet it is hard to know if the one you have selected is good for you unless you have some experience.

To get this idea you need a comparison. However, few will try 20 different brokers just to say this one is right. There are so many brokers out there, and most have some part of business traders would probably dislike. When you want to start out trading for the first time, you do not have a clue what to look for and what to avoid in the first place. At some point, you are probably going to get dissatisfied with the one you are with, you will want to find another because you do not like how you are treated.

The decision is so critical that even if you have the best trading system and great results, it is the broker that holds your money. Getting this right is very important so deep research has to be made. This article will present how one prop trader is carefully setting the rules to find the right one, and also some of the example brokers you might find interesting and why they might be good.

Country-Specific Qualifications

Traders from the US might have a problem with the selection since the regulations are harsh and brokers have an easier time just not to accept clients from this country. This is the first question-stop on your research – do they accept clients from your country? Brokers like it if you stay a long time with them. More trading is done and more chips for them. Clients that do not understand the long game about forex trading get wiped pretty soon. These clients do not leave much on the broker’s table. Traders who follow a money management system, have their algorithm or a strategy are very welcome. Honest brokers want trading-educated customers, unlike the other side where fake investment platforms look for random naïve victim-clients.

Security First

Investors or clients want security first. Your capital is at risk when you trade, this risk is under the inherent broker risk you take once you deposit. It is an unavoidable risk you want to be at the minimum. How safe is a broker is determined by several factors we are going to speak about. There are no special calculations or analysis, just common-sense conclusions – all you need to stay away from shady investment platforms. The second factor you want to investigate is the Ease of Use. No one wants to have delays, unclarities, frequent changes, unintuitive account management apps, perpetual requests, and so on. You want orders executed without gimmicks, the broker is there to give you just that.

Trading Conditions Matter

After these two most important factors on how to find a generally good broker, you want to have good Customer Support too. When you trade for a long time, it is very likely there will be a problem with liquidity, your orders, slippage, and other abnormalities you want to know more about. More importantly, you want the issue solved as quickly as possible. Most brokers save in this area, professional and knowledgeable staff is not easy to afford and come by. Whatsmore, the broker agents need to understand the problems you are experiencing. You cannot afford to have broker related irregularities unsolved because of the language or knowledge barrier. The final factor some might set as critical is trading and other costs related to your account. Now, when we talk about the spreads, they should be the broker’s main income source and trader’s main expense.

Spreads Matter, Too

Nowadays when we have good competition between brokers, the spread became small enough it is not a deciding factor, even when you trade frequently. If we compare the spreads, the difference is hard to see. If you decide to go with the broker with a lower spread you saw directly from the platform, you might be surprised it is higher in the evening when you trade than with the other broker. Spreads dynamics across time and assets are unknown to you and can only be measured with special tools that need time. Even then, judging a broker based on the spread only is not going to be a good choice, there are other specifics traders are interested in according to their trading style. The days when the spreads were an issue are over, brokers with high spreads got pushed away from business or lowered their spreads to keep the clients.

Jurisdictions and Regulations

Safety first, then we can worry about other risks. Here is an opinion on what information to pay attention to when assessing how safe is a particular broker. Jurisdictions are a big factor in how a broker can conduct business so you need to pay attention to where they reside. Countries like the USA, UK, Australia, Singapore, and Japan have high-standard control measures that are applied promptly, leaving no room for unethical practices with your capital. Brokers who do not want to mess opening an office in these countries do not put your capital safety first too. Capital adequacy levels are also high here, giving you extra peace of mind. Brokers outside of these countries could also be classified as safe although they will have to fall under ESMA, CySEC, FCA, or other reputable regulatory bodies.

Of course, having regulations on brokers also carry more effort to sign up with them, but it is a good thing to have safety procedures if it means safety to your capital too. On the other hand, countries like Malta, Russia, Costa Rica, Belize, Vanuatu, other island countries, are not very appealing when it comes to funds safety. Not all brokers from these countries are bad, scam, or unethical in another way, they just create precaution since the chances of finding one such broker here is high. Brokers with great offers could go with regulations or jurisdictions from offshore countries just because they do not require a lot of capital adequacy to start a brokerage. However, no matter how good they are, it is better to go with medium and large capital brokers for several reasons. To get recognized, a broker has to stay in the business for some time, more than 3 years. A legit broker can survive only if they have a well-established business plan, structure, and execution supported by the traders’ reviews. All this takes time. Brokers that have the above traits create enough capital to be adaptable to sudden changes, which in turn means they are less likely to pose a risk to your investment.

Ease of Use

Ease of Use comes after you sign in for a demo account once you establish a broker is safe enough. If you are getting confused with the tools they provide or do not get the quotes you were expecting, how can you be sure other surprises are not on the way? When it is time to make a decision, there is no room to get confused. If you find yourself searching for something for too long, it is a sign of a badly organized platform, website, or other tools. There is a risk it can cost you if you are not well informed with terms or not well acquainted with a particular platform. Some platforms can be promoted as made for professionals with an abundance of options, yet there might be too much to comprehend them correctly. If trading requires too many steps to check and type, it is not intuitively made. This also creates negative associations towards trading in general affecting your future decisions. Most of the brokers will offer MetaTrader 4 or 5 platforms which are enough for the majority of traders. Proprietary platforms should not create obstacles of any kind if they are offered by the broker.

Another consideration is the execution times. Traders should not only aim for low latency but also consistency in order executions across asset categories. This can be tested with a demo account, however, be sure to check other assets, even if you are not going to trade them. A problem in one could mean liquidity is not a top priority for that broker. If you find out your price levels on orders are not precise when executed, and the issue is not caused on your side, be sure to mark these moments. A broker is not suitable for trading if it repeatedly cannot follow your order specifics precisely. This happening more than once per year is a sign you should think about migrating. Contacting customer service to correct this issue is where we come to the next criteria.

Customer Service

Customer Service can give you an additional headache. Experiencing long waiting times on chat or phone call is a sign the broker is understaffed or many have problems similar to yours. Understaffed customer service department points the broker is cutting costs, and this could further mean inadequate management, capital, or other issues that increase the broker risk. Another sign of this is outsourced, non-native English agents responding to your questions. Communication needs to be flawless when your money is at stake yet many brokers outsource Customer Service and fail to give proper integration. Customers dislike this trend across industries and the right broker knows this. A broker with native English customer support agents is a very good sign you at the right place to invest.

Crypto Considerations

Since the cryptocurrency era started, a new type of brokers emerged to the scene, offering a very easy sign-up, great trading conditions, almost unrestricted client acceptance, and, unfortunately, very high safety risk. Interestingly, the benefits come by using cryptocurrency for transactions, cutting whole departments other brokers need to have, making it relatively easy to open such brokerage business. There are no safety regulations when it comes to bitcoin transactions, there are no guarantees your capital is safe or stored in a bank. The absolute holder of your funds is this broker. However, the popularity of such brokers is growing. The need for such easy-going trading on a smaller account scale is high. Brokers like this rely on positive client reactions to keep clients coming, the deposits are not as big as with the large and regulated brokers but fill the need of small traders to enjoy trading with all the benefits cryptocurrencies give.

Security & Safety

The safety research is relatively quick to do. Other criteria such as Ease of Use takes some time to be checked. We will present two examples that fulfill what most traders would like to have with a broker. Starting with the Blueberry Markets, this broker from Australia is one of the top-rated brokers on the two most reputable review websites. They are mid to highly capitalized and backed up by a network of companies. Blueberry Markets follow the minimalist approach, provides hassle-free trading with great customer support and a trading environment. Professional traders like pure trading, no need for any bells and whistles. When you see the Blueberry Markets website there is nothing special, it is very basic except they can show one of the best ratings a broker can enjoy, for more than 2 years.

Trustpilot and Forex Peace Army good ratings are hard to achieve, especially when you have random bad ratings off traders who lost their accounts by their fault. Trustpilot is general but FPA is a forex specialized website, top ratings on both is an amazing achievement. Now, Blueberry Markets is an ECN broker, trading is done via MT4 and MT5 with great conditions, customer support is native English, and is focused on traders’ needs. This broker took a similar business approach to customers like Google, as our professional prop trader describes. When you compare Google search engine with Yahoo or others back then, it is obvious the only thing you see on a page is a search bar and two buttons. Yahoo and other search engines were stuffed with other materials. The simplicity, focus, and investment in what customers need to make Google the best search engine today. Blueberry Markets has the right approach even though some demanding traders might need a wider asset range than offered.

The second broker example is Markets.com. This very highly capitalized and CySEC regulated broker does not enjoy the ratings like Blueberry Markets. They are worldwide, well known, and has an amazing array of trading platforms and assets for even the pickiest of traders. Having a well-managed company with big capital invested in platforms, assets, and liquidity providers is showing at every step. The sign-up process is not very easy with this Dealing Desk type broker. The website is far from simple, and the platforms will still require you to learn new features if you are familiar with the MT4/5. Markets.com is almost the complete opposite of Blueberry Markets. So many options, offers, assets, platforms might be too much, especially for a beginner trader. There are a lot of tutorials, however, only traders with some experience will like what they see. Markets.com is a great pick once you want to expand from trading only forex currency pairs into a rarely seen array of asset categories. You will have English speaking customer support and in other European languages, good executions, platforms, and additional content.

Many other brokers fit the criteria we have set. Scam and dishonest brokers also dominate outside them. Having examples and other info above will be enough to guide you to the right one no matter your trading style, just be sure to put the effort into research before you put the money in.

Tags Broker Secrets, Forex Brokers, Professional Trader

Forex Brokers

The Hidden Truths About Dealing Desk and ECN Brokers

Post author By Forex Academy
Post date 13 December, 2020
No Comments on The Hidden Truths About Dealing Desk and ECN Brokers

Forex traders have always expressed their concerns in respect of choosing the right broker that would exude stability and trust. In terms of broker types, traders are generally offered two options: Dealing Desks (DD), which are also called Market Makers, and No Dealing Desks (NDD) that consist of two subgroups – Straight Through Processing (STP) and Electronic Communication Network + Straight Through Processing (ECN+STP). Most often the question of selection is narrowed down to Dealing Desk and ECN brokers, which both have their own groups of avid supporters. Today, we are going to compare and contrast the two kinds of brokers and look into the matters that seem to be causing all the commotion.

Dealing Desk Brokers

The first group – Dealing Desk brokers – is known for making money through spreads as well as the liquidity that they provide their clients with. The other name of this type of brokers that we mentioned above is quite descriptive of their ability as they can literally create a market for their clients by taking the other side of their trades. Many traders immediately assume that this approach is questionable in terms of conflict of interest, when in fact the reality is somewhat different. What DD brokers actually do is offer sell and buy quotes, thus filling both types of client orders. They, hence, have no connection to the individuals in their making of trading decisions. Despite being the broker of choice for the majority of forex traders, DD brokers are usually under great scrutiny due to traders’ fear stemming from these brokers taking the opposite side of the trade and knowing the spreads in advance.

ECN Brokers

As an NDD broker, the second group discussed today – the ECN brokers – do not pass client orders through a Dealing Desk. What they do allow is for the client orders to interact with other participants’ (such as banks, retail traders, hedge funds, or other brokers) orders in the ECN. These interactions enable these participants to offer their best bid and ask prices and, therefore, trade against one another. In addition, clients relying on ECN brokers will have the option of seeing the Depth of Market or the buy and sell orders of other market participants. Unlike DD brokers, this type of brokers earns their compensations in the form of a small commission. ECN brokers are also recognized for their smaller spreads and are generally perceived differently from DD brokers owing to their inherent differences.

While from the realistic point of view, some characteristics and past events revolving around the two may truly invoke some feelings of discomfort, buy traders often take matters too much to heart thinking that brokers aim at destroying traders. This, however, could not be farther from the truth especially because brokers are only interested in having a sufficient number of participants in the market that can provide them with money. Brokers, be them DD or ECN, will generally go at great lengths to ensure that traders stay in the game because without traders there would, naturally, be no brokers. Therefore, those statements often uttered by traders such as Dealing Desk brokers are always against you while ECN brokers always support you are quite superficial and do not reflect the state of the matter. Many traits and services of the two brokers are taken for granted and assessed from too emotional a standpoint, without allowing for a more objective analysis. No broker is invested in seeing traders as individuals, let alone putting effort into sabotaging their traders, which does call for an intervention to stop spreading myths.

Profits from Spreads

Brokers will generally make money from the spreads, where DD brokers will earn by taking the other side of the trade and ECN by charging the commission. Therefore, both of them equally see benefits from the spreads themselves, yet they have a different approach to demanding compensation for what they do. It is important to note that brokers will never prevent traders from earning more, like what you can see in casinos for example, because the list of participants is simply too vast and there will always be traders who will keep losing and putting money directly in brokers’ pockets. Still, as discussed before, brokers are not aimed at sabotaging traders, secretly wishing that they lose, as this goes against their own needs and goals. Like with insurance companies, brokers need traders to keep making money.

Aside from the major concern regarding DD brokers taking the opposite side, the question of safety in connection with ECN brokers is equally present and shared among traders in the forex market. Quite understandably, the most pressing concern involves the fear of a potential crash that could take ECN brokers out of business along with traders’ money. After what happened with FXCM (Forex Capital Markets) during the EUR/CHF crash, safety became an even more important requirement besides ease of use and customer service. Many of the brokers were impacted by the currency pair crash of 2015 due to the fact they did not have an added hedge that taking the other side of the trade provides to DD brokers. Naturally, the panic spread to other traders who were not trading the pair in question, especially because the loss of money directly affected other brokers’ solvency and this left an impression of insecurity and instability among everyone in the market.

Matters of Security

The topic of security of one’s finances is legitimate, but the overall consequences of the above-mentioned crash have at times been blown out of proportions. The event later proved to have concealed many facts and that the crash resulted from the choice that had been made before. The scandal came to prominence after CFTC, a US regulatory body stepped in and demanded that FXCM exit the US market. Nonetheless, these brokers were left intact because they worked with thousands of traders who in return were granted safety for the same reason. Despite the mistake they had made in the past, the company was bought off right away. And, most importantly, what traders often fail to grasp nowadays is that FXCM did not truly lose traders’ money, but the money was already lost by traders themselves, which further proves how all the concerns over the possibility of a crash causing brokers’ instability illogical and overblown.

Aside from the issues presented in the paragraphs above, the main question of today falls right down to the selection of spreads. All traders are understandably keen on finding better, lower spreads nowadays and, as explained before, ECN brokers are well-known for their narrow spreads. Nevertheless, with the competition rising by the day, spreads have become more or less equal in this respect regardless of the broker one opts for. The differences are simply too small to make a trader go for one broker rather than for the other. Also, even if a trader looks at sites where they can see real-time spreads (e.g. on MyFxBook), the numbers change quite rapidly and, within one hour or so, traders will be presented with a different spread of winners and losers.

These differences, however, further lose their importance if you are someone trading the daily chart where these matters are simply not relevant as with other trading styles. The varieties one can spot between different spreads should not be of concern for any trader regardless of how they trade (e.g. whether it is a five-minute or daily chart) because, at the end of the day, these will not matter after a year passes. At times it may be a wiser decision to trade a portion of a pip for convenience or quality of life. The end result will not depend on the spread itself but on other, more important factors that make someone a good trader overall.

The Role of Each Trader

Forex traders have the option of testing each piece of information nowadays, which is an important item of knowledge especially when emotion-fueled stories start to circulate. Traders have an obligation to assess everything and prevent the myths from factoring in their decision-making processes. We can see how news is mostly blown out of proportions and, especially with communities gathered around the same topic or goal, clarity and vision can get rather obscure. As every main brokerage house can proudly offer smaller spreads, traders need not concern themselves with matters that do not impact their trades. Therefore, the debate over which broker to use, the DD or the ECN one, now becomes futile.

Aim to maintain a sense of objectivity and stop making matters too personal. Dealing Desk brokers will always take the opposite side of a trade and it does not pose a threat to any individual trader. ECN brokers, likewise, should not be judged for a past mistake that is highly unlikely to ever be repeated. Simply put, your broker has no interest in bringing you down and, as long as there are interested parties, they will do whatever it takes to keep the game going. Last, instead of weighing yourself down by unnecessary questions and concerns, you truly need to go and see what is offered in the market and test it yourself before allowing panic to affect your trading.

Tags Dealing Desk Broker, ECN Broker, Forex Brokers

Forex Brokers

MPlus Social Review

Mplus Social is a Thailand based foreign exchange broker that focuses on both individual trading and as a social trading platform. Their main philosophy is to provide an honest and innovative trading platform through technology and transparency, looking to build a relationship with their clients. As we go through this review we will be looking […]

Account Types

It appears that there is just the one account type available which is usable across the site, so we would be outlining any potential differences in this section. Throughout this review, we will be looking at different sections of the broker and so any information provided will be relevant to this one available account.

Platforms

There are two different platforms available to use, we have outlined some of their main features below.

MetaTrader 4 (MT4): MetaTrader 4 is usable as a desktop download, mobile application, or WebTrader, which makes it highly accessible and it is one of the most used trading platforms, hosting the trades of over a million traders. MT4 is highly customizable allowing you to alter its appearance to suit you, has multiple timeframes and charts, and is compatible with thousands of indicators for analysis and expert advisors for your automated trading needs.

Social Platform: The social trading links head over to a site called Dion Social, so we believe that Mplus Social is using their platform for their social trading needs. There isn’t much information available about Dion Social as you need to login to view their site, so at the moment we are not able to talk about the functions that are available.

Leverage

The maximum leverage available is 1:100 which can be selected when opening up a new account. We do not know if it can be changed once an account is open, but you should contact the customer service team should you wish to change it.

Trade Sizes

Trade sizes start from 0.01 lots which are known as a micro lot and the trades then go up in increments of 0.01 lots. We do not know what the maximum trade size is or how many trades you can have open at any one time, we would not recommend trading more than 50 lots in a single trade due to liquidity and slippage issues.

Smallest allowed trade size.

Trading Costs

We do not know if there are any added commissions when trading but due to the spreads being quite high we do not think that there are any added. There are however swap fees, these are charges that you get when holding trades overnight, they can be both positive or negative and can be viewed within the trading platform that you are using.

Assets

There isn’t a full breakdown or product specification available, the site does state that the spreads shown on that page are calculated throughout the day, but there isn’t actually a list available. What we do know is that there are over 40 different asset pairs available however there is little information about any other asset types.

Spreads

While we do not have a lot of information available, the website states that the spreads start as low as 0.1 pips however, we do know that the spreads seem to start from around 2.2 pips, they are also variable which means they will be influenced by the markets, the higher that volatility or lower the liquidity the higher the spreads will grow, different instruments will also have different starting spreads, so while EURUSD may start at 2.2 pips, other instruments will start higher.

Minimum Deposit

The minimum amount required to open up an account is $1,000. We do not know if this minimum deposit amount reduces once an account is open.

$1K minimum deposit.

Deposit Methods & Costs

Sadly the deposit methods are not shown on the site so we do not know what methods you can use to deposit into the account, this is a shame as many clients will want to use their preferred method, we also do not know if there are any added fees or commissions when depositing.

Withdrawal Methods & Costs

As there is no information on depositing there is also none on withdrawing, this again is vital information for potential clients to know, and not knowing could cause a number of them to look for different brokers. We also do not know if there are any added fees when withdrawing from Mplus Social.

Withdrawal Processing & Wait Time

As we do not know what methods are available to withdraw with, it also means that we do not know how long the possible withdrawal times are. We would expect that any withdrawal requests are fully processed within 7 days of the request being made however we cannot say for sure.

Bonuses & Promotions

There are no bonuses or promotions mentioned on the site so at the time of writing this review it does not look like there are any available. You could always contact the customer service team to see if there is anything available coming up that you could take part in.

Educational & Trading Tools

There does not appear to be any educational material on the site which is a shame as many brokers are now trying to help their clients improve on their trading, so it would have been nice to see Mplus Social do something similar for their clients.

Customer Service

The contact us page only has a contact form available, you can fill it in, and then you should get a reply via email At the bottom of the screen there is also a phone number, email address, and skype username available to use.

Telephone: +35725030440

Email: [email protected]

Skype: @supportmplussocial

Demo Account

There is a demo account when using the MetaTrader 4 platform, we don’t actually know what the trading conditions are but we would expect them to mimic the trading conditions found on the live account and mentioned throughout this review.

Countries Accepted

The following statement is present on the site: “MPlus Global Ltd does not provide services for citizens of certain regions, such as The United States of America.” This doesn’t give the full list so if you are thinking of joining we would recommend contacting the customer service team to ensure that you are eligible for an account prior to opening one up.

Conclusion

The name Mplus Social gives a low emphasis on the social site, however, the website doesn’t give much information about it at all. There appears to only be the one account type and on paper, however, the actual conditions are quite a bit higher, we do not know what the commissions are, but with spreads, at around 2.2 pips we would hope that there aren’t any and even with no commissions the trading costs are a little expensive. We also do not have a list of available assets or any information on deposits or withdrawals. Knowing how you can get your money in and out of the broker is incredibly important, as you need to know that the method you use is available and also if it will cost you to do it. Without this vital information, we find it hard to recommend Mplus Social as a broker to sue at this point in time.

Tags broker review, Forex Broker, MPlus Social Review

Forex Brokers

The Best Forex Trading Platforms in Nigeria

Post author By Forex Academy
Post date 10 December, 2020
No Comments on The Best Forex Trading Platforms in Nigeria

With forex and trading becoming increasingly popular around the globe, places like Nigeria are on the rise when it comes to the number of active retail traders. Many new Nigerians are picking up the hobby of forex trading. Forex trading is becoming more and more accessible, with hundreds if not thousands of brokers and trading platforms being available to trade with, so as a Nigerian there is a lot to choose from. We are going to be looking at what some of the better brokers and platforms there are for people who are from Nigeria. There will of course be many others that we have not listed, but these are some of the better choices out there.

We must point out that when you are looking for your broker to use, you must take caution. There are a lot of less credible brokers out there who are only there to try and take your money. Ensure that you do your research before you sign up anywhere and ensure that you check out some of the online reviews for various brokers to help you avoid some of the less desirable ones. With that being said, let’s take a look at some of the better brokers for Nigerians. This list is in no particular order.

Pepperstone

Pepperstone is a very popular broker that was founded in Melbourne, Australia. They have been trading for many years and have gained a very positive reputation over their years of service. It is a regulated broker with a number of different regulatory bodies including the FCA and AFSL. The broker is also open for people currently living in Nigeria.

Plus500

Plus500 is a very well known and popular forex broker that allows for people in Nigeria to trade the markets, they offer over 2,000 different instruments over 20 different markets around the world. The broker trades through a mobile app which makes their markets very accessible, they also give you ultimate control over your trading including the ability to put on stop losses and take profits. You can start trading with Plus500 for just $100 with over 60 currency pairs available to trade.

CM Trading

CM Trading is one of the more well-known traders in Nigeria. They offer a wide range of different markets and assets to trade which include currencies, and other assets like stocks, metals, and crude oil. CM Trading is known all over the world and not just in Nigeria, having a top reputation as a good and honest broker. They are also regulated by a number of different regulatory bodies. You can sign up and start trading for just $250 and they allow you to deposit with the local Nigerian currency which makes depositing very straightforward for Nigerians.

HotForex

HotForex is another regulated broker that allows residents from Nigeria to join. They are regulated by the FCA in the UK as well as a number of other regulatory bodies around the world. The good news is that HotForex will enable people from Nigeria to deposit in their local currency which makes things very quick and straightforward. HotForex offers very simple and easy to use trading tools which allow you to trade on multiple devices including your mobile phone, making them very accessible as a broker.

AvaTrade

AvaTrade is yet another broker that is friendly to Nigerians. They don’t actually have a physical office in Nigeria, however, they do offer local support should you need any information, help, or assistance. Their main office is in South Africa and has approval and regulations in a number of different countries and with a number of different regulatory bodies which include the Australian Securities and Investment Commission. It is cheap to sign up, requiring just $100 to open up an account and they also offer fixed spreads on their accounts which makes working out the costs of your trades very straightforward.

FXTM

A broker that was founded back in 2011, it will allow clients from Nigeria to sign up with a deposit of just N2,000. FXTM allows for a number of different currencies including the Naira which makes things very easy to sign up with and to deposit there. They are a fully regulated forex broker that offers a number of fantastic features including a choice of trading platforms, a choice of account types, and a great customer service team. It is one of the world’s most trusted brokers and a great choice for traders in Nigeria.

XM Forex

XM Fores is another broker that allows people from Nigeria to sign up and trade with. They are a regulated broker with a number of different regulatory bodies such as the Securities and Investment Commission from Australia. They offer over 50 different currency pairs to trade so there is plenty to choose from. This broker goes the extra mile by not only offering trading capabilities but also offer training and tutorials for their traders to help improve their overall trading abilities.

Alpari

Alpari has been going a long time, they used to have multiple different brands but they have now combined into one large broker. They are popular with Nigerian traders as they have a physical office in Nigeria, so support is local. Giving Nigerians the opportunity to visit in person is a big boost to the trust levels. They also have regulations approved in a number of places such as the Securities and Exchange Commission in Cyprus. There are multiple different account types to choose from and they allow Nigerians to deposit in the local currency making things very simple.

So those are some of the better training platforms and brokers that you can trade with when in Nigeria. Trading and forex are becoming increasingly popular in Nigeria, so if you are thinking of joining and starting a career, this is a great time to do it. Remember that there are other brokers available too, these are just some of the available ones and there may be an even better one out there for you, but if you are looking for a broker to start with, one of the ones listed above would be a good choice to start with.

Tags Forex Nigeria, FX Nigeria, Nigerian Brokers

Forex Brokers

CedarFX Broker Review

When we first visited the CedarFX website, we were instantly greeted with a message stating that the broker is offering 0% commissions and ultra-low spreads. With two different account types, a wide range of instruments to choose from, and high leverage options, this broker seemed to be offering something special from the very beginning. We also noticed a cool note on the website is that the broker plants 10 trees for every lot that is traded if you open an Eco Account. Still, you can’t judge a broker by its homepage, so we decided to do some investigative work to find out if these claims are true, or if there are hidden disadvantages beneath the surface.

Account Types

CedarFX offers two live account types: The 0% Commission Account and the Eco Account. Both accounts offer low entry-level deposit requirements, flexible leverage options, access to the same trading platform, and the same spreads. If you take a look at the following details, you’ll find that both accounts are identical, aside from commission costs.

The 0% Commission Account

Minimum Deposit: $10 through Bitcoin or $50 through other methods
Platform: MT4
Leverage: (1:500 maximum depending on the instrument)
Spread: From around 0.7 pips
Commission: $0

Eco Account

Minimum Deposit: $10 through Bitcoin or $50 through other methods
Platform: MT4
Leverage: 1:500 maximum (depending on the instrument)
Spread: From around 0.7 pips
Commission: $1 commission per lot

The main difference seems to be related to the commission rate, with 0% commissions being charged on the (you guessed it) 0% Commission Account, while $1 per lot is charged when trading on an Eco Account. All of the proceeds earned from paid commissions on the second account type are used to support environmental causes, which is an interesting option that we haven’t seen before. Of course, if you prefer not to participate, you can simply stick with the 0% Commission Account with no issues.

Platform

CedarFX offers the ability to trade on one of the most popular trading platforms in the world, MetaTrader 4. Several perks have helped to skyrocket MT4 to popularity, including quick and easy setup, a customizable interface that consists of a toolbar, Market Watch, Navigator, Terminal, and Charts Window, and multiple built-in tools and indicators. We’ve highlighted a few of MT4’s main features below:

Highly accessible through desktop download, WebTrader, and mobile apps
Supports hedging, scalping, robots, EAs, etc.
9 different timeframes
30 built-in indicators, 2000+ free custom indicators, 700 paid indicators
Four Pending order types: buy stop, buy limit, sell limit, and sell stop

In a nutshell, MT4 is a simple to use platform that won’t frustrate beginners, yet it’s versatile enough to offer multiple tools and features that will satisfy more advanced trader needs. In our opinion, this is the only platform you’ll ever need, from the start of your trading career to the peak of it.

Leverage

CedarFX offers a maximum leverage cap of 1:500 for forex and metal options, with other options varying based on the type of instrument that is being traded. Here’s a quick summary of the broker’s leverage caps:

Forex and metals: 1:500
Indices and commodities: 1:200
Cryptocurrency pairs: 1:100
Stocks: 1:20

Overall, the leverage options are highly flexible for most of the available assets. The 1:500 leverage cap offered for forex and metals is insanely high compared to the 1:30 cap that is set by some regulators, however, we will advise traders to proceed with caution when using such a high leverage option. If you’re a beginner, it’s better to start lower and work your way up once you’re comfortable with the risks associated with using a higher leverage. Some professionals even choose to stick with a 1:100 leverage.

Trade Sizes

Supported position sizes range from 0.01 lots to 1,000 lots, meaning that the smallest supported position size is one micro lot up to a standard lot size of 1,000 lots. Novice traders should be satisfied with the option to trade micro-lots, which offers lower financial risk. Margin call and stop out levels are as follows:

Margin Call: 100%
Stop Out: At or below 70%

CedarFX is also very flexible when it comes to supported trading techniques, as hedging, scalping, auto traders, Expert Advisors, and trading robots are all allowed.

Trading Costs

CedarFX offers traders an advantage by offering a 0% commission free account, although the Eco account does charge $1 per lot in commissions for environmental causes. Both accounts charge the same amount for spreads (see “Spreads for more information), making the account cost comparison about as simple as it can be. Of course, traders should also keep overnight swap fees in mind when leaving trades open over the weekend. Swap values can be viewed within MT4 by right-clicking an instrument in Market Watch, selecting the currency pair through the Symbols menu, and clicking “properties” for the selected pair. If you’d like to help the environmental cause to some degree, we suggest opening one of each account type and making trades on both. This way, you can take advantage of the broker’s 0% commission rate while also giving back to the environment whenever you do choose to trade on the Eco Account. If you’d like to know more about where that money goes, you can visit this link: https://ecologi.com/projects.

Assets

One of CedarFX’s main advantages comes in the form of an impressive 170+ catalog of instruments to choose from in categories like forex, cryptocurrencies, metals, commodities, stocks, and indices. Traders will find that the broker offers 55 currency pairs in total, including majors, minors, and even rare exotic options. If you’re interested in cryptocurrencies, you’ll be happy to know that 35 options are available. These include familiar options like Bitcoin, Ethereum, and Ripple, plus many more choices that include newer companies. Metals offerings include Gold, Silver, and Platinum. Commodity options are made up of Natural Gas, UK Oil, and US Oil, while the only futures option is the US Dollar. When it comes to stock offerings, there are 64 choices available in popular companies like Apple, Amazon, and Facebook, along with some smaller companies as well. In total, there are 11 indices available for trading.

Spreads

Although CedarFX doesn’t exactly advertise their average spreads, they do offer a glimpse of their spreads on the website’s homepage. When we checked, we saw the lowest spread of 0.7 pips on EURUSD and the highest listed spread of 1.5 pips on AUDUSD. These options seem to be very low considering that the broker offers commission-free accounts, especially considering that an average spread of around 1.5 pips is usually charged in conjunction with commission costs. We do wish that more than four currency pairs were included with the live spreads and that assets from more categories were listed as well, but this seems to be a good sign that the broker’s fees remain highly competitive.

Minimum Deposit

CedarFX asks for two different minimum deposits, depending on the method being used to fund the account. For Bitcoin-based deposits, only $10 is required, while the minimum requirement is raised to $50 for all other deposits. CedarFX requires Bitcoin deposits to be no less than $10 due to the fact that blockchain charges a fee of 0.0005BTC per transaction, meaning that a lesser amount may not show up once fees have been charged.

Deposit Methods & Costs

CedarFX doesn’t charge any fees for depositing from their side, however, those choosing to deposit via Bitcoin will have to pay the 0.0005 BTC fee for each deposit, regardless of the size of the transaction. If you want to make the most of your money, we suggest making larger deposits whenever possible so that you’ll wind up paying less in BTC fees over time. These deposits will appear in your account within 5 minutes to five hours, with the exact time depending on current blockchain traffic. If you choose the credit/debit option for making a deposit, you’ll be directed to another website where you’ll create an account and use your card to purchase Bitcoin that will then be deposited to your CedarFX account instantly.

Withdrawal Methods & Costs

This broker only offers withdrawals through Bitcoin and recommends that traders choose a reliable wallet provider. Coinbase is one of the best choices in this situation, although they aren’t the only choice. Note that there is a minimum $10 withdrawal amount and no maximum limit on the amount that can be withdrawn at any given time.

Withdrawal Processing & Wait Times

CedarFX reviews and processes all withdrawals within a speedy 24 hours, however, the exact amount of time that it takes to receive your money will depend on blockchain traffic. If network traffic is normal, your withdrawal could be finished within just a few minutes or within the first hour after being sent to the blockchain, depending on the number of confirmations needed. Whenever Bitcoin’s value rises, you’ll need to anticipate network congestion and slightly longer wait times. Still, all traders can expect to receive their withdrawal within 1-3 days, which is a fairly competitive timeframe for broker withdrawals, especially when compared to the long wait times we usually see with bank wire and credit card providers.

Bonuses & Promotions

There doesn’t seem to be any sign of special bonuses or promotional opportunities from the broker at this time, however, it’s possible that this could be added in the future. In the meantime, it seems as though CedarFX has chosen to focus their extra efforts on environmental issues, so they deserve some bonus points on that note.

Educational & Trading Tools

The broker’s website does mention that informational material is provided to help traders get started, but it seems as though they haven’t added any tools or resources to their website just yet. It’s worth noting that demo accounts are available for all traders to take advantage of for now, but you shouldn’t let the lack of resources stop you from learning. Fortunately, the internet is filled with (free) resources that will help you learn everything you need to know before opening a trading account.

Demo Account

Like most forex brokers, CedarFX offers free demo accounts to their potential clients with no sign-up required. The demo account mimics the same exact market conditions that you’ll see on the broker’s live account, making it a great option for beginners that want to practice, anyone that wants to test the platform and conditions before making an investment, and for traders that need to test out different trading plans or strategies. Traders shouldn’t take this opportunity for granted, considering that demo accounts are one of the best hands-on tools with zero financial risk or obligation. To open your demo account, simply scroll towards the bottom of the website and click the “Open a Demo Account” button that is located under “Free Demo and Live Accounts”. The website will then start the download for the demo account setup automatically.

Customer Service

CedarFX offers a few different options to those that need to get in touch with a support agent. The fastest method would be through LiveChat, but you can also fill out an email form at the bottom of the broker’s website or request a callback if you aren’t in a rush. Traders will find the LiveChat option conveniently located at the bottom right-hand corner of the broker’s website labeled “write a message”. Once you enter your message, you’ll be prompted to enter your name and email address to start the chat before being connected to a live agent. In our case, we were connected with Penelope less than 20 seconds after entering our information and all of our questions were answered quickly. In addition to offering an instant contact method, we have more good news about this broker – customer service is available 24 hours per day, 7 days per week, so you’ll never have to wait long to speak to someone.

Countries Accepted

In some cases, it can be tricky to determine whether US-based citizens are allowed to open an account with certain brokers. When we asked customer support outright, we received this answer “CedarFX accepts client globally, however, do check to make sure that registration is not contrary to your local law or regulation.” This is an average answer, but it doesn’t answer the question directly, so we had to do a bit of investigative work. Fortunately, we found that country isn’t a required input during the account registration process and we didn’t get blocked by the website’s server when we registered an account from a US-based IP address. This suggests that traders from virtually every country should be able to open an account here without an issue.

Conclusion

After performing an extensive review of the CedarFX website, there were a few highlights that jumped out at us, including 0% commission accounts, high leverage caps, a wide range of tradable instruments, and highly competitive spreads. When it comes to funding, traders are limited to Bitcoin, although there is also an easy option to purchase Bitcoin using your card and have it instantly added to your account. Some traders may feel that the requirement to withdraw via Bitcoin is a downside, but there are some perks there, including faster withdrawal times than those that would be available through other methods and the potential to make money if Bitcoin’s value goes up.

CedarFX does fall a little short when it comes to education options, although demo accounts are available, and they don’t seem to be focused on adding any bonuses or special opportunities in the meantime. This wasn’t much of a dealbreaker, considering that the actual live account terms are positive, but it would be nice to see these details added to the website in the future. Overall, CedarFX left us with the impression that they are a broker worth investing in that will leave more money in their client’s pockets, thanks to their highly competitive trading charges and other unique advantages.

Tags CedarFX, CedarFX Broker Review, CedarFX Review

Forex Brokers

Broker Selection Doesn’t Have To Be Hard…Read These Insider Tips!

Post author By Forex Academy
Post date 20 November, 2020
No Comments on Broker Selection Doesn’t Have To Be Hard…Read These Insider Tips!

Anyone that has researched Forex brokers online has probably noticed that the potential choices seem almost limitless. In today’s world, online trading has become more of a phenomenon and those numbers increase daily. Many are legitimate options with good benefits, while others may be scammers. So, how does a beginner, or even an intermediate trader determine which is which? Our detailed guide will help traders to decipher the difference between a great option and a costly mistake. This guide will cover the following sections:

Regulation
Account Types
Minimum Deposit
Trading Platforms
Leverage
Available Assets
Fees
Spreads
Funding Methods
Demo Accounts
Bonuses and/or Promotional Opportunities
Customer Service

Regulation

Many of the most legitimate brokers out there are regulated by major authorities, like the Securities and Exchange Commission (SEC), the Financial Conduct Authority, or another regulatory body. Companies need to deal with strict rules & regulations when regulated with a certain authority, so this is a good sign that things are on the up and up. However, we do want to point out that US residents may need to lower their standards somewhat when it comes to regulations. The United States imposes strict regulation laws, meaning that there are fewer options out there for those clients, so using an unregulated, but highly regarded brokerage will suffice.

When looking at a potential broker, be sure to check towards the bottom of their website for information related to their regulation.
It’s a good idea to use Google to be sure that the supposed regulatory authority is legit.

Account Types

Some brokers cater more towards clients that can make a larger deposit by offering more benefits and special perks. For example, fee-free withdrawals may only be offered to certain accounts that require large deposits. If you plan on making a significant deposit, then one of these brokers could be the best option, since you’ll get to take advantage of the extra perks. On the other hand, beginners that don’t have a big deposit will do better with brokers that offer Mini/Micro/Cent/Standard accounts without penalties like insane spreads.

Minimum Deposit

How much money do you have or want to invest? The answer will differ for everyone, as some may only want to start with $100 or less, while others may have thousands to deposit. Many brokers out there will allow traders to start with a deposit of just $5 USD or less, which allows traders to test the waters before making a larger deposit. Others ask for a larger amount to start with – $100 is about average for a standard account type. Better accounts, like Premium/Platinum, etc., usually ask for $1,000 or more. VIP accounts are often more expensive than that. However, you should note that Micro/Mini/Cent accounts should lean towards $100 or less. Any broker that asks for $500+ for one of these account types is taking advantage of entry-level traders.

Note that any broker’s minimum deposit requirements should be advertised clearly on their website.
Try checking out the ‘Account Types’ page on the broker’s website for the minimum deposit list if there is more than one account offered. Any broker that isn’t transparent about this is probably trying to trick you into making a hefty deposit.

Trading Platforms

MetaTrader 4 (MT4) and MetaTrader 5 (MT5) are the most popular and most commonly available trading platforms out there. Most brokers offer one or both, but some only provide less attractive trading platforms.

If MT4/MT5 is not available, then be sure to research the available platform(s) to be sure that it is a decent option.

Leverage

This one really comes down to personal preference. Some regulators restrict leverage to 1:30, while a few brokerages offer insanely high leverage of up to 1:1000. Higher leverage increases risks, but it can pay off with higher returns. Professionals tend to prefer a leverage of 1:100, while beginners should probably stick with this option (or lower). This comes down to personal preference, although it is always nice to have a little room for growth.

Available Assets

For this category, you’ll need to ask yourself what you’re interested in trading. Are you happy with a selection of basic currency pairs, or are you looking for something more exotic? Do you want to trade commodities like agricultural options, metals, stocks, bonds, oil, cryptocurrency, etc.? Each broker will offer a different selection of assets. The most basic options would include around 36+ currency pairs, along with the metals Gold and Silver. Others may offer hundreds of options in different categories. Once again, this comes down to personal preference, as extra options don’t matter if you don’t plan on using them.

Fees

There are several fees that may be charged by any given broker:

Deposit/withdrawal fees
Fees for making a withdrawal with no trading activity
Commission fees
Miscellaneous fees, like inactivity charges or account maintenance fees

Many brokers offer fee-free deposits and withdrawals or have low withdrawal fees without charging miscellaneous fees. Others tack on extra charges at every turn, so be sure to check on this. Also, commission fees will vary, or may not be charged at all. This usually differs based on one’s account type and the associated spreads. Lower spreads typically result in higher commission fees to balance things out so costs will need to be compared.

Spreads

Spread, or the difference between the selling and the asking price is a typical charge that is one of the main ways that Forex brokers make a profit. Traders really need to be careful when selecting a broker and account type, as some offer outrageous spreads. The industry average is about 1.5 pips on the pair EURUSD – anything better than this is a good option, while anything higher than 2 pips is not attractive. Be sure to compare a few options based on your starting deposit to get the best deal.

Remember that lower commission fees may result in higher spreads, so be sure to check both if spreads do seem high. If both are high, look for another broker.
Don’t be surprised if spreads on other instruments are slightly higher. The EURUSD pair usually has the lowest spread available. Spreads on metals, exotics, and other assets will vary more significantly.

Funding Methods

The most traditional method for funding a brokerage account would be bank wire, however, the method has become somewhat outdated, making cards the preferred method for many traders. Others have moved on to e-wallets or cryptocurrency. Each broker will only allow certain funding methods, so you’ll want to review those to be sure that one is available that works for you. Different funding methods have specific advantages. For example, bank wire is more secure, while cards usually allow for instant deposits. Fees also play a significant role here.

Demo Accounts

Most Forex brokers offer risk-free demo accounts. These accounts simulate the live trading environment and allow traders to practice using a virtual deposit. Some added benefits include the ability to check out the broker’s conditions (like spreads and commissions) in an environment that mimics a live account. If your potential broker doesn’t offer these, then it could be a bad sign.

If you’re interested in any broker that doesn’t offer demo accounts, try researching user-reviews online to be sure that they are trustworthy.

Bonuses and/or Promotional Opportunities

This category is more like an extra perk, not something that should be on your absolute must-have list. Bonuses are usually related to deposits, for example, a 50% deposit bonus added to a $100 USD deposit would equal $150 in one’s trading account. Promotions tend to revolve around Refer-A-Friend programs, loyalty-based rewards, contests, and “free” items that are typically earned by reaching a certain trading volume. Having the option to earn extra money is always a perk, so be sure to check to see if any potential broker has these available.

Be sure to read the terms & conditions for any available bonus or promotion to ensure that the reward is actually obtainable.

Customer Service

You’ll want to be able to contact support quickly should you run into a funding issue, have a problem with a trade or your account, or for any other reason. For these reasons, many brokers offer LiveChat as an instant contact option directly from their website. Smaller brokerages sometimes limit support to phone calls and/or email, and you won’t find direct phone numbers listed on every broker’s website. Contact hours also differ, with some brokers being open 24/7 and others operating on more limited 9-5 weekday hours. The availability of customer support can also give you an idea of how long withdrawal processing may take with a specific broker.

Conclusion

We’ve covered a lot of facts in this article. Here’s the quicker, more condensed version:

Check the regulation status or conduct research to be sure that the broker is legitimate
Look at available account types to be sure a reasonable one is available for your planned deposit amount.
Check to see if available leverage options will work for you. A choice of 1:100 and up is ideal.
Visit the ‘Products’ page on any broker’s website to check available assets. If one isn’t available, ask for support or look elsewhere on the site.
Check for associated fees like funding costs, inactivity fees, and maintenance fees. Also, look at commission fees to be sure that they are reasonable.
Look at the broker’s associated spreads, which will hopefully be laid out transparently on the website. Remember that 1.5 pips is about average on the pair EURUSD.
Funding Methods: How many deposit/withdrawal methods are available? Make sure there is one that you can work with without large transaction fees.
Does the broker offer demo accounts, or provide any extra perks like bonuses and/or promotions?
Check out the website’s customer service page to review support hours and contact methods. If email is the only option, getting in touch with an agent may be a hassle.

Tags Broker Selection, Forex Broker, Forex Brokerage

Forex Brokers

This Is EXACTLY What You Should Look For When Selecting A Broker

Post author By Forex Academy
Post date 17 November, 2020
No Comments on This Is EXACTLY What You Should Look For When Selecting A Broker

Getting the right broker for you is one of the major stepping stones in forex trading, it can be seen as a big step and there are so many of them out there, thousands, in fact. It can be pretty hard to work out which one to go for. We have set out some ideas of the things that you should be looking for, to ensure that they suit what you need and to ensure that they are the right broker for you.

One thing to keep in mind, your choice is certainly not final. More than just a few traders have changed their brokers part way through their career, many jump around then quite a lot at the start in order to find the one that is right for them, so don’t worry if you do choose one and then want to change, go for it. Do what you need to do in order to find the one that is right for you. So let’s take a look at some of the different aspects of a broiler that we need to look at.

Deposit Limits

This is the main thing that makes a broker accessible or not, there are of course after things, but if a broker is requiring an initial deposit of $10,000 then if you do not have that much, you simply won’t be able to join and sign up with that broker. If you are wanting to start with only $500, then you will need to try and find a broker that allows you to start with just that amount or even less. This is becoming less and less an issue as time goes on with many brokers lowering their initial entry requirements to allow more people to trade, trading is far more accessible now than it was a few years ago.

Minimum Trade Size

This has caught a few people out, the minimum trade size available in trading is 0.01 lots on a standard or ECN style account, there are lower of course on cent accounts, but very few people use those sorts of accounts these days. If you are starting with a lower balance under $1,000 then there is no point joining a broker that requires you to trade with a 0.10 lot size or more as a minimum, this will mean that you cannot employ proper risk management. Many brokers now allow for trades as low as 0.01 lots, but it is important that you keep an eye out just so you do not get trapped with a broker or having to pay fees in order to get your money back out.

Leverage Offered

Traders love to trade with leverage, brokers seem to be offering more and more as time goes on, higher is not necessarily higher, but for certain strategies, you do need slightly higher leverage. If you are planning on using a strategy that requires a larger leverage, then there is no point in joining a broker that only offers 1:10 or 1:20, you may need one offering 1:200 or even higher depending on the strategy. So be sure to check that the brokers offer leverage matches that required of your strategy.

Regulations

Throughout the internet, you most likely would have seen a lot of people saying that you must have a regulated broker and that all unregulated brokers are scammers. This is certainly not the entire truth. There are many regulated brokers out there that have done some not so nice things to their clients, such as manipulating the markets for stop losses, then there are unregulated ones that have been the perfect broker. Regulations can give you a little bit of protection for your funds, but it certainly doesn’t make the broker perfect. So this is something that you will need to decide for yourself, whether to look for one that is regulated, which comes with certain restrictions, or an unregulated, unrestricted account.

Customer Services

Are you actually able to contact the customer service steam? There are a lot of brokers out there where you can’t actually contact the customer service team, they simply don’t pick up. There are also brokers out there which don’t have a direct line to them, making you jump through hoops, these sorts of brokers you need to avoid. You need a broker that has easy access and quick access to their customer service team, afterall you are calling for help, so it would be good if there was actually someone there to help.

Restricted Countries

Certain brokers do not let you trade with them if you are from certain countries. Before you decide to join up, look through the site, or get in touch with their support team to find out whether or not people from where you live are allowed to trade with them. The last thing you want is to go through the signup process just to find out that you cannot trade with them. These restrictions are normally set by the regulatory body or sometimes just the broker themselves as a preference.

Trading Platform

There are a lot of different reading platforms out there, the majority of brokers will offer the big ones like MetaTrader 4, MetaTrader 5, and cTrader, then there are brokers that only offer their own platforms or a simple WebTrader platform. If you are planning on using a certain robot or expert advisor, then you need to make sure that the broker that you are using is offering the right trading platform for the robot. You should also take note of the features that are available on the ones that have their own platforms, some of them can be really good, while others can lack a lot of basic features. So check that the platform you want is available before signing up.

Weekend Trading

If you are someone that likes to trade all the time or someone that likes to trade cryptocurrencies, some brokers are now offering 24 hours trading 7 days a week. If you are someone only interested in the currency side of forex, then you don’t really need to look out for this sort of thing.

Deposit/Withdrawal Methods

It is important to check that the broker that you are thinking of using allows you to deposit and withdraw with the method that you wish to use. Most allow for Bank Wire Transfers and for Credit or Debit Card deposits, but if you want to use something else then you will need to double-check. There are some brokers that only allow cryptocurrencies as a deposit option, but whatever you wish to use, there will be a broker out there that is compatible with it.

Deposit / Withdrawal Fees

Fees, not a nice thing at all, check with your broker, some are completely free while others charge for both the deposits and the withdrawals. If a broker is charging to simply deposit then they are most likely best to avoid, there is no reason to charge for this and they are simply just trying to make more money. Many brokers charge for withdrawing, this is fine, just make sure that it is not an extortionate amount which will end up eating into your profits.

Online Reviews

Online reviews can be both good and bad, that is the quality of them as well as the ratings. You need to take many reviews with a pinch of salt, there are a lot of people out there giving fake reviews or sites that are affiliated with brokers giving good reviews to that broker, but negative to everyone else. You need to use review sites that are known for being honest and not random sites on the internet. So while these reviews could potentially prove useful, do not take their word as gospel.

Peer Reviews

Peer reviews are a better form of review, these are coming from someone that you actually know, someone who has used the broker, and someone that you can hopefully trust. These do not come from random people over social media, only people that you personally know. If they have been using a broker for a while and have not had any issues, then the broker must be doing ok, so that is a good sign. Do not jump blindly though, you still need to ensure that it matches your other requirements and that it will provide you with the features that you need, but this personal endorsement is a good sign that there may be a decline break to go for.

Bonuses

Not something that we personally go for, but a lot of people, especially those without larger balances are often on the lookout for bonuses, no deposit bonuses, or deposit bonus, they both work in similar ways. The problem with them is that they often come with pretty hefty terms and conditions, ones that make it very hard to actually withdraw any of the bonus. So if you are looking for bonuses, check the terms, there are some decent ones out there but the majority are not good at all. So again, it is all about doing your research, but many often prefer to work with their own capital rather than a bonus at all.

So those are some of the things that many people look for in a broker. There are of course other things that you may like to see, you just need to remember that you need to do your research before signing up with a broker. There are a lot out there, so it may take a while, but if you find a good one, you will be set for the rest of your trading career.

Tags Broker Selection, Forex Broker, FX Brokerage

Forex Brokers

What Is the Best Forex Broker in the USA?

Post author By Forex Academy
Post date 17 November, 2020
No Comments on What Is the Best Forex Broker in the USA?

Trading in the USA is a little trickier than it is in many other places around the globe. The regulations that have been put in place can make it a lot harder for a trader from the USto trade, especially as many regulatory bodies from other places in the world do not like to allow […]

The NFA (National Futures Association) is the main independent provider that aims to regulate trading within the USA they can out with a number of rules that people trading with US-based brokers or people from the US must follow should they wish to trade, a number of these have been noted below as they will greatly affect the number of brokers that you will be able to use as a trader from the USA.

The regulations are there to protect smaller customers, noted as anyone with a net worth of assets less than $10 million, and small businesses. High net worth traders are not covered under standard regulated forex broker accounts.
The amount of leverage offered to clients under the regulations is limited to 50:1 on the major currencies, this is so that uneducated traders do not take too much risk. The major currencies are classed as the British pound, the Swiss franc, the Canadian dollar, the Japanese yen, the euro, the Australian dollar, the New Zealand dollar, the Swedish krona, the Norwegian krone, and the Danish krone.
Minor currencies have limited maximum leverage of 20:1.
There is a First in First out (FIFO) rule in place which prevents traders from holding multiple positions in the same asset, so you cannot have a buy and a sell on the same asset, this ultimately makes it impossible to hedge as a trader on a US-based broker.
Money owed by the forex broker to the customers should be held only at one or more qualifying institutions in the United States or in money-center countries.

So based on those regulations (and there are actually more of them) you can imagine that the list of brokers that are available for US-based traders will be limited, and you are right. We’ve looked at a number of different brokers that remain regulated within the US and so you can legally trade with them should you reside within the USA. The list is not full and comprehensive, there are others available too, the list is also not in any sort of order in relation to their quality, so it is important that if you wish to use a USA friendly broker, you do a little research yourself too.

Forex.com

Forex.com is owned by GAIN Capital Holdings, Inc which is an NYSE listed company/. The brokers offer many different features including tight forex spreads, fast order execution times, a mobile trading platform, a number of different technical indicators that can be viewed in 29 different languages. The broker also offers trading platforms such as MetaTrader 4 and ForexTrader Pro, there is also a web trading and mobile trading platform available. If you are a high volume trader then you can also get access to cash rebates, earned interest, and can even get any bank wire fees waived.

Oanda

Oanda is another of the most popular and well-known brokers that is available for those in the USA. It offers competitive spreads with no commissions and has access to deep market liquidity, it also offers its own marketplace. There are a lot of additional features for forex traders such as some forex tools, forex based products, advanced analytical tools, forex news calendars, training videos. It also offers MetaTrader 4 as a trading platform which is one of the most popular, Oanda also offers some additional MT4 plugins and their partners. You can try them out with a free demo account, they also offer additional features for high volume traders such as discounted spreads, free subscriptions with their partners, free bank wire transfers, and more.

TD Ameritrade

Another broker that offers these traders from the USA a whole host of features, these include things like powerful charting tools, the ability to compare multiple different currency pairs, as well as a number of different technical indicators. They also offer sentiment analysis on Twitter, third-party research tools from Morningstar, and Market Edge. TD Ameritrade also offers no hidden fees, access to a mobile trading app as well as 24-hour support 7 days a week.

ATC Brokers

ATC Brokers is another popular broker that is regulated within the US. The broker offers STP execution, no dealing desk, allows for scalping, has multiple bracket orders along with other risk management tools such as breakeven capability, custom trailing stop losses, and more. There is also access to news events and an economic calendar, they also offer their clients support via email, phone, and online chat service.

ThinkOrSwim

ThinkOrSwim is another broker that was created by TD Ameritrade that we mentioned above. It offers trading in more than 100 different currency pairs, it allows you to sync the platform on multiple different devices and you can also customise ad share your alerts. The broker also offers no hidden fees, and there are also no data fees when using this broker.

Interactive Brokers

Yet another popular broker within the US, they have a global presence in the forex markets, they also claim to have low trading costs with high-level execution, global trading opportunities, high-ed trading technology, risk management tools, and also some trading tutorials. The broker offers access to 23 different currencies, as well as 120 different markets, they offer the opportunity for you to stay connected to the markets 24 hours a day 6 days a week. They have a slightly higher entry requirement in terms of minimum deposits compared to some of the other brokers.

Ally Invest

Another broker that offers their traders comprehensive research and analysis. They also have competitive pricing and lots of educational tools. Their trading platform includes a whole set of trading tools, 24-hour market access 5 days a week, and also a practice account for testing and practice.

The regulations that are set for traders within the USA can make it hard to find a good broker, but there are certainly are some good ones out there. Get some knowledge on the regulations that you will be need to adhere to, take a look around some of the brokers we have mentioned above, find the one that works for you, and get to trading!

Tags Forex Broker, US Forex Broker, USA Broker

Forex Brokers

These 5 Simple Forex Broker Selection Tips Helped Me Succeed

Post author By Forex Academy
Post date 13 November, 2020
No Comments on These 5 Simple Forex Broker Selection Tips Helped Me Succeed

Anyone that wants to trade forex faces the same dilemma – choosing a forex broker. Make the wrong selection and you’ll pay dearly. The good news is that modern-day traders are able to learn from those who’ve gone before them, so take advantage of this and read these broker selection tips that led me to […]

The task of selecting a broker should not be taken lightly, as choosing the right broker is essential for success. However, choosing a reliable broker with competitive prices is easier said than done. A quick Google search will yield endless results, so much so that combing through them can seem overwhelming. Of course, you’ll need to look at more than one option to get the best deal, just like you would for car insurance or any other important financial purchase. If you’re looking for a trustworthy broker, try following our 5 tips to ensure that you make the right choice.

Tip #1: Check that the Broker is Trustworthy

First and foremost, you need to make sure that you’re looking at a trustworthy company, or else you’ll probably never receive your withdrawals, and that’s only the start of the headaches you’ll have to deal with. The easiest way to do this is to check for regulation status through an agency like the National Futures Association (NFA) or Commodity Futures Trading Commission (CTFC) for those located in the United States. Other countries use different regulatory bodies, so be sure to do research on those to ensure that credentials are legitimate and don’t put it past a shady broker to make up these details. You can also check online to see what other real traders are saying about the broker. This will give you some good honest feedback, but do remember that some reviews may be left by the broker itself or that some ex-clients may be angry with the broker because they lost money at their own fault, so read reviews with a grain of salt and try to side more with what the bulk of the reviewers say.

Tip #2: Research Account Details

Each broker will offer different options in each of these categories:

Types of trading accounts (unless they only offer one account) that ask for different deposit minimums, anywhere from $1 to hundreds of thousands of dollars
Separate leverage options from smaller amounts like 1:30 up to flexible options of 1:1000 or higher (many regulators restrict leverage caps, but you probably won’t need higher options as a beginner)
Commissions and spreads, which will affect how much it costs you to trade through the broker
Deposit and withdrawal options, along with the fees they will charge you for withdrawing. For example, you can withdraw for free using a credit card with some brokers, while others will charge you 7% or so.
Available currency pairs
Promotional offers, like bonuses, contests, etc.

Tip #3: Make Sure that Available Assets are Favorable

Some brokers will only offer the ability to trade major and minor currency pairs, while others will offer exotics, along with other options like commodities, stocks, precious metals, etc. It’s nice to have more options, but you’ll need to decide what you actually do or don’t plan on trading. If you aren’t worried about any of the extra things, then it won’t matter whether the broker offers them or not.

Tip #4: Check Out Customer Service Options

You’ll want to be able to get in touch with an agent quickly if something goes wrong. This could be anything from a missing withdrawal, to an issue on the trading platform that caused you to lose money, to being locked out of your trading account with no other way to reset your password. Most bigger companies offer LiveChat directly on their website so that you can connect with an agent immediately in these cases. Other contact options include telephone, email, and other options like Skype or Whatsapp. Operating hours are important as well – it isn’t surprising if a broker is closed on the weekends, but you’ll want to choose a company that has reliable support hours on weekdays. Also, try reaching out to customer service to see how long it takes to receive a response.

Tip #5: Look at Trading Platform Options

Many brokers offer popular trading platform options like MetaTrader 4 or 5, while others offer their very own platform. You should know that different platforms offer different features, like the ability to open a demo account, backtesting support, alerts, different order entry types, and so on. Many beginners might be happy with a simpler platform without all the bells and whistles, but you still want to ensure that the broker offers a good platform with an interface that is clear and easy to use.

Tags Broker Selection, Forex Broker, Trading Brokers

Forex Brokers

Five Signs that Your Broker is a Scammer

Post author By Forex Academy
Post date 29 October, 2020
No Comments on Five Signs that Your Broker is a Scammer

30Are you here because you’re having doubts about your forex broker? The truth is that while there are a ton of legitimate companies out there, scammers are often mixed in with those offers. Many of these scammers are good at blending in and they might present you with a polished website that managed to pass your initial inspection, or you could have hastily chosen a broker in the beginning only to run into issues later on. Something must have caused you to click on this article, so read on to find the 5 key signs of a scamming broker.

Sign #1: A Vague Website

Before signing up for a brokerage account, you should be able to gather most of the details about their accounts and fees by simply checking out their website. If you can’t figure out how much it costs to open an account, what leverage is offered, what kinds of funding methods are available, how much spreads and commissions cost, and so on, then you should probably skip that broker. Of course, you could always try to reach out to an agent to ask for answers, but you’ll want to move on if you get vague answers or if customer support doesn’t respond to you within about 24 hours.

Sign #2: Problems Withdrawing Funds

Most brokers do verify your identity when you open an account and might ask for a photo of the front and back of your credit card (with all but the last four digits of the card number blacked out) if you plan on funding that way. There are usually other requirements, like the need to withdraw through the same method that was used to fund the account. However, some scammers will do everything they can to block your withdrawals, from imposing crazy rules to offering dodgy customer service when you try to figure out why you can’t receive your money. Payment agents at reputable brokers are always willing to provide detailed solutions and explanations to help you understand what’s wrong if you haven’t received your money.

Sign #3: Customer Service Isn’t Dependable

Each broker will offer different options for contacting their customer service representatives, along with different work hours. The best brokers offer fast contact options like LiveChat, which allows you to instantly connect with an agent, in addition to more traditional methods like phone and email. Some scammers will only get in touch with you through email, or they might falsely advertise an instant contact option when in reality agents are never available to chat. One of the biggest signs of a scammer is a customer service team that is unreachable. If you send an email and haven’t heard back after a few days, or if you never get a response to an inquiry about a missing withdrawal or another important issue, you probably need to look for a more reachable broker to work with.

Sign #4: Bad Reviews Online

One of the best ways to find out if a company is reliable is by checking for reviews online. Of course, you’ll want to check out several different websites in case any of them are biased. There are also some things to keep in mind when looking at broker reviews. If you can’t find any feedback online, you know that the company isn’t very popular so you’ll need to be cautious. If reviews are mostly bad, you should think twice before opening an account. However, a bad review here and there is normal because some clients might blame the broker for their own losses, so try to look at several different reviews to get the best idea of what kind of service is offered.

Sign #5: Things Seem too Good to Be True

We’ve mentioned that a vague website is a sign that a broker is not forthcoming with information, but you also have to watch out for one that seems to good to be true. For example, a broker cannot “guarantee” that you will make x amount of money by trading with them. They can’t promise to make you rich or change your life because there is no way for them to know that you will make any money. However, some scammers fill their websites with flashy promises and guarantees that you’ll make money, which usually covers up the fact that they aren’t offering any details.

Tags Broker Scams, Forex Broker, Forex Scams

Forex Brokers

Grinta-Invest Broker Review

Post author By Forex Academy
Post date 23 October, 2020
No Comments on Grinta-Invest Broker Review

Grinta Invest is a broker that was founded and has been active since 2015. This broker has several assets, including about 30 currency pairs, precious metals, and a variety of CFDs. The platform used by Grinta Invest is the popular Metatrader 4. Also, from the broker’s website, it is claimed that brokerage is STP / […]

Grinta – Invest Limited is the company that owns the trademark and website of Grinta Invest. Grinta – Invest Limited is registered in the Marshall Islands, and UK-based Grinta Holdings Limited provides payment services.

Brokers based in the Marshall Islands have no regulation. If a customer trades with an unregulated broker, he must know that the company lacks protection in the event of insolvency. For this reason, we always advise traders to choose well-regulated brokers, for example, through the FCA, Cysec, or ASIC.

However, an unregulated broker need not be a bad broker. For example, the customer reviews of Grinta Invest on various Forex websites and forums are generally quite positive. Their business offer is reasonably good. So if you want an offshore broker for some reason, Grinta Invest may be the right choice for you.

Grinta Invest’s website is available in 4 languages, English, Spanish, Russian, and Arabic.

ACCOUNT TYPES

Grinta Invest customers have two different types of accounts. The accounts have no operating fee, and the spreads they offer are variable. The execution of orders is to market (STP / ECN). As for leverage, we can have a leverage of up to 1:500. The commercial sizes we can use start at 0.01lots (micro lot), and the trading platform offered by this broker is the popular MetaTrader 4 (MT4).

PLATFORMS

Grinta Invest provides us with the Metatrader 4 platform, a top-rated platform among traders. This platform is available both in the desktop version and in a mobile application for use on smartphones and tablets.

This professional software with all its functions offers traders everything you may need from a platform. Simplicity in its use, quick execution of orders, a good variety of technical indicators, a package of advanced graphics, back-up options testing of our strategies, and the possibility of developing and then using Expert Advisors (EA), among other functionalities.

LEVERAGE

Grinta Invest allows us to have a leverage of up to 1:500. This does not mean that we have to use such high leverage; we can contact the broker’s customer service and modify the leverage to 1:100 or 1:200, for example.

TRADE SIZES

The trade sizes from which we can trade are 0.01 lots (micro lot).

TRADING COSTS

The accounts offered by Grinta Invest have no operating fee. Therefore, the only cost we will take into account is the Swaps: any position held overnight, which will incur a maintenance cost (interest). This amount can be negative or positive depending on the instrument and the direction of the position, and its amount is fixed by the central banks of the base currency of the open position.

ASSETS

In this broker, we have a good variety of assets to trade: 30 currency pairs, precious metals, and a range of CFDs in indexes and commodities.

SPREADS

This broker offers us variable spreads on all the assets we can trade. For example, in the Standard account (STP), the average spread of the currency pair EUR / USD is 1.7 pips, while in the ECN account, the average spread is lower, 1.3 pips.

MINIMUM DEPOSIT

With this broker, we can open an account with a reasonable amount, and according to the industry average. For starters, you can open a standard account (STP) with 200 USD. If we have enough capital, the ECN account requires a minimum capital of USD 4,000 to be able to trade with it. It is highly capital but is rewarded for its lower commercial costs (a more economic spread).

DEPOSIT METHODS & COSTS

Grinta Invest has a good variety of payment methods, these are bank transfer, credit or debit cards, and electronic payments such as Skrill, Neteller, Qiwi, or Web Money. There are no broker fees for deposits in your account.

WITHDRAWAL METHODS & COSTS

The broker, on its website, does not report the withdrawal methods or the costs associated with them. But most often, you have at your disposal for withdrawals, the same methods that can be used for deposits. The costs vary from broker to broker, but generally, bank transfer withdrawals are more expensive than, for example, electronic retreats. Customer service should be consulted for further details on this issue.

WITHDRAWAL PROCESSING & WAIT TIME

Nor have we found information about processing and waiting time at the retreats. The most common thing in most brokers is that they process the withdrawal 24 hours after receiving your request. At that time, several methods of payment must be added. For example, a transfer can take a long time to reach your bank account between 1 and 5 days, depending on whether it is an international transfer or not, whether the shipping currency matches the destination currency… etc. Other methods such as ePayments are usually instantaneous receipt of money or at most take one day.

BONUSES & PROMOTIONS

Grinta Invest offers a promotion called “ recommendation to a friend. ” This promotion is designed so that you can earn money with friends whom you recommend Grinta Inves and open an account. The benefit you can expect varies according to the number of trades your friends make and the size of the initial deposit. An example with deposits could be this:

From 500 USD to 1500 USD. You get 150 USD.
From 1501 USD to 4000 USD. You get 300 USD.
Starting at 4001 USD. You get 700 USD.

EDUCATIONAL & TRADING TOOLS

Grinta Invest has an educational section, but once you enter it, you realize it is very scarce. In this case, the entire educational area consists of 3 articles, are: What is Arbitrage Trading?, High-Frequency Trading (HFT), and the Importance of low Latency.

CUSTOMER SERVICE

If you want to get in touch with customer service, you can do so via a contact form or by phone. The broker does not provide either an email address or a physical address where he or she may have offices. The data that Grinta Invest provides are:

UAE:+971-45-740828
Mexico:+52-55-81177230
Russia:+7-495-1452725
Africa:+27-832-145035

DEMO ACCOUNT

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

COUNTRIES ACCEPTED

This bróker does not provide services for citizens of certain regions, such as The United States, France, North Korea, Iran, Myanmar, Cuba, Sudan, and Syria.

CONCLUSION

Grinta Invest is an offshore broker using the popular MT4 platform. Its commercial offers are quite reasonable. The fact that Grinta Invest has an STP / ECN environment is quite positive. In our view, the main disadvantage of this broker is that any serious authority does not regulate it. Let’s summarize the advantages and disadvantages we see in this broker.

In general, Grinta Invest is a broker with reasonable terms. The initial deposit they require is typical to other brokers, and the levels of leverage offered are high, a common feature of foreign-registered brokers. As for spreads, in the Standard account, they are above the industry average, whose range is usually 1.0 – 1.5 pips for the currency pair EUR / USD.

Advantages: STP execution / ECN. Operation without commissions. MT4 platform availability. They reward you for recommending other traders to open accounts with them.

Disadvantages: Unregulated broker. Spreads are slightly above the market average. Lack of information on the processes, costs, and waiting times of the withdrawals.

Tags broker reviews, Forex Broker, Grinta-Invest

Forex Brokers

Forex Broker Account & Trading Costs Explained

Post author By Forex Academy
Post date 13 October, 2020
No Comments on Forex Broker Account & Trading Costs Explained

All Forex brokers charge fees in one form or another and there are commercial costs associated with each transaction performed. Many operators often do not report the total cost per transaction, which can make a big difference in the overall result of a portfolio. While the best-known cost is spread, there are other charges and costs that are applicable and should not be ignored. Transparent brokers will always be aware of their commissions and will include them on their website, on their trading platform with each operating ticket (or, ideally, in both locations).

Summary of Direct Commercial Costs

Direct trading costs consist of spreads, commissions, exchange rates, overnight financing costs, storage fees, and custody fees. Not all costs apply to all transactions and all depends on which asset is traded if traded by margin and the duration of each transaction. The broker must mention all the costs involved in each transaction; transparent brokers report them in their trading conditions section, and also provide examples of how they work, and all costs are calculated. In addition, trading costs can also be reported within the trading platform. This is usually the case if the broker offers its own trading platform. Some brokers also provide calculators so traders can calculate the cost of each trade before they start trading.

Spreads

Spreads are the best-known cost associated with a transaction and refer to the difference between the purchase and sale price. Spreads are the first and main source of income for brokers who live off the profit margin of gross spreads. Gross spreads can reach 0.0 pips in the EUR/USD pair, the most liquid currency pair having the lowest spread. All that’s above this level is the profit margin the broker charges.

While normally spreads are listed on each broker’s website or on the same trading platform, traders can easily view them at their terminal.

Commissions

Some accounts may have spreads as low as 0.0 pips in EUR/USD, but the broker charges a commission per lot. Fee-collecting accounts are generally ECN accounts that operate on a non-executive execution table. The traders get the gross spreads, or very close to them, and in return, the broker charges a commission.

Commissions are also charged on equity transactions and other assets (ETFs, bonds, etc.) will carry a commission. In order to obtain full details on which assets a commission is held, traders should consult the list of assets provided by your broker or obtain the information on the trading venue. More transparent brokers will report full contract specifications on their website, while the proprietary trading platforms will list all information on each transaction ticket. Volume discounts are often given to accounts that have commissions.

Rates of Exchange

Swap rates, which sometimes refer to refinancing rates, apply to each overnight position. Swap rates occur because of differences in interest rates in the base currency and in the trading currency. Brokers must report how this cost is calculated and there is a Long Swap Rate and a Short Swap Rate. Depending on whether operators take long or short positions, swap rates are credited or charged to the account balance. Many brokers cannot send positive exchange rates to traders.

Forex traders can check the precise swap on your MT4 trading platform by doing the following:
Right-click on the symbol you want inside the “Market Watch” window and choose “Symbols”.
Select the desired coin and then click on “Properties” on the right side.
Look at the bottom of the window until you can see “Swap Long” and “Swap Short.

One-Day Financing Costs To-One

This is a cost related to margin operations. Brokers will explain how the actual one-day financing rate can be calculated. Depending on the amount of leverage held by transaction and which asset is being traded. This is a significant cost of monitoring, as it increases the longer an asset remains open in the account.

Storage Rates

Some brokers charge merchants a storage fee for keeping certain assets. This is an unnecessary charge, but you will be charged for holding positions in the account that add to the swap and/or financing charges. In essence, it is a commission charged for holding positions in its portfolio of assets. Brokers who charge storage fees should be avoided, as few brokers charge this fee.

Charges of Custody

The capital, the ETF, and the bonds come with custody fees, which are usually a small percentage that is charged annualized, but which can be deducted monthly with a minimum. Not all brokers offer trading shares or bonds and use CFDs that are excellent to enter the price stock without incurring escrow fees.

Summary of Indirect Trading Costs

Indirect commercial costs are costs that are not charged per transaction but include costs such as withdrawal costs and account inactivity fees. All brokers waive deposit charges, which is standard industry practice. Some brokers even reimburse their dealers for deposits made through a bank transfer that is usually charged by the merchant’s bank. Brokers generally do not charge withdrawal fees, but third-party charges, such as bank transfer charges, may apply. All charges related to deposits and withdrawals must be listed on the Broker’s website.

Another unnecessary charge that some brokers charge is an account inactivity charge. This generally applies after three months without commercial activity. The broker will then charge a quarterly fee, which will be listed in the terms and conditions of operation of the broker’s website until the account balance is exhausted or the transaction resumes.

In general, all fees that a broker can charge will be listed on their website under conditions of operation. Traders should review this section as the less known costs are only mentioned in it. In case this information is not provided, it is best to avoid the broker. Customer service can always be contacted, but again, a transparent and reliable broker will not hide your costs. Costs such as spreads and swaps are better informed directly from the trading platform as they can change quickly due to market conditions. The use of cost calculators provided by brokers can also be used to determine the precise costs per asset and traded volume.

Tags Broker Costs, Broker Fees, Forex Broker

Forex Brokers

What Are the Most Common Forex Broker Promotions?

Post author By Forex Academy
Post date 29 September, 2020
No Comments on What Are the Most Common Forex Broker Promotions?

Currently, the number of online Forex and CFD brokers has multiplied and everything seems to indicate that this trend is certain to continue in the near future. These markets have become significantly popularized worldwide and these companies seek to take advantage of the boom of these sectors as more and more people seek to make […]

Due to the strong competition among online brokers, which is growing, these companies have started to offer different promotions to their clients (both new and existing), ranging from fund deposit bonuses to trading competitions with excellent rewards to winning traders.

In general terms, the objectives of these promotions are:
Attract new customers who open trading accounts and deposit funds.
Encourage existing customers to make additional deposits of funds.
To ensure that existing customers operate regularly with the broker, carrying out transactions frequently and with an increasing volume of trade.

In this section of the article we will describe the main types of promotions offered by Forex brokers and online binary options:

Bonds for the Deposit of Funds

As their name suggests, they are bonuses that clients receive when they open an account with a broker for depositing funds with the aim of trading in the market. Usually, the amount of the bonus is a fixed percentage of the capital deposited by the customer (10%, 20%, 30%, 50%, 100%, etc.) or a fixed amount of money depending on the trader’s deposit, such as $100 for a deposit of $500 or $300 for a deposit of $1000. We can distinguish two basic types:

Welcome Bonuses: These are deposit bonuses that apply only to the first deposit made by the customer after opening the account. Depending on the broker and the promotion, we can find welcome bonuses up to 100% or more.

Bonuses for each deposit: These bonuses apply to each deposit made by the trader in your account, not just the initial deposit. They aim to encourage trader loyalty and get you to deposit more money into your account.

There are also promotions of this type in which the broker grants a bonus to the customer for depositing funds through a specific payment system such as Skrill or Neteller, for example.

In most cases, deposit bonuses can be withdrawn once the trader meets a number of requirements (depending on the promotion), such as completing a certain volume of trades in the market, for example. In other cases, the bonus cannot be withdrawn but can be used as an additional credit to trade in the market. It is recommended to carefully read the conditions of the offer as some brokers stipulate almost impossible conditions to fulfill for the withdrawal of the bond.

Free Bonus without Deposit

These promotions consist of free bonuses that do not require a previous deposit from the customer. In other words, the only requirement is that the trader opens an account with the broker. In some cases, the customer is asked to verify their identity, email, mobile phone, or current address, while in others the trader receives the bonus just open the account.

Usually, the bonus amount is $5 to $100 depending on the promotion. The trader can use the bonus to trade in the market with complete freedom and can keep the gains from their trades. You can usually withdraw your winnings even though some brokers require additional conditions that many might call unethical.

In most of these promotions, the bonus money cannot be withdrawn (it is only for trading purposes). Although in some cases this is possible, but for this, the trader must fulfill a series of quite difficult conditions (usually must complete a certain volume of trades).

Promotions of Cash Rebates

They can be said to be bonds for trading in the market. Cash rebate promotions consist of the return of a percentage of the profits earned by the broker (usually a percentage of the spread) with the trades performed by the customer. This return is given in the form of an amount of money determined by a trading volume unit (such as X USD per standard traded lot). Therefore, the more frequency and volume a trader trades, the more money they can get through these promotions. Traders who do a lot of intraday trading get a significant additional amount of money through cash rebates as there are no limits on the amount they can earn (the more the trader trades, the more the broker earns).

In some cases, the amount of cash rebates a trader can earn depends on monthly trading. In other words, the broker may increase or decrease the profit per lot traded based on the monthly volume of trades made by the trader. For example, a broker can offer a standard cash rebate of $3 per lot to traders who complete a trading volume of 100 to 200 lots and a standard cash rebate of $5 per lot to traders who complete a volume of 200 to 1000 lots. Of course, this depends on each broker and the promotion.

Trading Skills

They are tournaments organized by brokers where their clients compete in tournaments that offer cash prizes to the winners, in some cases quite good. Usually, the winners are determined according to their performance as traders or by some other condition (for example, traders who carry out the greatest number of trades or complete the largest trading volume during the period of the competition). Its duration is variable, from a few hours to several months. We can distinguish two basic types:

Real Account Competitions: These are real account trading tournaments in which traders trade with real money and therefore carry a level of risk for the customer, as they may lose part or all of the capital of their account. These competitions usually offer the biggest prizes to participants, in some cases thousands of dollars.

Demo Account Competitions: These are trading tournaments for demo practice accounts in which traders trade with virtual money. Therefore, they do not present any level of risk for the participants, although the prizes are usually less than those offered by the competitions for real accounts.

Bonus for Referring Other Customers

These are promotions in which the broker gives the customer a fixed bonus for referring other clients who open an account with the company and deposit funds. These bonuses are paid only when referred traders deposit funds into the account (there is usually a minimum amount for the bonus to be credited). An advantage of this type of offer is that there are no limits as to the number of customers that can be referred, which means that there is no limit to the amount of bonuses that can be obtained.

In some cases, the broker increases the amount of the bonus depending on the number of referred traders, meaning that it rewards the customer for their performance. For example, a broker can pay $150 to refer 1-50 traders and $200 to refer 51-100 traders. Money from these bonds can be withdrawn without restrictions or used to trade in the markets.

Free Seminars and Webinars

Some brokers offer on a regular basis free seminars and webinars focused on different topics of trading and financial markets and/or company services. They are usually quite educational and can be quite useful for novice traders interested in learning about financial markets. Some brokers offer seminars and webinars on a wide variety of topics, such as trading strategies, technical analysis tools, fundamental analysis, monetary management, risk management, graphical analysis, and many others. These promotions are a useful resource that can be taken advantage of even by more experienced operators.

Bonuses and Forecasting Competitions

It’s a relatively new kind of promotion. They are basically competencies that reward the customer for forecasting the outcome of various key indicators (such as Non-Agricultural Payroll), the latest quote of a given instrument (such as a currency pair such as EUR/USD) at the end of a specific period, or by carrying out precise market analyses and forecasts.

Winners usually get cash bonuses that are deposited in their accounts and can be withdrawn. Depending on the promotion, in some cases, the withdrawal of prizes requires the customer to comply with a number of conditions, such as completing a certain volume of trades in the market.

Drawing with Prizes for Winners

Sometimes brokers organize different draws between their customers (new and existing) offering different prizes to the winners, including cash prizes (in the form of bonuses) and travel among others. Each of these draws can differ significantly with respect to the conditions, prizes offered, how to participate, and how the winners are determined.

For example, some sweepstakes require the trader to open an account, verify it and deposit a certain amount of funds. Others require the trader to complete a certain amount and/or volume of trades. Winners are usually chosen at random from among the participants, although this depends on the draw. Prizes are awarded depending on the nature of the prizes, as they can be cash bonuses or even paid-for trips.

Additional Resources and Services

Sometimes brokers offer special promotions that consist of different resources and additional free services for customers who meet a number of requirements. For example, a broker can offer trading courses, ebooks, personal training, or other special benefits to new customers who open an account and deposit funds. Similar promotions also exist for existing customers who deposit additional funds or complete a certain volume of operations.

In this sense, there is a great variety of promotions of this type that offer all kinds of useful resources. For example, some brokers have programs that reward their clients with «points» for trading in the markets or other shares, which can be exchanged for cash bonuses, prizes, additional services such as those mentioned above, improvements in existing services, improved trading conditions and others.

We also have cases of brokers offering a free VPS service to clients who maintain a certain level of capital in their account and/or complete a certain volume of transactions per month.

Free Resources for the Trader

In order to get new customers and promote their brand, some brokers offer all kinds of free resources to the trader, which in some cases do not even require the trader to open an account with the company. These resources include trading courses, free ebooks, training, and more.

Tags Broker Promotions, Forex bonus, Forex Brokers