Navitas is a foreign exchange broker based in Bermuda. They are a broker that likes to think of themselves as active and ready to innovate. Their mission involves providing traders and investors with the best trading environment, giving their employees the best working conditions, and to generate value with a difference and to inspire a moment of optimism and happiness. We will be delving deep into the site to see exactly what is on offer, so you can then decide if they re the right broker for you.
Account Types
There are just two different accounts to choose from when signing up with Navitas Markets, so let’s look at what they offer.
Classic Account:
This account requires a deposit of at least $50 and must be in USD, it comes with floating spreads starting from 1 pip and can be leveraged up to 1:500. The minimum trade size is 0.01 lots and the account has access to forex, metals, commodities, and indices. It uses the MetaTrader 4 trading platform and has no added commissions on forex pairs. A margin call is set at 60% with the stop out level set at 40%. Swap-free accounts are also available and the account has negative balance protection.
Dynamic Account:
This account requires a deposit of at least $5,000 and must be in USD, it comes with floating spreads starting from 0.6 pip and can be leveraged up to 1:500. The minimum trade size is 0.01 lots and the account has access to forex, metals, commodities, and indices. It uses the MetaTrader 4 trading platform and has no added commissions when trading forex pairs. A margin call is set at 60% with the stop out level set at 40%. Swap-free accounts are also available and the account has negative balance protection.
Platforms
The only platform on offer from Navitas Markets is MT4. MT4 is an all-in-one trading platform with a user-friendly interface and easy to use functionalities allowing traders to analyze the markets, place orders and manage their own risk all with a single click. Traders can also manage several trading accounts simultaneously, not to mention its cutting edge technology which includes a web-based solution enabling traders to trade at any time from any device and from anywhere in the world.
Leverage
Both accounts can be leveraged up to 1:500 and this can be selected when opening up an account. You can request for it to be changed on an already open account by contacting the customer service team.
Trade Sizes
Trade sizes on both accounts start from 0.01 lots (known as a micro lot) and go up in increments of 0.01 lot so the next trade would be 0.02 lots and then 0.03 lots. We do not know what the maximum trade size is or how many trades you can have open at any one time.
Trading Costs
There are no added commissions on either of the accounts as they use a spread based payment structure. There are swap fees that are charged for holding fees overnight, swap-free versions of each account are also available.
Assets
The instruments and assets at Navitas Market shave been broken down into a number of different categories. We have outlined them for you below.
Forex:
AUDCAD, AUDCHF, AUDJPY, AUDHUF, AUDZND, AUDUSD, CADJPY, CADNOK, CADSEK, CHFJPY, CHFHUF, CHFSGD, EURUAD, EURCAD, EURCHF, EURCNH, EURCZK, EURGBP, EURHUF, EURJPY, EURNZD, EURPLN, EURRUB, EURTRY, EURUSD, GBPAUD, GBPCAD, GBPCHF, GBPJPY, GBPHUF, GBPTRY, GBPUSD, NZDCAD, NZDCHF, NZDHUF, NZDJPY, NZDUSD, SGDJPY, TRYJPY, USDCHF, USDCNH, USDCZK, USDHUF, USDJPY, USDMXN, USDNOK, USDPLN, USDCAD, USDRUB, USDSEK, USDSGD, USDTRY, ZARJPY.
Metals:
Gold and Silver.
Indices:
EU50, JPY225, US30, FRA40, AUS200, GER30, NETH25, Spain35, UK100, US100, US500, SWE30, Swiss20,, HK50, UK250, Italy40.
Commodities:
WTI Crude Oil, Brent Crude Oil, and Natural Gas
Shares:
There are plenty of shares available including Amazon, American Express, McDonald’s, Apple, General Motors, and Tesla Motors.
Spreads
The spreads that you get vary slightly depending on the account. The Classic account has spreads starting from around 1 pip while the Dynamic account has spreads starting from around 0.6 pips. The spreads are variable which means they move with the markets, the more volatility in the markets the higher the spreads will be, different instruments and assets will also have different starting spreads.
Minimum Deposit
The minimum deposit required is $50 which gets you the Classic account. If you want the Dynamic account you will need to deposit at least $5,000.
Deposit Methods & Costs
There are a number of different ways to deposit which include Neteller, Skrill, Visa, MasterCard, Bank Wire, fasapay and UnionPay. There are no added fees when depositing, however, be sure to check with your own bank or processor to see if they will charge any fees of their own.
Withdrawal Methods & Costs
The same methods are available for withdrawal, but there are no added fees. We have outlined them below.
- Neteller: 2% capped to USD 30.00 / minimum USD 1.00 per transaction
- Skrill: 1% capped to USD 10,000
- Visa: up to EUR 1.5 per transaction
- MasterCard: up to EUR 1.5 per transaction
- Bank Wire: It depends on the corresponding and intermediary banks.
- FasaPay: 0.5% per transaction (max approx. $5)
- UnionPay: 1.2% per transaction (max approx. $5)
Withdrawal Processing & Wait Time
Withdrawal requests should be fully processed between 1 to 5 days from the date of the request depending on the method used.
Bonuses & Promotions
There doesn’t seem to be any active promotions at the time of writing this review. However, that doesn’t mean there won’t be any, so be sure to check back regularly just in case any have come up.
Educational & Trading Tools
The educational and tools section of the site has a few different things available. The first is a set of articles looking at different things about trading such as what is forex or an introduction to fundamental analysis. There is an infographic that just shows what forex trading is, some seminars, and a glossary of different trading-related terms. There is also an economic calendar detailing different news events and the effects they could have. You can view the current exchange rates, heat map, market times, and trading-related news on the site too.
Customer Service
You can contact the customer service team using the email address provided or the telephone number.
Account Email: [email protected]
Partnership Email: [email protected]
Phone: +44 1216476059
Demo Account
Practice accounts are available from Navitas Markets. When signing up for a demo account you can select a demo floating account with USD base currency, a choice of leverage between 1:1 and 1:500 and a balance from between 500 to 5,000,000. The demo account allows you to test the markets and new strategies without risking any of your own capital.
Countries Accepted
The following statement is available on the site: “NavitasMarkets does not offer its services to residents of certain jurisdictions such as USA, Iran, Cuba, Sudan, Syria, and North Korea.”
Conclusion
The two accounts on offer are not a whole lot different from each other. The only changes in the trading conditions are slightly lower spreads, but with the Classic account starting from 1 pip it isn’t a huge deal (although we expect the spreads to be quite a bit higher in reality). Plenty of assets are available to trade with which is good. There are added fees for withdrawing but the majority of them are quite low. It would still be nice to see these removed. Overall, Navitas Markets seems to tick off most of the boxes and should meet the needs of the vast majority of Forex traders.
