Marquis FX is a foreign exchange broker that has the vision to make you a Marquis of the trading world (although a Marquis is a French nobleman who defends the frontlines, so we are not sure how that really works). They claim to offer a responsive, responsible, and reliable service as well as offering a deluxe and hassle-free trading experience with safe and secure accounts. We will be looking into the service on offer to see if they really do offer these and so you can see what they are like and decide if they are the right broker for your trading needs.
Account Types
It seems that there is just the one account type available from MArquis FX and so we will outline some of the basic features here, but everything we write on the other sections of the review will be relevant to this one account.
The account requires a minimum deposit of $100 in order to open, there are 50+ tradable assets and there is a 1% deposit fee, however, this is given back as a credit rebate. The minimum trade size for forex is 0.1 lots and the support team is available 24 hours a day 5 days a week. Not too much information is available in the account section, so please see each individual review section for more information.
Platforms
Marquis FX offers MetaTrader 4 as its trading platform, this is one of the world’s most popular trading platforms and comes with many features to help with your trading and analytical needs. Some of the features include high-speed order execution, low resource consumption, it offers a wide range of trading instruments, allows for automated trading through the use of Expert Advisors, offers a comprehensive account history and there is 24/7 customer support through the platform. MT4 is accessible through a desktop download, mobile app, and web trader however we are not sure if all of these options are offered by Marquis as only the desktop version is mentioned.
Leverage
The account can be leveraged up to 1:500, this is a suitable amount and is what a lot of brokers are now aiming for. The leverage can be selected when opening up an account and you can change it on an already open account by contacting the customer service team.
Trade Sizes
Trade sizes start from 0.01 lots and go up in increments of 0.01 lots so the next trade would be 0o.02 lots and then 0.03 lots. We do not know what the maximum trade size is but would suggest not trading over 50 lots in a single trade. We also do not know what the maximum number of trades you can have open at any one time is.
Trading Costs
There are no additional commissions added to the account as it uses a spread-based system (we will look at this later in the review). There are swap charges on the account though these are fees that are charged for holding trades overnight. These fees can be seen within the MetaTrader 4 trading platform.
Assets
The assets have been broken down into just two categories, we will quickly outline the instruments within them.
Forex: EURUSD, USDJPY, GBPUSD, AUDUSD, USDCHF, USDCAD, NZDUSD, EURGBP, EURCHF, EURJPY, GBPJPY, EURCAD, EURAUD, AUDCAD, GBPCHF, AUDJPY, CHFJPY, NZDJPY, AUDNZD, EURNZD, GBPCAD, USDTRY, USDCNH.
Forex Derivatives: AUDJPY, AUDUSD, EURGBP, EURJPY, EURUSD, GBPJPY, GBPUSD, NZDJPY, NZDUSD, USD CAD, USDJPY.
Spreads
The spreads can be as low as 0.2 pips, however, on average the lowest spread sits at around 1.2 pips. The spreads are variable which means they will move with the markets and when there is added volatility in the markets they will often be seen a lot higher. Different instruments will also have different spreads, so while EURUSD may have an average spread of 1.2 pips, other instruments such as EURCHF have a higher average, currently at 2.04 pips.
Minimum Deposit
The minimum amount required to open up an account is $100, this will allow you to open up the only available account, we do not know if this amount reduces once an account has already been opened.
Deposit Methods & Costs
There are a few different methods available, they are Credit Cards, Moneybookers / Skrill, Web Transfer, and China UnionPay.
There is an added fee of 1% for deposits however you receive this back as a credit on your account, not quite as good as having no fees but better than not having the credit at all.
Withdrawal Methods & Costs
The deposit/withdrawal information page doesn’t specify any differences between deposits and withdrawals so we would assume the same methods are available, for clarification these are Credit Cards, Moneybookers/Skrill, Web Transfer, and China UnionPay.
We do not know if there are any added fees for withdrawals but be sure to check with your bank or processor to see if they will add any incoming transfer or processing fees of their own.
Withdrawal Processing & Wait Time
Withdrawal requests should be processed within 48 hours of the request being made, the time it then takes will depend on the method used but should take between 1 to 5 days to fully process and be available for use.
Bonuses & Promotions
While there aren’t any standard bonuses so to speak, you are able to get your deposit fees back as a credit in the account, we do not know what the terms of these credits are or what is needed to be done to convert them into real funds. There are also gifts available as well as giveaways but again, the terms of these are not known or what you need to do to enter.
Educational & Trading Tools
There are a few different aspects to the educational side of the site, the first is a simple overview of trading, what it is and how it works. There is then a page detailing what and how to perform both technical and fundamental analysis, it is rather basic information but could be helpful for beginners. There are also some tips and strategies along with information on trading holidays. The final section is an economic calendar, you can use this to see what new events are coming up and it also details any markets that the news could have an effect on.
Customer Service
You can contact the customer service team in a number of ways and they are available 24 hours a day, 5 days a week, closing over the weekend. You can use the online submission form to send in your question and you should then get a reply via email, you can also use the provided email address directly.
Email: [email protected]
Demo Account
We do not recall seeing any information about demo accounts and another quick look doesn’t provide us with any information. As they use MT4, we know that demo accounts can be created from within the platform but we do not know what the trading conditions or potential expiration times on the accounts are.
Countries Accepted
Marquis put the responsibility of knowledge onto their client with the following statement:
“It is the responsibility of all visitors to ensure that their interaction with the website is strictly within the frame of the law and corresponds to the strictures enforced in their own country of residence.”
We would suggest contacting the customer service team to check on your eligibility prior to signing up for an account.
Conclusion
Marquis FX provides you with a choice of just the one account type, they also keep things simple by offering just the one trading platform. The trading conditions are ok spreads averaging around 1.2 pips with no commission is what you would come to expect in the modern era of forex brokers. We would expect there to be slightly more assets available as the current list is looking a little thin. There is also not enough information on deposit and withdrawal methods but at least there is some information available.
