Categories
Forex Brokers

Top 10 Tell-Tale Signs You Need to Get a New Broker

If you are a trader then you have probably had an experience with a number of different brokers, some would have been good to you, others would have been not so good. No matter which broker you are with, there will be little things that you notice that may make you think about changing brokers and looking for a new one. So we are going to be looking at 10 tell-tale signs that you need to get a new broker. It is important to note that not any one solo broker is perfect, there will always be things that another broker does best, you need to weigh up the pros and cons of the one that you are using to work out whether a new one is actually needed. These are simply some of the things to look out for that could potentially go into the cons section of that list.

Can’t Contact Support: At times we all need help, maybe we are unsure of something and we want to ask a question, sometimes something might go wrong, with a trade or with a deposit. When these things happen we will want to get in contact with the support tea, unfortunately, it is not always that easy. In fact, we have been with some brokers where we have tried and tried to get in contact with the support team only to find that we simply cannot get in contact with them at all. If this happens to you, then it is a good idea to change broker, the support team is meant to be there to help, if you cannot contact them, then you are pretty much on your own.

Unhelpful support team: Similarly to above, the support team is there to help, so there is nothing worse than getting in touch and they simply aren’t bothered or do not know how to help. We are contacting them because they should know what to do or how to solve things with their own broker. If they do not, then it doesn’t give a good impression about the broker. What else might they not know about? Most likely time to get out of that broker if they are not helping you with what you need.

Not enough leverage: As traders, we love to trade with leverage, it increases our profit potential tenfold, but also our loss potential, so you should use it with caution. There has been a shakeup recently where a lot of brokers have reduced their leverage, so if you are used to trading with something like 500:1, your broker may have now forced you down to 30:1. If this is the case, and you wish to continue with huge leverage, then you may need to look for a new broker that will still offer you the higher leverage.

Spreads are too high: Spreads are one of the ways that a broker makes their money, some of them add a little bit onto the spreads in order to make money. That is normal and not something to be concerned about, but what should be checked is how much they have added on, if it is extremely high, such as the EURUSD pair being at 3 pips, then it would be better to find a cheaper one. You should also look out for brokers that have a commission and then add to the spreads, which is double costs for you, something to avoid.

Commissions are too high: Commissions are the other way that a lot of brokers make their money, this is more prevalent on ECN and STP brokers where the spreads are kept low. Some brokers offer really good commissions at or below $6 per lot traded, but there are some that go as high as $20 per lot traded, if that is your broker, you are losing out on a lot of your profits, paying the majority of it back to the broker. If your broker has a commission higher than $6, then you should probably look for a new one that can save you quite a lot of money.

Slow servers: There is nothing worse than finding the perfect trade, placing the trade, and then nothing, it takes a few seconds or in the worst-case scenario, even minutes for the trait to be placed, meaning that you missed your optimum entry point and could potentially lose out on some of the profits. This Can also happen with stop losses, the price is drooping it gets to your stop loss, but the server then takes a few seconds to close the trade, buy that time, the price has moved further down past your stop loss. If this happens on a regular basis, we would suggest looking for a new broker.

Deposit and withdrawal fees: Some brokers are still charging for deposits and withdrawals, this is something that happened a lot many years ago but most brokers have moved away from the practice. The worst are deposit feels, we are still not sure why you would be charged to give your money to the broker. If your broker is charging you deposits or withdrawals then you are basically throwing away some of your profits, they make their money on commissions and spreads, you do not need to be giving them any extra money.

Forced bonuses: Some brokers have a practice of forcing a bonus on you, a bonus sounds like a good thing, but the terms that come with them are often a little crazy. Things like needing to trade 10 lots to convert $1 of bonus money into real funds. If that was just the bonus then it could be fine, but many brokers do not allow you to withdraw your deposit until you have converted the bonus into real funds, which would take thousands of lots, meaning that you have very little chance of actually getting you money back out. If a broker tries to force a bonus on you, quickly walk the other way.

Odd chart behaviour: Sometimes things don’t quite add up on the charts, maybe the price is jumping when it isn’t on any other broker, or your stop losses are conveniently being triggered before the price reverses. These are things that some of the more dubious brokers do, the market makers who are actually trading against you. If there are strange behaviours on the markets then the broker could be influencing them and this is a sure sign that you should be getting away from that broker.

Requesting more deposits: Some brokers have a habit of calling you up asking for you to deposit more funds, or if you have not yet deposited, to make a deposit. If your broker does this, run away as fast as you can, those are clear signs that your broker is just looking for your money and it is what a lot of scam brokers do. So if you get a call or email asking for money, do not deposit and close that broker’s account straight away.

So those are 10 of the tell-tale signs that you need to look for a new broker. Remember, as we mentioned before, not any one single broker will be perfect, you will always find things that could be done differently with the broker that you are using. That doesn’t mean that you need to jump ship though, work with your broker to see if they can change things, some are willing to do that, but if your broker has quite a few of the things above, then you should probably start looking for a new one.

Categories
Forex Basics Forex Brokers

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.

Categories
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 into the service on offer to see what really is on offer and how Mplus Social stands up next to the competition.

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.

Categories
Forex Brokers

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.
Categories
Forex Brokers

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.

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Forex Brokers

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 traders from the US to trade with them.

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!

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Forex Brokers

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 real success.

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. 

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Forex Videos

Which Broker To Choose? A Or B Book Brokers? Is It In Their Interest For You To Loose?

A book, or B book – a trader’s choice

In this session, we will be looking at the difference between trading via an A book or a B book and why it matters in forex trading.

There are literally hundreds of brokers for new forex traders to choose from nowadays, and as growth continues in the forex market, which is the biggest business on the planet, it is not surprising that broker firms are cropping up all over the place, try to cash in on a slice of the action.


Most traders don’t consider how their trades and orders are executed. They tend only to focus s.com there trade-in and trying to make money.
Therefore, A book and B book is the last thing they think about. They simply trust that the broker they are dealing with has the right framework in place to be able to offer tight spreads and trades that are executed without glitches.

As liquidity and technology have advanced since the onset of retail forex trading, these issues have become more reliable, and with the ever-increasing dependency on social media, it is so easy now for new traders to research their broker of choice to find out if they have an adverse history, including complaints and bad recommendations from current or previous traders.

So, what is an A book in Forex?

Brokers who use an A book operation will pass your market orders either instant execution or pending into a liquidity pool of providers such as Banks as Deutsche Bank, Barclays Bank, or JP Morgan, for example, who then act as the counterparty on your trades.
This is also known as straight-through processing or a non-dealing desk broker, which you may have heard also referred to buy the name of an ECN broker.

Some traders prefer this route because they feel there is no conflict with their broker. They’re orders simply go into a pool where there is a huge amount of liquidity by third parties, which will typically act to provide tight spreads during the busiest hours of the trading day, particularly the European and US sessions. These liquidity providers have no details about the trader and cannot formulate counter trading strategies regarding potential trading styles, which could be detrimental to the trader.
Typically, A book brokers usually charge a commission on the trades, which is the fee that you pay when you open and close trades. This fee is somewhat negated by the tight spreads being offered by the deep liquidity pools in this model.

What is a B book in Forex?


Some forex brokers have their own dealing desks, and this is known as B book.
In this model, if you place a trade onto your platform, either as an instant execution or pending order, your broker is the counterparty for these trades. This causes concern for some traders who worry that the broker who offers this kind of setup may call spikes during volatile times to deliberately stop losses where they are booking the profit from such loss.
Also, there is a possibility that these types of brokers can use technology to set up trading recognition software in order to determine trading styles, which might then influence trades to their favor.

However, if we discount such practices, which may well have gone on during the early days of retail forex trading, but are not so prevalent nowadays, because brokers value their reputations and want to attract as many traders as possible, there are some advantages to trading with ab brook broker.

The main advantage for a trader is that this is typically where you will find and fixed spreads. These kinds of spreads are more favorable during out of market hours; such as after the American trading session in the run-up to the Asian morning session and after the Asian session leading into the European session.
B book traders will also typically offer tighter spreads on more exotic currencies, including cross currencies, where A book brokers may only be able to offer much wider spreads.
The things to consider are what type of instruments you are looking to trade, whether it’s a major currency pair, a cross currency or exotic pair, the time-zone you are trading from, and the spread, with or without the commission structure being offered by the broker. And of course, your type of trading style; for example, if you are a scalper, you want the tightest possible spread you can get, but if you are a long-term swing trader, this will not be so important to you.

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Forex Brokers

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. 

Categories
Forex Brokers

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 / ECN, this means that the broker acts as an intermediary between buyers and sellers in the markets, not as a counterparty.

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.

Categories
Forex Brokers

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.

  1. Forex traders can check the precise swap on your MT4 trading platform by doing the following:
  2. Right-click on the symbol you want inside the “Market Watch” window and choose “Symbols”.
  3. Select the desired coin and then click on “Properties” on the right side.
  4. 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.

Categories
Forex Brokers

XGlobal Markets Review

XGlobal Markets is a Forex broker, founded in 2012, offering more than 50 currency pairs, precious metals, and some CFDs on commodities and energy indices. XGlobal Markets is the trademark of X GLOBAL Markets Ltd. This Cypriot investment firm (CIF) is registered in the European Union and authorized by the Cyprus Securities and Exchange Commission (Cysec) under license CIF 171/12.

The Cysec regulation imposes certain standards and requirements on investment firms in Cyprus. An example of these requirements is, they must maintain at least € 1.000.000 to demonstrate a good economic situation. The Commission also requires Forex brokers to keep client funds in segregated accounts separate from the company’s operating funds.

As an additional guarantee to customer funds, all companies regulated by Cysec are members of the Investor Compensation Fund, which can guarantee the compensation of up to 20.000 EUR, if the company becomes insolvent. Also, all companies regulated by Cysec also comply with Mifid and therefore have the right to offer services within the EU under Mifid’s passport regime. As an additional safety measure, Xglobal Markets states that regular internal, Ernst & Young, and external audits of Deloitte are carried out.

ACCOUNT TYPES

XGlobal Markets has 4 accounts, denominated, Trading Account, Corporate Account, Demo Account and in addition, this broker offers non-cash accounts (Islamic) that comply with Sharia (for Muslim traders who do not want to earn interest for religious reasons).

The common account specifications offered by Xglobal Market are:

  • Execution Model: Market and Limit (internally matched or externally covered)
  • Order Requotes: None
  • Minimum Spreads: 0.4 pip / 4 pts
  • Spread Type: Variable
  • Commission Per Lot Traded: 7.50 USD
  • Swap Free / Islamic Conditions Available upon request
  • 77 Tradable Currencies, Metals & CFDs
  • Leverage Offered 30:1 for retail clients / up to 200:1 for professional clients (ESMA restrictions apply)
  • Minimum Deposit: 500 USD/EUR/GBP, 5,000 NOK or 50,000 JPY
  • Account Currencies Available: USD, EUR, GBP, NOK, JPY
  • Minimum Trade Size: 0.01 lots
  • Maximum Trade Size: 200.00 lots
  • Contract Size of 1.00 Lot (FX), 100,000 units of the base currency
  • Maximum Number of Open Positions: Unlimited
  • Margin Call Level: 100%
  • Stop-Out Level: 50%
  • Segregated Bank Accounts Yes, deposits held in Clients’ denominated bank accounts
  • Negative Balance Protection Yes (for retail clients)

PLATFORMS

With this broker, we will have the technology of the Metatrader4 platform (MT4). This is the platform most used by most Forex and CFDs operators. Certainly, MT4 has many advantages: experienced operators are accustomed to it, there are a large number of users of the platform, along with the programming language, very easy to learn, has determined the development of many custom tools. Some of these tools are paid and others are free.

LEVERAGE

There is a 30:1 limit for retail clients in place, and up to 200:1 for professional clients (ESMA restrictions apply).

TRADE SIZES

Trade sizes start from 0.01 lot (micro lot), and increments are 0.01 for all instruments. XGlobal Markets offers a maximum trade size of up to 200 lots per click in Forex.

TRADING COSTS

The trading costs with XGlobal Markets, are the spread and a commission of 7.5 USD for each lot traded.

ASSETS

77 tradable Currencies, Metals & CFDs on indexes and commodities.

SPREADS

A few examples of spreads applied by this broker are:

Forex: EURUSD 1.0, GBPUSD 1.5, USDJPY 1.0, AUDUSD 1.3, USDCHF 1.9, EURGBP 1.6 

Gold and Silver: XAUUSD 0.300 and XAGUSD 0.030.

Indexes: FDAX (DAX30) 1.5, FTSE100 1.5, Nikkei225 15, Dow Jones 3, SP500 0.75, and Nasdaq 1,25

Commodities: Light Sweet Crude Oil (WTI) 0.03, Brent Crude Oil 0.03, Natural Gas 0.022, and Coffee Future 0.25

MINIMUM DEPOSIT

The minimum deposit required is 500 USD / EUR / GBP or 50,000 JPY.

DEPOSIT METHODS & COSTS

The methods available for depositing are 3, bank transfer, Skrill, or Neteller:

Bank Transfer: Supports the following currencies, USD, EUR, GBP, or JPY. No deposit fees. Minimum amount to deposit, 500 USD / EUR / GBP, 50,000 JPY.

Skrill: Supports the following currencies, USD, EUR, GBP, or JPY. No deposit fees. Minimum amount to deposit, 500 USD / EUR / GBP, 50,000 JPY.

Neteller: Available for the following currencies, EUR, GBP, JPY. No deposit fees. Minimum amount to deposit, 500 EUR / GBP, 50,000 JPY.

The time taken for deposits with these methods is, bank transfer, between 2 and 5 working days. With Skrill or Neteller the deposit is instant.

WITHDRAWAL METHODS & COSTS

The withdrawal methods are the same as for the deposits, and all withdrawals will be made to the same source from which the deposits were made. These are the characteristics of the retreats:

Bank Transfer: Currency available, USD, EUR, GBP, or JPY. It does not specify the cost of these and informs that the Eurobank rates will be applied. The minimum withdrawal amount is USD 100 or the equivalent currency.

Skrill: Currencies available, USD, EUR, GBP, or JPY. Withdrawal fees are free with a limit of 1 monthly withdrawal, subsequent withdrawals will have a commission of 1%. There is no minimum amount for withdrawal.

Neteller: Available currencies, EUR, GBP, and JPY. Withdrawal fees are free with a limit of 1 monthly withdrawal, subsequent withdrawals will have a commission of 2%. There is no minimum amount for withdrawal.

WITHDRAWAL PROCESSING & WAIT TIME

XGlobal Markets processes withdrawals on the same business day you receive the request.

The waiting times according to the chosen withdrawal method are:

  • Bank transfer: 1 business day
  • Skrill: 1 business day
  • Neteller: 1 business day

BONUSES & PROMOTIONS

We haven’t found any promotions or bonuses currently.

EDUCATIONAL & TRADING TOOLS

XGlobal Markets has 4 fairly complete courses in its educational area. 

A summary of the contents you can find are:

Beginner Course: What is Forex Trading All About. The concept of Fundamental Analysis.  Introduction to Technical Analysis. How to successfully choose a bróker. The principles behind lots trading and pips calculation.

Japanese Candlesticks: Japanese Candlestick Basics. Double Candlestick Patterns. Interpreting Candlestick Patterns.

Technical Indicators: Support and Resistance Lines. Trendlines. Channel Line. Bollinger Bands. The Relative Strength Index (RSI). Moving Averages.

Money Management: Intro to Money Management. Money Management Main Guidelines. Trade Diversification and Risk Management Strategies. Trade Timing Tactics. Summary of Money Management and Trading Guidelines.

CUSTOMER SERVICE

There are several ways to contact customer service, mainly by phone and e-mail. We need a live chat to speed up consultations.

The phones and emails to contact are:

Customer Support: +357 25 262002  [email protected]   Working Hours: 24 hours, 5 days a week

Sales: +357 25 262002  [email protected]   Working Hours: 09:00-18:00 EET.

Back Office: [email protected]   Working Hours: 06:00-24:00 EET.

Marketing: +357 25 262002  [email protected]  Working Hours: 09:00-18:00 EET

Partnerships: +357 25 262002 [email protected]  Working Hours: 09:00-18:00 EET

Accounting Department: +357 25 262002  [email protected] Working Hours: 09:00-18:00 EET.

Their offices are in XGLOBAL Markets Ltd. 162 Fragklinou Rousvelt, 1st Floor. 3045, Limassol, Cyprus

Tel: +357 25 262002

Fax: +357 25 560202

Email: [email protected]

DEMO ACCOUNT

XGlobal Markets offers a free DEMO account with which you can trade in fictional money emulating a real-money operation.

A Demo account can benefit the trader in 2 ways:

– Practicing commercial techniques

– Learning the different tools of the platform.

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

XGlobal Markets reports that according to the Dodd-Frank Act approved by the United States Congress. UU, The CFTC (Commodity Futures Trading Commission) no longer allows US residents to open commercial accounts outside the U.S.

CONCLUSION

XGlobal Markets is a well-regulated broker that offers us to trade more than 50 currency pairs, precious metals, commodities, and stock indices. We have the popular MT4 trading platform, which is highly appreciated by traders.

To summarize the above, here are the advantages and disadvantages with respect to Xglobal Markets:

Advantages:

Disadvantages:

  • Commission of 7.5 USD per lot operated
  • Spread for retail customers is scarce
Categories
Forex Brokers

Traders Trust Review

Traders Trust is a foreign exchange broker that was incorporated in Bermuda, they claim to offer a number of advantages such as transparency, competitive prices, negative balance protection, competitive lowe spreads, advanced trading software, speed of execution, high-quality support, the safety of funds, daily technical analysis, access to MetaTrader 4 and iPhone and iPad trading. We will be looking into the services on offer to see if they do provide all of those and how they compare to the competition.

Account Types

Traders Trust offers three account types to their clients. We have outlined some of their main features below.

Classic Account

This account requires a minimum deposit of at least $50, it uses STP / NDD and market execution. The account comes with a spread starting from 1.5 pips and there are no added commissions. The account can be in USD, EUR, or JPY and has access to the MetaTrader 4 trading platform. The account has forex pairs, indices, precious metals, and commodities to trade. Leverage can go as high as 1:500 and the margin call level is at 80% with the stop out level at 50%. The minimum trade size is 0.01 lots with the maximum trade size of 1,000 lots for forex.

Pro Account

This account requires a minimum deposit of at least $2,000, it uses STP / ECN / NDD and market execution. The account comes with a spread starting from 0 pips and there is an added commission of $3 per side which is $6 per lot traded. The account can be in USD, EUR, or JPY and has access to the MetaTrader 4 trading platform. The account has forex pairs, indices, precious metals, and commodities to trade. Leverage can go as high as 1:500 and the margin call level is at 80% with the stop out level at 50%. The minimum trade size is 0.01 lots with the maximum trade size of 1,000 lots for forex.

VIP Account

This account requires a minimum deposit of at least $20,000, it uses STP / ECN / NDD and market execution. The account comes with a spread starting from 0 pips and there is an added commission of $1.5 per side which is $3 per lot traded. The account can be in USD, EUR, or JPY and has access to the MetaTrader 4 trading platform. The account has forex pairs, indices, precious metals, and commodities to trade. Leverage can go as high as 1:200 and the margin call level is at 80% with the stop out level at 50%. The minimum trade size is 0.01 lots with the maximum trade size of 1,000 lots for forex.

Platforms

Just the one platform available, but thankfully it is a good one. Metatrader 4 (MT4) is the world’s preferred forex trading platform due to its user-friendly interface and easily comprehensible programming features. The MT4 trading terminal is highly customizable where you can use the platform’s extensive list of indicators and charting tools. Some of its many features include the market watch window, navigator window,  multiple order types, a variety of pre-installed indicators, access to analysis tools and multiple chart setups, automated trading, multiple order execution capabilities, it is hedging and scalping friendly, and expert advisor friendly. It is also highly accessible as you can use it as a mobile application, web trader, or as a desktop download.

Leverage

The classic and Pro account c can be leveraged up to 1:500 while the VIP account can be leveraged up to 1:200. The leverage can be selected when first opening up an account and can be changed by sending a request to the customer service department.

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 and then 0.03 lots. These continue to increase until the maximum of 1,000 lots is reached for forex pairs. CFDs have a maximum trade size of 50 lots, commodities 50 lots, and cryptos also have a maximum trade size of 50 lots. We do not know how many trades you can have open at any one time.

Trading Costs

The Pro account has an added commission of $3 per side of a lot, which means $3 when opening trade and $3 when closing it, so the overall commission per trade is $6 per lot traded. The VIP account has a commission of $1.5 per side so $3 per lot traded. Both of these are in line with or under the industry average of $6 per lot traded.

There are also swap fees, these are charges that are added to your trade for holding trades overnight, they can be both positive or negative and can be viewed within the trading platform you are using.

Assets

The assets have been divided up into different categories that we will now outline for you.

Forex: EURUSD, GBPUSD, USDCHF, USDJPY, NZDUSD, AUDUSD, USDCAD, AUDCAD, AUDCHF, AUDJPY, AUDNZD, CADSHF, CADJPY, CHFJPY, EURAUD, EURCAD, EURCHF, EURGPBP, EURJPY, EURNZD, GBPAUD, GBPCAD, GBPJPY, GBPNZD, NZDCAD, NZDCHF, NZDJPY, EURNOK, EURSEK, EURTRY, EURPLN, USDNOK, USDSEK, USDDKK, USDTRY, USDHKD, USDMXN, USDPLN, USDSGD, USDZAR, USDCNH, NOKSEK, SGDJPY.

Indices: EU 50, ES 35, FR 40, DE 30, US 500, US 30, UT 100, JP 225.

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

Cryptocurrencies: BTCUSD, BTCEUR, BTCJPY, BTCGBP, BTCCNH, ETHUSD, ETHEUR, ETHJPY, ETHCNH, LTCUSD, LTCEUR, LTCJPY, LTCCNH, BCHUSD, XRPUSD.

Spreads

The spreads depend on the account you are using along with a few other factors. The Classic account has spreads starting from 1,.5 pips while the Pro and VIP accounts have them starting as low as 0 pips. The spreads are variable which means they will move with the markets. The more volatility that there is the higher they will be. The different instruments also have different starting spreads so while EURSUD may be at 0.3 pips on a Pro account, GBPUSD may be at 0.9 pips.

Minimum Deposit

The minimum amount required to open up a new account is $50, this is also the minimum amount allowed by all payment methods except for Bank Wire Transfer, once ana account is open, you can deposit as little as you want via Bank Transfer, all other methods remain at $50 as a minimum even for further top-ups.

Deposit Methods & Costs

There are a number of different methods available to deposit with, we have listed them below along with the accepted currencies. There are no added fees for depositing but you should check with our own bank or processor to see if they add any transfer fees of their own.

  • Bank Wire Transfer – USD, EUR, GBP, JPY, CHF, CNY, PLN
  • Visa / MasterCard – USD, EUR, GBP, JPY
  • Skrill – USD, EUR, GBP, JPY, PLN
  • Neteller – EUR, USD, JPY
  • Bitcoin – USD, EUR, GBP, JPY
  • bitWallet – EUR, USD, JPY
  • WebMoney – USD, EUR
  • FasaPay – USD, IDR

Withdrawal Methods & Costs

The same methods are available to withdraw with, we have outlined them along with their currencies and any potential fees.

  • Bank Wire Transfer – USD, EUR, GBP, JPY, CHF, CNY, PLN – $25/€20 or any fees incurred by sending and correspondent bank.
  • Visa / MasterCard – USD, EUR, GBP, JPY – No added fees
  • Skrill – USD, EUR, GBP, JPY, PLN – No added fees
  • Neteller – EUR, USD, JPY – No added fees
  • Bitcoin – USD, EUR, GBP, JPY – No added fees
  • bitWallet – EUR, USD, JPY – No added fees
  • WebMoney – USD, EUR – No added fees
  • FasaPay – USD, IDR – No added fees

Withdrawal Processing & Wait Time

If a request is made between 09:00 and 18:00 GMT+2 then requests will generally be processed by Traders Trust within 6 hours, if not then it will be processed the next working day. It will then take between 1 to 5 working days for the transfer to fully process depending on your own bank or processors processing speeds.

Bonuses & Promotions

There are one bonus and one competition, we will outline them so you get an idea of the sort of promotions that take place at Traders Trust.

Cashback Rebate: You can receive up to $2,000 cashback every day from trading. The more you trade the more you receive, for instance, if you trade between 10 lots and 19 lots you will receive a cashback of $5, trade between 20 lots and 29 lots and you will receive $20 cashback, this continues up to 1,000 lots where you get $2,000 cashback.

Live Trading Competition: You can receive a prize between $2,500 and $50,000 for taking part in this competition. Simply, the person who trades the best and gains the most % on their account will win.

Educational & Trading Tools

There isn’t too much when it comes to education, there are some pages explaining what each currency is and how it works and also some Webinars which seem to run each week, we do not know how good they are or if they are worth attending though. You are able to get a free VPS, you will need to have a certain account balance and trade enough lots, otherwise, the VPS will be charged to your account.

Customer Service

You can contact Traders Trust using the online submission form, or you can use the provided postal address, phone number, or email.

 

Address: 5th Floor, Andrew’s Place, 51 Church Street, Hamilton HM 12, Bermuda

Phone: 0044 203 1295899

Email: [email protected]

Demo Account

Demo accounts are available and allow you to trade with no risk. You can choose an account that mimics either the Classic account or the Pro account and can also choose the leverage between 1:50 and 1:500 and the account balance. We do not know if there is an expiration time on the accounts though.

Countries Accepted

The following statement is present on the site: “The information on this website is not directed on residents of certain jurisdictions/countries including but not limited to Australia, New Zealand, Canada, Iran, Iraq, North Korea, USA, Cuba, Syria, Sudan, Afghanistan, Guyana, Lao People’s Democratic Republic, Uganda, Yemen, Venezuela, and Puerto Rico or to any jurisdiction where such distribution would be contrary to local laws and regulations.”

Conclusion

Traders Trust offer two very distinct account types, the spread based account and the commission-based account. Trading costs for both seem very reasonable and competitive. There are plenty of assets available to trade and in terms of funding methods, there should be something there that suits your preference. There are also very few fees which are a real positive. The information provided by Trader Trust makes them look like a reasonably good broker to sue, the decision to use them though is up to you.

Categories
Forex Brokers

Swiss International Review

Swiss International is a Kuwait based foreign exchange broker that is regulated by the Kuwait Chamber of Commerce and licensed from the Ministry of Commerce and Industry of Kuwait. “To offer world-class quality in all the services we provide, we have worked hard to put together a highly qualified team of professionals. From the most junior marketing executive to the senior management.” That is what they say about themselves, so now it is our turn to look at what is on offer and so you can decide if they are the right broker for you.

Account Types

There isn’t an account comparison page available on the site so the exact details of the account are not known to us initially, as we go through the review we will be looking at different aspects of the broker including the conditions of the accounts, so any differences in potential accounts we will outline in each section of the review individually.

Platforms

There are two different platforms available, we will outline their main features for you below.

MetaTrader 4 (MT4)

MetaTrader 4 is capable of handling trade operations with a large number of financial assets, providing Forex traders with the ability to carry out technical analysis with chart functions using automated strategies and various indicators. Offering over 50 built-in indicators and analytical tools. MetaTrader 4 can assist with the automation of the trading, analyses of price trends, and to locate the ideal entry and exit points. MT4 is available in over 30 languages. 

UniTrader

UniTrader delivers essential trading in seventeen major languages. The user-friendly interface is simple to navigate for beginner traders as well as those with experience. UniTrader allows for the maximum customization of system settings in order to fulfill even the most demanding FX trading needs. Users can trade on a variety of assets all from a single trade window. UniTrader offers a Trailing Stop on the server side, which means that risk and stop orders are fully controlled by the server. This ensures that risk limits are in place and always active.

Leverage

The maximum leverage available to use is 1:400 when trading forex if you trade indices then the maximum leverage is 1:33 and for commodities, it is either 1:33 or 1:100 depending on the instrument. The leverage for the account can be selected when opening up an account and can be changed by sending a change request to the customer service team.

Trade Sizes

The lot sizes on Swiss FS are 10,000 so they are slightly smaller than most brokers. The minimum trade size for forex trading is 0.1 lots (1,000 units and the same as 0.01 lots on most brokers). The trade sizes go up in increments of 0.10 lots, we are not sure what the maximum trade size is. When trading indices the minimum trade size is 1 lot and when trading commodities the minimum trade size is also 1 lot. We do not know how many open trades you can have at any one time.

Trading Costs

There is no transaction fee on the product specification page so that indicates to use that there is no added commission on the trading. There are however swap charges which are a fee for holding trades overnight; this can be viewed in the trading platform you are using. There are Islamic swap-free accounts should your beliefs not allow you to pay or receive interest.

Assets

The assets have been broken down into three categories, we have outlined them for you below.

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

Indices: Europe 50, SP 500, DJ 30, France 40, DAX 30, Nasdaq, UK 100, Japan 225, and USD Index.

Commodities: US Crude Oil, Silver, and Gold.

Spreads

Sadly the spreads are not actually indicated to us on the site, the product specification does not mention them, the only bit of information that we do know is that they are variable and so are influenced by the markets, they can move up and down depending on the available liquidity or volatility in the markets.

Minimum Deposit

Unfortunately, we do not know what the minimum deposit is due to the fact that we are not able to open an account (restricted country).

Deposit Methods & Costs

There are five different methods available to deposit, these are Bank Wire Transfer, Skrill, Credit/Debit Card, CashU, and Neteller. We do not know of any potential fees as they are not stated, but it is also not stated that there aren’t any, at any rate, we would encourage you to check with your own bank or processor to see if they add any outgoing transfer fees of their own.

Withdrawal Methods & Costs

The same methods are available to withdraw with,  for clarification they are Bank Wire Transfer, Skrill, Credit/Debit Card, CashU, and Neteller. Any deposits that were made with a Credit/Debit card cannot be withdrawn for 30 days, once again there is no mention of the possible fees but you should check with your bank or processor to see if they add any processing fees of their own.

Withdrawal Processing & Wait Time

Unfortunately, this information is not present on the site, or at least we could not locate it. We would expect any withdrawal requests to be fully processed within 3 to 7 working days based o the processing times from Swiss International and your own bank or card issuer.

Bonuses & Promotions

The bonus on the site has actually expired, but we will outline it anyway so you can get an understanding of the sorts of promotions that take place at Swiss International.

20% April Deposit Bonus: You can receive a 20% deposit bonus of up to $10,000. In order to convert the funds into real funds, you will need to reach a certain level of turnover in lots. For instance, if you receive $100 as a bonus, you will need to turn over 20 lots,m if you receive $200 then you will need to turn over 40 lots, for every $100 increment you will need to trade an additional 20 lots. This continues until you reach a $10,000 bonus with a trading volume requirement of 2,000 lots.

Educational & Trading Tools

There is a tutorial section on the site, the first page simply tells you what Forex is, there is another page simply detailing different aspects of the markets, good for complete beginners but if you have traded before then you would have seen all of this before. The next page tells you how to calculate your profit and loss with some examples of it, the final page simply explains what technical analysis is. Ok for a complete beginner but nothing that will help make you a trading expert.

Customer Service

There is an online submission form that you can use to send your query to Swiss International, you should then get a reply via email. You can also use the postal addresses that are provided for the various offices or the phone number and email address, you can use whichever method you prefer.

Address: KUWAIT (MAIN OFFICE), CITY TOWER (AL MADINA TOWER) FLOOR 16, KHALID IBN AL WALEED STREET SHARQ KUWAIT P.O.BOX 26635, SAFAT 13127

Email: [email protected]

Phone: +965-22020490

Demo Account

Demo accounts are available and allow you to test out the markets and also new strategies completely risk-free. We tried to open up an account but the little loading icon just kept going and nothing happened, we are not sure if it was a temporary thing or something wrong with our computer. There isn’t actually much information relating to the demo accounts such as the trading conditions or possibility of expiration time. You can also open one from within the MT4 platform if you have downloaded it already.

Countries Accepted

While this is not stated on the site, if you try to open up an account from a country that is not accepted you will be presented with a message saying that you cannot sign up, if you are still not sure then you can always contact the customer service team to find out.

Conclusion

We do not fully know the account details due to not being eligible for an account, the main information that we do not have is the spreads, this is the main factor that will show how expensive the trading is, so not knowing them means we do not know the costs of trading. There are enough assets to trade and they can be traded up to 1:400 which is reasonable leverage to have. When it comes to funding there are a few options available but the fees for them are not known to us. It also didn’t help that the demo account was not working and we could not sign up for one. With the cost of trading and the cost of funding not known, we would have to recommend looking elsewhere as the last thing you want is to deposit with a fee and find that the spreads are very high.

Categories
Forex Brokers

Pro Capital FX Review

Pro Capital Fx is a forex broker that was founded in 2013. They claim to offer outstanding customer support, a multi-product bouquet, advanced trading platforms, tight spreads, and an experienced founding team. This review is intending to look at the services being offered to see if they live up to their expectations and so you can decide if they are the right broker for you.

Account Types

When signing up with Pro Capital FX there is a choice of 4 different account types, they each have their own requirements to open as well as individual trading conditions, so let’s see what the choices are.

Standard Account: The account comes with a minimum deposit requirement of $250 and is the entry-level account. Due to this being the starter account it does not have any additional features such as online chat, SMS signs, or personal reports.

Classic Account: The classic account has a minimum deposit requirement of $5,000. This account comes with access to online chat and access to all platform features such as trading indices.

Gold Account: The gold account increases the minimum deposit up to $40,000 which could price out a lot of retail traders. It has access to online chat, access to all platform features such as trading indices, has access to Autochartis, SMS signals, a VIP manager, and an individual direct telephone line.

Premium Account: The top-level account requires a minimum deposit of $100,000. This account comes with access to online chat, access to all platform features such as trading indices, has access to Autochartis, SMS signals, a VIP manager, an individual direct telephone line, special promotions on one to one trading, and personal reports on the stock market.

The trading conditions of the accounts are not mentioned here, so throughout the review, we will be looking into them in order to help give you a better understanding of what each one offer.

ProCapitalFX account types

Platforms

Pro Capital FX is offering a singular trading platform in the form of MetaTrader 4, so let’s look at the features of this platform. Released in 2005, MT4 has been around for quite some time. The platform is fully customizable and loaded with features to help with trading and analysis. MT4 is compatible with thousands of indicators, expert advisors, signal providers, and more. Millions use MT4 for its interactive charts, variety of timeframes, one-click trading, trade copy functions, and more. In terms of accessibility, MT4 is available as a download, an app for Android and iOS devices, and as a browser-based WebTrader.

Leverage

There isn’t any solid information when it comes to leverage, in fact, the only information available at all is in the terms and conditions, but it has nothing to do with what the maximum leverage is, there is a short sentence regarding the bonus funds, it mentions having a leverage of 1:400, so we would assume that this amount is available on the accounts, however, we can not say for sure. Why this information is not available is unknown to us, as it is quite important for potential clients to know.

Trade Sizes

Trade sizes start at 0.01 lots (known as micro-lots) 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, whatever it is, we would recommend not trading in sizes larger than 50 lots, as the bigger a trade becomes the harder it is for the markets or liquidity provider to execute the trade quickly and without any slippage. We are also not sure what the maximum number of open trades is.

Trading Costs

Trading costs are unknown, there is no mention of any commission anywhere on the site or within the terms and conditions, so we cannot say for sure if there are any, one thing we can say though is that swap charges are present, these are interest charges that are incurred for holding trades overnight, they can be both negative or positive and can usually be viewed from within the trading platform of choice.

Assets

There is no full breakdown of what assets or instruments are available to trade, the only information available is on the about us page which simply states that they have a wide variety of commodities and forex products to the trade. What this means we do not know, not having a breakdown or at least an example of the assets and instruments available makes it very hard for potential new clients to understand what they could be trading or if the assets that they like to trade are even available. This information should be available and easy to access.

Spreads

Just like trading costs, the information on spreads is nowhere to be found. The about us page indicates that Pro Capital FX is offering tight spreads, however, there is no indication as to what they are. It is strange to advertise tight spreads but not actually display or give examples of them, it makes you think that they may not actually be that tight after all. We do know that the spreads are variable (also known as floating) so this means that when the markets are being volatile, the spreads will often be seen higher. It is also important to note that different instruments and assets have different starting spreads, so while EURUSD may start at 2 pips, other assets like GBPJPY may start slightly higher, 2.5 pips (just examples and not actual spreads).

Minimum Deposit

The minimum amount required to open up an account is $250, this will get you the standard account, it is unknown if the minimum deposit amount reduces when performing subsequent top-up payments into an already open account.

Deposit Methods & Costs

There is exactly zero information available in regards to deposit methods or costs, how brokers can offer no information at all is amazing to us, we are going to be giving our money, so the least we need to know is how we can do it and how much it will cost us.

Withdrawal Methods & Costs

Just like with the deposits, there is no information about withdrawals either. One of the major things that traders look for in a broker is the way they can get their money out and how much it will cost them. Not having this information available on the site can make it look like the broker is hiding something and not knowing can really put off a lot of potential customers.

Withdrawal Processing & Wait Time

As there is no information about withdrawal methods there is also none about processing time, we can just say the standard 1 to 5 business days, but with so little information of finance available we are not sure that even that would be accurate,

Bonuses & Promotions

There is a 30% bonus available, you can receive up to a 30% bonus on your first deposit, this means that if you open an account with $5,000 you will receive another $1,5000 as a bonus. The bonus is time-limited and we could not locate any other terms about the promotion, so we do not know how likely it is for you to be able to withdraw the funds. If you are interested in bonuses then be sure to check back regularly or get in contact with the customer service team to see if there are any upcoming bonuses or promotions.

Educational & Trading Tools

There doesn’t appear to be anything in regards to education or trading tools. This is a shame as a lot of brokers these days are looking to help their clients improve and become more profitable with educational courses or tools to help them trade or analyze. It would be nice to see Pro Capital FX do something similar for their clients.

Customer Service

You can get in contact with Pro Capital FX in a number of different ways, their contact us page has an online submission form that you can fill in, you should then get a reply via email. There is also a phone number available should you wish to speak to someone directly. There is also an email address in order to email directly and finally, a skype username should that be your preferred method of contact. The customer support team is open 24/5 and is closed at the same time as the markets over the weekend and on bank holidays.

Demo Account

There has been no mention of any demo accounts throughout the site so we do not thin they are currently available, this is a shame as new clients like to sue them to test the servers and trading conditions and existing clients like to sue them to test new strategies without risking their capital, so this is something that Pro Capital FX should look at adding to their services.

Countries Accepted

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

Conclusion

Pro Capital FX stated a lot of great things in its about me page in regards to trading conditions and other aspects, however, the image that it portrayed quickly fell away. There is such a massive lack of information on trading conditions such as spreads or commissions, to complete sections on finance being missing from the site. It is not acceptable for there to be no information about deposit and withdrawal methods considering they will be dealing with our money, for the issue alone (along with all the other missing information) we can not recommend Pro Capital FX as a broker to use.

Categories
Forex Brokers

Your Trade Choice (YTC) Review

Trade Choice FX Limited with address at Cedar Hill Crest, Villa, Kingstown, Saint Vincent, and the Grenadines. It is a Registered Broker in Saint Vincent and the Grenadines with business registration number 23324.

This is what they say in their presentation:

“YTC (Yourtradechoice) provides all operators worldwide with the tools and platform to operate in the Foreign Exchange and OTC market, with superior liquidity and all the financial regulations necessary to provide a better and legal service to our clients.”

With YTC you can operate in the online forex and equities market through the leading and most reliable MT4 platform, which allows you to easily access all the instruments and products offered by YTC.

ACCOUNT TYPES

They have three types of accounts:

  • CLASSIC ACCOUNT

The classic account is the most suitable choice for investors with a higher degree of confidence in their analytical skills, knowledge of financial markets, and business experience. The minimum deposit to open a classic account is between $ 1,000 and $10,000. Customers who choose this account get the right to trade with all instruments available on the trading platform and can receive bonuses as well as some special offers applicable to their deposit. They are also entitled to the assistance of our account executives 24 hours a day, 7 days a week.

  • STANDARD ACCOUNT

This type of account is the best choice for novice investors. It has been developed for clients with minimal or no experience in financial markets, so they could gain more experience in trading, but through limited risk management. These customers usually opt for something more secure for the start of their speculative activities. However, the standard account offers the same operational and analytical features available to VIP or Classic account users. The only difference is the amount of the minimum deposit required, which is US $ 5,000. 

  • VIP ACCOUNT

The VIP account is for those clients who, in addition to having some degree of confidence and experience in the financial markets, know exactly what they are looking for in an investment. This account offers preferential attention and individual consultations, a wide range of operational tools, and an option to receive customized reports. All benefits of this type of account are available to customers whose deposit in the account exceeds US $ 10,000.

PLATFORMS

Your Trade Choice, like most brokers, offers its clients the MT4 trading platform. Remember that MT4 is one of the traders’ favorite tools for the following reasons, it is stable, it is reliable, has many functionalities and complements that have been perfected over the 10 years in the financial market.

MT4 also provides other valuable technical and analytical tools such as advanced graphics, technical indicators, and expert advisors who can automate trading.

LEVERAGE,  TRADE SIZES & SPREADS

We see that in the VIP account they offer the best spread conditions, although they are still a little high for the industry average and require a high deposit of 10,000 USD.

Both the Classic and Standard accounts have even worse Spread conditions even if their entry requirements are lower. TRADING COSTS

ASSETS

With the YTC broker, you can only operate Forex. The website does not specify how many currency pairs are available to trade, though many were, The unavailability of investment in stock market indices and Commodities is a bit of an offer for potential traders.

MINIMUM DEPOSIT

Depending on which of the 3 accounts this broker offers, the minimum deposit requirements vary between 1,000 USD and 10,000 USD.

DEPOSIT METHODS & COSTS

This broker accepts payments through bank wire and credit and debit cards. There are no options to fund one’s account via an electronic payment system like PayPal, Neteller or Skrill.  The costs for deposits via bank transfer are borne by the trader. We have no information as to whether YTC charges any commission on card income.  Another interesting fact, the broker Trade Choice FX Limited is domiciled at a postal address in Tallinn (Estonia).

WITHDRAWAL METHODS & COSTS

Withdrawals will be paid to the same form of the deposit that was previously used, either by bank transfer or by debit or credit card. We do not have information about the costs associated with withdrawals from your account.

There is also no information about the time we have to wait to receive the funds once the withdrawal of the funds has been ordered.

BONUSES & PROMOTIONS

Your Trade Choice offers a welcome bonus for new customers. This bonus consists of a credit on the customer’s account of 10% of the initial deposit with a maximum of USD 2,000. Terms and conditions apply.

A welcome bonus is an addition to the customer’s account balance, but cannot be withdrawn; it will only be used for commercial purposes, but you can always withdraw the winnings received from transactions made with a Welcome Bonus. Customers can also transfer the bonus amount between their accounts, but each individual customer can redeem only one bonus promotion.

A Welcome Bonus will be canceled and deleted from the trading account when the account balance is negative or equal to zero. In addition, if the Company detects any fraudulent activity in the customer’s account, the Welcome Bonus will be canceled and all transactions made with that bonus will be subject to an internal review.

EDUCATIONAL & TRADING TOOLS

YTC seems to have an extensive academy for its clients. It has a “Tradingpedia”, Forex vocabulary, Forex and Trading courses, as well as webinars and seminars. We have not been able to observe anything related to this subject, we have had constant messages of error when we wanted to access some educational content, it has been really frustrating.

CUSTOMER SERVICE

To have access to customer service have 2 main ways, phone, and email. No online chat.

The contact lines are:

Trade Choice FX Limited

Cedar Hill Crest, Villa, Kingstown,

St. Vincent and the Grenadines

Tel.: +442031294339

E-mail:[email protected]

DEMO ACCOUNT

Apparently, you have the option to have a Demo account. Unfortunately, we cannot assess it, as it has been impossible for us to download it. The website has given us the same errors as when we wanted to access educational content.

COUNTRIES ACCEPTED

Citizens of any country in the world can open an account with Your Trade Choice, EXCEPT the following: New Zealand, United States of America, Democratic People’s Republic of Korea (North Korea), Eritrea, Iran, Iraq, Liberia, Libya, Somalia, Sudan, and Syria.

CONCLUSION

We’ve detected too many errors on the website. We have not been able to access the educational content and we have not been able to download the demo account to evaluate it.

Your Trade Choice is one of many unregulated brokers. It is registered in Saint Vincent and the Grenadines, a well-known tax haven. On the broker’s website, it says that the trademark YTC belongs to the Choice Trade International Group, a company registered in New Zealand.

It is important to note that in 2016 the Forex broker Your Trade Choice was blacklisted by the Russian self-regulatory body (KROUFR), on the grounds that the broker did not allow the withdrawal of funds from its customers. The CNMV (Spanish Regulator) has also published a note warning against Your Trade Choice, where it says it does not have the necessary license to trade in Spain.

We always warn to be very careful with the offshore brokers that have no regulation. The reason is very simple, the clients are totally unprotected because no agency protects them and there are no compensation systems.

Your Trade Choice has already been warned by several regulators and already has a bad reputation for not allowing its clients to withdraw funds. It is prudent to choose another broker and use the services of an intermediary regulated by the UK FCA or ASIC.

Categories
Forex Brokers

The Bull FX Review

The Bull FX is a foreign exchange broker based in Vanuatu and they are regulated by the Vanuatu Securities and Exchange Commission (BWA). “The BullFx is an established real STP forex broker (the international company act, The dealer in securities act and The AML/CTF Act) serving both individual and corporate clients. We offer all of our customers a comprehensive range of trading options, The BullFx technical support, and consulting services, with the goal of making the trading process efficient, hassle-free, and above all highly profitable for you. From new account registration to money withdrawal, superior customer service is our strategic priority.” That is the statement given by The Bull FX and so we will be using this review to look deeper into the service on offer to see how they compare to the competition in this competitive market.

Account Types

There are three different account types however we will only be looking at two of them as we are not interested in the corporate accounts, so let’s see what the other two have to offer.

Standard Account

This account requires a minimum deposit of at least $300, it has spread starting from 1.6 pips on major forex pairs, the account can be leveraged up to 1:200 and has access to forex, CFDs, and commodities. The minimum trade size for the account is 0.01 lots and the account has access to hedging and MetaTrader 4 as its trading platform. The margin call level is set at 50% with the stop out level set at 30%, bonuses are also available on this account.

ECN Account

This account requires a minimum deposit of at least $1,000, it has spread starting from 1.6 pips on major forex pairs and 2 pips on Gold, the account can be leveraged up to 1:200 and has access to forex and Gold. The minimum trade size for the account is 0.01 lots and the account has access to hedging and MetaTrader 4 as its trading platform. The margin call level is set at 50% with the stop out level set at 30%, bonuses are also available on this account.

Platforms

The sole platform on offer from The Bull FX is MetaTrader 4. The platform is extremely popular and offers an array of analytical tools. A total of nine time frames available for each symbol. These provide a detailed analysis of chart quote dynamics. A built-in library of more than 50 indicators and tools streamline the analysis process, enabling traders to identify trends, define various market shapes, determine entry and exit points. The platform allows orders to be placed in a variety of ways, including trading directly from charts. Embedded tick charts are an extremely useful way to determine accurate entry and exit points. MT4 is also highly accessible, usable as a desktop download, mobile application, and web trader.

Leverage

Both the accounts have a maximum trade size of 1:200, the leverage can be selected when opening up a new account and can be changed by contacting the customer service team.

Trade Sizes

The minimum trade size of both accounts is 0.01 lots, they then go up in increments of 0.01 lots so the next trade would be 0.02 lots and then 0.03 lots. The maximum trade size is 100 lots but we would recommend not trading over 50 lots in a single trade. We do not know how many open trades or orders you can have at any one time.

Trading Costs

We did not notice any information surrounding commissions, however, the FAQ does say that they make their money through commissions, but we believe that they are referring to the commission of the added spread rather than direct commissions on trading. There are swap fees which are charged for holding trades overnight, these can be viewed within the MetaTrader 4 trading platform.

Assets

The assets at The Bull FX have been broken down into categories, so let’s see what each one includes.

Forex: AUDUSD, EURCHF, EURGBP, EURJPY, EURUSD, GBPUSD, USDCHF, USDJPY, AUDCAD, AUDCHF, AUDJPY, AUDNOK, AUDNZD, AUDPLN, AUDSEK, CADCHF, CADJPY, CADPLN, CHFJPY, CHFDKK, CHFNOK, CHFPLN, DKKJPY, EURAUD, EURCAD, EURNOK, EURNZD, EURPLN, UERSEK, GBPAUD, GBPCAD, GBPCHF, EGBPEUR, GBPDKK, GBPJPY, GPBNOK, GBPNZD, GBPPLN, GBPSEK, EURHKD, EURHUF, EURMXN, EURSGD, EURTRY, USDCNH, USDCZK, USDHUF, USDMXN, USDRUB, USDSGD, USDTRY, USDZAR.

Metals: Copper, Gold, and Silver are available to trade.

Commodities and Energies: Brent Crude Oil, WTI Crude Oil, and Natural Gas are the three available energies.

Indices: Dow Jones 30, Hong Kong Futures, Nasdaq 100, and Standard & Poor’s 500 Cash Index are available for trading.

Shares: There are a lot of shares available, some of them include Apple, Amazon, Alibaba. Citigroup, FedEx, Facebook, IBM, Netflix, and AT&T.

Cryptocurrencies: Four are available and these are Bitcoin, Ethereum, Litecoin, and Ripple.

Spreads

The spreads start from 1.6 pips on major forex pairs, the spreads are variable which means they will move with the markets, the more volatility that there is in the markets, the higher the spreads will be. The ECN account has spreads starting from 2 pips on Spot Gold.

Minimum Deposit

The minimum deposit required to open up an account is $300, this will allow you to access the Standard account, if you want to use the ECN account then you will need to deposit at least $1,000.

Deposit Methods & Costs

In the FAQ it states that Bank Wire Transfer, Credit / Debit Cards, Moneybookers (Skrill), and transfers from other existing broker accounts are available as deposit methods. However at the bottom of the site, there is also an image of UnionPay and AliPay, but we are not sure if they are actually usable or not.

There is no mention of any additional fees for withdrawals but also no mention that they are free, whichever it is, we would recommend contacting your bank to see if they will charge any transfer fees of their own.

Withdrawal Methods & Costs

You can withdraw using the same methods, for clarification, these are Bank Wire Transfer, Credit/Debit Cards, and Moneybookers (Skrill). Just like the deposits, there is no mention of any fees but you should check with your own bank or processor for any potential incoming processing fees added by them.

Withdrawal Processing & Wait Time

Withdrawal requests are processed within 1 business day, the amount of time that it takes after this will depend on your bank or processors’ own processing times and could take between 1 to 5 days further before the withdrawal request is fully processed.

Bonuses & Promotions

The accounts page states that there will be occasional bonuses, however in the FAQ under the question about if there are bonuses they state “No, and we advise traders to be wary of “free money” and the firms that offer such incentives. The BullFx makes money fairly from commissions, and as such, we do not need to offer financial incentives to sign up potential traders.” So we don’t really know if there are bonuses or not, but there aren’t any active promotions at the time of writing this review.

Educational & Trading Tools

There is an economic calculator available, this details different upcoming news events and also details which markets or currencies may have an effect on. Apart from that one tool, there doesn’t appear to be any other educational tools or trading tools available from The Bull FX.

Customer Service

If you have any questions or queries then you can get in contact with The Bull FX in a number of ways. You can use the online submission form to fill in your question and then get a reply via email. You can also use the postal address provided or the email address.

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

Email: [email protected]

Demo Account

A demo account is available, they allow you to test out the markets and strategies without any real risk, you can select leverage between 1:10 and 1:500 and a balance between 1,000 and 100,000. The account will last indefinitely as long as it is being used and will be deleted if it is left dormant for 1 month.

Countries Accepted

This information is not available on the site, if you are thinking of signing up, then you should contact the customer service team to get a better understanding of your eligibility.

Conclusion

There are a few small confusions in the fact that The Bull FX state that they are located in Vanuatu, but their address is in Saint Vincent and the Grenadines. The trading conditions on offer seem ok, the spreads starting at 1.6 pips on a non-commission based account are reasonable. There are plenty of available assets and instruments to trade, there is however only a small amount of funding methods and we do not fully know if there are any fees available. The Bull FX may be a decent broker to sue but the decision to use them or not is up to you.

Categories
Forex Brokers

Pruton Futures Review

Pruton Futures is an Indonesian based foreign exchange broker that was founded by market professionals with a vision to provide today’s retail traders the best brokerage available. Their aim is to provide a fully transparent service that provides interbank prices, is licensed and regulated, and simply offers the best service they can. We will be looking into the services on offer to see if these have been achieved and so you can decide if they are the right broker for you.

Account Types

It seems like there may just be the one account available from Pruton Futures, some of the features of this account include flexible leverage up to 1:100, fixed spreads starting from 3 pips, zero charges on account opening, access to limit and stop facilities, tradable assets such as Forex, gold, commodities, and indices. There are also managed account tools, direct market execution, and no spread widening on forex pairs.

Platforms

Pruton Futures uses MetaTrader 4 as its only trading platform, this platform offers a lot of features that millions of traders all over the world currently use. The MT4 platform offers high-speed execution and an advanced trading environment at your fingertips enabling you to trade forex, spot metals, indices, and CFD shares. The platform is also highly accessible as it can be used on a desktop computer, mobile devices, and in your internet browser in the form of a WebTrader. 

Leverage

The leverage can go as high as 1:100, leverage can be selected when opening up an account and can be changed at any time by contacting the customer support team.

Trade Sizes

Trade sizes start from 1 lot which is pretty high for a starting amount and they go up in increments of 1 lot. We do not know what the maximum trade size is however or how many open trades you can have at any one time.

Trading Costs

The account on offer uses a spread based system so there are no added commissions on the trading. There are however swap charges which are fees for holding trades overnight and they can be viewed within the MetaTrader 4 trading platform.

Assets

The assets have been broken down into a number of different asset groups that we will now outline for you.

Forex: AUDAD, AUDCHF, AUDJPY, AUDNZD, AUDUSD, CADJPY, CHFJPY, EURAUD, EURCAD, EURCHF, EURGBP, EURJPY, EURNZD, EURUSDF, GBPAUD, GBPCAD, GBPCHF, GBPJPY, GBPNZD, GBPUSD, NZDCAD, NZDCHF, NZDJPY, NZDUSD, USDCAD, USDCHF, USDJPY, USDMXN, USDRUB, USDSGD, USDTRY, USDZAR.

Spot Metals: Just Gold is available here.

Indices: KOSPI, Hang Seng, and Nikkei.

Spreads

The spreads start from 3 pips, the spreads are fixed which means they do not change no matter what is happening on the markets. Different instruments will have different spreads so while EURUSD may have a fixed spread of 3 pips, EURUSD has a fixed spread of 9 pips.

Minimum Deposit

Unfortunately, we do not know what the minimum deposit amount is, it is strange for this information not to be made more obvious as it is quite important to know how much you will need to open up an account.

Deposit Methods & Costs

At the bottom of the site, there is a little note stating that Pruton Futures accepts all major Credit/Debit cards, however on the funding page there is only information about Bank Wire Transfers, so we will assume that both are available. Pruton Futures will not add any fees of their own, but you will be responsible for paying any fees incurred by your own bank or card issuer.

Withdrawal Methods & Costs

When withdrawing it seems that you can only withdraw via Bank Wire Transfer, there are no added fees on the withdrawals which is good to see.

Withdrawal Processing & Wait Time

Any requests made before 12:00 pm GMT +7 will be processed on the same working day, any requests after this time will be processed on the next working day. Once a request has been processed it will take between 1 to 5 working days for the funds to fully process depending on your own bank’s processing times.

Bonuses & Promotions

Looking around the site it does not appear that there are any active promotions or bonuses at the time of writing this review. If you are after bonuses then you could contact the customer service team to see if there are any upcoming bonuses that you can take part in.

Educational & Trading Tools

There is a knowledge page but this doesn’t really offer much in the way of education or information. It is a shame that there is no additional education on the site as a lot of brokers are now trying to help their clients improve their trading so it would be nice to see Pruton Futures do something similar.

Customer Service

You can contact Pruton Futures in a few different ways, you can use the online submission form, fill in your question or query and you should then get a reply via email. There are also email addresses available for various departments such as general information, technical support, deposit and withdrawals, and partnerships. There is also a postal address, phone numbers, and skype support available.

Address: 32 Floor, Menara Standard Chartered, Jl. Prof. Dr Satrio KAV 164, Jakarta Selatan 12930, Indonesia

Phone: +6222 2553 2708

Email: [email protected]

Demo Account

Demo accounts are available, in order to open one you will need to download the MetaTrader 4 trading platform and open up a demo account from within it. Demo accounts allow you to test out new strategies and the trading conditions without risking any of your own capital.

Countries Accepted

This information is not present on the site so if you are interested in signing up we would recommend contacting the customer service team first to see if you are eligible for an account.

Conclusion

Things are kept simple with just the one account and one trading platform. The trading conditions can be a little expensive, while there are no added commissions, having a fixed spread starting from 3 pips can make trading quite expensive. There are enough assets to keep you busy but there could still be some additional ones such as metals added. In terms of deposits and withdrawals, the methods are a little limited and those who normally use electronic processors will be left without a way to deposit. With the limited funding methods and high spreads, we would suggest looking for another broker that isn’t quite as expensive to trade with.

Categories
Forex Brokers

Swiss Investor 24 Review

Founded and led by industry veterans, Swissinv24 Markets has positioned itself as a leading provider of Online Foreign Exchange (Forex) trading, spread betting, and other related services. At Swissinv24 Markets, our mission is easy – to provide the optimal atmosphere for, “trading at its best.” This means creating the perfect trading environment for beginning and professional traders, alike, with a focus on providing global traders with easy access to the world’s largest and most liquid market – from anywhere, anytime. By offering the most innovative trading tools, hiring the best trading educators, and meeting strict financial standards to protect trader funds, we strive for the Swissinv24 online trading experience on the market. That is their claim, we will be looking at various services and features of their site to see if they live up to this expectation.

Account Types

Swiss Investor 24 is offering 4 different standard type accounts to their clients, each with varying requirements and trading conditions, they also offer an ECN account, so let’s look at what is on offer.

Mini Account: The mini account requires a minimum deposit of between €500 and €5,000. The account has floating spreads and a leverage up to 1:50. It allows for hedging and the use of expert advisors. The base currency can be in either USD, EUR, or GBP. It offers 24 hours live support along with the use of both the MetaTrader 4 trading platform and the Sirix Trader. The minimum trade size is 0.01 lots and the account comes with negative balance protection.

Standard Account: The standard account increases the required deposit to between €5,001 and €10,000. The account has floating spreads and a leverage up to 1:50. It allows for hedging and the use of expert advisors. The base currency can be in either USD, EUR, or GBP. It offers 24 hours live support along with the use of both the MetaTrader 4 trading platform and the Sirix Trader. The minimum trade size is 0.01 lots and the account comes with negative balance protection. It also comes with a personal trading trainer and SMS Trading Alerts.

Gold Account: The gold account requires a deposit between €10,001 and €15,000. The account has floating spreads and a leverage up to 1:50. It allows for hedging and the use of expert advisors. The base currency can be in either USD, EUR, or GBP. It offers 24 hours live support along with the use of both the MetaTrader 4 trading platform and the Sirix Trader. The minimum trade size is 0.01 lots and the account comes with negative balance protection. It also comes with a personal trading trainer and SMS Trading Alerts, it also comes with VIP trading support.

Platinum Account: The platinum account is the top-level account and requires a deposit of €15,001 or more. The account has floating spreads and a leverage up to 1:50. It allows for hedging and the use of expert advisors. The base currency can be in either USD, EUR, or GBP. It offers 24 hours live support along with the use of both the MetaTrader 4 trading platform and the Sirix Trader. The minimum trade size is 0.01 lots and the account comes with negative balance protection. It also comes with a personal trading trainer and SMS Trading Alerts, it also comes with VIP trading support.

ECN Account: The ECN account requires a minimum deposit of at least $500, it can be in USD, EUR, or GBP, and spreads are floating and start from around 0.6 pips. There is a commission of $7 per round lot traded. It used market execution and the minimum trade size is 0.01 lots with the maximum being 10 lots. Leverage can be up to 1:50 and the margin call level is set at 200% while the stop out level is set at 100%. Expert advisors, scalping, and hedging are all allowed.

Platforms

There are two platforms available to use should you sign up with Swill Investor 24. Let’s take a look at what they are.

MetaTrader 4 (MT4) is one of the world’s most popular trading platforms and for good reason. Released in 2005 by MetaQuotes Software, it has been around a while, it is stable, customizable, and full of features to help with your trading and analysis. MT4 is compatible with hundreds and thousands of different indicators, expert advisors, signal providers, and more. Millions of people use MT4 for their interactive charts, multiple timeframes, one-click trading, trade copying, and more. In terms of accessibility, MT4 is second to none, available as a desktop download, an app for Android and iOS devices, and as a WebTrader where you can trade from within your internet browser. MetaTrader 4 is a great trading solution to have.

Sirix Web Trader is one of the most significant developments in the world of currency trading, offering the luxury of executing trades from mobile phones, computers, and tablets without downloading or installing any software. With Sirix, a single click seamlessly connects you with a variety of currencies and markets. It’s compatible with both Mac OS and Windows. Features include 24/7 user updates, backup options, secure interface, 24/7 software availability, encrypted services, management of multiple accounts, hassle-free transactions, real-time online trading tips, forecasts, graphical representations, and more.

Leverage

The maximum leverage for all accounts is 1:50, leverage can be selected when opening up an account, if you wish to change it on an already open account then you will need to get in contact with the customer service team.

Trade Sizes

Trade sizes for all accounts start at 0.01 lots which are known as micro-lots, they then go up in increments of 0,01 lots so the next trade would be 0.02 lots and then 0.03 lots. The maximum trade size for all accounts is 10 lots which is a little on the low side but still high enough for the majority of traders. 

Trading Costs

All 4 standard accounts use spread based systems that we will look into later in this review and so do not have any added commission. The ECN account has an added commission of $7 per round lot traded which is just slightly higher than the average $6 per round lot traded around the industry.nSwap charges are also present, these are interest charges that are incurred for holding trades overnight, they can be both negative or positive and can usually be viewed from within the trading platform of choice.

Assets

Swiss Investor 24 breaks their assets down into 4 different categories, forex, commodities, indices, and equities, let’s take a look at what each one includes.

Forex: There are 50 different instruments available to trade. Some of these include AUDCAD, EURUSD, CHFJPY, GBPJPY, NZDCHF, and, USDZAR.

Commodities: There are 18 different commodities available including Aluminum, Cocoa, Copper, Cotton, Lead, Nickel, Palladium, Platinum, Rice, Soybean, Gold, Silver, and more.

Indices: 39 different indices are there to be traded, including, Nasdaq, S&P 500, FTSE 100, and Dow Jones.

Equities: 173 different equities available including the likes of Amazon, Adidas, Tesla, Facebook, and Yahoo.

Spreads

The spreads that you get are dependent on a number of things such as the account type you are using, the ECN account has spread starting from 0.6 pips while the 4 standard account types will have spreads starting slightly higher (unknown exactly what). The spreads are also variable (also known as floating) so this means that when the markets are being volatile, the spreads will often be seen higher. It is also important to note that different instruments and assets have different starting spreads, so while AUDUSD may start at 1.0 pips, other assets like CADCHF may start slightly higher, in this case, 3.9 pips.

Minimum Deposit

The minimum amount to open an account is $500, this will get you either the ECN account or the Mini account. If you want a different account then you will need to deposit more. Once an account is open the minimum top-up deposit amount reduces down to $5.

Deposit Methods & Costs

There are a number of different deposit methods available which are Visa Credit/Debit, MasterCard Credit/Debit, Diners Club, abaqooo, eKonto, epau, eps, Euteller, giropay, Hal Cash, iDeal, Mister Cash, Multibanco, Przelewy24, Sporopay, teleingreso, Ticket Surf, TrustPay, and POLi. We could not locate any information surrounding any deposit fees, however, please check with your own bank or processor to see if they add any fees of their own.

Withdrawal Methods & Costs

The same methods are available to withdraw, for clarification these are Visa Credit / Debit, MasterCard Credit / Debit, Diners Club, abaqooo, eKonto, epau, eps, Euteller, giropay, Hal Cash, iDeal, Mister Cash, Multibanco, Przelewy24, Sporopay, teleingreso, Ticket Surf, TrustPay, and POLi. Just like with deposits, there is no information surrounding any fees, so be sure to check with your processor or bank to see if they charge any transaction fees of their own.

Withdrawal Processing & Wait Time

The processing time on the website states that it is instant, if this is the case then they will be processed the same time as you make the request. Once it is confirmed there will be a slight delay between 15 minutes and 5 days depending on the method you use before your funds are available in your account.

Bonuses & Promotions

We could not locate any information on the website in regards to bonuses or promotions so it does not appear that there are any active ones at the time of writing this review. If you are interested in bonuses then be sure to check back regularly or get in contact with the customer service team to see if there are any upcoming bonuses or promotions.

Educational & Trading Tools

The educational section of the site is fairly basic, in fact, it just comprises two pages, one about technical analysis and the other about fundamental analysis. This won’t really teach you how to do it or how to master it, so if you are looking for a course or information to learn you may need to look elsewhere. It would be nice to see Swiss Investor 24 put a bit more effort into the educational side of their site.

Customer Service

If you want to get in contact with Swiss Investor 24 you can do so by using the broker’s online submission form, fill in your query and you should get a reply via email. You can also email them directly or use a telephone line. The support team is open 24 hours, and it does not specify if they are open over the weekend or bank holidays when the markets are closed.

Demo Account

Demo accounts are available but the only one mentioning demo accounts is the ECN account, so it is unknown if other accounts also have demo versions, at any rate, the demo account trading conditions will mimic those of the real account. There is no mention of any time limits on the demo account so hopefully, they work indefinitely.

Countries Accepted

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

Conclusion

Swiss Investor 24 offers a lot of choices when it comes to accounts, with various different types including an ECNM account is a good start. They also offer a couple of different trading platform options, both being well known and popular solutions. Plenty of ways to deposit and withdraw, however, the lack of information on fees is a little disappointing. Swiss Investor 24 has shown a lot of potential and seems like they could be a competent broker to use.

 

Categories
Forex Brokers

UBanker Review

UBanker is an online foreign exchange broker that is based in Cyprus. UBanker aims to allow its clients to take control of their finances, and they aim to do this by offering their clients 24/6 support, a secured environment, trading platforms for beginners, and access to an account manager. As we go through this review, we will be outlining the key features and services being offered by UBanker so you can decide if they are the right broker for your trading needs.

Account Types

There seems to only be the one account type available, so instead of putting all of the information in this section, as we go through the review, we will outline the conditions and features of the account in each individual section. As a brief overview, the account requires a minimum deposit of at least $200, it comes with a maximum leverage of 1:200 and spreads starting from around 3 pips.

Platforms

UBanker uses a platform called PROfit. The platform can be used as a WebTrader within your internet browser or as a mobile application on your Android or iOS devices. Some of the many features include one-click trading, no downloads required for the desktop version, you gain instant access to your account and trades, you are able to trade anywhere you want, it gives you daily market updates with instant trade execution. Unfortunately, we do not know much more about the platform than that.

Leverage

UBanker offers various leverages which will depend on the asset and instrument that you are trading, when trading Forex currencies you will have a maximum leverage of 1:200, for commodities it is also 1:200, for CFDs on Indices you have a maximum leverage of 1:100, and for CFDs on Shares you have a maximum leverage of 1:10.

Trade Sizes

Trade sizes stat from 0.01 lots and go up in increments of 0.01 lots so the next trade would be 0.02 lots. When trading with UBanker a lot is equal to 100,000 units, so the minimum trade size is 1,000 base currency units. We do not know what the maximum trade size is or how many trades you are able to have open at any one time.

Trading Costs

It is not clear to us if there are any added commissions when trading with UBanker, so we are not able to say, however as the spreads seem to be quite high it is most likely that there aren’t any. There will however be swap charges, these are fees that will be charged when you hold a trade overnight or over the weekend. They can be both positive or negative and can often be viewed from within the trading platform that you are using.

Assets

The assets at UBanker have been broken down into various categories, we have outlined them below so you can get an understanding of what is available to trade.

Currencies: AUDCAD, AUDCHF, AUDJPY, AUDUSD, CADCHF, CADJPY, CHFJPY, EURAUD, EURCAD, EURCHF, EURGBP, EURJPY, EURNZD, EURTRY, EURUSD, GBPAUD, GBPCHF, GBPJPY, GBPNZD, GBPUSD, NZDCAD, NZDCHF, NZDCHG, NZFJPY, NZDUSD, TRYJPY, USDCAD, USDCHF, USDJPY, USDTRY, GBPTRY, USDZAR, EURNOK, USDNOK, AUDNZD, USDSGD, GBPCAD, USDSEK, GBPSEK, USDMXN, USDPLN.

Commodities: Gold, Silver, Crude Oil, Copper, Platinum, Aluminium, Zinc, Tin, Lead, Coffee, Corn, Wheat, Coton, Sugar, SoyBean, Natural Gas, Gasoline, Heating Oil, Brent Oil, Palladium.

Indices: CAC 40, Dax Index, Dow Jones, FTSE 100, Nasdaq 100, Nikkei 225, S&P 500.

Shares: There is a large number of shares available to trade, a few of them include the likes of Boeing, Coca-Cola, Apple, Bank of America, Google, Yahoo, CITI Group, IBM, and Intel.

Spreads

While we do not have any specific examples of the spreads, looking through a number of different sites it seems that the spreads generally start from around 3 pips, the spreads are variable which means they will move up and down depending on the volatility of the markets, different instruments will also have different starting spreads so while some may be at 3 pips, others may be higher.

Minimum Deposit

In order to open up an account you will need to deposit at least $200, any deposits in other currencies will be converted into USD. We do not know if this amount reduces once an account has already been opened.

Deposit Methods & Costs

There are a few different deposit methods available from UBanker, these are Credit Card, Debit Card, Wire Transfer, and Skrill. There wasn’t any information on the site referring to possible deposit fees, so we do not know if they are present or not, what we can suggest, is to contact your own bank, card issuer, or payment provider to check whether or not they will be adding any fees of their own.

Withdrawal Methods & Costs

The same methods seem to be available to withdraw with, for clarification, these methods are Credit Card, Debit Card, Wire Transfer, and Skrill. Once again there is no information on the site about any possible fees, you should, however, check with your bank for any incoming transfer fees or currency conversion charges.

Withdrawal Processing & Wait Time

We, unfortunately, do not know what the processing times are from UBanker, while we know some of the methods available, this means that we can estimate that withdrawal requests should be fully processed between 1 to 7 days from the date the request is made, this will depend on both UBankers own processing times, and the processing times of the method that you used to withdraw.

Bonuses & Promotions

We didn’t see any information surrounding bonuses or promotions, so at least at the time of writing this review there wasn’t anything available, this does not mean that there won’t be in the future so if you are after promotions and bonuses you could always contact the customer service team to see if there is anything coming up.

Educational & Trading Tools

There are a lot of different pages on the site which are related to both education and tools, however, some of them don’t really contain a lot of information. There is a page on forex fundamentals, forex trends, fundamental factors, information on different charts, and information on different reading techniques (very basic). There Is also a chance to get a personal trainer, however, we do not really have many details about this so we cannot comment on it in any detail.

There is a Udata section of the site that has information on current trends in stocks, shares, indices, and commodities, they can give a little indication as to where the markets may move. There is also a market review section which seems to get updated daily, detailing what has happened over the past day, and there is also a rates page detailing the current buy and sell figures for different instruments and assets.

Autochartist is a tool that UBanker has made available, it allows for additional automated analysis and some of its features include:

  • Probability filters – filters significant market events and checks past performance and patterns.
  • Automated technical analysis – analyses chart patterns, price forecasts, support and resistance levels and more.
  • Volatility analysis – identifies when the market is most volatile and helps you set appropriate exit levels.
  • Daily market reports – Autochartist sends you important daily updates and changes in the markets.

Customer Service

The customer support page offers a few different ways to get in touch with them, the page states that the support team is available Monday to Friday between 08:00 and 20:00 GMT+2. However on the about us page, it does indicate that there is 24-hour support 6 days a week, so this is a little contradictory.

You are able to use the online submission form, fill it in and you should then get a reply via email. You can also use the provided phone number or email address as a choice of contact methods. There is also a postal address mentioned towards the bottom of the page.

Address: 73 Arch. Makarios III Avenue, CY1070 Nicosia, Cyprus.

Email: [email protected]

Phone: +23414408196 

Demo Account

We didn’t actually see much information surrounding demo accounts so we cannot say for sure if they are available or not, sometimes brokers make the demo account only accessible to those that have signed up, so UBanker may be doing the same thing. Demo accounts can allow you to test out the trading conditions and also new strategies without any real risk, so if UBanker does not offer them, it is something that they should really look at adding to their arsenal.

Countries Accepted

This is another aspect that we could not locate on the site, if you are thinking of signing up, we would recommend contacting the customer service team prior to opening up an account just to make sure that you are eligible to join.

Conclusion

The trading conditions on offer from UBanker are a little on the steep site, the maximum leverage is 1:200, while ok is a little lower than we seem from a lot of modern brokers, the spreads are also sitting at around 3 pips which is relatively high and could make trading expensive, especially during times of higher volatility. There are plenty of assets available to trade which is good, the deposit and withdrawal methods are a little limited, but there is still a selection on offer, no information on any fees though. The platform being offered is ok, it lacks some of the functionality that we see from brokers offering MetaTrader 4 or 5 though. The overall conditions do not seem too bad, but the decision to use them will be up to you.

Categories
Forex Brokers

Spartan Forex Review

Spartan Forex is a foreign exchange broker situated in Vanuatu. According to the broker, “The view of the SpartanForex principles is that the keys to successful trading are self-discipline and risk management.” With that being said, we will be using this review to look into the services on offer to see if they live up to this statement or to see if they manage to fall short.

Account Types

Parts of the site make it seem like there is just one account, other parts indicate that there may be more than one, this was a little confusing, below we have outlined the details of the one account we do know, as we go through the review we will outline any potential differences in each section.

The account we know of has a minimum deposit of $500, leverage up to 1:500, spreads starting from 0.4 pips with an added commission. Trade sizes start from 0.01 lots and there are 45 currency pairs and metals to trade along with 71 CFDs and cryptocurrencies.

Platforms

Just the single platform available to trade with, the good news is that the platform is MetaTrader 4. MetaTrader 4 has quickly become the world’s most used trading platform hosting millions of traders. Accessible as a mobile application, desktop download, or web trader, it is accessible from anywhere in the world. It also hosts and is compatible with hundreds and thousands of expert advisors and indicators to help with your trading needs. Whatever your trading style, MT4 will be able to help you trade.

Leverage

The maximum leverage available is 1:500 and can be selected when opening up an account, in order to change the leverage on an already open account, you will need to contact the support team with the request.

Trade Sizes

Trade sizes start from 0.01 lots and go up in increments of 0.01 lots., We are not sure what the maximum trade size is but would keep any trades under 50 lots due to execution and slippage issues. We are also not clear on what the maximum number of trades you can have at any one time is.

Trading Costs

The commissions are a little confusing, so we have put them into a little table for ease of understanding.

There are also swap fees that are charged for holding trades overnight and you can view them from within the MetaTrader 4 trading platform.

Assets

Spartan Forex has broken down its assets and instruments into different categories.

Forex: AUDCHF, AUDJPY, AUDNZD, AUDUSD, CADCHF, CADJPY, CHFJPY, EURAUD, EURCAD, EURCHF, EURDKK, EURGBP, EURHKD, EURJPY, EURNOK, EURNZD, UERPLN, EURSEK, EURUSD, GBPAUD, FBPCAD, GBPCHF, GBPJPY, GBPNZD, GBPUSD, NZDJPY, NZDUSD, USDCAD, USDCHF, USDCNH, USDDKK, USDHKD, USDJPY, USDMXN, USDNOK, USDPLN, USDRUB, USDSEK, USDSGD, USDTRY, USDZAR.

Metals: Gold, Silver, Palladium, and Platinum.

Cryptocurrencies: BTCUSD, BTCEUR, BCHBTC, BCHEUR, ETHBTC, ETHEUR, ETHUSD, LTCBTC, LTCEUR, LTCUSD, XRPEUR, XRPUSD.

Indices: AUS200, DE30, DJ30, ES35, F40, JP225, STOXX50, N25, SWI20, UK100, US500, USTEC, VIX.

Energy: WTI Oil and Brent Oil.

Stocks: Plenty of stocks available including Apple, Amazon, eBay, Intel, Ferrari, and Visa.

Futures: A large selection of futures including Copper, Euro Bund, Natural Gas, US Sugar, and US Cocoa.

Spreads

Spreads start from as low as 0.4 pips, these spreads are variable which means they move with the markets when there is added volatility they will often be seen higher. Different instruments also have different spreads and some will naturally be higher than others.

Minimum Deposit

The minimum amount required to open up an account is $500, this amount reduces once an account has already been opened but we are not sure what the minimum is for further top-up deposits.

Deposit Methods & Costs

When depositing there are a few different methods available which are Bank Wire Transfer, Visa, Skrill, Crypto (Bitcoin, Ethereum + others), UnionPay, and FasaPay.There are noa added fees from Spartan Forex for these deposits but we would always suggest contacting your bank or processor to see if they will add any transfer fees of their own.

Withdrawal Methods & Costs

The same methods are available to withdraw with, for clarification these are Bank Wire Transfer, Visa, Skrill, Crypto (Bitcoin, Ethereum + others), UnionPay, and FasaPay. There are no added fees for withdrawing your funds from Spartan Forex.

Withdrawal Processing & Wait Time

We did not see any information on the processing times from Spartan Forex, however, depending on the method used we would expect withdrawal requests to be fully processed between 1 to 5 working days from the time of the request.

Bonuses & Promotions

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

Educational & Trading Tools

There are a few different tools available, these include an economic calendar that details upcoming news events and the effects that they could have on different currencies and markets. You can request some trading signals, they claim to be very accurate but we cannot verify this. There is then a set of tools available to help your trading and analysis, there is an indicator package,m a calculator, compounding chart, Fibonacci calculator, and an order size calculator.

Customer Service

There are various different ways to contact Spartan Forex scattered about the website. The contact us page gives us a few of them. There is a quick contact form to fill out and you should then get a reply between 24-48 hours time. There is also a postal address, email address, and phone number available so you have a choice of ways to get in touch.

Address: SpartanForex Limited, Suite T19, First Floor, Tana Russet Plaza, Kumul Highway, Port Vila, Efate, Vanuatu

Email: [email protected]

Phone: +44-20-3289-8286 (UK)

Demo Account

Demo accounts are available and ready to use with MetaTrader 4, demo accounts allow you to test out new strategies and also to test out trading conditions without risking any of your actual capital. The trading conditions or potential expiration times of the demo account are not stated on the site.

Countries Accepted

This information is not stated on the site and so we would suggest contacting the customer service team to ensure you are eligible for an account before you sing up.

Conclusion

A few aspects of the site were a little confusing, mainly the fact that we are still not sure if there are multiple accounts or just the one. In terms of trading conditions, the spreads are ok, but the commissions being added on can make it very expensive to trade here. There are plenty of assets to trade which is great and also enough ways to deposit and with no added fees the deposits and withdrawals are a big plus. The main question you need to ask yourself is if you are willing to pay the huge commissions, we would suggest looking for a slightly cheaper option, but the decision is all yours.

Categories
Forex Brokers

Sandton Direct Review

Sandton Direct is a Financial Services Authority registered Forex broker with registered offices in Dubai, UAE (ICC20160204). They provide Fx traders access to the global Forex market through their top tier FX liquidity providers X Open Hub. Based in the United Kingdom, their liquidity providers are fully licensed and regulated by the Financial Conduct Authority (FRN522157). We will be using this review to dive deep into the services on offer to see how they compare to the competitions and so you can see if they are the right broker for your trading needs.

Account Types

There isn’t an account comparison page or information page, from the information we have it looks like there may just be the one account, however, if we are wrong, we will outline any potential differences in each section of the site. The account that we can see has a minimum deposit value of $100, can be leveraged up to 1:1000, and has an average variable spread of 0.1 pips.

Platforms

The platform used by Sandton Direct is called X Open Hub. The desktop version of our XOH Trader offers advanced trading capabilities. The new HTML5 platform version offers the best execution quality and speed on the market, it is also usable as a mobile application.

Features include bulk order closing, interactive charts with technical indicators, complete trade management, an economic calendar, and real-time market news. Some other features include enhanced execution, advanced order protection, high-end design and usability, strong regulatory framework, superior trading executions, open xAPI, a smark b-book executor, forex analysis, and global market research and advanced charting tools.

Leverage

When opening up an account you are able to select leverage between 1:33 and 1:1000. We would suggest not trading over 1:500 as the risk grows exponentially the higher you go and 1:500 is a good balance of risk and reward. Should you wish to change the leverage on an account you have already opened, you should send a request to the customer service team to help you do this.

Trade Sizes

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

Trading Costs

With the spread being so low you would expect there to be an added commission but the FAQ states that there are no additional costs. We also do not know if swap charges represent but would expect to see them.

Assets

Sadly, there isn’t a full breakdown or product specification available so we cannot outline what instruments are available or even how many there are, this is a shame as many potential clients may be looking to see if their preferred instrument is available, not knowing could cause them to look elsewhere.

Spreads

According to the front page of the site, the average spread starts from 0.1 pips which, if true, is very low and quite impressive.  We don’t actually have any examples of the available spreads but we do know that they are variable spreads, this means that they are affected by the markets and can move up and down according to liquidity and volatility.

Minimum Deposit

The minimum amount required to open up an account is $100, once an account has been opened this amount reduces down to $50 which is the lowest amount allowed by one of the available deposit methods.

Deposit Methods & Costs

There are three methods available to deposit with, these are Crypto (Bitcoin, Credit / Debit Card, and Bank Wire Transfers. Bitcoin has a minimum deposit requirement of $50, while Bank Wire has a minimum deposit requirement of $1,000.

There are no added fees from Sandton Direct when depositing, however, you should check with your own bank or issuer to see if there are any outgoing transfer fees charged by them, also check the blockchain fees when depositing via Bitcoin. 

There is actually another page of the site which indicates that just Bitcoin and Bank Transfers are available with a fee of 1% for Bitcoin and none for Bank Transfer, so we aren’t entirely sure which one is accurate.

Withdrawal Methods & Costs

The same three methods are available to withdraw with, again they are Crypto (Bitcoin, Credit/Debit Card, and Bank Wire Transfers.

When using Bitcoin or Credit/Debit Card there are no added fees, however withdrawing via Bank Wire Transfer has an added $10 fee per transaction, the fee is a lot lower than many which are good to see. You should also check with your own bank/payment processor to see if they will add any incoming processing fees.

Just like the deposits, there is another page with different info on it, it states that just Bitcoin and Bank Transfer are available with a fee of $19 for Bitcoin and $29 for Bank Transfer, so again we are not sure what the real information is.

Withdrawal Processing & Wait Time

We do not know what the processing time from Sandton Direct is, we would hope that any requests would be fully processed within 2 to 5 days from the request being made.

Bonuses & Promotions

The FAQ makes it clear that there is a bonus available, however, we don’t really know much about, it, the FAQ states the following:

“Many of our first-time clients are new to Fx trading. Our bonuses are designed to help instill confidence when trying Direct Trader. On small deposits, it also allows for a boost in equity. We are so confident in our products and services that we offer withdrawals on bonuses when: 1.) Each client who receives a bonus trades at least 1 lot for every $1 in bonus and 2.) The client does not withdraw funds before condition no. 1 is met. Additionally, clients who withdraw before the bonus condition is met will forfeit any profit made while a bonus was applied to the account.  Clients have 30 days to claim any bonus that meets both conditions. Unfortunately, only one bonus can exist on an account at a time (we will apply the larger bonus).”

Educational & Trading Tools

There does not seem to be any education available on the site which is a shame as a lot of brokers are trying to help their clients improve with education and tools, it would be nice to see Sandton Direct do something similar.

Customer Service

You can get in contact with Sandton Direct using the online submission form, simply fill it in and you should get a reply via email. You can also use the provided postal address or could use a social media platform such as Facebook.

Demo Account

Demo accounts are available and give you the same options when signing up as the live accounts, you can select leverage between 1:330 and 1:1000 and that is about it. The trading conditions will mimic the live accounts but we do not know any more than that. The demo account will allow you to test out the trading conditions and news strategies without any real risk to your capital.

Countries Accepted

This information is not present on the site so if you are thinking of signing up then we would recommend contacting the customer service team first just to be sure that you are eligible for an account.

Conclusion

There isn’t a whole lot of information provided by Sandton Direct, we still aren’t sure if there is more than the one account available, we also do not know what assets are available to trade or what the spreads and commission really are, so the actual trading costs are not known to us. There are limited ways to fund the account, and also some confusion to which methods are available and what the fees are due to there being two different pages with different information on them. Aside from those things, the broker seems reasonable and in good shape, but we cannot recommend them as a broker to sue at this time due to all the missing information and contradictory pages.

Categories
Forex Brokers

Roiteks Review

Roiteks is an online foreign exchange and binary options broker based in Bulgaria. “We provide our traders with a user-friendly interface and a self-explanatory trading platform, which allows beginners and experienced traders a simple and understandable way to trade. The web-based platform offers a wide array of currencies, stocks, commodities, and indices to trade via CFD, along with a host of trading methods and expiry times.” That is about all the information that they give about themselves and so we will be going over the services on offer to see exactly what they offer and how they compare to the competition.

Account Types

There is only one account type available from Roiteks, due to this there isn’t an account comparison page, as we go through this review, we will outline the different features of the account in their relevant sections. All information provided in this review will relate to that one account type.

Platforms

Roiteks uses an online web-based trading platform rather than a traditional download or mobile application. They do not provide much information about it and so there is too much that we are able to say. 

Leverage

When placing a trade you are able to choose a leverage of 1:20, 1:50, 1:100, or 1:300. This is a slightly different way of doing things as it is not based on the account but the individual trade. 1:300 isn’t as high as we often like to see as many brokers are now looking towards offering 1:500, but 1:100 is still an acceptable level to use.

Trade Sizes

The trade sizes are done with currency values instead of lot sizes. The minimum trade size is $250, we do not know what the maximum trade size is or how many trades you are able to have open at any one time.

Trading Costs

There are no additional commissions added to the trades, this is stated in the terms and conditions. There are however swap fees, these are interest charges that are paid or received when you hold a trade overnight, they can often be viewed within the trading platform that you are using. We are not sure if there are any swap-free accounts available.

Assets

The assets have been broken down into a few different categories, there aren’t actually that many available which is a shame to see.

Currencies: EURGBP, EURJPY, EURUSD, GBPUSD, NZDUSD, USDCAD, USDCHF, USDJPY, USDRUB, USDSGD, USDTRY, USDZAR.

Commodities: Coffee, Gold, Light Sweet Crude Oil, Platinum, Silver, Sugar, Wheat.

Indices: Bombay SE, CAC, Dax, Dow Jones, Dubai, FTSE 100, Hang Seng, ISE 30, KL Futures, Kuwait, MICEX 10, MSM 30, NASDAQ 100, Nikkei 225, RTS, S&P 500, SSE 180, TADAWUL, Tel Aviv 25, TOPIX.

Stocks: IBM, Microsoft, Apple, Bae Systems, BP, Citi, Coca Cola, Gazprom, HSBC, Lukoil, Nike, Nissan, Reuters, Rolls Royce, Sberbank, Tata Motors, Tesco, Teva Ta, Turkcell.

Spreads

We don’t have a definitive list of available spreads, however, we can see that spreads on EURUSD generally start from around 0.5 pips, the spreads seem to be fixed as we watched them for a couple of minutes and they never grew larger or smaller. Fixed spreads mean that they will always remain around the same and will not change as the markets do.

Minimum Deposit

The minimum deposit requirement with Roiteks is 250 EUR, USD or GBP. We do not know if this amount reduces once an account has already been opened, and advise that you speak with customer service to be clear on what fees are associated with funding a trading account with Roiteks.

Deposit Methods & Costs

You are able to deposit into Roiteks using a Credit/Debit Card or Bank Wire Transfer. The minimum deposit amount for Bank Wire Transfer is a little higher at $500. The FAQ does not mention any fees so it does not look like there are any for depositing, however, you should check with your own bank or card issuer to see if they will add any outgoing transfer fees of their own.

Withdrawal Methods & Costs

The same two methods are available to withdraw with, for clarification they were Credit/Debit Card and Bank Wire Transfer. Once again there is no mention of any fees, however, they also do not state that there are not any so we cannot be sure, as always check with your own bank or card issuer to see if they add any incoming processing fees.

Withdrawal Processing & Wait Time

The site and also the terms and conditions do not specify what the processing times from Roiteks are, we would hope that any withdrawal requests would be fully processed within 7 days but we cannot say this for sure.

Bonuses & Promotions

There don’t seem to be any available bonuses or promotions available, you could always contact the customer service team to see if there are any coming up if you are really interested in getting one.

Educational & Trading Tools

There also does not seem to be an education or tools section of the site but does run a YouTube channel offering market news, trading tips, and more. While this is nice, it would be good to see Roiteks offering a bit more to its clients.

Customer Service

The customer service team is available between 8 am GMT and 5 pm GMT from Monday to Friday. Roiteks don’t have a  lot of methods in order to get in touch, there is an email address provided and that is it, looking around the sire we are also able to locate a postal address too.

Address: Boulevard Totleben 53-55, 1606 Sofia, Bulgaria

Email: [email protected]

Demo Account

There is no information surrounding demo accounts so it does not seem like there are any available which is a shame as potential clients often like to test out trading conditions without having to risk any of their own capital.

Countries Accepted

The following statement is present at the bottom of the website: “It is against the law to solicit U.S. persons to buy and sell commodity options, even if they are called ‘prediction’ contracts unless they are listed for trading and traded on a CFTC-registered exchange or unless legally exempt.”

Conclusion

Roiteks works in a different way to most traditional brokers, while they offer binary options they also offer forex trading, but in a way which is more like binary. So if you are looking for a more traditional trading experience you would need to look elsewhere. The minimum trade sizes are a little high, but the overall costs are pretty low with no commissions and spreads of 0.5 pips. Just two methods are available to deposit and withdraw which could limit the potential for some clients and with no demo account, it makes it hard to really experience the broker without risking any of our own money.

Categories
Forex Brokers

Profit Trade Review

Profit Trade is a forex trading platform that was launched in 2017 and is registered in the Marshall Islands. Their philosophy is to cut out the excessive jargon and to make trading as simple as possible. They offer comfortable trading, service commitment, transparency and have been awarded a number of awards and recognitions. We will be going through the services on offer to see what is on offer and so you can decide if they are the right broker to use.

Account Types

There is a large selection of 6 different accounts to choose from when signing up. We will briefly outline some of their features below.

Educational Account: This account requires a minimum deposit of at least $250. It comes with access to a desktop & mobile trader, access to video tutorials, has fixed spreads, leverages up to 1:100, and access to trade all base currency pairs.

Standard Account: The Standard account requires a minimum deposit of at least $2,500. It has access to the desktop and mobile trading platforms as well as video tutorials. The account has all the base currencies available to trade along with Gold, Silver, Oil, and a small selection of Crypto coins. The leverage on the account goes up to 1:150 and the account also comes with an account manager.

Premium Account: This account comes with a minimum requirement of $20,000, it has all the same features as the Standard account as well as full access to video tutorials, full access to all tradable assets, leverage up to 1:200, an account manager, PRIME contacts and extra bonuses up to 100% of deposits.

VIP Account: This account increases the minimum deposit further up to $50,000. The account comes with everything the PRemium account does as well as higher leverage of 1:400, a personal account manager, news and signals, extra bonuses up to 200% of the deposit, express wire transfers, and access to the referral cashback program.

Tailored Account: This account doesn’t have a set deposit requirement and to get one you will need to contact an account manager. The account comes with everything the VIP account does as well as the ability to participate in company events, access to social trading, the dealing room, and the opportunity to meet other traders.

Robot Account: This account requires a deposit of $5,000 and sn intended for those looking to use trading robots to trade. The account has additional robot and algotrading support, a 50% discount on trading robots, and leverage of 1:100.

Platforms

Profit Trade seems to have their own trading system, the account page does state that there is a desktop platform, but we could not see any information on it, instead, we have info on the mobile and web trader. 

Web Trader: The web trade is designed to make your life easier and comes with many features including open a position with the web broker and close it inside of the Metatrader platform, accessible from any PC, Mac, or Linux workstations, incorporated electronic diagramming, a huge number of financial instruments, simple and intuitive interface. quotes in real-time, monitoring the status of accounts and trading desks, graphs of various time periods, with the possibility of printing, a large number of technical indicators and tools, and the ability to use custom indicators and automated trading programs.

Mobile Platform: The mobile platform takes many of the features of the main platform and minimizes them into your mobile device. Some features such as automatic trading are not available but it allows you to access the markets and make and monitor trades while on the move.

Leverage

The leverage available to you depends on the account you are using, we have outlined them below.

  • Educational Account: Up to 1:100
  • Standard Account: Up to 1:150
  • Premium Account: Up to 1:200
  • VIP Account: Up to 1:400
  • Tailored Account: Unknown
  • Robot Account: Up to 1:100

Leverage can be selected when opening up an account, should you need to change it you will need to contact the customer service team with the request for a change of leverage.

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 are not sure what the maximum trade size is though. 1 lot is equal to 100,000 base currency units.

Trading Costs

There is no added commission on any of the accounts, as they all use a spread based system that we will look at later in this review.

Assets

The assets have been broken down into a number of different assets, we have outlined them below.

Forex: GBPUSD, USDJPY, EURUSD, USDTRY, USDCHF, AUDUSD, USDCAD, GBPJPY, EURGBP, USDRUB, EURJPY, GBPCHF, NZDUSD, EURCHF, USDZAR, EURTRY, AUDCAD, USDMXN, EURAUD, EURAUD, AUDJPY, GBPAUD, EURZAR, CHFJPY, GBPNZD, EURCAD, CADJPY, AUDNZD, GBPCAD, AUDCHF, CADCHF, NZDCHF, NZDCAD, EURNZD, EURRUB, USDNOK, GBPRUB, USDSEK, USDDKK, USDPLN, USDHKD, EURSEK, USDSHD, EURNOK, EURPLN, USDCZK, EURDKK.

Crypto: BTCUSD, BTCEUR, XRPUSD, LTCUSD, XRPEUR, LTCEUR, BCHBTC, ETHUSD, DASHUSD, ETHEUR, DASHUSD, ETHEUR, BTCAUD, BTCAUD.

Commodities: Gold, Silver, Brent Crude Oil, WTI Crude Oil, Natural Gas, Copper, Palladium, Coffee, Cocoa, Wheat, Live Cattle.

Indices: There are plenty available, some of them include Nasdaq 100, DAX 30, S&P 500, FTSE 100, Dow Jones, France 40, and CAC 40.

Spreads

The accounts use a spread based system, we do not know if there is a difference between the account though. Looking at the available assets, EURUSD seems to have a spread starting at 3 pips, this is a little on the high side. The spreads are also variable so they can be seen slightly higher than this especially when there is added volatility in the markets. Different instruments will have different starting spreads, so while EURUSD starts at 3 pips, GBPUSD has a starting spread of 4 pips.

Minimum Deposit

The minimum amount required to open up an account is $250 which allows you to open up an Educational account. We do not know if this amount reduces once an account is opened.

Deposit Methods & Costs

You can deposit using either Credit/Debit card or by Bank Wire Transfer, we, unfortunately, do not know if there are any added fees but be sure to check with your own bank to see if they will add any fees of their own.

Withdrawal Methods & Costs

The minimum amount that you can withdraw is $250. You can only use Bank Wire Transfers as a withdrawal method as Credit/Debit card withdrawals are not available. Just like with the deposit we do not know if there are any withdrawal fees added to the withdrawals, so check with your own bank to see if they will charge for conversions or transfers.

Withdrawal Processing & Wait Time

While not explicitly specified, we would expect any withdrawal requests to be fully processed between 2 to 5 from the date that the request is made.

Bonuses & Promotions

The account pages indicate a deposit bonus is available but there are no details available anywhere on the site. The bonus refers to a deposit bonus of 100% or 200% but we do not know the terms of these bonuses or what is involved to cover the bonus funds into real funds. If you are interested in bonuses you could always contact the customer service team about any other potential bonuses.

Educational & Trading Tools

There are a few different things available, the first being some Forex basics, and as you can guess, they are pretty basic, it just goes over a few different aspects of trading. There are some ebooks available too, these cover topics such as crypto and CFDs. There is a glossary available that gives definitions of different trading terms and finally some Webinars, however, there are none currently listed. There is also an education center, but it currently states that it is under development and coming soon.

Customer Service

If you need to contact Profit Trae you can do so using the online submission form, fill in your question or feedback and you should get a reply via email. There are also a number of different email addresses available for the main office, finance department, dealing department, support team, and compliance teams. Finally, there is a phone number available should you wish to speak to someone directly.

Support: [email protected]

Phone: +44 7520644068

Demo Account

It does not look like demo accounts are available which is a shame as demo accounts allow you to test out new strategies and also the trading conditions. This is an aspect that Profit Trade should look at expanding.

Countries Accepted

The following statement is available on the site: “The information on this site is not directed at residents of the United States and is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.” If you are still not sure of your eligibility we would recommend contacting the customer service team to find out prior to signing up for an account.

Conclusion

There are a lot of choices when it comes to the accounts available, however, with so much choice, there doesn’t seem to be a massive difference between them, not in regards to trading conditions anyway. Plenty of assets available which is good so see with a huge selection of indices being the stand out asset group. Slightly limited when it comes to deposits and withdrawals but it seems like there are no added fees that are positive.

Categories
Forex Brokers

Osprey FX Review

Osprey FX is a foreign exchange broker where traders can trade on institutional grade liquidity from the top investment banks, as well as from completely transparent dark pool liquidity execution venues. Osprey FX pride themselves on their 24/7 customer support, STP execution, and market-leading affiliate program. We will be using this review to find out what is actually on offer and how they compare to the competition.

Account Types

There are four different accounts available from Osprey FX and they are based on their entry requirements and a few other small changes to the trading conditions, we have outlined them below along with the trading conditions available to all accounts.

All Accounts: All accounts are ECN STP accounts that use market execution as their execution type. They come with a maximum leverage of 1:500 and have a minimum trade size of 0.01 lots and a maximum of 1,000 lots. They have 55 forex pairs, 11 indices, 9 commodities, metals, 109 stocks, and 31 cryptos available to trade. They all use the MetaTrader 4 trading platform and have wap charges. The margin call is set at 100% with the stop out level set at 70%.

Mini Account: The mini account has a minimum deposit recommendation of $25, it comes with a spread starting from 1 pip and a commission of $1 per lot traded. This account only has 29 available currency pairs.

VAR Account: This account has a minimum deposit recommendation of $250, it comes with spreads starting at 1.2 pips and there is no added commission on this account. The account comes with the full 55 currency pairs available to trade.

Pro Account: This account has a minimum deposit recommendation of $500, it comes with spreads starting at 0.4 pips and there is an added commission of $3.5 per lot traded on the account. The account comes with the full 55 currency pairs available to trade.

Standard Account: This account has a minimum deposit recommendation of $50, it comes with spreads starting at 0.8 pips and there is an added commission of $3.5 per lot traded on the account. The account comes with the full 55 currency pairs available to trade.

Platforms

The platform on offer from Osprey FX is MetaTrader 4, MT4 has become the most popular system for trading FX across the globe. Enjoy full charting capabilities, use custom indicators, and explore the world of automated trading using Expert Advisors. It is available as a desktop download, a mobile application for your mobile devices, and as a WebTrader to use in your browser. Being stuck with just one platform is normally negative, but when it is MetaTrader 4 you cannot go wrong.

Leverage

Leverage on all accounts can go as high as 1:500, this can be selected when opening up a new account, and should you wish to change it on an account that is already open you will need to contact the customer service department with your request.

Trade Sizes

Trade sizes start from 0.01 lots and go up in increments of 0.01 lots. The maximum trade size is 1,000 lots which is far too high, we would recommend not trading over 50 lots in a single trade to avoid execution and slippage issues. We are not clear on what the maximum number of open trades you can have at any one time is.

Trading Costs

Each account type has its own added commissions, we have outlined the costs below.

  • Mini Account: $1 per lot traded
  • VAR Account: No added commission
  • Pro Account: $3.50 per lot traded
  • Standard Account: $3.5 per lot traded

There are also swap charges which are fees for holding trades overnight, these can be both positive or negative and can be viewed within the MetaTrader 4 trading platform.

Assets

The assets have been broken down into a number of different categories, we have outlined them for you below.

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

Forex Crosses: AUDCAD, AUDCHF, AUDJPY, AUDNZD, CADCHF, CADJPY, EURAUD, EURCAD, EURCHF, EURGBP, EURJPY, GBPAUD, GBPCAD, GBPCHF, GBPJPY, GBPNZD, NZDCAD, NZDCHF, NZDJPY.

Forex Exotics: CADSGD, EURCZK, EURDKK, EURHKD, EURNOK, EURPLN, EURSEK, EURTRY, ERUZAR, GBPDKK, GBPSEK, NOKSEK, USDCNH, USDCZK, USDDKK, USDHKD, USDHUF, USDILS, USDMXN, USDNOK, USDPLN, USDRUB, USDSEK, USDSGD, USDTRY, USDZAR.

Crypto Currencies: BTCUSD, DASHSUSD, EDOUSD, EOSUSD, ETHUSD, IOTAUSD, LTCUSD, NEOUSD, OMGUSD, SANUSD, XMRUSD, XRP USD, ZEXUSD.

Metals: Copper, Silver, Gold, and Platinum.

Indices: ESP35, EUSTX50, FRA40, GER30, NAS100, SPX500, UK100, US30.

Shares: Both US and EU shares are available including the likes of Amazon, Coca Cola, Microsoft, Intel, Adidas, Siemens, and Volkswagen.

Energies: Natural Gas, Brent Crude Oil and, WTI Crude Oil.

Spreads

The different accounts each have their own starting spread, these are as follows. 

  • Mini Account: Starting from 1.0 pip
  • VAR Account: Starting from 1.2 pips
  • Pro Account: Starting from 0.4 pips
  • Standard Account: Starting from 0.8 pips

The spreads are variable which means they will move with the markets and those are just the starting numbers when there is volatility in the markets they will be seen higher. Different instruments will also have different starting spreads so some will naturally be higher than others.

Minimum Deposit

The minimum amount required in order to open up an account is $25 that will get you a Mini account. The minimum deposits for each account are below.

  • Mini: $25 min
  • VAR: $250 min
  • Pro: $500 min
  • Standard: $50 min

Deposit Methods & Costs

There are a few different methods available, each having its own deposit fees, we have outlined them below:

  • Bitcoin (BTC): Free
  • Wire transfers: ($100 minimum) –  $25 fee per wire
  • VLoad: Free
  • UPay Card: Free

Withdrawal Methods & Costs

We have outlined the available methods below along with their fees.

  • Credit/Debit Card: 0%
  • Wire Transfers: $25
  • Bitcoin (BTC): 0%
  • ACH: $12
  • Other Withdrawal Methods: $0-$20*

Withdrawal Processing & Wait Time

Osprey FX will process withdrawal requests within 1 business day. Each method will then have its own timescale.

Cards: Once processed, it’s instant.

Bank Wire/ Transfer: Once processed, your bank’s timelines can vary but on average it is 3-6 days

Bitcoin: Once processed, it will be 1-3 hours or as soon as 6 confirmations on the Blockchain. You can monitor/search on www.blockchain.info 

Vload: Once processed, it’s instant.

Bonuses & Promotions

It doesn’t look like there is a traditional style of bonus however there are trading competitions. We have the outline done below so you get an idea of what is involved.

The winners will be decided by the traders who achieve the highest percentage profit by the time the competition ends. The trader with the highest percentage profit will win $50,000, the trader with the second-highest will win $20,000 and third place will win $10,000.

1st Prize = $50,000

2nd Prize = $20,000

3rd Prize = $10,000

Educational & Trading Tools

Apart from a news section which gives you… news, there doesn’t seem to be any other educational material on the site. This is a shame as a lot of modern brokers are now trying to help improve the trading abilities of their clients so it would be nice to see Osprey FX do something similar.

Customer Service

Osprey FX is a little more elusive when it comes to getting in contact with them, there is an online submission form foto fill in and you should then get a reply by email within 24 hours. There is also a chat system in the bottom right of the website. Then we had to fo all the way down on the website to the footer to find an email address we could use.

Email: [email protected]

Demo Account

Demo accounts are available and can be opened by filling in a short form, you can select the leverage between 1:100 and 1:500 and a balance between 1,000 and 1,000,000, we do not know which account spreads the account will use or if there is an expiration time on the account.

Countries Accepted

The only bit of information regarding this is the following: “In conjunction with UK financial guidelines and policy, OspreyFX does not offer Contract for Difference (CFD’s) or CFD-like trading options to UK customers.” If you are not sure of your eligibility then we would suggest contacting the customer service team in order to find out prior to opening an account.

Conclusion

There is a nice selection of accounts to choose from with very distinct trading conditions, with the highest account only needing $500 it makes them very accessible. MetaTrader 4 as the trading platform is another positive. Plenty of assets to trade and in terms of deposits, there are some fees that are a shame but they are not excessive and there are enough ways to deposit, however, some more electronic wallets would be nice. The main downside is around the customer support or lack of ways to contact them, it would be nice to have a phone number or call back service available. You now have all the information you need to decide if Osprey FX is the right broker for you.

Categories
Forex Basics

What Is a Recotization in Forex?

When you are trading in Forex, you will come across the term “recotization” sooner or later. While it’s not that common, it can happen and you should be aware of what it means and how to avoid it. What is an recotization? Read on to find out.

A recall in the Forex world means that the broker you are dealing with is unable or unwilling to give you trading based on the price you have entered. This usually occurs in a fast-moving market, usually around the time of a major news event affecting the market or some kind of a shock to the system. Basically, you decide to buy or sell a currency pair at a certain price and press the button to do so. By the time your broker receives the order, the market has already moved too fast to run at the advertised price. The recall notice then leaves the platform telling you that the price has been moved, and gives you the option of being able to think whether or not you are willing to access that price. It’s almost always a price that’s worse than what you originally ordered.

What Causes Recotization in Forex?

As mentioned above, markets are normally moving very fast, but they can move faster all of a sudden when a scoop is announced. This makes it can be tricky for the broker to make the order at the price you request. The broker you deal with has its own brokers dealing with it. The liquidity pool, or broker, may push orders, raise prices, or simply refuse to acknowledge anything if it so desires. Your broker considers the price available, not the one you ordered – and warns you that you will have a worse deal than you expected.

How to Protect Yourself from a Recotization

With a trusted Forex broker, it’s easier to protect yourself from recovery. We can put a limit order, and with this, we are telling the broker that he is only willing to make an order at a specific price or better. In this way, you are being told in advance that you are not prepared to pay more than this trade-determined price and that you are prepared to abandon the transaction if it cannot be done on these terms. Re-branding is very common in certain markets and is part of any Forex career. However, if you find in your Forex broker recounts often (especially in calmer markets) your broker may have a lack of liquidity. If that is the case, you will most likely want to find a new Forex broker. However, if we find recotizations mainly during the non-farm payroll report, give your broker a break – all brokers are flooded in times like these.

More Information about Recotizations

It is important to make it absolutely clear that, while stop and limit commands can work to avoid recotizations, both could be subject to sliding. The slide is where the stop or limit command is fired, but it is not executed at the specified price. Sliding is a fact of life, and it is tolerable as long as it is reasonable. Sliding should not occur in a slow market. Once your broker accepts a stop or limit order, you may slide, possibly giving you a worse price (or in some cases possibly a better price), but your order will be executed. This is why such orders can be a defense against unscrupulous brokers who use recotizations to keep it off the market when they want it off the market. However, it must be said that if you are in this position with your broker, you have a problem and should be looking for another broker instead of trying to find a way to work around your practices.

ECN brokers should never offer recotizations- if you enter an order to purchase at the prevailing market price, well, as soon as the price arrives there your order is executed. Of course, you may suffer from slippage, but if you have a good broker it should not be too damaging, as long as you are not negotiating in a crazy way during periods of extremely thin liquidity.

Large Trades and Recotizations

Another common problem that can trigger a broker that gives a customer a recotization is when the size of the trade is very large (in or near the maximum size of the trade that the broker stipulates from time to time in its terms and conditions) or bigger than the trades the customer normally does. Many brokers have a security feature embedded in their trading platforms, where if a customer enters a trade much larger than usual, then the platform asks them to confirm that they want to do a trade of this size, offering protection against a typical “big toe.”

Although this last scenario is not, strictly speaking, a recotization, it has the same effect: a delay in the execution of the trade that results in a potentially different price being available when the order is finally executed.

Flexible Brokers of Forex

There are some brokers, although they are hard to find, that allow their customers to take control and ownership of the recotization issue to some extent. These brokers have some mechanism through which customers can enter how much slip they are willing to tolerate, beyond which they demand a recotization. Thus, for example, if a customer says that he will tolerate up to 10 pips of negative slip in the EUR/USD currency pair, the broker will allow a sliding trade to pass without a recotization unless in this case, the negative slip is greater than 10 pips.

Forex Brokers Without Recotizations

But also, there are some forex brokers that follow the “market manufacturing” model (i.e., they are not ECN or STP brokers) that simply guarantee that they will never give recounts. Using this type of broker is another way to eliminate the problem, although you must then wait and see how much negative slip happens when you run trades. After all, any broker can eliminate recotizations as long as it is made 100% at the customer’s expense!

Categories
Forex Brokers

TradeGF Review

TradeGF is a forex and CFD broker and is situated in Saint Vincent and the Grenadines. TradeGF claims that their clients benefit from intensive training, dedicated service, and a 24/7 professional customer service team. With TradeGF you can fully manage your account over mobile or web. Both platforms support immediate deposits, fast withdrawals, and uploading of documents. Throughout this review, we will be looking at the services on offer to see if they live up to the expectations put on themselves and so you can decide if they are the right broker to satisfy your trading needs.

Account Types

There are four different accounts available as well as four saving accounts but we won’t be looking at them, let’s see what the trading account offers.

Beginner Account:

The beginner account requires a deposit of $250, it comes with variable (floating) spreads starting at 1.2 pips and a minimum trade size of 0.01 lots. The account comes with daily analysis, 24-hour support, an account manager, and access to mobile trading.

Trader Account:

This account has a minimum deposit requirement of $1000, it has floating spreads starting from around 1 pip and trade sizes starting from 0.01 lots. The account has access to daily analysis, the 24-hour support team, and mobile trading.

Expert Account:

This account increases the minimum deposit of up to $5,000. It comes with fixed spreads starting at 0.8 pips and the minimum trade size of 0.01 lots. It has access to daily analysis, the 24-hour support team, an account manager, mobile treading, and also get free bank wire transfers.

VIP Account:

This account requires a minimum deposit of $50,000. The trading conditions and features are unknown as you need to get in contact with them prior to opening this account.

Platforms

TradeGF uses its own online trading platform that they designed for themselves. We have seen web-based platforms with other brokers and they are normally a good thing as they allow for accessibility wherever you are. Unfortunately, the platform being offered by TradeGF is very sluggish and basic. There is a small level of customization but it is not anything compared to what we are used to trading on such as MetaTrader 4 or 5. The user interface is basic and can sometimes be quite hard to navigate and to find exactly what you are looking for. We feel it would be a big advantage to TradeGF to bring on another trading platform alongside the one they are currently using.

Leverage

The maximum leverage available is 1:1000. Leverage can be selected anywhere between 1:1 and 1:1000 going up in increments of 1:100. We would recommend not going higher than 1:500 as the risk to your capital increases exponentially the higher you go, 1:500 offers a good balance of risk and reward.

Leverage can be changed by getting in contact with the customer service team, be sure to include your trading account number, telephone password, and requested leverage in the request.

Trade Sizes

Trade sizes on all accounts start from 0.01 lots (this is 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 but we would recommend not trading over 50 lots in a single trade as it can become harder to execute the trades quickly and without slippage. We also do not currently know what the maximum number of open trades or orders you can have at any one time.

Trading Costs

There does not appear to be any additional commissions on any of the accounts as they all seem to use a spread based system that we will look at later in this review. The accounts do have swap fees attached to them, these are charges for holding trades overnight, they can be both positive or negative and can normally be viewed within the trading platform you are using, in this case, the online web trader.

Assets

Sadly there isn’t a full breakdown of the available assets and instruments. Looking through the web there is an indication that there are a lot of tradable assets, more than most brokers, especially when it comes to CFDs, unfortunately without a list or access to them we are not able to confirm this fact. TradeGF should look at adding product specifications or breakdowns to their site so new and potential customers can know what is there to be traded.

Spreads

There are two different spread types available at TradeGF.

Variable Spreads:

The Beginner and Trader accounts both have variable spreads, also known as floating spreads. These are spreads that move with the markets, when there is a lot of volatility then the spreads will often be seen higher, they are constantly fluctuating. The Beginner account has spread starting at 1.2 pips and the Trader account has spreads starting at 1 pip.

Fixed Spreads:

The Expert account has fixed spreads, these are different to variable spreads as they do not move, if an instrument has a fixed spread of 0.8 pips then they will remain at 0.8 pips no matter what happens in the markets. The Expert account has fixed spreads starting from 0.8 pip.

Different instruments will also have different starting spreads, so while EURUSD may start at .12 pips, a different pair such as EURAUD will start slightly higher.

Minimum Deposit

The minimum deposit to open up an account is $250, this will get you access to the Beginner account, if you want a different account you will need to deposit at least $1,000. It is not clear if the minimum deposit reduces after an account is already open.

Deposit Methods & Costs

At the bottom of the page are some images of payment providers, the images show Wire Transfer, WebMoney, Visa, and MasterCard. There isn’t anything mentioned by name on the site apart from a bit about withdrawals in the FAQ. There are no added fees from TradeGF, however, be sure to check with your own bank or processor to see if they add any transfer fees of their own.

Withdrawal Methods & Costs

Methods mentioned for withdrawals are Bank Wire, Bank Cards and electronic payment providers, none mentioned by name. It seems that there is added commission/fees when withdrawing however what they are is not stated, what we do know is that if you have the Expert account, then there are no fees for withdrawing using Bank Wire, but there will be for other accounts. It would be helpful to have this information present and clear on the site.

Withdrawal Processing & Wait Time

Processing time is unfortunately not known, however depending on the method used it could be anywhere between 1 to 7 business days.

Bonuses & Promotions

There seems to be three different bonuses and promotions available at the time of writing this review, we will outline them so you have an idea of what sort of bonuses will be on offer.

First Deposit Bonus:

Receive up to a 100% welcome bonus, you can get between $1,000 and $5,000 bonus. Only new customers are eligible and you can only claim the offer once. It is a little confusing as to how you turn this into real funds, it seems that you need to trade a certain volume, for every $5 profit it is transferred into another account as real funds. That is what we understood, maybe wrong, either way, it is a strange way of doing it.

Refer A Friend:

Simple, refer your friend and receive a $100 deposit into your accounts, the terms are not exact such as how much they need to deposit or trade. It will of course only count if your friend funds the account

Risk-Free trades:

If you deposit $500 or more you can receive some risk-free trades, this means that if you win you keep the money, if you lose your balance is restored. We do not fully know the terms such as how much and what lot size.

Educational & Trading Tools

The education section of the site has a few different subsections, we will briefly explore them. The first is Market News, however, the page is not loading anything so it appears like it may be blank. In fact, looking at all the sections, none of them are loading for us, we do not know if it is just us or we just chose a based time to look but the MArket News, Economic Calendar, Signals, Glossary, EBooks, and Videos are all not loading for us and so we cannot comment on the suitability or quality of them.

Customer Service

If you need to get in contact with the customer support team, you can do so 24 hours a day 7 days a week. There is an online contact form to fill in, this will then get a reply via email. There is also a postal address along with telephone numbers and an email address to use.

Address:

Get Financial LTD

Suite 305, Griffith Corporate Center

P.O Box 1510. Beachmont, Kingstown,

St. Vincent and the Grenadines.

Tel:

Customer service : +44 203 1500376

Support : +44 203 1500376

Email:

Support Services: [email protected]

Demo Account

As far as we could see there weren’t any demo accounts available, this is a real shame because demo accounts allow new traders to test out the markets and trading conditions and it also allows existing clients to test out new strategies without risking their own capital. It would be great to see demo accounts added. If they are available we may have just missed them and signing up may, in fact, give access to them.

Countries Accepted

TradeGF states that they do not accept clients from the USA, there may also be other countries so if you are interested in joining and signing up for an account, you should contact the customer service team first to ensure that you are eligible for an account.

Conclusion

The trading conditions do not seem unreasonable at face value, the spreads are appropriate on paper, but we were not able to view them live or to have individual asset spreads, so we do not know where they actually sit. The trading platform used is also a letdown, it is sluggish and hard to navigate, TradeGF should look to bring in a more established trading platform. The final point is based around the deposits and withdrawals, there needs to be more information about them, methods and fees are important to know when looking to sign up with a new broker. These things, especially the trading platform can make it hard for us to recommend TradeGF as a broker to use at this point in time.

Categories
Forex Brokers

CIX Markets Review

CIX Markets, a new project by CCC (City Credit Capital) is an FCA regulated company that offers 24/5 customer service with multiple platform options available for its customers. Customers of CIX can be assured that their funds are held in top-tier rated banks, separate from the company’s own funds. This broker has a broad range of products available which they offer using the latest technology. Join us as we delve into CIX Market’s website and determine whether they’re a good choice for you to invest your money with. 

Accounts 

CIX Markets have two types of accounts available which are the Live account and the Corporate account. One can open up a live account with this broker in 5 simple steps. Keep in mind that all customers must provide proof of identity and proof of address in order to do so. 

Although this broker does not implement a strict minimum deposit requirement, we were informed via e-mail that clients should deposit around $500 when opening up their live account

To open a CIX Corporate account customers must complete the Corporate account form and they will then be contacted directly by one of CIX’s representatives. On CIX’s website, customers are given prime access to a research portal when opening a live trading account

Platform

CIX MARKETS use their own trading platform, the CIX trader which has a loyal following among a multitude of traders. The sophisticated trading platform is fast, secure, and flexible allowing clients 24/5 access to a broad range of financial instruments including FX, Equity, Indices, Precious metals and, commodities. This platform is catered towards more advanced traders and this platform can be downloaded from CIX’s website. For those who want to trade on the go, the platform is also available on IOS and Android tablets and phones. Clients can make use of technical analysis and charting packages, position monitoring, live prices, and constantly updated market news which will help them make a good decision when trading. 

Apart from their own proprietary trading platform, this broker also offers the most popular platform around, the MT4. This multilingual platform enjoys popularity all over the globe because of its advanced technical and analytical indicators.  

Leverage

Although there is mention of leverage ratios on CIX’s terms and conditions page, they do not go into detail about the specific leverage that they offer. 

Trade sizes

This broker sets minimum and maximum trade sizes for all their available assets. Customers can find this information on their proprietary trading platform via the Order Entry Screen. The broker warns that these sizes may vary from time to time depending on the specific market conditions. For those clients who would like to execute a trade size which is larger than the maximum size usually allowed by the broker, they can request it specifically and they will be quoted a different price.  On their Market Information Sheet, we did find that for Forex pairs, Indices and Commodities the minimum trade size is 0.1Lots.

Trading costs

Apart from the spread and swap fees, this broker does not charge any additional fees for customers’ trading. 

Assets

CIXMarkets offer quite a large variety of assets available for trading, including the most popular currency pairs, including some Exotic pairs as well, Indices including AUS200c, GER30C, and US500c just to mention a few, Commodities including Gold, Silver, and Copper including others as well as some Interest rates & Bonds including EURIBOR, EUROSWISS, and SHORT STG. You can find the full list of available assets on this Broker’s main page under the title FXMARKETINFO. 

Spreads

This broker offers fixed, variable, and also target spreads, but this is dependent on the instruments chosen and the underlying liquidity. On their Market information sheets, one can find detailed tables comparing the difference in spreads for both the Fixed and Variable options, for example, the popular EUR/USD pair has a fixed spread of 1 and the AUD/CAD pair has a variable spread of 1.60. The majority of FX and Metal products are quoted using a fixed spread, which means the spread will remain unchanged no matter what the market situation is. 

Minimum Deposit 

Although there are no details regarding minimum deposit requirements on the broker’s website, we were informed via email that while there is no set minimum to open an account, the deposit should cover the initial margin for a trade. The company suggests that clients should deposit at least a minimum of 500Euro.

Deposit Methods & Costs 

You can deposit your funds via Visa credit, Visa debit, MasterCard, Maestro, Solo, Switch cards, Bank Wire, Neteller and, Skrill. Deposits can be made using a number of different currencies including; USD, GBP, EUR, or any other currency that the broker will agree on with you. Wire transfers, cheques, bank drafts, and some electronic wallets are also accepted. For those funding their account via cheque should allow a maximum of 3 weeks for their funds to be cleared and sent to their trading account. 

Withdrawal Methods and Costs

Customers can withdraw their funds using the same methods they used to initially deposit funds into their accounts. There is no information regarding any withdrawal fees one might encounter when withdrawing funds with this broker, however, one should keep in mind that some banks may impose their own fees. 

Withdrawal Processing & Wait Time 

Once a withdrawal request is sent, customers must wait approximately seven business days for their requests to be completed. 

Bonuses & Promotions 

At the time of this review, we couldn’t find any bonuses and promotions being offered by this broker. 

Education and Trading Tools

On their website, CIXMARKETS has a page dedicated to News and Education. On this page one can find a few articles which cover the basics of trading, including some historical information, which can be interesting to those just starting out in the trading world. Their News segment is frequently updated, with multiple articles updated daily. This will surely keep CIX’s clients up to date with the latest market news.  

This broker has also partnered up with Trading Central, an independent research provider, in order to provide its clients with first-class trading signals and technical analysis to help them with their daily trading decisions. Clients can access this information via the Daily Market Brief which is found on their account page. 

Customer Service

Clients can contact CIXMarkets either by email, telephone, or via an online message found on the main page of the website.

Here is their contact information:

Email – [email protected]

Tel: +44(0)20 7614 4688

       +44(0)20 76144668

Address; 110, Bishopgate

                EC2N 4AY

                London

                United Kingdom

Unfortunately, this broker does not offer a live chat option, however, we did test out their Message window and we were pleased to receive an answer just a few minutes after we submitted our query. Their customer support is fast and informative and we encourage potential clients to get in touch with the broker directly for more information. 

Demo Account

Customers can test out trading with CIXMARKETS by opening a Demo account. This account can be opened in a few easy steps and customers will have $50,000 funds available to test their skills. Demo accounts expire after 4 weeks. 

Countries Accepted

This broker does not seem to have any restricted countries apart from the USA at the moment.  

Conclusion

CIX Markets is a trading company based in the UK that is authorized and regulated by the FCA. Although they do not have much variety when it comes to account types, they do have a vast array of assets available for all their customers. These assets can be traded on either the most popular platform around, the MT4, or on the broker’s proprietary trading platform, the CIX Trader. We did find that certain information, such as minimum deposits, spreads, and leverages are not easily found on their site, however, after speaking to their customer support we were given all the necessary information. 

A major advantage of this broker is that they are fully authorized and regulated by one of the strictest regulators, the FCA. Customers can feel at ease when investing their funds with CIX Markets as their funds are held separately from the company’s own which is always a good point to note.  If you are intrigued by what you’ve heard so far, head on to their website to get more information about this broker and what they have to offer.

Categories
Forex Brokers

CPT Markets UK Review

CPT Markets UK, an affiliate of Citypoint Trading LTD, is a London based broker that was established back in 2008. Citypoint Ltd. Is registered in England and Wales (registration no. 6707165) and it is authorized and regulated by one of the strictest and most trusted regulators around, the Financial Conduct Authority (FCA) (Firm ref. number 606110). Although their affiliate CTL is indeed registered with the FCA, CPT Markets is actually registered in Belize and Licensed by the International Financial Services Commission of Belize (License no.IFSC/60/430/18/(33)h). 

As they state on their website their objective is to create a safe and transparent environment where their clients can trade their available products. They specialize in CFDs and Forex trading whilst making use of sophisticated online trading systems such as the MT4. 

On their About us page, CPTMarkets mention their board of director members who appear to have a wealth of knowledge coming from their long years in the business. It is always nice to see the faces behind the brokerage especially when it is evident that they know what they’re talking about and what they’re dealing with.  CPTMarkets claim that they are not simply an anonymous online trading platform provider but rather a full-service brokerage that will offer the very best service to their customers. 

If you’re interested in knowing more about what this broker has to offer, join us on this review as we take a closer look at their website and determine the conditions that they offer to their clients. 

Account Types

This broker seems to offer only two account types to its clients, the Retail account and the Professional Account, however not every client will have the choice as the latter account can only be opened by certain customers. To be eligible for a Professional account, clients must satisfy two of the following three criteria which are; an average of at least 10 significant transactions per quarter over the previous four quarters on the relevant markets (OTC Derivatives namely leveraged CFDs, Forex, Spread Betting), a financial instrument portfolio that reaches € 500,000 (although clients are not required to have this amount deposited into their account) or relevant experience in the financial services sector (at least one year in a professional position). 

Platforms

CPT Markets UK offers the most popular and most trusted platform available to date, the MT4, that was released by MetaQuotes Software back in 2004. The popularity of this platform has skyrocketed because of its multilingual interface, continuous access to streaming prices, and a vast number of analytical charts. The MT4 has a user-friendly interface that is easy enough to be used by beginner traders but also informative and customizable enough to offer a great trading experience for more seasoned traders. CPT Markets UK customers can download the MT4 platform via the broker’s Platforms page. The platform can be used on both Android IOS devices.  

Leverage

The leverage offered by this broker depends on the account type that the customers hold as well as the instruments they are trading. For retail clients, the highest leverage they can use is 1:30 which is available when trading Forex, however, when trading Indices and Commodities the highest leverage available is 1:20. On the other hand, customers who hold a Professional account have access to much higher leverage. When trading Forex and Indices, professional clients can use leverage up to 1:200 whereas the highest leverage for Commodities is a bit less at 1:100. 

Trade Sizes

The broker does not go into details regarding the minimum and maximum trade sizes available when trading via any of their available accounts, so we cannot comment on this any further for the time being. 

Trading Costs

On their FAQ page, CPT Markets Uk state that commission may be added to the spreads that are available to the client, or a flat fee may be added to each lot of their customers’ trades. Apart from this, the broker also mentions that charges may be applied to roll positions overnight.  Unfortunately, the broker does not offer any more information regarding the trading costs their customers might encounter.  

Assets

Customers who have an open account with this broker can trade a number of assets including – Forex pairs, Precious Metals, Energies, and Cash Indices. The broker does not have a full list of available assets on their website, so we assume customers are given this information once an open account is created. 

Spreads

We could not find any specific information on what type of spreads are available when trading with this broker. 

Minimum Deposit

Information regarding the minimum deposit required to open up a retail account with this broker is nowhere to be found on their site. This could mean that this broker does not impose a minimum requirement, however, we are not 100% sure if this is the case as we were unable to get an answer from them about this. 

Deposit Methods & Costs

At the moment, this broker only accepts wire transfers to their bank account, which is quite limited when comparing it to other brokers. The broker does not mention any fees or commissions that might be incurred when depositing funds into your CPT Market account. 

Withdrawal Methods & Costs

Customers of CPT Markets can request a withdrawal by filling in the form found on their Legal Documents page. It seems as though withdrawals are only made through bank transfer and in USD, GBP, or the EUR currencies. Once a withdrawal request is sent, customers may receive a call from the brokerage to verify some details and answer security questions. The broker mentions that customers cannot withdraw funds that will bring their account level below a 100% margin level.

Like most brokers, CPT Markets only send funds back to the original accounts customers’ initially used to deposit funds into their accounts. The broker does not mention any fees customers might encounter when withdrawing their money.

Withdrawal Processing & Wait Time

Withdrawal requests sent before 12 pm on business days are processed within the same day. Bear in mind that bank transfers, especially international ones, may take up to 5 working days to be completed. 

Bonuses & Promotions

At this moment CPT Markets do not have any bonuses or promotions available. 

Educational & Trading Tools

On their Research Page, this broker has regularly updated information such as the latest news and weekly market wraps. Most of the articles are written by Marius Paun, who is a Senior Dealer within the company. Unfortunately, this broker does not include any information that might be useful for those just starting out in the industry, however, those wanting to know more about the basics of trading can do so from a variety of online sources. 

CPT Educational Courses

Customer Service

When trying to contact their customer service, we did not have a very pleasant experience. We tried to speak to CPT Markets’ customer service via email and through one of their social media pages, however, our questions were left unanswered on both occasions.
Here are their contact details

Address: CPT Markets UK
                40 Bank Street
                30th Floor, Canary Wharf
                London England, E14 5SNR 

Email: [email protected] 

Phone number: + 44 (0)203 988 2277

Demo Account

This broker does not seem to offer any demo accounts available for those wanting to test out their trading conditions. 

Countries Accepted

CPT Markets do not mention any restrictions they might have towards customers resigning in certain countries, however, it would be best for potential customers to contact the broker directly to find out whether their country of residence is accepted by this broker. 

Conclusion

CPT MarketsUK is a London based broker that offers two account types on the popular MT4 platform. They have a clean looking website with frequently updated news and industry analysis although we did feel as though most of the important information was missing. For example, on their website, we could not find information about minimum deposit requirements, spreads, and commission and fees which are definitely key points that potential clients would need to know before opening up an account with them. We did try to contact the broker on two occasions to acquire more information about their trading conditions, however, we received no answers.

If you think CPT Markets Uk would be a good broker for you, head on to their website and try to contact them to get the full picture of what they have to offer.

Categories
Forex Brokers

One Global Market (OGM) Review

One Global Market (OGM) is a financial investment firm that is authorized and regulated by the FCA (Registration number: 769481). Brokers holding an FCA license must meet strict financial standards, frequently submit financial reports to the regulator, and they are also required to have a client compensation scheme, which in other words means, customer’s funds with FCA regulated brokers are very safe and secure. If you would like to know more about OGM and what they offer, keep reading as we’ll go through their website to find out more about their trading conditions. 

OGM has a firm set of obligations and standards set out for themselves which are; transparent executions, security and stability through their platform and strict regulators, connectivity infrastructure, a very strong liquidity offering, the ability for customers to educate themselves through their experience garnered over 29 years of experience within the industry and finally satisfaction through their service.  

Apart from this, this broker offers very competitive spreads, a nice selection of available assets, and the ability to trade on the most popular and most trusted platform available, the MT4.

Account Types

OGM offers three account types available which are the Individual account, the Joint Account, and the Corporate account. Customers are required to fill in a very detailed live account application form which can be found on the broker’s website. To open up an Individual account, customers must input details such as; annual income, liquid assets, net worth, understanding of financial instruments or trading, level of education, and also the level of experience about FX, Shares & bonds, futures, and more.

Most brokers do not go into such detail when opening up an account for their customers and it seems like OGM are catered towards seasoned traders that have been trading for a number of years. We contacted the broker and we were told that accounts are only opened for professional clients who have a solid understanding of trading and ones that have the possibility of trading large amounts of money monthly, so if you are a new trader with not much experience, this might not be the best broker for you. 

Platforms

OGM offers the MT4 platform which is integrated seamlessly to their matched principal license. This platform enables trading on a number of different devices such as smartphones and IOs devices and it is rated highly because of its multilingual interface, efficient tools, multiple timeframes, full customizability, and a safe and secure environment for trading. You can find more information about this trading platform on the broker’s website. 

Leverage

OGM does not specify the maximum leverage that they offer on their website, however, when we contacted via telephone they informed us that the leverage depends on the customer and the specific asset & size that they are trading, however, the leverage that they offer is usually around 1:30. 

Trade Sizes

This broker does not specify a minimum or a maximum trade size that they accept so we cannot comment any further on this for the time being.  

Trading Costs

From what we could see on their website, this broker does not charge clients any additional fees of commissions for trades that they place via their OGM accounts. This is great news especially when one considered the tight spreads that OGM offer. Customers should however expect to pay swap fees for any trades that they decide to hold overnight. You can find more information regarding this on the broker’s terms and conditions page. 

Assets

Although OGM does not offer any cryptocurrencies for trading at the moment, they do have a nice variety of tradable assets including; over 30 currency Forex pairs (including some exotic pairs), Precious metals including Gold & Silver, Indices, and also a number of CFDs. Unfortunately, the broker does not include a full list of tradable assets on their website as this is given to the customers once their live account is opened. 

Spreads

OGM does not go into detail about their spreads on their website however, during our phone call, they did mention that popular Forex pairs such as the EUR/USD has spreads ranging from 0.2Pips to 0.3Pips which is less than the industry standard. 

Minimum Deposit

This broker does not have a set minimum deposit requirement, however only customers who are very financially stable and in a position to make large deposits and trades are allowed to open up an account with them. During our phone call, the broker did mention that customers must deposit more than £2000 to open up an account.  

Deposit Methods & Costs

This broker accepts quite a vast array of deposit methods including; Mastercard, Visa, Neteller, Skrill, BPay, UnionPay, and Netbank. We could not locate any information regarding any fees this broker might charge for depositing money so we cannot comment any further regarding this. 

Withdrawal Methods & Costs

Customers wanting to withdraw their funds from their OGM accounts can do so via Bank wire or via Credit card. When withdrawing via Bank wire, some fees will be deducted and customers can find the details regarding this listed in the my.ogm.market portal. This is dependent on the type of account that they hold and the location of the beneficiary’s bank. 

Withdrawal Processing & Wait Time

Withdrawal requests are generally processed within two business days of receipt. Customers must maintain a balance of $50 in their account to maintain a live account status. When withdrawing via Credit card, funds are released into customers’ accounts once the credit card merchant has debited the funds from the account. 

Bonuses & Promotions

OGM do not have any bonuses or promotions available to their clients at the moment. 

Educational & Trading Tools

Although OGM is a broker created for professional clients who should already have a solid understanding and ideally a number of years of experience within the trading industry, this broker still has an interesting educational seminar that its customers’ can make use of. The educational plan is designed to help customers become more confident when making a decision during their trading. OGM offers an exclusive ‘Wall Street Insider Seminar’ that is offered solely by their team of experienced brokers. This seminar takes one day to complete and it apparently reveals all of Wall Street’s trading secrets. Those who are already customers of OGM can apply for this seminar by filling in a form found on their website. 

Customer Service

Customers wanting to contact OGM can do so by filling in a simple form found on their contact us page. After filling the form, we were immediately called by the broker and their customer support agent was very helpful in explaining the trading conditions offered by them. Here is their contact information

Address: Office LG104, 23 Austin Frairs
                London, EC2N 2QP,
                United Kingdom 

Telephone:  +44 203 034 6401 

Email: [email protected]

Demo Account

Those interested in finding out more about the trading conditions offered by OGM can sign up to create a Demo Account. When filling out the form you will be asked to choose your preferred currency, account preference as well as the account category. 

Countries Accepted

OGM does not offer its services to customers residing in the USA because of regulations and restrictions that prohibit it from doing so. 

Conclusion

OGM is an FCA regulated broker that caters to experienced clients that can afford to make large trades through their accounts. They offer very competitive spreads, an interesting and highly educational online seminar, and a demo account. If you are an experienced trader that is looking for a serious, high-quality broker, check out OGM’s website to see whether this could be the ideal broker for you.

Categories
Forex Brokers

UMarkets Review

UMarkets is a foreign exchange broker based in Saint Vincent and the Grenadines, they don’t actually have an about us page on the site which is a little strange so they are not giving much about themselves away, this is a little strange and a little concerning. We will be using this review to look into the services being offered to see how they compare to the competition.

Account Types

There are four different accounts available when signing up with UMarkets, we will outline some of their features below.

Mini Account: This account requires a minimum deposit of at least $500, it has a minimum trade size of 0.1 lots, and has access to online chat.

Standard account: This account needs a deposit of at least $5,000, it has a minimum trade size of 0.01 lots, has access to live chat, access to all platform features, and has access to Autochartist.

Gold Account: This account needs a deposit of at least $10,000, it has a minimum trade size of 0.05 lots, has access to live chat, access to all platform features and has access to Autochartist, SMS signals, a VIP manager, an individual direct telephone line and special promotions.

Platinum Account: This account needs a deposit of at least $35,000, has a minimum trade size of 1.5 lots, has access to live chat, access to all platform features and has access to Autochartist, SMS signals, a VIP manager, an individual direct telephone line, special promotions, one on one trading and personal reports on the stock markets.

Platforms

There are two different platforms available to use, and we have detailed them below.

MetaTrader 4 (MT4): MT4 is one of the world’s most useful trading platforms and for good reason, it does everything you could ask to make your trading life easier and is accessible from anywhere as a desktop download, mobile application, or as a web trader. Some of its other features include a convenient and tunable interface, quotes in real-time mode, account control, and transaction management, printable charts of different time periods, a wide range of technical indicators and tools and, the ability to install your own indicators and trading robots.

xCritical Platform: xCritical is another popular trading platform, some of its features include More than 170 trading instruments, the ability to form your own investment portfolio, competent risk management with limit orders, history of previous deals for analysis of strategy, built-in technical advisor Autochartist, the ability to lock and duplicate positions and, built-in online support chat.

Leverage

The maximum leverage available is 1:200, we are not sure but it seems like this is the maximum for all four account types, leverage can be selected when opening up an account, and should you wish to change it you will need to contact the customer service team with your request.

Trade Sizes

The trade sizes available to you depend on the account you are using, the different accounts have different minimum trading sizes, they are listed below.

  • Mini Account: 0.1 lots
  • Standard Account: 0.1 lots
  • Gold account: 0.5 lots
  • Platinum Account: 1.5 lots

We do not know what the maximum trade size is, or how many open trades you can have at any one time.

Trading Costs

As the accounts all use a spread based system there is no added commission on any of the acocunts. Swap charges are there, these are fees that are charged for holding trades overnight and they can be viewed within the trading platform you are using.

Assets

The assets at UAccount have been broken down into a number of categories that we have detailed below.

Forex: AUDCAD, AUDCHF, AUDJPY, AUDNZD, AUDSGD, AUDUSD, CADCHF, CADJPY, CHFJPY, CHFSEK, EURAUD, EURCAD, EURCHF, EURCZK, EURDKK, EURGBP, EURHKD, EURHUF, EURJPY, UERMXN, UERNOK, EURNZD, UERPLN, EURRUB, EURSEK, EURSGD, EURTRY, EURUSD, EURZAR, GBPAUD, GBPCAD, GBPCHF, GBPDKK, GBOHUF, GBPJPY, GBPNOK, GBPNZD, GBPPLS, GBPSEK, GBPSGD, GBPTRY, GBPUSD, GBPZAR, NOKJPY, NZDCAD, NZDCHF, NZDJPY, NZDSGD, NZDUSD, SGDJPY, TRYJPY, USDCAD, USDCHF, USDCNH, USDCZK, USDDKK, USDHKD, USDHUF, USDJPY, USDMXN, USDNOK, USDPLN, USDRUB, USDSEK, USDSGD, USDTRY, USDZARM ZARJPY.

Indices: CACEUR, DAXEUR, DOWUSD, E50EUR, FTSGBP, HSIHKD, IBXEUR, NKYJPY, NSQUSD, SP5USD, SPIAUD.

Commodities: UKOUSD, USOUSD, XAGUSD, XAUUSD, XNGUYSD, XPDUSD, XPTUSD.

Cryptocurrencies: BATUSD, BCHUSD, BTCUSD, DASHUSD, EOSUSD, ETCUSD, ETHUSD, IOTUSD, LTCUSD, NEOUSD, OMGUSD, XAIUSD, XLMUSD, XMRUSD, XRPUSD, ZECUSD.

Shares: Hundreds of shares available including Amazon, Google, Tesla, Facebook, and Netflix.

Spreads

Each account has different starting spreads if we take EURUSD the following spreads are seen.

  • Mini Account: Starting from 2.5 pips
  • Standard Account: Starting from 2 pips
  • Gold account: Starting from 1.7 pips
  • Platinum Account: Starting from 1.1 pips

The spreads are variable which means they move with the markets, more volatility means higher spreads. Different instruments also have different starting spreads, so while EURUSD on the Mini account starts at 2.5 pips, GBPAUD starts at 5.9 pips on the same account.

Minimum Deposit

The minimum deposit required to open up an account is $500 which will allow you to open up a Mini account. We do not know if the minimum amounts reduce once an account has been opened.

Deposit Methods & Costs

There isn’t a dedicated funding page detailing any available methods. At the bottom of the page are some images of MasterCard, Visa, Neteller, Skrill, Bank Transfer, and Orangepay so we would be assuming that these methods are available to use. There is also no mention of any fees, however, we may have just missed them, be sure to check with your own bank for any potential fees.

Withdrawal Methods & Costs

There is also no information on withdrawal methods, we assume that the same methods of  MasterCard, Visa, Neteller, Skrill, Bank Transfer, and Orangepay are available to withdraw with. 

The refund policy doesn’t specify any specific fees apart from a fee of 5% if less than 5 trades are made on the account, they also state that the client is responsible for any banking fees.

Withdrawal Processing & Wait Time

UMarkets will aim to process any withdrawals in a timely manner, they do not give an exact timeframe. We would hope that any withdrawal requests will be fully processed within 1 to 5 business days from the date the request is made.

Bonuses & Promotions

There are a number of different bonuses available, we will briefly outline them so you can get an understanding of the sorts of things that are on offer.

Real Demo Account: You can make a profit while trading on a demo account, the account lasts for 2 weeks, any losses are ignored but any profits are transferred to a real account. You must trade the bonus amount 10,000 times in order to withdraw the funds.

Affiliate Program: As with most brokers, there is an affiliate program, refer people to join markets and you could get 15% of each deposit up to $1,500.

Welcome Bonus: You can receive a 30% bonus on your deposit, you can receive up to $10,000, in order to withdraw the bonus you must trade 10,000 times the volume of the bonus amount.

100% Deposit Insurance: You can have insurance up to $5,000, the insurance means that any losses during the promotion will be refunded. The returns are a bonus fund and must be traded 10,000 times to withdraw it.

Educational & Trading Tools

There are a few different aspects to the educational and toll section of the site, the first being a section for economic news, outlining different things that have happened in the markets. There are also articles available, which detail different aspects of forex trading, along with those there are some videos outlining different aspects of trading such as analysis and trading psychology. There is also a glossary of trading-related terms and an economic calendar detailing upcoming news events and showing which markets the news may affect.

Autochartist is also available, this offers features to help with your trading, it can identify and react to market movements, check the quality and competitiveness of your broker’s pricing, manage your cash exposure, optimize your stop loss and take profits, capitalize on known outcomes of news events and identify and react to market movements that are not typical.

Customer Service

You can get in contact with the customer service team in a number of different ways, we are not sure what the opening time of the support team is but we suspect them to be closed over the weekends and on bank holidays.

You can use the online submission form to fill in your request, you should then get a reply via email. You can also use a number of different phone numbers and email addresses to get in contact.

Phone: +501-223-2099

Email: [email protected]

Skype: umarkets.com

Demo Account

Demo accounts are available but we do not know which account they use the trading conditions from, the only information is on the bonus page and that indicates that they only last for two weeks. A demo account allows you to test the markets and strategies without any risk to your own capital.

Countries Accepted

There is no statement about which countries are allowed and which are not so if you are thinking of signing up, before you do so, just check with the customer service team to check that you are eligible for an account.

Conclusion

UMarkets are keeping themselves pretty private, they don’t have an about us page so it is difficult to find out much about them. Their trading conditions can be a little expensive on the lower tier account due to high spreads, but these are better on the top-level acocunts. There are plenty of instruments to trade so you will always be able to find something to trade. There want much information on the deposit and withdrawal methods which is a little concerning but it doesn’t seem like there are any added fees which is good. The decision to use UMarkets as a broker is up to you, but without much information about the company, it is hard to recommend them.

Categories
Forex Brokers

UOB Kay Hian Review

UOB Kay Hian is a foreign exchange broker that is based in Singapore. There isn’t much on the site in regards to their history, instead, there is a single page indicating what some of their main selling points are, they include impeccable credentials, insightful research, user-friendly platforms, competitive rates, an extensive range of products and holistic investor educations. That is what they say about themselves, so we will be using this review to look at what is really on offer from UOB Kay Hian.

Account Types

There isn’t an online account comparison as there is just the single account type, in order to open one up you will need to go directly to the offices in Singapore, and to be eligible you must be a Singapore citizen, Singapore permanent resident, or have an employment pass. As we go through this review we will look into the services in different sections, anything that we outline will be relevant to the single account type available.

Platforms

There are three different trading platforms available, we have briefly outlined them below.

UTrade Platform

The UTrade platform allows you to trade and purchase stocks listed in Singapore, Malaysia, Hong Kong, China, and the US. A few of its main features listed are its ability to change the way you trade, have access to research insights, invest smarter with sophisticated tools, interact with live price charts, access your statements online and to trade more and enjoy exciting rewards.

CFD Platform

The UTrade CFD Pro platform allows you to trade CFDs, a few of its main features include the ability to track market activity with live quotes, create watchlists, perform smart search, you can check your portfolio, monitor margin requirements, and oversee your order book.

Forex Platform

This platform uses MetaTrader 4 which is one of the most used platforms around the world. When using this platform with UOB you get access to 44 currency pairs, seamless and advanced orders, transparent trades, a user-friendly experience, deep liquidity, access to automated trading, configurable trading tools, and access to community trading, the platform can also be used as a desktop download, mobile application or WebTrader.

Leverage

The maximum leverage available is 1:20 which is mentioned on the Levergeaed Foreign Exchange page. There is no other mention of leverage on the other asset pages so as far as we know this is the maximum leverage available. On the same page, it does also state that there is high leverage so we are not sure if they consider 1:20 as high, or if there is, in fact, higher leverage available.

Trade Sizes

We could not locate any information regarding the trade sizes, either the minimum or maximum, or even how many trades you are able to have at any one time.

Trading Costs

There are commissions charged when trading but we are currently not sure exactly what they are, we just know that they are present on all instruments except for forex and metals, where there is no added commision., we would expect swap charges to be present but we cannot say for sure as there is no relevant information about them.

Assets

There doesn’t seem to be a full breakdown of the available assets, instead, all we have is a few different categories which are bonds, CFDs for equities and indices, EFTs, equities, and Forex currency pairs. There isn’t a break down of the instruments within them so that is all that we do know, there are 40+ currency pairs available, but no list of what they actually are.

Spreads

When trading forex the spreads are starting from as low as 0.8 pips, this is the starting figure and as the spreads are variable, when there is added volatility or less liquidity in the markets, the spreads can often be seen higher than this figure. Different instruments will also have different spreads, so while they may start at 0.8 pips for some, others will start higher at 1+ pips.

Minimum Deposit

This is yet another aspect that we do not have any information about, nowhere on the site that we could see did it state what the required amount is to open up an account.

Deposit Methods & Costs

There was a mention of bank transfers on the site, but no solid information on the available methods or any added commissions for depositing. As you are required to be there in person to open up an account we would expect electronic payment providers to not be accepted and more formal processes of bank transfers to be the only real option.

Withdrawal Methods & Costs

There is no information pertaining to withdrawals, so we do not know which methods are available or if there are any added fees from UOB Kay Hian when withdrawing.

Withdrawal Processing & Wait Time

As we do not know which methods are available to withdraw, we also do not know how long it will take for withdrawals to fully process, we would hope that it would be within 7 days of a request being made but we cannot say for sure.

Bonuses & Promotions

There are 14 different promotions active at the time that we are writing this review, far too many for us to go over, but we will take a look at a few of them just to give you an idea of the sort of promotions that are available. 

Alternative Product Promotion

When you trade CFDs and leveraged products you will earn points, when you trade you gain points for the commissions on CFDs or for each 400,000 volume traded on forex and metals. You gain 3 points for every 400,000 volume traded and the smallest prize will need 1,000 points to earn it. So it will take a while to achieve.

50th Anniversary Lucky Draw

Every $100 deposited gets you an entry into the draw, there are monthly draws for $2,000 and then a grand draw in August for $50,000.

Educational & Trading Tools

There are a few different tools available, they include things called the CahrtGenie, ShareXplorer, Stock Alerts, StockScreener, and TechAnalyzer, they are all different ways to help you analyze and watch the markets for trades. Ther is also a research page which has different previews and news from around the trading world, we could not see the quality of it as you are required to log in to view it properly.

Customer Service

There are plenty of ways to get in contact with UOB Kay Hian, their customer support team is available from 8:30 am to 6 pm from Monday to Friday. You are able to contact them using an online submission form, fill it in and you will get a reply via email, you can also use the provided postal address, email address, or phone number.

Demo Account

There may be demo accounts available but there isn’t a way to open one up from on the website. As you need to go in person to open up an account you will most likely need to do that before you are able to open up a demo account. If demo accounts are available, they would allow you to test out the market without any real risk.

Countries Accepted

The following message is displayed at the bottom of the website: “This site is not directed at residents of the United States and countries belonging to the European Economic Area and is not intended for distribution to or use by any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.”

Conclusion

UOB Kay Hian is clearly targeting their brokerage services to those that are living in Singapore, and this is obvious due to the fact that you need to live there in order to open up ana account. There isn’t a whole lot of information on the site and we assume this is due to them being a slightly more physical based broker so most of the information you will most likely get from them in person. The trading conditions are not fully known, and neither is the full breakdown of available assets. So if you are from Singapore then visiting them could make it worthwhile, but for those living in a different country, you will need to look for an international broker to join.

Categories
Forex Market Analysis

Daily F.X. Analysis, September 10 – Top Trade Setups In Forex – ECB Monetary Policy In Focus

It will be a big day for the European pairs as the European Central Bank is due to report it’s minimum bid rate along with the Press Conference to determine the monetary policy. Besides, the U.S. Unemployment Claims and PPI data will be the main market mover of the market.

Economic Events to Watch Today  

 

 


EUR/USD – Daily Analysis

The EUR/USD pair was closed at 1.18027 after placing a high of 1.18339 and a low of 1.17525. Overall the movement of the EUR/USD pair remained bullish throughout the day. The market sentiment was sour on Wednesday amid the pause in the AstraZeneca & Oxford University vaccine’s final clinical trials. The trials were paused due to an unexplained illness in one participant. This weighed on risk sentiment and kept the EUR/USD pair under pressure on Wednesday.

The much-awaited decision of the European Central Bank monetary policy will announce on Thursday, and the market participants have started to bets on it. Meanwhile, the U.S. dollar surging due to increased pressure on its rivals dropped on Wednesday and caused a surge in EUR/USD pair.

The ECB is concerned about the appreciation in Euro and increased deflationary pressure and the uncertainty around Europe’s coronavirus situation. The bank is set to announce no changes in its upcoming monetary policy for the second month in September. The bank expanded it’s Pandemic Emergency Purchase Program with EUR 600 billion in June.

The interest rates on main refinancing operations are at 0.00%, on the marginal lending facility are at 0.25%, and the deposit facility is at -0.50%. All are expected to remain unchanged in this monetary policy meeting. The PEPP will also remain unchanged at EUR 1350 Billion. The speech from the ECB President Cristine Lagarde will remain under focus by traders to find fresh clues about the EUR/USD pair.

For August, the Eurozone inflation came in negative when the annualized consumer price index fell by 0.2% versus the July’s rise by 0.4% and raised concerns about the local economy. The impact of coronavirus has been rising as the coronavirus is surging in the Eurozone. To combat coronavirus’s economic impact, ECB expanded its balance sheet from 4500 B euros to 6424B euros. The long-term Eurozone inflation is also gloomy and shows a downward trend.

Traders await that the euro appreciation will remain under the focus of Lagarde’s speech, and measures that she will announce to cope with it will provide massive movements in EUR/USD prices on Thursday. The Eurozone economy outlook from the European Central Bank will also give clues on the EUR/USD pair.

On the U.S. side, the Consumer Credit in July dropped to 12.2B from the forecasted 12.9B and weighed on the U.S. dollar that helped EUR/USD move upward. EUR/USD pair posted gains after falling for three consecutive days on Wednesday.

Daily Technical Levels

Support Pivot Resistance
1.1795 1.1820 1.1857
1.1758 1.1882
1.1733 1.1919

EUR/USD– Trading Tip

The EUR/USD has recovered a bit to trade at 1.1820 level ahead of the ECB Monetary policy decision due to coming out during the late European session. ECB isn’t expected to change its rate; however, the press conference will be the EUR/USD pair’s main mover. On the higher side, the pair may find resistance at 1.1860 level along with support at 1.1797 level. Below 1.1797, the pair may drop towards 1.1755 level. Conversely, a bullish breakout of 1.1825 level can lead EUR/USD prices towards 1.1866.


GBP/USD – Daily Analysis

The GBP/USD pair was closed at 1.29986 after placing a high of 1.30231 and a low of 1.28847. Overall the movement of the GBP/USD pair remained bullish throughout the day. After falling for two consecutive days and posting massive losses, the GBP/USD pair dropped on Wednesday in an earlier trading session near the lowest level since July 28. However, in the late trading session, the pair successfully recovered its daily gains and reversed its direction and started posting gains.

The pair followed its previous day bearish trend in the early trading session on Wednesday that the new Internal Market Bill news from the U.K. Parliament pushed. The new bill was issued to protect the United Kingdom’s jobs after the transition period ends next December. 

The bill raised fears that it might impact the relationship between the U.K. and the E.U. It could re-write the parts of the Brexit withdrawal agreement related to the Northern Ireland protocol. In response to the new bill news, the E.U. Commission President Ursula von der Leyen said that breaching the singed withdrawal agreement would break the international law and undermine trust. This weighed on the local currency GBP and dragged the pair towards the lowest level since July 28.

However, the pair’s downward movement was further supported by the latest news that weighed on risk sentiment that AstraZeneca & Oxford University vaccine’s final clinical trials were paused after an unexplained illness was found in a participant.

Whereas, on the U.S. front, the U.S. dollar came under pressure on Wednesday after rising for the past few days on the back of weak rival currencies performance. The weakness in the U.S. dollar was ahead of the ECB meeting on Thursday. The U.S. Dollar Index fell by 0.1% on Wednesday to 93.16 and weighed on the U.S. dollar that supported the GBP/USD pair’s movement.

On the data front, the Consumer Credit for July dropped to 12.2B against the forecasted 12.9B and weighed on the U.S. dollar that added further support to the GBP/USD pair. On Wednesday, PM Boris Johnson said that they must act to avoid another lockdown as virus cases were rising in England. He was referring to the new rule that restricts the gathering of more than six people. The new rule can issue fines or make arrests in case of breach of law.

 Daily Technical Levels

Support Pivot Resistance
1.3079 1.3125 1.3196
1.3008 1.3242
1.2962 1.3313

GBP/USD– Trading Tip

The GBP/USD pair has formed a Doji pattern over 1.2901 area, and the support level is extended by an upward trendline on four hourly timeframes. On the higher side, the pair may face immediate resistance at 1.3021, and above this, the Cable may head towards 61.8% Fibo level of 1.3154 level. Jobless claims data may play the role today.


USD/JPY – Daily Analysis

The USD/JPY pair was closed at 106.174 after placing a high of 106.272 and a low of 105.785. Overall the movement of the USD/JPY pair remained bullish throughout the day. After falling on Tuesday, the USD/JPY pair gained traction on Wednesday and started rising. The pair fell to 6 days lowest level on Wednesday in the early trading session but reversed its direction and moved upward on the back of the upbeat market sentiment.

The market mood improved on Wednesday and made it difficult for the safe-haven Japanese Yen to find demand and pushed the pair USD/JPY higher. After falling for three consecutive days, the equity market was raised on Wednesday with the S&P 500 index up by 1.85% and confirmed the risk-on market sentiment. The U.S. Treasury bond yields for a 10-year note also rose to 2.2% and supported the upward market sentiment.

Moreover, the U.S. Dollar Index also rose on Wednesday to 93.66 level the highest since August 12 and supported the upward U.S. dollar movement. 

However, the USD/JPY par gains were capped by multiple factors, including the US-China tussles and negative vaccine news.

On Wednesday, the long-awaited vaccine developed by AstraZeneca and Oxford University stopped its final stage clinical trials due to an unexplained illness found in one of the participants. This news raised concerns over vaccines’ development and, ultimately, on the economic recovery and capped further gains in the USD/JPY pair.

Meanwhile, the rising tensions between the U.S. & China after the latest comments from President Donald Trump and his administration regarding the tech fight and bringing back the production to America raised fears for the phase-one deal completion. These tensions and the lingering fight on the South China Sea have weighed on market sentiment that undermined the risk sentiment and supported the Japanese Yen, ultimately capping further gains in the USD/JPY pair.

Moreover, the new Brexit worries after the U.K. introduced new potential internal law that could change the initial withdrawal agreement terms related to the Northern Ireland border, also weighed on risk sentiment. The uncertainty regarding a Brexit deal between the E.U. & U.K. also weighed on market sentiment and limited the USD/JPY pair’s gains.

On the data front, the M2 Money Stock for the year in Japan rose to 8.6% in August from 8.2% and supported the Japanese Yen that capped further gains in the USD/JPY pair. At 10:59 GMT, the Prelim Machine Tool Orders decreased by -23.3% in August compared to July’s -31.1%. On the U.S. front, the JOLTS Job Openings in July rose to 6.62M against the forecasted 6.05M and supported the U.S. dollar that added further support to the USD/JPY pair on Wednesday.


Daily Technical Levels

Support Pivot Resistance
105.9500 106.2700 106.6800
105.5500 106.9900
105.2300 107.4000

USD/JPY – Trading Tips

On Thursday, the USD/JPY is consolidating at 106.050, with a resistance mark of 106.480 level. An upward crossover of 106.480 level may extend further buying trend until the 106.840level, and the violation of this level can extend buying until the next resistance level of 107.150. On the downside, the safe-haven USD/JPY currency may gain support at 105.620 and 105.280. Let’s consider taking a sell trade below 106.024 level as the MACD and RSI also suggest selling bias. Good luck! 

 

Categories
Forex Brokers

Direct Trading Technologies Review

Direct Trading Technologies, or DTT, is a global forex and CFD broker that has added branches in Panama, Lebanon, Kuwait, Qatar, and three separate locations in Saudi Arabia since their launch over 19 years ago. The company is currently under regulation by the Financial Conduct Authority, Vanuatu Financial Services Commission, and the SMV. Confirmed stability and security is definitely an upside to opening an account, although traders will need to know more about the three main account types and trading conditions if considering registration. Keep reading to find those details. 

Account Types

Direct Trading Technologies provides four different live account types: Mini, Standard, VIP, and ECN. Designed for beginners, or those that want to trade smaller lot sizes, the Mini account requires the smallest deposit asked for by the broker, with a disadvantage in the form of higher spreads. The Standard account raises the deposit minimum significantly while rewarding traders with spreads that start at 0.5 pips less than the Mini account. Neither of the aforementioned accounts charges any commission fees. The VIP and ECN accounts seem to be on the other end of the spectrum, with deposit requirements of $10K and up, plus lower spreads. The main difference between these accounts would be the fact that the VIP account offers spreads from 1 pip on majors with no commission costs, while the ECN account charges commissions of $10 per lot + no markup ECN spreads. We’ve provided a quick overview of each account’s details below. 

Mini Account

  • Minimum Deposit: $500 USD
  • Leverage: Up to 1:200
  • Spread: From 2 pips on majors
  • Commission: Zero

Standard Account

  • Minimum Deposit: $2,000 USD
  • Leverage: Up to 1:200
  • Spread: From 1.5 pips on majors
  • Commission: Zero

VIP Account

  • Minimum Deposit: $10,000 USD
  • Leverage: Up to 1:200
  • Spread: From 1 pip on majors
  • Commission: Zero

ECN Account

  • Minimum Deposit: $15,000 USD
  • Leverage: Up to 1:200
  • Spread: no markup
  • Commission: $10.00 per lot

Platform

DTT supports the award-winning MetaTrader 4 platform, the most commonly offered trading platform among forex brokers today. MT4 is preferred for its wide array of features, including one-click trading, Expert Advisors, technical analysis tools, several built-in indicators, and charting tools, etc. Accessibility is no issue, as the program is available for download on PC, Android/Tablet, and iPhone/iPad. Those operating from a Mac computer, or any user that doesn’t wish to download the program can also access MT4 through the browser-based WebTrader. Links to all download sources can be found directly on the broker’s website. Those that don’t have any prior experience with the platform should be able to learn quickly, thanks to the user-friendly interface and simple navigation. Traders can even practice and get more familiarized with MT4 by opening a demo account through the broker. 

Leverage

Rather than offering different leverage options for different account types, DTT offers the same 1:200 leverage cap on all four of their live accounts. This option is very competitive for the VIP and ECN account types since the majority of brokers do lower the leverage cap on accounts that require larger deposits in order to limit risk. It would be nice if the broker would raise the leverage cap to 1:300 or 1:400 on the Mini account and perhaps the Standard account in order to keep up with some of their other competitors. Still, the leverage option is likely higher than what most traders would be looking for, especially considering that professionals have mentioned a 1:100 leverage is their ideal choice. Note that the company provides conflicting information on their Forex Products page, where a 1:400 leverage is listed. Meanwhile, the account pages list the 1:200 cap for each account. We took information from the accounts page to be more realistic while hoping that traders will be able to access the other advertised option. 

Trade Sizes

When trading cryptocurrencies, the minimum trade size is one micro lot and the maximum is 10 lots. There is a total daily trade volume limit of 10 contracts. DTT further reserves the right to limit the open number of positions a customer may maintain in the account. The broker also reserves the right to change margin call levels at any time and does not specifically list the current levels. Important details, like minimum/maximum trade sizes on accounts and margin call or stop loss levels are missing from the website. Of course, we can assume that micro lots can be traded from the Mini account, while the other accounts would either allow the trading of micro lots, mini lots, or one lot as their lowest trade sizes. 

Trading Costs

Trading costs would be charged through traditional spreads, rollover interest, and commission charges in the case of the ECN account. The ECN account’s commission charges are rather high, at $10 per lot, but the advantage would be access to much lower spreads, likely starting from around 0 or 0.2 pips. Spreads on the other accounts can vary more widely and climb to higher amounts in some cases. Rollover interest charges occur when a position is held past the market closing time. Most brokers triple these charges on Wednesdays to account for the upcoming weekend and applicable charges can be viewed from within the MT4 platform.

Under their terms & conditions, DTT mentions that future fees may include statement charges, account transfer charges, telephone order charges, fees imposed by any interbank agency, and/or regulatory fees. The customer may incur fees for the purchase of additional optional purchases. While these fees are not currently charged, the fact that the broker reserves the right to charge random fees with no prior notification -besides adding the condition somewhere on the website where it most likely won’t be seen, is a little bit scary. Traders should definitely keep an eye on any emails or changes to the broker’s terms frequently. 

Assets

DTT features 75+ currency pairs, including majors, minors, and exotics, in addition to CFDs on the precious metals Gold, Silver, and energies like Crude Oil and Natural Gas. An extra perk to opening an account would be access to cryptocurrencies Bitcoin, Litecoin, Ethereum, and Ripple. Many brokers don’t offer any type of crypto trading; however, traders may be able to find more available instrument categories elsewhere, like stocks, bonds, cash indices, etc. Overall, DTT should have plenty of options for those looking for currency-based trades and crypto traders. 

Spreads

DTT doesn’t actually list all of their available products with minimum and maximum spreads, but the website does tell us the minimum and maximum spreads on FX majors for each account. Although we can’t say how high spreads go on minors, the given numbers should provide an idea of what to expect. On the Mini account, spreads are listed as normal, meaning that they start at 2 pips and go as high as 3 pips on FX majors. We’re used to seeing higher spreads on Mini /Micro/Cent account types, but one would want to consider that spreads can be double the industry average and we’re only talking about the starting amount on majors. Standard account spreads are listed as professional, which is a fancy way of saying that they fluctuate from 1.5 to 2.5 pips on majors. One would need to deposit $10K and open a VIP account in order to access decent spreads from 1 to 2 pips on the same instruments. The ECN account advertises ECN spreads with no markup, without explaining in any further detail. Typical ECN spreads can start as low as 0 pips or so. 

Minimum Deposit

The minimum threshold to open an account through this broker is $500. This a rather significant amount and the fact that it would only open a Mini account here is concerning. Traders would be able to open Standard level accounts or possibly better with the same initial deposit elsewhere, likely with access to better spreads. The broker’s Standard account raises the minimum deposit requirement to $2,000 and traders would see slightly better spreads as an incentive for opening the account. From there, requirements jump to $10,000 on the VIP account and $15,000 on the ECN account. Overall, DTT is rather expensive, although their VIP account is reasonably priced. The lack of affordability may force some traders to look for another broker, while those that can afford to make a larger initial deposit shouldn’t have an issue meeting account requirements.  

Deposit Methods & Costs

Funding options are limited to the popular methods Visa/MasterCard, bank wire transfer, and Skrill. It would be nice to see a wider variety of e-wallets available, although the broker still manages to provide a few different payment options. There is a minimum deposit requirement of $50 when depositing through card or Skrill and a higher $250 requirement for bank wire. The charge for depositing through bank wire transfer is $25 USD, while the methods offer fee-free deposits. Note that third-party deposits are not accepted and the payment method must match the name on the account. 

Withdrawal Methods & Costs

Withdrawals can be made back to bank wire transfer, Visa/MasterCard, and Skrill. There is a $50 minimum withdrawal amount on all methods that may cause a headache in the future, as the requirement could leave some traders without the ability to withdraw remaining funds if they cannot meet the condition. The website does not provide us with any information about withdrawal fees, but we assume that the $25 fee charged on wire transfer deposits would also apply to withdrawals through that method. DTT may also charge for incidental banking-related fees such as wire transfers, returned checks, currency conversion, etc.

Withdrawal Processing & Wait Time

The website can be conflicting when it comes to processing times. At one point, the website states that all withdrawals are processed within 2 business days. Immediately underneath that statement, the broker lists a same-day processing time for withdrawals through Visa/MasterCard and Skrill. A 2-5 business day processing time is listed for bank wire withdrawals. It’s possible that the broker may uphold the same-day processing times, but traders should simply be prepared in case of the long wait. This would also include additional time for the bank or payment method to credit the funds once they have been sent. 

Bonuses & Promotions

Currently, DTT is offering a deposit bonus, Refer A Friend program, and rewards for web affiliates that promote the broker on their website. Details for each promotion have been provided below.

  • Bonus on Deposit: This promotion applies a bonus of up to 50% to the trading account once a deposit is made. In order to claim the bonus, traders MUST enter the promotional code PBQK50 when funding. The 50% deposit amount is applied to deposits between $1 and $1,000, 25% is applied to deposits between $1,000 and $3,000, 10% is applied to deposits between $3K and $10K, and 5% is applied to deposits between $10K and $100K. 
  • Refer A Friend: Through this promotion, traders will be rewarded when others mention their name during registration. That person will then be listed in the trader’s partner account and commissions can be earned from their trades. 
  • Web Affiliates: Those that list the broker on their website will earn commission per lot on referred clients and percentage on IBs referred.
Deposit bonus percentages

Educational & Trading Tools

DTT has made an outstanding effort to provide a number of helpful educational resources and trading tools. Educational information is available through a variety of different mediums, including webinars, seminars, in-office courses, global economic indicators, video courses, FX glossary, and trading strategies. Access to different ways of learning should make it easier for beginners to gather all of the necessary knowledge that would be needed to begin trading effectively. The website also doesn’t disappoint when it comes to trading tools, which are divided into trading signals, tools, and research. We’ve detailed some of the options that can be found within those categories below. 

  • Correlation/Deal Size/Fibonacci Calculators
  • Trend Catcher
  • Economic Calendar
  • Weekly Video Reviews
  • Fundamental & Technical Analysis
  • Live News
  • Smart Social Trading
  • Market Review

Demo Account

Demo accounts are an invaluable tool for forex traders, allowing them to test out strategies and platforms while trading under the broker’s conditions and gaining experience. Fortunately, DTT offers these risk-free accounts to anyone that would like to sign up for one. Registering for a demo account from the website is quick and only requires a few details. Once the form has been completed, traders can begin trading through a simulation account that is exactly the same to the real account environment, including real-time spreads and execution speed. 

Customer Service

The broker’s multilingual support team is available 24 hours a day on weekdays. Traders can reach an agent instantly by selecting “LiveChat” at the top of the website and emailing or calling one of the various office locations. Note that a few separate email addresses and phone numbers are provided for separate offices, so be sure to find the one that is closest to your location. The broker also accepts callback requests in the event that one would prefer an agent reach out to them through the phone. While it may be less convenient if you need to speak to support on the weekend, it seems as though DTT has made it fairly simple to reach out to support and receive a quick response. Contact details have been listed below. 

Primary Email Address: [email protected] 

Panama Office

Lebanon Office

Kuwait Office

  • Phone: +962 22 273898

Saudi Arabia Office

  • Rlyadh Phone: +966 11 486 8630
  • Jeddah Phone: +966 12 6069219
  • Al Khobar Phone: +966 13 8454155

Qatar Office

  • Phone: +974 44316018

Countries Accepted

The fact that DTT is currently regulated by the FCA, VFSC, and SMV makes it likely that they would have stricter policies about which clients would be able to register for an account. To our surprise, we found the United States, Japan, Iran, and many other commonly restricted countries as choices on the registration list. The website allowed us to register from our US-based office with no issue at all, meaning that all traders will be able to open an account with no restrictions. 

Conclusion

Direct Trading Technologies is an established and regulated FX and CFD broker that offers three live account types with initial deposit requirements from $500 to $15K. The broker’s investment portfolio includes an impressive 75+ currency pairs, plus CFDs and cryptocurrencies. DTT is rather expensive for the fact that $500 is required just to open a simple Mini account. The maximum leverage cap is limited to 1:200, even on accounts with fewer funds. Spreads can be high with this broker. A $2,000 deposit only grants access to spreads that start at the industry average and climb even higher. Deposits through card or Skrill are fee-free, but the withdrawal fees are not provided. A $50 withdrawal minimum is also required.

Customer support is available on weekdays and can be contacted instantly through LiveChat or via phone/email. The website is filled with educational resources like video lessons, seminars/webinars, in-person courses, demo accounts, and more, in addition to multiple trading tools and analysis. Currently, there are also a few ongoing promotions, including bonuses, a referral program, and commissions for web affiliates. Traders that can afford one of the better account types will have access to competitive conditions, while those that can’t will still be forced to deposit a significant amount of money without many advantages. Your experience with this broker will likely depend entirely on which account type you can afford to open. 

Categories
Forex Brokers

Is Your Broker Trustworthy? Here’s How to Check…

Selecting the right broker can be just as important as creating your first strategy, this is a company that you are planning to trust with your money, a company that if things go well, you will have a working relationship with for many years to come, so it is not a decision that you should be taken lightly.

It is also likely that you have heard a number of the horror stories that are out there, people who have invested their money only for it to simply disappear, or for the broker to play naughty and cause you to lose your money. Whatever the stories are, there are brokers out there that are set up for the sole purpose of taking your money. A simple google search will bring you out hundreds of reviews and scam warnings, so there are a lot of them out there. There are, however, far more out there which are genuinely there as a business, there to allow you to take part in the global trading markets.

With so many bad brokers out there, how are we meant to find the good ones amongst them, afterall, the last thing that we want is to join one of these dodgy brokers. We have come up with a few ideas of things that you can do in order to ensure that your broker is a little more trustworthy we must point out though, that even if a broker ticks all the boxes, there is nothing to say that they still won’t do a few dodgy things. We will point out additional things to look for and little side notes as we go, so let’s look at some of the things to look out for which could indicate that the broker is a little more trustworthy.

Checking Independent Review Sites

Checking reviews online used to be the perfect way to find out whether or not somewhere was trustworthy, it still is a great way as long as you are looking at the more independent review sites. The problem with online reviews, especially over the past 5 or so years is how easy it is to falsify them, even many of the sites like Trustpilot are littered with fake reviews or even ratings that have nothing to do with the company that is being reviewed. There is also the issue of affiliated review sites, those that simply give a great review for a couple of brokers and then terrible reviews for everything else.

There are, however, a number of different independent review sites that take pride in what they review or that they moderate those user reviews coming in. We won’t mention which ones for obvious reasons, but getting good independent reviews can give you a really good insight into how the brokers are working and the experiences that other real customers have been receiving, many people will only post reviews after a bad experience, this is common, so if there are lots of bad, try and look for patterns, if they are all good, just remember to take some of the reviews with a little pinch of salt.

Personal Recommendations

If you have friends that are trading, then they are potentially the best people to give you advice on who to use, that is only if they are your close friends. They will have personal experience with them and won’t be sugar-coating things for you, so it should be real and honest feedback. Just make sure you don’t take the recommendations from random people over the internet or on social media sites. They will simply be trying to get you to sign up with affiliate links or some other material motive, so if you are taking recommendations, do it from close friends, not strangers.

Check Regulators

Before we say anything here, we need to make it clear that a broker that is regulated does not necessarily make it a safe broker, there have been many occasions where a broker that is fully regulated has done something untoward and damaged their reputation and the accounts of those using them. So with that in mind, it is a good idea to check the regulators to see which jurisdiction the broker is under and what regulations are in place. Many brokers will keep your funds in separate accounts ensuring that they are safe should the broker go under. #Others have strict rules on their trades and deposit/withdrawals. Be sure that you check, regulations can put an extra layer of protection on your account and on your money, but it is certainly not foolproof. There have been completely unregulated brokers that have been just as trustworthy as even the most highly regulated brokers.

Check the Website

Sometimes you need to go directly to the website to find out whether things are going to be ok or not. If the site is simply filled with testimonials or information on how much their clients are making then it could be a little red flag, these are often made in the hope of bringing in new clients for them to take their money. Of course, having a few testimonials is not necessarily a bad thing. What information are they providing? Is there an address? A phone number? Any information on who actually runs the broker? If not then it could be a red flag, just as if there are limited ways to get in contact with the support team, as they are another great source of information. Also, check how long it has been around for and if it is being regularly updated. It is easy to make a site, but much harder to maintain it over a long period of time, especially as once a broker is declared as a scam, it often quickly shuts down or goes inactive, so if it is still being updated after years, it’s probably doing ok.

Those are just a few of the ways that you can work out whether a broker is trustworthy or not, there is unfortunately not a foolproof way of doing it, brokers can at any moment decide to shut down or to go rogue, but for those that have been going for a while, it is far less likely to happen. So take your time looking at all the information and what other people think. Do not rush this decision, it is an important one, but once you find the right broker for you, things should be plain sailing, well, until you decide to place your first trade that is.

Categories
Forex Brokers

Hidden Forex Brokerage Charges to Watch For

Forex brokerages aren’t always transparent about some of their costs. Many use sleek, impressive websites to make themselves seem more legitimate, which keeps some of their potential clients from reading the fine print. Don’t let us scare you – trustworthy brokers are out there, but it is important for traders to understand how to spot scammers. One of the most common things that brokers try to hide are unfavorable fees. 

We’ll start with two fees that should be advertised transparently, although some brokers try to hide these fees if they are unfavorable.

Spreads

The spread is the difference between the bid and ask price on a trade. This is how most forex brokers make their profit, alongside commissions. The amount of the spread can vary widely, but the average spread on the pair EURUSD is around 1.5 pips. Anything above 2 pips on this pair is quite high, while anything of 1 pip or below is favorable. It’s common practice for brokers to offer lower spreads on accounts that require larger deposits. However, some brokers try to hide their spreads, or they don’t list them on their websites at all. This is a sign that the spreads are high, and traders should run in the other direction. While spreads should be listed transparently on every broker’s website, this isn’t always the case with some scammers. 

Commissions

Most brokers charge commission fees unless they have high spreads to make up for them. Just like with spreads, this is something that should be clearly advertised on the broker’s website. If a broker doesn’t charge commission fees, this is something that they should also advertise on their website. If you can’t find any information about commissions, then chances are that high commission fees are applicable. 

Now that we’ve covered two of the main brokerage fees, we will move on to the charges that aren’t usually presented transparently on the broker’s website. It’s easy to find a broker that doesn’t charge any of the following fees, aside from withdrawal fees.  

Deposit/Withdrawal Fees

There are brokers out there that offer fee-free deposits and withdrawals, although most charge some type of fee. Most commonly, deposits do not carry charges, but withdrawals do. Our advice would be to look for a broker that charges one or the other and to be sure that those charges are listed transparently. If the broker doesn’t even have a funding/payment methods page or information on their website, then there is no telling how high those fees may go. For example, some brokers charge fees of 7% on debit/credit card withdrawals. If you’re withdrawing $1,000, then you’d be looking at a steep fee of $70. If you can’t find a brokerage offering fee-free withdrawals, look for one with fees of around 1-3% on your preferred funding method, or look for fee caps of around $30 so that you don’t get charged a crazy amount.

Inactivity Fees

Many brokerages that charge inactivity fees list those fees somewhere on their website, possibly under their terms & conditions. Unfortunately, many traders don’t take the time to look over those sections of the website or they don’t read it thoroughly, so this can be easy to miss. Inactivity fees are charged on trading accounts that haven’t had any trading activity for a certain amount of time. Some brokers begin to charge those fees after 30 days with no activity, up until the account has been reduced to $0. Others give traders a little more time, around 3-6 months before they start charging them. The exact amount of the charge can vary widely, from $0 to $100 or more, sometimes increasing with longer periods of inactivity. Inactivity fees are only charged on accounts that have a remaining balance; they will never make your account go into the negative. This is a way for brokers to wipe out any remaining balance on the account. 

Fees for Withdrawing with no Trading Activity

If you fund your trading account and then change your mind and decide to make a withdrawal (without any trading activity), be careful. Some brokerages will charge you a fee for doing this. We’ve seen fees in the $30 range, but some will charge a high percentage of the amount you originally deposited. These fees are often hidden under a broker’s terms & conditions, although more transparent brokers might list them on their main funding page. 

Maintenance Fees

Most brokers don’t charge maintenance fees because they understand that this is obviously an unnecessary charge that will anger their clients. This is basically like an unnecessary charge your home phone or internet provider might throw on your bill for no reason. The reason these fees are taken is usually described as being for “accounting” purposes, or more generically they are simply described as monthly account maintenance charges. If a broker charges maintenance fees, then it is likely that they have other hidden charges as well, so be cautious or look for another broker altogether.  

The Bottom Line

Traders should be aware that there can be hidden charges with forex brokers. Spreads and commission fees are common charges that should be expected, but if you can’t find any information about these charges on the broker’s website, it is usually a bad sign. Funding fees are also pretty typical, but transparency is important for this category. You should be provided with a complete overview of the aforementioned fees before you ever open a trading account. Then we move on to fees that are less common and often hidden in less obvious sections of a broker’s website. Inactivity fees, maintenance fees, and fees for making withdrawals with no trading activity are a few examples of these, although shady brokers might be able to come up with more options in this category. 

Be reassured that there are reputable brokerages out there that aren’t trying to scam you out of your hard-earned money, you simply need to know how to spot these things and compare all of the applicable fees for your options. Start by checking for the spread, commission, and funding charges. If all of these are detailed on the website, then read through the terms and conditions fully to check for any hidden charges. Look towards the very bottom of the broker’s website for important links or PDF files you’ll need to read and be sure to read everything you can find.

Categories
Forex Brokers

Box Investing Review

Box Investing is a self-described expert brokerage company that offers leveraged trading on FX and CFD options within the international trading market. The broker doesn’t spend much more time talking about themselves, so we can’t say whether the company is owned by an individual trader or otherwise. From their location in the Marshall Islands, Box Investing remains unregulated – which is a cause for some concern. If you’re looking for a forex broker, and you’ve come across our review, we would highly suggest taking a more in-depth look that this company before opening an account. 

Account Types

Box Investing offers five separate live accounts, including a Starter account, Classic (Standard), Premium, Ultra, and the best of the best, VIP. Following a tier-based system, the broker sorts one’s account level based on the initial deposit, starting with a $500 entry fee on the Start account. While the broker doesn’t necessarily offer an Islamic account, the VIP account is swap-free and would serve as an alternative for traders that can afford the deposit. As account level increases, perks are unlocked, which come in the form of higher bonus percentages, access to more resources, expedited withdrawals, and etc. The website spends a lot of time talking about those perks, without making much of an effort to describe trading conditions on each account level. We’ve provided an overview of the available information below. 

Start Account

  • Minimum Deposit: $500 USD
  • Leverage: Up to 1:500
  • Spread: See “Spreads”
  • Commission: NA

Classic Account

  • Minimum Deposit: $1,000 USD
  • Leverage: Up to 1:500
  • Spread: See “Spreads”
  • Commission: NA

Premium Account

  • Minimum Deposit: $5,000 USD
  • Leverage: Up to 1:500
  • Spread: See “Spreads”
  • Commission: NA

Ultra Account

  • Minimum Deposit: $20,000 USD
  • Leverage: Up to 1:500
  • Spread: See “Spreads”
  • Commission: NA

 VIP Account

  • Minimum Deposit: $50,000 USD
  • Leverage: Up to 1:500
  • Spread: From 0.6 pips
  • Commission: NA

Platform

Traders will be limited to the web-based Sirix trading platform when opening an account through Box Investing. Best described as a social platform that supports EAs and copy trading, Sirix manages to offer some of the same features available through other established platforms, including one-click trading, advanced indicators, charting tools, and a learnable interface that was designed with beginners in mind. The absence of either one of the most popular platforms, MetaTrader 4 and 5, could be a major inconvenience to traders that are used to trading on either option. The fact that Sirix can only be accessed through the browser is another potential downside, there are no app-based mobile downloads or PC downloads of the program.

Leverage

On their FAQ page, Box Investing suggests a leverage of up to 1:500 is available, seemingly on all accounts. If this is true, then the broker is certainly offering a sufficient cap that should provide enough room for choice, even for professionals. Keep in mind that using a leverage as high as the one listed can be dangerous, especially for traders that haven’t been trading long enough to grasp the overall concept, or who aren’t prepared to deal with large losses. Also note that the broker’s website can be less than clear on some of their terms, meaning that the 1:500 limit may come with some restrictions based on account equity or other factors. 

Trade Sizes

The website is generally vague regarding all things trade-wise, but we do know that a minimum lot size of 0.01 lot is available on the Starter account, and stop out occurs at 50% on all accounts. Note that reaching the stop out level would result in automatic closure of all open positions and it is best to avoid reaching that level at all costs. 

Trading Costs

On their account types page, the broker lists each account tier, provides funding ranges for the accounts, and spends a great deal of time detailing the extra perks that those clients would receive, including account managers, bonus percentages, etc. Unfortunately, Box Investing follows a similar pattern of many other brokerages that offer a tier-based system – they don’t spend a lot of time talking about the actual costs of opening the account. It wouldn’t make much sense to make a $50K deposit in order to access the same spreads one could get with a $500 deposit, but it seems as though this is what the broker is actually bringing to the table. With no information about commission costs, we can’t even say whether account levels come with different charges, or if there is one standard charge across the board. We do know that standard swap fees are an applicable charge that is credited or debited at a triple rate on Wednesdays for positions that have been held past the daily market closing time. One of the VIP account’s perks is zero swap fees, which means that the account could also serve as an Islamic account if need be. 

Assets

Box Investing offers the following assets for trading on the MT4 platform:

  • 49 currency pairs, consisting of majors, minors, and exotics like the Mexican Peso, Turkish Lira, and several more.
  • Spot metals Gold & Silver
  • Bitcoin (BTCUSD)
  • 15 futures, including Coffee, Sugar, Copper, Natural Gas, Brent Crude Oil, NASDAQ, and others
  • US, Europe, and Asian Shares
  • Raw metals like Aluminum, Lead, Nickel, Palladium, Platinum, Tin, Zinc, etc. 

Traders should note that the broker is offering a diverse range of choices, especially when it comes to exotic currency pairs, metals that aren’t as easily accessible elsewhere, and the cryptocurrency Bitcoin. This would certainly be one of the broker’s highlights. Another note – traders located in the UK will not be able to trade CFDs. 

Spreads

Box Investing offers fixed and variable spreads. While fixed spreads tend to be slightly higher in general, we would recommend avoiding those types of spreads altogether when trading through this broker, as options start from 30 pips. On the bright side, sticking with variable-type spreads will result in lower starting spreads from 0.6 pips. The website doesn’t explain whether this is the starting amount of all account types, so we can’t say for sure whether lower account tiers are provided with the better spreads. Once again, the broker leaves us with more questions than answers when trying to determine the actual cost of placing a trade from a certain account type. 

Minimum Deposit

In order to get started trading from the lowest account tier, one would need to make a deposit of at least $500 USD. The amount is steep, considering that others offer accounts for $100 or less, while other brokers have eliminated deposit minimums altogether. It’s also disappointing that the higher deposit only offers access to the most basic account level and services, while the same amount might grant one access to a better account type elsewhere. The amount of one’s deposit actually determines which account status they will be placed under. Take a look at each account’s funding range below:

  • Start Account: $500 – $999 USD
  • Classic Account: $1,000 – $4,999 USD
  • Premium Account: $5,000 USD – $19,999 USD
  • Ultra Account: $20,000 – $50,000 USD
  • VIP Account: $50,000 USD and above

Accounts can be funded in USD/EUR/GBP. 

Deposit Methods & Costs

Funding options are limited to bank wire transfer and credit/debit cards, Box Investing doesn’t offer additional e-wallets or accept crypto-based deposits. The broker mentions that fees may be applicable on credit card deposits and traders must accept the slight variations that will cause a difference between the amount of funds sent and credited. However, we aren’t provided with any information about how “slight” those fees could be, so traders should be prepared to see those charges. 

Withdrawal Methods & Costs

Following AML rules & regulations, withdrawals must be processed back to the same bank account or card that was used to make the original deposit and in the same currency. An amount up to the deposited amount can be withdrawn back to the card and any profits must be withdrawn through bank wire. There is a minimum withdrawal amount of 30 currency units by card and 100 dollars through bank wire.  The first withdrawal of the month is fee-free. If a second withdrawal is made during the next 30-day period, a $30 commission fee will apply for processing and handling. Fees also may apply on the bank’s side, especially if the institution used an intermediary bank to send or receive the funds. 

Withdrawal Processing & Wait Time

The broker explains that the withdrawal process typically takes from 3-5 business days, but the time can be extended due to enforced security measures. The withdrawal process is standard for lower-tier accounts and accelerated from Premium status-level accounts and up. Once funds are sent, it usually takes around 5 business days to see the amount reflected in the bank account. The broker clearly mentions that they are not bound by any certain timeframe, so support will likely be less than helpful should one reach out due to a delay in receiving funds. 

Bonuses & Promotions

The broker offers a bonus to all account holders, instead of only offering bonuses to those that have made larger deposits, unlike many of their competitors. However, Box Investing providers higher status account holders with a perk in the form of higher bonus percentages, all of which can be viewed below:

  • Start Account: 30%
  • Classic Account: 50%
  • Premium Account: 70%
  • Ultra Account: 85%
  • VIP Account: 100%

The broker also offers risk-free trades on each account, starting at 2 trades on the Starter account and gradually working up to a maximum of 10 trades on the Ultra account and 20 trades on the VIP account.

Educational & Trading Tools

Box Investing offers multiple educational resources – however, the better offers are saved for accounts of higher tier levels. No surprise there. The following resources are available for everyone:

  • Trading Signals
  • Economic Calendar
  • Real-time Markets Overview & Summary
  • Daily News
  • Financial Analytics
  • Online Tour of the Website
  • Trading Calculators

Now, let’s take a look at some of the more personalized education options that aren’t available to everyone. From the Classic account level and up, traders will receive help from a personal broker along with free online training courses on Skype. Premium, Ultra, and VIP accounts receive portfolio management by the broker’s provided professional trader. 

Demo Account

Traders will find the option to open a “Free Trial Account” under the “Get Started” section of the website. The website describes some of the purposes of opening one of these risk-free accounts as having the ability to learn the functionality of the trading platform if you’re of a beginner level and aren’t prepared to begin active trading. Another suggestion would be to test the speed of execution and form a general idea of the trading process. However, the website directs one to MAM accounts if the option to open the demo account is selected, so it is unclear as to whether accounts can be opened at this time. 

Customer Service

Box Investing offers 24/7 technical support through chat, email, and phone. While the three methods combined make it seem as though contacting support is fairly simple, it doesn’t seem as though this is the case. Although we checked at multiple times of the day, support was not available on chat, proving that the 24/7 contact hours don’t necessarily apply there. That leaves traders with phone and email as the most reliable options, greatly reducing the overall draw that comes with instant support. Contact information has been listed below.

Additional email addresses and contact numbers based on one’s residential country can be accessed on the broker’s website under the “Contacts” page.

Countries Accepted

At the bottom of their website, Box Investing mentions that residents located in the United States will not be able to register for an account through their services. The US is often blacklisted due to stricter regulation laws, so we weren’t too surprised to see this. However, we’d like to point out that the registration form doesn’t actually require one to input their country, so it may be possible to skirt passed the supposed restriction. Some brokers are stricter than others, but it is certainly worth a try if you’re a US trader that has your heart set on this option. 

Conclusion

Box Investing offers several highlights – access to a diverse range of assets, low starting spreads from 0.6 pips, bonuses for all account holders, and 24/7 customer support. However, the broker’s high deposit minimums and a generally vague description of each of their account’s terms leaves us wondering whether it’s actually worth making a large deposit if the only thing of value would be some educational perks and other things that can be found elsewhere. Box Investing also fails to keep some of their promises, like 24/7 instant support and demo accounts. This makes us question the low spreads and other advantages offered. In the end, it is up to the individual trader to come up with their own impression of the company and to decide whether certain factors warrant opening an account despite the vague terms & conditions. 

Categories
Forex Brokers

FOREXer Review

FOREXer is a product of the investment firm Global Eternity Limited, with operations based in Dubai, Switzerland, and the United States. The company has retained more than 10 years of experience in the forex market since being founded in 2004. Offering commission-free accounts, FX, metals, energy products, and a training program, FOREXer does manage to bring some advantages to the table. However, traders will want to carefully consider a few significant details before making the decision to open an account. Keep reading to find out everything you’ll need to know, along with our final opinion on the broker. 

Account Types

FOREXer offers four main account types: Limited Real, Real, P.R.O.F.I.T., and Investment. The Limited Real account can be opened for the broker’s lowest $200 USD deposit. The account offers access to all of the available trading instruments, but leverage isn’t available and the account’s balance cannot exceed $2,000. Live accounts also offer access to all instruments, with a 1:10 leverage cap and spreads from 2.5 pips. Those that wish to access higher leverage can take a quiz to unlock better options. The remaining accounts are aimed towards professionals, therefore, they come with higher deposit requirements, while reducing the availability of certain tradable instruments. Under the broker’s P.R.IO.F.I.T. account, limitations are implemented to prevent losses. Traders can only deal in one currency pair at a time and any losses will result in the trader having to wait until 00:00 GMT to place another trade. Only a part of the account’s balance is available, while the other part is kept in the savings account for future trades. Traders will find that accounts do differ in several ways, so we would recommend comparing account details below. 

Forexer Limited Real Account

  • Minimum Deposit: $200 USD
  • Leverage: 1:1
  • Assets: 26 currency pairs, metals, energies
  • Spread: From 2.5 pips
  • Commission: Zero

Forexer Real Account

  • Minimum Deposit: $2,000 USD
  • Leverage: 1:10 or higher upon quiz completion
  • Assets: 26 currency pairs, metals, energies
  • Spread: From 2.5 pips
  • Commission: Zero

P.R.O.F.I.T Account (Limited account – funds kept in savings, can only place one trade at a time)

  • Minimum Deposit: $10,000 USD
  • Leverage: Up to 1:500
  • Assets: 7 major currency pairs & Gold
  • Spread: From 2.5 pips
  • Commission: Zero

Investment Account

  • Minimum Deposit: $100,000 USD
  • Leverage: 1:5
  • Assets: 26 currency pairs
  • Spread: From 2.5 pips 
  • Commission: Zero

Platform

The broker offers its own version of MetaTrader 5, similarly named FOREXer 5. The platform is available on desktop and mobile devices and is described as being the latest version of MT5. Take a look at some of the platform’s features below.

  • Advanced charting options + custom chart timeframes
  • Comes with 1,000+ free trading strategies and supports EAs
  • Provides 2 more pending order types and more languages than MT4
  • 3 chart types, 21 time periods, more than 70 technical tools
  • Provides the ability to analyze market depth

Leverage

The broker’s Real account offers a maximum leverage cap that is lower than even ESMA standards. Traders that would like to use leverage higher than 10:1 must participate in a mandatory leverage quiz due to the broker’s belief that trading with a higher leverage is one of the biggest mistakes made by beginners. We’ve seen some similar requirements with a few other brokers, however, FOREXer is offering one of the lowest caps out there for trading FX options and shouldn’t ask clients to complete the unnecessary quiz considering how restrictive this offer is in general. It’s easy to find leverage options of 1:30, 1:100, and higher without the need for any additional proof of competence to unlock those levels elsewhere.

On the other hand, P.R.O.F.I.T. account holders are supplied with a leverage cap of 1:500, which is on the opposite end of the spectrum. Those that open a Limited Real account do not seem to be able to use any leverage at all, meaning that those traders will be forced to trade with the amount of funds that are directly available in their account. One of the main draws to forex trading is the ability to use leverage, the lack of which makes the experience almost obsolete. Investment account holders are limited to a leverage cap of 1:5. 

Trade Sizes

The minimum order volume is one micro lot (0.01) on currency pairs and one mini lot (0.1) for other trading products. Hedging and scalping are supported within the trading platform; however, the broker advises against scalping with advice that the form of trading usually ends up in large losses. There is also a limitation that only allows scalping under leverage of 1:10. 

Trading Costs

FOREXer profits through spreads and swaps, with zero commission fees being one of the broker’s main advantages. This often results in slightly higher spreads, but many traders prefer this type of account setup for the fact that it is easier to keep up with the cost of placing a trade. On the downside, the broker offers spreads from 2.5 pips, which is high even considering the lack of commission charges. Overnight interest charges, or swaps, are also applicable. Swaps are credited or debited on positions that are held past the daily market closing time based on current market rates. On Wednesdays, swap fees are tripled. The broker mentions that there are no hidden fees, so traders shouldn’t expect to pay inactivity fees, maintenance fees, or other hidden charges. 

Assets

Forexer offers 26 currency pairs, which consist of majors like EURUSD and USDJPY and minors, with no option to trade exotics. The spot metals Gold & Silver and energy products, including US Oil and Gas are also available. Note that the P.R.O.F.I.T. account is limited to 7 major currency pairs and Gold, with no option to trade additional FX pairs, Silver, or energies. The Investment account only offers access to currency pairs. According to the website’s investment chart, agricultural options and stocks are available on-demand for Real account holders. In another section of the website, the broker claims that stocks are not available at all. Agricultural products may or may not be available upon demand. 

Spreads

All accounts seem to share the same starting spreads from 2.5 pips. At 1 pip higher than the industry average, the currency pairs EUR/USD, GBP/USD, and USD/JPY are the only currency pairs available for this price. From there, spreads are raised to 3 pips on USD/CHF, 4 pips on EURGBP, and then 5 – 14 pips on the remaining currency pairs. Spreads on Gold & Silver are listed at 70 pips. It would be difficult for traders to turn a profit under these conditions unless one sticks with instruments that maintain a 2.5 pip range. Even then, the broker’s clients will have less of a chance of success. It’s also odd that better spreads aren’t offered to those clients that deposit $10K or $100K for one of the better account types. We’ve provided a few spread examples below. 

  • EURUSD: 2.5 pips
  • AUDUSD: 5 pips
  • AUDCHF: 9 pips
  • Gold/Silver: 70 pips

Minimum Deposit

FOREXer asks for a fairly significant deposit of $200 USD to access their Limited Real account. While the account does offer trading on all of the supported instruments, traders won’t have access to a leverage higher than 1:1 on the account, which could be a deal-breaker. Elsewhere, one could open a full live account for the same deposit or less. Upgrading from a limited account to a Real account will require traders to make a $2,000 deposit, which doesn’t seem to match the high spreads associated with the account. P.R.O.F.I.T. accounts also limit the trader’s experience under conditions that the account aims to limit losses, and the broker asks for another steep deposit of $10K on the account. Finally, the most expensive Investment account requires a deposit of $100K or more. 

Deposit Methods & Costs

FOREXer only accepts deposits through bank wire transfer. Although this is a traditional funding method, wire transfer goes hand in hand with fees and longer processing times. The lack of other options can be inconvenient and many other brokers offer cards and often times e-wallets as available deposit and withdrawal methods. Note that the broker does not charge fees on incoming deposits from their side, but it is unlikely that traders will receive the full amount after banking fees. Any deposit that is received after the 12:30 p.m. (GMT) cutoff time will not be credited until the following business day. 

Withdrawal Methods & Costs

With bank wire being the only method of withdrawal, traders will likely be forced to pay fees charged by their own personal banking institution. Fees can be as low as $15 but are typically around a range of $25 – $50. If you’re unsure of your bank’s policy, then we would recommend reaching out to find out exactly how much of a fee will be charged. It’s disappointing that other methods aren’t available, although traders should keep in mind that profits are typically withdrawn to bank wire in general through other brokers. In order to submit a withdrawal request, traders can send the completed withdrawal request form through fax or email, fill out the online form, or contact the broker over the phone to request the withdrawal. 

Withdrawal Processing & Wait Time

Once a withdrawal request has been completed, the entire withdrawal amount will be removed from the trading account and should “immediately” be transferred to the bank account according to the website. However, actual terms state that requests are considered during the odd working hours of 4:30 a.m. to 7:30 a.m. (GMT) and any forms that are turned in after the early morning cutoff point won’t be processed until the following business day. Requests are not processed on Friday, Saturday, and Sunday. 

Bonuses & Promotions

Although the website lists a monthly drawing that is labeled as coming soon, the link to the promotion doesn’t work. It seems as though the broker is introducing the offer soon, so traders will need to keep an eye out for any updates. Judging by the photo, it seems as though random numbers will be drawn monthly and the client with the matching trading account would win some type of prize or bonus, but traders should be sure to check out any terms related to the promotion once the website is updated. 

Educational & Trading Tools

FOREXer offers the following resources:

The catch is that traders would seemingly need to open and fund a live account in order to use any of those features since resources can’t be accessed from the website directly. Traders shouldn’t have to pay to access resources, especially considering that most of the broker’s offers can be found on other websites for free. 

Demo Account

Traders can open a risk-free demo account by clicking the option on the homepage and following these steps:

  1. Download, install and run the online trading platform on PC
  2. Complete the required fills regarding personal information, select the type of account and virtual fund amount
  3. Make a note of the login and password. These are not accessible later on. 
  4. Start trading from the demo account

Demo accounts serve multiple purposes in today’s world of Forex trading by allowing traders to practice strategies, learn to navigate trading platforms, test different leverages, trade under any specific broker’s conditions, and so forth. Note that this broker offers agricultural options like Coffee, Sugar, etc. on their demo accounts, but those options may or may not be accessible on any of the live accounts. The demo account also allows traders to trade certain options that aren’t offered on each of the live accounts. 

Customer Service

Support is available 24 hours a day, Monday – Friday, via chat, email, phone, or callback request form. FOREXer employees multilingual agents and offers support in English, Persian, Arabic, Urdu, and Hindi. Traders that want to start a chat can click on the photo of the person with a headset at the top right of the website and choose a topic from support, general inquiries, or funding questions. Note that the chat window isn’t entirely efficient – the popup window blocks out the webpage and closing the page results in chat closure. The website will require traders to enter their name again and begin a new chat if the previous one is closed. Traders would use the same email address in order to get in touch with support, but phone numbers differ by location. Contact details have been listed below.

  • Email: [email protected]
  • Dubai, UAE: +9714 2965553 (Fax: +9714 2967404)
  • Central Office (USD): +1 302 3001130
  • New Zealand: +64 9 927 4936 (Fax: +64 9 927 4999)

Countries Accepted

The broker doesn’t list any restricted countries on their website. While this is a good sign, it doesn’t necessarily mean that everyone is accepted, although anyone can begin the account application process due to the fact that a name and mobile number are the only required fields to start the application. If you’re located in a restricted region, support would likely reach out to let you know at some point during registration. 

Conclusion

FOREXer is an online foreign exchange broker that offers its clients access to 26 currency pairs, plus metals, energies, and possibly agricultural options, depending on the chosen account type. The broker offers a Limited Real account for $200 USD, a full Real account for $2,000 USD, and other accounts for $10K+. The limited account doesn’t even provide traders with leverage, while the Real account requires traders to pass a quiz in order to use a ratio higher than 1:10. Under the P.R.O.F.I.T. account, operations are limited and traders can only place one trade at a time, while part of the account’s funds are held in a savings account. Spreads start from 2.5 pips and many options climb to 5 pips or higher, which is more than 3x the industry’s average 1.5 pip range.

Commissions aren’t charged on any of the live accounts, but trading costs still come out to a higher amount that will eat into client’s profits. The only supported payment method is bank wire transfer. Agents can be contacted through chat, email, or phone 24/5. Those that are looking for promotional opportunities may be able to participate in a monthly drawing in the near future. A training program is only offered to traders that open and fund a live account, but anyone can open a demo account for free. 

Categories
Forex Brokers

CapitalFX Club Review

Capitalfx Club, or CFXC, is a product of the company PRO Capital (est. 2013) that is based in the United Kingdom. There is some conflicting information on the web that suggests the broker is actually part of Game Capital Ads Limited, a company that is unregulated and blacklisted. Traders will definitely want to factor in the broker’s shady background before making an investment. A diverse instrument portfolio is offered by the broker, along with decent spreads on their most affordable account type. We’ve compiled a more detailed review to assist those that may be considering opening an account despite the broker’s less than solid background history. 

Account Types

CFXC features four live account types; Standard, Classic, Gold, and Premium. Islamic accounts are also available upon request. The Standard and Classic accounts are on the more affordable end, while the other two accounts ask for deposits of $20,000+. There is no need to compare leverages based on the account type, as the broker offers the same 1:200 cap to all traders. Standard account holders are provided with the most basic experience – those traders cannot access basic online chat, cannot trade certain instruments, AutoChartist, or signals. Gold and Premium accounts offer special features, including a VIP manager, direct individual telephone line, signals, etc. The Premium account also offers special promotions and personal stock market reports. As far as the actual trading conditions, such as spreads and commission costs, the broker is fairly silent.

We do know that spreads are from 1.6 pips on the Standard account, but there isn’t any information listed for the other accounts anywhere on the website. It almost seems as though CFXC is trying to take attention away from the lack of important information by mentioning extra perks that come with their more expensive accounts. The broker reserves the right to perform credit checks, bank references, employer checks, and other checks whenever applicable and they may accept, reject, or modify the terms of one’s trading account based on the data they receive. This could possibly affect the maximum leverage one has access to or other conditions. We’ve provided a quick overview of each account type below. 

Standard Account

  • Minimum Deposit: $250 USD
  • Leverage: Up to 1:200
  • Spread: From 1.6 pips
  • Commission: NA

Classic Account

  • Minimum Deposit: $2,500 USD
  • Leverage: Up to 1:200
  • Spread: NA
  • Commission: NA

Gold Account

  • Minimum Deposit: $20,000 USD
  • Leverage: Up to 1:200
  • Spread: NA
  • Commission: NA

Premium Account

  • Minimum Deposit: $50,000 USD
  • Leverage: Up to 1:200
  • Spread: NA
  • Commission: NA

Platform

The award-winning MetaTrader 4 platform is the only supported trading platform available through Capitalfx Club. MT4 comes in multiple languages and is widely accessible on PC, iOS, Android, tablets, and through the online version, known as WebTrader. The platform basically serves as an all-in-one trading solution, with Expert Advisors, analysis objects, charting tools, and several other features built-into the program. If you ask professional investors which trading platform they prefer, 9/10 of them will likely tell you that MT4 is the best platform on the market. Having access to a popular trading platform option like MT4 could certainly be considered an advantage; however, the platform is widely available through other brokers as well. 

Leverage

CFXC offers a maximum leverage cap of up to 1:200. The option is available for both retail and personal investors, and all account holders will have access to this option regardless of the chosen account type or the account’s equity. If you compare this broker’s offer with others, you may find higher leverages of up to 1:400 and higher for accounts that are similar to CFXC’s Standard and Classic accounts. On the other hand, having access to an option as high as 1:200 is extremely flexible for Gold and Premium account holders, since many brokers would set much more restrictive limitations on those types of clients. Overall, the broker’s leverage caps should be sufficient for all types of traders on each account. 

Trade Sizes

The broker’s website doesn’t provide us with any information about trade sizes. Considering that there is no Micro/Mini/Cent account type available, it is possible that the broker wouldn’t support the trading of micro-lots. Of course, some brokers do allow micro-lots on various account types. We still have several questions about trading conditions, and support was not very helpful considering that we did not open one of their expensive accounts that grant access to chat or phone support lines. 

Trading Costs

The costs of placing a trade through this broker aren’t exactly clear. The website does tell us that spreads start from 1.6 pips on the Standard account, but isn’t clear whether the same spreads are offered on each account type. The website also fails to mention commission charges, although that could suggest that those charges aren’t applicable. Unless one is trading from a specially requested Islamic account, then overnight interest charges would be applied anytime a specific position is held past market closing time. Swap rates are not listed on the website and can only be accessed through the MT4 platform. It is difficult for us to recommend traders make a large deposit with a broker that fails to provide a basic overview of their trading costs. Usually, brokers tend to hide these facts when they are not ideal, although the broker does advertise decent spreads. 

Assets

Capitalfx Club’s investment portfolio includes multiple currency pairs, plus CFD’s on indices, commodities, stocks, and even cryptocurrencies. In total, there are 66 FX pairs to choose from, which is impressive considering that some competitors only offer half of that. Available commodities include energies like Brent Oil, Natural Gas, and WTI Oil, plus precious metal options Gold, Silver, Palladium, and Platinum. We counted 11 indices, including NASDAQ, DAX, and more. If you’re looking to trade stocks, you’ll find multiple American options available for investment. The broker is also offering multiple cryptocurrencies, which include some of the most popular options like Bitcoin, Dash, Ethereum, and Litecoin, alongside some lesser-known options like NEO, Zcash, IOTA, and more. All of the available instruments are listed on the broker’s homepage under “Financial News”. 

Spreads

The only account that gives us an idea of the associated spreads would be the Standard account, which comes with decent starting spreads from 1.6 pips. Assuming that CFXC follows the same structure as other brokers offering multiple account types, then we would assume that spreads are tighter on the accounts that require larger deposits; however, the broker isn’t very transparent about that, and it doesn’t make much sense for one to make a $50,000 deposit without being certain that they would gain access to competitive conditions. 

Minimum Deposit

It costs at least $250 to open an account and the most expensive account requires a $50,000 deposit. The $250 minimum deposit on the Standard account doesn’t provide traders with many options. Those account holders wouldn’t even have access to online chat support or CFD’s on indices. Traders won’t have access to much more if they decide to open a Classic account, which requires a $2,500 deposit. The Gold and Premium accounts come with a couple of listed advantages in the form of VIP managers and basic access to support, but the broker asks for a steep $20,000 deposit on the Gold account and $50,000 on the Premium account. CFXC seems to focus on those that can make larger deposits, although the broker doesn’t even paint a clear picture of what advantages those clients would receive when it comes to trading costs. 

Deposit Methods & Costs

Accounts can be funded by debit/credit card (Visa/MasterCard/Maestro), bank wire transfer, Neteller, and AstroPay. There is a 250 USD minimum deposit requirement for each deposit that is made by card and a $10,000 USD maximum deposit limit on card deposits. Each time a new method is used for repayment, the broker requires the method to be verified and documents should be up-to-date to avoid slowing down the process. It’s free to make a deposit using any payment method. 

Withdrawal Methods & Costs

Withdrawals can be made through bank card, bank wire, Neteller, and AstroPay. Funds that were deposited by card can be withdrawn back to the original card or to the client’s bank account. Note that there is a $100 minimum withdrawal requirement for each separate withdrawal request. The requirement is steep and could be frustrating later down the road since traders could wind up with a larger amount of funds stuck in their trading account. This could essentially leave $90 or more in the account with no way for the trader to withdraw it without depositing more funds. The website isn’t transparent about any associated fees, aside from mentioning that some banks may charge an additional fee for each transfer. 

Withdrawal Processing & Wait Time

The financial team processes withdrawals on Monday and Tuesday, between 09:00 – 16:00, and on Fridays from 09:00 – 13:00. Note that the complete lack of processing on Wednesdays and Thursdays, alongside the half working day on Friday will result in longer wait times than average. If a request is submitted after business hours, the team won’t begin to process the request until the following business day. If you submit a request on a Tuesday evening, this means that the broker won’t even begin to look at your request until Friday – and then you’ll be waiting through the weekend as well due to CFXC’s 48 business hour processing time. 

Bonuses & Promotions

Capitalfx gives a 30% bonus on the first deposit that is made. The time period is limited and some conditions do apply. Traders must buy or sell at least 3.3 lots in real money mode for each unit of $10 granted before submitting any withdrawal requests. Rewards and one-time trading bonuses have time limits and their conditions can change at any time. In order to withdraw any of those funds, traders will need to fulfill a minimum trading volume that is 25 times for every $1 reward. If a withdrawal is requested before those conditions are fulfilled, then the bonus amount will be canceled.

Educational & Trading Tools

The website’s homepage features a graph related to financial news that is updated often with current prices on instruments. Daily news is also featured alongside the financial graph, but the last time that a news article was uploaded was in October of 2019. Aside from those very limited options, there simply isn’t anything offered education-wise on the website. Traders will find a host of tools within the broker’s MT4 platform, although it would be helpful for the website to feature some calculators, an economic calendar, VPS, or other tools that aren’t actually built-into the trading platform. 

Demo Account

Unlike the majority of their peers, CFXC does not provide risk-free demo accounts on its website. This puts traders at a disadvantage due to all of the possibilities that are made available through demo accounts – beginners can practice without risking funds, traders can test out different strategies and leverage, potential clients can try trading under the broker’s conditions to see if they’d like to open an account, and the list goes on. Most brokers manage to provide these simulation accounts as the bare-minimum educational tool, so it is disappointing to see that this option is missing. 

Customer Service

The broker limits the support options one would have access to based on which account type they can afford. In fact, traders that can’t afford a $2,500 deposit won’t even be able to access basic online chat and the broker is only willing to provide a direct telephone line to Gold and Platinum account members. These aren’t features that one should have to pay to unlock, yet CFXC lists these features as though they are advantages. The broker is only willing to provide email and Skype addresses for those traders that don’t have the privilege of using online chat or calling by phone. Note that the broker does provide icons for Facebook, Twitter, Google+, and YouTube at the bottom of the website, but there are no links to direct traders to those social media accounts.

Overall, we aren’t satisfied with the lack of listed support hours and the qualifications that are required to access basic contact methods. If there is a technical issue or emergency, then all traders should have the same priority and be able to reach an agent instantly if the broker is able to provide that option. CFXC makes it seem as though those that don’t have a lot of funds aren’t as important and don’t deserve a quick response. Listed contact details have been provided below. Those that open a qualifying account would probably receive the broker’s direct phone number once the account is approved. 

Countries Accepted

The broker’s lack of regulatory oversight provides one advantage when it comes to clients that can be accepted. This makes it possible for traders from the United States, Japan, and other commonly restricted countries to open an account with no issue. It can be difficult to find other brokers that are willing to accept clients from these locations, so those traders may want to add CFXC to their list due to the fact that options will be much more limited overall. 

Conclusion

Capitalfx Club is an online foreign exchange broker with an investment portfolio that includes multiple options, including 66 FX pairs, CFD’s, and even several cryptocurrencies. It costs $250 to open a basic Standard account. The broker’s 1:200 leverage cap is sufficient and is especially generous to Gold and Exclusive account holders. The website can be vague, to say the least. We don’t know anything about the spreads on multiple account types, whether commissions are charged, what trade sizes are supported, etc. We do know that spreads start from 1.6 pips on the least expensive account, which is decent. Withdrawing funds is a hassle due to the broker’s $100 withdrawal minimum and the fact that withdrawals aren’t even processed on Wednesdays or Thursdays, plus support is only in the office for half-days on Fridays.

The broker places more importance on higher-level members. Even basic customer service options like chat and phone are only available to certain account holders. CFXC is offering a generous 30% bonus on initial deposits for a limited time. Trading tools, educational resources, and even demo accounts are basically absent from the broker’s website. There are some advantages, but one would need to look past the vague outline of trading costs, withdrawal burdens, and the fact that the broker believes their wealthier clients are more worthy of customer support’s attention. 

Categories
Forex Brokers

BML Bolmax Management Broker Review

BML Bolmax Management offers leveraged trading of up to 1:100 on FX, metals, CFDs, indices, stocks, oil, and gas. Since its establishment in 2009, BML has managed to attract about 7,000 clients and manages to compete with larger brokerages by offering MetaTrader 4, low spreads, 3 account types, including a zero-commission option, etc. The broker claims to be focused on customer interests, transparency, evolution, regulatory compliance, and professionalism. With those goals in mind, we set out to discover which qualities have kept BML in business in such a competitive field. 

Account Types

BML offers three separate account types; Standard, ECN, and ECN-VIP. The Standard account requires a typical $100 deposit while offering advantages in the form of low spreads and zero commission fees. The ECN account requires a steeper deposit in exchange for lower spreads. Like both of the other accounts, the ECN account offers a leverage cap of 1:100.  In order to open the exclusive ECN-VIP account, traders will have to deposit at least $50k. This account type offers the lowest starting spreads and its commission charges are lower than those on the regular ECN account. Both ECN accounts also come with quarterly charges, at $20 on the regular ECN account, and $25 on the ECN-VIP account. Note that there are some mistakes on the company’s account type page, with a particular mistake noting a lower deposit requirement on the VIP account. The correct conditions for each account type have been listed below. 

Standard Account

  • Minimum Deposit: $100 USD/EUR
  • Leverage: 1:100
  • Spread: Floating from 0.5 pips
  • Commission: None
  • Quarterly Charges: None

ECN Account

  • Minimum Deposit: $5,000 USD/EUR
  • Leverage: 1:100
  • Spread: Floating from 0.4 pips
  • Commission: $5 USD per lot
  • Quarterly Charges: $20

ECN-VIP Account

  • Minimum Deposit: $50,000 USD/EUR
  • Leverage: 1:100
  • Spread: Floating from 0.3 pips
  • Commission: $3 USD per lot
  • Quarterly Charges: $25

This broker requires all clients to provide documents for account verification upon sign-up. The only document required would be an identity document, which provides an advantage for any client that would have issues providing a standard address document (like a utility bill or bank statement) that is commonly asked for by other brokers. On the downside, it can take the broker 2 business days to verify the client’s photo ID, causing a slight delay before trading can begin. 

Platform

This broker offers one all-inclusive trading platform, MetaTrader 4, which is available on PC, Mac, iOS, Android, or through the browser-based Webtrader. MT4 is the most preferred trading terminal in the world, due in part to its easy-to-learn, customizable, and user-friendly interface. The program includes many features that are helpful to traders, like charting tools, analysis objects, and customization tools. MT4 also supports one-click trading, four pending order types, multiple languages, Expert Advisors, and more. The platform has remained superior over others for the last several years and should come equipped with enough features to satisfy any type of trader. 

Leverage

This broker offers a maximum leverage cap of 1:100 on all three account types. Research shows that this is the most commonly chosen leverage among professionals, so this option should be satisfying enough for most traders. Comparing BML’s cap with some of its competitor’s offers may make the amount seem less attractive, although this will only affect traders that have significant funds to risk. Beginners may want to choose leverage that is lower than the maximum offer, considering that trading with higher leverage is risky and could potentially result in large losses, rather than gains. 

Trade Sizes

All accounts require a minimum trade size of one mini lot, meaning it is impossible to trade micro-lots through this broker. Accounts also share a maximum trade size of 100 lots and allow an unlimited number of positions to be open simultaneously. Margin call occurs at 80% and stop out would be initiated at 70% margin. Once stop out is initiated, the least profitable trades would begin to be closed out one by one. Scalping and automated trading are supported.

Trading Costs

This broker profits through spreads, commissions, quarterly fees, and swaps. The Standard account offers a commission-free experience, with spreads starting as low as 0.5 pips, a much lower option than the industry average, especially for this type of account. Comparing both of the ECN accounts, you’ll quickly notice that the ECN-VIP account seems to be the most advantageous in terms of cost. The ECN account offers a spread that starts from 0.4 pips, and commissions are $5 per lot. On the ECN-VIP account, spreads start at 0.3 pips and commissions are only $3 per lot.

Both accounts charge minimum quarterly fees and this is where the regular ECN account offers an advantage, due to the fact that it has a $20 quarterly fee, while the VIP version charges $25 quarterly. Over a year, it would cost $20 extra dollars in fees to operate a VIP account, although these costs would likely be made up for through the lowered pricing in other areas. All positions opened at 23:59 GMT will incur swaps when transferred over to the next trading day. For currencies and metals, the swap is estimated at swap points and the swap is valued at an annual percentage on the other instruments. Charges can be positive or negative and triple charges will occur on Wednesdays.

Assets

BML markets 37 currency pairs, metals, CFDs on indices and stocks, oil, and gas. Although the number of available currency pairs is on the lower side of the spectrum, we do get majors, minors, and some exotics, including popular options like the Mexican Peso, Hong Kong dollar, Danish Krone, Sweden Krona, and more. Spot-metals include Gold, Silver, Pallidum, and Platinum. CFDs are offered on indices and on Russian stocks and indices. There are also several CFDs offered on US stocks in popular companies like Google and AT&T. Gas and oil options include Brent Crude Oil, WTI US Crude Oil, and Natural Gas. In total, we counted just below 100 options, with the final count being 93 tradable instruments. 

Spreads

All spreads offered by this broker are floating. The tightest spreads are exclusively available on the ECN-VIP account and start well below-average, at just 0.3 pips. The next best option would be the spreads on the regular ECN account, with options starting at 0.4 pips. If you don’t have the capital to open one of the more expensive account types, it will still be possible to access low spreads on the Standard account, with spreads starting from 0.5 pips. Considering that the industry average gravitates more towards 1.5 pips, it is promising to see such low options. 

Minimum Deposit

The broker’s most affordable account would the Standard account type, which requires a minimum deposit of $100 (USD/EUR). Some competitors ask for $200+ deposits for this type of account, while a few others ask for lower deposits around $5 or less. If you’d like one of the ECN accounts, you’ll need to make a significantly larger deposit of at least $5,000. This is the asking amount on the regular ECN account, while the ECN-VIP account requires a deposit of $50,000. 

Deposit Methods & Costs

Depositing is limited to Bank Transfer only. While this method is secure, we do see many other brokers offering cards and popular e-wallets as a more convenient alternative. Note that payments must be made from a bank in the client’s name, or otherwise sent through an invoice through any bank. The broker does not charge their own fees on incoming deposits but recommends clients ask their particular bank about any fees that may be applicable. It typically takes between 1 and 5 business days for funds to post to the account once the deposit has been sent. 

Withdrawal Methods & Costs

Withdrawals would also be limited to the only available payment method, Wire Transfer. If funds are transferred to a bank account that has a different currency, current exchange rates will apply. Once again, the company does not charge fees on their behalf but suggests clients reach out to their banks to ask about any applicable fees. We typically see amounts from $25 to $50 charged on the bank’s side in these cases.

Withdrawal Processing & Wait Time

The broker processes withdrawals within 1 to 5 business days. Once the request has been approved, then it will take another 1 to 5 business days for the bank to credit the account with the funds. It’s possible that funds could be received relatively quickly if the broker finishes processing the request within a day or two. 

Bonuses & Promotions

Currently, this broker isn’t offering any extra bonus opportunities, like no-deposit bonuses or welcome bonuses. It isn’t surprising to see that this is missing, since this is a smaller broker. It’s possible that BML may offer bonuses or run promotions in the future if they manage to attract a larger client base. It would be nice to see something available in this category, although this shouldn’t be enough to warrant switching to another broker. 

Educational & Trading Tools

Educational options consist of a handbook, demo accounts, and basic terms. The handbook only covers data on bank interest rates and the main macroeconomic indicators, while the basic terms section offers is brief and contains less information than a typical forex glossary. As for trading tools, we do get a slightly better selection, including news, an FX calendar, charts, quotes, and a market review. 

Demo Account

Demo accounts serve as simulation experiences for those that are considering opening an account with a forex broker, and these account types allow one to test out the broker’s conditions and practice trading on the offered platform, all while using virtual currency. Fortunately, BML provides access to these risk-free accounts, along with the majority of others. The broker’s demo account mimics all of the conditions offered on their live accounts and can be opened through the MT4 trading platform. 

Customer Service

Getting in touch with a support agent isn’t as convenient as we’d like it to be, with the only contact option being email. If you click to the left of the screen anywhere on the website, a handy tab will appear that allows one to type a message and send it to a customer service department manager, which is slightly faster than drafting an email the old-fashioned way. The broker does still provide their email address however, should one prefer to send an email that way.  The website states that all emails will be considered within 48 hours, although it doesn’t specify what falls within business hours, or whether weekends count towards the total wait time. It seems that the broker’s smaller size also causes them to fall short in this category since many larger brokers can afford to staff LiveChat agents and provide direct phone numbers, or at least take callback requests. The broker’s email address is [email protected]

Countries Accepted

Registration is as simple as filling in your email address, choosing a password, and entering a displayed security code. Unlike many other forex brokers, BML does not even require one to select a country while completing the registration process. The website doesn’t mention any restrictions, so it seems that clients are welcomed from all locations. 

Conclusion

BML Bolmax Management offers 93 total instruments, which are made up of FX, metals, CFDs on indices, stocks, gas, and oil. A Standard account can be opened with $100, while it costs at least $5,000 to open a different account. One of the broker’s main advantages would be the lower than average spreads on all account types, although there are commission costs and quarterly fees charged on both ECN accounts. Taking a look at other potential drawbacks, some traders will consider the leverage cap of 1:100 to be slightly confining. Account funding is also limited to Bank Wire Transfer, with any applicable fees being charged from the bank’s side. It can take anywhere from 2-10 business days for funds to be credited in the case of withdrawals.

Currently, the broker isn’t offering any bonus opportunities and there are no ongoing promotions. Educational options are limited, although the broker did add a few tools to their website. Wait times for customer support can be longer than average, as it can take at least 48 hours for support to respond by the broker’s only contact method, email. For a smaller broker, we would expect to see higher prices and fewer advantages. BML does fall short in some of the extra categories but manages to provide an environment that a novice trader with a slim deposit could profit in, and that seems to be enough to make them worthy of our consideration. 

Categories
Forex Brokers

AccentForex Review

AccentForex is a non-dealing desk FX and CFD broker. The trademark name belongs to the group Accent Markets Group, which was established in 2010 under the regulatory oversight of the Vanuatu Financial Services Commission (VFSC). AccentForex is primarily located in Vanuatu, with a secondary office located in Indonesia. On their website, the broker describes their main purpose as providing high-quality services under trading conditions that will provide clients with the maximum opportunity to profit. Our research shows that one can in fact access some advantageous conditions without making a large deposit through this broker; however, you’ll want to read more before deciding whether this option will be the best fit. 

Account Types

AccentForex offers four different account types: Micro, Mini, STP, and ProFit. The first three account types can be opened with deposits of $100 or less, while the PROFIT account is the most expensive. The Micro account types offer the ability to trade micro-lots with a $50 deposit and a leverage of up to 1:500. The Mini account allows for the trading of mini lots, with a leverage of up to 1:200 and spreads from 0.5 pips.

As for the STP account, some conditions are shared with the Mini account, although the spread starts lower, from 0.1 pip. The ProFit account shares the same spreads as the Mini account and is the only account type to offer an unlimited maximum account balance. Mini account offers access to 20 FX and CFD instruments, while the other accounts offer 60 FX and CFD options. A swap-free status can be applied to any of the account types, although the broker would require some form of documentation that proves the client is of the Islamic religion. We’ve provided an overview of each account type below. 

In compliance with their regulatory authorities, the broker requires proof of identity and residency documents before accounts can be entirely verified. For the ID document, traders can generally provide any document that displays a name and photo, typically in the form of passports, driver’s licenses, etc. Proof of residence documents would be in the form of bank statements, utility bills, etc., displaying the full name of the client and dated within the last 3 months. 

Platform

AccentForex exclusively features the world-famous MetaTrader 4 trading platform as its sole platform option. Even with the newer version, MT5, being released, this option still remains the most popular choice in the world of forex trading. MT4 is available through the browser-based WebTrader, or for download on PC, Mac, iOS, and Android devices, so accessibility should be no issue. One of the most popular draws MT4 offers is an easy-to-learn, customizable interface that is adaptable for traders of all different skill levels. The program also provides multiple trading tools – Expert Advisors, more than 20 analytical options, copy trading, charts, 4 pending order types, etc. and is multilingual for customer convenience. MetaTrader 4 should leave no room for disappointment. 

Leverage

The Micro account definitely provides for the most flexible leverage options, from 1:1 up to 1:500. This cap is significantly higher than what many of the broker’s competitors are offering and is a condition worth boasting about. However, the broker drops the cap lower, to 1:200 on the Mini and STP accounts. For the ProFit account type, the broker will only allow traders to use a leverage of up to 1:00. The lower caps are still high and should really only affect professionals who prefer the high-risk experience that comes with trading with leverages as high as those offered. 

Trade Sizes

The Micro account allows for the trading of micro-lots, while the Mini and STP accounts share a minimum trade size of 0.1 lot, and the ProFit account requires a minimum trade size of 1 lot. We see a maximum trade size of 5 lots on the Micro account type. Conditions are not listed for the other account types. The website also fails to list margin call and stop-loss levels. 

Trading Costs

This broker primarily profits through spreads and swaps, although there is no information listed on the website pertaining to whether or not the broker charges commissions. Available spreads can be advantageous on certain account types, although spreads start from a higher 2 pips on the Micro account type. Swaps would be applicable when holding positions open overnight, with triple charges occurring on Wednesdays. Islamic accounts would be the exception, and will likely charge an administration fee in place of swaps. The broker is extremely vague about describing any potential commission fees, so one should keep in mind that it is possible these fees could come up once trading activity is initiated. There don’t seem to be any inactivity fees with this broker and a 0.2% charge is applicable when transferring funds through the broker’s MoneyBox. 

Assets

AccentForex offers an impressive asset portfolio that includes more than 140 total instruments, although those on the Micro account type will only have access to 20 FX and CFD options. The investment options for the other account types are made up of 64 currency pairs, Precious Metals, Stocks, Oil, and other Commodities. Fortunately, the larger number of assets can be accessed with a simple $100 deposit if the Micro account’s limitation is an issue. The broker doesn’t offer an exact product page on their website, so we can’t offer more detail about exactly how many of these options are available. 

Spreads

Traders will find that the highest spreads are associated with the Micro account type, starting from 2 pips. Surprisingly, the Mini and ProFit accounts share the same starting spreads of 0.5 pips. This gives those without a lot of capital an advantage, since better spreads can be accessed with as little as a $100 deposit if one has chosen the Mini account type. STP accounts offer the lowest starting spreads – from just 0.1 pip. These spreads are extremely competitive for an account that only asks for a $100 deposit, although one will want to remember that spreads are floating on all accounts, which could lead to some fluctuations at times of market volatilely. 

Minimum Deposit

Although some brokers do offer the ability to open an account with no deposit requirement, we’re still happy to report that AccentForex is only asking for a $50 deposit to open a Micro account. This amount is low enough that it shouldn’t be a problem for any type of trader and it also allows for some flexibility before one will need to make another deposit. For the Mini and STP accounts, one would only need to deposit $50 more dollars, for a total of $100 USD. The ProFit account type is the most expensive, although the minimum deposit requirement is only $1,000. Overall, we see options that are low with this broker, and traders should be able to choose from at least the Micro, Mini, or STP account without seeing any restrictions based on affordability. In addition to setting minimum deposit requirements, this broker also limits the total balance that can be held on some of their account types. The Micro account tops out at $1,000, while the Mini and STP accounts top out at $10,000. The ProFit account is the only account that will allow for an unlimited account balance. 

Deposit Methods & Costs

Accounts can be funded via Bank Wire, Visa/MasterCard, Skrill, Neteller, Bitcoin, Perfect Money, QIWI, and Advanced Cash. A 2.5% fee will be charged by Perfect Money and Advanced Cash, while Qiwi charges 4%, and Skrill and Neteller charge a 4.5% deposit fee. The only deposit fees for Bank Wire are charged on the bank’s side, so one would want to check with their bank for those exact numbers. There is no fee for sending funds via Bitcoin; however, the credited amount may differ from the sent amount, based on current exchange rates. Deposits are typically credited within seconds to minutes. 

Withdrawal Methods & Costs

All deposit methods are available for withdrawals, with a minimum condition of $5 EUR per withdrawal. The broker also requires funds to be withdrawn back to the originating payment method, for example, any amount deposited by card would need to be withdrawn back to that same card. Funds can only be withdrawn to bank accounts if a bank account was previously used to deposit. The broker does take a conversion fee of 0.2% for sending funds from their “MoneyBox” to a chosen withdrawal method, so traders will want to keep that in mind when transferring funds back and forth. If a card withdrawal is requested with no trading activity, an additional 3.9% fee will be charged on top of the payment provider’s fees. All applicable fees have been listed below. 

  • Card: Payment Provider’s fees (+3.9% if there is no trading activity)
  • Skrill: 1% 
  • Neteller: 2% ($30 cap)
  • Perfect Money, Advanced Cash: 2% 
  • QIWI: 3.5% 
  • Bitcoin: NA (Conversion differences)
  • Bank Wire: $55 (or higher for amounts less than $1,000)

Withdrawal Processing & Wait Time

The broker will credit Skrill, Neteller, Perfect Money, Qiwi, and Advanced Cash withdrawals within 24 hours. It can take up to several hours for funds to clear on Bitcoin, as long as market conditions are normal. It typically takes 3-5 banking days for withdrawals to be credited back to bank accounts or cards, with a maximum estimated timeframe of 6 banking days. 

Bonuses & Promotions

The broker is currently offering several ongoing opportunities to earn cashback through bonuses, loyalty programs, and interest. First, clients can earn a 40% deposit bonus on any initial or replenishment deposit, on deposited amounts of $100 or more. Traders must fill out a form applying for the bonus before any trading activity takes place and the maximum payout is $4,000, on up to 5 total deposits. A cash + 35% bonus can be selected as an alternative and offers tradable funds on deposits of $300 or more. The maximum payout for this offer is $1,050 and traders must also fill out the request form before any trading activity takes place (once the account has been funded). These opportunities cannot be combined, so traders will need to apply for one or the other.

An 8% interest program is also available and is deposited monthly, on active accounts that have traded at least 5 lots that month. Two percent interest will be granted on accounts that trade less than 5 lots per month, deemed inactive. The bonus is available for all accounts, aside from swap-free Islamic versions. The broker seems to update this section of the website periodically and has even offered demo contests in the past, so one would want to keep an eye out for any updates. 

Educational & Trading Tools

Educational resources can be found on the website under “For Traders” > “For Beginners”. As one might notice by the title, the material is clearly marketed towards beginners, with options limited to demo accounts, key terms list, a brief explanation of forex, and a brief explanation of forex analysis. Sadly, this section of the website is shallow and will not provide enough information for a beginner, so traders may need to look elsewhere for learning material. As for tools, we do see an economic calendar, forex news, and forex analysis. 

Demo Account

This broker offers free demo accounts as a way for their potential clients to test their conditions and practice on the MetaTrader 4 platform without risking any real funds. Although the broker markets these accounts towards beginners, demo accounts can also be an excellent tool for more experienced traders as well. Conditions mimic those on real accounts fairly accurately, although live price updates can sometimes be delayed by a few seconds. Accounts do not expire, on the condition that they are logged into at least once every 14 days. Demo accounts come preloaded with $10,000 worth of virtual currency. 

Customer Service

The broker’s customer support team can be contacted via LiveChat, email, or Skype. Note that the LiveChat is not located immediately at the bottom of the website as it is with most other brokers and can instead be accessed through the “Contact” page under “About US” on the website. One would also want to note that a direct phone number is not provided for the company, so traders will have to stick to online support. Separate working hours and email addresses are provided for different departments and have been detailed below. 

Client Support (24/5)

Accounting Department (9:00 – 21:00 UTC+2)

Introducers Support (9:00 – 21:00 UTC+2)

Sales & Marketing (9:00 – 21:00 UTC+2)

Technical Support (24/5)

Operational BackOffice (9:00 – 21:00 UTC+2)

Perwakilan Indonesia 

Countries Accepted

On their FAQ page, the company explains that service is not offered to residents of the United States or the United Kingdom. The company also suggests that these may not be the only countries that are restricted from opening trading accounts. A quick check of the registration page revealed that the US and UK are in fact missing from the sign-up list, although many other countries that are commonly restricted by other brokers are available. 

Conclusion

AccentForex offers leveraged trading of up to 1:500 from 4 different account types, on the award-winning MetaTrader 4 platform. Deposit requirements start as low as $50. More than 140 instruments are available, with starting spreads ranging from 0.1 to 2 pips, depending on the chosen account type. Unfortunately, the website can be vague at times and does not provide information about commission fees. Customer support is limited to online options, with no direct phone number listed, although the instant contact option LiveChat is available. Accounts can be funded through Bank Wire, cards, Bitcoin, and electronic payment methods, although fees add up quickly on deposits and withdrawals.

As far as educational resources and trading tools go, we see limited options that are mainly targeted towards beginners. The broker does offer a choice of bonus options and has other ongoing promotions, including accrued interest on funds and occasional demo account contests. Those that have less capital can certainly benefit with this broker, due to the advantageous conditions offered for a simple $100 deposit. Sadly, clients from the US and UK will not have the option to open an account with this broker. 

Categories
Forex Basics

Tips for Choosing a Forex Account Type

If you’re looking for a Forex broker, you may have noticed that there are multiple account options out there. Some brokers may stick with Standard/Classic accounts, while others may offer these in addition to Mini/Micro/Cent accounts, Premium accounts, VIP accounts, or even tier-based accounts (Silver, Gold, Platinum, etc.). The exact names may differ, but most accounts fall into one of three categories: Mini/Micro/Cent, intermediate (Standard, Silver, etc.), and VIP/Premium accounts. 

Starting Deposit

The size of your initial investment plays a huge role in the type of accounts that you will have access to. Most brokers set an initial deposit requirement for each of their account types, which could be from $5 to $100,000, or more. Here’s a quick overview of what you should expect:

  • Smaller accounts, like Mini, Micro, or Cent accounts, should require smaller deposits of around $100 or less. You should never have to pay $500 or more for one of these accounts.
  • Mid-level accounts, like Standard/Classic accounts, or possibly Silver, Gold, etc. can also offer starting deposits of $100 or less, although these accounts often require at least $100 or more to get started. This could even go towards the $500 range, or higher for tier-based accounts.
  • The best accounts offered are usually VIP or Premium and initial deposit requirements typically fall in the category of thousands of dollars, or even into the hundreds of thousands of dollars. 

Entry-Level Accounts

Mini/Micro/Cent accounts restrict the trade size to around 0.01 lot (one micro lot), which helps to control the risk factors on those accounts. The smaller trade sizes and lower starting deposits can be good for beginners, but these accounts aren’t without their faults. Most brokers don’t offer benefits to these account holders, and you can expect to see higher spreads on smaller account types. 

Mid-Level Accounts 

If you’re trading with a good broker, it is possible to find some benefits and nice spreads on a typical Standard or Classic account. Of course, any more expensive account offered by the broker will likely have more advantages, but this is a good place for novice traders to start, especially if you don’t have a ton of capital to invest. Many brokers offer deposit bonuses and other perks to these account holders. 

VIP & Premium Accounts

These accounts are the best of the best. Traders get the most benefits, best spreads, and lowest commission rates. The downside is that the deposits required on these accounts are often extremely high, placing them out of reach for many entry-level and even intermediate traders. 

Choosing the Best Account Type

Before choosing your brokerage account, be sure to take the following things into consideration:

  • Figure out how much you’d like to invest and do some comparing to see what that will get you. $100 might get you a Micro account with one brokerage, while it could get you a Standard account with better spreads through another.
  • Always check the spreads and commissions associated with each account. Average spreads fall into the 1.5 pip range. VIP and Premium accounts will often offer much lower spreads, but you’ll need to pay closer attention to smaller and mid-level accounts.
  • You will need to check the minimum and maximum trade sizes for any account you’re considering. Most Mini/Micro/Cent accounts offer a minimum trade size of 0.01 lot with lower maximum trade size. Some high-tier accounts require a minimum trade size of one lot. 
  • Check leverage options for any account you’re considering to be sure that options are suitable for your trading style. Accounts with lower deposit requirements usually offer the highest leverage options with brokers.
  • Know that some advantages shouldn’t be based on account type. For example, fee-free withdrawals are offered by many brokers, but some may only offer this to VIP account holders while forcing lower-tier account holders to pay large withdrawal fees. 
  • Remember to look at other factors of any broker you’re considering. Available funding methods, fees, educational options, and other important factors will affect your experience, regardless of how good of an account you’ve chosen.

Conclusion 

Choosing a live account is an important decision, as it will undoubtedly affect your profits and trading opportunities. You’ll need to figure out how much you have available to invest and do some comparing to find the best brokerage and spreads possible. As you move up in your Forex career, you will likely be able to afford better account types or to advance to higher tier levels if your broker operates on a tier-based system. Once you’ve considered deposit requirements, leverage, trade sizes, spreads, commissions, and other factors, you’ll be ready to choose an account type and get started trading.

Categories
Forex Brokers

Important Features that Your Forex Broker Should Have

Have you been feeling as though your forex broker could use some improvement? Perhaps you’re considering switching brokers, or you’re looking to open your first trading account. Either way, you need to check out our list of the 5 important things your broker should have to be sure that you wind up with a trading account through a broker you can count on.

  • Multiple Account Types

Some brokers offer several different account types, while others only offer one standard type of account. By providing several options to choose from, brokers can create accounts that are more tailored to the needs of different types of clients. After all, a beginner that doesn’t want to deposit more than $100 and a high-roller trader that needs to invest $100,000 have very different needs and it would be difficult for a single account to provide the right benefits and requirements for both traders. 

  • Great Customer Service Options

Imagine that you’re having an urgent issue – perhaps your withdrawal hasn’t arrived in the designated timeframe and you need it desperately, you’ve been locked out of your trading account and are missing out on trading opportunities, or maybe you think your account has been hacked. You’ll need to speak with customer service quickly to resolve any of these problems or anything else that may have gone wrong. If your broker has good support hours, offers an instant contact option, direct phone number, and email address, then you won’t have to worry for long. On the other hand, if your broker has limited service hours and only provides support over email, you’ll have a much harder time getting in touch with an agent that can solve these problems. This is why you need to check out support options before opening a trading account so that you don’t realize your broker’s customer service team isn’t up to par later on. 

  • Low Fees

Fees can really make a difference when it comes to how much of your profits actually wind up in your pocket. When we think of brokerage fees, spreads and commissions are two of the main fees that come to mind. Spreads of around 1.5 pips on the pair EURUSD on average, so you don’t want to choose an account that asks for much higher than that, otherwise you’re getting a bad deal. But there are some other fees you’ll need to think about as well. Some brokers will charge you to deposit and withdraw funds, while others don’t. We’ve seen withdrawal fees that are so low that you wouldn’t really notice, while others might charge 7%, $50, or more, which can really eat into your profits. There are also inactivity fees, account maintenance fees, fees for withdrawing with no trading activity – some brokers will tack on fees that are unnecessary, so be sure to check this out beforehand. 

  • An Education Section

Your broker doesn’t necessarily have to provide educational resources on their website since so much of this information is available on the internet for free. Still, we would hope to see resources that go beyond your standard forex glossary or economic calendar on the website of every forex broker. When brokers put in the effort to provide these things, it shows us that they care about their beginner clients as much as their high-stakes investors. By educating their clients, brokers are making a bigger investment into their future because they are turning entry-level traders and even more advanced traders into well-educated investors. If a broker doesn’t offer these types of resources, then there’s a big chance that they don’t have anything extra going on, like bonuses, special perks, etc. 

  • Flexible Leverage Options