Tag: Forex Broker

GTForex is an international foreign exchange broker based in Kingstown. Offering fast deposits and withdrawals, 24/5 support, excellent trading conditions, their company values are commitment, integrity, empowerment, innovation and trust & reliability, pretty much what every other broker also says. In this review, we will be looking at the services being offered by GTForex so you can decide if they are the right broker for you.

Account Types

GTForex offers 4 different trading accounts, however, the information surrounding them is a little limited, here is what we know.

Mini Account: The entry-level account needing just $10 to start, its trade sizes start from 0.01 lots and tick sizes are 0.0001, it has 24/5 customer support and uses the MetaTrader 4 trading platform.

Standard Account: Needing a minimum deposit of $1,000 the standard account comes with trade sizes starting from 0.01 lots and tick sizes are 0.00001, it has 24/5 customer support and uses the MetaTrader 4 trading platform.

Classic Account: Increasing the minimum deposit further, the account needs a deposit of at least $100,000, it comes with trade sizes starting from 0.1 lots and tick sizes are 0.00001, it has 24/5 customer support and uses the MetaTrader 4 trading platform.

Professional Account: The top-level account requires a deposit of $1,000,000, a little out of most of our ranges, this account gets you trade sizes starting from 1 lot and tick sizes are 0.00001, it has 24/5 customer support and uses the MetaTrader 4 trading platform.

Platforms

Just the one platform available from GTForex which is the ever-popular MetaTrader 4 platform, let’s see what it offers.

MetaTrader 4 (MT4): 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.

Leverage

Information on leverage is strangely not available so we cannot comment on leverage at this time.

Trade Sizes

Trade sizes depend on the account that you have, if you have a Mini or Standard account then the trade sizes start at 0.01 lots (known as a micro lot) and go up in increments of 0.01 lots. If you have a Classic account then the trades start at 0.1 lots (mini lot) and go up in increments of 0.1 lots. Finally, if you use the Professional account then the trade sizes start at 1 lot and go p in increments of 1 lot.

No information around biggest trade size, however, 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.

Trading Costs

The trading costs are not actually known, they are not listed on the website and so we can not comment on this section.

Assets

Tradable assets is another bit of information that is not present on the website, this is quite important info as potential clients will be looking to see which tradable assets there are before signing up.

Spreads

Just like the trading costs, this information is not available so we do not know what the spreads start at, we would assume that the higher the account the lower the spreads but we cannot confirm that at this point in time.

Minimum Deposit

The minimum amount required to have an account is $10, this gets you the mini account. If you wanted a different account then you will need a minimum deposit of at least $1,000.

Deposit Methods & Costs

It seems that the only method of depositing is through Nigerian local banks, so the broker is mainly aimed towards that demographic, details on fees are not present but will most likely be the transfer fee of the bank.

Withdrawal Methods & Costs

Just like depositing it seems that the only way to withdraw is through Nigerian local transfers, details on fees are not present but will most likely be the transfer fee of the bank.

Withdrawal Processing & Wait Time

The website states that it can take up to 5 business days for withdrawals to be processed, once they are processed they will be available within a couple of hours.

Bonuses & Promotions

It does not appear that there are any active promotions at the time of writing, if you are interested in promotions then we would suggest getting in contact with the customer service team to see if there are any upcoming promotions.

Educational & Trading Tools

There is a page detailing some events that you can go to in order to learn some of the basics, information on where they are is strangely not there. There is also a page about education, but very little information on how to actually get the education, a little confusing and disappointing.

Customer Service

Should you wish to get in contact with GTForex with your questions or concerns there are a number of different ways to do it. You can use their phone number to speak to someone directly, you can also use a number of different emails for info or support and there is also a skype username if you prefer using that platform. Finally, there is the usual online submissions form where you can fill in your query and expect a reply via email.

The support team is open 24/5 and is closed at the same time as the markets over the weekend and bank holidays.

Demo Account

Demo accounts are available to use, you can fill in the form to get up and running, information on the demo accounts is scarce, there is no information surrounding what the trading conditions are like or how long they last for, in fact, when you select to open a demo account it takes you to a website called 4xcube, so GTForex may not have demo accounts of their own and instead use another brokers demo accounts.

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

There is far too much important information missing for us to be able to recommend GTForex as a broker to sue, vital information such as trading conditions and financial information is required to build confidence and trust, this is not there so, for now, we have to keep this short and say stay clear.

Exante is an international investment services company established in 2011 that offers global multi-asset financial services, including direct access to a wide range of financial markets in the US, European Union, and Asia-Pacific. Exante is licensed by two European authorities (MFSA and CySEC) to provide financial services to retail and corporate clients, including trading and investment. Their main values are to provide innovation, transparency, security, and quality. This review is intended to look at the services being offered to see if they live up to these values and so you can decide if they are the right broker for you.

Account Types

Exante is keeping things easy with just one account type for everyone. The account comes with a number of features such as cross-margin (using previous assets to leverage new ones), flexible terms in regards to 50% off commissions when trading larger volumes, a dedicated manager, transparent conditions, customization as you can request new instrument to trade and 24/7 customer support. A lot of the trading conditions are not mentioned on this page but we will look into them as we go through this review.

Platforms

Exante uses its own made trading platform rather than using someone else’s, here is what it offers.

The Exante platform makes use of the latest trends in the world of technology. It is perfect for traders, brokers, asset managers, and analysts. The Exante trading platform provides instant access to all financial markets and instruments available from a single multi-currency account. This means that any of the 150,000+ assets are only a couple of clicks away from you. The platform works on every device: trade on the web, from a desktop application on Windows, MacOS or Linux, or right from your iOS or Android smartphone.

Leverage

We could not find any information regarding account leverage and so, unfortunately, can not comment on it at this point in time.

Trade Sizes

Trade sizes are based on volume and price rather than lot sizes, so in order to trade a micro lot (0.01 lots), you will instead need to trade the value of 1,000. There does not seem to be a limit to how much you can trade at once, there does not seem to be a minimum or maximum as we tested with 0.1 cents and also with 1,000,000 and all went through ok on the demo account.

Trading Costs

There is mention of commissions, however on the assets page they talk about commissions in relation to spreads, so it may be that there is a spread-based system rather than an added commission. We cannot say for sure though, there are added commissions on different commodities and funds such as Gold having a commission of 3 USD.

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.

Update: Having tested the demo account, there seems to be a commission added to all trades, when trading 100 EUR there is a fee of 0.25 EUR added to the trade.

Assets

Plenty of assets and instruments are available from Exante, they also state that if you want a new asset added, to contact them and they will add it within 24 hours.

Currencies: Over 50 different currencies currently on offer, these include things like AUDUSD, EURJPY, USDCHF, and EURGBP.

Metals: Metals are also available with the likes of Copper, Gold, Silver, Palladium, and Platinum all being available to trade with Exante.

Futures: There are over 30 different futures to trade including the Chicago Board of Trade, Osaka Exchange, Hong Kong Exchange and Eurex Exchange.

Options: Instruments like the Australian Stock Exchange, Intercontinental Exchange, and the New York Mercantile Exchange are available to trade.

Funds and Bonds: Funds and Bonds are also there to be traded, places like the European Government, US Corporates and Euronext Bonds are all available to trade.

Spreads

Spreads are kept pretty low, they are seen to be starting from 0.3 pips, 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 0.3 pips, other assets like USDCHF may start slightly higher, in this case, 0.6 pips.

Minimum Deposit

The minimum deposit is 10,000 EUR which can be done in a number of different currencies (see below). This is quite high for an initial deposit and could price out newer traders or lower volume traders.

Deposit Methods & Costs

Deposits an only be done via Bank Wire Transfer, they can be done in GBP, USD, JPY, EUR, CHF, RUB, SEK, CAD, HDK, MXN, PLN, CNY, NOK, SGD or AUD. There does not appear to be a deposit fee added by Exante, but be sure to check with your bank to see if they add a fee of their own.

Withdrawal Methods & Costs

Withdrawals can also only be done via Bank Wire Transfer, withdrawals can use the same currencies of GBP, USD, JPY, EUR, CHF, RUB, SEK, CAD, HDK, MXN, PLN, CNY, NOK, SGD or AUD. There is a fee of 30 EUR, GBP or USD added to each withdrawal, also be sure to check with your bank to understand if they add any fees of their own on top of the Exante fee.

Withdrawal Processing & Wait Time

Exante aims to process withdrawal requests within one day of receipt of the request., You should then receive your funds within 3 to 5 business days depending on your banks’ processing times.

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

There doesn’t appear to be any education or additional trading tools available. Many brokers these days are looking into helping their clients become better traders through education and other tools so it would be nice to see Exante go a similar route.

Customer Service

The support team is available 24/7 which is great. There are quite a few ways to get in contact with the Exante customer service team, you can request a call back using the online form. There is also an email address if you wish to communicate that way, finally, there are a number of different phone numbers that you can use to get in touch, these are available from London, Amsterdam, Moscow, Saint Pietersburg, Kyiv, Almaty, Riga, Malta, Cyprus, Sofia, and Hong Kong, so wherever you are from you should be able to find someone to help.

Demo Account

Demo accounts are available, it can be accessed by clicking the demo account button and this will bring you to the WebTrader where you can test things out. The demo account has a value of 1,000,000 EUR, the other features of the demo account are unknown and we are not sure how long the demo accounts last, refreshing the page keeps all trades and history but we can not say how long it will last.

Countries Accepted

The following statement is present on the Exante website: “XNT LTD. does not provide services for citizens of certain regions, such as The United States of America.” If you are interested in an account but are unsure of your eligibility we would recommend getting in contact with the customer service team to find out.

Conclusion

Exante is a little different from your usual trading platform, they offer their services in a slightly different way moving away from the conventional lot system. Due to this, it can be a little confusing understanding of how things work but they actually function in much the same way. We could not work out if there was any leverage and the initial deposit is quite high potentially pricing out newer traders. Bank Wire Transfer is the only transfer method and there is, unfortunately, a hefty withdrawal fee. Exante seems to be aiming towards the more experienced traders, so if you are new, it may be better to look elsewhere.

GCI Online Trading is a foreign exchange and CFD broker which was founded in 2002. They have won a number of awards including Best Forex Broker Europe 2015, Best Forex Customer Service Europe 2015 and many more. With awards being won the expectations are set high for the service being offered, so this review will be looking into the services to see if they live up to the expectations and so you can decide if they are the right broker for you.

Account Types

The two account types on offer are based around the two trading platforms that are available, let’s take a look at what they are.

ActTrader Account: The account requires a minimum deposit of $500, its trade sizes are slightly reduced at 10,000 units per lot. It has currencies, equity indices, crude oil and metals available to trade, offers a robust multi-account management capability and uses ActTrader as its trading software.

MetaTrader Account: This account requires a minimum deposit of $500 to open, its lot sizes return to the normal 100,000 units per lot, the has currencies, equity indices, crude oil, metals and shares available to trade. It can have a choice of ECN or more traditional execution methods, uses the MetaTrader software and there is no dealing desk instant execution for currencies, there are also no requotes or delays.

Platforms

As mentioned there are two different trading platforms on offer so lets ee what then features of both are.

MetaTrader 4 (MT4): 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.

ActTrader: Trading on the most sophisticated and secure Forex software with GCI, and benefit from:

• Currencies, Gold, Crude Oil, Indices, and more
• 1 to 2 pip spreads in major currencies
• Unlimited charts and technical indicators
• 4% interest paid on your account balance
• Instant fills. No requotes or delays

Leverage

There is flexible leverage on offer up to 1:400, flexible leverage means it can be changed at any time as long as there are no open trades a the time of the request. The initial leverage can be selected when opening up an account.

Trade Sizes

Trade sizes start from 0.01 lots which are also known as micro-lote, 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 unknown however 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. There is also no note of the maximum number of open trades allowed.

Trading Costs

There are no additional commissions on any of the accounts that GCI Online Trading offer, all costs are built into the spreads. There are, however, spread charges, and 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

GCI Online Trading has broken their assets down into 4 different categories which are forex, commodities, indices, and stocks, we will outline a few examples from each.

Forex: Plenty of forex pairs to chose from, these include the likes of EURUSD, USDJPY, GBPUSD, AUDUSD, EURCHF, NZDUSD, USDZAR, USDMXN, CADJPY, USDINR, EURNZD, EURTRY and, JPYINR.

Commodities: A number of different instruments are available including Crude Oil (WTI), Gold (Spot), Silver (Spot), Copper (Futures) and, Brent Crude Oil.

Indicies: A few to choose from when it comes to Indices including S&P 500, Nasdaq 100, Dow Jones, Russell 2000, FTSE 100, SPI 200 and, DAX 30.

Stocks: A whole host of stocks to choose from, there are North American shares, European shares and Asia-Pacific shares such as Amazon, Apply, Barclays, Tesco, Nintendo and, Sony.

Spreads

Spreads start from 1 pip, 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 1 pip, other assets like GBPJPY may start slightly higher, in this case, 4 pips.

Minimum Deposit

The minimum amount needed to open up an account is $500, this will get you any of the accounts of your choice. Once an account is open the minimum deposit disappears for any subsequent top-up deposits and any amount is ok.

Deposit Methods & Costs

The following methods are available for depositing along with their respective currencies and fees.

• Bank Wire Transfer – EUR, USD – Banks Own Fees
• Credit / Debit Card (Visa / MasterCard) – EUR, USD – No Fee
• Skrill – USD, EUR – No Fee
• Neteller – SUD, EUR – No Fee
• Perfect Money – EUR, USD, Gold – Perfect Money’s Own Commission

GCI is not adding any fees of their own, but be sure to check with your bank or processor to see if they have any fees of their own, especially when using Bank Wire Transfer or Perfect Money.

Withdrawal Methods & Costs

The same methods are available to withdraw with, for clarification, these are Bank Wire Transfer, Visa Credit / Debit, Mastercard Credit ./ Debit, Skrill, Neteller, and Perfect Money. There is no notice about any fees or lack of, so it is unknown if there are any added by GCI, whether there are or not, be sure to check with your bank or processor to see if they add any fees of their own.

Withdrawal Processing & Wait Time

The time it takes for processing is not clearly indicated on the website, would it would be within 48 hours though, at any rate, once the request is processed, depending on the method used it could take an additional 1 – 5 working days for your bank or processor to fully process the withdrawal and make the funds available.

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

There are a few different educational pieces available on the website, these include a section called Forex Education which goes over a number of different topics, giving brief outlines on how things work and how different tasks can be performed. There is also a currency converter should you wish to change once currency into another, live forex quotes to see where the markets are at any point in time, daily forex news outlining news event sand any potential effects they may have, an economic calendar detailing upcoming news and the effect it will have and, finally, trading signals, however, these have not been updated since 2018 so they are not the most accurate anymore.

Customer Service

If you need to get in contact with GCI you can do so in a number of different ways, there is a phone number to call and speak to someone directly, there are also a number of different email addresses available for different departments including general, introducing brokers, technical support, trading/dealing, account funding administration, and payment administration. There are also different email addresses established for the language you want to use such as English, French, Spanish, German, Russian, Chinese and Japanese. Finally, there is also a live chat to speak to someone that way.

The customer service team is open 24/5 and is closed over the weekends and bank holidays just like the markets are.

Demo Account

You can sign up to a demo account, the demo accounts come with a choice of MetaTrader 4 or ActTrader as its trading platform, leverage up to 1:500 and access to all available trading instruments. The main bit of information missing is in regard to how long the accountants, some brokers now put an expiration timer on the account to save server space but it is unknown if there is one here.

Countries Accepted

The following statement is present on the website: “GCI Financial LTD does not offer its services if you are a citizen or resident of any of the following countries: Afghanistan, Cuba, Eritrea, Iran, Iraq, Kyrgyzstan, Libya, North Korea, South Sudan, Sudan, Syria or the United States of America. This list is not exhaustive and we may in our sole discretion decide to discontinue or restrict our services in other countries at any time and without prior notice.”

If you are unsure then you should get in contact with the customer service team to find out if you are eligible or not.

Conclusion

GCI Online Trading offers some very competitive trading conditions, their spreads are very competitive for being non-commission based accounts, there are also plenty of assets to trade so you should always be kept busy. In regards to deposit and withdrawal methods, there are plenty of options available with no added fees for either depositing or withdrawing. All of these things make GCI seem like a tempting broker to pursue, but ultimately, the decision is up to you.

CrescoFX is a UK based foreign exchange broker and is a brand of Cresco Capital Markets. There isn’t a whole lot of information about them on the website, they state that they pride themselves in being able to offer their clients tailored services and innovation, seamless trading platforms and generally make it easy for their clients to succeed. We will be looking into the services to see if they live up to this and so you can decide if they are the right broker for you.

Account Types

There appears to be just the one personal account on offer from CrescoFX, the information is set out in an easy to read format on the website so we have been looking through all pages of the site in order to find the information related to this account., Due to this we are not putting it all in this section and instead, all sections of this review are relating to this one available account.

Platforms

CrescoFX uses two different trading platforms, one is the well known MetaTrader 4 while the other is their own custom made platform, let’s see what they include.

MetaTrader 4 (MT4): 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 its 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.

Cresco Trader: Cresco Trader offers its users a unique opportunity to benefit from 100% automatic execution, competitive and reliable pricing as well as advanced risk management tools. In order to optimize the trading experience, the platform offers fully customizable layouts, advanced trading tools, and award-winning charting as well as a mobile application. Some features include 100% automated execution, trade using unrealized profits, trade directly from the charts, access to market, limits and stop entry orders, regular and trailing stop-loss orders; take profit orders and guaranteed stop-loss orders, live support 24/5, a live Economic Calendar.

Leverage

The maximum leverage allowed is currently 1:30, however, the maximum leverage depends on the asset that you are trading, we have outlined them below in an easy to read list.

• Forex Pairs: 1:30
• Major Indices: 1:20
• Spot MEtals: 1:20
• Commodities: 1:10
• Cryptocurrencies 1:2
• Equities: 1:5

Trade Sizes

The minimum trade size available is 0.01 lots which is otherwise known as a micro lot, the trades then go up in increments of 0.01 lots so the next trade would be 0.02 lots and then 0.03 lots.

We could not locate information surrounding the maximum trade size however 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.

Trading Costs

Unfortunately, we could not locate information on trading costs, both spreads and commissions are not really mentioned at all on the website, this is a shame as it is one of the aspects that a lot of penitential clients look for when deciding which broker to go for, so not knowing what the cost of trading is could put a lot of new clients off opening an account.

Assets

CrescoFX has broken its assets down into 6 different categories which we will give examples of different assets available for you.

Forex Pairs: USDJPY, AUDJPY, AUDUSD, CADJPY, CHFJPY, EURAUD, EURCAD, EURCHF, EURGBP, EURJPY, EURUSD, GBPCHF, GBPJPY, GBPUSD, NZDUSD, USDCAD and, USDCHF.

Major Indices: US 30, US 500, US Tech 500, HK 50, Japan 225, UK 100, French 40, German 30.

Spot Metals: Gold, Silver.

Commoditites: Brent Crude Oil, WTI Crude Oil.

Cryptocurrencies: BTCUSD, BTCEUR, ETHUSD, ETHEUR.

Equitites: AMZN, BABA, FB, GOOG, MCD, MSDT, RACE, TSLA, V AAPL.

Spreads

We could not locate any information regarding spreads at CrescoFX, however, 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 (example), other assets like GBPJPY may start slightly higher, 2.5 pips (example).

Minimum Deposit

The minimum deposit is not noted on the website nor is it in the terms and conditions of the site. It is strange not to have this information available to potential clients, as the last thing someone wants is to sign up and find they need to deposit more than they have available to trade with.

Deposit Methods & Costs

Once again, this information is not available, we looked through the site as well as though the terms of business and we could not locate any of it. This is information that is vital, we are going to be sending our own money to this company, the least we could expect is to know how we can do it and if there are any costs attached to it.

Withdrawal Methods & Costs

As there was no information on depositing we were confident that there wouldn’t be any on withdrawing either, and we were not wrong. Once again we will reiterate the importance of having this information available, many clients will not sign up without knowing about withdrawals.

Withdrawal Processing & Wait Time

This is also unknown to us, without knowing what methods re available we can not even give an estimate on processing or the time it will take to receive your funds.

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 eduction side of the website is unfortunately currently under construction. There is no method of what sort of things will or have been there so at the moment it seems that there are no educational or trading tools available from CrescoFX.

Customer Service

Should you wish to send a query or question to CrescoFX you can do so in a few different ways, you can use the online submission form to fill in your query and once sent you should receive a reply via email. There is also an email address that you can use to email directly along with the phone number should you wish to speak with someone on a more personal level. There is no mention of what the opening times of the customer support team are but we would be confident in saying that they will be closed over the weekend and on bank holidays just as the markets are.

Demo Account

CrescoFX is offering demo accounts, you can sign up by filling in a small submission form, you can choose between having a demo account on MetaTrader 4 or the CrescoFX Trader. Apart from this, there isn’t any information regarding trading conditions (although we expect them to be the same as the live account) or how long the accounts last, some brokers put an expiration time on the accounts so not to take up too much server space so it would be nice to know if CrescoFX do a similar thing on their demo accounts.

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

There is too much information missing for us to be able to recommend CrescoFX as a broker to use at this point in time. There isn’t a clear indication of what the account offers, things like spreads and trading costs are not accounted for which makes it hard to judge how worth it would be trading here. The worst part is that there is no information surrounding the financial aspects of the broker, we will be sending our money to home, we need to be able to know how we can do it, how much it will cost and also how we will get it back along with how long it would take. Without this information, we just can’t see ourselves treading there and so could not recommend it as a broker to use right now.

Key To Markets are registered in New Zealand, the UK and Dubai, and are both a DMCC and FCA regulated company. They offer MT4 trading services to their clients as well as PAMM accounts. In addition, they offer IB affiliate programmes and a white-label service for those wanting to expand their trading into a career or even business of their own. One thing that sets this broker apart from other forex brokers is that Key To Markets also offer their very own Savings account, which enables clients to earn interest (0.5% annual interest paid Monthly) on the money they have sat in their account, while it is not being used for trading. This idea is very forward-thinking, and a great tool to attract clients

Account Types

Key To Markets offer 3 accounts, 2 for trading, and 1 for saving and earning interest, which can then be transferred directly to the trading account and used for trading:

• ECN MT4 Standard: commission is charged using a 1 pip mark up to the inter-              banking spread, 1.0 pip + raw spread
• ECN MT4 Pro: 8$ per traded lot round turn commission, raw spreads
• Key To Savings account: 0.5% annual interest paid Monthly, savings can be used          and moved to trade account

PAMM investor and Social PAMM accounts are also available for those who wish to gain profit from essentially someone else investing their own money for them, with their management and experienced trader skills.

Platforms

Key To Markets offer the MT4 platform, and the trading services are compatible via the following platforms:

• MT4 for Windows PC
• MT4 for Mac OS
• MT4 for iPhone
• MT4 Android

Leverage

The maximum leverage that Key To Markets offers on their trading accounts is 1:500. However, the website does not specify if this is for all tradable assets available. In the absence of an FAQ page or live chat service, I called the customer support telephone number provided (during hours of operation) to find out more but was never answered after several attempts, and instead got an automated message on loop. This is very concerning that the customer support team are unresponsive, and not entirely clear on their website on what exactly they offer.

Trade Sizes

For both trading accounts, the minimum trade size requirement is 0.01 lot and the maximum trade volume is unlimited.

Trading Costs

Key To Markets charge trade commissions only on one of the two accounts, the MT4 Standard account charges 0 while the MT4 Pro account charges commissions of €0.06/$0.08 RT per 1 Microlot, so 6 EUR or 8 USD per lot (round turn). Of course, the STandard account spreads are marked up in replacement of the commission fee, so therefore the client cost on either account you choose is essentially almost the same. The commission fee of 4USD to open the trade and a further 4 USD to close the trade is actually not as expensive as it appears and is actually fairly average to what other brokers charge.

Assets

Key To Markets offers over 100 currency pairs to trade which include Forex, Indices & Commodities. Both the Standard and Pro trading accounts have access to the same markets. This broker is potentially limiting in terms of instruments offered, with assets such as cryptocurrencies not being available, which are definitely increasing in popularity to trade on margin, and not just Hold.

All available pairs are not displayed on the website, nor is there a demo account offered to view them on Market Watch, leaving the only alternative for clients to be opening a live account right away, which is not the norm, and raises suspicion and concern about the transparency of this broker.

Spreads

As mentioned earlier, the spreads offered by Key To Markets differ from the two trading accounts offered; the ECN MT4 Standard offers 1.0 pip + raw spread while the ECN MT4 Pro offers raw spreads. Bear in mind that this account does charge commissions while the Standard, does not, but the broker makes up for the cost by marking up the spreads to the clients, so client cost for trading balances out, no matter which account option you choose.

Minimum Deposit

The minimum deposit requirement set by Key To Markets, for both the MT4 Standard and MT4 Pro accounts are both set at $100, which is a little higher than what a lot of brokers require but at the same time is reasonable and gives ample room and fair start to trade a decent volume and taking into consideration the cost of the commission charge and spread.

Unfortunately, one cannot see the spreads on the website, and a reminder that there is no demo account to check these out, so you would need to open a live account to see all spreads available to you.

Deposit Methods & Costs

Key To Markets claims to offer Instant deposit methods, which are set out on the website, as follows:

-Credit / Debit card (Restrictions are applied to certain countries)
-Skrill (Only for non-European clients)
-Neteller
-Sticpay
-Bank Wire (no fee)

All deposit methods, aside from the Bank Wire method, incur a 2.5% fee, so do bear this in mind when funding your account.

Withdrawal Methods & Costs

The two methods of withdrawal offered by Key To Markets are Skrill or Neteller, and both will incur a 1% withdrawal fee.

Withdrawal Processing & Wait Time

On the website, Key To Markets claims they will process all withdrawals (Skrill and Neteller) within 48 business hours. Of course, this could vary depending on when you make the withdrawal request too; if you make the withdrawal outside of operating hours, you could be left waiting a number of days. To be clear, Key To Markets do NOT offer any INSTANT withdrawal methods.

Bonuses & Promotions

Key To Markets does not offer any bonus schemes to their clients however they do offer IB affiliate programmes for those who wish to expand their income outside of their personal trading. In addition, there is also a ‘refer your friend’ scheme, whereby you may earn income from onboarding your connections to Key To Markets.

Educational & Trading Tools

Key To Markets offer absolutely nothing in the way of trading tools or educational material. This indicated that the traders they target their services at are perhaps the more experienced traders already and do not require assisting tools provided by their broker. Of course, there is plenty of educational material freely available on many online avenues, including this very website, where ample reading and video material is available for free learning.

Customer Service

Key To Markets offers customer support service, which clients can make use of via contacting via telephone or email during the hours (UK) of 9 AM – 6 PM. There is no live chat service which may be off-putting to some potential clients as this means that to get a response, one must wait for a response, and this could vary in timescale, rather than receive an instant response. There is also no FAQ page for such short queries that a live chat alternative would be beneficial for.

In the duration of writing this review, we had no response from any customer support channel offered, which is highly concerning. How can clients feel assured of the security of their funds and trades, if the customer service is totally unresponsive?

Demo Account

It is very peculiar that an apparent FCA regulated company, do NOT offer their potential clients a demo account to backtest their service. How can you know for sure if this broker is suited for your trading style if you cannot test it fully yourself in the demo client area before opening a live trading account?

Countries Accepted

While there is no direct disclaimer fromKey To Markets regarding which countries are accepted to be clients, bear in mind that if your residency/jurisdiction does not comply with DMCC and FCA regulation policies, you will not be granted access to trade with this broker. Of course, this is your personal responsibility to check before registering to save disappointment, but of course, you will also be screened when you submit your document proof of address and Identification when you sign up for a live account.

Conclusion

Key To Markets are not wholly transparent when it comes to the ins and outs of their services. It is very disappointing to see they do not offer even a demo account, which does not allow potential clients a fair judgement on whether this broker is suitable and in line with their expectations as well s their prefered trading style and strategies. In addition, it is incredibly poor conduct for a regulated company (FCA) to be totally unresponsive when it comes to customer support. This is a clear demonstration that not all brokers can stand tall with their regulation status being their one tool to attract clients when they have no time or thought for their clients.

Java is an offshore broker that is located in Indonesia and regulated by Indonesia’s Commodity Futures Trading Regulatory. The key advantages of opening an account would be access to tight spreads, flexible leverage options, and 24/5 support, according to the broker’s website. As a smaller forex broker, you won’t fund much information or other user reviews about the company online. After noticing some discrepancies on the company’s website, we decided to do the research needed to paint a real picture of what this broker’s conditions look like.

Account Types

Java features one real account type, named Titan, in addition to demo accounts. If you take a look at the website in more detail, you’ll notice the broker lists three main account types as an advantage. Unfortunately, the advertised Mini, Regular, and Pro account types do not seem to exist, meaning that potential clients will only have one option. The account grants access to currency pairs, metals, futures, and energies with a maximum leverage cap of up to 1:200. The broker is asking for a $2,000 deposit in order to open an account with starting spreads from 1.8 pips. We’ve provided a quick overview of the account below.

Titan Account
Minimum Deposit: $2,000
Leverage: Up to 1:200
Spread: From 1.8 pips
Commission: None
Available Instruments: 24 currency pairs, 2 metals, 1 energy, 7 futures
Minimum/Maximum Trade Sizes: 0.1/20 lots

Platform

If you decide to open an account through Java, you’ll be trading from the infamous MetaTrader 5 platform. Usually, brokers tend to offer the earlier version, MT4, and we don’t always get the option to use the newest version, which has been designed to offer some more features and improvement in certain areas. Within MT5, traders will find a variety of trading tools, multiple timeframes, three different chart types, and more than 50 technical indicators. The platform is also easy to navigate and highly accessible – available for download on PC, Mac, iOS and Android devices, or accessible through the WebTrader.

Leverage

The broker is offering an average leverage limit of up to 1:200. Some regulators do set much lower limits, even as low as 1:30 on currency pairs, making Java’s 1:200 cap seem significant. We’d also like to point out that many traders wouldn’t even use leverage as high as the cap offered by this broker, as trading with higher leverages goes hand in hand with taking large risks. On the other side of things, some professionals may feel a bit restricted by the limit, and it is possible to find higher options, sometimes going into the thousands with other brokers if you take the time to look.

Trade Sizes

Java requires a minimum trade size of at least one mini lot, making it impossible to trade micro-lots through this broker. There is also a rather restrictive maximum trade size of 20 lots. Margin call/stop out would occur once when the account’s margin level reaches 10%. Scalping, hedging, and Expert Advisors are all allowed.

Trading Costs

The broker’s Titan account comes with basic trading costs, primarily charged through the spread, with no commissions taken. In addition, the broker would charge standard swap fees on certain positions that are held overnight. Details regarding the long and short swap fees can be viewed on the website under “Product” > “Save And Scroll Costs”.

Assets

Java’s investment portfolio is primarily made up of currency pairs, in addition to futures, spot metals, and spot energies. In total, the broker is offering 24 currency pairs, with a few exotic options. We also seem some cryptocurrency pairs on the list, including BTCUSD, DSHUSD, ETHUSD, LTCUSD, XMRUSD, and XRPUSD. The futures category is made up of 7 options, while the energies category only offers US Oil. As for the available spot metals, we only see the most basic options, Gold and Silver, with no option to trade extra metals like Pallidum or Copper. This brings the grand total of available instruments to just 34 options. Meanwhile, many other brokers offer more than 64 currency pairs and other CFDs.

Spreads

The broker’s Titan account advertises floating spreads that start from 1.8 pips. On currency pairs, this is the minimum spread, while average spreads typically range from 2 to 2.6 pips. On indexes, average spreads are 10 pips, and spreads can be much higher on more volatile instruments like metals and oil. Considering that the broker is asking for a steep deposit, we would hope to see spreads that are lower than those advertised. The industry average tends to be approximately 1.5 pips. Note that the website does advertise starting spreads of 1.5 pips in another location. This advertisement is false.

Minimum Deposit

Java is asking for a steep deposit in order to open their only account type, with the requirement being set at $2,000 USD. Elsewhere, traders would be able to find similar account types that only require deposits of $100 or less. The lack of affordability may force some traders to search for a better option, although those that were already planning to make a larger deposit won’t feel as affected.

Deposit Methods & Costs

Java does not provide any information that revolves around available deposit methods or the costs associated with making a deposit. We would assume that the broker is at least offering bank wire, and hopefully cards as funding methods. Despite their lack of transparency, Java does make an effort to make clients feel safe by speaking about funds being held in segregated accounts and protected by the Investors Compensation Fund (IFC).

Withdrawal Methods & Costs

We would expect there to be fees associated with making withdrawals through the broker, otherwise, we would likely see fee-free withdrawals advertised somewhere on the website. The complete lack of information is enough to make one apprehensive about making a deposit. Normally, we would recommend making a small deposit in order to test conditions; however, Java’s steep $2,000 deposit requirement makes it impossible to make one of these small test deposits.

Withdrawal Processing & Wait Time

Considering that Java is a smaller broker, we would expect to see processing times of at least a few business days. Once funds are sent, it can often take weeks to receive funds that are sent through wire transfer. If the broker does offer any e-wallets, then this would likely provide a faster way to withdraw funds.

Bonuses & Promotions

We couldn’t find any information on the website pertaining to bonuses or current promotional opportunities. We did notice that the broker mentioned a welcome bonus where advantages are listed, but this is the main page of the website where we found inaccurate and conflicting information. If such a bonus was available, the broker would likely advertise it more clearly. This doesn’t mean that the broker won’t provide any offers in the future, so be on the lookout for any changes.

Educational & Trading Tools

Initially, it seemed as though the broker had nothing to offer in this category, aside from an economic calendar. However, we discovered a link to an education center at the bottom of the website and were directed to an entirely separate part of the website that contains video tutorials, articles, courses for beginners, advanced traders, and experts, and practice quizzes. Educational resources are something that many brokers overlook entirely, so we feel that there is a real advantage for traders in Java’s education center. On another note, we will mention that the video tutorials are in Japanese, so some traders may not be able to benefit from this medium.

Demo Account

The broker does advertise demo accounts as being available, but clicking on the link to open a demo account only brings us the “Account Types” page. We were assured by the support team that demo accounts are in fact available, although the glitch in the website is rather frustrating and may cause some traders to abandon the notion to open a demo. Hopefully, the broker will work on the website’s link in the near future so that traders can access these helpful practice accounts.

Customer Service

In addition to being active on Facebook, Twitter, Instagram, and YouTube, the broker also offers active support 24/5 on LiveChat, via phone or fax, and through email. We did test out the website’s LiveChat feature, just to be certain that an agent would respond immediately. Fortunately, the broker’s agents do seem to be active and on standby on chat, making it incredibly easy to get in touch with a member of support. Other contact information has been listed below.

Phone: +62 21 222 32 200
Fax: +62 21 222 32 255
Email: [email protected]

Countries Accepted

There aren’t any restricted countries listed at the bottom of the broker’s website. This is usually a good sign that everyone is accepted, although we do always try to check the registration page to be sure. Surprisingly, the broker doesn’t even require the client’s address upon registration. This makes it possible for traders from all locations to open an account with no hassle.

Conclusion

Java offers leveraged trading as high as 1:200 on 34 instruments, which are made up of currency pairs, metals, and oil. The broker is only offering one real account type, which comes with a large $2,000 deposit requirement and higher than average starting spreads. Taking a look at the website as a whole, we see some red flags where the broker provides conflicting information about account types and spreads.

Once we noticed that the broker provides absolutely zero information related to available funding methods and the costs associated with making withdrawals, we felt that the lack of transparency was intimidating. Considering other things, the broker is offering a vast education center that focuses on beginners, advanced traders, and experts with different learning mediums available. This is something that other brokers don’t often make available. Demo accounts are also advertised, although a glitch on the website kept us from accessing the sign-up page.

At the time we checked, there weren’t any special promotions for traders to take part in, despite some conflicting information on the website. If you’re typically located in a restricted country, then you’ll still be able to open an account through this broker. Taking everything into consideration, it’s up to the individual trader to decide whether Java is offering enough benefits where it’s worth looking past their lack of transparency.

TurboForex is an offshore broker, based in St Vincent and the Grenadines. On first look at the website, the first thing that becomes obviously apparent about TurboForex website is that this is a broker that relies heavily on marketing to appeal to those seeking deposit bonuses, a bonus of 100% of the client deposit total. The website is a little outdated but simplistic nonetheless so navigation is straightforward. However there is no FAQ page for a quick reference guide, and this broker does not offer a live chat support service which also makes it’s appeal less likely if clients can’t reach out instantly for assistance.

Account Types

TurboForex offers a wide range of account types to choose from and all benefits to each are set out on the website so potential clients can easily decide which may be best suited for them and their trading style.

• Mini – Min deposit: 250.00 USD. Most suited for those trading smaller volume
• Standard – Min deposit: 1,000.00 USD. Suited for medium experienced traders
• Premium – Min deposit: 10,000.00 USDTargeted at experienced traders, with lower      overall trading costs
• Fixed- Min deposit: 1,000.00 USD. Offers the lowest fixed spread on the market for      long term traders
• Interbank- Min deposit: 5,000.00 USD. More suited for higher deposit clients, with        direct access to interbank markets

All account types are compatible via the MT4 platform and allow the use of the leverage of up to 1:500.

Platforms

TurboForex offers the trading platform we trust the most, which is MT4. Clients of TurboForex can trade via MetaTrader 4 Desktop, Webtrader, and Mobile/Tablet so you can trade both on the go or at home on a safe and trusted platform.

Leverage

The maximum leverage offered by TurboForex is 1:500 which in itself is highly appealing and generous, meaning clients can maximize profit by 500, on small capital and small trade sizes, on winning positions. If this leverage is a little too high for your trading style, of course, there is the option to lower it to your preferred amount.

The maximum leverage use limit does, however, vary between account types; Mini, Standard, Premium and Fixed account holders can make use of the full 1:500 while those who opt for the Interbank account may use the leverage of up to 1:200, which is still amicable and can be a handy tool to stretch profit gain in one’s trading you are familiar with how use of high leverage works.

Trade Sizes

The minimum trade size allowed with TurboForex is set as most do, at the standard 0.01 lot, which gives flexibility and is highly ideal for those who want to trade small volume, or scalp trade. There appears not to be any maximum trade size requirement.

Trading Costs

For the Following accounts: Mini, Standard, Premium and Fixed, there is no commission fee applied when trading Forex and Commodities. You will, however, be charged commissions if you opt for the Interbank account, where commission fees are $5 per $100.000 traded.

Assets

With TurboForex, clients have a fair wide selection of assets to trade, including:

• FOREX
• COMMODITIES
• STOCKS
• INDICES

All tradable pairs are displayed on the website, where you can also see each pair’s live floating spread.

Spreads

TurboForex offer spreads starting from 0.0, and you can see live floating spreads on the website. Each account type offers slightly different spreads on different assets, so be clear on checking which one offers what (on demo) before you go ahead and open the live account version. Both Indices and Forex pair spreads (floating) as displayed on the website are incredibly low and certainly ranked competitive to what other brokers offer.

Minimum Deposit

The minimum deposit requirements set by TurboForex are overall, high compared to requirements set by competitor brokers. Minimum deposits are set reasonably high across all the accounts types to choose from:

• Mini – Min deposit: 250.00 USD
• Standard – Min deposit: 1,000.00 USD
• Premium – Min deposit: 10,000.00 USD
• Fixed- Min deposit: 1,000.00 USD
• Interbank- Min deposit: 5,000.00 USD

TurboForex offers deposit bonus schemes of up to 100%, so even on smaller deposit requirements, clients can essentially double their starting capital. We do recommend that you read carefully about how bonus schemes work (regardless of the FX broker you are considering using) before jumping to conclusions, thinking this will add margin that you can withdraw easily, or at all.

Deposit Methods & Costs

TurboForex FAQ page states that the following deposit methods are available:

• Bank Transfer
• Credit / Debit Card
• Skrill
• Webmoney

These choice of deposit methods given by TurboForex are diverse and should offer at least one amicable funding solution for all clients. There are no deposit fees associated with TurboForex according to the website.

Withdrawal Methods & Costs

To withdraw your profits from TurboForex, you may request a withdrawal via Bank Transfer, Credit / Debit Card, Skrill or WebMoney. Although deposit and withdrawal fees are not mentioned by TurboForex, it is always best to check with your banking provider prior to making a request for a withdrawal/deposit, to see if you personally will be liable for any fees from their side to avoid any surprises.

Withdrawal Processing & Wait Time

The TurboForex FAQ page is a little ambiguous when it comes to telling us the withdrawal timescales, which are said to take anywhere between 24 hours and to ‘several days’. We could not gain any further clarification or pinpoint how on exactly ‘several days’ could be, but this uncertainty and lack of being to the point gives us an indication that this broker is not perhaps very consistent with the processing of their withdrawals, and do not want to give a timescale they cannot adhere to.

Bonuses & Promotions

If you were seeking a deposit bonus, TurboForex does offer these schemes, however, it is highly advisable to ensure you read and fully understand the terms and conditions of using such bonuses, or better still, avoid them entirely. Nevertheless, if you are interested to know what the bonus schemes are, there is information about all bonuses available, as below:

• Deposit from $500 to $999 = 25% bonus
• From $1,000 to $4.999 = 50% bonus
• From $5,000 to $9.999 = 75% bonus
• Over $10,000 = 100% bonus

Educational & Trading Tools

TurboForex offers an impressive set of trading educational material, which sheds light on MT4 separately and how it works, as well as how to navigate it. There is ample information on Trading itself and what it’s all about, in the form of webinars and free courses that you can take, while you learn to trade on the demo account.

Customer Service

TurboForex Customer service is less than satisfactory, with the agents being unresponsive and not easily reachable; the only method of contact that clients of this broker can rely on is via email. This means 0 instant contact, which is a little off-putting, especially in the case of a client panicking about a trade query and wanting to resolve it ASAP. It is furtherly concerning that we never received any response from the email customer support team, even over a full working week period.

Demo Account

A demo account is offered by TurboForex, which is especially useful if you are wanting to take the training courses offered, and learn to trade alongside trading in a practice, risk-free environment.

Countries Accepted

The website disclaimer does rightfully state that the provision of trading serviced by TurboForex will not be granted to those residing in the United States nor the European Union. This is, of course, vetted when all potential customers are required to submit a proof of Photographic Identification to prove you are over the age of 18 and then you are requested to submit a document proof of residency. If you are from the above jurisdictions, you will not be accepted to open a live account with TurboForex.

Conclusion

This broker, in reality, appeals to a specific type of trader; lacking trading experience and skill, and/or not entirely informed on how bonuses work and how detrimental they can be to one’s trading. TurboForex clearly strives to appeal to those with low capital to spare, by offering up to 100% deposit bonus schemes to alleviate that doubt that one cannot make a profit unless there is a large initial capital. This vision that a bonus will increase margin (false) is highly deceptive and wrong to assume it almost guarantees a profit.

The trading conditions themselves in respect of leverage allowance and the tight spreads offered are not to complained abut, however, the service as a whole is not wholly transparent and trustworthy on the surface; the customer support team is totally unresponsive and deposit and withdrawal timescales are not clear. These factors alone should cause you to be concerned if considering to become a client of this broker.

Eight Max Trading, otherwise known as 8max, is an online FX and CFD broker that offers leveraged trading as high as 1:1000 on currency pairs, precious metals, commodities, equity indices, and energies. The company lists its core values as putting the customer first, integrity, innovation, teamwork, and professionalism. 8Max is located in Vanuatu and provides company news to help keep their clients updated on relevant events. Keep reading to find out about some of this broker’s most significant advantages.

Account Types

8Max offers a Standard and Zero account, with a MAM (Multi-Account Manager) account offered as a third main account type. The Standard account has spreads of less than 1 pip, with zero commission charges, and leverage as high as 1:1000. There doesn’t seem to be much of a reason to choose a Zero account over the Standard account. We base this on the fact that the Zero account offers the same spreads and leverage cap, except the account asks for a higher deposit and actually charges commissions, where the Standard account does not. This account also limits the maximum trade size to 50 lots, while the Standard account allows for a trade size of 100 lots.

The MAM account offers a different experience, with its own specific conditions, including a fixed leverage, separate deposit requirement, etc. The details for each account can be viewed below.

Standard Account
Minimum Deposit: $5
Leverage: Up to 1:1000
Spread: Less than 1 pip
Commission: None

Zero Account
Minimum Deposit: $100
Leverage: Up to 1:1000
Spread: Less than 1 pip
Commission: Yes

MAM Account
Minimum Deposit: 30,000 JPY
Leverage: 1:100
Spread: Less than 1 pip
Commission: 50% of the trading profit per month

Platform

Along with the majority of other forex brokers, 8Max has recognized how revolutionary the MetaTrader 4 platform is, and has made the decision to support MT4 exclusively. MT4 comes equipped with a full range of features, including full EA functionality, 1-click trading, built-in news, technical analysis tools, charting tools, support for hedging, etc. Even with the release of MT5, MetaTrader 4 has remained the most preferred trading platform to date. Another plus is how convenient it is to access the platform, which can be downloaded on PC, iOS, and Android devices. It’s also possible to access MT4 through the browser-based WebTrader.

Leverage

The broker offers a maximum leverage cap of 1:1000, an option that we don’t often see available. This option can be accessed on both the Standard and Zero account types, with limitations in place that are based on the amount of equity within the account. Accounts with an equity of $20,000 or below qualify for the maximum cap, while accounts holding amounts between $20,001 and $100,000 qualify for leverage as high as 1:200, and accounts holding more than $100,001 only qualify for a cap of 1:100.

Do keep in mind that the broker is offering exceptionally high options, which can lead to greater losses. Trading with leverages as high as the 1:1000 offer is best suited for professional traders that prefer the high-risk high-reward experience. The leverage on MAM accounts is fixed at 1:100, with no option to select a different ratio.

Trade Sizes

All accounts allow for the trading of micro lots with a 200 maximum number of open positions limit. The Standard account allows for a maximum trade size of 100 lots, while the other accounts set the limit at 50 lots. No word on the exact margin call and stop out levels set by the broker.

Trading Costs

The broker profits through standard spreads, commission charges, and swap fees. Traders will not have to pay any commissions when trading from a Standard account. These charges are applicable on Zero accounts and the broker takes 50% of the trading profit on MAM accounts each month as their commission charge. Swaps are charged in the case that positons are held open overnight. On Wednesdays, triple charges would be applied to compensate for the upcoming weekend. Checking the swap values can be done conveniently on the website by selecting a certain instrument category, or from within the MT4 platform. There do not seem to be any extra costs, like inactivity fees, reactivation fees, etc.

Assets

8Max has an investment portfolio that is made up of FX options and CFDs on precious metals, commodities, equity indices, and energies. Available currency pairs include at least 40 options, which are divided into majors, minors, and exotics. Precious metals include the most popular options Gold and Silver. Commodities include Cocoa, Coffee, Corn, Cotton, High-Grade Copper, Soybeans, Sugar, and Wheat. In total, the broker offers 10 equity indices and 5 energy instruments, including Crude Oil and Natural Gas.

Spreads

Eight Max Trading advertises the same variable spreads across all of their accounts. In addition, the broker has fractional pip pricing, which allows clients to benefit from even the smallest price movements by adding a 5th digit quoting price. The accounts offer spreads as low as 0.00021 pips, that average 0.00043 pips on most of the currency pairs. On the MAM account, traders can exchange the spreads for transaction charges. The website doesn’t provide enough information for one to determine whether this would be cheaper than trading with regular spreads.

Minimum Deposit

This broker is highly affordable, with a low deposit of just $5 required on the Standard account. Surprisingly, the Zero account also offers a low deposit minimum of $100. As for the MAM account, we see a requirement of 30,000 JPY. This amount translated to roughly $276 USD at the time that we checked. However, most of the deposit methods require a minimum deposit of $300 USD. The only way to meet the lower deposit requirements is to deposit through domestic bank wire transfer, otherwise, traders wishing to fund with cards or from overseas will have to meet the $300 limit.

Deposit Methods & Costs

Accounts can be funded through Visa/MasterCard or bank wire. The variety of available options is somewhat limited, as many brokers offer e-wallets as additional funding sources. On cards, the broker has remittance charges, which are not listed specifically. When funding through a domestic transfer, the broker only applies the transfer fee to the deposit, while overseas transfers are charged a $3 USD fee + remittance charges. If you’re planning to make a smaller deposit, domestic bank wire is the only option, as there is a $300 minimum deposit requirement on cards and overseas transfers. Note that cards also set a maximum deposit limit of $3,500.

Withdrawal Methods & Costs

The only way to withdraw funds from an 8Max account is through wire transfer. On the bright side, the broker sets the minimum withdrawal amount at $5, so it should be easy enough to withdraw even the smallest of amounts from the account. On the downside, fees are inevitable. The withdrawal commission charges are between $5 and $30 USD.

Withdrawal Processing & Wait Time

The broker advertises a rather irritating withdrawal window of between 1 and 12 business days. Obviously, one or two business days would be a speedy timeframe, especially considering that those withdrawals are coming through bank wire. However, once you factor in weekends, the 12 business day timeframe seems exceptionally longer. We would recommend making those withdrawal requests in advance, in case it does take closer to the maximum timeframe to process those withdrawals.

Bonuses & Promotions

The broker offers a variety of promotions, all of which have been listed below.

• Account Opening Bonus
• Deposit Bonus
• Trade Bonus

The Deposit Bonus is a two-tier bonus, which offers up to $5,000 once combined. Deposited amounts of $500 or below are eligible for the first tear, which applies a 100% bonus. Deposits of $1,000 and up are eligible for the 100% bonus + a 20% bonus. The Trade Bonus is coming soon, but details are already explained on the website, so we can confirm that this bonus rewards trading activity with status levels and cash prizes. The Account Opening Bonus also seems to be in preparation, according to the website. Hopefully, the broker will start honoring this offer sooner rather than later.

Educational & Trading Tools

One thing that stood out to us was the fact that the website labels their education section “For Beginner”. From a glance, we were able to determine that the broker just isn’t going to provide the deep and insightful articles, video tutorials, webinars, and other resources that we love to see available. Instead, 8Max only offers a brief description of FX, describes how to start a transaction, and promotes MT4 for trading tools. Honestly, the website could do away with this section altogether and it wouldn’t feel as though anything was missing. On another section of the website, we see an economic calendar and trading signals.

Demo Account

Considering that 8Max actually mentions the importance of demo accounts, we were surprised to find the option to open a demo account missing from the website. The broker does seem to be in preparation for some areas of the website, so we would hope that adding demo accounts would be on their to-do list. However, it doesn’t seem promising, since the broker has already been around for more than 2 years.

Customer Service

Support is in the office from 9:00 to 21:00 (Japanese time) on weekdays, with the exception of public holidays. The broker doesn’t offer any instant contact options or direct phone numbers, and 8Max doesn’t seem to be active on social media. This limits the only available contact option to email, which we all know can be inconvenient. Trying to figure out a complicated issue over email can be frustrating, so we can only hope that the broker provides callbacks if they are requested. Listed contact information has been included below.

Email: [email protected]
Address: Govart Building, Po Box 1276 Port Vila. Vanuatu

Countries Accepted

At the bottom of their website, the broker mentions that residents of the United States, Canada, Israel, and the Islamic Republic of Iran are restricted from opening accounts. However, the account registration page provides us with a different answer, as the US and Canada are available as options that come with an approved green checkmark. Israel and Iran are missing from the list, so we assume the broker upholds their previous statement there.

Conclusion

Eight Max Trading is an online broker that offers investment opportunities in FX, metals, equity indices, commodities, and energies. It costs as little as $5 to open a Standard account, with affordable minimums available for both of the other account types. Accounts with equity below $20,000 qualify for leverage as high as 1:1000, while accounts with more funds are limited to 1:200, or fixed at 1:100 on MAM accounts.

Spreads are shared and remain below 1 pip (on average) on all account types, although the options are variable and could fluctuate. The broker takes 50% of the monthly profits on MAM accounts and charges unspecified commission fees on their Zero account type.

Funding methods are limited to cards and bank wire, with a sneaky $300 deposit required on all methods aside from domestic bank wire. Withdrawals are limited to bank wire, which can take up to 12 business days to be received. Getting in touch with support seems inconvenient, as the broker can only be contacted through email, on weekdays, and during certain business hours. 8Max doesn’t provide any educational material that could be considered useful, and demo accounts are also absent.

On the bright side, we do see some promotional offers, although two of them aren’t yet available. The broker is willing to accept clients from the US and Canada while restricting those located in Israel and the Islamic Republic of Iran.

Exclusive Capital is an online FX and CFD broker that offers leveraged trading on several different asset classes, including FX, commodities, cash indices, ETFs, and stocks. The broker is located in Cyprus and fully regulated by the Securities and Exchange Commission (CySEC), making them more trustworthy than many of their unregulated competitors. The company has a commitment to provide the best customer service while providing maximum safety and security when handling their client’s funds. If you’re in the market for a broker, stay with us to find out whether that search can come to an end with this option.

Account Types

Exclusive Capital offers four different account types: Standard, Prime, Gold, and Exclusive. Islamic accounts are offered in addition, to those that can provide supporting documentation of Muslim faith. The Standard and Prime accounts are the most affordable, while the Gold and Exclusive accounts are the most expensive. All accounts come with the same leverage cap of 1:100 for clients that are considered professional. Starting spreads range from as low as 0.2 pips, up to 1.5 pips. The broker doesn’t charge commissions on their Standard account, but these charges do apply in differing amounts on the other three account types. Accounts also share various other factors, including trade sizes, stop out levels, tradable instruments, etc. Take a look at the exact specifications for each account type below.

Standard Account
Minimum Deposit: $200
Leverage: Up to 1:100 (professionals)
Spread: As low as 1.5 pips
Commissions: None

Prime Account
Minimum Deposit: $500
Leverage: Up to 1:100 (professionals)
Spread: As low as 0.2 pips
Commissions: $6 per side on FX and metals

Gold Account
Minimum Deposit: $5,000
Leverage: Up to 1:100 (professionals)
Spread: As low as 0.2 pips
Commissions: $3.50 per side on FX and metals

Exclusive Account
Minimum Deposit: $50,000
Leverage: Up to 1:100 (professionals)
Spread: As low as 0.2 pips
Commissions: $2.50 per side on FX and metals

Platform

Exclusive Capital supports MetaTrader 5 as their sole trading platform. Some may feel disappointed that MetaTrader 4 isn’t available through this broker, although many do prefer the newer features and layout of the world-famous platform’s successor. MT5 is powerful and provides everything one could need for all analysis and trading activities. Some upgrades we see from the previous platform include more pending order types, 21 timeframes, a built-in economic calendar, and a more efficient programing language. MT5 is available for download on PC, iOS, and Android devices. If you own a Mac or prefer not to download the software, the browser-based version can also be accessed through WebTrader.

Leverage

This broker limits the maximum leverage cap to 1:30 for traders that are considered retail clients. For professionals, the cap is raised to a maximum of 1:100 and awarded based on prior trading knowledge and other prequalifications. While the professional cap is decent, it is definitely possible to find significantly higher leveraged options elsewhere. Other brokers rarely tend to limit their options based on how much prior experience one has. For many beginners and even some professionals, this company’s cap may be flexible enough to manage. Others may feel that the options are more restrictive.

Trade Sizes

All accounts have a minimum trade size of one micro lot and a maximum trade size of 30 lots. Hedging, scalping, and news trading are all allowed. Accounts also share the same margin call and stop out levels, which are listed below. Traders should consider closing out some traders or making a deposit if the margin call level is reached. If the account reaches the stop out level, the broker will immediately begin to close out positions, starting with the least profitable.

Margin Call: 100%
Stop Loss: 50%

Trading Costs

Like the majority of other forex brokers, Exclusive Capital profits through spreads, commissions, and swaps. If you’re interested in a commission-free experience, the broker does offer 0 commissions on the Standard account in exchange for higher spreads. Otherwise, commissions are $6 per side on FX and metals on the Prime account, $3.50 per side on the Gold account, and $2.50 on the Exclusive account. The lower commissions on the Exclusive account certainly seem more attractive, but many traders will not be able to meet the account’s 50k deposit minimum and will have to settle for one of the higher commission costs. The latest swap rates can be checked within the MT5 platform and traders should be advised that triple swaps are charged on Wednesdays in order to compensate for the coming weekend.

Assets

All accounts offer access to 64 currency pairs, 4 commodities, 12 cash indices, and stocks. The impressive number of currency pairs is made up of 6 majors, 22 minors, and 32 exotics. We also see several indexes, industrial, regional, country, fixed income, and commodity ETFs. Commodities include the US and UK Oil, Silver, and Gold. Stocks include 47 US options in popular companies like Amazon and Facebook, in addition to ten more European options.

Spreads

All of the costs have been built into the spread on the Standard account type, resulting in higher starting spreads of 1.5 pips. Taking a closer look, we noticed that the broker does manage to keep these spreads around the same area, with options ranging from 1.6 pips to 3.1 pips on majors. On minors, the spreads tend to range from 1.5 pips up to 3.7 pips, except for on EURNZD and GBPNZD, which have spreads of at least 4 pips. As for the Prime, Gold, and Exclusive accounts spreads start as low as 0.2 pips.

The spreads don’t climb higher than 0.9 pips on majors and spreads are no higher than 1.4 pips on minors, although we do see options as low as 0.2 pips and 0.5 pips on many options. On their website, the company lists the standard and premium spreads for all instruments, with standard spreads being offered on Standard accounts and premium spreads being offered on other accounts.

Minimum Deposit

The broker offers two account types with deposits on the lower side, with a $200 requirement on the Standard account and a $500 requirement on the Prime account. These amounts are realistic, although we do wish the broker would lower the requirement on their Standard account since many competitors do offer at least one account for $100 or less. On the high side of the spectrum, we see a jump up to a $5,000 requirement on the Gold account and the Exclusive account requires a much more significant $50,000 deposit.

Deposit Methods & Costs

Exclusive Capital accepts deposits through a variety of methods, including Visa/MasterCard, Neteller, Skrill, WebMoney, bank wire, Eps, GiroPay, iDeal, Klarna, Poli, Przelewy24, Rapid, Trustly, and Nordea. In order to fund with a card, traders will need to provide a color copy of the front and back of the card, with the middle 8 digits on the front and the CVV code on the back covered. A screenshot of the client logged into an e-wallet account is also required to fund through one of those methods.

The first deposit must be verified manually by the funding department in order to verify the owner of the account, so it may take longer for the first deposit to be processed. Future deposits are credited instantly, except for in the case of bank wire, which can take 2-7 working days to be credited. There are no processing fees charged on incoming deposits.

Withdrawal Methods & Costs

All of the available deposit methods are also available for withdrawals, under the condition that withdrawals must be processed back to the original card, e-wallet, or bank account that was used to deposit. The majority of these methods have a flat withdrawal fee that is set at 1.8%. Exceptions would be Bank Wire, which has varying fees imposed on the bank’s behalf. Skrill would also be an exception, as it has a higher fee of 3% of the total withdrawal amount.

Withdrawal Processing & Wait Time

The broker manages to process all withdrawal requests within 24 hours. The website isn’t clear about how long it can take for those funds to show up once they’ve been sent, so traders will want to be prepared for a longer wait time just in case. Typically, it takes much longer to receive funds via wire, while e-wallets are often credited much more quickly.

Bonuses & Promotions

Sadly, we don’t see any extra opportunities to earn bonuses or to take part in any ongoing promotions. It’s always nice to see brokers offering deposit bonuses or cashback through rebates, so this is a little disappointing. On the other hand, many brokers do set unrealistic terms when these are offered, so traders should always look into the terms and conditions, especially if considering a broker based on this alone. If you do notice the “Promotions” section at the top of the website, you’ll notice that the broker only offers VPS in this category.

Educational & Trading Tools

The broker has dedicated two sections of their website to providing helpful resources; “Research” and “Academy”. The first category is mostly dedicated to technical and fundamental analysis, in addition to providing economic and holiday calendars. Under the “Academy” section, the broker provides several different sections, including the following:

• Upcoming Webinars and Seminars
• Forex Perception
• Commodity Insights
• Equities & Indices

These sections focus on helping traders to interpret global economics that impact the forex market, understanding the factors that drive commodity prices, and research on key concepts and ideas on global equities and indices. In addition, the broker also offers free demo accounts. If you’re interested in one of the broker’s webinars or seminars, you can visit that section of the website to view and sign up for any upcoming events.

Demo Account

Like many other forex brokers, Exclusive Capital recognizes the importance of providing free demo accounts to their existing and possible future clients. Signing up for one is easy, as there is a button labeled “Demo Account” at the top of the website, right beside the button that allows one to register for a live account. The application simply asks if one is registering as an individual or a company, before asking for some basic information like name, email address, etc.

From there, traders would be able to verify their email address and then select some more detailed specifics for their demo account, such as leverage. Any trader that could use some practice, needs to become more acquainted with MT5, would like to practice different strategies, test out the broker’s conditions, and so on can benefit from creating one of these risk-free accounts.

Customer Service

Customer service can be reached through LiveChat, via email, or by filling out a contact form. As usual, we did test out the broker’s LiveChat option in order to make sure that our expectations of the service were upheld. Fortunately, an agent responded almost immediately, so there are no complaints about the instant contact option. If you’d prefer to correspond via email, you should know that the broker provides several different email addresses for different departments, all of which have been detailed below. There are no direct phone numbers listed on the website, so it seems that filling out the contact form and leaving a telephone number is the only way to speak to someone over the phone. This is a little slower than being able to call directly, but still effective enough.

Email Addresses: 
Information: [email protected]
Backoffice: [email protected]
Funding: [email protected]
Customer Support: [email protected]
Compliance: [email protected]
Trading: [email protected]
Partnerships: [email protected]
Investment & Research: [email protected]
Marketing: [email protected]

Physical Address: 84-86 Pafou Street, 2nd floor, 3051, Limassol – Cyprus

Countries Accepted

The broker lists Canada, Cuba, Iran, Iraq, Japan, North Korea, Sudan, Syria, Turkey, Belgium, The United States, Latvia, and Russia as being restricted regions. To be sure, we did check out the registration page to see if any of these options were listed. Sadly, the US and any other related options, and all of the other listed countries are missing from the list, making it impossible to open an account from one of these locations.

Conclusion

Exclusive Capital is a regulated broker with an asset portfolio that includes currency pairs, ETFs, commodities, indices, and stocks. The broker allows hedging, scalping, and news trading from the MT5 platform. Leverage options are more limited with this broker, with an allowance of 1:30 for retail clients. The 1:100 cap isn’t set much higher for professional clients. It costs between $200 and $50k to open an account, depending on which of the four available account types have been chosen.

Taking a look at trading cost, we see spreads that start from 1.5 pips on the Standard account, while the other accounts offer spreads that start from 0.2 pips and stay below 1.4 pips on all currency pairs. The Standard account is a commission-free option, while the other accounts charge commissions up to $6 per side on FX and metals.

Accounts can be funded through a variety of methods, with zero fees on incoming deposits and instant processing times. Most of the withdrawal fees are set at 1.8%, aside from the 3% fee on Skrill or the bank fee charges on wires.

Support can be contacted directly through LiveChat or by email and we were able to get in contact with an agent instantly. The broker’s educational resources are a step ahead of many of their competitors, with live webinars and seminars, in addition to multiple other sections that focus on providing knowledge. One downside would be the lack of bonuses or promotional opportunities, which we do see offered by some competitors. The broker restricts clients in the US and several different countries from opening accounts.

KOT4X is owned and operated by an SVG-based company with the name KOT4X ltd. It is registered in St. Vincent and the Grenadines, a popular and well known offshore zone that is frequently used by unregulated brokers. Clients of KOT4X can use the MT4 platform with any of the four accounts offered by the broker namely; Standard, Pro and VAR and MINI.

A wide range of instruments including Forex, Indices, Stocks, and Cryptocurrencies are available for trading and spreads seem to be quite low. On their website’s front page, they claim to be a genuine broker made by professionals offering privacy and high growth possibility on a lightning – speed system. If you’d like to discover more about what KOT4X has to offer, keep reading this review as we go through their website to find out more.

Account Types

This broker has four accounts available, the Standard, Pro, VAR, and Mini. All account types follow the ECN STP trading model and all have access to high leverages of up to 1:500. The VAR account is the only one that comes commission-free, whereas the Standard and Pro account has a fee of $7 per lot and $1 per lot for the Mini account. Minimum deposits range from $25 to $500 which makes them affordable to a very wide range of potential clients. All accounts use the popular MT4 platform and their conditions are quite similar apart from the MINI account which has significantly fewer options when it comes to available instruments. You can find detailed information on how to open up a live account with KOT4X on their FAQ page. We’ve outlined the main characteristics of the four accounts down below:

Standard Account
Minimum Deposit – $ 50
Max. Leverage – 1:500
Min. Trade Size – 0.01
Spreads – from 0.8
Swaps – Yes
Avail. Instruments – FX, Indices, Commodities, Metals, Stocks, Cryptos
Commission – $7 per lot

Pro Account
Minimum Deposit – $ 500
Max. Leverage – 1:500
Min. Trade Size – 0.01
Spreads – from .4
Swaps – Yes
Avail. Instruments – FX, Indices, Commodities, Metals, Stocks, Cryptos
Commission – $7 per lot

VAR Account
Minimum Deposit – $ 250
Max. Leverage – 1:500
Min. Trade Size – 0.01
Spreads – from 1.2
Swaps – Yes
Avail. Instruments – FX, Indices, Commodities, Metals, Stocks, Cryptos
Commission – Fee Free

MINI Account
Minimum Deposit – $ 25
Max. Leverage – 1:500
Min. Trade Size – 0.01
Spreads – from 1.0
Swaps – Yes
Avail. Instruments – FX
Commission – $1 per lot

Platforms

This broker offers one of the most recognized and prestigious platforms around, the MT4. This platform offers trading on a number of devices namely; Windows, Mac, Android and IOS and you can find a download link on the KOT4X website. The platform offers 30 built-in technical indicators with adjustable and interactive charts that enable clients to stay afloat current trading market activities. Some other advantages of this platform include full customizability, Expert Advisors and multilingual service among many others. Although we now have the MT5, the ‘bigger brother’ of the initial MT4 platform, many traders still prefer the latter.

Leverage

Leverage is the same for every account this broker has to offer, 1:500 which is quite generous. This means that for every $1 that a client has in their account, this broker can trade up to $500, which can result in major wins, as well as major losses so clients, especially those just starting out in the trading world, should be cautious when dealing with such high leverages.

Trade Sizes

The minimum trade size available with KOT4X is similar to most other brokers, 0.01 lots (Micro Lot). They do not state whether there is a maximum trade size on their website, so we asked their support team through their live chat and we were provided with a list of lot sizes available for all the pairs the broker has available at the moment. You can find this information on their FAQ page under the Pairs/Instruments and their Lost Sizes title.

Trading Costs

Three of the available four accounts come with a commission fee of $7 per lot for the Standard and the Pro account, while the Mini has a commission fee of $1 per lot. The VAR account is the only one that is fee-free. We also found a mention of another fee clients may encounter on the broker’s Terms and Conditions page. Here the broker states that KOT4X reserve the right to charge a commission for telephone trades, but they do not offer information regarding how much this commission will be.

Assets

KOT4X have quite an extensive list of instruments available for trading including 55 Forex currency pairs ranging from Major, Minor to Exotics, 104 stocks including Apple, Amazon, Facebook, FedEx, Google, and Cisco Systems to name a few, 31 of the most popular Cryptocurrencies including Bitcoin, Dash, Litecoin, Ripple and EOS amongst others and 8 Indices. You can find the full list of available assets on their Trading Assets page.

Spreads

With KOT4x, spreads depend on the account type that you opt for. From their Accounts page, we could see that spreads are quite low, ranging from .08Pip to 1.2Pip. Obviously, potential clients shouldn’t take these numbers as factual as spreads are dependent on available liquidity so they are bound to fluctuate.

Minimum Deposit

This broker offers a very affordable minimum deposit requirement of $25 for their mini account, which is ideal for clients that are still testing out their trading skills. The highest minimum deposit is that of $500 for the PRO account, which is still relatively affordable when comparing it to other brokers who sometimes have deposit requirements of up to more than $5,000.

Deposit Methods & Costs

At the moment, this broker only offers Bitcoin or Instacoins as deposit methods. In order to do this, clients’ accounts must be KYC verified. This broker automatically credits the value of BTC or Instacoins that are received from deposits directly to the client’s account without taking any fees. Clients should note that the value credited to their account may differ due to either a transaction fee from the client’s own bitcoin wallet provider or because the value of bitcoin may have changed from the time of the deposit to the time the broker receives it.

The minimum Bitcoin deposit required is $10 whilst the minimum for Instacoins is $50. There is no maximum amount specified by the broker. The wait time clients should expect is between 1-3 hours as it depends on Blockchain Traffic and deposits need 3-6 confirmations to be processed.

We decided to speak to KOT4X’s live chat once again and asked for any available funding options for clients who do not have an e-wallet. They informed us that once clients are verified by KYC, they will be able to use Instacoins with their debit/credit card. In order to be verified, clients must provide certain documents. You can find the full information for this on their FAQ page under the Instacoins Deposit Method section.

Withdrawal Methods & Costs

Withdrawals can only be withdrawn back to a Bitcoin wallet, which makes this broker quite limited especially to those clients who are not interested in Crypto.

Withdrawal Processing & Wait Time

Withdrawals take approximately 1-3 hours as there are multiple confirmations that have to be processed before the funds go through.

Bonuses & Promotions

At the moment, this broker doesn’t seem to have any promotions or bonuses on offer. However, this doesn’t mean that they won’t in the future, so you can occasionally check their website for any updates regarding any promotions available.

Educational & Trading Tools

Unlike many brokers, KOT4X do not have a page dedicated to Education on their site. They do however have an extensive FAQ page where potential clients can find most of their questions answered simply. When it comes to trading tools, it seems as though this broker relies completely on the trading tools available on their platform of choice, namely the MT4, which should have enough tools for beginner traders as well as more seasoned ones.

Customer Service

This broker can be reached 24/7 through live chat or email. We were extremely pleased with this broker’s live chat. We were given detailed answers within seconds and the customer support provider was very helpful and informed about this broker’s conditions. The support agent also made sure that we were fully understanding their conditions and stayed with us until we had asked all our questions. Here is their info:

Demo Account

For those that are still uncertain about this broker, and would like to see how their conditions live up to actual trading, potential clients can test out KOT4X’s demo account. With this demo clients, will have an unlimited amount of funds and they can also choose leverage of up to 1:500, which means conditions will be identical to that of a live account. This is a great tool for potential clients as they can test out their strategies and get a hang of this broker’s trading conditions.

To kick start your demo account you have to fill in a simple form and choose the leverage and the balance you would like in your account.

Countries Accepted

KOT4x have quite a large number of countries that are restricted from trading with them, namely; Bahamas, Botswana, Burma, Cambodia, Congo, Cuba, Ethiopia, Ghana, Iraq, Iran, Japan, Lebanon, Libya, Malta, North Korea, Pakistan, Panama, Somalia, Sri Lanka, Sudan, Syria, Trinidad & Tobago, Tunisia, Vietnam, Yemen, and Zimbabwe. If you are from any of these countries, trading with KOT4x is impossible. This list is subject to change as new regulations come out regarding the trading industry.

Conclusion

KOT4X is an offshore unregulated brokerage registered in St. Vincent and the Grenadines. It provides the biggest platform around, the MT4 with very generous leverage and supposedly tight spreads. The minimum deposit required is also very affordable which could make this broker ideal for those just starting out in the trading industry, but always be cautious of working with an unregulated broker.

The instruments available for trading range from Forex to Cryptocurrencies with clients having a very wide range to choose from, which is always a plus. Their website is user-friendly and they have a very extensive FAQ section that holds many of the usual questions potential clients like to ask. For those people who have questions unanswered in the FAQ section, we had a very good experience when using their live chat.

We spoke to them on two separate days (Saturday and Sunday) and we were given answers within seconds on both occasions. Both customer support providers were polite and well informed about the brokerage. Clients have the option of opening up a demo account which mimics the conditions of a Live Account, this should be beneficial for those wanting to experience what it would be like trading with KOT4x without having to spend any of their money in the process.

Unfortunately, this broker does have a long list of restricted countries, including European Countries like Malta, which makes them unavailable for any potential clients residing in these countries. Another restriction that we felt could hinder potential clients’ interest in this broker, is the fact that clients can only deposit and withdraw via Bitcoin, which is quite unusual. Although bitcoin and E-wallets are increasing in their popularity, it is obvious that there are many traders that prefer using more traditional methods to deposit and withdraw. On the plus side, we did not find any mention of withdrawal fees and this was again confirmed by their live chat support providers.

If you’d like to know more about this broker, head on to their website and go through their FAQ page, as it answers many questions, and also have a go at speaking to their Live Chat as we found their response to be efficient and knowledgeable. As we’ve mentioned before, this broker is unregulated which means there might be commingling which means the broker might mingle together with the finances of the firm and the finances of their clients, which is never a good thing. Make sure to check out customer reviews and try out their Demo account before deciding to start trading with KOT4X.

JPMarkets claim to be Africa’s biggest broker. This is quite a big statement as trading has become very popular in African countries in the last couple of years. This broker is a Financial Services Board-Approved Brokerage (FSP no. 46855) that provides the popular MT4 platform and advanced technology that comes with it for their clients in Africa to trade in the international financial markets, specifically forex currencies. The brokerage was founded in 2016 by the founder Justin Paulsen. On their website, you can find detailed information about his education and experience in the trading market on their Company Profile document.

Their operations are based in various countries throughout Africa, with their main base located in South Africa. On their Company Profile, JPMarkets state they are determined to play a crucial role in the creation of at least 30 African-owned brokerages across Africa by the year 2020. On their website you can find a list of services that this broker offers namely; ECN or STP accounts, low spreads, instant deposits, and fast withdrawals, custom JP Markets App, stable and secure servers and a wide choice of trading instruments available including Stocks and Cryptocurrencies.

Having said that, we did come across quite a large number of online complaints about this broker, with many clients claiming to have serious issues when depositing, trading and withdrawing their funds. This is quite confusing as this broker, in 2019 won the Global Business Outlook award for Best Forex Broker in South Africa as well as International Finance’s Fastest Growing Forex Broker in South Africa. It seems quite contradictory for a scam broker, as the online reviews suggest, to manage to win such awards, so join us as we review their website and the conditions that they offer.

Account Types

JPMarkets offer different types of accounts structured to suit a number of trading styles. Information regarding the actual accounts is quite limited on their platform, but it seems like they offer an ECN account, a Standard account, and a VIP account. When using the ECN account clients will have commissions charged per transaction of $10 per lot. The VIP accounts benefit from lower commission rates but we could not locate specific information regarding this.

On the other hand, on the Standard account clients will be charged on the spread. This broker states that they do not differentiate between Micro or Mini accounts like many brokers do, but they allow their clients to trade all their available pairs without any restrictions. JPMarkets do not have a strict minimum deposit for accounts to be opened, but they do recommend starting with around R3 000 especially for those traders that are still starting out. Other info, such as exact leverage and spread values are not found on their website. We assume that one must open up an account to receive this information, which is inconvenient for potential clients.

Platforms

This broker supports the popular MT4 platform which is used by thousands of traders from all over the globe. This platform offers great tools for traders to use to enhance their trading such as; advanced charting, extensive backtesting and a very wide range of technical indicators. A particular tool that is very popular is the Expert Advisors that allow users to completely automate their trades and basically let the platform handle all the trading. Unfortunately, JPMarkets does not allow automated strategies to be used by their clients.

Apart from the MT4, this broker also offers its own JPMarkets platform which comes with an App for both Andriod and Apple. This application gives clients full control over their trading account and deposits reflect instantaneously, letting clients get in on the trades quickly. According to the application description, this platform enables clients to create new Meta Trader accounts with various deposit currencies and to transfer funds between these accounts using this platform. The online reviews for this platform are overwhelmingly negative, with complaints ranging from money disappearing from accounts to a serious lack of customer support.

If you’re thinking about setting up an account with this broker and using their platform, make sure to do some background research to determine if this would be a good idea.

Leverage

The highest leverage clients can use with JPMarkets is 1:500. We got this information from a screenshot of an open account on their FAQ page, as their website lacks any information regarding accounts and the leverage offered.

Trade Sizes

The minimum trade sizes allowed with this broker is 0.01 lots. Again, no more information, such as maximum trade sizes, are found on their website.

Trading Costs

Clients using an ECN account will be charged $10 per lot. This broker does state that VIP accounts have lower commission fees, but they do not specify the exact amount. On their terms and conditions page, we did find some more information regarding commissions or fees clients may encounter namely; that commissions may be changed by the company from time to time and it remains solely the clients’ responsibility to review the relevant section on their website regularly for any changes.

Assets

Strangely, we couldn’t find any information regarding what assets this broker has to offer. We tried to contact the broker via email to ask for more information, but we were not given any answers. From online customer reviews, we did gather that they offer over 200 Forex & Currency pairs, some cryptocurrencies, Commodities, Market Indexes, and stocks but we cannot confirm if this information is accurate or not.

Spreads

When trading with JPMarkets, clients will encounter variable spreads based on market conditions. This broker claims to offer very competitive spreads, for example, they state that on average, clients can get EUR/USD for about 2 Pips under normal market conditions. Potential clients shouldn’t take this statement as fact, as it is not providing any concrete information regarding the current spreads offered.

Minimum Deposit

Unlike most brokers, JPMarkets does not have a strict minimum deposit required to open up an account. Their clients are allowed to invest whatever they can afford and are comfortable with. They do however recommend depositing an initial amount of around 200 dollars, particularly those clients that require a substantial amount of training.

Deposit Methods & Costs

Clients can deposit funds via the following methods; Visa, MasterCard, iPay, Local Bank Transfers, M-Pesa, PayFast, Skrill and SnapScan. Clients can also fund their accounts using Bitcoin, but only through Skrill.

Withdrawal Methods & Costs

Withdrawals are processed Monday to Friday from 9 am to 5 pm, GMT +2 (South African Standard Time). For security reasons, this broker calls back clients to verify and confirm withdrawal requests. As a result, this might prolong the withdrawal process. On their FAQ page, clients can find a step by step explanation of how to withdraw funds from your JPMarkets account. This broker makes it very clear that all client documentation should be in order before submitting such a request. This documentation includes clear and scanned copies of Identity Card, proof of address and bank statement confirming the client’s individual bank details.

Withdrawal Processing & Wait Time

According to their website, withdrawals are processed immediately and paid within 4 hours provided that all documentation is in order and the client has given a verbal confirmation. As we’ve mentioned briefly before, we did come across a very large number of online complaints regarding issues with withdrawing money. We are unsure if these were the result of a technical issue, or whether this is a clear sign to stay away from JPMarkets.

Bonuses & Promotions

JPMarkets do have a bonus associated with using their Android App. Clients who trade using this method will be able to get a 100% bonus. Those who do not have an android phone can still use the online portal and be eligible. Clients who use an iPhone will be able to use the application once it is published by Apple.

This broker claims to have no tiers or scaling just a 100% bonus on all deposits up to R140,000 or equivalent in USD. The bonuses are applied automatically if clients use the JPMarket portal, so clients should be able to see the bonus immediately upon depositing. The bonus will stay in the account for 90 days and then it expires. One should note that this bonus is not withdrawable, so clients can only use it to trade. The maximum bonus clients can have at any time is 100% of their balance.

Educational & Trading Tools

JPMarkets seem to take education quite seriously as they have a packed educational section on their website. On this page, clients can find a glossary of common trading words and phrases, economic calendar, how-to documents, and a substantial Forex education course. Apart from this, they have a section called Total Trader where one can find a number of interesting articles that new traders might find useful.

They also have a blog section with a number of blog posts regarding forex trading and strategies but it doesn’t seem to be frequently updated as the latest blog was published back in March 2019.

Customer Service

This broker can be contacted either via email, telephone or via the chat feature available on their website. We did not locate any Live Chat buttons on their website at the time of writing this review. We also tried to contact this broker via email but after 24 hours no reply was received. Similarly, to their withdrawal methods and conditions, this broker claims to offer superior service to their clients, but online reviews show the exact opposite. Although we cannot confirm whether these negative reviews are based on fact or not, our own experiences show that JPMarkets customer support is lacking in many ways. This is their contact information;

Address: Black River Office Park 2 Fir Street
Observatory,
CAPE Town Gatehouse Building
2nd Floor
Telephone: 087 828 0576
Email: [email protected]

Demo Account

If you’d like to test out JPMarkets’ trading conditions, you can use their demo account by filling in an online application form. After receiving the login details of your account, you will be able to start trading with a default total of $10 000.

Countries Accepted

JPMarkets do not accept citizens from the US due to US Securities and Exchange (SEC) rules.

Conclusion

JPMarkets is a regulated, South African broker that supports the MT4 platform. We did find ourselves looking for information that should be clearly stated on their website such as; leverages, spreads, and assets, which is obviously inconvenient for potential clients. This broker does have some commissions applied with 2 of its accounts namely the ECN and the VIP, but the information isn’t very clear. Our experience with their customer service left much to be desired as we were not given any answers by their support team.

They do offer an interesting 100% bonus on all accounts, but this bonus can only be reused for trading and not for withdrawing. Although JPMarkets is regulated and the winner of prestigious awards, the number of negative reviews we found online made us question whether they are really reliable or not. If you’re interested in becoming a client of JPMarkets we highly suggest testing out their demo account and perhaps going through some of the online customer reviews to get a better idea of what you should expect when dealing with this broker.

Maxrich Group LTD is an international forex trading firm, dealing with over-the-counter forex contracts. MRG Forex brand is a registered financial services provider under New Zealand’s financial markets conduct act 2013 and is regulated by the Financial Markets Authority (FMA). In 2007 it also became a registered business company in the British Virgin Islands. This broker deals with Forex, commodities, shares and US index. Having a variety of accounts available this broker can work with a wide array of potential clients. If you’d like to discover more about MRG, keep on reading to find out what we’ve learned through an in-depth look at their website.

Account Types

If you’re considering opening an account with this broker, you have a choice between 4 types of accounts, namely; Basic, Sharia, Infinite and Premium. All accounts have the possibility of trading 29 different products. Let’s take a closer look at each account.
The Basic account has the lowest minimum deposit required which is just $10 making it a great option for new traders. Like all the other accounts, the Basic allows a minimum trading lot of 0.01, but unlike the others, the Basic account only allows a maximum of 1 lot to be traded. This account is fee-free and over-night swaps are allowed. The leverage for this account is set quite high at 1:500 and spreads which are also quite high, starting at 2.5 Pips.

The Sharia Account, as the name implies, is suited for clients that are of the Islamic faith. The minimum deposit required is $3,000 and the maximum number of lots that clients can trade through this account is that of 20 lots. This account comes with a commission of $20 per lot and leverage is set at 1:200. The spreads for this account are quite low at 0.8. The Infinite account has the highest minimum deposit required which is $50,000 making it quite unreachable for a number of potential clients. The commission is slightly lower than that of the Sharia Account, $15 per lot and one can trade a maximum of 30 lots with the Infinite account. Spreads start from 0.8, leverage is set at 1:200.

The last account MRG offer is the Premium account which has an affordable minimum deposit of $300. For this account the commission decreases to $10 per lot and leverage is set at 1:200. Spreads are also quite attractive for this account as they start from 0.8 Pips.
In their FAQ section, MGR state that there is no set minimum number of transactions required to maintain an account. They also do not deactivate accounts that have been inactive. Clients may have up to 100 trades open simultaneously.

We’ve outlined the main characteristics of these accounts below:

BASIC ACCOUNT
Minimum Deposit: $10
Leverage: 1:500
Spreads: 2.5 Pips
Commissions – None

SHARIA ACCOUNT
Minimum Deposit: $3,000
Leverage: 1:200
Spreads: Start from 0.8 Pips
Commissions – $20/1 Lot

INFINITE ACCOUNT
Minimum Deposit: $50,000
Leverage: 1:200
Spreads: Start from 0.8 Pips
Commissions – $15/ 1 Lot

PREMIUM ACCOUNT
Minimum Deposit: $300
Leverage: 1:200
Spreads: Start from 0.8 Pips
Commissions –$10/ 1 Lot

Platforms

MRG Forex uses the MetaTrader 4 (MT4) platform which is available for desktop as well as mobile versions. This platform, developed by MetaQuotes, is the go-to platform for many experienced traders. This is mainly because it comes equipped with detailed charting tools, more than 50 built-in indicators and a wide range of EA’S (Expert Advisors). Traders can make use of ready-made trading robots or there is also the possibility of creating your own, tailor-made for your own specific trading needs. MT4 offers a user-friendly, customizable interface that is suited both for new-comers as well as more experienced traders.

Leverage

The maximum leverage available through this broker is 1:500 which is quite high. This leverage is available once a client opts for a Basic Account. One should always be cautious of high leverages as they might incur major profits as well as major losses. In their Why Choose Us section of their site, they explain this high leverage as being a flexible risk which can be highly beneficial to their clients. The other accounts available with this broker all have maximum leverage of 1:200.

Trade Sizes

The minimum amount of lots one can trade with this broker is the same for every account that they offer, which is 0.01, which is known as a micro lot. As for maximum lots, the highest one can trade is through an infinite account which allows for 30 lots to be traded. The Premium and Sharia Accounts offer 10 – 20 maximum lots to be traded respectively.

Trading Costs

The only account that is fee-free with this broker is the Basic account which comes with no commissions. As for the rest of the accounts, they all come with a different commission fee; $10/1 Lot for Premium Account, $20/ 1 Lot for Sharia Account and $15/1 lot for the Infinite Account. For those thinking about opening a Basic or a Premium Account, it is worth keeping in mind that swap fees are still applicable. These are either received or charged when one holds a trade overnight.

Assets

MRG has 24 currency pairs available for trading, including both major and minor pairs and we also noticed some attractive spreads available for example EUR/USD and GPB/USD both have spreads starting from 0.8 Pips. Apart from this list of currencies, this broker also has 2 commodities listed on his site, namely; Gold and Oil, with spreads starting from 0.3 and 0.5 Pips respectively. MRG also has US Index namely; Nasdaq, S&P 500 and DOW JONES available to their clients as well. Although spreads are quite attractive we noticed that this broker is quite limited when it comes to available assets.

Spreads

Maxrich Group Ltd state that they offer ultra-tight spreads and that their normal dealing spreads are between 1 and 3 Pips. As we analyzed their website, more specifically their asset list, we were pleased to notice that most of their spreads are indeed between 1 and 3 Pips apart from a few exceptions namely; GBP/NZD which has spreads starting from 4.5 Pips and DOW JONES which has spreads starting from 10 Pips.

Minimum Deposit

This broker has a very affordable starting point for beginner traders looking to test out the trading business. You can open a basic account for a meager $10. The minimum deposit rate isn’t so small for the Infinite Account as clients would have to deposit a $50,000 or more to open up this account. MRG has another affordable account which requires a $300 minimum deposit, which is the Premium Account and the Sharia Account comes with a $3,000 minimum deposit.

Deposit Methods & Costs

Deposits to MRG can be made through bank wire transfer, credit card deposits, Skrill, FASAPAY and Indonesian local bank BCA, BRI and Mandiri. It seems like online wallets are not an option that can be used when dealing with this broker.

Withdrawal Methods & Costs

To withdraw money from your account you must submit a withdrawal form. Unfortunately, there is no information regarding any fees that might be associated with withdrawing your money. We also failed to find the withdrawal form so we cannot comment on it at the time being. We also tried to contact the broker regarding these queries through e-mail, but after 48 hours, no reply has been received.

Withdrawal Processing & Wait Time

The broker states that withdrawals are processed within 1 working day since the withdrawal form has been submitted. No further information regarding this is available on their website at the moment.

Bonuses & Promotions

On their FAQ page, MRG clearly states that they do not offer bonuses as the company makes money fairly from commissions, and as such, they do not need other financial incentives to lure potential customers. This is quite contradictory as on their home page one can see a number of bonuses and rebates being offered such as; MRG Cashback Bonus, Real Account|Contest VI 2019 and MRG Forex Rebate.

The information provided regarding these bonuses is outdated and unclear so it would be best to speak to the broker directly with any questions you might have regarding these especially because on another page on the website it is indicated that some of these bonuses are only applicable for MRG clients in Indonesia.

Educational & Trading Tools

MRG does not have a segment dedicated to education on their website. They do have some basic information regarding Forex throughout their website especially in the FAQ section, but it leaves much to be desired. They do have the latest news segment at the bottom of the home page, but it seems as though they only report news regarding the MRG company and not the Forex market in general. There is no mention of any particular trading tools that one might use when dealing with MRG apart from those that are present on their platform, MT4.

Customer Service

When compared to other brokers, MRG is definitely lacking when it comes to Customer Service. Clients can only reach MRG by filling out a form that you can find on their Contact Us page. We did fill out the form and asked some questions regarding their services, but we haven’t been given an answer yet.

The broker also fails to mention their address, telephone numbers, and e-mail addresses on their website, which seems slightly suspicious. Unfortunately, the option of live chat is also unavailable for clients which can be frustrating for those with urgent issues they would need to discuss with the brokerage. In their Why Choose Us page, this broker claims to offer prompt 24/5 customer support by e-mail.

Demo Account

MRG does offer a free demo account for those wanting to try out trading before actually opening a live account. You can find a create new demo button on multiple pages on MRG’s website, and it is quite easy and fast to create a free demo account for yourself. The broker also states that demo accounts are active for 30 days from the date of opening and then they are removed.

Countries Accepted

This broker accepts countries from all over the world, but it has a restriction for clients coming from the US because of CFTC regulations.

Conclusion

MRG offers a nice selection of accounts to their clients with very low minimum deposits of $10, average to low spreads, but there are some fees associated with a number of their accounts. The overall outdated look of their site, along with the less than impressive customer service we experienced leave quite a bit to be desired with this broker. If you’re interested in finding out more about this broker head on to their site for more information.

FXPIG isn’t your regular broker. That’s the first thing you notice when you go onto their website. They’ve really taken on their strong Pig brand and this is seen throughout their content on their out-of-the-ordinary site. As it is stated on their Core Values page, FXPIG has pledged to change the serious, boring and most times, unforgiving FX market, into one that is more laid-back and contemporary.

Apart from this, they want to move away from the over-used terms DMA, ECN, STP that are used by the majority of brokers and create a more transparent, and client-centric model. By joining this broker, you would be joining the revolution, so to speak. Now on to the really important parts.

FXPIG has been around for around 10years and it was founded in Auckland, New Zealand. After being in operation from 2010 to around 2016, with a pretty impressive track record, this broker deregistered from NZ and became registered in Vanuatu under a Principal’s License for Dealing Securities (Company no. 014578). It is important to note that although Vanuatu is a popular destination for unregulated, offshore brokers, it has already enacted rules regarding financial and AML audits. Then, in April 2017, following the approval of a membership application, this broker became a member of the Financial Commission in Hong Kong.

FXPIG claim to be a completely open and transparent STP broker that will never trade against their clients. Something which makes this broker quite unique is that they do not create their own market in house, which means that all client’s trades are pushed into the real transactional FX Marketplace. All client’s funds are held in segregated accounts and they are never used to cover company-related expenses. As a non-risk taker broker, they do not trade on their own accounts, they do not run a dealing desk and they also claim to never put company assets at risk at any time.

Another unusual piece of information that clients can view on FXPIG’s website is the full information about their main-team namely; the CEO, CTO, CFO, and CXO. Clients can read a short description of all members including trading experience and education. We think this is a nice touch that is already setting this broker apart from the rest, as the clients know who they’re dealing with, unlike with other brokers are that much more discreet about such information.

Account Types

As you’ve probably realized already, FXPIG prefers to create their own way, instead of following others. This is definitely the case with their accounts as clients can choose from either a SPA, MPA or Customized account.

The SPA Account (Single Point Aggregation) is a single hub aggregation of leading Forex liquidity providers customized to FXPIG’s clients’ needs. One can find a detailed explanation of how this works on their ‘DIFFERENTIATE’ page on their website. They explain that this is a single-flow, prime broker style feed that is completely made up of the top makers in the FX industry. The basics of the SPA technology ensures that no single provider is exposed to more than one hit per individual trade ticket, eliminating what is usually referred to as double-tapping. This ensures a better pricing flow and execution quality.

Apart from this, the SPA account has overall tighter spreads starting from 0.3Pips, filter-free trading, Zero margin hedge Trading, and no dealing desk. This account is open to all traders with a minimum deposit of $500 or equivalent. This account is a great choice for scalpers as they offer quite consistent pricing, tighter spreads, and higher tick values.

The MPA (Multiple Point Aggregation) gives clients direct access to the Forex market where they are able to trade with other traders. One main difference between this and their SPA model is that while the SPA’s liquidity comes from banks, MPA is mainly comprised of non-bank liquidity and pending orders initiated by participants within the MPA. This increases the available liquidity pool.

FXPIG states that their MPA Account is a hybrid between MTF (Multiple trading Facilities) and ECN (Electronic Communications Network). This account allows clients to take advantage of the multilateral matching that is the core of MTF, as well as the multiple aggregation that is found in ECN. This model has price filters set at various different levels. This acts as a protection against spread spikes. Its layered liquidity creates larger liquidity pools and it helps in keeping traders anonymous. The minimum deposit required for the MPA account is $500 or equivalent.

One can find a detailed list outlining and comparing both the MPA AND SPA’s characteristics on the FXPIG’s website.

Platforms

FXPIG offers you a choice of 3 platforms to choose from, namely; METATRADER4, cTrader and FIX API.

Undoubtedly, MT4 is the most popular platform used by traders all over the globe, but apart from the great advantages of using this platform, FXPIG claim to make trading through MT4 even better. They offer real STP on MT4, no b-book, no deal plugins, and no filters. Hedging is allowed on all feeds and there are no limits on the number of open orders clients may have at one time. FXPIG also pledges lean and fast liquidity bridge that is built in-house that processes orders in 5ms. This platform can be downloaded for Android, Windows, and iOS, on FXPIG’s site.

If you opt for cTrader as your platform, you are guaranteed a level trading field that will help you to reach your trading goals. The cTrader platform is compatible with FXPIG’s ALT, MPA, SFL, and SPA feeds. While other brokers might charge their clients extra when dealing through cTrader, FXPIG gives you the chance of using this platform at the lowest available commission rate in the industry; 2.50 per 100,000 traded. Apart from this cTrader has a number of other worthy advantages such as the ability to trade directly from charts, smart stop-out capabilities, enabling clients to set their own time zones and visual deal mapping on charts. If you’re interested in using this platform, you can find a lot of useful information on FXPIG’s Differentiate page.

The last platform available by this broker is FIX API which in itself is a perk. This basically means that clients who opt for this platform (which can be accessed through a minimum deposit of $500) will have a direct connection with the liquidity provider executing the orders. This means a much quicker order execution time as this eliminates the added latency that comes along with using any of the other platforms available. This is a great platform for seasoned traders that are aware that in this industry, every second counts.
If you want more information about this platform, head on to PIGFX’s website where they simply outline all the info clients need before choosing their preferred platform.

Leverage

This broker, unlike the rest, offer the same leverage for both their main accounts, SPA and MPA, but the leverage offered changes according to the current funds available in the client’s account. Since we couldn’t find more information about this on their website, we contacted FXPIG through their e-mail and after about an hour, we were sent this information: clients that have less than 1k balance in their account are offered a maximum leverage of 1:100 and for those with more than 1k have leverage up to 1:200. We were told that leverages do go up to 1:400 in some cases, but in that case, the SO level is fixed at 100% of margin consumption instead of the normal 50%. Since leverage offered depends on each client’s current account situation, it is best to speak to FXPIG to get more information.

Trade Sizes

Both the MPA and the SPA have a minimum order size of 1,000 units, also known as a micro lot. The maximum order size for the SPA account is 10mio whilst for the MPA, the maximum order size is dependent on liquidity.

Trading Costs

When trading with FXPIGs, clients must be aware of the commissions that are applicable. For both the SPA and MPA accounts there is a 25 per mio commission fee when trading through the MT4 platform as well as with the cTrader platform. On their Differentiate page, FXPIG state that although the normal commission rate for cTrader is 30 per mio, they are currently charging the same rate they offer for the MT4 and FIX API platforms.

Assets

FXPIGS have about 60 Forex currencies to trade as well as a few indices. This broker has a convenient list of pairs available for each account. Within this list, clients can find the available lot sizes as well as the spreads for each pair.

Spreads

As for spreads, FXPIG aims to keep them as low as possible, but they do add that sometimes low spreads come with an equally high slippage rate due to illiquidity. Apart from offering competitive spreads, they also make their client’s lives easier by having a real-time spread monitor on their website. While we were taking a look at this monitor, most of the spreads fell between 0.3 to 3 Pips, with the highest coming from the SFL (customized) account.

Minimum Deposit

Comparing FXPIG to other brokers, their minimum deposit is quite high at $500 for every account. This factor might be detrimental to smaller or inexperienced clients that have a lower budget.

Deposit Methods & Costs

If you are looking to deposit money into your FXPIG account, you have 5 choices available namely; Bank transfers, Credit & Debit cards, Neteller, Skrill and Uphold. This broker recommends all clients to deposit funds using Neteller as it is fast and secure. All the methods mentioned above have a commission associated with them as follows:

• Bank Transfers – €25
• Credit & Debit Card – 3.75% + 0.50 (on all deposits)
• Neteller – 3%-3.5%
• Skrill – 2.5%
• Uphold – $15

It is good to note that while FXPIG does not charge you to move money back to your Skrill or Neteller account, both these gateways charge 1% and 2% respectively. This amount is deducted from your withdrawal.

Withdrawal Methods & Costs

FXPIG claims to have simple and efficient withdrawal methods available. If you want to withdraw money from your FXPIG account you can use any of the following; Neteller, Skrill, EURO SEPA, UPHOLD, ATM and even by moving your money back to your credit card. Neteller and Skrill offer the service fee-free but the rest have the following fees:

• EUROSEPA Transfers – €35
• Worldwide SWIFT transfers – €50
• UPHOLD transfers – $15

This broker also provides their clients with a great option of getting their own PIGcard which allows them to make instant withdrawals from eWallet accounts. This means a PIGcard is a low-cost alternative to Skrill, Neteller or bank wire, it gives you the ability to have instant and worldwide access to your cash. The PIGcards are conveniently available in Eur, GBP, and USD. If you’re interested in getting your very own card, you can order one from inside your MyFXPIG profile. The cost of the card is $20 which includes standard airmail delivery, but if you prefer your card to be sent via courier you will have to pay an additional $50.

Withdrawal Processing & Wait Time

Apart from the fact that withdrawing with a PIGcard is instant, there is no more information regarding withdrawal processing and the waiting period associated with it.

Bonuses & Promotions

After a thorough look through this broker’s website, it seems as though there are no bonuses or promotions being offered at the moment.

Educational & Trading Tools

FXPIG has an interesting page dedicated to education on their website. Like the rest of the site, this segment has the PIG brand all over it. From interesting articles to myth-busting videos, this broker has really made an effort to educate their clients as well as drive their strong brand.

They also have an FXPIG COMPANY NEWS as well as an FX MARKET ANALYSIS page that can help clients make their way through the ups and downs of trading. It is nice to see that both these segments are very frequently updated, making the information offered up to date. It is refreshing to see innovative content regarding the forex industry and not the usual standard information that one finds on most other brokers’ sites.

Apart from their impressive educational information, FXPIG also has a slippage and average time execution calculator available on their websites. This can help clients make the right choices during their trading.

Customer Service

If you ever wish to contact the pigs at FXPIG you can choose between either filling out a form found on their contact page, sending an e-mail, Skype or via the PIG Messenger (live chat), by clicking on the purple widget at the bottom part of FXPIG’s website. When we wanted to contact them, we spoke to them via the PIG messenger and we got a detailed answer after about 30 minutes. Here is their contact information:

Email: [email protected]
Skype: chat.fxpig
Address: Prime Intermarket Group Asia Pacific Ltd.
Level 2 Transpacific Haus Lini Highway
Port Villa, Republic of Vanuato

Demo Account

If you’re curious about this broker and would like to test out FXPIG without actually spending any money, you can try out their Demo account. Through their MyFXPIG Portal you can open numerous demo accounts on both the cTrader platform or the popular MT4. You can find detailed information about how to open up a demo account on their website.

Countries Accepted

This broker does not open or maintain accounts for entities or residents who are classified as retail or low net worth clients, based in Vanuatu or the US. Governmental restrictions along with FXPIG’s company policies, prohibit it from opening accounts originating from OFAC sanctioned countries. This information can be found in the footer of FCPIG’s website.

Conclusion

FXPIG is definitely a breath of fresh air for the Forex industry and will possibly be revolutionary when it comes to the way forward. Their website content is engaging, unique yet still informative. Apart from having up to date information and educational content on their website, they offer decent spreads, deep liquidity pool, own debit card to access eWallet funds and friendly customer service. On the downside we did notice there are no swap-free accounts, deposit fees are quite high and the minimum deposit fee is quite high for many potential clients. If FXPIG has managed to capture your attention, go onto their one of a kind website to find out more.

DAX100Fx claims that they are Europe’s Main Trading Center, offering a variety of financial assets to trade using six different accounts. When it comes to regulation, the information provided on the Dax100Fx website is confusing, to say the least. The brokerage seems to be registered in Saint Vincent and the Grenadines, but, under the name Veneda Partners Ltd. Those of you who have been trading for a while, probably know that this address is one of the most commonly used among unregulated brokers.

The information gets confusing as one can see another company name mentioned on the website which is ZEUS Partnership OU which is claiming to be registered in Estonia and on the Terms and Conditions page the broker claims to follow the laws of Bulgaria, a member of the European Union, but apart from here, we find no other mention of a Bulgarian company or license. Although all this information suggests that this broker might not be the most reliable out there, they do use the most popular platform available, the MT5. If you want to find out more about this broker, keep reading this review as we will share with you all that we found regarding DAX100Fx.

Account Types

This broker offers its clients a choice of 6 different accounts namely; Basic, Bronze, Silver, Gold, Platinum, and Black. Unfortunately, the information provided by the broker leaves many questions unanswered. Apart from claiming that all accounts receive 24/5 support, daily market reviews, pro webinars and price alerts, the only other information given is the minimum deposit required which ranges from $250 for the basic account, to a whopping $100,000 for the Black account. The Gold, Platinum and Black accounts also receive an expert intro session, Strategic analysis, private session and a number of live webinars.

The Black account also enjoys an exclusive access position. The broker does not go into detail about these benefits. As a result of the lack of information provided, we cannot comment on leverage, available currencies, maximum order size, margin calls or stop out levels. Needless to say, the lack of information does seem a bit fishy. 4 of the available 6 accounts do have a welcome bonus but we will go into detail about this in the Promotions and Bonuses section of this review.

Platforms

DAX100Fx appear to have their own trading platform that is the product of years of investment expertise as well as technological experience. This broker states that its platform combines simplicity in a user-friendly format with a variety of tools and features that guarantee a professional trading practice. The platform enables real-time trading with asset prices updated second-by-second, checking of account balance and transfer funds in and out of trading accounts easily and clients can also access their trading history and analyze their personal performance.

It is interesting to note, that although this broker claims to be using their own platform, we realized they are actually making use of the Meta Trader platform. We are unsure why they would do this, as most brokers would be more than happy to use the MetaTrader as it is by far the most trusted, and most popular platform available at the moment.

Leverage

Although there is no clear information on their Accounts page regarding leverages offered, we did find a brief mention of it on their FAQ page, where this broker stated that they provide leverage up to 1:400 on selected assets, but these selected assets were not named.

Trade Sizes

We cannot offer any information about trade sizes as we could not find any on DAX100Fx website. If you are interested, you can try and get in touch with the broker through their contact us page.

Trading Costs

On their FAQ page, DAX100Fx claims to have completely eliminated brokerage fees, stamp taxes, and other handling charges. They also go further to guarantee that when using this broker, there are no hidden fees, service charges, commissions or administrative costs. This is quite contradictory to some information we found regarding withdrawing funds and idle accounts, but we will go through this later on in the review.

Like many other aspects of this broker’s website, we failed to locate any info regarding spreads or commissions that clients may encounter when dealing with DAX100Fx apart from on their main page where we did find information claiming that they offer spreads as low as 2 Pips and low overnight fees, but again we cannot comment any further on this.

Assets

DAC100Fx offer over 300 of the world’s most popular financial assets to their clients. We did find some information about these assets on their Charts Page. There are 6 currency pairs available namely; EUR/USD, BPG/USD, USD/JPY, USD/CHF, AUD/USD, and USD/CAD. We are unsure if this is the full list of currency pairs available or just a sample. One can find similar lists for Indicies, Commodities, and Bonds available through this broker.

Spreads

As we mentioned before, not much information is given regarding spreads, apart from a bullet point on their main page stating that this broker offers spreads as low as 2 Pips.

Minimum Deposit

The minimum deposit required for the six accounts available through DAX100Fx are all different. The cheapest deposit is available for the Basic account at $250. This increases to $1000 for the Bronze account, £5000 for the Silver, $10,000 for the Gold, $50,000 for Platinum and $100,000 for the Black account. The numbers are quite high especially when considering that some brokers offer minimum deposits of under $10 in some cases.

Deposit Methods & Costs

Clients may deposit their funds via Visa, MasterCard, wire transfer and ecoPayz. On their Terms and Conditions page, one can find information about which fees apply for depositing your money. For credit card deposits, when a client chooses an account in a different currency than USD, the credit card will be debited properly in accordance with the amount deposited and the applicable exchange rates.

Additional credit card fees may apply, if this occurs, the client may notice discrepancies between the sum deposited and the sum charged onto his/her credit card. The broker also mentions that only the equal amount (or less) of money deposited per card may be withdrawn from the same card. We advise you to contact the broker for a more detailed explanation of what charges/fees you might expect when dealing with DAX100Fx.

Withdrawal Methods & Costs

An area that we think it quite troubling with this broker is the withdrawal fees. There is a dormant account fee of 10% per month, as well as a withdrawal fee, minimum withdrawal amount and a turnover requirement. If your red flags are flashing, we don’t blame you. Expect to pay $50 or equivalent for wire transfers, $25 or equivalent for credit card withdrawals plus an additional processing fee of $10, £5 or 7Eur and $25 or equivalent for ePayments. Definitely not the cheapest withdrawal fees we’ve encountered.

Apart from this, clients will have to pay 10% of the withdrawal amount to any withdrawal from accounts that have not executed more than 200 turnover and/or from accounts that have not been verified. We hope that clients are very aware of these charges before dealing with this broker, as they may have a detrimental effect on their funds.

Withdrawal Processing & Wait Time

In order to withdraw funds from your trading account with DAX100Fx, you are required to fill out a ‘Withdrawal Form’ and submit it accordingly. On their FAQ page, this broker states that you should allow 3-5 business days for the funds to be fully credited to your banking account, whilst on their main page the broker claims that withdrawal requests are processed within 48 hours. On their FAQ page, we also found out that clients have exactly 24 hours to cancel a withdrawal request.

Bonuses & Promotions

Four of the 6 accounts offered by DAX100Fx have bonuses allocated to them namely; 10% Welcome bonus for the Silver account, 20% Welcome bonus for the Gold account, 30% Welcome bonus for Platinum and 30% for the Black account. We did ask for more information via email, but after 48hours we were not given any more info regarding these bonuses.

Educational & Trading Tools

Although this broker has an Academy page on their website, it is completely empty. We aren’t sure whether there was an issue with the site whilst we were going through it, or whether this section is lacking any kind of useful information for potential clients.
As for trading tools, this broker does offer one calculator which is a Pip Calculator and on their website, you can also find charts for Indices, Commodities, Bonds, and FX.

Customer Service

If you want to get in touch with DAX100Fx, you have 3 methods at your disposal. You can either fill out a contact form, send them an e-mail or call their landline. We did, in fact, try to contact them via e-mail, but even though this broker claims to offer 24/5 customer response, we were left without any answers to our questions.

Unfortunately, DAX100Fx does not offer a live chat option which is generally a very quick and efficient way to contact many brokers. We also found another piece of puzzling information on their contact page as there seems to be an Azerbaijan address. We are unsure how this ties in with their registration in Saint Vincent and the Grenadines and Estonia that we mentioned earlier on in this review. Here is their contact info;

Address: Partner for Reception of Payments
MasterPay LTD. 60/89 Mr Jalal Str.
Baku, Azerbaijan
Support Email: [email protected]
Compliance Email: [email protected]
Phone: +44207862469

Demo Account

There seems to be no Demo account available for potential clients to test what it’s really like to trade using DAX100Fx.

Countries Accepted

This broker does not state whether it has any restrictions regarding the opening of accounts from certain countries. When we were scrolling through their available countries on their open account page, we did not pinpoint any missing countries, so this broker might accept clients from all over the globe. If you cannot find your country in the list, try contacting the broker directly for more information.

Conclusion

When comparing the pros and cons of DAX100Fx, it is quite evident that we have encountered more cons than pros. The website is quite bland and lacking a lot of essential information that clients definitely look for when choosing a broker. Apart from the incomplete information, we also found a lot of contradicting statements that make us wonder whether this broker is in fact trustworthy.

This broker also offers no educational content or current news articles for clients to expand their trading knowledge. On the plus side, even though we’re not 100% sure, this broker seems to offer competitive spreads starting at 2Pips and it does support the popular MetaTrader platform.

The trading conditions, numerous extra fees and limited asset portfolio along with inconsistent information make this broker one to be wary of. If you’d still like to discover more about DAX100Fx you can head on to their website to decide for yourself whether this broker is the right one for you.

AlainFX is a UK-based broker that has been established since 2015 and seems to be a big hit in India. AlainFX offers online trading for a wide range of financial assets, including shares, indices, foreign exchange, and commodities. It is unregulated and the footer on their site indicates that they are incorporated in Saint Vincents, a location used by many unregulated brokers.

As one can see from their ‘About Us’ page, AlainFX claims to have a successful history full of high achievements, long-term relationships with their clients and even technological breakthroughs. Contrary to these claims, we found quite a large number of negative feedback about this broker on online reviews, so keep reading to discover what we’ve found out about AlainFx and determine whether they are the right broker for you.

Account Types

If you decide to trade using AlainFx you will have a choice of three different account types, namely; Basic, Economy, and Classic. All three accounts are similar when it comes to minimum trade size, which is 1 micro lot and all three are fee-free. The minimum deposit required changes according to which account you opt for, and these range from $100 for a basic account to $10,000 for a Classic account, which means this broker has an account suitable for beginners as well as more advanced clients.

The stop levels for the Basic and the Economic accounts are at 50% but this increases to 70% for the Classic account. When it comes to leverage this broker offers a maximum of 1:400 for the Basic account (remember to always be cautious of such high leverages as these can result in major losses), 1:200 for the Economic account and leverage is decreased further to 1:100 for the Classic account.

We have noticed that this broker’s average spreads are quite high when compared to other brokers, as they amount to around 2.5pip for the Basic account and decrease to 0.7pips for the classic account, so this would mean that in order to get decent spreads when using AlainFx, you would have to open a classic account, which is not affordable to everyone as it has a minimum deposit of $10,000.

On their website, you can find a clear account breakdown that can help guide you towards the ideal account for you. We have also listed the main conditions for all three accounts listed below.

Basic Account
Minimum Deposit: $100 – $1000
Leverage: 1.1 – 1:400
Spreads: 2.5 Pips
Commissions – None

Economic Account
Minimum Deposit: $500 – $5000
Leverage: 1:1 – 1:200
Spreads: 1.7Pips
Commissions – None

Classic Account
Minimum Deposit: $10000 – Unlimited
Leverage: 1:1 – 1:100
Spreads: 0.9Pips
Commissions – None

Platforms

AlainFX uses MetaTrader 5 (MT5) solely as their platform, and we can’t complain, as this platform, released in 2010, is used by millions worldwide and for good reason. The MT5 platform comes equipped with around 40 technical indicators, 44 analytical objects and they also provide candlestick, line and bar charts with a wide variety of time frames and much more. As it is stated in AlainFx’s site, the MT5 is compatible with windows, Mac, iPhone and Ipad as well as android. This means that you can access your accounts wherever you are through your phone or tablet.

Leverage

The leverage ratios offered depend on the type of account that you opt for and the volume of funds that your account holds. As we mentioned before leverages range from 1:1 to 1:400. We couldn’t find much more information regarding leverages on their website; obviously it would be beneficial to have more information regarding this before opening an account with AlainFX.

Trade Sizes

The minimum trade size offered by AlainFX is the same for all three accounts, that of 0.01, also known as a micro lot. There is no indication of what the maximum trade size is for this broker but it is not recommended to go over 50 lots as this makes it harder for instant execution.

Trading Costs

From the information provided on their website, we could not find any commissions added to trades. Even when going through the Trading Conditions segment of their site, we did not find any mention of fees or commissions. We tried to contact AlainFx to make sure no hidden fees are present but no answer was provided during the writing of this review. It seems that clients’ costs are derived from the spread, which we will look at later on in this review, as well as overnight (swap) financing, where applicable.

Assets

AlainFX has broken down their assets into six categories namely; Forex with over 55 currency pairs consisting of major, minor and also exotic pairs available for trading, Metals including Gold and Silver, CFD’s, Commodities including cotton, corn, WTI crude oil, coffee and sugar amongst others, Indices and shares. We found no mention of cryptocurrencies available for trade with this broker.

Spreads

This broker states that their clients can enjoy low spreads through interbank sources, acquired from over 100 of the world’s leading banks and alternative market makers, providing a concrete source of liquidity for their traders. On their site, AlainFx claims to have spreads starting from 0.0pips but as we went through all their available products, we failed to find one where the spreads actually started at 0.0pips.

We actually found a segment of the site where this statement is contradicted as it states that spreads start from 0.2 pips, so we are uncertain about this detail. As we mentioned before, AlainFX offers spreads which range from normal, like 0.026 for USD/JPY, to quite high like 2.4 for USD/RUB. It is always advised to have a clear indication of what spreads a broker offers before beginning to trade with them.

Minimum Deposit

The three accounts offered by this broker have different minimum deposit requirements, as is the norm. The most affordable account is the basic account which requires a fair $100. The Economic account, which is stated as the most popular on their website, has a minimum deposit of $1000 which is still quite affordable, whereas the Classic account required a $10,000 deposit which makes it suitable for experienced traders.

Deposit Methods & Costs

This broker offers a variety of deposit methods namely; MasterCard, Visa, American Express, Neteller, Webmoney, China Union Pay, Skrill, Yemadai, Local Deposit, Ideal and Giropay among others. One can see that this broker offers a very wide variety of deposit methods which is convenient. It seems that all deposit methods are fee-free, but the processing time varies from instant with Mastercard, Visa, WeChatPay, American Express, Ideal, Maestro, etc to 5-7 days with International Deposit. You can find a list on AlainFX’s website indicating the waiting time for each method.

Withdrawal Methods & Costs

Withdrawal methods and costs on AlainFX’s website are exactly the same as their deposit methods, so clients have a wide variety of options when it comes to withdrawing their money. We must also mention that we found a number of online complaints regarding withdrawals with AlainFx. Although we cannot verify these complaints, it is always suggested to do your own research before working with a particular broker.

Withdrawal Processing & Wait Time

As with the deposits the waiting time varies from instant to 3-7 days depending on the method you opt for.

Bonuses & Promotions

On AlainFx’s accounts website page, it is indicated that both the Basic and Economic accounts have promotions, but we did not find any other information regarding these. We also tried to reach out for more information but it seems that their LiveChat isn’t functioning at the moment. Although we could not find any promotions or bonuses on the website, they do have an interesting Partnership page that offers a number of different opportunities to those interested in partnering with this broker namely; Introducing Broker, Regional Representative, Alai Card Dealer or White Label. You can find more information about these on the Partnership page on AlainFX’s website.

Educational & Trading Tools

Although this broker has a dedicated page to Education on their website, it seems to lack useful articles for anyone looking to learn more about the subject. The website also indicates that there is a quiz that one can take to determine their trading personality, but we could not find the actual quiz on the site. The only information found on the Education page is a description of the types of traders one can find namely; Beginners, Intermediate and Expert. Needless to say, this segment leaves much to be desired.

When it comes to the tools used by this broker, namely; MT5, the broker does offer some brief information about this platform. It is important to note that although the Education part of the website is practically non-existent, one can still find snippets of information regarding trading throughout the site for example product histories and descriptions.

Customer Service

This broker seems to have good customer service from what is stated on their website. A multi-lingual support team is available 24hours a day during the Forex trading week. You can reach out to them either via live chat, phone or through a number of different emails available. It is good to note that the Sales and Technical Support Team is available 24/7.

When it comes to actually using the customer service AlainFX has to offer, we encountered a number of issues. The live-chat buttons don’t seem to be working at the moment, an e-mail we sent with some queries was not answered after 48hours and we also noticed that the Facebook, Twitter and Instagram buttons on their site, all direct the user to the main AlainFX website. We also realized that although there are 6 different numbers which one can call for these different reasons, namely; Complaints, Technical Support, Payments, Account support, Sales and General Queries, all 6 numbers are identical.

We are unsure if these are all temporary issues that the broker is arranging at the moment or if this broker has a below-average customer care service.

Demo Account

This broker offers free demo accounts for any potential clients that would like to practice and sharpen their trading skills before actually delving into the trading market. Singing up for a demo account seems very straightforward and should only take up a minute of your time. To sign up you must provide your first and last name, e-mail address, date of birth, country of residence and a contact number. There is no information about what type of account this demo would mimic (Basic, Economic or Classic) and again our questions have not been answered by their customer service.

Countries Accepted

AlainFX welcomes traders from all over the globe. As we went through the list of countries whilst setting up a live account, we did not notice any missing countries. So countries such as the USA, New Zealand and Japan which are sometimes not accepted due to law violations are welcome to use this broker for their trading. However, if you do have an issue with finding your country whilst setting up your account, speak to the customer service for further information.

Conclusion

AlainFX is an unregulated broker that provides a variety of trading options, including; 3 different account types that vary in leverage and minimum deposits, making this broker affordable for a wide range of trading enthusiasts. Although this broker only works with 1 platform, MT5, it is still one of the most popular platforms out there with ample extra features to help you with your trading activities.

This broker also offers several funding methods and there seem to be no extra charges associated with deposits and withdrawals. At the moment there are no ongoing bonuses or promotions available on their website and the education segment is quite lacking when it comes to up to date information which can help guide beginners. The support seems to be adequate but our own experience thus far has been lacking as no feedback was given through email and we could not access their live chat. A good factor about this broker is that there are no restricted countries which means you can easily set up an account with AlainFX from any part of the globe.

Topic Markets, otherwise known as TMFX, is an online FX & CFD broker that is located in the United Kingdom. The company is registered with the Vanuatu financial service commission under the name TI Securities Limited and has managed to attract a growing number of clients since its establishment in 2018, although the website doesn’t provide us with an exact figure. The company offers leveraged trading as high as 1:400 on FX, metals, and CFD options. Stay with us to find out more about the conditions on the broker’s five different account types.

Account Types

Topic Markets features five different account types: Classic, Pro, Premium, VIP, and Islamic/Swap-Free. The Classic account provides a typical trading experience, minus the ability to trade metals, with the lowest deposit requirement and the highest leverage option. The Pro account keeps spreads at the industry average or below while providing access to metals and offering a commission-free experience. The Premium and VIP accounts reward those that can make larger deposits with tight spreads, although commissions are charged are both accounts. It’s also nice to see an account created specifically for clients of the Islamic religion, as many others seem to offer these accounts as an afterthought. The drawbacks to choosing this specialized account would be higher spreads and a lack of market execution.

Classic Account
Minimum Deposit: $200
Leverage: 1:400
Spread: 1-2 pips
Commission: None
Instruments: FX & CFDs

Pro Account
Minimum Deposit: $3,000
Leverage: 1:200
Spread: 0.8-1.5 pips
Commission: None
Instruments: FX, CFDs, & metals

Premium Account
Minimum Deposit: $7,500
Leverage: 1:200
Spread: 0.1-0.5 pips
Commission: Yes
Instruments: FX, CFDs, & metals

VIP Account
Minimum Deposit: $15,000
Leverage: 1:100
Spread: 0.1-0.5 pips
Commission: Yes
Instruments: FX, CFDs, & metals

Islamic/Swap-Free Account
Minimum Deposit: $1,000
Leverage: 1:200
Spread: 3 to 5 pips
Commission: Yes
Instruments: FX

Platform

The broker supports the award-winning MetaTrader 4 platform, available on PC, mobile, tablets, or through the WebTrader, in addition to their own mobile platform, which can be downloaded on Android and iOS devices. MT4 is a timeless option and is most commonly chosen by forex brokers, due to the wide range of tools and features that are built into the platform. Within MT4, we see Expert Advisors, multiple languages supported, the ability to trade micro-lots, and other extra features that aren’t always supported by others. The broker describes their own platform as having a sleek look and feel, with robust trading options, new execution gestures, and the most accurate market rates.

Leverage

The highest leverage option goes up to an impressive 1:400 on the broker’s Classic account. This would be the best option for those that absolutely require a large leverage ratio for trading. Meanwhile, the Pro, Premium, and Islamic accounts all offer leverage as high as 1:200. This amount should be satisfactory enough for most traders since many find it too risky to trade with a leverage level that is higher than this. As for the VIP account type, we see the lowest limit at 1:100. Brokers often place these limitations on accounts that require large deposit amounts, so it isn’t surprising to see the lower cap here.

Trade Sizes

The Classic account is the only option that allows for the trading of micro-lots. The Pro and Islamic accounts set the minimum at one mini lot, while the Premium and VIP accounts require a minimum trade size of 1 lot. The Classic account allows for 100 simultaneously open orders, the Pro and Islamic accounts allow for 200 open orders, and the Premium and VIP accounts allow for 300 open and pending orders. As for the exact margin call/stop out levels and maximum trade sizes, the website isn’t as transparent.

Trading Costs

Topic Markets profits through typical charges on spreads, commission fees, and overnight financing fees (or swaps). Starting with commissions, we will note that these charges aren’t applicable on the Classic and Pro account types. One thing that the website fails to cover is the exact charges incurred through these fees. As fans of transparency, we are disappointed that the exact figure isn’t available. We are also curious as to whether the broker charges the same standard commissions on each of these accounts, or if each account has a different charge.

We’ll offer more detail on spreads later, but for now, traders should know that most accounts keep the spreads well-below average, with the exception of a couple of the accounts. Overnight interest charges can be viewed within the MT4 platform and will be charged on applicable positions that are left open overnight, with triple charges occurring on Wednesdays. The broker does not seem to tack on any extra fees, like inactivity fees, transfer fees, etc.

Assets

Before we provide more detail on the available instruments, we’d like to remind traders that there are some limitations on the Classic and Islamic accounts that exclude those account holders from trading metals. Otherwise, the broker’s instrument portfolio consists of FX, metals, and CFDs. More than 50 currency pairs are available, while the broker also offers CFDs on stocks, indices, commodities, and energies like oil and gas. Metal options include Gold, Silver, and Pallidum, in addition to a few other possible options.

Spreads

All of the spreads offered by Topic Markets are floating, however, there are limitations that stop spreads from going higher than a certain amount. This is reassuring, as we often notice that brokers advertise the lowest possible spread when their options can climb much higher. Those with the Premium and VIP account types will see the tightest spreads, which start from 0.1 pips and go no higher than 0.5 pips.

The Pro account comes in second place, with options beginning at 0.8 pips and topping out at the industry average of 1.5 pips. From there, we see higher spreads on the Classic account, which are between 1-2 pips. On the bright side, the account doesn’t have any commission charges, meaning that this offer is fairly competitive. Islamic account holders will see much higher spreads that range from 3 to 5 pips. The higher options would stem from the lack of swap charges, although this option still seems high, considering that Islamic account holders pay commissions.

Minimum Deposit

The broker’s lowest deposit offer is $200 on their Classic account. The asking amount is so-so, as many others allow a deposit of around $100 or less on at least one account type. Islamic account holders will have to make a significant deposit of at least $1,000 in order to open one of those accounts. Even though this broker has paid special attention to those clients, some may be forced to look elsewhere for a cheaper option.

The Pro account requires a $3,000 deposit, while the Premium account asks for $7,500, and the VIP asks for the highest deposit at $15,000. Note that the Premium account has an ongoing promotion that lowers the account’s requirement to $5,000 for now. Many traders may be limited to the Classic account because of the higher requirements this broker is asking for on most of their accounts.

Deposit Methods & Costs

Accounts can be funded through bank wire, credit/debit cards, and Neteller. Transactions through bank wire are handled by the company’s affiliate bank, which can almost definitely guarantee that fees will be applicable on deposits. However, the broker mentions that any fees incurred on deposits will be reimbursed, so traders will definitely want to check with support if there are fees deducted when funding through any method.

Withdrawal Methods & Costs

The broker doesn’t offer much information about withdrawals on their website, other than mentioning that all deposit methods are available for withdrawals and that it is necessary to withdraw through the method that was used to fund the account. The fact that the broker isn’t willing to provide us with information about potential fees is concerning. We would definitely recommend making a test withdrawal to be aware of any hidden charges.

Withdrawal Processing & Wait Time

The broker mentions that withdrawals are processed instantly. Typically, it can take companies anywhere from 1 to 5 business days to process funds. Once those funds have been sent, we see a waiting period of at least a few business days. Neteller would likely be the fastest option since e-wallets are usually credited with funds much more quickly than bank wire and card options are.

Bonuses & Promotions

The broker has an entire section of their website dedicated to promotions, which includes the following offers:

30% Cashback & Rebate
Introduce & Earn up to $5 IB Commission
Brexit Deal

The IB commission offer seems to reward $5 per client. The Brexit Deal is a multi-offer that would either allow one to open a Premium account for only $5,000 instead of the regular $7,500 requirement or to earn a 75% bonus on the Pro account. The broker also lists free educational resources as an offer, but we would consider this to be something that should already be free.

Educational & Trading Tools

TMFX has an education section that is made up of a forex glossary, economic calendar, FAQ, forms, and a blog. The forex glossary and FAQ seem to focus on providing some of the most relevant terms that revolve around forex trading. The forms section is less of an educational resource, as it simply contains various company documents (KYC, transfer form, account opening form, etc.). The broker’s blog can be helpful, as it focuses on trends in the market and provides predictions that may help traders make choices about which instruments to trade.

Demo Account

The broker has made the strange decision not to provide demo accounts. Anyone that has traded from a demo before knows how helpful these accounts can be when it comes to getting much-needed practice and testing strategies. The majority of others do provide demo accounts. Hopefully, TMFX will offer the option in the near future.

Customer Service

Support can be reached 24/5 through chat instantly, or via phone, email, or by filling out a form on the website. Although the broker does provide 24-hour support, we did notice that there weren’t any agents on chat when we checked on a weekday. The broker also provides two phone numbers, but there doesn’t seem to be any specific reason to call one or the other, as the numbers aren’t linked to different departments or offices.

If you’d like to get in touch through email, you’ll be able to send your email to one convenient address. Otherwise, the contact form on the website can be filled out by navigating to the “Contact US” page, located on the top menu. The contact information has been listed below.

Phone
+44 2032 870795
+44 2032 397894
Email: [email protected]
Address: Golden Cross House, 8 Duncannon St, London WC2N 4JF, United Kingdom

Countries Accepted

The broker seems to be accepting of all clients, as we couldn’t find any disclaimer listing specifically restricted countries. To be sure, we did check out the registration form to check for any missing locations that stood out. Fortunately, we found the United States, Iran, Iraq, North and South Korea, and all other options available on the sign-up page.

Conclusion

Topic Markets offers the ability to trade more than 50 currency pairs, metals, and CFDs on oil and other commodities from five different account types. A Classic account can be opened with $200, while Islamic account holders will have to pay $1,000 and it would cost at least $3,000 to open the Pro account and up. The broker offers a maximum leverage cap of 1:400, with caps lowered to 1:100 and 1:200 on most of the accounts. There are limitations placed on the spreads that keep options within a reasonable amount, with spreads going no higher than 0.5 pips on some accounts.

On the downside, the broker doesn’t provide us with the exact commission charges that are applicable. When it comes to payments, the website is extremely vague about potential charges, although we do see instant processing times and the company is willing to reimburse any fees charged on deposits. Support is available 24/5, but instant support is not always available during business hours.

The broker is currently offering several promotions that would credit cashback rebates on deposited amounts, IB commission bonuses for referred clients, and an option to open the Premium account for $2,500 less. There are some educational resources available, but options are fairly limited and don’t go into much detail. Demo accounts are also missing from the list. The broker is willing to accept clients from all locations, so this could be a plus for those located in commonly restricted regions.

London Capital Group is a veteran broker doing business since 1996 and has grown into a multi-branch company regulated by 3 different authorities. In 2018 LCG got delisted from the London Stock exchange to become a privately held company, effectively detaching from the LGC Group Holdings. The main reason behind this step according to the press is to cut losses. LCG has 3 domains or website versions, and depending on the client country the regulation could be from CySEC, FCA or Securities Commission of Bahamas (SCB) for their international website. The registration will give you an option to select BHS, CySEC or FCA Account as all can be opened at the same time.

For traders, the biggest practical difference is the leverage allowed. LCG is well known for its extensive asset range and one of the big players on the scene boasting with $20 trillion executed trades volume and $1 billion in deposits. There are also multiple awards in different categories, from platform innovations to the best Forex Fundamental Analysis Provider. LCG launched its platform, LCG Trader in 2016, as a specialized platform that will effectively use and integrate their services. On top of this, LCG states they offer security, tight spreads, and analysis. As for the security, FCA regulation includes the FSCS compensation scheme up to £85,000 or up to €20,000 ICF compensation for the CySEC regulated account in the case of LCG insolvency.

The LCG website is well designed, polished, with great transparency and information availability. The content is mixed with marketing as expected, like stating that LGC Group is publically listed, but this has nothing to do with London Capital Group Limited. Still, it does leave an impression of a serious broker for professional and intermediate traders. Interestingly, all these features did not result in good user ratings. On several independent benchmarking sites, LCG received average or bad ratings and none of these reviews received attention form the LCG staff.

In the following sections of this LCG review, we will evaluate their service so traders can see if LCG is a match for their trading style and other requirements.

Account Types

LCG offers Classic and the ECN Account type. Classic Account does not have any special traits except no minimum deposit requirements and relatively competitive spreads. This is the standard account as the ECN type will require a much higher minimum deposit, and additionally, a minimum balance required to maintain it.

The ECN Account has a bit lower leverage than Classic under the BSC regulation but still high enough. ECN Account has a commission charge and spreads from 0 pips for Forex instruments, no requotes and is classified as a Direct Market Access type. Islamic Account or Swap-free is also available upon request. All Accounts have the same asset range and no other differences except for the spread, leverage, and commission. More detail on each category in the following sections.

Platforms

LCG established the LCG Trader platform and holds the license for the MetaTrader 4. MT4 is a well-known platform and LCG offers it in the Web-accessible version as well as for Desktop and laptop computers running on Windows and Mac OS. Mobile versions are also available for Android and iOS. MT4 Multiterminal version is offered for managing multiple accounts and usually used for MAM. Upon installation, MT4 showed 4 LCG servers, LCG-Live 1 and 2 and LCG-Demo 1 and 2, all with around 54ms latency.

We are met with the default layout, with four major forex charts without visible One-click trading buttons. The client version is the latest and set to defaults with the LCG physical address in London not mentioned on the website. The default 4 forex pairs are not open for trading by default as they belong to symbols that are closed for trading and this may confuse first-time users. Some of the symbols have a dot suffix and some are disabled for trading. These are used just for conversion purposes as we are informed by the LGC staff.

The symbols are neatly grouped into groups and subgroups that match the category they belong to. Some groups have E or C suffix, probably signaling the Classic and ECN account assets. The instruments’ specification window is showing all the important trading information. Trading Terminal is showing all trading costs and other relevant data. Execution times were 114ms on average with very small deviations, rarely going up above 117 ms.

LCG proprietary platform is one of the best web-accessible platforms in the industry. The platform is also available for mobile devices running on Android and iOS. Spot on you will notice all the tools and features that experienced traders will understand without hassle. The platform has good looking charts with a similar color palette like Tradingview, completely modular windows with the flex auto arrangement. Each chart window has toolbars to the left, right and on top of the frame.

Starting for the top, traders will have the instrument selector, chart linking, and timeframe options. Timeframes are not classical and the standard has M1, M2, M3, M4, M5, M10, M15, M30, H1, H4, H12, D1, W1, MN and the Tick variant has the range from 1 to 1000 ticks. Right next is the Single chart mode switch. The left toolbar side has the chart type selection with Bar, Line, Candlestick, Dots, Heaikin Ashi and HLC. Below is the Indicators selection, we have counted more than 60 indicators equally distributed into 5 categories, Trend, Oscillators, Volatility Volume, and Others.

The indicators will have settings to change line colors, add levels apply different calculations, etc but still, custom indicators from MT4 can be superior in terms of setting versatility and combining with others. Templates are similar in function like in MT4 and also workspaces can be saved. The left sidebar contains the windows arrangement buttons, and various on-chart drawing and measuring tools. These include Crosshair measurements, Market Spanshots, Trendlines, Channels, Fibonacci tools, Shapes, Text, and Coloring.

Price Alert button is the last and will serve as a selectable on-chart pointer where the alert will be triggered. The alert window will give you options to set a higher or lower range trigger to Ask/Bid price. The alert can play a sound and pop up. The right part of the platform holds the Watchlist and the instrument Finder. The watchlist can be customized but we have noticed that the Spread and other information MT4 has is not available.

Trading instruments are neatly categorized into logical relevant groups with the finder toolbar. There are also settings for fast trading orders, dark theme switch, notifications, Email Alerts, and hotkeys list. The platform is fully packed with integrated services from the broker. An interesting and useful Analyze mode is added where traders will find data about their trading risk, exposure, drawdown, and many more, similar to the MT4 Strategy Tester. Newsfeed, Live Chat, Economic Calendar, Trading Central Signal service, all are integrated into the platform.

The right side panel contains information about the selected market including the DoM on 3 levels, Standard DoM, Price DoM, and VWAP DoM. In addition to all this, the Sentiment indicator is present on many useful places for a glance. Ordering options are also more advanced than in MT4 that professional traders will appreciate. We were connected to Frankfurt servers and we had a latency of just 19ms. Overall, the platform deserves all the rewards.

Leverage

The leverage levels depend on the account type, asset, trader categorization and on the regulation. ECN account under the BSC has 1:200 leverage for most, non-exotic Forex currency pairs, except for CHF/JPY pair which has 1:50 leverage. Exotic forex currency pairs have 1:50 leverage. For Spot Gold quoted in the USD is 1:200 and for Silver is 1:100. Indexes have leverage from 1:100 for uncommon and 1:500 for majors while spot Oil assets have 1:200. Cryptocurrencies have interesting, uncommon leverage of 1:8 according to our measurements in MT4.

Classic account traders under the BSC regulation will have 1:500 leverage for the major forex currency pairs while for minors it is reduced to 1:200. Exotics have 1:50 maximum leverage. Spot Gold has 1:200 and Silver 1:100, the same as with ECN. Indices, Commodities and the rest of the asset categories do not have differences according to the account types.

Under the EU or FCA regulation, the leverage for the ECN and Classic account is the same for the Retail traders, 1:30 for majors and 1:20 for exotic currency pairs. Spot precious metals have 1:20 for Gold and 1:10 for Silver. Indexes have 1:20 or 1:10 leverage depending on the grade and all Commodities have 1:10 leverage. Retail traders will also have 1:5 maximum leverage for Stocks.

Classic and ECN account Professional traders under the FCA or CySEC regulation will have the same leverage as traders under the BSC regulation stated above. BSC regulation does not have trader categorization.

The broker applies dynamic leverage adjustments according to the volume. So a trade above 3 million will automatically have reduced leverage to 1:200, then to 1:100 above 6 million units and so on. The full table scheme will be visible in the LCG Trader.

Trade Sizes

LCG supports micro-lot trade sizes or 0.01 lots for Forex instruments for both account types. Spot Gold and Silver is stated to have a 0.1 lots minimum trade size although what we have seen in the MT4 platform is 0.01 lots. Indices have 0.1 lot minimum except for Nikkei 225 which has 0.01 lit minimum trade size.

Commodities all have 0.1 lots minimum while Bitcoin has 0.01 lot minimum stated in MT4. Note that the Cryptocurrencies offer is not published on the website. What we have noted in the MT4 is 0.01 lot minimum trade size a maximum of 7 lots per trade for Bitcoin. For other cryptos, it is 0.1 lots minimum and 50 lots maximum.

Stops level is zero for almost all forex currency pairs, the exception being the GBP based exotics like GBP/ZAR with 150 points stop level. Although for spot Gold and Silver, it is set to 50 pips which are not negligible. Cryptocurrencies have 20 points Stops level while Oil types have 1 point.

Margin Call and Stop Out levels are not disclosed but from other sources, we have found out that Stop out is set at 50% margin level and Margin Call is at 100%.

Trading Costs

LCG non-spread costs are account, platform and asset-specific. ECN account has the tightest spreads and LCG charges a commission of $45 per $1M traded on the LGC Trade platform and $10 per lot on the MT4 for any asset. This commission is not disclosed in the MT4 instrument specification. Classic Account is commission-free as broker fees are included in the spread. LGC will also have a markup on the spreads for Shares and they go from 0.1% to 0.25% for the SEAQ market. ETF will also have markup to the actual spread from 2 cents per share to 0.2%.

Swaps are under normal levels with frequent positive values. LGC website states 0.04% “admin fee” for overnight open positions but this figure is not additional cost. The swaps shown in the MT4 specification window or the LCG Trader are the full charge or credit. Forex swaps are calculated in points and tripled on Wednesdays. For the EUR/USD the long position swap is -9.32 points and 4.28 for short.

Other majors like USD/JPY also have a positive swap, on the long side is 2.8 points and -7.9 on the short. In the majors’ group, almost all currency pairs had one positive swap and almost all negative swaps are single digit. The exception being the GBP/CAD with -8.76 pints long and -0.36 points short swap, USD/CAD with -3 points on both sides and the EUR/CAD with double-digit negative swap on the long side, -12.22 and 5.28 on short.

Minors had more negative swaps but still, only GBP/NZD had a double-digit negative swap, -14.6 for long and -12.1 points for short position. Exotics currency pairs have a much higher swap as expected. The biggest swap is noted for the EUR/MXN pair with -627 points for long and 215.66 for a short position. USD/RUB pair had the biggest all negative swaps, -287.33 for long and -110.83 points for short.

Precious metals swaps are also calculated in points. Spot Gold quoted in the USD has -11.8 points for long and 3.4 positive swaps for a short position. For the cryptocurrencies category, the swaps are calculated in points too but tripled on Fridays. The long and short position swap is the same, for the BTC/USD is -469.34 points or in other words $4.6934 per traded Bitcoin per day.

Assets

LCG has one of the biggest asset ranges on the market. Starting with Forex class, all the majors and minors are present, and a great number of exotics extend the range to over 60 total pairs. Traders will see a lot of emerging market currencies with GBP, EUR, and USD as a base currency. We have found pairs like GBP/ZAR, EUR/ZAR and more common USD/ZAR. This is also true for PLN, NOK, HUF, CZK, TRY, SGD (also AUD/SGD), PLN (also CHF/PLN), MXN, and SEK. Others are available with the USD like USD/CNH, USD/HKD, and USD/RUB.

Precious metals are the weakest offer with only Gold and Silver offered. Some Gold futures also are on the list but none of the other precious metals like Platinum or Palladium are found.

Commodities range is very good. The spot market is focused on Oil types. Both Brent and WTI are listed. In the futures offer traders can also have both Oil types and 13 more commodities. These are US Coffee, World Sugar, Cotton No.2, Orange juice, Soybean, US Cocoa, Wheat, High-Grade Copper, Carbon Emissions, Gas Oil, Heating Oil, Natural Gas, and US Unleaded Gasoline.

Indexes range is one of the best in the industry with 27 total. Some of these are CFD futures and are repeating. There are a lot of uncommon like Russ 2000, Netherlands 25, Swiss 20, Spain 35, Hong Kong 35 and Italy 40. We have found some additional indices not listed on the website like the very popular Cannabis Index and Wall Street Cash Index.

Stocks are categorized into the country and other classification groups. There are more than 4000 tradeable shares in the LCG platform while in MT4 only 3 groups are present with a much lower number of spot stock CFDs. A total of 16 groups are present in the LCG Trader and one of them is focused on Cannabis company stocks. MT4 has UK, US and EU groups with around 100 total companies. This offer is great but is somewhat limited to the LCG Trader platform only.

Bonds and Interest rates are not common to see available for trading. LCG offers a total of 6 Bond types and 3 CFDs on Interest Rates. Bonds offer include BOBL, Bund, Gilt, Schatz, US 10 Year and 30 Year bonds. Interest Rates CFDs are very rare to see, what is offered is Euribor, Short Sterling, and Swiss Euroswiss. These assets are not available in MT4.

ETFs are also offered by LCG. They are only available in their LCG Trader platform and do not have an assigned group so traders will have to search them by typing ETF or similar. They are scattered throughout the shares groups.

Cryptocurrencies are listed on both platforms but are not published on the website. Major coins are present while less common cryptos are Dash, EOS, Ethereum Classic, Litecoin, NEO, Monero, and Ripple. These are also quoted in USD, EUR, GBP, JPY, and even CHF, expanding the range with interesting trading alternatives.

Spreads

LCG is a variable type spread broker for all accounts. The spreads for the ECN account are tighter but include a commission. The spreads range is not live on the website nor there is a demo for this account. We have observed ECN account MT4 spreads for most traded assets across categories and they are competitive. The usual marketing phrase from 0 pips is not far from the truth as EUR/USD has 2 points spread. Spot Gold has 20 pips and bot Oil types have 3 points spread. Bitcoin remains unchanged and has the same spread as the Classic account of 3610 points of $36.1. This means the biggest benefit out of this account is for Forex category.

Classic account has average spreads and for some traders, it may be a dealbreaker.EUR/USD has 15 points spread as well as USD/JPY while other major forex pairs have significantly higher spreads. GBP/USD has 21 points, GBP/JPY 35 points, EUR/CHF 25 points and so on. Minors forex pairs, again, have increased spreads comparing to other brokers. For example, NZD/JPY has 87 points spread, GBP/AUD 86 points, CHF/JPY 38 points, AUD/CAD 40 points, and GBP/NZD 138 points. The biggest spread belongs to the USD/RUB with almost 2000 pips, followed by USD/ZAR with 2200 points, USD/MXN 1743 points, GBP/NOK 1822 points, EUR/TRY 1500 points. USD/CHN has 220 points spread and the SGD quoted pairs have around 9 pips. Spot Gold has an acceptable 34 pips spread while both Oil types have 3 points.

Minimum Deposit

The minimum deposit for the ECN account is $10,000 and requires to maintain this balance level for eligibility. The Classic account does not have a minimum requirement.

Deposit Methods & Costs

LGC has a deposit channel open for Debit/Credit Cards, Bank transfers, and digital payment processors like Skrill and Neteller. The cost for the Debit/Credit cards is 2%, LGC does not accept some VISA Electron cards and American Express. Note that all options may not be available for all countries or regulations.

Withdrawal Methods & Costs

Even if a trader is registered under the Bahamas regulation the same method for withdrawal must be used as with the deposit. Credit Cards will have a fee of 2% while Debit is free of charge. Bank transfers do not have any additional charges by the broker as well as online payments like Skrill and Netteler. Note that any Withdrawals less than £50 may be rejected by the broker.

Withdrawal Processing & Wait Time

Withdrawals are requested within my LCG area where the process is automated once the form is submitted. Mobile optimized My LCG portal also has the ability for withdrawals. The broker will finish the process within the same business day and the funds will reflect inside the trader’s account in 30 minutes for online payment processors, and 3-5 business days for the bank transfer method.

Bonuses & Promotions

No bonuses or promotions are presented. Affiliate and Introducing Broker programs are offered with solid compensation schemes.

Educational & Trading Tools

LCG has a dedicated section for Education and Analysis. It consists of Economic Calendar, Technical Analysis, Latest News, Analysis Videos, Trading Videos, Glossary, Webinars and Support Guides. On top of this, the broker has integrated some of these services into the LCG Trader platform and also offers Guaranteed Stop service for a fee.

Economic Calendar on the website is very well developed with multiple filters for countries, impact, timeframe, category, and the ability to save settings for the next session. Also, the Calendar features a search box for quick results. Clicking on the event will reveal more details about it, the link to the source and the figures related. A similar Economic Calendar is integrated into the LCG Trader platform.

Technical Analysis is available in the My LCG client portal and also inside the LCG Trader. The analysis on the website is presented on a slowly rolling bar with trading instruments. Hovering over the asset will open a window with the analysis detail for that asset. The content has the broker preference trade, an alternative scenario, comment or argument based on MACD, RSI and MA, and the support/resistance lines. The success rate of these projections is not disclosed.

The latest news page is full of fresh and important news only. The news content is very good with a mix of technical detail and the implications of the fundamental event. The arguments are very logical and results backed, making this section a very valuable addition for traders.

Analysis Videos section consists of two kinds of videos, Market Insight and Week Ahead. These are not updated and the latest videos are from August 2019. Although the Week Ahead videos are fresh, about 15 minutes long, and of high-quality content. LCG put a lot of effort into these.

Trading videos also have two categories, Basics, and Advanced. The Basics cover topics like “What is Forex“, “Common trading Mistakes”, “Analysis: technical vs fundamental” etc. The videos are of high-quality content and production. The Advanced category has 10 videos and very interesting topics. For example, “How the LCG Cannabis Index works”, “MACD- the momentum indicator”, “Risk management and trading plans”, etc.

Webinars and live sessions available by booking only. We do not have an insight into their quality but we can assume they follow the same form as the videos and held by the same staff. Topics covered at the moment of this LCG review are: “Market Analysis”, “Platform Guide – LCG Trader”, “Trading Education”, and “Platform Guide – MT4”, The duration is from 20 to 50 minutes.

Support Guides is a helping section with How-To guides on basic topics. The section is divided into Introduction to Trading, How To Guides, and Customer Support. The content has a good mix of text and graphics and a bit of marketing. Some topics are “All about the LCG Cannabis index”, “How to Apply Indicators to a Chart”, and “What is the Spread in Trading?”. There are 10 articles in total and we are not sure what is the purpose of having 3 groups.

Finally, to mention the Guaranteed Stop service. This Stop Loss is an absolute risk protection form flash crash scenarios that can happen on any market. No slippage execution is guaranteed. There is a premium for using a Guaranteed Stop included in the spread. This premium is presented as a multiplier applied to trade size. Not all instruments have this option.

Note that the Trading Central analysis and news feed is integrated into the LCG Trader platform and is available for live accounts.

Customer Service

LGC support is not 24/5 but opens from 6 am to 8 pm UK time Monday to Friday. As we are informed they will soon introduce 24h customer service. The chat service requires a minute or two to receive a reply and any subsequent query will also leave you unattended for a few minutes more. It is also integrated into the LGC Trader platform The staff is knowledgeable and willing to help, even for more demanding tasks they will not refer you to write an email. The company also has a dedicated phone line.

Demo Account

The demo account cannot be opened within the MT4 platform so you will need to register with a valid email first. From the My LCG area, it is possible to open multiple demo accounts on different platforms. Each will have 10,000 virtual currency. The demo reflects the actual trading conditions. Demo for the ECN account type can be requested by email and the LCG staff will consider your request.

Countries Accepted

Unsupported countries are Singapore, Belgium, Canada, New Zealand, Australia, and the United States regardless of the regulation.

Conclusion

This section will give additional key information to this London Capital Group review. The biggest selling points of this veteran broker are the LGC Trader platform, extended asset offer, and great tools complementary. This comes at the cost of having somewhat increased spreads which will avert fast trading traders. The ECN account that offers much better conditions for some assets sets a steep wall with the minimum balance requirement.

Traders also need to pay attention to the user rating as this broker has below average grades and most of the reports are similar. The main issue is the withdrawal denial for traders in substantial profit. Even the FCA regulation does not have a great effect here, any fine will not be a problem for a big broker like LCG. We cannot confirm this practice but the majority of similar reports leave a suspicion. Also, note that the company is restructured since it became privately held recently, management could have different policies that could affect to a better or worse for the trader.

CodexFX is an FX and CFD broker that is owned by CodexFX Ltd and FM Marketing Ltd, located in the Marshall Islands. The broker offers a 100% execution rate with no rejection of orders, no re-quotes, and 99.35% of all orders are executed in less than 1 second. One of their primary objectives seems to be offering easy and convenient deposit and withdrawal options, with a guarantee that funds are held in secure accounts. This is certainly something we would demand from our broker, although there’s a lot more to consider when it comes to trading costs, leverage options, and other features. Keep reading to find out all those details.

Account Types

CodexFX offers five different account types: Mini, Standard, Gold, Platinum, and ECN. As for affordability, the Mini, Gold, and ECN accounts share the same $500 deposit requirement, while the other accounts require deposits of $10,000 or more. Accounts also share the same leverage caps of up to 1:50. All accounts, aside from ECN accounts, share spreads from 1-3 pips on FX majors, minimum and maximum trade sizes, and stop-loss levels. The broker also offers a commission-free experience on those account types, with commissions charged in exchange for better spreads on the ECN accounts.

With so many shared similarities, it seems that the only real difference for most of the account types would be the minimum deposit requirements and the balance that each account can hold. For example, one can only deposit between $500 and $5,000 on Mini accounts, so this may force those that would like to make larger deposits to choose an account type that can hold the larger balance. A quick overview can be viewed for each account type below.

Mini Account
Minimum Deposit: $500 – $5,000
Leverage: Up to 1:50
Spread: 1-3 pips on majors
Commission: None

Standard Account
Minimum Deposit: $5,001 – $10,000
Leverage: Up to 1:50
Spread: 1-3 pips on majors
Commission: None

Gold Account
Minimum Deposit: $500 – $5,000
Leverage: Up to 1:50
Spread: 1-3 pips on majors
Commission: None

Platinum Account
Minimum Deposit: $10,001 – unlimited
Leverage: Up to 1:50
Spread: 1-3 pips on majors
Commission: None

ECN Account
Minimum Deposit: $500 – unlimited
Leverage: Up to 1:50
Spread: From 0.6 pips
Commission: $7 per Standard Lot

The broker requires one to submit compliance documents within 4 days of the account being opened, otherwise, the account may be closed. Documents must consist of proof of identity and proof of address document, in addition to proof of card ownership (photo of the credit card) and Declaration of Deposit form, which can be downloaded on the website. Documents can be submitted by emailing [email protected] or through the broker’s mobile app.

Platform

Regardless of which trading account you’ve chosen, you’ll be trading from the impressive MetaTrader 4 trading platform if you decide to make CodexFX your broker. MT4 is the most commonly offered trading platform among forex brokers, due in part to its user-friendly interface, customizable charts, and a vast array of features – including Expert Advisors, custom indicators, four pending order types, support of micro lot trading, analytical tools, trading signals, market news, and more.

Even with newer platforms being released, MT4 has stood the test of time and remains the most preferred option available. The platform is available for download on PC, or through Android, and iOS devices, including phones, tablets, etc. This allows for the optimal experience trading on the go so that clients can monitor their trading account from anywhere at any time.

Leverage

One will not find the outrageous leverage caps that go into the hundreds range that we often find with other forex brokers available through CodexFX, and will instead have to settle with the 1:50 leverage cap on FX options. The cap drops to 1:25 on Commodities, 1:12.5 on Indices, and 1:5 on Equities. The maximum cap isn’t absolutely the lowest option you’ll find – some regulatory authorities do require brokers to set their cap at 1:30.

This may not be such a downside for novice traders since we wouldn’t really recommend choosing high options if you don’t have the capital to risk or the experience. Still, we do wish that this broker would offer higher options on at least one account type so that those professional traders could make their own decision about what leverage to use.

Trade Sizes

All accounts allow for the trading of micro-lots and there is a maximum trade size limitation of 10 lots on all instruments. Required margin levels are 2% on currency pairs, 4% on Commodities, 8% on Indices, and 20% on Equities. The margin call level is 200% on ECN accounts. The stop-out level is set at 100% on all instruments on all five account types. Hedging is allowed on all accounts and ECN accounts also support scalping, news trading, automated HFT, and Expert Advisors. The broker will allow one to hold up to 200 positions simultaneously.

Trading Costs

This broker profits through spreads, commissions, overnight interest, otherwise known as swaps, and inactivity fees. Spreads range from 1-3 pips on FX majors on the majority of the accounts. CodexFX does not charge commissions or other fees beyond the minimum spreads for each currency pair on the Mini, Standard, Gold, or Premium account types. Commissions on the ECN account start from 7 USD per Standard Lot, in exchange for better starting spreads from 0.6 pips.

Daily swap charges are posted by financial institutions and are subject to change based on market conditions. The latest swap rates can be viewed within the MT4 trading platform by selecting “View” > “Market Watch”, right-clicking and selecting “Symbols”, choosing a currency pair, and then selecting “Properties”. Inactivity fees seem to be exclusively charged on ECN accounts, with a $10 maintenance fee for every month that there is no trading activity and a $50 reactivation fee once an account has been deemed inactive.

Assets

CodexFX offers leveraged trading of up to 1:50 on FX, Commodities, Indices, and Equities. FX options and made up of majors, minors, and exotics. There are 50 total currency pairs and the most popular options EUR/USD, GBP/USD, and USD/JPY are available, in addition to some more exotic options like the USD/TRY and the USD/SEK, etc. Available Commodities include Aluminum, Cocoa, Copper, Cotton, FCATT, HOIL, LCATT, lead, nickel, and pallidum. In total, there are 39 entries under the Indice category, including BTC/USD, Brent, sugar, and more. Equities bring the grand total of available instruments to more than 270 options, making for a significant number of investment opportunities.

Spreads

Typically, brokers offer different spreads on certain account types, with higher deposit requirements resulting in accounts that offer significantly tighter spreads. CodexFX does not seem to market spreads based on account type for the majority of their accounts, aside from ECN accounts. Instead, the broker offers floating spreads that average 1 and 3 pips on major currency pairs on the Mini, Standard, Gold, and Premium Account types.

Although the broker doesn’t list an estimate for the spreads one would see on other instruments, it isn’t difficult to pull up the asset page in order to view those average spreads. On FX options, we did see the advertised spread of 1 pip on AUD/USD and even 0.6 pips on EUR/USD but spreads also climbed to 3.9 and 4 pips on other options.

On Commodities, spreads fluctuate much more significantly, with the lowest option listed at 1.2 pips. Spreads on Indices range from 0.9 to 7.2 pips or higher, depending on the specific instrument. On ECN accounts, spreads start as low as 0.6 pips and it seems that one should expect those options to be lower than those seen for the other accounts.

Minimum Deposit

Each account has a separate deposit requirement and there are also limitations on the maximum account balance. For the Mini account, traders will need to deposit at least $500, but no more than $5,000. An ECN account can also be opened with a deposit of $500 and there is no limit on the account balance.

The Standard account holds between $5,001 and $10,000. Surprisingly, the Gold account type can also be opened with a $500 minimum deposit and tops out at $5,000, the same as the Mini account. The Platinum account would be the most expensive, with a deposit requirement of at least $15,001.

Sadly, affordability is not one of this broker’s strong suits and accounts can be opened elsewhere with as little as $5. Requirements are especially high for the Mini and Standard account types compared to the same options elsewhere.

Deposit Methods & Costs

Accounts can be funded by card, Wire Transfer, or through several online payment methods. Card options include Visa, MasterCard, and Diner’s Club, while the list of electronic payment methods includes: Abaqoo, eKonto, ePay, eps, Euteller, Giropay, Halcash, iDeal, Multibanco, Neosurf, Przelewy24, Sofort, Sporopay, Teleingreso, Ticket Surf, Trust Pay, and Poli internet banking.

There is a maximum limit of $3,000 EUR/GBP per month through credit cards. Accounts can only be funded through EUR, HUF, CZK, BGN, PLN, LVL, LTL, AUD, NZD, depending on the deposit method. All deposits are credited instantly. Unfortunately, the broker is less than transparent about any potential fees that may be incurred on deposits, so traders will want to watch out for any surprise costs.

Withdrawal Methods & Costs

Clients will be required to withdraw funds back to the originating payment method in the same currency that was used to make the deposit. Withdrawals are subject to processing and handling fees and although the broker mentions that these fees are available on their website, there is no explanation of any such fees. The broker does mention potential intermediary bank fees and suggests clients reach out to their bank regarding those fees, as they are not responsible for those charges. There is a steep $3,000 requirement for withdrawals via Wire Transfer, so be sure to keep this in mind before depositing through this method. Accounts must be fully verified before the client can submit a withdrawal request.

Withdrawal Processing & Wait Time

On their website, the broker lists processing times as instant for all withdrawal methods. Unfortunately, checking their withdrawal policy reveals some conflicting information. The broker can actually take up to 5 business days to process withdrawals and then there can be an additional 10-day wait to receive funds back to card or bank accounts. This can result in a waiting period of around 20 days once weekends are taken into consideration.

Bonuses & Promotions

We couldn’t find any ongoing bonus opportunities listed on the website, but this doesn’t mean that one shouldn’t expect to see opportunities offered by CodexFX. Under one of their PDF files, the broker goes into detail about conditions on deposits and mentions that these offers will be available from time to time. Be sure to keep an eye out for any updates if you decide to open an account.

Educational & Trading Tools

At first glance, the section of the website titled “Academy” seems promising; however, this section is limited to technical analysis, forex basics, and an FAQ. The technical analysis page and the forex basics page only offer brief explanations and do not go into very much detail. This isn’t what we would expect from an academy training session – instead, we’d like to see video tutorials, e-books, a glossary, and other mediums. Under the FAQ, the company answers a few trading questions and provides some information about their own terms. The website is also lacking any helpful tools, like calculators, an economic calendar, etc. Fortunately, there are multiple trading tools that can be found within the MT4 platform.

Demo Account

While the website doesn’t offer many educational resources, we are happy to report that demo accounts are available. Those that have never traded from a demo before should know that these free accounts offer a super realistic trading experience and allows one to practice using the MT4 platform, use different trading strategies, test the conditions offered by the broker, etc. A demo can be opened quickly by selecting “Register” on the homepage and then clicking over to the demo tab and then filling in the name and email.

Customer Service

One can reach out to support through email, phone, or by filling out a form on the website. The broker is also active on Twitter, Facebook, and Skype, although the links on the website are dead. Sadly, there is no instant contact option and wait times for email responses are generally around 24 hours or longer. Support is active 24 hours a day, Monday through Friday. Contact information has been provided below.

Email: [email protected]
Phone: +44 2080898543
Address: Codexfx Ltd. Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH 96960

Countries Accepted

This broker does not list any specific restrictions and claims that it is up to clients to know the regulatory rules for their countries. This simply means that the broker wants to offer service to anyone, regardless of legal limitations. To be sure, we checked out the registration page to see if any obvious options were missing from the sign-up list. The United States, Iran, Japan, and many other options are in fact available, so this could be a plus if you’re located in a country that is often restricted from opening a trading account.

Conclusion

CodexFX has an investment portfolio that is made up of 270+ options, including FX, Commodities, Indices, and Equities. The broker offers 4 separate account types with a maximum leverage limitation of up to 1:50. Spreads are floating from 0.6 pips on ECN accounts and are from 1 to 3 pips on major currency pairs on the remaining account types. Commissions of $7 per Standard Lot are charged on ECN accounts and there are no commissions on the Mini, Standard, Gold, and Platinum accounts.

Accounts can be funded through card or via several electronic payment methods, although many of these options are lesser-known payment providers. Deposits and withdrawals are processed instantly, but the lack of information about fees is not a good sign. Demo accounts are available but other educational resources are limited and trading tools are nonexistent. The broker also appears to offer bonuses from time to time, although there doesn’t seem to be any ongoing bonus at this time.

Customer support is available 24/5 via phone, email, or through a contact form on the broker’s website. The company is willing to accept clients from all locations, which is a positive advantage for those that often find themselves in a blacklisted country. After considering the advantages and disadvantages, it would be up to one to decide if this broker personally suits their trading style.

City Index is a CFD and spreads betting broker and a trademark of GAIN Capital UK Ltd. GAIN Capital Holding is a well known US broker founded in 1999 and went public in 2010 on NYSE. GAIN Capital acquired City Index In October 2014 to gain quick entry into the UK CFD trading market. In 2010 GAIN Capital was fined by the NFA for margin, liquidation and price slippage manipulation that resulted in $$459,000 fine and additional coverage of traders’ losses. Based in London and as a subsidiary of GAIN Capital, City Index is authorized and regulated by the Financial Conduct Authority with a valid license.

The broker has many rewards for having the best platform, best mobile app, best cryptocurrency trading platform and similar. The broker does not use these for promotion on the website aggressively, in fact, it is hidden in the footer of their website. City Index website is packed with quick references and info on a single page like the idea was to put as much material the visitor can digest. It is well developed and interactive with a good mix of marketing and useable information to promote the broker’s advantages or features.

Transparency is good although some trading condition data could be published under one page or document, most of the time you will have to find the page containing the info, even with the help of the website’s search field. Occasionally, City Index will use some figures as their own for marketing, for example, their 35 years of experience in the industry and GAIN Capital’s 150,000 traders pool, NYSE listing and so on. Other domains used by City Index are cityindexasia.com.sg, cityindex.eu, and cityindex.com.au.

While the broker services and the website look very promising, professional, and rich, user ratings among the benchmark sites are alarmingly low. This City Index broker review will cover service areas to point out what is behind the lines that could be the reason for a bad image if justified at all.

Account Types

City Index has 3 account types that are differentiated mostly through leverage directive limits. Still, there are some other benefit differences as stated by the broker. The accounts are called Trader, Premium Trader, and Professional Trader. As many experienced traders may guess, Professional trader is for those that qualify and pass the ESMA requirements. These are:

“Trading volume: Made an average of 10 significantly sized transactions per quarter over the last four quarters”

“Portfolio: Have a financial instrument portfolio, including cash deposits, exceeding €500,000”

“Experience: Worked in a professional position in the financial sector requiring knowledge of trading leveraged products for at least 1+ year(s)”

Meeting two of these criteria is enough to qualify. The main benefit is the increased leverage allowance and everything City Index adds on like client funds segregation, Priority Service, Credit Facility, dedicated broker-assisted dealing, Relationship Manager, Rewards and Premium events, and additional Dataminr tool.

Interestingly, the table also states the MetaTrader 4 and AT Pro proprietary platform as reserved for this account type, but this is just for marketing. Note that as a Professional trader you will also lose some benefits other account types have. You will not have negative balance protection and the 50% margin Stop Out (close out) will not be triggered. FCA protection by the FSCS and the Financial Ombudsman Service remains.

Premium Trader Account is differentiated by having a Priority Service, Dedicated relationship manager, Broker assisted trading, Loyalty rewards, and Hospitality events. Traders using this account type will not have increased leverage and will be under the ESMA limits. According to the broker, this account type is by invitation only. Traders will have to maintain an account balance of £10,000 and be active after they will be invited or may apply for Premium Trader Account.

Trade Account is City Index’s basic account and is promoted with 12,000 markets open for trading, award-winning platform, and technology, 16 chart types with over 80+ indicators, News and analysis, negative balance protection, and ongoing support. Most of these features are not enough to attract experienced traders except the market range. Tools provided for this account type are not explicitly promoted but they are the same as with the Premium Trader. More on this in the Education and Tools section of this review.

Metatrader 4 platform requires a separate CFD trading account. City Index CFD log in details are not valid for the MT4. The offers and features on the Advantage Trading platform are different than what you can expect in the MT4. MT4’s main advantage is the EAs and custom indicators availability while the City Index’s proprietary platform can place multiple modular Stop and Limit orders, research tools integrated, and so on.

This account type requires a minimum deposit, contrary to the Trade Account and others that rely on the Advantage Trading platform. Also, MT4 Account is commission-free while other CFD accounts have a commission on shares otherwise not offered in the MT4.

Platforms

City Index follows the usual steps of large market maker brokers and has their trading platforms. As City Index is a GAIN Capital brand, the platform is similar if not the same as what can be seen on FOREX.com and other GAIN brands. What is common to all of them is the TradingView HTML charting technology. Therefore, City Index offers a web-accessible AT platform, also called Web Trader and the MT4 platform. Advanced Trader or AT Pro and MT4 are all available for mobile devices running on Android and iOS. MT4 and AT Pro desktop versions are available only for Windows.

MT4 is showing two City Index servers Live and Demo, both with 50ms ping. The platform is updated to the latest version, set to the default setting with classic 4 forex charts open. Interestingly, City Index name is under the brackets beside the GAIN Capital UK Ltd in the about window. Also, the welcome mail is from GAIN Capital. There are no additional templates or custom indicators packed with the installation. One-click trading buttons are not visible so traders will have to manually turn it on. Symbols list has a lot of groups for the same asset class, so for Forex currency pairs we have noticed a total of 10 groups without any apparent grouping pattern or practical sense.

For example, ForexPro10 and ForexPro9 group contains 2 major currency pairs while ForexPro 6 has 7 exotics. Similar is done for the Indices. The instrument specification window is not showing information for the swaps or trade sizes. As stated by the broker swap information is presented as separate entries in your account history. Upon further investigation, we have noticed the Company Tab in the Terminal window where swap information is disclosed and updated.

This tab also contains other links to the chat service and so on. Some links are dead making the whole Company Tab dysfunctional so you will have to restart the MT4 client. This is an unusual practice, swaps are not disclosed anywhere on the website. While online for 24 hours the platform signal dropped 2 times. Execution time is 127ms on average with almost no deviation, providing traders consistent experience.

AT pro platform installation can be standalone or portable. The amount of features exceeds those found with the MT4. Starting with the top frame menu, traders will be intrigued and explore what each section has to offer. Markets tab is all about the market watchlist where traders can use the search and filters to pinpoint their interest. The watchlist can be saved and multiple arranged into a single window, sort instruments per column min/max values, be it % change, volatility, or other criteria.

Charting options are extensive, most interesting are over 100 indicators to insert, chart linking, resizing and movement, Renko chart type, measurement and viewing tools, tick and other non-standard timeframes like 3m, 2m, 10m, H8, and so on. Drawing tools are also very good with all Fibonacci functions, Gann, channels, freehand, shape, and lines drawing. Chart templates can be saved, managed, cloned, and restyled. Research and Analysis tab will hold a great range of services for this purpose.

We have found the Economic calendar integrated, News, City Index market analysis, Trading Central technical analysis link, Fundamentals analysis, Trading Central technical insight (which is the same as the Technical Analysis), Trading Central Market Buzz™, and another Trading Central service – Analyst Views. The Newsfeed is from Reuters and related feed is available next to each instrument or on the chart, while the Economic Calendar is good looking with filters for Country, Category and market impact.

Additional filtering can be set according to the timeframe. Clicking on the event will open the description, link to the source and data figures. Price alerts can be set on the chart context menu with options for GTC or on time, ringtone setting and comments for the alert. Then, there is the My Account tab for all accounts and funds management.

Appearance customization options are also great, you can change the platform skin to dark, light and white, change the menu behavior, language, manage workspaces, windows and so on. Probably the most interesting section is the Automated trading. This platform supports many pre-made algorithms that have descriptions and a range of settings for customization. Traders who are good with coding can also make their own and import them. AT Pro platform has a builder that can be used for indicators building and trading systems.

Custom made systems for this platform are not as available as with MT4 to download. However, City Index forum exists for this and as we have found there are 8 additional systems to download and one indicator. Searching the internet users can probably find more elsewhere. Strategy backtesting is also available for any trading system with a good setting range for finetuning. Ordering panel offers options to set OCO, Entry or Market execution, Stop Limit orders calculated in pips, price or P/L and the trailing type option. Margin calculator is integrated for easier Risk Management.

Partial closing is supported for better scaling in and out, with the ability to use FIFO. Unrealized profits from trading will be used as margin and positive slippage is not filtered. Guaranteed Stop Loss is also offered and the premium for this service is only paid if the order is triggered. Swaps information is available as well as trade sizes and more, yet, execution times are not available to see.

We have manually measured this time and it is roughly 0.3s. AT Pro platform is well made and traders used to MT4 will not need much adaptation, the help section is very useful and structured.

Leverage

City Index adheres to the ESMA regulation and therefore offers the maximum leverage of 1:30 for all trading instruments. These apply for Retail traders that do not qualify for the Professional category. Most major Forex currency pairs are 1:30, the exceptions are NZD/USD and AUD/USD with 1:20 leverage. Minors and crosses mostly have 1:20 while exotics are mostly 1:10 which is the lowest leverage offered for Forex.

For shares, the leverage is from 1:5 while Indexes have 1:20. Gold futures and spot CFDs have 1:20 leverage while other precious metals like Platinum and Palladium have 1:10. Commodity assets all have 1:10 regardless of the contract type. Cryptocurrencies leverage is not published on the website but from the platforms, we have noted 1:2 leverage for all coins. The leverage is dynamic according to the trade size. For the exact margin structure, traders can see in the information window in the Advantage Trader platform.

Professional traders have increased leverage as a result of their proven understanding of the market risks. According to the table, For Forex instruments the leverage is up to 1:400, the same is for Indexes. Shares have 1:33 while cryptocurrencies can have 1:20.

Trade Sizes

MT4 trade sizes are in micro-lots or 0.01 lot. Note that the trade sizing information is not available in the MT4 instrument specification. In the AT Pro platform trade sizes are per CFD unit per pip and can be from 1 CFD to different maximum sizes depending on the instrument. For other types of Forex contracts, trade sizes are in currency units and are from 1000 or 0.01 lots. Minimum order distance varies for each currency pair but is not over 15 pips for the most exotic pairs, most are under acceptable levels that should not influence fast trading strategies.

For Bitcoin/USD the minimum trade size is 0.1 BTC up to 75 BTC maximum. Fore Ethereum/USD the minimum is 1 up to 1600 maximum trade size. There is no minimum required order distance for crypto. Precious metals trade sizes are form 1 to 5000 units. Other trading size variations exist like Gold Mini CFD that has smaller contract value. Taking everything into consideration, these trade sizes are not common for MT4 users and they will need some adaptation.

All accounts have 50% Stop Out level or also called close out by the broker. Margin Call is at 100% but it is not mandatory to notify the trader.

Trading Costs

City Index has commissions only for shares. The commission has a minimum of 10 currency units and 5 AUD for Australian shares as per AT platform market info, also charged per share (1.8 CPS) or in percentage (0.08%). Shares are not available on the MT4 platform, therefore no commission is charged for any tradeable asset. Swaps are not presented in the specification window in the MT4 but are charged. For details, traders can see exact swap rates in the AT platform as these are not published on the website or any documents.

Swaps are under normal levels as seen in the AT Pro platform, calculated in the GBP currency and tripled on Fridays. Swaps are per 10,000 units, for the most traded currency pair, EUR/USD it is -0.70 GBP for long and 0.39 GBP for a short position. GBP/USD short position swap is 0.04 GBP and for long -0.46 GBP, interestingly for USD/JPY there is no swap but over weekend swap is -0.62 for short and 0.28 GBP for long.

Swaps for exotic pairs are low comparing to other brokers. For example, USD/ZAR has -1.53 GBP for long and a positive 0.82 GBP for short, USD/CNH 0.06 GBP short and -0.51 long, or CHF/NOK with 0.9 GBP short and -1.91 GBP long. Most of the times swaps had a positive value on one trade side. There are no swaps for Crypto or Metals CFDs.

Inactivity fee exists and it will be charged in the case of inactivity for 12 months. The fee of £12 will be charged monthly.

Assets

As a part of GAIN Capital Holdings, City Index holds the same great asset range only big brokers can arrange. According to the City Index’s website, over 4000 assets are listed split into more than 10 categories, some of which are unique. Starting with Forex, there are 84 total currency pairs. This extended range mostly comes from many major pair crosses with other exotics. It is rare to see pairs like AUD/CNH, AUD/SGD, CNH/JPY, EUR/CNH, EUR/CZK, GBP/PLN, or EUR/TRY. GBP, EUR, USD, and AUD are used to cross with many other pairs, including the exotics.

Note that we have seen other pairs not available in the AT Pro platform but listed in the MT4. Such currency pairs are USD/RON, USD/ILS, SGD/HKD, AUD/PLN, USD/THB and many more. This forex instrument range is among the top in the industry, if not the best.

Precious metals range is extended as well. Gold, Silver, Platinum, Palladium, and Copper are listed as CFD futures and cash CFDs. There are also variants with Mini contracts for accounts with a lower balance. These assets are also available in the MT4 platform.

According to the website, there are a total of21 Indexes to choose from. These are extended by the presence of future CFDs. Those especially interesting are Wall Street, Volatility Index, US Small Cap 2000, Brexit High and low political Index, US Dollar Index, Switzerland 20, Singapore Index, Netherlands 25, India 50, Hong Kong 50, China A50, and CBOE UK 250. Again, this is one of the best offers in the industry. The MT4 platform has this category listed too.

The broker continues the practice to offer extended and rare assets in the Commodities category too. There are over 25 commodities on the list. UK and US Oil types are standard, traders will have a rare sight into commodities like Robusta Coffe, Lean Hogs, Carbon Emissions, Live Cattle, London or NY Cocoa, Orange Juice, Heating Oil, and many more. The MT4 platform has the Commodities category but with fewer assets listed.

Bonds are offered in the extended range. There are a total of 13 instruments in this category. US Bonds and Notes are offered in multiple due dates and sizing. Other interesting offers are UK Long Gilt, Japanese 10 Year, Euro Schatz, Euro Bund, Euro Bobl, BTP Italian Bonds. MT4 platform does not offer these assets.

Interest Rates CFDs category is giving traders opportunities to experiment. There are a total of 7 instruments listed but most of them are the same with different expiration dates. These are Short Stg 3 months, Eurodollar, and Euribor 3 months futures CFDs. MT4 does not have these assets.

Sector Indices are a unique offer and represent UK industry sector Indexes. There is one index for every sector that makes a total of 14 instruments. Examples are the UK Tech sector Index, UK Finance sector Index, UK Healthcare sector Index, and so on. These are not listed in the MT4.

ETFs range is one of the best with a total of 101 listed instruments not available in the MT4 platform. There are many interesting ETFs in various sectors, 10 are just Gold ETFs like Gold Bull Sec, SPDR Gold Trust, VanEck Gold Miners, Direxion Daily Gold Miners Bear 3X and so on.

The only category where the City Index does not offer supreme range is the Cryptocurrencies. What is offered is 9 assets but 4 of those it the Bitcoin quoted in EUR, USD, AUD, and GBP. Also, there is the Mini Bitcoin CFD with a smaller sizing. The rest of the offer is Ripple, Ethereum, Litecoin and Bitcoin Cash. In the MT4 platform only BTC/USD, ETH/USD and XRP/USD are listed.

Spreads

City Index has fixed and variable spreads offered for certain instruments, although most are variable types. City Index offers 1 point fixed spread on the Australia 200, UK 100, Germany 30, France 40 during market hours. The spreads are up to 30 points fixed for the CBOE UK 250 while China A50 has 10 points around the market spread. Hong Kong 50 and Italy 40 have 10 points fixed but Japan 225 and Spain 35 have 8 points.

Forex spreads are floating type and are competitive. The City Index’s website is promoting spreads from 0.5 pips, 0.69 average and we have observed 88 points during the session ending in the MT4.and 78 points in the AT Pro platform. Nest currency pair with the tightest spread is the USD/JPY where the minimum is promoted from 0.6 pips, an average of 0.77 pips and our reading is 125 points in the MT4 and 117 in the AT Pro during the low liquidity, session end time.

AUD/USD has wider spreads as fixed to 15 pips as well as 7 other major currency pairs with the same spread. These have 1.5 pips set as a minimum in the information window in AT Pro. These pairs in the MT4 have a bit tighter or the same spreads as in AT Pro.

Exotics have much wider spreads as expected but the widest is for the GBP/ZAR with 38.2 pips average stated on the website, and 30 pips in the MT4. This currency pair was not available in the AT Pro. USD/CZK pair has the widest spread in AT Pro during the end session and was 800 points, the same as with MT4. According to these measures, we can tell that the MT4 spreads are not the same and in most cases better than in AT Pro, besides, some pairs are not available in City Index’s proprietary platform.

Precious metals spreads are much better than with Forex. Gold has 0.4 and 0.6 pips spread depending on the contract type, the same as in the MT4 platform. Silver has 2.5 pips, Platinum 12 pips in the MT4 and 2.8 pips in the AT Pro, while Palladium has 13.3 pips in AT Pro and 13.3 pips in MT4 during the session end.

Cryptocurrencies have like fixed spreads and are competitive. BTC/USD has 35 pips spread, the same as in the AT Pro while Ripple has 6 pips in MT4 and the same in AT Pro. Ethereum has better spreads in AT Pro at 11 points while MT4 has 20.

Minimum Deposit

The minimum deposit is not set for the AT platforms accounts. MT4 type accounts have the minimum initial deposit of £100.

Deposit Methods & Costs

There are no deposit charges by the broker. The deposit methods are Bank Transfers, PayPal, and debit/credit cards such as Visa or MasterCard.

Withdrawal Methods & Costs

The broker state that no fees exist for withdrawals. The methods available are the save as with deposit and traders can use different methods or cards is the deposit was successful. The minimum withdrawal amount is £50 or the remaining balance of your account. PayPal withdrawals are limited to the total deposit amounts via PayPal.

Withdrawal Processing & Wait Time

Allow 3–5 working days for any card withdrawals. Bank Transfers are done in normally 1–2 working days but can be faster for local banks with fast payments. For PayPal 48 hours are needed although these transactions are usually instant.

Bonuses & Promotions

According to the broker, the £1000 switcher bonus offer is available for a limited time only. This bonus is credited to Professional accounts. At the moment of this City Index review, no other bonuses are offered.

Educational & Trading Tools

City Index has a dedicated Training section for education. This page lists various topics (10) about trading in written form and Video Libary section which contains 9 videos. Trading topics are, for example, “Introduction to Financial Markets” article which contains several chapters covering all the assets categories. The content quality is very good with nice visuals and videos. Other topics are similar in structure and are about CFD trading, Crypto trading, Trading Strategies, Technical and Fundamental Analysis, etc.

These are elementary and do not go deep into the subject, but each goes several pages in length following the chapters. The video library contains videos that are used in these articles. They cover topics like “Guide to Asset classes”, “Planning your trade exit” and numerous spread betting videos.

Tools mentioned in the platform makes the essence of the City Index’s offer. In addition to those, the Market News section on the website contains even more informative material. Webinars are available for free and at the moment of our review, we have noticed the last one about “Trading Uber’s IPO” held in May 2018. Therefore we are not sure if these still run. Popular Topics page covers the US-China Trade War, “Tech Stocks Hub” and the “Brexit Hub”.

Market Analysis section contains fresh info on global topics related to markets. The articles are a mix of news and analysis with good interpretation and graphics. Although they are not deep into the subject, they provide some value to traders. Most of these are made by City Index staff using different sources. This section is very extensive and well made, there are filters with options to select Markets, Authors, Regions, and Article types. Other than that there are also Economic Calendar, Company Reports, and Brexit News tabs.

Customer Service

24/5 support is available and the broker can be contacted by phone, email or via chat service. The chat has a query bot integrated and he will respond to your questions first. Most of the time you can find what you are looking for but we had questions for live agents. They will respond promptly and you do not have to wait for them at all. Some advanced topics are answered fully and making it easy to understand. Although we had the impression that they would like to close the chat once you start asking questions about their image.

Demo Account

The demo account is available for MT4 and also for the AT platforms. The accounts are different so you need to register two demo account if you want to try both. The demos are tile limited to 12 weeks and have 10,000 virtual funds. The demo will reflect actual trading conditions.

Countries Accepted

Different regulations exist for each country. FCA covers Austria, Belgium, Bulgaria, Croatia, Czech Republic, Denmark, Estonia, Finland, France, Germany, Gibraltar, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, The Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, and UK.

For Australia, New Zealand and South Africa the regulator is ASIC and for Singapore – Monetary Authority of Singapore (MAS).

Conclusion

This section of the City Index review will reveal other key information not stated above. Note that 72% of retail investor accounts lose money when trading CFDs with this provider. This is below the average of 79% in the industry. City Index is just a name for a GAIN Capital branch in the UK and other jurisdictions. Other domains may have slightly different assets range, deposit and withdrawal options and so on. As one of the biggest market maker brokers using the Central Counterparty Clearing House model, they offer one of the best asset ranges and proprietary platforms in the industry.

Also, the trading costs are competitive and traders have a plethora of tools and other useful material. On the other hand, bad user ratings have a common problem with the withdrawals on for profitable clients, extreme spread spikes and similar practice described as when the GAIN Capital was fined for by the NFA. Also, none of these user ratings were met with a reply from City Index. From our impression by speaking with the broker staff, they seem not to care much as they are too big to bother and have enough capital any fine cannot make an impact to.

Xero Markets was founded in 2017 and aims to make a splash into the forex world. Their mission is to strengthen the trading line of their clients both domestically and internationally promising low spreads, high leverage, excellent and fast service and taking responsibility for any problems. In this review, we will be looking at the service being offered to see if they live up to those promises and so you can decide if they are the right broker for you.

Account Types

Just two different accounts from Xero Markets, the Regular and ECN accounts, let’s take a look at what the requirements and features of these two accounts are.

Xero Regular: The regular account requires a minimum deposit of $10, this account comes with spreads ranging from 0.1 pips up to 2 pips and there is no added commission on this account. Leverage can go up as high as 1:500 and the minimum trade size is 0.01 lots with 1000 lots as the maximum. The account has swaps however a swap-free version is also available, the margin call is set for 100% and stop-out set at 35%.

Xero ECN: This account has a slightly higher requirement of $100, the account has spread as low as 0 pips but due to this, there is an added commission on the account. Leverage can go up to 1:500 and the minimum trade size os 0.01 lots with the maximum being 1000 lots. The account has swap charges however a swap-free account is also available. The base currency must be USD and the margin call level is at 100% and stop-out level at 35%.

There is also a copy trading service where you can copy the trades of other traders, it is relatively basic but it allows you to trade handsfree by investing in one of the already successful traders.

Platforms

Only the one trading platform on offer which is MetaTrader 4, so let’s see what this platform has to offer.

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 its 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.

Leverage

The leverage that you have available is the same for both accounts and is decided based on the account value, we have listed the options below:

• 1:1 – 1:500 for $10 – $25,000
• 1:1 – 1:200 for $25,001-$100000
• 1:1 – 1:100 for $100,001

Leverage can be selected when opening up an account, should you wish to change it on an already open account you should get in contact with the customer service team.

Trade Sizes

Trade sizes for both accounts start at 0.01 lots which are also known as a micro lot, trades then go up in increments of 0.01 lots so the next available trade would be 0.02 lots and then 0.03 lots.

The maximum trade size is 1000 lots which is far too high, we would not recommend trading more than 50 lots in a single trade as it can become increasingly harder for the markets and liquidity providers to execute trades quickly and without any slippage.

Trading Costs

The regular account uses a spread based system and does not have any added commission, the ECN account has an added commission of $5 per round lot trade which is just below the industry standard of $6 per round lot traded.

There are also swap charges on the accounts which are interest charges for holding trades overnight, these can be viewed within the MetaTrader 4 trading platform. If you get an Islamic account then these swap charges are replaced with an administration charge.

Assets

Unfortunately, there is not a breakdown of the different tradable assets. This is surprising because one of the first things that potential clients do when looking at a potential broker is to look at what instruments are available for trading, so not having it is a big blow to potential clients. The website simply states that there are 77 instruments to trade.

Spreads

Unfortunately, we can not give good examples of spreads as they are not mentioned on the website. The regular account can have spread from 0.1 pips up to 2pips as a starting position, the ECN account has spreads starting as low as 0 pips. The spreads are variable which means they move with the markets, when the markets are volatile they will often be seen higher. It is also worth mentioning that different instruments will have different starting spreads, so EURUSD will have a different spread to AUDNZD as an example.

Minimum Deposit

The minimum deposit in order to open up an account is $10 which gets you the regular account, if you want the ECN account you will need to deposit a minimum of $100.

Deposit Methods & Costs

There are a number of different deposit methods available each with slightly different features, we have set out a table;e below to give an easy read of what they are.

• Bank Wire Transfer – USD – No Fee
• Visa Credit / Debit – USD – 2.6% Fee
• MasterCard Visa / Debit – USD – 2.6% Fee
• Neteller – USD – No Fee
• Skrill – USD – No Fee
• Online Banking Malaysia – MYR – RM 4.4 / USD Fee
• Online Banking Indonesia – IDR – No Fee
• Online Banking Thailand – THB – No Fee
• Local Exchange Malaysia – MYR – RM 4.4 / USD

There are no added fees for Bank Wire Transfer but be sure to check with your bank to see if they add any fees of their own.

Withdrawal Methods & Costs

The same methods are available for withdrawing, we have set out a similar table below.

• Bank Wire Transfer – USD – No Fee
• Visa Credit / Debit – USD – 2.6% Fee
• MasterCard Visa / Debit – USD – 2.6% Fee
• Neteller – USD – 2% Fee
• Skrill – USD – 2% Fee
• Online Banking Malaysia – MYR – RM 4.2 / USD Fee
• Online Banking Indonesia – IDR – No Fee
• Online Banking Thailand – THB – No Fee
• Local Exchange Malaysia – MYR – RM 4.2 / USD

There are no added fees for Bank Wire Transfer but be sure to check with your bank to see if they add any fees of their own.

Accounts that have not yet performed a turnover of 200 will have a 10% fee added to any withdrawals.

Withdrawal Processing & Wait Time

There is a little confusion surrounding processing times, the withdrawal policy state that it will take between 4 – 7 business days for Xero Markets to process a withdrawal request, however, the withdrawals page state that Neteller and Skrill are instant withdrawals, Visa and MasterCard withdrawals take 24 hours and Bank Wire Transfers will take between 3 – 7 business days. We will assume that the latter numbers are after the initial processing has been performed, not the overall time required.

Bonuses & Promotions

Promotions change from month to month, so what we have written here may no longer be valid, but can instead be used as an example of the sort of promotions that take place.

Golden Fortune Promotion: The promotion is pretty straight forward, deposit a minimum of $1,000 and trade at least 5 lots you will receive an entry into a prize draw, prizes are different gold (real physical gold). 4 prizes on offer, each member is eligible for one entry into the prize draw.

Educational & Trading Tools

There does not appear to be any educational tools on offer from Xero Markets so there is nothing for us to write here, except that a lot of other brokers are looking to help their traders improve, so it would be nice to see Xero MArkets do a similar thing.

Customer Service

The contact us page is as straight forward as you would expect, there is the standard online submission form where you can fill in your query and then you should receive a reply via email. There is also a physical address and a direct email address along with a phone number to call. The support department is open 24/5 and closes over the weekend at the same time as the markets close.

Demo Account

Xero MArkets offer a demo account, you can click the signup button and fill in the form. When signing up for the account you can only select MetaTrader 4 as a trading platform and USD as the account currency, it uses its own account type called Xero Demo so it does not indicate what the trading conditions actually are. There is also no indication as to how long the account lasts which is quite important as a lot of brokers now put a time limit such as 30 days before they expire.

Countries Accepted

The following statement is on the Xero Markets website: “Xero Capital Markets does not offer its services to the residents of certain jurisdictions such as Afghanistan, Cote d’Ivoire, Cuba, Iran, Libya, Myanmar, North Korea, Sudan, Puerto Rico, USA, Australia, Syria, Japan, and Ecuador.” If you are not sure of your eligibility, we would recommend getting in contact with the customer service team to find out.

Conclusion

The initial look at Xero Markets gave us some good impressions, the accounts looked good and the spreads stated on the account page were ok for noncommission accounts, unfortunately, things then went downhill with a lack of information on the assets and actual spreads for any instruments. Fees being included on deposits and withdrawals is also a little offputting, but there is a nice selection of deposit methods which is good to see. Withdrawal times could be a little long but nothing that will really put us off in that department.

Uniglobe Markets is a foreign exchange broker based in the Marshal Islands and says that they offer safe regulatory environments, lowest spreads, fast execution with no re-quotes, no trading restrictions, swap-free accounts, low minimum deposits, free personalized training, confidentiality, and unrivaled customer service. In this review, we will be looking into the services being offered to see if they live up to the expectations they have put on themselves.

Account Types

There are 5 different accounts available from Uniglobe Markets, each one having a different entry requirement and trading conditions, so let’s see what is on offer.

Micro Account: The minimum requirement to open this account is $100, it has a spread starting from 1.5 pips and there is no added commission. The leverage can be up to 1:500 and trade sizes are starting from 0.01 lots. Hedging, Scalping and Expert Advisors are all allowed and there is an account manager available 24/5. Forex training is also available with this account.

Uniglobe Premium Account: The Uniglobe Premium account increases the minimum deposit up to $1,000, this account comes with a slightly lower spread starting at 1.3 pips and also a slightly reduced leverage as the nex maximum is now 1:300. Trade sizes now start at 0.1 lots and just like the Micro account, Hedging, Scalping, and Expert Advisors are allowed and so is the forex training and 24/5 account manager.

ECN Classic Account: The ECN Classic account sticks with the $1,000 required deposit, spread on this account are as low as 0 pips due to there now being a $10 per lot commission added to the account. Leverage is further reduced and now has a maximum level of 1:200. Trades start from 0.1 lots and just like the other accounts, Hedging, Scalping, and Expert Advisors are allowed along with the 24/5 account manager. Along with the forex training, there are now technical training available as well as free trading signals.

ECN Elite: This account further increases the minimum deposit requirement which now sits at $10,000. Spreads are as low as 0 pips and there is a $7 commission per round lot traded on the account. Leverage is further reduced and now has a maximum value of 1:100. Minimum trade sizes have increased up to 1 lot and all other features remain the same as the ECN Classic account including, the training availability, Hedging, Scalping, Expert Advisors and the account manager being available 24/5.

Uniglobe VIP: This is the top-level account, it requires a minimum deposit of $50,000 which could price out a lot of retail traders. It has spreads as low as 0 pips and a low commission of $2 per round lot traded. Leverage remains at 1:100 as a maximum and trade sizes start from 1 lot. Hedging, Scalping, and Expert Advisors are allowed and now the account manager is available 24/7 instead of 24/5. All training is available along with the free signals, and this account can be used as a corporate account.

Platforms

Uniglobe Markets offer MetaTrader 4 as their only trading platform, so let’s take a look and see what it offers.

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 its 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.

Leverage

The maximum leverage that you can get depends on the account type that you are using, if you are using the Micro account your maximum leverage is 1:500, for the Uniglobe Premium account it is 1:300, the ECN classic has a maximum of 1:200 and the ECN Elite and Uniglobe VIP accounts both have a maximum leverage of 1:100.

You can select the leverage when opening up an account and if you wish to change your leverage once it is already open, we would recommend getting in contact with the customer service team to do so.

Trade Sizes

Different accounts have different minimum trade sizes. The Micro account has a minimum trade size of 0.01 (known as micro-lots) lots and goes up in increments of 0.01 lots so the next trade will be 0.02 lots and then 0.03 lots. The Uniglobe Premium and ECN Classic accounts have starting sizes of 0.1 lots (known as mini lots) and go up in increments of 0.1 lots so the next trade would be 0.2 lots and then 0.3 lots. The ECN Elite and Uniglobe VIP have starting trade sizes of 1 lot, it is known what the increment is on these accounts.

There is no mention of what the max trade size of each account is, however, no matter what it is we would not recommend trading trades larger than 50 lots as the bigger the trade becomes the harder it is for the markets and liquidity providers to execute the trades quickly and without any slippage.

Trading Costs

The Micro and Uniglobe accounts use a spread based system that we will look at later in this review and so do not have any added commissions.

The other three accounts have a commission added to them, we have listed them below so you can see which accounts have what commissions.

• ECN Classic: $10 per round turn lot
• ECN Elite: $7 per round turn lot
• Uniglobe VIP: $2 per round turn lot

Swap charges are also present, these are a charge for holding a trade overnight, they can be either positive or negative and can be viewed directly within the MetaTrader 4 trading platform.

Assets

Uniglobe Markets have broken down their assets into five different categories, we have outlined them below with a few examples from each.

Forex: There isn’t a full breakdown of which forex pairs are available, the site simply states that there are major and minor pairs, a couple of examples are EUR/USD, GBP/USD and AUD/USD.

Spot Metals: Just the two metals are available and these are the regular metals of Gold and Silver, tradable against the US Dollar.

Commodities: Commodities are available in the form of energies and also soft commodities, a few examples are Brent Oil, Crude Oil, Coffee, Corn, and Sugar.

Indices: Indices are also available if you are interested in trading them, some examples are FTSE 100, Nikkei 225, Dow Jones and S&P 500.

Shares: The final category offers shares, there is not a full breakdown but they indicate a few of the available shares as Amazon, Google, McDonald’s, eBay, Alibaba, and Facebook.

Spreads

As there is no specific breakdown of assets, there is also not one of the spreads. The account comparison page indicates that the Micro account has spreads starting from 1.5 pips, the Uniglobe Premium account has starting spreads of 1.3 pips and all other accounts can be as low as 0 pips. The spreads are variable (floating) which means they move with the markets when there is a lot of volatility the spreads often widen and will be seen higher than the stated amount.

It should also be noted that the spreads are different for different instruments, so while the starting spread for EUR/USD may be 1.5 pips, for another pair like AUD/NZD it will start slightly higher.

Minimum Deposit

The minimum deposit required to open up an account is $100 which will get you the Micro account, if you want a different account you will need to deposit at least $1,000. Once an account has been opened the minimum deposit for top-ups is reduced down to $50.

Deposit Methods & Costs

We have listed out the deposit methods below along with the minimum / maximum deposit amount.

• Bank Transfer – $250 / Unlimited
• Visa Debit / Credit – $50 / $5,000
• Visa Electron – $50 / $5,000
• MasterCard Debit / Credit – $50 / $5,000
• Maestro – $50 / $5,000
• WebMoney – $50 – $15,000
• Skrill – $50 – $10,000
• Neteller – $50 / Unlimited
• QIWI Wallet – $50 / Unlimited
• Perfect Money – $50 / Unlimited
• OK Pay – $50 / $50
• CashU – $50 – $10,000

The good news is that there are no added fees for any deposit method, however, be sure to check with the processor that you are using to see if they charge any fees of their own.

Withdrawal Methods & Costs

The same methods are available to withdraw with, Bank Wire Transfer has a minimum withdrawal of $150, while all other methods have a minimum withdrawal amount of $10. There are also no withdrawal fees added by Uniglobe Markets, however, just like when depositing be sure to check with the processor that you are using to see if they charge any fees of their own.

Withdrawal Processing & Wait Time

All deposits and withdrawals are processed the same business day between 7:00 am and 5:00 pm GMT. The following are the estimated time it will take to receive your money after processing.

2 – 10 Business Days:
Visa Credit / Debit, Visa Electron, MasterCard Debit / Credit, Maestro, Bank Wire Transfer.

2 – 24 Hour:
WebMoney, Skrill, Neteller, QIWI Wallet, Perfect Money, OK Pay, CashU.

Bonuses & Promotions

There are a number of different bonuses and promotions running, we will outline some basic info on them below:

Welcome Bonus: Get up to $6,000 with this 60% bonus. The bonus funds are not withdrawable and act as an extra margin, any profits made using the bonus can be withdrawn.

Cash Rebate: Receive up to $10 per lot as a cash rebate. The more you trade the more you receive, in order to receive $10 per lot you will need to trade over 700 lots in a month, 1 lot up to 199 lots gets you $4 USD per lot traded.

No Deposit Bonus: You can receive $100 as a no deposit bonus, in order to withdraw you need to trade at least 15 lots and the minimum amount to withdraw is $50, the bonus lasts for one month.

There are a couple of other bonuses but these are Christmas related and so may not be relevant when reading this review.

Educational & Trading Tools

There are a few different things when it comes to learning and trading tools, there is the standard economic calendar which gives you an idea of upcoming news events and which markets they may affect. There is also some basic training, going over very basic areas of trading and to get an understanding of what trading and analysis is, however it never goes into lots of depth. Finally, there is some technical and fundamental analysis which you can view to help you decide what to trade next.

It is nice to have all of this information, however, it is not as in-depth as a lot of other places on the internet.

Customer Service

Should you wish to get in contact with Uniglobe Markets there are a few different ways that you can do it, There is the standard online submission form where you can fill in your query and you should then receive a reply via email. There is also a telephone number should you wish to speak to someone directly. There are also Skype usernames for both Global and Arabic and finally a physical address for the UK and Marshall Islands.

It would have been nice to have an email address available to email directly, but the online webform is as much as we get.

Demo Account

Demo accounts are available from Uniglobe Markets, some benefits of a demo account include no initial payment, real-time conditions, learn to analyze and test new strategies, zero risks, and they are 100% free. When signing up you are able to select leverage up to 1:500 and a deposit between 1,000 and 100,000. There is no indication as to which account conditions it mimics or how long the account lasts for.

Countries Accepted

The following statement is on the Uniglobe Markets website: “Uniglobe Markets does not provide services to citizens of certain regions. It is advisable to check if your region is included in the services provided before entering into any legal agreement” This is not the most helpful statement so we would suggest getting in contact with the customer service team to see if you are eligible for an account or not.

Conclusion

Uniglobe Markets are pretty transparent when it comes to the information they have provided, the trading conditions are competitive and the deposit and withdrawal methods are clearly laid out and with no added fees they are a big plus. The main downside to the Uniglobe Markets website is the lack of information on instruments and assets, this information would be good to have as many potential clients would like to see what they can trade before signing up, it would also be nice to have an email address available to contact. If you are able to look past those two issues then Uniglobe Markets could be a decent broker to use.

Forex Wings is a forex broker situated in St. Vincent and the Grenadines, their goal is to allow traders to become profitable by utilizing powerful trading platforms, access to proprietary straight-through technology, excellent liquidity, world-class customer service and a broad suite of advanced trading tools. In this review, we will be looking into the services being offered to see if they live up to their goals.

Account Types

There are three different accounts available from Forex Wings, these are the Gold, Platinum, and Diamond (Pro) accounts, each having their own entry requirements and trading conditions, so let’s take a look at what they are.

Gold Account: The gold account has an entry requirement of $100, it uses market execution and only has forex pairs available to trade with spreads starting from 2.5 pips. Leverage can be up to 1:500 and the minimum trade size is 0.01 lots and there is no maximum trade size. Trades go up in steps of 0.01 lots and there is no limit to the number of trades you can have open at one time. This account has swap charges for holding trades overnight and there is no added commission. Scalping and Hedging are both allowed and the margin call level is set at 100% and the stop out level is set at 40%.

Platinum Account: The platinum account increases the minimum deposit up to $1,000. Spreads on this account start at 1.5 pips and this account also uses market execution. In terms of products, the account has forex pairs as well as Gold and Silver available to trade. Leverage can be up to 1:300 and the minimum trade size remains at 0.01 lots and goes up in increments of 0.01 lots with there being no maximum trade size or a maximum number of open trades. The account can be in either a normal account with swaps or as a swap-free account. Scalping and Hedging are both allowed and the margin call remains at 100% however the stop out level has reduced down to 35%.

Diamond (Pro) Account: This is the top tier account with Forex Wings, it requires an opening deposit of $10,000 and with this raised deposit the spreads are starting as low as 0.3 pips. The account still uses market execution and has forex pairs as well as gold and silver available to trade. Leverage has been reduced down to 1:200 as a maximum and the trade sizes now start at 0.1 lots and go up in increment so f0.1 lots, there is still no maximum trade size or number of open trades. Due to the lower spreads, this account now has a commission of $7 per round turn lot traded. Scalping and hedging are both allowed the margin call level is not at 50% and the stop out level at 30%. This account can not have a swap-free version and so is charged swap fees.

Platforms

Forex Wings offers a singular trading platform which is a shame to take away choice, the good news is that the platform available is MetaTrader 4.

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 its 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.

Leverage

The leverage that you have is dependant on the account that you are using, all accounts have a choice of leverage however the Gold account has a maximum leverage of 1:500, the Platinum account has a maximum leverage of 1:300 and the Diamond (Pro) account has a maximum leverage of 1:200. Leverage can be selected when opening up an account, once an account is open if you wish to change the leverage on it you will need to get in contact with the customer service team.

Trade Sizes

When using the Gold or Platinum account your minimum trade size will be 0.01 lots (also known as a micro lot), they will then go up in increments of 0.01 lots so the next trade would be 0.03 lots and then 0.03 lots. If using the Diamond 9Pro) account then your minimum trade size will be 0.1 lots (also known as a mini lot) and goes up in increments of 0.1 lots, so the next trade would be 0.2 lots and then 0.3 lots.

There is no maximum trade size or a number of open trades, however, we would always recommend sticking to trades under 50 lots as the bigger the trades become the harder it is for liquidity providers and the market to execute the trades quickly and without any slippage.

Trading Costs

The Gold and Platinum accounts do not have any added commissions and only use a spread based structure that we will look at later in this review. The Diamond (Pro) account has an added commission of $7 per round lot traded which is reasonable considering the industry standard seems to be around $6 per lot traded.

There are also swap charges on all accounts, these are charges for holding trades overnight and can be both negative and positive, these can be viewed wither on the Forex Wings website or within MetaTrader 4. If you are not able to receive interested due to your beliefs, then the Platinum account can be made as a swap-free account, however, there will be additional administration fees to counter this,

Assets

Instruments and assets is one of the places where Forex Wings falls short, there is a very limited number of assets, so few that we can list them all for you, it is worth noting that the Gold account only has access to forex pairs while the Platinum and Diamon (Pro) account also have access to both Gold and Silver.

EURUSD, GBPUSD, USDCHF, USDCAD, USDJPY, NZDUSD, AUDUSD, AUSNZD, AUDCHF, AUDJPY, AUDCAD, CHFJPY, EURGBP, EURAUD, EURCHF, EURJPY, EURNZD, GBPCHF, GBPJPY, CADJPY, NZDJPY, EURTRY, USDTRY, Gold, and Silver.

Spreads

Spreads are dependent on a few different factors, the account hat you are using decided what the minimum spread can be, the Gold account has a minimum spread of 2.5 pips,m the Platinum has a minimum spread of 1.5 pips and the Diamond (Pro) account has a minimum spread of 0.3 pips. The reason they are the minimum is due to the fact that they are floating (also known as variable) spreads, this means that they move with the markets when there is more volatility the spreads will be seen higher.

It is also important to note that different instruments will have different starting spreads, for example, EURUSD may have a spread of 2.5 pips, but another pair may be higher and have over 3 pips as their starting spread.

Minimum Deposit

The minimum deposit requirement to open an account is $100 which gets you the Gold account, if you want a different account you will need to deposit £1,000 for the Platinum account and $10,000 for the Diamon (Pro) account. Once an account is open, any further deposits to top up the account has a minimum of $100 for all account types.

Deposit Methods & Costs

The deposit methods page on the website only mentions Bank Wire Transfers, however on the main page there are images of Visa, MasterCard, Neteller, and Bank Wire Transfers, so it is not completely clear which methods are actually available to use. There is also no mention of any fees when on the deposit page so we can not comment on this, we can advise you to check with your p[rocessor though to be sure they are not adding any fees of their own.

Withdrawal Methods & Costs

On the withdrawals page, there is the only mention of Bank Wire Transfers and not any others. You must withdraw to the method that you have used to deposit and the minimum withdrawal amount is $100, there is, unfortunately, a withdrawal processing fee of £25 – $30. Many brokers are getting rid of withdrawal fees so it would be nice to see Forex Wings do the same thing.

Withdrawal Processing & Wait Time

As the only method of withdrawal mentioned on the site is Bank Wire Transfer, this is normally processed within 1 – 5 business days. Requests are processed in around 1 hour of receipt, however, the office hours are 09:00 – 19:P00 GMT+2, if your request is outside that time then the request will be processed the next working day.

Bonuses & Promotions

There are three different bonuses and promotions available to use, we will outline the basic information about them below:

$10 Live Welcome Bonus: You can receive a $10 bonus to start trading live, this is deposited straight into your account, the account being used must have a leverage of 1:300 and minimum trade size of 0.01 lots, one account per person. You can withdraw any profits made from the $10 account without any restrictions.

50% Deposit Bonus: You can receive up to 50% bonus on top of your deposits, if you deposit between $100 and $3,000 you will receive a 50% bonus, between $4,000 and $10,000 40% bonus and any more, you will have a max bonus of $5,000. Applied to first deposit only and is deposited within 24 hours. In order to withdraw the funds, you must trade 0.1 lots for every $1 of bonus funds, so if you have a $1,000 bonus, you will need to trade 100 lots to withdraw it, this rollover must happen within 6 months, this is an achievable target.

FW Markets Champion DEMO Contest: You can enter a demo account competition in order to try and win real prizes, 1st prize is 500 USD, 2nd is 300 USD and 3rd is 100 USD, the person coming last also gets 100 USD. Prize money is paid into the winner’s real account and can be fully withdrawn.

Educational & Trading Tools

Not much when it comes to educational or trading tools, there is an economic calendar which outlines upcoming news events and which markets they may affect, this is not Forex Wings own calendar, instead, they have embedded one from another site., There is an analysis section of the website however this is currently giving off a PHP error and so it’s not loading and we can not comment on it.

Customer Service

Forex Wings don’t offer too much in the way of contacting their support team, the contact us page is just a simple web form, fill it in and you should get a reply via email. There is also a phone number at the top of the page. We did not get to test the support team at this stage of the review.

Demo Account

There is mention of the demo accounts in the demo contest page however nowhere else on the site are they mentioned, this leads us to believe that the demo accounts may only be available during the contests, this would be a strange move for Forex Wings to make. Demo accounts are important to both new and existing clients as new clients may want to test out the trading environment and existing clients may want to test out new strategies without risking their capital, this is an area that Forex Wings should be looking at improving.

Countries Accepted

Information about which countries are accepted and which are not is not present on the website, so if you are interested in signing up with Forex Wings be sure to get in contact with their customer service team to see if you are eligible for an account or not.

Conclusion

The Forex Wings site is riddled with PHP errors which means there is something wrong with the site or its databases. Putting that aside, the trading conditions are ok for what is being offered, but far better conditions can be found elsewhere, the lack of deposit and withdrawals information is the biggest worry as Forex Wings will be holding onto our money, this information is vital to help clients understand and be confident with how Forex Wings deals with their money, for these reasons it is currency hard for us to recommend Forex Wings as a broke to use.

IFX Brokers is a foreign exchange broker that is looking to offer their commitment to delivering their promises of client satisfaction, transparency to show their honesty and to build trust in order to gain long term relationships with their clients. In this review, we will be looking at the services being offered so you can decide if they are the right broker for you.

Account Types

There are three different account types to choose from the IFX standard, IFS Raw and IFX Islamic. Here is what they offer.

Standard Account: This account has a minimum deposit requirement of $100, it has spread as low as 0.8 pips and has no added commissions. The account uses MetaTrader 4 as its trading g platform and has access to all the instruments/assets that IFX offers. It has a minimum trade size of 0.01 lots and a maximum of 100 lots. The account has swap fees and the base currency can be in USD, ZAR, GBP or EUR.

Raw Account: The Raw account slightly increases the minimum deposit up to $250, it uses the MetaTrader 4 platform and has access to all currencies, as well as Gold and Silver to trade. Trade sizes start at 0.01 lots and go up to 100 lots, spreads are starting from 0.3 pips and there is a $3 commission one way. The account has swap fees and can only be in USD.

Islamic Account: The Islamic account is for those that can not accept interest due to their beliefs, so this account does not have swap fees. Its minimum deposit is $100 and it has spread starting from 0.8 pips with no added commissions. It uses MetaTrader 4 and has access to all instruments to trace, minimum trade sizes are 0.01 lots and the maximum is 100 lots, as mentioned there are no swap fees and the base currency must be in USD.

Platforms

IFX Brokers offer a singular trading platform in the form of MetaTrader 4 which is a fantastic piece of software, this is what it offers:

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 its 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.

Leverage

IFX offers leverage up to 1:500 which is quickly becoming the industry standard. Leverage can be selected when opening up ana account and if you wish to change it after an account is already opened you will need to get in contact with the customer service team.

Trade Sizes

Trade sizes start from 0.01 lots (also 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. The maximum trade size is 100 lots which we feel is too high. We would not trade over 50 lots at a time as it can become harder for the markets and liquidity providers to execute trades quickly the without slippage the bigger they are, but it is nice to have the options none the less.

Trading Costs

The Standard and Islamic accounts do not have any added commissions and instead use a spread based system that we will look at later in this review. The Raw account has an added commission of $3 one way, so a total round lot will have a commission of $6 which is matching the current industry standard.

Apart from the Islamic account, there are swap fees that are charged for holding trades overnight and can be both negative or positive. These charges can be viewed from within the MetaTrader 4 trading platform.

Assets

The assets and instruments available from IFX Brokers have been broken down into 4 different categories. Forex pairs are available, there isn’t a full breakdown but some examples are given are EURUSD, GBPUSD, and USDCHF. Indices are also available however there is no information regarding which ones, Commodities is the next section with examples of Corn, Soybeans, Coffee, and Wheat. The final category is CFDs, however, there is no breakdown or example of these assets so we could only speculate what they could be.

Spreads

Spreads on the Standard and Islamic account start from 0.8 pips, the spreads start from 0.3 pips on the Raw account. These spreads are variable which means they move with the markets and when there is a lot of volatility the spreads will often be larger. It should also be noted that different instruments will have different starting and natural spreads, EURUSD may have a starting spread of 0.8 pips, while GBPUSd may have a starting spread of 1.2 pips.

Minimum Deposit

The minimum deposit amount is $100, this will get you the Standard account, if you wanted a Raw account you will need to deposit at least $250. Subsequent deposits once an account is open have a minimum amount of $100.

Deposit Methods & Costs

There are a few different methods available to fund your account, you can use Wire Transfers which has a minimum deposit amount of $250, you can also use Local Electronic Fund transfers, the minimum for this method is $100 or ZAR 1500, Credit and Debit cards, both Visa and MasterCard can be used, the minimum for this method is $100 or ZAR 1500. You can then use PayFast, iPay, and PayU to deposit into your account, the minimums for this method is also $100 or ZAR 1500. You can also use broker-to-broker transfers to deposit directly from another brokers’ account, as long as they are participating in the scheme.

There are no added fees from IFX, but be sure to check with your bank and processor to see if they add any fees of their own.

Withdrawal Methods & Costs

You can use the same methods to withdraw, for clarification these are Bank Wire Transfer, Local ElectronicFund Transfer, Credit and Debit Card, both Visa and MasterCard, PayFast, iPay, PayU and broker to broker transfers. Withdrawals must be made to accounts in your name and you can only withdraw to Credit / Debit cards the amount that you originally deposited, any more and it will need to go to a different method.

There are no added withdrawal fees but just like with the deposits be sure to check with your bank and processor to see if they add any fees of their own.

Withdrawal Processing & Wait Time

IFX Brokers aims to process withdrawals immediately and on the same working day, once a withdrawal request has been processed it can take up to 5 working days for you to receive your funds, dependant on the method you used to withdraw with.

Bonuses & Promotions

The only promotion on offer is something called IFX Evolve, this allows you to qualify to receive a funded account where you then receive 50% of the profits. In order to qualify you need to have an account with at least $500 in, you then need to trade successfully for 6 months before consideration.

Educational & Trading Tools

The IFX Academy holds all of the educational tools that IFX has to offer, initially, there is a free forex workshop to sign up to, this is where you will be taught about all the basics of trading and how it all works. Once you are signed up you receive full access to the educational material, there are full courses designed to give you the edge, teaching you about different assets, analysis techniques and other aspects of trading like risk management. It seems to be pretty in-depth and so if you are a part of IFX we would highly recommend utilizing this feature of the broker.

Customer Service

The customer service departments can be contacted in a number of different ways, the first option is a phone number to give them a call and chat about whatever queries you may have. Next up are email addresses for various departments including Customer Support, Education, Compliance & Regulatory Affairs, Partners, Complaints and, Marketing & Sales. Finally, there is an online form to submit where you fill out your query and you should then get a reply via email.

The customer support department is open 24 hours a day Monday to Friday, while all other departments are open between 08:00 and 16:00 GMT Monday to Friday.

Demo Account

Demo accounts are available, simply fill in the application and away you go, you can select to have the demo account is USD, EUR, GBP or ZAR. The other features of the demo account are not specified such has which account it mimics or how long the accounts last for, this information would have been good to have so you can tell what the trading conditions of the demo account will be like.

Countries Accepted

Information regarding which countries are accepted is not obvious on the website, so if you are interested in signing up with IFX Brokers we would recommend getting in contact with the customer service team to see if you are eligible for an account or not.

Conclusion

IFX Brokers seem to be running a pretty tight ship, their trading conditions are competitive, leverage is good along with decent spreads for non-commission accounts. Demo accounts are available and the customer support team is accessible, the education section of the site seems to be going way above what most brokers do which is great as it is always good to see brokers helping their clients become better. It would be nice to see more methods for depositing and withdrawing but the fact that there are no added fees for the current methods is a big plus.

IKON Atlantic was established in 1999 and specializing in online trading, offering forex at the highest speeds of execution, superior client services, high-quality market information, and a strong support team. That is what they say on the website, so let’s take a look at the services being offered to see if they live up to the expectations they have put on themselves.

Account Types

There is no account page to give us an overview of different account shower when signing up there are a few different options, you can choose lot sizes, either mini (1,000) or micro (10,000) and the trading platform. Leverage is the other option up to 1:500 for both accounts, apart from that there doesn’t seem to be any information about the accounts, the review will look into trading conditions in more detail to give a better image of the accounts and trading conditions.

Platforms

There are two different trading platforms on offer, so let’s take a look at what they are and the features that they give us.

MT4: 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 its 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.

Prodigy: IKON Atlantic is proud to launch its in-house developed trading platform Prodigy which combines FX Spot with FX Options trading in a single, fully integrated online platform. Prodigy was developed with more than 20 years of experience in the FX market place and was constructed based on thousand of inputs from worldwide retail and institutional customers. Their first-class Forex trading platform provides state-of-the-art charting tools, real-time account information, customizable user interface and live news & reports designed to enhance your trading experience.

Leverage

When signing up for an account you can select leverage out of 1:100, 1:200, 1:300, 1:400 or 1:500. Once an account is open, if you wish to change the leverage you will need to get in contact with the customer service team.

Trade Sizes

Regardless of the account type you chose, the smallest trade size available is 0.01 lots (also known as a micro lot) they then go up in increments of 0.01 lots so the next trade would be 0.02 lots and then 0.03 lots. There is no mention of the maximum trade size however whatever it is we would not recommend trading over 50 lots in a single trade as it can become harder for the markets and liquidity providers to execute larger trades quickly and without any slippage.

Trading Costs

The account uses a spread based system and so there is no added commission on either of the accounts, both accounts are subject to swap charges which are an interest for holding trades overnight, these can be viewed from within the trading platform of choice.

Assets

IKON Atlantic have broken down their instruments into two different categories, forex and metals, let’s see what is in each one.

Forex: AUDCAD, AUDCHF, AUDJPY, AUDNZD, AUDUSD, CADCHF, CADJPY, CHFJPY, EURAUD, EURCAD, EURCHF, EURGBP, EURJPY, EURNXD, EURUSD, GBPAUD, GBPCAD, GBPCHF, GBPJPY, GBPNZD, GPBUSD, NZDCAD, NZDJPY, NZXDUSD, USDCAD, USDCHF, USDJPY, EURTRY, USDTRY, NZDCHF.

Metals: XAUUSD (gold ounce), XAGUAS (silver ounce), GAUUSD (gold gram), GAUTRY (gold gram).

Spreads

Spreads on both accounts seem to be the same, they start from 1 pip which his great for a non-commission account. The spreads are variable which means they move when the markets do and when there is a lot of volatility, they generally widen and become larger. Different instruments also have different starting spreads, so while EURUSD may have astarting spread fro 1 pip, EURNZD as an example has a starting spread of 3.1 pips.

Minimum Deposit

The minimum deposit is not mentioned on the website so we are unable to confirm what it is at this point in time.

Deposit Methods & Costs

The only method of depositing displayed on the website is Bank Wire Transfers, there is a payment system page but it is currently under construction. In terms of fees, there are none stated, just a message that you should contact your bank to see if they charge any fees themselves, this leads us to believe that there may be no fees for depositing.

Withdrawal Methods & Costs

Bank Wire Transfer is also available for withdrawing, the deposits and withdrawal policy does not indicate any fees which his good to see. Other payment processors are mentioned but not indicated what they are.

Withdrawal Processing & Wait Time

Withdrawal requests received before 11 am GMT +3 will be processed the same working day, any requests after this time will be processed on the next working day. The timings may vary though so please allow up to 48 hours. Once the withdrawal is processed, Bank Wire Transfers normally take between 2 – 5 business days to clear into your bank account.

Bonuses & Promotions

There does not appear to be any bonuses or promotions active at the time of writing this review, if you are interested in them you could get in touch with the customer service team to ask about any potential upcoming promotions.

Educational & Trading Tools

There are no education pages on the website which is a shame as many brokers are now trying to help improve the trading of their clients, IKON Atlantic does not appear to be following this trend.

Customer Service

The customer service page is quite simple, there is an online submission form where you can fill in your query and you should then get a reply via email. There is also a general support email address that you could use, that is all there is though, no phone numbers or live chat which is disappointing to see.

Demo Account

Demo accounts are available, you can select a demo account in either of the trading platforms, however, that is all the information there is, no information on the trading conditions although we expect them to be similar to everything we have written above, one bit of information that would have been nice is to know how long the accounts last for and if they expire after a certain period of time.

Countries Accepted

No information regarding which countries are eligible for accounts and who is not, so if you want to join IKNO Atlantic, please get in contact with the customer service team to find out if you are eligible for an account or not.

Conclusion

IKON Atlantic has been around for a long time, however, they don’t seem to be adapting to the changing markets, their leverage remains good and their spreads are very competitive, but in an age of information, there is a lot of it missing. There needs to be more information on deposit and withdrawal methods, along with more ways to get in contact with the customer service team. If you are able to look past those flaws, then the trading conditions are very competitive and good value for money.

Skilling is a Scandinavian owned forex broker based in Cyprus and licensed by the Cyprus Securities and Exchange Commission. Their mission is to create a unique trading platform designed to cater to traders of all levels, from beginners who have never traded to seasoned pros. They want to create a platform that connects everybody to the world’s financial markets and showcases its potential to them. In this review, we will be looking at the services being offered to see if they live up their mission or if they fall short.

Account Types

Two different accounts are available to choose from depending on your opening deposit amount and features that you prefer, let’s have a look at what is on offer.

Standard Account: The standard account requires a deposit of at least €100, It has spread starting from 0.7 pips and has no added commissions. It can use both available trading platforms (see next section of the review) and for retail customers, it has a leverage of 1:30 and a maximum of 1:200 for professional traders. Trading starts from 0.01 lots and there are 73 currency pairs, 10 cryptos, 17 indices, 5 commodities and over 700 equities to trade. The stop-out level is set at 50%, scalping is allowed and there is negative balance protection. This account is subject to swap charges.

Premium Account: The premium account increases the amount required to €5,000, this account has spreads starting from 0.01 pips but now has a commission of $35 / million, which is $3.5 per lot. The account can use both available trading platforms and retail traders can have leverage up to 1:30 while professional traders can have leverage up to 1:200. Trading starts from 0.01 lots and there are 73 currency pairs, 10 cryptos, 17 indices, 5 commodities and over 700 equities to trade. Stop out level remains at 50%, scalping is allowed and there is negative balance protection on this account, spreads are also present when using this account.

Platforms

There are two different platforms on offer, so let’s see what they are.

Skilling Trader: The SkillingTrader is Skilling’s own trading platform, offering user-friendly and intuitive display, full web and mobile support, skilling trade assistant, multiple chart displays, ultrafast order execution, drawing tools, economic calendar built-in, 800+ instruments and more.

cTrader: cTrader is a leading multi-asset Forex and CFD trading platform, offering rich charting tools, advanced order types, level II pricing, and fast entry and execution. With a stunning user interface, it’s connected to the most sophisticated backend technology, and made available on multiple devices.

Leverage

Leverage depends on a number of different factors, if you are classed as a professional trader then you can have leverage up to 1:200, however, if you are classed as a retail trader then you will need to adhere to the ESMA rules on leverage, we have outlined them below.

• Forex Majors – 1:30
• FX Minors – 1:20
• Index Majors – 1:20
• Index Minors – 1:10
• Precious Metals – 1:10
• Equities – 1:50
• Commodities – 1:10

Trade Sizes

Trading sizes start from 0.01 lots also known as micro-lots, the trades then go up in increments of 0.01 lots so the next trade would be 0.02 lots and then 0.03 lots. There isn’t a mention of the maximum trade size but we would not recommend trading more than 50 lots in a single trade as it can become increasingly harder for the markets and liquidity providers to execute trades effectively without any slippage.

Trading Costs

The standard account uses a spread based system that we will look at later in this review. The premium account has an added commission of $35 per million traded or $3.5 per lot traded. Swap charges are also present which is an interest in holding trades overnight, these can be viewed within the trading platform of choice or from within the Skilling website.

Assets

Skilling has broken down its assets into a number of different categories. There are 73 different Forex pairs including EURUSD, GBPUSD, USDJPY, USDCAD, and EURGBP. 715 different shares including the likes of Amazon, Microsoft, Facebook, Apple, and Google. 17 Indices including S&P 500, NASDAQ 100, Dow Jones 30, Germany 30 and UK 100. 5 different Commodities which are Oil WTI, Oil Brent, Gold, Silver and Natural Gas. Finally, there are 10 cryptocurrencies, including Bitcoin, Bitcoin Cash, Ehtereum, Litecoin, and Ripple.

Spreads

The spreads that you get depend on a few different factors, if you have the standard account then the spreads will be starting at 0.7 pips and if you have the premium account they will start from 0.1 pips. The spreads are variable which means they move with the markets and so when the markets are volatile they will be seen a lot higher. Different instruments also have different natural starting spreads, so while EURUSD may start at 0.7 pips, other pairs such as AUDNZD will always start a little higher.

Minimum Deposit

The minimum amount required in order to open an account is 100 EUR, this gets you the standard account, if you want a premium account you will need to deposit at least 5,000 EUR. The minimum fo 100 EUR is the same for any subsequent top-up deposits on either account.

Deposit Methods & Costs

There are a few different available methods for depositing, they all have a 100 EUR minimum deposit and can be used to deposit in USD, EUR, GBP, SEK, and NOK. The methods available are Visa, Visa Electron, MasterCard, Neteller, Skrill, and Trustly (for bank transfers). There are no added fees from Skilling, but be sure to check with your bank or processor to see if they add any fees of their own.

Withdrawal Methods & Costs

The same methods are available for withdrawal, for clarification, these are Visa, Visa Electron, MasterCard, Neteller, Skrill, and Trustly (for bank transfers). The good news is that once again there are no fees added to withdrawals, but as usual, be sure to check with your bank or processor to see if they add any fees of their own.

Withdrawal Processing & Wait Time

Skilling aims to process your withdrawal request as quickly as possible, they have outlined the following processing times.

• Trustly – 0 – 3 working days
• Credit / Debit Card – 1 working day
• Skrill – 1 working day
• Neteller – 1 working day

Bonuses & Promotions

There does not appear to be any bonuses or promotions active at the time of writing this review, if you are looking for bonuses, either check back regularly just in case one comes up or get in contact with the customer service team to ask if there are any upcoming promotions.

Educational & Trading Tools

We could not see or locate any information regarding training or trading tools so it does not appear that there are any which is a shame as a lot of brokers are now trying to improve the trading of their clients so it would be nice to see Skilling follow suite.

Customer Service

Skilling has tried to make getting in touch with them as easy as possible, they have done this by providing a number of different ways to get in touch. Initially, there is a phone number available to call, there are actually a number of different phone numbers, one for the UK, Sweden, Norway, Germany and a global one. There is also a live chat feature and an email to use should you wish to email them directly.

Phone support is open between 08:00 and 17:00 CET Monday to Friday, live chat is available from 08:00 to 21:00 CET Monday to Friday and you should expect an email reply within 24 hours.

Demo Account

Strangely there does not appear to be a demo account available, this is a shame as it is important for new clients to be able to test the servers and trading conditions and also important for existing clients to be able to test new strategies without risking their capital, so this is an area Skilling should look to improve.

Countries Accepted

There isn’t any specific information about countries being eligible or not, so if you are looking to sign up, we would recommend getting in touch with the customer service team to see if you are eligible or not.

Conclusion

It is clear that Skilling is working hard to be a great broker, they are offering very competitive trading environments with good costings. Plenty of assets to choose from so there will always be something to trade and their deposit and withdrawal methods are completely free which is always a bonus. The only downside is the lack of demo account, however, this is only a negative for new clients as they cant test the servers or conditions, at least existing clients can use another demo account from another broker to test their strategies. The decision to use them though is up to you.

MGK Global is a forex broker that aims to provide the highest level of service available. They are offering spreads from the interbank market, rapid order execution, the best trading platforms, offers all trading strategies, trusted deposit methods, the removal of revenue related issues and full transparency. In this review, we will be looking into the services being offered to see if MGK Global live up to their expectations and promises and so you can decide if they are the right broker for you.

Account Types

There are two main account types that we are going to be looking at, the normal account and the speed account, so let’s see what they offer.

Normal Account: There isn’t a lot of information available, however, all the information provided is as follows, widely well-known ideal and reliable trading platform for FX, also known for its high-security standard, easy-to-use for beginners and professionals alike, unlimited and powerful charts enable traders to analyze the trend.

Speed Account: Just like the normal account, there is not a lot of information on the Speed account either, however, the following is available, no re-presentation of price, no order limits the width to limit/reverse limit, also supports automated trading tool, fee of $ 7 one way $ 3.5 round trip will take, trade environment the best stable.

Platforms

Just the singular trading platform is available, the good news is that it is MetaTrader 4, so let’s see what this trading platform offers.

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 its 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.

Leverage

The maximum leverage available is currently 1:500, this can be selected when opening up and account and is available for both account types. If you wish to change the leverage once ana account is already open you will need to get in contact with the customer service team.

Trade Sizes

Trade sizes start from 0.01 lots which are also known as micro-lots. Trades then go up in increments of 0.01 lots so the next trade will be 0.02 lots and then 0.03 lots. We could not locate any information regarding maximum trade sizes, however, no matter what it is we would not recommend trading trades larger than 50 lots as the bigger the trade becomes the harder it is for the markets and liquidity providers to execute the trades quickly and without any slippage.

Trading Costs

The Normal account uses a spread based system that we will look into later in this review, the Speed account has an added commission of $3.5 per execution, so $3.5 when opening a trade and also $3.5 when closing the trade, so in total there is a commission of $7 per round lot traded.

Swap charges are also present, these are a charge for holding a trade overnight, they can be either positive or negative and can be viewed directly within the MetaTrader 4 trading platform.

Assets

There is not any information regarding tradable assets or instrument which is a bit strange as that is what we are coming to a forex broker to do. This information is vital and it not being available is a big blow to our expectations.

Spreads

Spreads on the Normal account seem to start from around 1 pip, on the Speed account they can be as low as 0.01 pips. It should be noted that these spreads are variable which means they move with the markets, when the markets are volatile the spreads will often widen and be higher. Also, different assets have different spreads, so while EURUSD may start at 1 pip, other instruments such as AUDNZD will be starting at a higher pip.

Minimum Deposit

While the information is not prevalent, it appears that the minimum deposit is $30 which gets you to access the Normal account, the entry requirement required for the Speed account is not known to us.

Deposit Methods & Costs

There are just two deposit methods available, Asian Pay and Bank Wire Transfer. For Asian Pay, there is a $30 remittance charge and for Bank Wire Transfer there is a $50 remittance charge.

Withdrawal Methods & Costs

You can withdraw your money using the same methods that you used to deposit and must be withdrawn to the same method you used to deposit. There is a fee of JPY 5,000 you can transfer a minimum fo $50 per transaction. MGK Global also states that you will need to pay any of your own bank fees so be sure to check with your bank if they will charge any.

Withdrawal Processing & Wait Time

This information is not stated on the MGK Global website, however as Bank Wire Transfer is one of the only methods available,m we would be expecting withdrawals to take a minimum of 2 – 5 business days in order to become available in your bank account.

Bonuses & Promotions

The is no current information about bonuses or promotions on the website, so if you are interested in them, you could get in contact with the customer service team to see if there is anything coming up.

Educational & Trading Tools

The only educational tool available is a simple glossary giving you the definitions of forex based terms. Apart from this, you will need to go elsewhere for your educational needs.

Customer Service

The contact us page offers a few ways to get in touch, there is the broker favorite online form, where you can submit your query and should then get a reply via email. There is also an email address and physical address should you wish to get in contact that way. We attempted to use the online form and also sent an email, however, we are yet to get a reply from either after 72 hours of waiting. The support team is open Monday – Friday between 9 am and 18 pm.

Demo Account

Demo accounts are available, you can create one as either a Normal account or a Speed account however the speed account can only be in JPY. You can select a balance between 1,000 and 5,000,000 of the base currency and leverage of 1:100 is automatically set. We set up a demo account to test however rit was having some connection issues so we could not test it out properly.

Countries Accepted

We did not locate any information about who can and who can not sign up with MGK Global, so if you are interested din ana account we would suggest getting in contact with the customer service team to see if you are eligible or not.

Conclusion

MGK Global set themselves some high expectations, unfortunately, they did not manage to live up to them. There is a lack of information regarding a number of subjects such as banking, account trading conditions, tradable assets and all of this combined with the fact that we are yet to get a reply via email fro the customer service team after 72 hours means it is hard for us to recommend MGK Global as a broker to use, this is before we mention the non-working demo account we created.

HighFX was a forex broker that was established by a team of successful traders and is operated within the United Kingdom. Their vision is to make a difference for their traders by creating a unique relationship and to provide information and strategies to help them succeed. With a high-quality customer support team behind them, HighFX is confident that they can achieve this. That is what the website says, we will be looking into the services on offer to see if this is achieved.

Account Types

5 different accounts are available from HighFx, these are the Standard, Gold, Platinum, Diamond and Islamic accounts. We will take a little look at each as they each have their own requirements and conditions.

Standard Account: This entry-level account comes with spreads starting from 1 pip, it also has a leverage range between 1:5 – 1:400. Hedging is allowed and swaps are present on the account. There is a deposit bonus of 15% and it has access to fast and safe withdrawals. You can get support from a personal investment expert and access to forex analysis. This account comes with 24/5 support and also has access to forex training and the WebTrader and mobile applications.

Gold Account: The Gold account reduces the spreads slightly as they now start at 0.8 pips, the account has the same leverage range of 1:5 – 1:400 and hedging is allowed. Swap charges are present and there is an investment bonus of 20% available. The account offers high lot refunds along with fast and safe withdrawals and access to a VIP investment expert. The account received WhatsApp signal and analysis support as well as live trading sessions, dealing room access, 24/5 customer support and access to the EbTrade rand mobile trading platforms.

Platinum Account: The Platinum account reduces the spreads further as they now drop down to a starting level of 0.5 pips. Leverage remains the same between 1:5 and 1:400 and hedging and swaps are both allowed and present. There is a bonus of 30% available and the account offers high lot refunds as well as fast and safe withdrawals. You are able to contact the VIP investment expert, the account also receives WhatsApp signals and analysis support as well as live trading sessions, dealing room access, 24/5 customer support and access to the WebTrade rand mobile trading platforms.

Diamond Account: The Diamond account is the top tier account on offer from HighFx and so the spreads are further reduced down to 0.1 pips. Leverage remains the same between 1:5 and 1:400 and hedging and swaps are both allowed and present. There is a bonus of 30% available and the account offers high lot refunds as well as fast and safe withdrawals. You are able to contact the VIP investment expert, the account also receives WhatsApp signals and analysis support as well as live trading sessions, dealing room access, 24/5 customer support and access to the WebTrade rand mobile trading platforms.

Islamic Account: The Islamic account seems to be similar to the Standard account except for the fact that it has no swap charges. It has a spread starting from 1 pip and leverage between 1:5 and 1:400. Hedging is allowed and there is a bonus of 15% available. Withdrawals remain fast and secure and there is access to a personal investment expert, along with access to forex analysis and 24/5 customer support. The account can use both the WebTrader and the mobile platforms to trade.

Platforms

HighFx use their own platforms to offer their trading, each with their own features, let’s see what they are.

WebTrader: Features of the WebTrader include trading through your browser easily, enables creating a favorites list, so traders can easily access their preferred assets. Easily trading option for your preferred investing assets. Live Stream Technology, a unique live feed that gives instant information and insights about market events and mass trading behaviors. This option also allows traders to get real-time notifications about important financial events or news directly on the platform. Cashback Bonus Program, a Bonus program that enables customers to earn for every position they open. Traders can easily see how much they can earn on the related assets box. The Web Trader platform enables access over all browsers without downloading. Trading Central signal and analysis access and 7 language options.

Mobile Application: The Mobile Forex Application includes all the features of the desktop platforms but with an intuitive interface so you can trade in the quickest possible and most comfortable manner. The main advantage of mobile, in general, is that it is made as simple as possible in order to accommodate our fast-paced lives. Efficiency is a must and most people want to utilize their spare time in the best possible way. By trading with your mobile device, you will be able to actively participate in the world of Forex trading, no matter where you are – on holiday, on a business trip, waiting in a long queue or just during your lunch break.

Leverage

Leverage for all accounts can be between 1:5 and 1:400, this can be selected when opening up an account, should you wish to change it on an already opened account then we would suggest getting in contact with the customer support team with this request.

Trade Sizes

Trading sizes start as low as 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. We could not locate information regarding the maximum trade size, however, we would not recommend trading more than 50 lots as it can become harder for the markets and liquidity providers to execute trades quickly and without commission the bigger they are.

Trading Costs

The majority of the accounts use a spread based system so there is no added commission. It is not clear if this is for all accounts as there is no mention of any commissions on the accounts comparison page or within the terms of service. So we can not comment on any potential commissions.

Swap charges are present on all account types apart from the Islamic account, there are charges for holding trades overnight and can be either negative or positive. These can often be viewed from within the trading platform you are using. There is also a dormancy fee of 10% of the account balance for not trading for an extended period of time.

Assets

HighFx has broken down their assets into a number of different categories but there isn’t a full breakdown of all the tradable instruments, just a few examples. Currencies are the first and there are major pairs and minor pairs available, some of the examples given are EUR/USD, USD/JPY, AUD/USD and NZD/USD.

Next up is commodities, where there are the usual metals of Gold and Silver, and then other commodities also such as Crude Oil and Natural Gas. Indices are also present with the usual suspects including Dow Jones, S&P 500, Dax 30 and Nasdaq. Plenty of stock on offer from the likes of Apple, Google, Boeing and Amazon available to trade. There are EFTs and finally, there are Cryptocurrencies which is great to see, the likes of Bitcoin, Ethereum, DASH, EOS, Ehtereum Classic, and Iota are all available to trade.

Spreads

The spreads that you receive depends on a number of aspects, first up is the account type that you are using, If we look at EUR/USD the Standard account has spread of 1.5 pips, Gold 1.1 pips, Platinum 0.9 pips, Diamond 0.8 pips, and Islamic 2 pips. The spreads re variable which means they move with the markets when the markets are being volatile than the spreads often widen and become bigger.

It should also be noted that different instrument shave different spreads, so on the Standard account EUR/USD may have a spread of 1.5 pips, other instruments like USD/CAD has a spread starting at 5.5 pips and commodities such as Bitcoin has a spread of 20,000.

Minimum Deposit

The minimum deposit required from HighFx is 200 USD, EUR or GBP, this is the same for the initial deposit as well as any further top-up deposits you may make.

Deposit Methods & Costs

Just two methods available to deposit with which are Credit / Debit card, both Visa or MasterCard and Bank Wire Transfers. Using Bank Wire Transfer should mean your funds arrive in your account within 1 – 2 business days. While HighFx does not add any fees of their own, they do state that it is the customer’s responsibility to cover any expenses that may be incurred, so be sure to check with your bank to see if they add any fees of their own.

Withdrawal Methods & Costs

The same methods are available to withdraw as they were to deposit, withdrawals must be made to the same account that deposited. The first withdrawal of the month is free, any subsequent withdrawals are subject to a 30 USD, EUR or GBP charge. The minimum withdrawal amount is 100 USD, EUR or GBP.

Withdrawal Processing & Wait Time

Withdrawals are processed by HighFx within 36 hours of the request being made. It will then take 2 – 5 business days for the withdrawals to become available in your bank account due to the banks’ own processing times.

Bonuses & Promotions

There are a few different bonuses however the information surrounding them is not completely clear, but this is what we have got.

Reward Points: Get rewarded for your trading, by simply trading on your live account, you can accumulate HighFx points proportional to the volume of your closed trade. These points can be easily converted into funds and credited directly to your trading account. The more you trade, the more HighFx points you get.

Deposit Bonus: There is a deposit bonus available from each account which ranges from 15% up to 30%, the conditions of this bonus are unknown as the terms of service simply state that they can not be withdrawn until they have been converted into real funds, but there is no mention of how to do that.

Competiton: There is a trading competition each month where you can win up to $25,000. You simply need to trade the most volume, those who trade the most win.

Educational & Trading Tools

There is an economic calendar available to show you any upcoming news events and which currency they are on, however it is very basic and far better ones can be found elsewhere. There is a technical analysis section of the site, but no actual analysis, just information on what technical analysis is. The Academy is disappointing, it is just a single page outlining some basic information about forex trading. Finally, you are able to request a live trading session with a professional trader, we do not know how worthwhile this is though as we did not do it ourselves.

Customer Service

The customer service team is accessible via email or phone. There are email addresses for General Topics, Customer Services, and Affiliates. There are then phone numbers in a number of different countries including the United Kingdom, Canada, France, South Africa, Australia, Turkey, Malaysia, Singapore, and Nigeria. You can also get in touch on social media like Facebook and Twitter.

Demo Account

There is no mention of demo accounts on the website, however near the top of the Terms and Conditions there is a very strange sentence, it states: “I confirm that I got an opportunity to trade on a demo platform and/or read a tutorial” However the demo accounts do not seem to be available so we are a little confused by this statement.

Countries Accepted

Which countries are accepted is not clearly indicated on the website so if you are interested in getting an account we would suggest getting in contact with the customer service team to see if you are eligible for an account or not.

Conclusion

The trading conditions being offered by HighFx seem reasonable, spreads are not incredibly high and there is no mention of commissions, however, the lack of information on commissions can be a little concerning. There needs to be a better breakdown of tradable assets as potential clients will use this to ensure that there are enough and the right assets for them to trade. The main downside to HighFx is the withdrawal fees, the first in each month may be free but people often withdraw multiple times a month and any additional withdrawals will cost you 30 base currency which is quite high.

CEO Trading is a forex broker based in Belize, there isn’t much information about the company as a whole on the website so there isn’t too much to go by. We will be using this review to look at the services that are being offered to hopefully help you decide if they are the right broker for you.

Account Types

CEO Trading has four different accounts on offer, we will be looking at the different requirements and features of each one.

All Accounts:
All accounts come with the following features, MetaTrader 4 as a trading platform, tradable assets of Forex, CFDs, and Metals, base currency as USD, unlimited maximum lot sizes and number of trades, floating (variable) spreads, margin call at 150% and stop out level at 50%, swap charges and the allowance for both scalping and hedging.

Mini Account:
The minimum deposit for this account is $1,000 and the maximum balance you can have is $9,999. The maximum leverage is set at 1:500 and The minimum lot size is 0.01 lots and the trade sizes go up in increments of 0.01 lots.

Standard Account:
The standard account increases the minimum deposit to $10,000 which is a lot and could price out a lot of newer traders, it has a maximum balance of $19,999 and the minimum lot size is 0.1 lots which goes up in increments of 0.1 lots. The maximum leverage for this account is currently set at 1:200.

Pro Account:
The pro account further increases the minimum deposit to $20,000 with a maximum balance of $49,999. The minimum lot size remains at 0.1 lots and increases in increments of 0.1 lots. The leverage is further reduced down to 1:100.

Premium Account:
The top tire account from CEO Trading requires an opening balance of $50,000 and has an unlimited maximum balance. The site doesn’t state what the minimum trade size is but as it goes up in increments of 0.1 lots we would assume it sticks to 0.1 lots. Leverage is further reduced and the maximum allowed is set at 1:50.

Platforms

Just the singular trading platform available, the good news is that the one platform is MetaTrader 4.

MetaTrader 4 (MT4):
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 its 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.

Leverage

The maximum leverage allowed is dependant on what account you have, the maximums are as follows:

• Mini Account: 1:400
• Standard Account: 1:200
• Pro Account: 1:100
• Premium Account: 1:50

Leverage can be selected when opening an account and a number of different levels can be selected. If you wish to change the leverage once an account is already active you will need to get in contact with the customer service team and the request needs to be made when there are no open trades.

Trade Sizes

Trade sizes are also dependent on the account that you have, if you have a mini account then your minimum trade size will be 0.01 lots (also known as a micro lot) and will go up in increments of 0.01 lots so the next available trade would be 0.02 lots and then 0.03 lots. If you have any other account then the minimum trade size is 0.1 lots (also known as a mini lot) and goes up in increment of 0.1 lots so the next trade would be 0.2 lots and then 0.3 lots.

There is no maximum on any account, however, we would not recommend using trades larger than 50 lots because it becomes increasingly difficult for liquidity providers and the market to execute larger trades quickly and without any slippage.

Trading Costs

There isn’t any mention on the website in regards to any added commissions to trades so it appears that the accounts are using a spread based payment structure which we will look at later in this review.

Swap fees are present, they are an interest that is paid for holding trades overnight, they can be both positive and negative. These fees can be viewed directly within the MetaTrader 4 trading platform.

Assets

The only information regarding what assets or instruments are available is in the accounts comparison take which simply states Forex, CFDs, and Metals. There is no indication of how many or examples of which ones which is a surprise, many brokers are actively promoting how many assets they have available as a way to encourage people to sign up. We can only assume that there isn’t a large selection based on the lack of information.

Spreads

Similarly to the assets, there isn’t really any information on the site regarding this, the accounts section states that the spreads are floating, which means that they move with the markets, when the markets are especially volatile then the spreads tend to widen and get a lot higher. We do not know what the minimum trade is and how competitive they are which is a shame, these sorts of trading costs are vital to new potential clients. It is also important to note that different instruments and assets will have different starting spreads.

Minimum Deposit

The minimum amount to deposit in order to open an account is $1,000 which is a little high if trying to bring in new clients., There is no mention as to whether or not this amount decreases for any subsequent deposits after an account is already open, having said that, it does state that the minimum deposit for bank transfers is $500 so it may drop down to that amount.

Deposit Methods & Costs

It seems that the only method for depositing is via bank transfers. This can only be done in USD and thankfully there is a 0% fee for depositing. It can take a few days for your deposit to be processed which is a little concern as the majority of people wants to start trading immediately. It is also a shame that only one method seems to be available and this could potentially alienate a lot of potential clients.

Withdrawal Methods & Costs

Just like depositing, the only withdrawal method available is via bank transfer. This must be done in USD and unfortunately, there is now a $30 withdrawal fee. It is also worth noting that there is a minimum withdrawal amount of $30. Please also make sure to check with your own bank just in case they add a fee of their own.

Withdrawal Processing & Wait Time

The CEO Trading site states that the lead time (processing time) for withdrawal requests is 2 to 5 hours which is very quick, as the only method of withdrawing is bank transfer, this means that your withdrawal will take another 2 to 5 working days to clear in your bank account due to bank processing times.

Bonuses & Promotions

We could not locate any information on the website that indicated that there were any active promotions or bonuses, this does not mean that there won’t be in the future so if you are looking for bonuses be sure to check back regularly.

Educational & Trading Tools

Nothing that we could find would be classified as an educational resource. As for trading tools, those would be limited to what the platform itself provides. Those tools are listed below.

Customer Service

The contact us page offers a few different ways to get in contact with CEO Trading, you can use the usual online submission form to fill in your query to be sent off, you should then receive a reply via email. There are also three email addresses available, one for the Admin, one for Finance and one for Support, so you can email the department that you desire.

The support department is open Monday to Friday between 10 am and 9 pm, it is closed at the same time as the markets on Saturday and Sunday.

Demo Account

We could not locate a way to open up a demo account, nor is there any mention of them on the website so we do not think that they are available which is a shame as many people like to test their strategies and test out the trading servers before signing up or using their strategies on live accounts. CEO Trading should really look at making demo accounts available.

Countries Accepted

No information on the website to indicate who can and who can not open up an account, so if you want to know if you are eligible you will either need to try signing up or to be safe, get in contact with the customer service team to find out.

Conclusion

Not too much to say about CEO Trading as there is too much information missing, information that is often vital for new clients to see before deciding to sign up somewhere. Things like commissions, spreads, and tradable assets should be available to potential clients, but with CEO Trading they are missing, due to all the missing information, it is hard for us to recommend them as a broker to use.

Big Boss Financial is a forex broker based in Saint Vincent and the Grenadines. They have a mission statement of “Reliability, Innovation, Enhancement, and Challenges are all the elements we put in our heart when we deliver service.“ During this review we will be looking at what is on offer and if they manage to live up to their own expectation.

Account Types

There are three account types on offer from Big Boss, two of them are focused on trading as a whole, while one is designed specifically for cryptocurrency trading, we will take a look at the requirements and features of each account.

Standard Account:
The standard account which is the entry-level account for Big Boss does not require a minimum deposit and can be opened with any amount (subject to payment method minimum). The base currency can be in USD or JPY and has forex leverage up to 1:555 (varies with different instruments). There is no added commission when trading with this account, margin calls are set at 50% and stop out at 20%.

Pro Spread Account:
The pro spreads account has a lot of similarities with the standard account, it also has no minimum deposit and leverage can also be as high as 1:555 (varies by instrument). This account, however, has a commission of $4.5 per lot traded which is reasonable depending on what the spreads are like. Margin call and stop out levels remain unchanged.

FOCREX Account:
This account is designed for people who only want to trade cryptocurrencies, it can have a base currency of USD, JPY, BTC, ETH, OMG, QASH, EXC, AXE, XRP, no minimum deposit just like the other accounts but this account does not have a margin call or stop out level. The markets will remain open 24/7 365 days a year as opposed to the other accounts closing on weekends.

Platforms

Big Boss currently only offers one trading platform, luckily that platform is MetaTrader 4, here is a brief little outline of what MT4 offers.

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 its 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.

Leverage

There are a few different aspects that affect the leverage that you will receive, we have listed out the leverages below for convenience. When creating an account you can select the leverage that you desire, should you wish to change the leverage once the account is open, you will need to get in contact with the support team and there must be no open trades during the request.

Forex: 1:555
CFD: 1:50
Forex Minor (USD/RUB, USD/TRY, USD/ZAR): 1:50
Crypto: 1:5

Crypto on the FOCREX account may have higher leverages.

Trade Sizes

Trade sizes are another aspect that depends on the account that you are trading with and also the instrument or asset that you are trading.

Forex on all accounts has minimum trade size of 0.01 lots which is also known as a micro lot. For the standard account, all CFDs will have a minimum lot size of 0.1 lots and all others will have 0.01 lots except for ETH/USD and NEO/USD which will have a lot size of 0.02 lots. For the pro spread account, some CFDs have a minimum lot size of 0.01 lots while others will have a size of 0.1 lots.

We could not locate any information in regards to the maximum trade sizes, no matter what they are, we do not recommend trading lot sizes greater than 50 lots as it can make it harder for the liquidity providers and the market to execute the trade quickly.

Trading Costs

The standard account uses a spread based system instead of any additional costs, we will look into the spreads later in this review. The pro spread account has an additional commission added to each trade of $4.5 per lot traded which is reasonable as the industry standard seems to be around $6 per lot. There are also swap charges which are either paid or received for holding trades overnight and can be viewed from within the trading platform (MetaTrader 4).

Assets

There is not a full breakdown od which assets and instruments are actually available to trade, instead, there is just a mention of a few and the categories that they fall into. It is clear that there are forex majors, forex minors, CFDs and cryptocurrencies available but not much more info than that. It does state that there is currently Bitcoin, Ethereum, Ripple and a couple more crypt coins, but other than that it is hard to ascertain exactly which assets are available for trading.

Spreads

There is not a full breakdown of what the spreads are, instead there is a snapshot of a few different forex pairs and their live spreads. If we look at EUR/USD the spreads are around 1.6 on the standard account and 0.7 on the pro spread account, GBP/USD is around 2.3 on the standard account and 1.2 on the pro spread account. The standard account has pretty normal spreads however the pro spread account has quite high spreads when comparing it to other commission-based accounts.

It is also worth noting that the spreads are variable (floating) which means that they do not remain the same and will often be seen higher when there is a lot of volatility in the markets.

Minimum Deposit

There is no set minimum deposit which means you can deposit with any amount hat you want, the only possible limit is the limits imposed by the method that you are using to deposit, for instance, some cards won’t let you deposit less than $5.

Deposit Methods & Costs

Bib Boss currently allow you to deposit using all major credit and debit cards including Visa and MasterCard, they also accept bank wire transfers and bitcoin, it does not appear that e-wallets such as Skrill or Neteller are available to deposit with. We could not locate any information regarding any additional fees or if the deposits are fee-free so we can not comment on that aspect of depositing.

Withdrawal Methods & Costs

The same methods for depositing are available for withdrawing, similarly to depositing with Big Boss it is unclear if there are any additional fees for withdrawing.

Withdrawal Processing & Wait Time

Big Boss state that they will aim to process any deposits within 48 hours, after this processing time it will take bitcoin as long as it takes for there to be enough confirmations, for bank transfers it will take between 3 to 5 business days and card transfers will take between 1 to 7 business days.

Bonuses & Promotions

The bonuses and promotions on Big Boss seem to be related to upcoming events, at the time of writing this review there is one bonus on offer and it is a Christmas one. You can get a 100% bonus of up to $5,000. While there is information in the terms about how your funds could be forfeited, there is no information on how to convert them into real funds which is a little suspicious to us.

It seems that there have been other bonuses in the past so be sure to keep an eye out if you are after a bonus for upcoming bonuses.

Educational & Trading Tools

Looking through the website it does not appear that there are any educational information or trading tools to help you with your trading.

Customer Service

It seems like there is only one way to get in contact with Big Boss and that is through an online form where you fill in your query and submit the form, you should then receive an email within the next couple days.

Big Boss states that they aim to respond to queries within 1 working day. It would have been nice to have more ways to get in touch with Big Boss as sometime sit is nice to actually speak to an actual person.

Demo Account

Demo accounts are available, you can select to open a demo account on the MetaTrader 4 platform and can be for either the standard account or the pro spread account. The full details of the demo account are not listed on the website in regards to how many you can have or how long they last but it is good to know that they are available and nice that you can choose to have the conditions similar to multiple account types.

Countries Accepted

The following statement is on the BigBoss website: “Bigboss does not provide Contracts for Difference to residents to certain jurisdictions, such as USA and Iran. This website is for reference purposes only and not intended to target residents of Malaysia or Japan. In principle, we do not accept applications from Malaysian or Japanese residents.”

If you are unsure, get in contact with the customer service team to get confirmation as to whether you are eligible for an account or not.

Conclusion

It can be a little hard to find the information that you want with Big Boss, most notable is the lack of information regarding deposit and withdrawals it is such a major part of a broker for many clients, knowing exactly how you can deposit and withdraw as well as any costs are vital. It is nice having no minimum deposit but this does not make up for other shortcomings such as the lack of methods to get in contact with the customer service team. At this time, it is hard for us to recommend Big Boss over some of the other more established brokers out there.

Bernstein Bank is a german bank and brokerage firm catering to countries within the European Union. The core of Bernstein Bank includes providing a professional trading platform, the latest IT infrastructure, a broad range of financial instruments, quick and secure order execution, an attractive price model and the security of a German bank. In this review, we will look at what is being offered to see if they can live up to their core principles.

Account Types

There isn’t much information on the site in regards to different account types so it would appear that there is only one account on offer. Due to this, all information within this review is aimed at this singular account, so keep reading to learn more about the trading conditions such as spreads and commissions and much more. There is, however, information available on-site in relation to managed accounts.

Platforms

Only MetaTrader 4 is on offer from Bernstein Bank but when MT4 is the only option, it’s not a bad option to have.

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 its 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.

Leverage

The maximum leverage with Bernstein bank is 1:100 which is relatively low when compared to a lot of modern brokers who are aiming for 1:500. Leverage can be set anywhere between 1:1 and 1:100 and can be changed on an account as long as there are no open trades during the change request. It is important to note that higher leverage can bring more profits, however, it also increases the loss of stopping out.

Trade Sizes

Trade sizes start at 0.01 lots and increase in increments of 0.01 so the next available trade size would be 0.02 and then 0.03 lots. The maximum trade size is currently 50 lots which are more than enough for the majority of retail traders. Cryptocurrencies have a minimum trade size of 1 lot and a maximum trade size of 5 lots. For shares, you can buy a minimum of 1 share and a maximum of 1000 shares, metals have a minimum trade size of 0.01 lots and a maximum trade size of 20 lots which indices and commodities have a maximum trade size of 0.01 lots and a maximum of 10 lots.

Trading Costs

Bernstein Bank adds an additional spread onto their markets but we will go more into spreads in a later section of this review. In terms of commissions, there is no indication that there are any on the site, however, we can not say that there aren’t so we are unable to comment fully on this section. Swap fees are present for holding trades overnight and can be both negative or positive, these can be viewed from within the trading platform MetaTrader 4.

Assets

There are over 100 assets and instruments available to trade with Bernstein Bank, these are broken down into various categories. There are the standard forex currency pairs such as EUR/USD or GBP/AUD, there are major, minor and exotic pairs available. There are also Indices available such as DAX, US500 or FTSE 100, there are also commodities such as Corn, Wheat, and Crude Oil. When it comes to metals there is just Gold and Silver which are the main two and there are also a number of shares available such as Apple, Tesla, and Facebook. It is also nice to see that cryptocurrencies are available however there are only three and they are Bitcoin, Ethereum and Bitcoin Cash, it would have been nice to see more but it is a good start.

Spreads

Spreads start at 1 pip, this is for the EUR/USD pair and so other pairs are naturally higher than this. The 1 pip is the minimum, they are floating spreads which means that they will move with the markets and when there are high levels of volatility, they will often be seen a lot higher. The 1 pip minimum is an amount added by Bernstein Bank in order to make money on each trade.

Minimum Deposit

There is no information available in regards to a minimum amount or how much you require to open up a new account so we are unable to comment on this section.

Deposit Methods & Costs

In terms of costs for deposits, we could not locate any information in regards to this, deposit methods available are stated in the FAQ but not a lot of detail is given. Considering this is a bank, bank transfers are available, there is also the ability to deposit using both credit and debit cards from either Visa or MasterCard, it does not seem like any e-wallets or cryptocurrencies are available to deposit with.

Withdrawal Methods & Costs

There is the same lack of information in regards to the withdrawal methods, however considering that bank transfers and credit/debit cards are available for deposits, we would assume that they would also be available for withdrawals.

Withdrawal Processing & Wait Time

The Bernstein Bank website states that incoming payments will be processed within 24 hours, however, there is no mention of any outgoing payments. We can say that card payment normally takes between 1 and 5 business days and bank transfers within 3 to 5 business days once they have been processed and we would hope that all requests are processed within 48 hours but no concrete information is available at this time.

Bonuses & Promotions

No information regarding if any bonuses or promotions are available on the website so we do not think that there are any active at this point in time. This does not mean that there never will be though so if you are interested in joining Bernstein Bank then be sure to check back to the site regularly in case any promotions pop up.

Educational & Trading Tools

There are a few different things available to both clients and website visitors.

Research: There is a news section on the site which sets out different news articles about what is happening in the markets and what to look out for. There is also a podcast available, but this is more like a tutorial than an actual podcast and has topics such as how to use certain features of MetaTrader 4 and the basics of CFD trading. There is also something called a market mover which is actually just an economic calendar and doesn’t give off too much information that you cant easily find elsewhere. Finally, there is a newsletter to sign up to but we did not so we can not comment on how good it is.

Academy: The academy contains some webinars, however, that section is currently empty, there are however videos available which can give you a basic understanding of topics such as how to use the trading platform, how to trade different assets and how to place orders. There is also a knowledge base which gives information on various different topics. Finally, there is a glossary of forex based terms should you come across something you do not know the meaning of.

All of the above is useful when just starting out, however, if you have traded before then it may not be too useful to you.

Customer Service

The Bernstein Bank customer service team is open 24/5 and is closed at the same time as the markets over the weekend. There is a phone number available should you wish to get in contact that way, there is also an email address to use. We did not manage to test out the customer service team during the course of this review so can not specify how good or quick they were to respond.

Demo Account

Demo accounts are available, we managed to sign up to one, but when trying to access the account we came across some connectivity errors and so were not able to test it out completely to see what the trading conditions were like.

Countries Accepted

There is not any specific information regarding this, however, there are little bits that suggest that they are catering for countries within the European /Union. If you are unsure if you eligible or not, we would advise getting in touch with the customer service team to see if you can open up ana account with them.

Conclusion

Bernstein Bank is primarily that, a bank. While they offer the forex and trading experience it is clear that it is not their main focus, the information on the site is a little lacking and can make it hard to really understand what the trading conditions are or what is really being offered. Our personal recommendation would be to look for a broker that is dedicated to forex only and doesn’t have it as a side project.

Capital 245 is a forex broker based in Sofia. Their mission is to provide the best online trading experience to their clients, they will do this by providing an intuitive trading platform designed with the best technology, along with a high-quality customer service team. In this review, we will be looking into the services being offered bt Capital 245 so you can decide if they are the right broker for you.

Account Types

There are a large number of accounts, 6 in total, we will briefly outline what each one gets you.

Mini Account:
Min deposit: €500 – 4,999
— Includes —
Up to 10% monthly profitability
Monthly withdrawal of 3% of your initial deposit
Market reviews: 1 per month
Margin Loan of 15%
1:200 Leverage

Bronze Account:
Min deposit: €5,000 – 9,999
— Includes —
Up to 12% monthly profitability
Monthly withdrawal of 4% of your initial deposit
Personal Account Manager. 1 operation insured per week
Market reviews: 2 per month
Margin Loan of 20%
1:200 Leverage

Silver Account:
Min deposit: €10,000 – 24,999
— Includes —
Up to 14% monthly profitability
Monthly withdrawal of 5% of your initial deposit
Personal Account Manager. 2 operations insured per week
Market reviews: 3 per month
Margin Loan of 25%
1:200 Leverage

Gold Account:
Min deposit: €25,000 – 99,999
— Includes —
Up to 16% monthly profitability
Monthly withdrawal of 6% of your initial deposit
Personal Account Manager. 3 operations insured per week
Market reviews: 1 per week
Margin Loan of 30%
1:200 Leverage

VIP Account:
Min deposit: €100,000-249,999
— Includes —
Up to 18% monthly profitability
Monthly withdrawal of 7% of your initial deposit
Personal Account Manager. 4 operations insured per week
Market reviews: 3 per week
Margin Loan of 40%
1:200 Leverage

Premium Account:
Min Deposit: €250,000 +
— Includes —
Up to 20% monthly profitability
Monthly withdrawal of 8% of your initial deposit
Personal Account Manager. 5 operations insured per week
Market reviews: 1 per day
Margin Loan of 50%
1:200 Leverage

Platforms

Capital 245 use their own trading platform, it is not the most intuitive and can be quite difficult to use, it also does not have the ability to perform automated trading, something that a lot of traders like to do when using a platform like MetaTrader 4 or 5. The platform acts more like a binary options platform which is never a good sign.

Leverage

The maximum leverage allowed on each account is currently 1:200, this is valid for all account types. Leverage can be selected when opening up an account and should you wish to change the leverage on an account that is already opened you will need to get in contact with the customer service team.

Trade Sizes

Trades sizes on the small account start at 0.01 lots and go up in increments of 0.01 lots so the next trade available is 0.02 lots and then 0.03 lots. There is no indication of any change in the other account types. There is also no indication of the maximum trade size but whatever it is we would not advise trading over 50 lots as it can become hard for the markets and liquidity providers to execute larger trades quickly and without any slippage.

Trading Costs

We could not locate any information in regards to commissions being added to the accounts so we are not sure if there are any, there are swap charges, however, these are charged for holding trades overnight and can be viewed within the trading platform.

Assets

There is not a breakdown of which assets are available, in fact, there is no information at all which is a shame as this is vital for many clients when selecting which broker to use, this is an area that Capital 245 really need to look at improving. Looking on the platform there were a number of forex pairs, around 50 or so and a number of CFTs and ETFs such as Cocoa, Coffee, Cotton, and Sugar, there are also Oils and Natural Gas.

Spreads

Spreads aren’t advertised on the website and for good reason, when viewing the platform we noticed spreads were incredible, high, high enough to put any trader off, EURUSD was sitting at around 16 pips when we checked, considering you are normally looking at around 1.5 pips to 2 pips for non-commission accounts, this is around 10 times this amount. They are also variable which means they move with the markets so they go up and down, but no matter how long we looked they remained very high.

Minimum Deposit

The minimum amount you need to deposit to open an account is $500, this will get you the Mini account, if you want a different account then you will need to deposit more.

Deposit Methods & Costs

The following methods are available to deposit: QIWI Wallet, WebMoney, Visa, and MasterCard Credit / Debit Card, Yandex and Bank Wire Transfer. There is no indication of any fees, however, also no indication that there aren’t any, also be sure to check with your own processor or bank to see if they add any fees of their own.

Withdrawal Methods & Costs

The same methods are available to withdraw as they are to deposit however there is a strange clause added to withdrawals, on the accounts page there is a little statement with each account, for example, the Mini account you are only able to withdraw 3% per month of your initial deposit, so if you have deposited $1000, you can only withdraw $30 per month, massively restricting your withdrawals and makes getting your money out as difficult as possible.

There is also no mention of any fees and just like when depositing, check with your own processor or bank to see if they add any fees of their own.

Withdrawal Processing & Wait Time

There is no indication of how long Capital 245 will take to process withdrawals, but for bank wire transfers and card withdrawals, you can expect 2 – 5 business days as a minimum.

Bonuses & Promotions

There is no indication on the Capital 245 website of any promotions and bonuses so it does not appear that there are any available at the time of writing this review.

Educational & Trading Tools

There is an education section of the website which goes over aspects of trading such as forex basics, fundamental analysis, technical analysis, risk management, trading plans, and trading volatility. These are just single pages of information and will not help you become a forex master, instead, they offer basic information to get you started.

Customer Service

There isn’t a dedicated customer service page, instead, you need to scroll to the bottom of the page to get any kind of information. There is an email address and a phone number available along with a submission to fill in your query and can then expect to get a reply via email.

Demo Account

We did not see the option to open a demo account so as far as we could tell there isn’t one available which is a shame as this is where new clients can test the trading conditions and regular clients can test out their new strategies without any risk to their capital.

Countries Accepted

There was no information present on which countries are accepted and which are not, so if you are interested in opening an account with Capital 245 we would recommend getting in contact with the customer service team to find out f you are eligible or not.

Conclusion

The trading conditions offered by Capital 245 are not good at all, they are much more expensive than the competitions and the lack of information on assets and instruments on the site is concerning. The most concerning aspect though, is the restrictions to withdrawals, only being able to withdraw 3% of your initial deposit oper month massively restricts getting your money out and for that reason alone we would suggest steering clear of Capital 245.

Royal Capital Pro is a foreign exchange broker situated in Tallin, Estonia. They claim to be perfect for traders from all backgrounds, offering superb trading materials and training, a wide array of bonuses and perks, step by step analysis, latest risk management tools and top quality customer service team. That is what the expectations are, so in this review, we will be looking at what is on offer to see if they live up to these expectations.

Account Types

There are three main accounts on offer and then an additional Islamic account, here is what their requirements and features are.

Classic Account: This is the entry-level account from Royal Capital Pro, it has a minimum deposit amount of $500, this account uses the MetaTrader 4 trading platform, has access to Forex pairs, metals, equities, indices, bonds and commodities, the account currency must be in USD and there are no added commissions. The margin call is set at 1505 and the maximum trade size is 50 lots. The account also comes with an account manager with a professional degree in Economics, a plethora of materials that help you understand trading, free tutorial trading sessions consisting of 3 lessons, a trading platform is compatible with mobile phone and daily recommendations from your account manager

Silver Account: The silver account increases the required deposit to $2,500, this account also uses MetaTrader 4 and has access to forex, metals, equities, indices, bonds, and commodities. The currency must be in USD and there is no added commission, the margin call is set at 150% and the maximum trade size is 50 lots. The account also comes with an account manager with a professional degree in Economics, a plethora of materials that help you understand trading, free tutorial trading sessions consisting of 5 lessons, daily recommendations from your account manager, a trading platform is compatible with a mobile phone.

Gold Account: The Gold account has a required deposit level of $10,000, this account is also un USD and has access to forex pairs, metals, indices and commodities. It uses the MetaTrader 4 platform and has no added commissions. The margin call level remains at 150% and the maximum trade size remains at 50 lots. The following features are also part of the account: An account manager with a professional degree in Economics, more advanced materials that are designed for you to learn the most advanced strategies. Free tutorial trading sessions consisting of 7 lessons, free access to all sorts of video tutorials, daily review by your market analyst, daily recommendations from your account manager, a trading platform is compatible with mobile phones.

Islamic Account: An Islamic account is for those that are not able to receive interest (swap fees) due to their beliefs, the website states the following features for this account: Buying and selling occur immediately and there is no postponement clause. All currencies are properly documented between the buyer and the seller. The deal must be paid for in full without any delay. If there are any usurious rates the contract is invalid.

Platforms

The trading platform offered by Royal Capital Pro is MetaTrader 4, so let’s see what this platform offers.

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 its 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.

Leverage

The amount of leverage offered is the same for all accounts, however, different asset types have different maximum leverage amounts. You can select your maximum leverage when opening up an account and should you wish to change it you can get in contact with the customer service team to give them your request.

• Forex Majors: 1:200
• Forex Crosses: 1:200
• Indices: 1:50
• Metals: 1:200
• USA Shares:1:20
• Commodities: 1:50
• Energy Futures: 1:100
• Europe Shares: 1:20

Trade Sizes

Trade sizes for all accounts start at 0.10 lots (known as a mini lot), usually, broker start trades at 0.01 lots which make them more accessible and easier to apply risk management. Increments of the trades are unknown as to whether it is 0.01 lots or 0.1 lots. The maximum trade size is 50 lots which are fine as we always recommend to stay under 50 lots, the bigger the trade size, the harder it is for liquidity providers and the markets to execute the trades quickly and without any slippage.

Trading Costs

All the accounts use a spread based system that we will look into later in this review, there is no commission on any of the accounts. The other cost that is valid for all accounts except for then Islamic accounts is swap charges, this is an interest that is either paid or received for holding trades overnight, the amount of this interest can be viewed within the MetaTrader 4 trading platform.

Assets

Assets at Royal Capital Pro have been broken down into a number of different categories. We will outline some of the instruments in each group below.

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

Forex Crosses: CADJPY, AUDJPY, EURGBP, EURAUD, EURJPY, EURCHF, CHFJPY, NZDJPY, HBPCHF, GBPJPY, EURCAD, GBPCAD, AUDCAD, AUDCHF, GBPAUD, CADCHF, NZDCHF, AUDNZD, NZDCAD, GBPNZD, USDHKD, USDPLN, EURNZD, USDSGD, USDTRY, EURTRY, EURPLN, EURDKK, USDDKK, EURNOK, USDNOK, EURSEK, USDSEK, USDZAR, USDMXN.

Indices: NASDAQ, DOW JONES, S&P 500, CAC 40, IBEX 35, NIKKEI, SMI, Dax 30, FTSE 100.

Metals: XAGUSD (Gold), XAUUSD (Silver).

USA Shares: (a lot so only a few mentioned) Cisco, Alcoa, Apple, Google, CitiGroup, Coca Cola, Exxon Mobile, Pepsi.

Commodities: Cocoa, Corn, Soy Bean, Wheat, Coffee, Sugar.

Energy Futures: Crude Oil, Natural Gas, Brent Crude Oil.

Europe Shares: Eni, Fiat, Banco Santander, BMW, BBVA, Inditex, Telefonica, Deutsch Bank, Siemens, Volks Wagon, Enel, Unicredito Spa, Barclays, BP, HSBC, British Airways, Roll Royce, Tesco, Vodafone.

Spreads

There is only one set of spreads mentioned on the site so we believe that all accounts use the same spreads. EURUSd is shown as having a spread of 3.2 pips, this is the starting level, the spreads are variable (also known as floating) which means they move with the markets when there is a lot of volatility they move a lot more and can be larger. Different instruments also have different starting spreads, so while EURUSD shows as 3.2 pips, other pairs like NZDUSD are shown as 4.2 pips.

Minimum Deposit

The minimum amount needed to open up an account is $500 which gets you the Classic account, if you want a different account you will need to deposit at least $2,500. Usually, once an account has been opened small er amounts can be deposited to top up the account but there is no mention of such a thing on the Royal Capital Rpo website.

Deposit Methods & Costs

There are a few different ways to deposit into Royal Capital Pro, these are Credit / Debit Card, both Visa or MasterCard, Bank Wire Transfer and a number of different e-wallets including, WebMoney, CashU, Neteller and Skrill.

Currently, there is a high fee of $25 (or currency equivalent) per deposit which is very high for depositing, there is also a note saying that Royal Capital Pro could change this at any time. We would also suggest checking with your processor or bank to see if they add any fees of their own.

Withdrawal Methods & Costs

The same methods are available to withdraw, for clarification these are Credit / Debit Card, both Visa or MasterCard, Bank Wire Transfer and a number of different e-wallets including, WebMoney, CashU, Neteller and Skrill. The minimum withdrawal is 50 units unless you have less than this and it is your last withdrawal.

There is no mention of a fee, however considering there is a fee for depositing we are confident that there will be one for withdrawing too, in any case, we would recommend checking with your processor or bank to see if they add any fees of their own.

Withdrawal Processing & Wait Time

Withdrawal requests will take up to 24 hours to be processed once it has been processed it may take up to 7 days for funds to reach your bank account.

Bonuses & Promotions

The only promotion that seems to be running is a cashback program where you can earn up to $10 per lot traded as cashback. The following details are correct at the time of writing:

Deposit $5,000 – $10,000 – $1 cashback per lot traded
Deposit $10,000 – $50,000 – $5 cashback per lot traded
Deposit $50,000+ – $10 cashback per lot traded.

The cashback is deposited as real funds and the client can do as they see fit including withdrawing.

Educational & Trading Tools

There is a page on trading strategies but it is very simple not a whole lot of information and provides a very brief overview of different trading strategies. There are also trading signals on offer but we can not see them so we can not tell how accurate or profitable they have been in the past. There is then a glossary of different terms should you come across a word or phrase that you do not understand. There is a training section, however, registration is currently closed so you can not currently sign up for this.

Customer Service

The contact us page on the website offers you a few different ways to get in touch. You can use the online submission to send your query which you should then get a reply via email. There is also a physical address available along with an email address to the support team and a phone number, there is also a separate email for the support team, and complaints team.

No message about what times the support team is open but we will be assuming that they will be closed over the weekends, the same times as the markets are.

Demo Account

There is no option to select a demo account so it does not appear that there are any. This is a shame as new clients like to use them to test out trading conditions and current clients like to use them to test out new strategies without risking any of their own capital. This is an area that Royal Capital Pro should look into improving.

Countries Accepted

There is no statement on the website about which countries are eligible for an account and which are not, so if you are interested in joining we would recommend getting in touch with the customer service team first to make sure you are eligible for an account.

Conclusion

The trading conditions offered by Royal Capital Pro are a little on the steep side, while there is no commission, the spreads are starting at over 3 pips which is quite expensive, a lot of the competition start at around 1.5 pips for non-commission based accounts. Deposit and withdrawal methods are good however there is a fee for depositing and we expect there to be one for withdrawing too which is always a shame to see. No demo account makes it hard to really gauge the trading conditions that are being offered.

Trustworthy, transparent and fair, that is the motto from Trigold, a forex broker registered in Seychelles. TriGold’s main goal is to provide clients with all the tools they need to develop their skills at every step of their journey while enjoying an unparalleled trading experience. In this review, we will be looking into the services being offered to see if they live up to their motto and expectations.

Account Types

It seems that there is only one live account on offer from Trigold. This account has a starting deposit of $11 and has no commission, leverage can be as high as 1:400 and trading starts at 0.01 lots. The account is eligible for a bonus and execution speed is around 0.1 seconds. We will be looking into the different trading conditions in more detail later in this review.

Platforms

Trigold uses MetaTrader 4 as its only trading platform, so let’s see what the trading platform offers.

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 its 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.

Leverage

Leverage can be as high as 1:400, this can be selected when opening up an account and once an account is already open, if you wish to change the leverage you will need to get in contact with the customer service team.

Trade Sizes

Trading sizes start at 0.01 lots which are also 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. We could not locate information regarding the maximum trade size, however, we would not recommend trading more than 50 lots as it can become harder for the markets and liquidity providers to execute trades quickly and without commission the bigger they are.

Trading Costs

The account with Trigold uses a spread based system that we will look at later in this review, there are no added commissions. Swap charges are present which are fees that you wither pay or receive for holding trades overnight, these can often be viewed within the trading platform you are using.

Assets

Trigold has broken down their assets into two different categories, forex, and precious metals. Looking at the forex page, there only appears to be forex majors, at least that is all that is mentioned, the only pairs mentioned are AUDUSD, EURUSD, GBPUSD, NZDUSD, USDCAD, USDCHF, and USDJPY, it is unknown if there are any other pairs available to trade. In terms of the precious metals, there is only Gold and Silver mentioned so we assume this is all that there is.

Spreads

The spreads are not stated on the website, and trying to use the demo account did not work so we are unable to tell what the spreads actually are apart from the usual marketing of “competitive spreads”.

Minimum Deposit

The minimum deposit stated on the website is $100, this is also the amount for any top-up payments too.

Deposit Methods & Costs

You can only use Bank Wire Transfers to deposit into Trigold, there is no information regarding any fees so we can not comment on that, however, be sure to check with your own bank to see if they add any fees of their own.

Withdrawal Methods & Costs

Just like depositing, you can only use Bank Wire Transfer, again there is no indication of any fees, however also no notice that there aren’t any, as always, be sure to check with your own bank to see if they add any fees of their own.

Withdrawal Processing & Wait Time

Trigold states that it will take between one and two business days to process a request, after this, it will most likely take another two to five business days for the funds to become available in your bank account.

Bonuses & Promotions

You can receive up to a 35% bonus up to a total of $30,000. This is for new customers only and is deposited as bonus funds, you are required to trade the bonus amount / 8 in lots in order to convert it into real funds, there is also a 3-month time limit and all bonus funds will be removed if the rollover is not met in the three month period.

Educational & Trading Tools

There are a few little things when it comes to education and tools, there is the standard economic calendar that tells you of upcoming news events as well as which markets they may affect. There is a risk management page which gives some very basic information on risk management and there is a training academy which is actually just some very basic information on different aspects of trading, it isn’t anything that will make you an expert but if you have no knowledge at all could be somewhat helpful.

Customer Service

The customer service team is available between 10:30 am and 6:00 pm from Monday to Friday and is closed at the same time the markets are. Strangely there is no phone number, no email and no online form to fill in. There are just physical addresses for Hong Kong, Seychelles, Taiwan, and Sri Lanka. So there isn’t actually a way to get in contact which is very concerning.

Demo Account

A demo account is available, however, it is currently not functional so we could not actually test it, looking through the internet, it seems that others had the same issue so it appears that they are not functioning or if they are, they are not representing real trading conditions.

Countries Accepted

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

If you are unsure if you are eligible for an account we would recommend getting in touch with the customer service team (if you can work out how) prior to signing up.

Conclusion

Too much information is missing for us to seriously consider Trigold as a suitable broker to trade with, the assets are unknown, deposit ./ withdrawal fees are unknown, spreads are unknown and the demo account doesn’t actually work. The worst part though is that there is no way to get in contact with the customer service team, for that fact alone we would recommend staying clear of Trigold.

House of Borse is an online FX and CFD broker that is located in London. The broker is fully regulated by the Financial Conduct Authority (FCA), under regulation number 631382. Since its establishment in 2014, HoB has claimed to be focused on empowering its clients to trade with confidence – by providing superior services and upholding their core values. Read on to find out whether the company holds up to its mission statement.

Account Types

House of Borse offers three different account levels; Silver, Gold, and Platinum, with the assigned level depending on the amount of traded volume. Each account level rewards traders with lower commission costs, with options being 12.5% lower on the Gold account and 25% lower on the Platinum account. In order to qualify for better status, one would need to trade up to 1 yard for the Gold status, or more than 1 yard for the Platinum status. With other brokers, we often see higher deposit requirements traded in turn for better account status, so the difference is refreshing. Other than commission costs, each account shares the same conditions. All accounts are also offered as swap-free options. Conditions for each account can be viewed below.

Silver Account (traded volumes of less than 1 yard per month)
Minimum Deposit: NA
Leverage: Up to 1:100
Spread: Floating from 1.3 pips on FX
Commission: $4 per side per 100K traded on FX

Gold Account (traded volume up to 1 yard per month)
Minimum Deposit:
Leverage: Up to 1:100
Spread: Floating from 1.3 pips on FX
Commission: $3.5 per side per 100K traded on FX

Platinum Account (traded volume of more than 1 yard per month)
Minimum Deposit:
Leverage: Up to 1:100
Spread: Floating from 1.3 pips on FX
Commission: $3 per side per 100K traded on FX

Platform

At the moment, the broker exclusively supports the MetaTrader 4 platform, with claims that MetaTrader 5 will be added as an alternative in the near future. Some may want to hold out for MT5, but most will be more than happy to see the world’s favorite MT4 available in the present. Speaking on some of the platform’s highlights, MT4 offers complete customization tools, more than 30 pre-installed indicators, the ability to develop your own technical indicators, live streaming prices, one-click trading, support for Expert Advisors, and more. The platform is completely encrypted and designed with security in mind, so there’s no need to worry when operating through MT4. The platform can be accessed on the Webtrader or downloaded on iOS, Google Play, PC, and MAC.

Leverage

This broker’s leverage offer is capped at 1:100. This certainly isn’t the lowest option we’ve seen and is much higher than the 1:30 cap set by some regulators. On the other hand, there are forex brokers out there offering leverage caps of 1:400 and even higher, so this offer may seem slim in comparison. It’s really up to the individual trader to decide whether this leverage will be sufficient, although we predict that the cap will only affect professionals since trading with a higher option would be extremely risky.

Trade Sizes

All accounts support the trading of micro-lots, with the exception of CFDs, where we see minimums of 1000 barrels of US and UK Oil, and so forth. The website does not give any information on maximum trade sizes. Hedging is allowed, but the broker does not mention whether scalping is supported. Margin call and stop-loss levels are not listed.

Trading Costs

HoB profits through spreads, commissions, and overnight interest fees, otherwise known as swaps. The broker offers one floating spread that is shared by all account types, with options starting as low as 1.6 pips. The broker tries to hide the fact that commissions are higher on CFDs. Commissions on currency pairs start at $4 per side per 100K traded on the Silver account. In order to access cheaper options, clients will need to trade higher volumes. For the Gold account status, the required amount is up to one yard, with commissions being $3.50 per side. The broker doesn’t specify how much would qualify the upgrade from the basic Silver account to the Gold.

Traded amounts of more than 1 yard per month qualify for the Platinum status account, which has the cheapest commission charges of $3 per side per 100K traded. On CFDs, commissions are $9 on commodities and $7 + 1 tick on indices on the Silver account, $8 on commodities and $6 + 1 tick on indices (round turn) on the Gold account, and $7 on commodities and $5 + 1 tick on indices on the Platinum account. The website mentions that there are no extra fees, so clients shouldn’t have to worry about paying inactivity fees or other hidden charges. Swaps are charged on positions that are left open past closing time, with triple charges occurring on Wednesdays.

Assets

HoB offers more than 60 currency pairs (63 to be exact), CFDs on futures, and precious metals. Taking a look at the available currency pairs, we see an assortment of majors, minors, and 8 exotic pairs. CFDs include US 30, US 100, US 500, UK100, UK Gas, UK Oil, and US Oil. Metal options include Gold, Silver, and Platinum. Overall, these options are a bit limited, and we don’t see many different categories available. The grand total of available instruments comes out to 73 options.

Spreads

This broker provides variable spreads that fluctuate with the market, meaning that exact examples we have provided may change at times. At the time we checked, the lowest spreads on FX options were at 1.3 pips on EURUSD, which is typically the currency pair that has the lowest spread. The second-best spread was available on the pair NZDUSD and was at 2.6 pips, well above the industry average. The spread on Silver was at just 1.6 pips, while the spread jumped to 2.3 pips on Gold and 81.1 pips on Platinum. This isn’t too surprising, considering that metals are more volatile. The current live spreads for each instrument can be viewed by clicking on the “Trading Products” tab at the top of the website and then choosing a category.

Minimum Deposit

It isn’t possible to access any information about the minimum deposit requirement until one has completely finished the verification process. Some online information suggests a $5,000 minimum, although we couldn’t get support to verify this. This is only the beginning of the vague information on the website related to funding.

Deposit Methods & Costs

Deposit methods are limited to Wire Transfer and credit cards, with fees depending on the card type or incoming bank. One thing we disliked was the fact that the website is only willing to provide terms on fees from within the member area, making it impossible to view associated fees from the main website page.

Withdrawal Methods & Costs

Once again, the broker is less than transparent about associated fees for withdrawals. This always makes us wonder whether conditions are hidden because they are less than advantageous. The wording on the website does make it sound as though fees will be incurred on both withdrawal methods, and we can assume that banks will charge some type of fee from their end (typically $25-$50). Be sure to check with your receiving bank to get a better idea of those costs.

Withdrawal Processing & Wait Time

Any withdrawal request that is received before 11 am UK time will be processed within two business days, with an additional one-business day wait time for requests received after 11 am. Note that this is only the processing time, and the website doesn’t mention exactly how much longer the wait time could be once funds have been sent.

Bonuses & Promotions

As far as any extra opportunities go, HoB isn’t currently offering anything. It’s always nice to see welcome bonuses that can help out beginners, trading contests, demo contests, etc. However, many brokers don’t offer these options. It seems to be more commonly available with larger brokerages, although the prescience of bonuses or promotions does not necessarily mean that one could profit more with another broker.

Educational & Trading Tools

Unfortunately, the HoB website is completely barren when it comes to educational opportunities. Beginners will probably feel less than enthused with the lack of resources and would need to look elsewhere in order to be prepared to open a live account. We do see demo accounts available, but would strongly recommend one become more acquainted with trading terms, chart patterns, etc. before opening a real account without other experience. As for trading tools, you’ll find an economic calendar on the website, but not much else.

Demo Account

In order to open a demo account through the broker, one can simply click “Demo Account”, located on the top right on the website. Signing up for a demo is risk-free since it requires a commitment to open a real account and no cash deposit is required. These accounts provide an excellent opportunity for traders of different skill levels to practice different trading strategies, trade under the broker’s conditions, become acquainted with the supported trading platform, etc. HoB allows users to select the amount of virtual currency from a predetermined list, starting at $50,000.

Customer Service

Customer support is available 24 hours a day, Monday through Friday. In order to get in touch with an agent, traders can use LiveChat, call a direct phone number, send a fax, email, or fill out a contact form directly on the website. Having so many contact methods is an attractive quality and it shouldn’t be too difficult to get in touch with an agent, although we do wish support was available on weekends. Listed contact information has been detailed below.

Phone: +44 (0) 203-327-7001
Fax: +44 (0) 203-327-7010
Email: [email protected]
Address: Berkeley Square House, 2nd Floor, Berkeley Square, Mayfair, London W1J 6BD

Countries Accepted

On their website, HoB claims that their services are not meant for clients in the United States or any other jurisdiction where it would be unlawful for residents to open an account. The wording used indicated that it still may be possible to open an account from the US, so we headed to the account registration page to test the process. While the US isn’t listed specifically, we did find the US minor outlying islands on the list, which can be selected as an alternative.

Conclusion

House of Borse is a regulated broker that offers leveraged trading of up to 1:100 on FX, futures, and metals from the MT4 platform. The broker provides three different status level accounts, with better levels being earned by trading larger volumes. Rewards come in the form of cheaper commissions, with the cheapest option being $3 per side per 100K traded. All accounts share the same spreads, which tend to be higher than average on most currency pairs.

No deposit minimum is listed and accounts can only be funded through wire transfer and cards. The broker also refuses to provide any information about deposit and withdrawal fees until one has completely completed the verification process, which is typically a red flag that tells us those fees could be high. Another negative is the lack of information on any certain deposit minimum requirement.

Support isn’t available on the weekend, but the broker does make it convenient to reach out to an agent and offers 24-hour support on weekdays. Currently, there aren’t any extra opportunities to profit through bonuses or promotions. The broker has also failed to include any type of educational resources, aside from demo accounts. This broker may reward higher volume traders with regular commission charges but doesn’t seem to bring much else to the table.

Infinox Capital Ltd is registered in the United Kingdom and registered and licensed under the Financial Conduct Authority (FCA). This broker opens its services for clients who wish to not only trade individually but also offer Introducing Broker and Affiliate programs to those who wish to expand on their income outside of their trading portfolio. Infinox is also well established, and have been offering their trading services since the year 2009 so it is safe to say they clearly know how to maintain a client base and offer the right service to suit their trading needs.

Account Types

Infinox offers 3 live trading accounts for CFD trading:

• IXO (Infinox tailored trading platform): no commission fees
• MT4 STP: no commission fees
• MT4 ECN: 5 GBP (round turn) commission fees but access to lower spreads

All accounts offer the same instruments and spread however the IXO platform is the only one in which clients have access to Equity CFDs. If however, you would rather trade Futures rather than CFD, there is an alternative trading platform available (CQG).

Platforms

As mentioned above, Infinox offers its trading services compatible via MetaTrader 4 platform as well s their own IXO platform which is tailor-made. Clients can choose whichever they prefer, with the same access to the same markets for trading. Of course, the difference between the two platforms is aesthetics as well as the fact that the IXO platform does not charge commission fees. Therefore, expect the spreads to be slightly marked up as the broker would, in turn, earn profit from the spread in this case.

Clients who opt to use MetaTrader 4 can Download MT4 on their Desktop PC or Mac, and Android/ iOS versions are also fully compatible. The IXO platform is only available via the Desktop version.

Leverage

The maximum leverage on all CFD trading account is set at 1:30. This is, of course, to comply with the regulation policies that Infinox adhere to. While this leverage cap is low and not competitive, traders can still make a great profit, but this would mostly be a result of a large initial deposit, to begin with. Equity will need to be maintained when trading with such leverage caps. The maximum leverage allowance is as follows for all instruments:

• FX Majors: 1:30
• Commodities: 1:10
• Equities: 1:5
• Cryptocurrencies: 1:2

Trade Sizes

The minimum trade size requirement is 0.01 lot, which is standard for the vast majority of brokers, but the maximum is set relatively low at 40 lots for Forex trading.

Trading Costs

The commission fees are not applicable to all trading accounts but bear in mind that where commissions are NOT charged, the spreads on that account option will be marked up.

• IXO: 0 commission fees
• MT4 STP: 0commission fees
• MT4 ECN: 5 GBP RT commission fees

Assets

Infinox offers a fairly wide and competitive range of tradable instruments to their clients, which include: Forex currencies (49+), Indices, Commodities, Equity CFDs and Futures. we advise you to open an Infinox Demo account to see the complete and full list of tradable instruments available. Infinox did previously offer Cryptocurrencies but no longer do, the reason as to why this is the case is unclear.

Spreads

Infinox offers their clients variable (floating) spreads, all of which ‘typical’ spreads are available, for ALL instruments directly on the website, however, to view all LIVE floating spreads, you will need to open a demo account. On the whole, even just looking at the typical spreads, Infinox offers competitive spreads across the board, especially for Forex currency Majors and Commodities.

Minimum Deposit

The FAQ page states that the minimum deposit required to start trading with Infinox is just £1 or equivalent in your base currency so this leaves the initial deposit entirely down to the client to deposit as much as he/she wishes to fund their account with, without any pressure to deposit a specific amount.

Deposit Methods & Costs

According to the FAQ page, Infinox accepts clients to fund their account via the following:

• Debit or credit card
• Skrill
• Neteller
• Bank transfer

Infinox does not charge its clients for making a deposit via the above methods available.

Withdrawal Methods & Costs

The withdrawal methods available with Infinox are the same as the deposit methods listed above, and the only fee-free withdrawals would be for the GBP trader account holders. If, for example, you have your account in EURO currency, you will be charged a 7 EUR fee but the first withdrawal of the month is totally free of charge.

Withdrawal Processing & Wait Time

Infinox process all their withdrawals within 3-5 working days, however, Neteller withdrawals are processed within the same day, and usually is the fastest method. Although wait time after processing can sometimes vary, Infinox does stick to their timescales and does not disappoint their clients with any delays.

Bonuses & Promotions

Infinox does not offer any deposit bonus schemes or such promotions, which of course reminds us this is a fully regulated broker, who cannot offer such schemes under strict regulatory policies.

Educational & Trading Tools

Infinox offers a small selection of reading material on trading and how it works, but it is not very thorough so if you are looking for some in-depth reading and learning to do, you may be better off approaching alternative avenues. However, not to worry as many free online trading education resources can be found online.

Customer Service

One thing that really stands out positively with this broker is the Infinox Customer Support team. They are available to contact via email, telephone and live chat during the hours of 8 AM – 6 PM between Monday and Friday. You will find customer support by Infinox more than satisfactory, with their prompt and professional responses. This level of quality in a customer support team is not all that easy to come across in a broker so it is refreshing when you find it as this adds a level of reassurance and confidence among the clients, knowing a representative is easily contactable and will deliver fast responses.

Demo Account

Infinox does offer a demo account so for those who are either just starting out in trading and wish to take some time to practice, this tool is available. Alternatively, if you simply wish to backtest a simulation of the live trading environment, the option is there, prior to opening a live account right away. Of course do bear in mind that while the demo account reflects the live trading conditions, it cannot take into account some real-life instances that occur in live trading, such as slippage.

Countries Accepted

The Infinox website disclaimer does state that these trading services are not directed at residents of the United States, Belgium or any particular country outside the UK or any country or jurisdiction where the use of these trading services would be contrary to local law or regulation. Of course, to register for a live account, all clients must go through a KYC process and submit a document proof of Identification and proof of address residency. At this point, you will be notified if your residency allows access to Infinox trading services or not.

Conclusion

On the whole, Infinox offers a very competitive trading service, as far as regulated brokers can offer. Their selection of tradable instruments is wide and the selection of trading account types are fair and justified and clients have the choice of trading on IXO or MT4 platform, as they wish. In addition, the customer support team are consistent in terms of speed of response, quality of response and professionalism.

One major downside to trading with this broker, however, is that those clients who do not hold a GBP account, are subject to paying incredibly expensive withdrawal fees, which can really stack up if you are withdrawing frequently. This is essentially a double-edged sword whereby the client may choose to keep on trading and try their luck, as opposed to withdrawing their profits as they earn them, meaning they will be more inclined to keep their funds with the broker and continue trading.

Overall Infinox is a good choice of broker to consider, even if you are not wholly experienced as a trader, this broker offers simplicity and straightforwardness for their clients, and a reliable 24/5 support team to assist you along the way.

UFX is an STP broker, formerly known as UFX Markets, that was founded back in 2007. In 2011, UFX became regulated in the EU, with their global business being regulated by Cyprus Securities (License number 127/10) and subject to CySEC rules. In 2014 the company underwent a rebranding exercise and became UFX. This brand also has an entity regulated in Vanuatu, under the name UFX GLOBAL. This is regulated by the Vanuatu Financial Services Commission (VFSC).

This broker offers fixed spreads on a proprietary state-of-the-art MassInsights Technology platform that is suitable for professional as well as beginner traders. On their website, they state that all UFX processes are encrypted and 100% secure. They ensure their clients that funds are held in segregated accounts at top-tier banking institutions. UFX offers six different account types for clients to choose from, including a Swap-free account, ideal for Islamic clients, with varying minimum deposit requirements.

Account Types

If you’re interested in opening an account with UFX, you have a choice of six different accounts available namely; Micro/Mini, Mini, Standard, Gold, Platinum, and Islamic. Minimum deposit requirements vary from $100 for the Micro accounts to $10,000 for the Platinum and the Islamic account. The Gold and Platinum accounts have access to the MT5 platform while all available accounts have access to daily market reviews and recommendations, 24h live support and a video library.

The Mini, Standard, Gold and Platinum accounts receive VIP trading support whilst only the Standard, Gold and Platinum accounts have access to exclusive updates. On their FAQ page regarding their Accounts, this broker states that clients are not allowed to open more than 1 account and they need the following documents to successfully open up an account with UFX; copy of passport, a copy of a bill or statement with current residential address and a copy of both sides of their credit card. Apart from this information, we could not find any useful information regarding their accounts such as; spreads and leverage on their Accounts page.

Platforms

This broker offers two trading platforms, their own UFX MassInsights Technology platform and the well-known MetaTrader 5.

UFX’s proprietary platform, which is accessible through any web browser, without the need to download, has a number of popular tools and features amongst clients that can help them make better-informed decisions whilst trading. For example, on this platform, clients can see which specific assets are trending in real-time, which assets have experienced an abrupt change in direction, any rapid buy/sell activity on specific assets, any larger-than-usual growth in overall trading volume on particular assets, Uptrends, Downtrends, financial events calendar as well as up to date market news.

Needless to say, this information is extremely valuable to those experienced brokers that know what to do with it. Although this platform does not require a download, it only supports the latest versions of Google Chrome, Firefox, Safari (version 8+) and Internet Explorer (version 10+). There is also the possibility of downloading a mobile application of this platform. This will enable you to access demo mode, to set Stop Loss, Take Profit & Limit Orders and round the clock support.

Apart from their own platform, UFX also offers its clients the most popular and the most trusted platform out there, the MT5. Although the MassInsights platform does have attractive tools, the MT5 offers a superior range of features on a user-friendly interface. Some of the features that you can find on MT5 are; Flexible trading, Virtual Hosting and fundamental analysis for those weighted financial decisions. You can find a download button for the MT5 platform on UFX’s website.

Leverage

With UFX, leverage levels are set by default to a maximum of 50:1 as it is required by the Regulator, the Cyprus Securities and Exchange Commission, but experienced retail clients will be permitted to trade CFDs with full leverage levels (400:1). On the other hand, less experienced clients will be permitted to trade CFDs with a decreased leverage of 30:1. Clients are classified as Experienced once they have completed a total of at least 30 trades or 5 consecutive months of trading with UFX, whichever happens first. Clients are notified by the broker once this has occurred.

Trade Sizes

All six accounts have different minimum trading volumes applied as explained below;

• Micro/Mini- $250
• Mini- $5,000
• Standard- $10,000
• Gold- $50,000
• Platinum- $100,000
• Islamic- $100,000

We could not find any information regarding the maximum trading volumes permitted by this broker, so we decided to contact them via live chat. They redirected us to the Accounts page that does not specify maximum trade sizes, but they did inform us that clients can open as many trades as they wish with the free margin that they have available.

Trading Costs

Potential clients can find some information regarding any fees or commissions they are expected to pay when dealing with UFX on their Terms and Conditions page.
For example, the level of overnight commissions also referred to as swap fees, are calculated once every day from Sunday to Friday and in triple on Wednesday. UFX’s spreads are based on market rates received from the execution brokers or liquidity providers and they are pre-determined according to the client’s account status. This broker also reserves the right to use floating spreads on any assets for MT5 accounts.

If you decide to join UFX you must also keep in mind that maintenance fees and inactivity fees may be charged. Although UFX does not charge regular maintenance fees, it does reserve the right to charge a $100 fee on an open account every 45 days, and if an account has been inactive for over 45 days, and inactivation fee of $100 will be charged.

Assets

UFX has a vast selection of assets available including over 40 Currencies, including Bitcoin and a variety of Major, minor and exotic pairs, 7 Commodities including Gold, Natural Gas, Oil, and Silver SP, a very large number of stocks including American Express, Amazon, Apple and Coca-Cola amongst many others as well as 7 indices including Dax30, CAC 40 and Dow Jones. You can find the list of all available assets on UFX’s website, along with the leverage and spreads for each.

Spreads

As we’ve just mentioned, potential clients can have a look at UFX’s spreads on their Assets page. If you were to compare this company’s spreads to other popular brokers of the moment, UFX’s are definitely on the high side. For example, the popular currency pair EUR/USD has a spread of 4.0 Pips while GPB/USD has a spread of 5.0 Pips.

Minimum Deposit

This broker offers 6 available accounts, all with varying minimum deposit requirements. The cheapest account to open is the Micro/Mini which has a minimum deposit of $100, making it affordable for a large number of traders, even those just starting out. The Mini and the Standard accounts have a $500 and $1,000 minimum required respectively. The Gold account can be opened for a minimum of $5,000 whilst both the Platinum as well as the Islamic account have a minimum deposit of $10,000. The last 3 accounts are targeted towards experienced traders rather than beginners.

Deposit Methods & Costs

UFX claims to have fast, easy and secure funding methods available for its clients. We also noticed that they have quite a variety of methods available namely; MasterCard, Visa, Visa Electron, Maestro, Diners Club, Local Bank transfer, Skrill, Neteller, Sofort, ELV Giropay and more. You can find the full list on UFX’s Funding page. According to their FAQ page, this broker does not charge any deposit fees. Also, if clients accidentally deposit funds into their account, they can request a withdrawal immediately by clicking on the Withdrawal tab on their trading platform.

Withdrawal Methods & Costs

Clients can withdraw funds by signing into their trading account, clicking on the profile button and choosing Withdraw Funds from the drop-down menu. Like most brokers, withdrawals will only be sent via the method with which the initial deposit was made. It seems like UFX does not charge any withdrawing fees, which is always a plus, but transfer fees may be imposed by banks.

Withdrawal Processing & Wait Time

Withdrawals may take between 3-14 business days to be processed. The broker also mentions that the minimum amount for withdrawal is $25 and any funds exceeding the initial deposit will be transferred via Bank Transfer.

Bonuses & Promotions

UFX does have a promotions page on their website, and although this seemed positive at first, we realized that the last competition took place back in 2014. Their promotions, or competitions as they’re called on their website, seem to be quite different from the norm, as they require players to guess closing prices of Commodities as well as holding the longest drive. Although there isn’t any mention of a current, ongoing competition at the moment, you might want to check out this page perhaps more competitions will be available for clients in the future.

Educational & Trading Tools

At the moment, this broker does not offer any educational content on their website. They do go over some basics on their FAQ page, but there is no up to date information about the trading business. As for trading tools, one can find an economic calendar on UFX’s site as well as daily market reviews.

Customer Service

UFX can be reached either by Live chat or by telephone. We did have a pleasant experience when using their live chat options. We were assisted by a UFX worker who was quick and polite when giving us feedback. We did notice, however, that most of her answers were simply stating what was already on the site, so we suspect that the customer support might not be 100% informed about UFX’s trading conditions. You can find this broker’s contact information below:

UFX HEADQUARTERS – Reliantco Investments Ltd
139 Makarios Avenue, Zavos Business Center
3021 Limassol, Cyprus
Telephone numbers
Cyprus: +357 2503 0314
Germany: +49 303 080 8240
Czech-Republic: +420 22 888 22 70

Demo Account

UFX does offer a demo account that is designed to give potential clients the opportunity to learn how to trade within the Forex market without risking their capital in a risk-free environment. When we asked their customer support, we were informed that Demo accounts have $10,000 of virtual money and there is no time-limit on Demo account activity. In order to set up a demo account, clients must first sign in, click on the profile avatar and click on Demo.

Countries Accepted

Unfortunately, clients coming from Australia, New Zealand, Canada, Belgium, Iraq, Turkey, and USA are not accepted to trade using this broker. You can find this information on UFX’s FAQ page.

Conclusion

UFX offers a wide range of assets available for trading, including Cryptocurrency CFDs and Single-Stocks. They also have a big choice of accounts to choose from, although the minimum deposit requirements are slightly high. Clients may find that the biggest drawback UFX has is its pricing options, with fixed spreads being quite high.

Their customer support is fast and efficient, and we should mention we were given an answer within minutes even on a Sunday. Educational content is not present on the website, but needless to say, those wanting to learn more about the industry have a never-ending supply of up to date content on Forex.Academy’s website as well as multiple other sites.

They do have quite a number of restricted countries, including America and New Zealand which is obviously a major drawback for clients coming from these particular places. This broker offers plenty of options when it comes to depositing and withdrawing and it is good to note that the broker does not charge any fees for these actions.

If you are interested in what UFX has to offer, you can head on to their website to find out more. We also suggest using their Live Chat as feedback is quick and efficient.

ZenTrader is a relatively new binary options broker that offers clients a different experience when trading. The main company, ZT Markets Limited, is registered in St Vincent and the Grenadines under the registration number 25071 IBC2018. This is a popular offshore zone for brokers as it offers easy registration, low taxes and companies don’t need to meet any regulatory requirements. Potential clients should always be aware of such information as there is a risk involved in dealing with this kind of broker.

ZenTrader state that this company was founded with the goal of creating the best trading experience for its clients. They claim to have the highest payouts on winning trades, a knowledgeable support team, and fast deposits and withdrawals. Clients can trade Currency pairs, Equity Indices, Commodities, Single stocks and also Crytpo. You won’t find a list of accounts available through this broker as they only offer 1 type of account that, in their words, is perfect for beginners as well as experienced traders.

Account Types

This broker only offers 1 single account platform, but with two types of options, Classic and On-Demand. Not much information is given regarding this account, apart from minimum investment requirement and maximum payouts reaching 200%. The payouts are based upon the asset being traded and the particular time frame. When we spoke to their live chat they explained that clients would be able to see the payout before entering the trade. This account seems to be directed towards short-term traders that like flexibility as well the convenience offered by a fixed schedule.

On the other hand, this makes this broker not appealing to traders looking for long-term trading. When using this account, clients can trade Forex, Commodity, precious metals, single stocks, and stock indices. The minimum trade size for Zentrader’s account is just $5 and the maximum exposure per account is $25,000 or equivalent.

The Classic High/Low options run on a fixed time schedule (15min, 30min, 1hour and 1 day) traders may enter or exit at any time up until the no-trading point just before expiry. On the other hand, if clients go for the On-Demand option, the countdown of the selected time frame, whether 30sec, 60sec, 3min or 5min begins when the trade is entered into. If you need more information about these options, you can speak to their efficient and informed live chat which we will be discussing soon further on in the review.

Platforms

ZenTrader offers its own trading platform that can be used via a web browser, mobile web app, and Android. Potential clients can have a look at what the platform looks like by trying out the Platform Demo found on this broker’s website. The design is very minimal and easy to follow, which is great for new traders. Through this demo, clients can also see what the percentage payouts are on all assets provided by this broker in the top left part of the page.

On the bottom right corner, clients also have an updated news feed regarding the trading industry. According to their live chat, the demo platform and all the data and conditions you see on it are identical to the live platform. Although this platform seems easy to trade with, some traders might still want the option of using a more popular platform such as MT4 or MT5 but unfortunately, this is not available when using this broker.

Leverage

This broker does not offer leverage but a payout percentage of up to 195% in 30 seconds. This refers to the total amount clients will receive back on any winning trade. For example, if a client placed 1 x ¥5000 trade on USD/JPY with a payout of 195% and win, they will receive back ¥9750. The ¥5000 investment + ¥4750 profit. Obviously, for losses, the same numbers are applied. The payout percentage is based upon the asset being traded as well as the timeframe. You can find out the payout percentages through their Demo platform. Investors should be wary of such high returns as this brings along with it great risks.

Trade Sizes

The minimum trade size with this broker is very affordable at $5 whilst the maximum trade size is $1000.

Trading Costs

There is no mention of commissions or fees applicable to clients on ZenTraders site. To make sure, we asked their live chat and they confirmed that no commissions are applied when trading with this broker.

Assets

ZenTrader offers quite a large variety of assets to choose from including the currency pairs, commodities, indices, single stocks as well as cryptocurrencies. We’ve listed down some of the available assets below.

• Forex: EUR/USD, AUD/JPY, AUD/NZD, USD/CHF, USD/JPY, EUR/JPY
• Commodities: Gold, Silver, US OIL (WTI)
• Stock Indices: Nikkei 225
• Single Stocks: Softbank, Fast Retailing, Toyota Motor
• Cryptocurrencies: Bitcoin, Ethereum, Litecoin

You can find a current list of all available assets on the Trading Schedule page on ZenTrader’s website.

Spreads

We cannot comment on this as it seems Zentrader does not use spreads.

Minimum Deposit

The minimum deposit required to open up an account with this broker is $50 or equivalent. Although there are brokers who have a smaller minimum deposit, $50 is quite affordable to many traders, even those just starting out in the business.

Deposit Methods & Costs

Clients wanting to deposit funds into their ZenTrader accounts can do so via a number of methods. Local bank transfers are probably the simplest way to do so and deposits through this method are typically credited to the client’s account instantly, but this depends on the country the client is located in. This broker also accepts international bank transfers for those located in countries where local bank transfers are not available. Manual bank transfer deposits usually take between 1-3 business days.

This broker also accepts deposits through credit or debit cards in a range of currencies as well as multiple e-wallet payment systems which will enable you to fund your account instantly 24 hours a day. ZenTrader also allow clients to deposit funds through their preferred providers like ecoPayz, Paysafecard, iWallet and Jeton Wallet amongst others. The minimum deposits clients can make through ZenTrader is $50 and the max is $50,000 daily.

Withdrawal Methods & Costs

Clients can withdraw their funds through the same methods mentioned in the deposit methods segment of this review, namely; Bank transfers, credit & debit cards, bank transfers as well as e-wallets. There are no mentions of fees when it comes to withdrawing, but bank fees may be applied.

Withdrawal Processing & Wait Time

Clients can withdraw their funds by filling a withdrawal request on the withdraw page of the ZenTrader Dashboard. Withdrawal wait time depends on the method chosen by the client and clients can view the status of their withdrawal in the payment history page which is also found in their Dashboard. ZenTrader claims to be committed to processing their clients’ withdrawals as fast as possible. Some methods are instant whilst others, such as international bank transfers may take up to 3 business days.

Bonuses & Promotions

This broker has a dedicated page to Rewards on their website. These rewards enable their clients to earn cashback through their online trading plus accessing a range of exclusive benefits. The reward points depend on how much the client trades each month, obviously the more clients trade, the higher their rewards. According to their Rewards page no coupons, codes or redemption forms are required and the cash that clients earn goes back into their personal trading account.

The ZenTrader rewards are divided into three different categories; Bronze, Silver and Gold.

Bronze: Bronze traders will earn a $50 cashback bonus when they trade between $10,000 to $24,999.99 in a calendar month.

Silver: Silver traders will earn a $250 cashback when they trade between $25,000 to $49,999.99 in a calendar month.

Gold: Gold traders will earn a $500 cashback bonus when they trade $50,000.00 or more a month.

In order for clients to withdraw their cashback bonus, they must redeem them first. To redeem, clients must trade the cashback bonus amount of times 1.

Customer Service

Clients wanting to reach ZenTrader can do so via Live Chat or telephone. Their Live Chat response is instant and, in our case, we were met with a knowledgeable support provider. We asked a number of questions and he answered them all with no hesitation. This broker also has a Help Centre that you can find on their Support page. In this section, you will find information on how to get started with ZenTrader. They also have a number of articles that clients may find useful. Here are ZenTrader’s contact details:

Address: ZT Markets Limited
SVG IBC, First Floor, First St Vincent Bank Ltd Building
James Street,
Kingstown, St Vincent and the Grenadines

Telephone: UK +44 152 422 0083
Switzerland +41 43 505 12 88
Japan +81 503 196 4588

Demo Account

Unlike most brokers, ZenTrader has a Platform Demo available on its website rather than an Account demo. The demo that they offer serves as an introduction to their own platform. On their platform, you can see all the basic information that you would need whilst trading in a simple and organized way. Trading currency, time frame, payout percentage, and account balance are visible on the platform’s main page.

Countries Accepted

Even though ZenTrader is a global broker, they do not accept clients from United States, Australia, China, Hong Kong, Estonia, Israel, Iran, North Korea, Palestine, Sudan, Syria or the Russian Federation. This list is subject to change due to increasing regulations. If you are interested in opening an account with ZenTrader you can see what current countries are accepted in the Country drop-down box found in the registration form.

Conclusion

ZenTrader is a new binary options broker that is registered offshore. They are different in the way they enable their clients to experience trading. Using their own platform, clients can experience a high payout of up to 195% which can be as rewarding as it is damaging, a quick and informative support team and no fees for deposits and withdrawals.

On the other hand, this broker only offers short-term options which make them quite limited for traders wanting more long term options. Potential clients may also find it difficult to gather important information regarding the single account that is being offered because most of the information is either missing or difficult to find.

Having said that, their support team is very quick and knowledgeable. ZenTrader also has an interesting Rewards scheme where clients can get cashback bonuses without actually doing anything else except trading. Keep in mind that this broker is unregulated and this might be a fact to consider when picking your broker of choice. If you’d like to know more visit ZenTrader’s website and try out their Demo platform.

BP Prime, which stands for Black Pearl Securities Limited, has been around since 2013 and it is authorized and regulated by the reputable Financial Conduct Authority (company number: 08823678). When a company is regulated by the FCA, this means reliability, funds are held securely and compliance with strict requirements. They are headquartered in London, with operational offices in Italy and China. This company has both retail and institutional clients from across South America, Asia, and Europe.

This UK forex broker was named Broker of the Year by Le Fonti Awards in 2018. BP Prime offers its clients a choice of three accounts with attractive trading conditions whilst using the most popular platform available, MT4. BP Prime claims to offer dedicated 24/6 customer support, non-dealing desk, fast execution, and low latency. On their website, clients can learn more about the background and experience of their IT Director, CEO & Founder as well as the compliance manager. This can help clients feel more at ease when trading money through this broker.

Account Types

If you are interested in creating an account with BP Prime you have three available options, namely; The Standard Account, The Pro Account and the Prime account.
The Standard and the Pro accounts have quite a lot of similarities including the minimum deposit requirement of $5,000 (or equivalent in Euro). This is quite high when compared to other brokers. We did find some contradicting information regarding this in another section of their website, but we will go into more detail about this in the Minimum Deposit segment of the review.

These two accounts are also fee-free and the minimum lot size available for trading is 0.01 lots. Spreads for the Standard account start from 1.4 Pips whilst the Pro Account spreads start from 0.6. The leverage for both these accounts changes according to the clients. For retail clients, leverage is set at 1:30 whilst for professional clients, this increases to 1:100. Both the Standard and the Pro accounts allow their clients to trade using all available instruments, we will go into detail about this in the Assets segment of this review.

The Prime account has a minimum deposit requirement of $10,000 or equivalent and spreads are competitive as they start from 0.1 pips. The minimum trade requirement is 0.01 lots and this particular account is suitable for high volume as well as Algo traders. Clients opting for this account should take into consideration that the commission is dependent on trading volumes. Leverage for retail clients is set at 1:30 whilst for professional clients, it is increased to 1:100.

Clients must meet a number of stipulated criteria in order to qualify as a professional trader. These criteria are; A financial instrument portfolio that exceeds €500,000, a minimum of 1-year experience in trading in the financial sector and the placing of 10 relevant trades of a significant size per quarter for the previous year.

On the FAQ page on their website, we also found information stating that this broker allows hedging. You can find more details about this on their website. Accounts that are left with 0 balance are archived after a ninety-day period but there are no dormant fees.
We have outlined the main characteristics of all accounts offered by BP Prime below:

The Standard Account
Minimum Deposit: $5,000 (or equivalent)
Leverage: Retail Clients – 1:30
Professional Clients – 1:100
Spreads: 1.4 Pips
Commissions: None

The Pro Account
Minimum Deposit: $5,000 (or equivalent)
Leverage: Retail Clients – 1:30
Professional Clients – 1:100
Spreads: 0.6 Pips
Commissions: None

The Prime Account
Minimum Deposit: $10,000 (or equivalent)
Leverage: Retail Clients – 1:30
Professional Clients – 1:100
Spreads: 0.1 Pips
Commissions: Dependent on trading volume

Platforms

BP Prime uses the most popular platform available, which is the MetaTrader4 (MT4). The MT4 gives traders easy access to Commodities, Cryptos, Forex, and CFDs. This platform comes equipped with over 50 in-built indicators that simplify and highlight key trends that helps clients to determine the best entry and exit points. Another cool feature of this platform is the ability to automate trades by using Expert Advisors as well as the facility of building your own trading strategy, including instant executions, stop orders and trailing stop functionalities. You can use this platform on any device from desktop to mobile devices which makes it easy to trade on the go, wherever you are.

Leverage

When comparing BP Prime’s leverages to other brokers, they seem to be quite low as the maximum leverage offered is that of 1:100. The leverages are reasonable and they comply with regulations applicable to CFD trading. Apart from this, the ESMA (European Securities and Markets Authority) introduced a leverage cap of 1:30 for retail clients in 2018 and this broker must comply with these regulations.

Trade Sizes

The minimum lot size for all accounts is 0.01 Lots. We did not find information regarding the maximum lot sizes available for trade with this broker on their accounts page.

Trading Costs

The Standard and Pro account are fee-free which means no commissions are applicable when trading through these accounts. The Prime account, on the other hand, does have commissions that are dependent on the trading volumes, but we could not find any more details about this commission. You can reach out to the broker if you want more details regarding any fees you will encounter when trading with the Prime account.

Assets

When trading with BP Prime you will have quite a variety of assets to trade with, namely; Forex, Indices, Commodities as well as Cryptocurrencies. We saw 28 currency pairs available for trading on their FOREX page. The currencies are split into three categories; Majors, Minors and Emerging/Exotics. The trading hours for these assets are from Sun 21:00 to Friday 21:00. We also noticed that spreads for Major pairs were quite low as most fell under 0.7 Pips.

Clients can also trade more than 10 index CFDs, including; DAX, S&P, DOW JONES and FTSE amongst others, with real-time pricing either through GUI or via FIX API. BP Prime claims to offer extremely tight spreads offering the chance to profit big from small price movements. Clients can also be more in control of their risks since this broker offers flexible leverage when dealing with these assets.

BP Prime has four commodities available for trading including; UK Oil, US Oil, Gold, and Silver. Spreads are quite low here as well as they range from 0.04 to 0.027. US Oil, Gold and Silver can be traded from Sunday 22:00 till Friday 20:45 while UK Oil can be traded from midnight on Monday till Friday 20:45.

On their Cryptocurrencies page, potential clients can have a look at a table comparing this broker with other popular brokers who trade Cryptocurrencies. This data is based on the analysis of the published Crypto spreads published on BP Prime’s UK competitor sites. Leverage on this type of asset is up to 1:10 and no commissions or fees apply. You can trade Bitcoin, Ethereum, Litecoin, and Ripple.

Spreads

Spreads with BP Prime are quite low overall, although they seem to be a bit high on the Standard account. One must also remember that although the spreads on the Prime account are very low, there will be a commission to add to that, so keep that in mind.

Minimum Deposit

On BP Prime’s ACCOUNTS page, one can see the minimum deposit required for each account; Standard & Pro Account £5,000 and £10,000 for the Prime account. We thought these requirements were quite high, especially for the Standard account, where clients can find other brokers offering similar conditions for much less.

Whilst we were going through the FAQ page, we did find a piece of contradicting information regarding minimum deposits. On this page, the broker states that the Standard account has a minimum deposit of £100, the Pro £1,000 and the Prime £10,000. Although these figures make more sense, we are unsure which figures are the correct ones. We reached out to BP Prime through live chat to find out, but as of yet, we have not received an answer.

Deposit Methods & Costs

If you’ve opened up an account with BP Prime you can choose one of the following methods to deposit money into your account; Credit/Debit card, Neteller, Skrill, WebMoney, and Bank Wire Transfer. There are no fees charged to clients from the broker’s side, but they do inform clients that their credit card provider may charge transaction fees or international processing fees.

Withdrawal Methods & Costs

Currently, BP Prime has a number of options available for clients wanting to withdraw their funds, such as multiple credit cards, multiple electronic payment methods, bank wire transfer, and local bank transfers. Money can be deposited in any currency the client wishes. This will be automatically converted to the base currency of the client’s account.

In order to withdraw funds, clients must have a validated account. Once confirmation has been received from the Validation Department that the account has been validated, clients can request funds withdrawal by logging into the Members Safe Area, selecting the withdrawal tab and sending a withdrawal request.

Withdrawals are sent back only to the original source of deposit. Clients can also withdraw their money whilst having an open position. This is possible if, at the moment of payment, the free margin of the client exceeds the amount specified in the withdrawal request.

Withdrawal Processing & Wait Time

All withdrawal requests are processed by the broker’s back office within 24hours on business days. Bank wire or credit/debit card usually takes 2-5 business days, whereas standard bank wire in the EU countries takes 3 working days and in some other non-EU countries this may take up to 5 working days.

Bonuses & Promotions

At the moment, it seems as though no bonuses or promotions are available when trading with this broker.

Educational & Trading Tools

Clients of BP Prime can register to watch free Webinars organized by the broker which covers a variety of topics related to trading. Apart from these, clients, as well as potential clients, can access a number of interesting articles related to trading, with an emphasis on Cryptocurrencies, which can help assist beginners as well as professional traders in their trading endeavors.

Although we didn’t find any specific information regarding trading tools on their website, we did find mention of this on their Brochure that you can access on their Legal Documents page. Here BP Prime state that they offer a suite of multi-platform, multi-lingual, market informed apps which help their traders to optimize their trading strategies. They claim that these apps give traders institutional-quality tools over and above those offered by MT4. This includes decision assistance, messaging broadcasting facilities, news & market data and trade execution, and management.

Customer Service

Clients wanting to get in touch can do so either by live chat, request forms or a free call back. This broker offers these services 24/6. We did try to contact BP Prime through live chat but we weren’t given any feedback regarding our queries. You can find BP Prime’s contact details below:

Address: BP Prime
Lower floor, 62 Great Eastern St
London EC2A 3QR, United Kingdom
Phone: +44 (0)20 3745 7101
Email: [email protected]

Demo Account

On BP Prime’s website, you can find a Try a Free Demo Button. This button takes you to a simple form that you must fill out. Apart from the usual personal details, you will also get to choose which account you want to test, Standard, Pro or Prime. All three options are offered in USD.

Countries Accepted

In their FAQ page, one can find information that BP Prime does not accept US clients because of regulations. In the footer of their website this broker claims that the content of this site is not directed at clients of the US, Canada, France or Belgium. If you are from any of these countries, you might encounter some issues when trying to open up an account with BP Prime. You can contact the broker directly for more information regarding restricted countries.

Conclusion

This UK based broker is licensed by the FCA, which for some, is a major plus. Apart from this it uses the industry’s leading platform MT4 and claims to offer even better proprietary apps available for clients. It offers its clients a choice of three accounts, two of which being fee-free. Leverages are reasonable whilst spreads are low especially in the Prime account. The website does offer some up to date and useful educational content in the form of webinars and articles. Although BP Prime claims to offer 25/6 customer support, we weren’t given any feedback via live chat.

If you think you’d feel safe trading through BP Prime, get a closer look at their conditions by visiting their website.

Aide Securities Futures Co., Ltd is a Hong Kong-based broker that offers Securities, Futures and Forex trading on leverage. Additionally, the broker is licensed to conduct advisory on futures and securities trading and Asset Management. The group is oriented to the Asian market, not offering any content in English. Financial Education is one of the best in Hong Kong, and the management behind this broker is publicly known for its great performance.

EDDID is an acronym of Efficient Dedicated Dependable Innovative Dynamic, the usual what most brokers want. Professionalism is one of the trademarks of this broker that is also commonly cherished in the business culture in Hong Kong. The website does not have a really pleasant design but has some content that shows transparency and a good scope of the broker business. Investors can rely on the regulation license of EDDID, Hong Kong Securities and Futures Commission – FSC, while this review of EDDID will focus on the services provided so you can decide on the investment, provided you are from Hong Kong, Taiwan, Macau or mainland China.

Account Types

EDDID has an account for each service, Futures, Forex and Stocks Account. The Forex trading account is promoted by offering 24h assets trading availability, leverage, low spreads, and easy to use trading platform. The minimum deposit is not disclosed, one can assume the minimum is what is needed for opening a minimal volume trade on top of the margin requirements.

To trade Forex, one needs to install EDDID’s proprietary platform.
Securities Account is focused on Hong Kong and US stocks. The broker describes other securities like ETFs and Options, but in an educational manner, without much relevance to the features of the Account. There are special sections for the Hong Kong fees and commissions, and the US market. Looking at these tables one can see so many fees that it is very confusing and most of the beginners will look away from this presentation. Transparency is evident although the structure is overcomplicated.

Futures Account features the leverage, two-way trading, and low deposits required for Futures position opening. The dedicated in-house platform is available to download that provided real-time quotes with the addition of futures investment analysis. A full manual is provided on how to use the platform for this Account in Chinese.

EDDID does not provide specifics of their Accounts, you will not see anything typical brokers usually present. Additionally, special platforms for each account, very different from MetaTrader, make it clear that EDDID is specialized for the local market. The account opening approval process takes 1-3 days.

Platforms

We have found 3 different platforms specially developed for trading Futures, Forex, and Securities. Starting from the Forex platform, probably where most traders will go considering easier comprehension of the Account features, it is called EDDID mF4 Trader. It sounds like a copy of MT4, but actually, it is coded in HTML and shares some similarities. EDDID presents the platform features although we have filtered some of the content that is not useful to anyone. The mF4 features are Clear trading interface; Adjustable trading size; One-Click trading; Stop Loss/Take Profit set by price, pips or range; Up to 20 technical indicators; Newsfeed, financial data, and market analysis.

The platform is available in a few versions. For mobile devices, there are Android and iOS versions. We have tried the Android version called EDDID Fx Pro. The app is also available in English and is simple but without many features. The main list is presented with 40 forex pairs with their respective Bid and Ask prices without any kind of filtering options.

Opening a position is easy enough, with SL/TP setting by price, Pending orders, tolerable slippage level, and “Good Till” setting for specifying timed orders. The execution is fast without delays of more than half a second. The chart takes some time to load and has a toolbar in full-screen mode with timeframe setting, crosshair, rotation lock, instrument selection, and indicator toggle button.

The indicators are RSI, MACD and Bollinger Bands with default settings and non-customizable. These are the only indicators you can use. The app is useful for emergency trading and not intended for serious analysis. The main issue we had is the connection interruptions with the server that led to forced logout. Also, the app would not load on retry, so you will need to force close it. The fingerprint login makes things faster, but these issues should not happen this often at least.

The desktop mF4 platform is available for Windows in Java and HTML versions. Installing is easy with the ID and password that are sent to the email. The registration can also be done from the platform. At first glance, you will see similarities with the popular MT4 but it is clear that this platform has fully customizable module windows. Click and Drag also has a context menu for easier arrangement.

Chart type can be set to Heiken Ashi in addition to the classic that MT4 also has. Every chart has a statement in the bottom that “they are for reference only”, like they may not show the real-time quotes. A top toolbar will give you options to draw Fibonacci levels, channels, lines, shapes, text and so on, but also the ability to fix window scaling.

Crosshair does not measure points as the MT4 does. Timeframes are classic, we have not found anything advanced here like in cTrader where 2H timeframe can be set, for example. Traders can save their workspaces although only one kind of template can be saved called “default indicators”. The list of indicators available is limited to exactly 20 as promoted. All of them are common to the trading community.

Open Positions module and the Journal are different than MT4 with more focus on orders type listing than on showing various fees, swaps, executions, etc. Some numbers are also off the scale, the balance is probably showing Yuan even our base account currency is in USD. The promoted News Feed module is nowhere to be found. Interestingly, our position opened within the mobile platform cannot be closed from the desktop, as it looks like the position sizes are incompatible. There are few cases of platform crashing to desktop.

The Futures application is called EPolestar. The platform failed to run after installation so we were unable to review it. We advise against installing it in the first place as it contains compromising files and could not be uninstalled the normal way.

ED One-Stop application should encompass Forex, Futures, and Stocks although it is only reserved for China and it is in Chinese. The Securities platform is available for mobile devices running on Android and iOS. Windows desktop version is also there with the addition of a web-accessible platform. As all were only written in Chinese, we were unable to test it.

Leverage

The leverage is up to 1:20 for all Forex currency pairs. For Futures, the broker does not disclose the leverage except mention that they are low. The trading conditions table presents some very messy information that could be outdated as the link to the Hong Kong Exchange is provided to check the actual conditions.
For Securities, no leverage is mentioned.

Trade Sizes

The minimum trade size is 10,000 units for Forex or 0.1 lots. EDDID has set this level probably to enforce the minimum deposit to more serious amounts. Additional steps volume size is also 0.1 lots. The Margin Call is at 5% level and Stop Out will be executed at a 1% margin level. This means EDDID allows almost maximal drawdowns.

Trading Costs

EDDID has put a lot of information on its complex fee structure. For Forex no commissions are charged. The updated swaps list is disclosed online and they are under normal levels with common positive figures, calculated in points. EUR/USD has -7.8651 long position swap and a positive 3.2039 for short while GBP/JPY 0.2822 long and – -5.2826 short. In the exotics zone the swaps remain very low, for example, -7.2145 long and -3.5500 short for the USD/CHN, USD/RUB has -18.01 points long and 5.6325 for short, and the biggest swap we could find is for the USD/TRY pair with -42.274 for long and 13.568 for short position. Spot Gold against the US Dollar is also lited with very low swaps, -7.2508 long and 3.6215 short.

Hong Kong stock commissions are HK $100 minimum or 0.25% and 0.005% transaction fee. A physical stock deposit fee is 250 to 350 HKD per transaction while the withdrawal fee is 8 HKD per lot. Other stock related fees are also listed that are not that important. Custody fee of 0.12 HKD per lot per month for margin accounts exists and also inactivity fee for not trading for more than one year of 250 HKD.

Agent corporate services also have fees, so for example, 1.0.20% of the dividend received (minimum charge 30 HKD) for dividend collection, and many more. US Stock commissions are 0.8% for the normal trading sessions. After a market close, the commission is 60 HKD minimum.

For Futures EDDID has a separate fee for each trading instrument. For example, Hang Seng Index Futures has a 20 HKD exchange fee per lot with the addition of a trading commission that is negotiable. A total of 8 futures are listed with their associated fees and required margins. Global Futures all have negotiable commission rates. Negotiation is common in China and is part of the culture.

Assets

EDDID assets range can be considered specific to the market and average compared to the usual brokerage houses. With Forex there are a total of 40 currency pairs. All majors are listed with the addition of some exotics with good trading conditions like USD/CHN, USD/RUB, USD/HKD, USD/MXN ad USD/CZK, and Scandinavian quoted currency pairs.
In the Index category, we have encountered a total of 10 and most of them are not common like the MSCI Taiwan Index, SGX Nikkei Stock Average, or the Mini E-mini Dow Jones Index.

In the futures set, there are Forex futures also with 9 total contracts. Some of them are New Zealand Dollar future, EUR, YEN, etc. Energy futures are both Oli types, Brent and Crude with the addition of Natural Gas and Small Crude Oil. Commodities futures are extended compared to the industry with some rarities. You can find Cors, Soybean, Wheat and Soy Flour but also some rarely listed metals like Kohara Copper. Metals encompass the Spot Gold, Silver Copper and smaller equivalent contracts. Bond Futures are also present, they are all US treasury bonds with a 10-year maturity. As for Stocks we could not confirm what is offered as the platform is in Chinese and no other information is disclosed online.

Spreads

EDDID promotes spreads from 0.8 pips for Forex. In the time of a very calm period, we have observed that EUR/USD had 9 points variable spread, and also USD/JPY – 9 points. AUD/USD is next with 12 points and then we see a sharp increase with the EUR/JPY at 17 points, NZD/USD – 23 points, GBP/AUD – 52 points, NZD/CAD – 68 points, meaning the 0.9 pips spread is reserved for the most liquid currency pairs. From exotics, USD/CHN has 208 points, USD/TRY – 841, USD/MXN – 2094 and USD/HKD – 110. Spreads for the other assets were not available to us.

Minimum Deposit

The minimum deposit is not set but should be in line with the mentioned trade sizes, leverage, and other fees.

Deposit Methods & Costs

EDDID, like everything else, does not have classical deposit methods. “FPS” transfers are described in 3 steps and involve making screenshots and emailing. Costs involved with this bank transfer method will not be reimbursed by EDDID. The usual Bank Transfer is also possible with a similar procedure, EDDID’s Bank of China account is accepting 3 currencies, HKD, USD, and Yuan. A check deposit is rare to see but it is possible with EDDID. It can be delivered in person or by post. EDDID does not accept any other deposit methods.

Withdrawal Methods & Costs

For local withdrawals the broker requires a withdrawal form, then the check will be sent by mail to the trader. Cross border withdrawals are initiated from the E-Stop portal. The Wire Transfer will be processed for non-Hong Kong bank and a fee of 350 HKD will be charged. Some additional fees may be charged by the bank and an exchange feel will apply if the account currency is not matching.

Withdrawal Processing & Wait Time

Withdrawal processing is available from Monday to Friday until 2 pm. After 2 PM the withdrawal will be processed the following working day. Bank transfer could take up to 7 days.

Bonuses & Promotions

EDDID does not have any bonuses or promotions officially for a longer period but we have encountered an article in the company news section where 1000 HKD worth of gifts is handed to assignees to the seminars.

Educational & Trading Tools

EDDID is great at seminars they conduct within their local offices. The Team behind is professional with extensive experience in various financial areas. By looking at the activity timeline, we have noticed that they are often, although the last one is held in March 2019. Topics covered are classified into Basic Investment Teaching, Investment strategy sharing, and Market trend analysis. Specifically, some of the topics are “Five reasons for the Yen to rise”, “Global Central Bank policy review”, “Derivatives Win Strategy”. In addition to this, two articles about the US and Hong Kong stocks trading are short and cover some basics, certainly not enough for novices.

The company news section is very well managed with frequent events coverage worth checking. This provides some insight and very high activity the company encourages.

Customer Service

EDDID has Chat, Phone and email channels ready. The Chat service is through the Whatsapp service, meaning the broker will have insight into your phone number, compromising your privacy. The support is in the Chinese language.

Demo Account

The Demo account is available and is easy to create. It can also be done within the mF4 platform. There are no limits mentioned.

Countries Accepted

There is no information about country limits although the One-Stop application is available only to China.

Conclusion

To complement with additional information of the ADDID review we would like to note that the broker key selling point is the Asset Management service. The service is accommodated to the client with great diversification options available only to the EDDID. This is the core of EDDID operations, to access their Managed Accounts service, a minimum of 50,000 USD investment is needed. On the other side, trading conditions are not good enough to be competitive for world-class brokers. Whatsmore, the platform shows some stability flaws and limitations, it is inferior to Metatrader. Finally, the fee structure will avert most of their potential customers.

Britannia Global Investments is one of the new rebrands and integration with Destek Markets, a former experienced Turkish broker. Britannia Global Investments is an FCA regulated broker, although the website name – britanniacapitalmarkets.com registered in the license is not the current domain – www.britannia.com/gi. We have further investigated this issue and the results are in the Conclusion section of this Britannia Global Investments Review.

The website itself is very limited in terms of content, information, and features. There are a few dead links and the trading conditions are not presented transparently. The broker is relatively new under this name, since October 2018, under the name of Britannia Capital Markets. The company has not yet established full effective business potential as it is evident by the website alone.

There are no special features about this broker, the biggest selling point is the FCA regulation and the Financial Services Compensation Scheme of up to £50,000 (£85,000 is stated elsewhere on the website). As stated, the broker is also under the MiFID directive. Financial Ombudsman Scheme that is provided can offer some security in certain cases but bureaucratic difficulties may arise if the company is constantly rebranding.

There are no specific figures, videos, tools, tables, feedback or names that could give some substance to the broker presentation except classic, eloquent financial marketing content. We will evaluate Britannia Global Investments services and give traders insight into what is behind the words.

Account Types

Britannia Global Investments does not have a set of account types. The registration is done manually via the email to the broker ([email protected]). The registration link is also not promoted, as usual, the link exists only in the footer of their website. Trading features are stated in the Trading section, traders can use up to 1:100 leverage, have “extensive trading tools and research offering” and “Easy account management”. Except for the leverage, nothing else is clear in this offer. There is no trading conditions page. Trading assets are limited to Commodities, Forex and Index CFDs according to the website. More on this in the Assets and Platforms section.

Platforms

Britannia Global Investments offers only one platform, MetaTrader 4. MT4 is usually available for mobile devices as a web-accessible, and desktop computers. In Britannia Global Investments case, the links to these are not working. The only link that works on the broker site is initiating the standard Windows 32bit MT4 client. This MT4 version is the default by MetaQuotes, without any modifications and updated to the latest version. There are two servers to choose from, Demo and Live with around 55ms ping. 4 default charts are displayed with the major currency pairs and One-click trading buttons visible.

The About window will show the former website address – britanniacapitalmarkets.com and also the former registered business address. There are no additional templates or indicators packed in the MT4 installation. Trading instruments symbols are focused around Forex, there are 8 Forex groups and 2 reserved for Indexes and Commodities.

Interestingly, Turkish Lyra has a special group, showing signs of Turkish broker origin. The instrument specification shows enough information about the trading conditions. Trade Terminal is properly showing trading costs, swaps and commissions. The execution times have a range from 115ms to 190ms with an average of 160ms. The deviation is present but all executions were under 200ms in normal market conditions. This time average for a Dealing Desk broker as Britannia Global Investments states.

Leverage

We had some suspicion of the 1:100 leverage that is presented on the Britannia Global Investments’ website but this leverage is real. It is still not clear how this leverage can be in effect for a broker that adheres to MiFID or FCA for clients in the EU region. All Forex pairs have this leverage, including the exotics. XAU/USD is the same, with 1:100 leverage, also XAG/USD. Commodities do not deviate, 1:100 is applied to both Oil types.

Trade Sizes

Britannia Global Investments is a micro-lot broker meaning all trading instruments have a minimum trade volume of 0.01 lots, except for Indexes that have 0.1 lots minimum. For Forex, the maximum volume per trade is 20 lots, also for precious metals while Indexes have 200 lots maximum. Stops level exists and should not be a problem for fast traders as it is set to 10 points for Forex currency pairs, Commodities, and Indexes. Stops level of 10 points or 1 pip means no Stop Loss or Take Profit orders can be placed in the 1pip range of the current asset price. Step volume is also standardized to all assets to 0.01 lots and 0.1 lots for Indexes.

Trading Costs

Britannia Global Investments does not state any cost figures regarding the commission on the website, legal documents or the MT4 platform. The only trading costs are negative swaps. What we have observed in the MT4 platform the swaps are under normal levels, calculated in points and mostly tripled on Wednesdays. EUR/USD has a -13.22 points long position overnight charge and 6.01 points for short. Other majors are under similar levels, for example, USD/JPY 4.97 points long and -12.32 short, GBP/USD -7 long and -0.5 short, or AUD/USD -1.4 long and -3.3 points short swap.

As seen, positive swaps are not that common, and usually include just the USD currency pairs. Swaps under the minors group are all single-digit for both position sides except the USD/SGD with -6.7 points for long and -10.4 for short position. More exotic pairs like the USD/TRY have -139 long position and 91 points positive swap for short but tripled on Thursdays. USD/CNH does not have a high swap considering it is considered exotic, -79 points for long and -26 for short position. Other exotics are also lower than average, so USD/HKD has -13.2 long swap and -53.1 short position swap, USD/ZAR -300 for long and 150 points positive swap for short, USD/PLN -24.2 long and -20.9 short and the highest swap is reserved for the USD/MXN with -550 points for long and 300 points positive swap for a short position.

XAU/USD has a single-digit, -9.5 points for long and 1.5 for short. Both Oil types have swaps tripled on Fridays, US Crude Oil has -0.25 points long and -0.82 points short position swap.

Assets

Britannia Global Investments has only 4 trading instrument categories offered by our count. These are Forex, Precious metals, Commodities, and Indexes.

Forex range is good enough for the most forex traders. We have counted 42 currency pairs total listed in the MT4 platform. All the major and crosses are present and forex traders will like the symbol groupings to Minor, Exotic, Major, FX Scandinavia and FX Australasia. The exotic range is solid and includes currencies like CNH, HKD, MXN, PLN, and ZAR, all quoted under the USD. There is an issue with the USD/CNH, AUD/NZD and USD/HKD instruments as trading are in full access although the MT4 platform was not able to execute orders and gave us the Off Quotes warning. This means that these exotics at the current state are not liquid enough to be tradeable and, Britannia Global Investments will have to find more liquidity providers. Taking this into account, this forex range is mediocre compared to other brokers in the industry.

Precious metals are limited to spot Gold and Silver, although they have very good trading conditions.

Indexes range is also limited as there are only 6 total listed in MT4. These are Germany30, UK100, US30, US500, and NASDAQ 100 as named in the platform. These also have a 1.5-hour break around day end trading hours.

Finally, Commodities are just energy assets and limited to just two major Oil types, Crude Oil and Brent.

Spreads

Britannia Global Investments has floating type spreads for all assets. Based on our reading form the MT4 the spreads are competitive and do not deviate much for more exotic instruments. Forex currency pairs with the tightest spread are the EUR/USD with 5 points spread, USD/JPY with 6 points, GBP/USD with 5 points and AUD/USD with 9 points spread. NZD/USD, EUR/JPY, EUR/CHF, and USD/CAD are the second with spreads just above 10 points.

Other minors do not go over 20 points spread and the exotics have much higher spreads as expected. USD/TRY has 613 points spread, while EUR/TRY has a tighter one at 318 points. USD/PLN has 115 points, USD/MXN 227 points, and the off quotes USD/HKD has the last recorded spread at 445 points.

One of the good traits of this broker is the spread for the spot Gold – 14 pips, one of the best in the industry. For Silver, it is 20 points. Brent and Crude Oil have similar spreads around 50 points.

Minimum Deposit

Britannia Global Investments does not have a statement about the minimum deposit. What is known that the previous brand, Britannia Capital Markets, has a minimum of 100 USD/GBP/EUR. Subsequent deposits also had a minimum of 20 EUR/USD/GBP.

Deposit Methods & Costs

Bank transfer to Britannia Global Investments’ Barclays Bank account is the only mentioned deposit method. Currencies supported are GBP, EUR, and USD. The broker will not charge a fee but fees for the bank transfer will not be covered. It may take up to 5 business days for the funds to reflect in the trading account.

it is possible to transfer funds from a different broker to Britannia Global Investments trading account. As stated, only FCA regulated UK brokers are eligible for this transfer. The minimum requirement is 5000 EUR, USD, GBP per transfer.

Withdrawal Methods & Costs

For withdrawals, no information is disclosed. If a trader wants to withdraw, he will need to contact Britannia Global Investments via email.

Withdrawal Processing & Wait Time

If only bank transfers are possible, processing may take up to 7 days for international transfers.

Bonuses & Promotions

There are no Bonuses or Promotions disclosed.

Educational & Trading Tools

Actual educational material available online does not exist, as well as any tools or the Economic Calendar. Although Britannia Global Investments states that they will provide “a wide range of educational and research tools”.

Customer Service

The broker states they are available 24/5, offer multilingual support via phone, email, chat or live in their offices. We have not found a chat service and the broker location does not point to offices in London.

Demo Account

A demo account is easy to open from the MT4 platform with a few personal information fields. Here you can select your leverage (up to 1:100) and the number of virtual funds. You can open multiple demo accounts. No email confirmation is required. It is unknown how long the demo lasts.

Countries Accepted

The broker mentions the United States, Belgium, and Canada, or any country or jurisdiction where their services would be contrary to local law or regulation.

Conclusion

While reviewing Britannia Global Investments services and structure, we have found a few interesting facts. 79.06% of traders lose money when trading with this broker, which is a bit below average in the industry. What is more interesting and confusing is the leverage provided which is above the regulatory limits of 1:30 for retail traders. As Britannia Global Investments does not offer separate conditions for professional clients, or at least not stated on the website, which is obligatory, it is not clear how the FCA and MiFID regulation does not apply even though the FCA register contains this license. The license does not contain the www.britannia.com/gi domain, only britanniacapitalmarkets.com.

Additionally, the broker is not registered under the Money Laundering Regulations of FCA.
The broker does not have any ratings under the current brand or domain, nor in the previous. This could mean that no marketing is pursued or simply not good enough to attract investors. For now, Britannia Global Investments is under the radar.

From the company history, we have also found uncommon activities like 6 official business address changes within one year, a few official company name changes or rebranding, many official managers and directors switches, and very low employee number for such a company (on some occasions just 5). Additionally, the website may be still in construction, but important documents like Terms and Conditions have a dead link from some pages.

The website’s certificate expired on 12/12/2019, so every time you visit Britannia Global Investments’ website, a warning will pop out about an insecure connection. Transparency issues are also present, both in the legal documents and on the website. The broker, on the other hand, provides solid Forex and metals trading conditions and will probably finish the incomplete business venture.

 

 

 

 

 

 

 

 

 

 

IGOFX is a forex broker located in Vanuatu which aims to be a world-class grade forex company and wants to become a market leader by committing themselves to deliver competitive pricing, reliable trade execution, and innovative trading tools. In this review, we will be looking at what is on offer to see if they live up to these expectations or if they fall short.

Account Types

There are three different account types available, these are the mini account, the standard account, and the premium account. Let’s take a little look at what each of them offers.

Mini Account: The mini account is the entry-level account from IGOFX, due to this it has a very low entry requirement and needs a minimum deposit of just $1. The base currency must be in USD and it can be leveraged up to 1:1000. The minimum trade size for the account is 0.01 lots and hedging is allowed. There are 30 currency pairs and metals available for trading and you can also get a swap-free (Islamic) version of this account.

Standard Account: The standard account increases the minimum deposit value up to $300 which his still very accessible. The account is also required to have USD as a base currency and leverage is now set at 1:500 as a maximum. The minimum trade size if 1 lot and hedging is allowed, the same 30 currency pairs and metals are available and just like the mini account, you can have this account as a swap-free version.

Premium Account: The premium account sees the minimum deposit jump all the way up to $20,000 which will price out many retail traders. The base currency stays at USD and the maximum leverage remains at 1:500 as a maximum. The minimum trade size is 1 lot and there are 30 currency pairs and metals available to trade. Hedging is allowed and just like the other accounts, if you require a swap-free account, you can have one in this account variant.

Platforms

IGOFX offers a few different ways to trade however only one of them is based around forex and so we will only be looking at MetaTrader 4, the other platforms such as the Binary Options we will not be concentrating on.

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 its 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.

Leverage

Maximum leverage is dependant on the account that you have, if you have a mini account then the maximum leverage would be 1:1000, if you have the standard or premium account then the maximum leverage available to you would be 1:500.

Leverage can be selected when opening up an account, should you wish to change the leverage once an account is already open you will need to get in contact with the customer service team, also ensure that there are no open trades when making a leverage change request.

Trade Sizes

Trade sizes also depend on the account that you are using. The mini account has a minimum trade size of 0.01 lots which is also known as a micro lot. The trades then go up in increments of 0.01 lots so the next trade would be 0.02 lots and then 0.03 lots. The standard and premium accounts have a minimum trade size of 1 lot, it is unknown how much each increment is, it could be 2 lots as the next trade or it could be 1.01 lots, we can not tell for sure.

The maximum trade size can be a little confusing, the FAQ on the website states that the maximum trade size you can have is 1000 lots, however, the maximum that MT4 can open is 500 lots, either way, that is far too high, we would never recommend opening trades larger than 50 lots, as the bigger a trade becomes the harder it is for the markets and liquidity providers to execute the trades quickly and without any slippage.

Trading Costs

There is no mention of any commission on the website so it would appear that there are not any added to any of the accounts, all three accounts use a spread based payment structure that we will be looking at later in this review.

There are swap charges which are either paid or received for holding trades overnight, these can be viewed from within the MetaTrader 4 trading platform. If you opt for a swap-free account then an administration charge will be added to the account instead of interest.

Assets

This is a major downside to IGOFX, the fact that there are only 30 currency pairs and 2 metals to trade, it can leave you with nothing to trade or analyze at times. Gold and Silver are the two metals which hare also the most popular two. In terms of currency pairs, there are ones such as AUD/CAD, EUR/JPY and EUR/USD, there does not seem to be any exotic pairs, just majors and minors/crosses.

Spreads

Spreads are the main way that IGOFX makes their money, they add on an additional spread which they then take as profit. There is not a stated difference between the accounts but we would expect the higher entry requirement accounts to have slightly lower spreads, however, we can only go on what the website says.

Some examples of spreads are:

• AUD/CAD: 8 pips
• AUD/USD: 3 pips
• EUR/GBP: 4 pips
• GBP/CHF: 7 pips

As you can see the pips are relatively high, even for accounts with no commission. It is also important to note that the spreads are variable (also known as floating), this means that they move with the markets, when the markets are being volatile then the spreads will widen and will be seen much higher than the numbers stated.

Minimum Deposit

The minimum amount to open an account is $1, however, the minimum amount allowed by any of the deposit methods is $2 with Perfect Money so that will be the minimum deposit, should you wish to open an account other than the mini then you will need to make a deposit of at least $300 for the standard account and $20,000 for the premium account.

Deposit Methods & Costs

There is not a huge selection of deposit methods and it is disappointing to see so many processors excluded from the list. We have set out a little list below to give you some basic information on the methods available.

• Bank Wire Transfer – $100 Min – Bank Fees Apply
• Visa Credit / Debit – Min $100 – 5% Fee
• MasterCard Credit / Debit – Min $100 – 5% Fee
• Perfect Money – Min $2 – 0% fee

It is a shame to see transfer fees added to the deposits if using bank wire transfer be sure to check with your bank to see if there are any added fees from the bank.

Withdrawal Methods & Costs

The same methods are available to withdraw as they are to deposit, the same information is displayed on the deposit. withdrawal page so we are assuming that all the information posted above is also correct for withdrawals, for clarification this is:

• Bank Wire Transfer – $100 Min – Bank Fees Apply
• Visa Credit / Debit – Min $100 – 5% Fee
• MasterCard Credit / Debit – Min $100 – 5% Fee
• Perfect Money – Min $2 – 0% fee

If using bank wire transfer be sure to check with your bank to see if there are any added fees from the bank.

Withdrawal Processing & Wait Time

IGOFX does not specify how long it takes for them to process a withdrawal but they do provide lead times for each of the withdrawal methods which we have also listed below for ease of reading.

• Bank Wire Transfer: At least 5 working days
• Visa Credit / Debit: 1 – 5 working days
• MasterCard Credit / Debit: 1 – 5 working days
• Perfect Money: Within 24 hours

Bonuses & Promotions

There is one main bonus on offer which is a 30% deposit bonus when opening up a new account. You are required to make a deposit and then trade a certain amount in order to claim and keep the bonus. The terms do not specify what is required to convert the bonus funds into real funds though which is quite important information to know so we can not comment on the terms or how profitable the bonus could be. There are also a few different contests available but they seem to have expired so we can’t comment on them too much, they are ways to trade and win if you do well.

Educational & Trading Tools

There are some webinars in the forex tools section of the site, however, the page is blank and there is nothing in the upcoming webinar section so they may not be happening at this moment in time. There is also an economic calendar that details any upcoming news events and which markets they may effect, there is also a market analysis section however nothing has been added to this section since 12 June 2017 so it appears to be dead.

Customer Service

The customer support is available 24 hours a day 5 days a week wand closes over the weekends just as the markets do. There does not appear to be any phone numbers, just email addresses, there is an email available for the support department as well as the accounting department. It would have been nice to have a way to speak to someone directly, we have tested the email addresses provided but are yet to have a response after 72 hours of waiting.

Demo Account

Looking around the site we could not locate any information about demo accounts so it appears there may not be any. Potential new clients like to use demo accounts to test out the servers and trading conditions offered, current clients like demo accounts as a way to test out new trading strategies without risking their own capital. It would be a big boost to IGOFX if they make demo accounts available to their current and potential new clients.

Countries Accepted

The following statement is present on the IGOFX website: “IGOFX does not accept clients from the U.S., UK, Canada, Belgium, Sudan, Syria, North Korea, Malaysia, and China. Clients from Singapore and the above countries are not accepted to trade Binary Option in IGOFX.” If you are unsure of your eligibility, we would recommend trying to get in contact with eh customer service team to find out.

Conclusion

IGOFX offers a number of account but the differences between them are not clear, the spreads all appear to be the same and are all far higher than we would expect, even for accounts with no commission. The fact that some of the website sections have not been updated in a while makes it hard for us to be clear how serious IGOFX is in becoming a leading forex broker.

FinMArket is a forex broker based in Cyprus and regulated by the Cyprus Securities and Exchange Commission (“CySEC”). They don’t offer too much information about themselves, just that they value regulation, security, support, and trading platforms. In this review, we will be looking into the services that are being offered to help you decide if FinMarket is the right broker for you.

Account Types

There are 5 different accounts to choose from should you sign up with FinMArkets, each one has its own requirements and features so let’s take a look at what they offer.

Silver Member: The silver account requires a minimum deposit of $250, this account offers variable spreads starting at 4 pips, there is no commission on this account and has leverage up to 1:30, the account also allows hedging and the use of expert advisors.

Gold Member: The gold account requires a minimum deposit of at least $5,000, this account has slightly reduced spreads which now start at 3.4 pips. The account gets a commission discount (in this case spread) of 14% and is available to use the MT4 trading platform, this account also has a leverage up to 1:30.

Platinum Member: The platinum account further increases the minimum deposit which now sits at $20,000, with this increase in deposit the spreads have reduced further and now sit at 1.1 pips as a starting position. This account gets a 65% discount on the spread and is available on the MetaTrader 4 platform, just like the previous accounts this one has leverage up to 1:30.

Diamond Member: The diamond account brings the minimum deposit up to $50,000 which now prices out a lot of retail traders, this increased deposit gives account holders a 75% discount on spreads as they now start at 0.9 pips. Similarly to the previous accounts, the leverage remains at 1:30 and the account can use MetaTrader 4 as its trading platform.

Elite Member: The top tier account and something a lot of us could only dream of, this account requires a minimum deposit of $250,000, yup you heard that right. This account reduces the spreads by 85% and they now start at 0.8 pips. All other features remain the same with 1:30 maximum leverage and MT4 as the trading platform.

Platforms

FinMarkets offer MetaTrader 4 as their only trading platform, so let’s take a look at what it brings to the table.

MetaTrader 4 (MT4): 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 its 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.

Leverage

The maximum leverage being offered to all accounts is 1:30, it is low due to the regulations put upon FinMarkets. Leverage can be selected when opening up ana account, should you wish to change it on an already open account then you will need to ensure that there are no open trades and then get in contact with the customer service team.

Different instruments have different leverages available, and here is a breakdown:

• Forex Pairs: 1:30
• CFDs: 1:20
• Stocks: 1:5
• Indices: 1:20
• Commodities: 1:10
• Cryptocurrencies: (not stated)

Trade Sizes

Trade sizes with FinMarket start at 0.01 lots which are known as micro-lots. Trades then go up in increments of 0.01 lots so the next trade would be 0.02 lots and then 0.03 lots. We could not locate information on the maximum trade size, however, no matter what it is we would not suggest trading over 50 lots in a single trade as it becomes increasingly harder for the markets and liquidity providers to execute trades quickly and without any slippage the bigger they get.

Trading Costs

All accounts with FinMarket use a spread based system that we will look at later in this review. There are no commission-based accounts. Swap charges are present, they can be both positive or negative and are charged for holding trades overnight, these can be viewed directly within the MT4 trading platform.

Assets

FinMarket has broken down its assets into 6 different categories.

Forex Pairs: 30+ different currency pairs including majors, minors and exotic pairs. Leverage on forex currency trading has a maximum leverage of 1:30.

CFDs: There is a large variety of CFDs at FinMarket, they are further broken down into other categories including trade currencies, commodities, crypto, stocks and indices, CFDs have a maximum leverage of 1:20.

Stocks: There isn’t an exact number of Socks stated on the site but instead a list of a few of them including Apple, Goold,e Alibaba, Coca Cola, Amazon and a few more. You can have a leverage up to 1:5 when trading stocks.

Indices: You can trade all major indices with FinMarkets including S&P 500, NASDAQ 100, FTSE 100 and Nikkei 225. When trading indices you have a maximum leverage of 1:20.

Commodities: The most popular commodities are available including Gold, Silver, Coffee, and Crude Oil, there isn’t a full breakdown of assets but it does state that there is maximum leverage of 1:10 when trading commodities on FinMarket.

Crypto: The most popular cryptocurrencies are available to trade on FinMArket including Bitcoin, Bitcoin Cash, Bitcoin Gold, Ethereum, Ethereum Classic, Ripple, Litecoin, Dash and Monero. The leverage on crypto is not stated on the crypto page of the website.

Spreads

The spreads that you receive are dependant on a few factors including the account you use and the instrument that you are trading, if we look at EUR/USD, the silver account has a starting spread of 4 pips, the gold is 3.4 pips, the platinum is 1.1 pips, the diamond 0.9 pips and the elite account has a starting spread of 0.8 pips.

All spreads are variable which means that while they state 0.8 pips as an example, they will often be seen higher than this as it is simply the starting point, during times of high volatility the spreads will be much higher.

It is also worth noting that different instruments have different natural spreads, while on the Standard account EUR/USD may have a starting spread of 0.8 pips, USD/CAD will have a starting spread of 1.2 pips.

 

Minimum Deposit

The minimum deposit amount required to open an account is $250, this will get you the Silver account, if you want a different account then your initial deposit will need to be bigger. There isn’t any further information regarding deposits such as a reduced top-up minimum or anything like that.

Deposit Methods & Costs

The deposit methods are not clearly indicated on the website, there is a simple image of a number of processors such as Visa, MasterCard, Maestro, Wire Transfer, Skrill GiroPay and Neteller, but there isn’t a dedicated deposit/withdrawal page with information. This is very disappointing as it is vital for potential clients to know how their money will be handled and what costs there may be for depositing (and withdrawing).

Withdrawal Methods & Costs

Just like the deposits, there isn’t any information about withdrawals, we would be assuming that the same methods listed above would be available for withdrawals as they all have that function, however, we are not able to say for sure. Just to reiterate that it is a shame that this information is not available as it is so important.

Withdrawal Processing & Wait Time

The only information that we have is that withdrawals are processed within 48 hours, there isn’t any more information. We can state that Visa and MasterCard withdrawals will take 1 – 5 business days and bank transfers 2 – 5 business days after they are processed but not much more than that.

Bonuses & Promotions

Looking through the FinMarket website we did not locate any information regarding any bonuses and promotions so it does not look like there are any active at the moment, if you are interested in bonuses then be sure to check back at a later date to see if any have come up.

Educational & Trading Tools

FinMarket has a tools section of their website which has some basic help in regards to trading. There is a news video feature which gives daily news on what is happening around the world, we could not view a video as you are required to have an account to view it. There is also an economic calendar that gives basic information about upcoming news events and which markets they may affect. Finally, there are webinars, however, loading up the webinar page it displayed a blank page with just a risk warning and no actual content.

Customer Service

Should you have any questions of queries for FinMarket you can get in touch with them using an online submission form, this is a form where you fill out a query and should then get a reply via email. There is also a phone number to ring with is open Monday to Friday between 9L00 am and 9:00 pm. Finally, there are 3 different emails, one for support, one for finance and KYC issues and one for compliance issues and complaints. It appears that the support is open 5 days a week and is closed over the weekend when the markets are closed.

Demo Account

We went all over the site but did not locate any information about a demo account and could also not locate a way to open one so it appears that they are not available. This is never a good sign for us as many potential clients will use demo accounts to check what the trading conditions are like and current clients may want to test out new strategies without risking their own capital. So it would be beneficial for FinMarket to add in demo accounts.

Countries Accepted

The following statement is present on the FinMarket website: “K-DNA Financial Services Ltd does not offer its services to residents or passport holders of certain jurisdictions such as Azerbaijan, Moldova, New Zealand, Hong Kong, Singapore, Macau, Belgium, Sudan, USA, Syria, North Korea, Israel, Canada, Myanmar, and Australia .” If you are unsure, be sure to get in touch with the customer service team to find out if you are eligible for an account or not.

Conclusion

FinMarket start of their set of accounts with an accessible account which sadly has terrible spreads, we would not recommend anyone trade with spreads starting at 4 pips, in order to gen an account with acceptable spreads toy will need to deposit at least $20,000 which will price out a lot of potential clients. This couple with the fact that there is so little information about deposits and withdrawals, one of the most important parts of a broker considering we are giving them our hard-earned money can make them very difficult to recommend. Lots of tradable assets including crypto is a big plus, but is it enough for you to give them your money to trade with?

ETFinance is a forex broker based in Cyprus and is regulated by the Cyprus Securities and Exchange Commission (the “CySEC”). Their mission is to provide a firm foundation and a cutting edge platform to allow traders to reach their full potential. During this forex broker review, we will be looking at different aspects to see if they live up to this and so you can decide if they are the right broker for you to trade with.

Account Types

There are three accounts available when trading with ETFinance, these are Silver, Gold, and Platinum, we will take a look at the requirements and features of these accounts are.

Silver: This being the lower value metal is the entry-level account for ETFinance. It is unknown at this time what the deposit requirement is but the account comes with over 750 tradable assets, 1:30 maximum leverage for retail traders and 1:400 / 1:500 for people classed as professional. Spreads start at 0.07 which is unclear but we will go into more details regarding spreads later in this review.

Gold: The gold account has a slightly reduces spread at 0.05, leverage remains the same for both retail and professional traders. This account comes with a dedicated account manager, access to webinars and videos and also allows hedging. There is also a nice 25% discount for swap charges.

Platinum: The platinum account is the top-level account, it further reduces the spreads to 0.03 and leverage remains unchanged. This account also has access to an account manager, webinars and videos, a further reduced 50% discount on spreads and now also has news alerts and a free VPS.

All account types can be used as an Islamic account if you are not allowed to receive or pay interest such as swap charges due to your beliefs.

Platforms

Just the one platform on offer from ETFinance and that one platform is MetaTrader 4.

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 its 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.

Leverage

Leverage varies depending on how ETFinance class you as a trader, if you are assigned as a retail trader (someone who is new to trading) then you will have a leverage up[ to a maximum of 1:30, if you are classed as a professional trader, then you will have a maximum leverage up to 1:400 or 1:500, how the difference between 1:400 and 1:500 is decided we do not know. We are also currently unsure of what ETFinance constitutes as a professional client and what they require to assign you as one.

Trade Sizes

Trades start at 0.01 lots which are also known as a micro lot, trades then go up in increments of 0.01 so the next trade would be 0.02 lots and then 0.03 lots. We are unclear what the maximum trade size is but whatever it is, we do not recommend trading over 50 lots in a single trade as it will become harder and harder for liquidity providers and the market to execute trades quickly without any slippage the bigger they become.

It is also important to note that different assets will have different minimums and maximums, as an example forex pairs have a minimum of 0.01 lots while some commodities or indices will have minimums of 0.1 lots.

Trading Costs

There are no commissions charged on any of the accounts with ETFinance, at least not according to the website, each account uses a spread based system that we will look into later on in this review.

There are swap fees charged on accounts though, these are either paid or received when holding a trade overnight, they can be viewed directly within the MetaTrader 4 trading platform. If you have an Islamic account then you will not pay these, however, there will be an administration charge added to the account.

Assets

Plenty of assets on offer, in fact, the website states that there are over 750 available to trade. These are broken down into 5 different categories. In the forex group, you have major pairs, minor pairs, and exotic pairs, these include the likes of EUR/USD, AUD/NZD and CHFJPY. There are also crypto pairs, and there are a lot of them, too many to list individually but the major coins such as Bitcoin, Ethereum, Litecoin, and Ripple are there and tradable against multiple different currencies.

There are indices such as the FTSE 100, DAX 30 and SP 500 along with many more. Commodities are also present and there are plenty of them, including metals such as gold and silver along with others such as Coffee, Corn and Orange Juice. Finally, there are stocks, this is where the majority of the 750+ assets mentioned lie with stocks from the USA, Europe and the rest of the world present and tradable.

Spreads

The spreads mentioned on the accounts page can be a little confusing, usually, it states the spreads for currency pairs, however on the accounts page it is going for the lowest spread possible which comes with some of the commodities.

In regards to currency pairs, they are as low as 0.7 pips on the platinum account, the crypto pairs have floating spreads and no minimum is given on the website. All spreads are technically floating (variable) which means that they move with the market and when there is a lot of volatility will often be seen much higher than the stated amount.

It is also important to note that the minimums stated are for the platinum accounts and the lower tier accounts will have slightly higher spreads as a minimum. The final point to note is that not all pairs and assets have the same starting spread, EUR/USD as an example has a minimum spread of 0.7 pips while AUD/CAD has a minimum of 3.6 pips.

Minimum Deposit

There isn’t much information regarding the deposits and what the minimum deposits are which is a shame as this is important information for potential clients so not seeing what this information can put a lot of potential clients off. Scouring the internet, it appears that the minimum deposit is either $200 or $250 as different sources offer different amounts as a minimum.

Deposit Methods & Costs

Just three methods available for depositing and they are the once most frequently found with forex brokers. You can deposit via credit and debit card, Trustly, bank transfer, and Skrill. There are no added fees when depositing but be sure to check with your own bank just in case they charge their own transfer fees. There may be other methods to deposit, but we were not able to locate them.

Withdrawal Methods & Costs

You can use the same methods to withdraw as you do to deposit, similarly to the deposits, there are no added transfer fees by ETFinance however check with your own bank to see if they will charge any incoming transfer fees.

It should be noted that if you deposit and then withdraw with only 1 or fewer trades being made, ETFinance may charge a withdrawal fee of $50, so ensure that at least 2 trades have been made before withdrawing.

Withdrawal Processing & Wait Time

Withdrawal requests will be processed on the day they are made as long as the request is before 11 am GMT, if they are made after 11 am GMT then they will be processed the next working day. Credit and debit cards will then take an additional 1 to 5 working days and bank transfers a further 3 to 5 days before they clear into your account. Trustly and Skrill withdrawals should arrive within 20 minutes of the request being processed,

Bonuses & Promotions

There wasn’t any clear information regarding any promotions or bonuses apart from the usual affiliate program where you can refer others to use ETFinance. Due to there being no information it does not look like there are any active promotions or bonuses but if you are interested in them, be sure to check back regularly to see if any have popped up.

Educational & Trading Tools

On the outside, it appears that ETFinance offers quite a lot when it comes to education. They offer some webinars and it seems like they have one every few days, plenty of ended events and it does not appear that you can rewatch the ones that have already been which is a shame. There is also an earnings calendar which is based around the earnings reported by a lot of companies, not really beneficial unless you are a stock trader. Articles are the next section which as well, articles about various different aspects of trading and about different things that may affect your trading.

There is also a video section that has a number of different videos about various subjects including MetaTrader 4, and different things like a risk in trading. There are also some Ebooks to download, we didn’t get to take a look but there are a few on topics that could be helpful to new traders. Finally, there are courses and tutorials which go over a number of different trading aspects to help give you the edge.

While there is a lot of content, none of it is truly groundbreaking and is very similar to other sources on the internet.

Customer Service

The contact us part of the site is a pretty standard one, there is everyone’s favorite online contact form where you fill in your query and can expect to get a reply via email. There is also an email address that you can email your query directly. A phone number is also available should you wish to talk to someone directly and finally, there is a live chat to get to talk to someone quickly.

We tested out the live chat and got a response quite quickly, the person on the other end was helpful and understood our questions well. The customer service team is open Monday to Friday between 8 am and 8 pm GMT.

Demo Account

We could not locate any information regarding demo accounts so it does not appear that there are any available if there are then they are not advertised very clearly. We always feel that it is beneficial for a broker to offer demo accounts as it gives potential clients a way to test the servers and also to test out any strategy that they may have without risking any real money. If demo accounts are not available then it is something that ETFinance should definitely look into getting them.

Countries Accepted

There wasn’t any clear information regarding which countries are accepted or not, the only clear detail was that clients from the USA are not able to join. If you are unsure if you are eligible for an account, be sure to get in contact with the support department to find out.

Conclusion

ETFinance seems to be running quite a competent platform, their initial accounts do not have the best trading conditions however the upper accounts have much better conditions. There needs to be more information available on the site in regards to deposits and withdrawals as well as the requirements for opening each account as they must be different due to the drastic improvements in the trading conditions. This along with the lack of demo accounts can make it hard to recommend, the big plus was a helpful and quick response from a customer service representative. It is now up to you to decide if you feel that ETFinance is the right broker for you.

We hope you like this forex broker review. If you did, be sure to check out some of the other reviews to help find the broker that is right for you.

iForex24 is an online, offshore broker with an investment portfolio that contains more than 200 options, made up of FX, commodities, and stocks. The company’s physical location is in the Marshall Islands, with establishment dating back to the early 2000s (according to the website). The broker’s main goal is to provide traders with an effective and convenient environment for investment. While this goal is certainly well-intentioned, it is fair to say that most traders would be more concerned with the costs that are associated with trading with this broker. Fortunately, we’ve done enough digging to outline everything one would need to know about this broker, so stay with us.

Account Types

iForex24 is currently offering three account types; Premium, Standard, and VIP. Accounts share several similarities, including leverage options, spreads, commission charges, trade sizes, available instruments, etc. The main differences would be the deposit requirements and the fact that the Standard account offers discounted spreads on commodities, while the VIP account offers the same discount but on commodities, indices, and forex majors, ultimately making it cheaper to trade these types of instruments on these account types. The broker doesn’t go as far as to detail exactly how much these discounts could save traders. We’ve outlined important details for each account type below.

Premium Account
Minimum Deposit: $200 (maximum $9,999)
Leverage: Up to 1:200 on FX
Spread: From 3 pips (fixed)
Commission: 0.1% (stocks only)

Standard Account
Minimum Deposit: $10,000 (maximum $29,999)
Leverage: Up to 1:200 on FX
Spread: From 3 pips (fixed) (With discount on commodities)
Commission: 0.1% (stocks only)

VIP Account
Minimum Deposit: $30,000 (maximum $49,999)
Leverage: Up to 1:200 on FX
Spread: From 3 pips (fixed) (With a discount on commodities, indices, forex majors)
Commission: 0.1% (stocks only)

The broker requires specific documents each time a client makes a deposit, including a photo ID, recent utility bill, etc.

Platform

This broker has made the bold decision not to offer a well-known trading platform like MT4 or MT5, and instead offers their own iForex platform. We’ve seen some brokers bring impressive platforms to the table, but the website is extremely vague about the features that are supported on their available platform. This doesn’t mean that the iForex platform doesn’t hold up on its own, we just wish the broker would provide some photos and more information, especially since they need to establish their own platform as a reasonable choice.

We’re guessing that the broker didn’t want to dish out the $100k license fee for MT4, and therefore made their own platform, which seems like more of an afterthought. One good piece of information we do have about the iForex platform is that is compatible with smartphones, making it possible to trade on the go.

Leverage

Rather than offering specific leverages on each account type, the broker has assigned a maximum leverage cap to each individual instrument. FX options share the same leverage cap of 1:200, which is the highest option offered by the broker. On commodities, the limits are set at either 1:50 or 1:100, depending on the specific instrument. Gold and other metals, Crude Oil, and Cocoa offer the 1:100 cap, while the other instruments only offer the 1:50 cap. Indices also offer a similar pattern, with some options offering the 1:50 cap and others offering a cap that goes as high as 1:100. The majority of stocks have a leverage cap of 1:20, with an exception of 1:10 on Banca Monte Paschi Di Sienna.

Trade Sizes

The minimum trade size is one mini lot on CFD contracts based on currencies and 0.03 lots for commodities. The margin requirement is 1% of the nominal value of the contract size in the case of currencies, 2% in the case of indices, and 3% for commodities. A margin call is activated any time the equity in the account falls below the 100% margin requirement and the company will immediately begin to liquidate open trades if the balance falls below 20%. Traders are only permitted to open one trade per 2 minutes on any specific contract that goes on the same asset, direction, and expiry time.

Trading Costs

iForex24 profits from spreads, commission fees, and swaps, or overnight interest charges. The Standard account offers a spread discount on commodities, while the VIP offers the same discount on commodities, indices, and forex majors. We’ve provided more information on the typical spreads offered below. The commission charge is 0.1% on stocks and commissions are not applicable on FX or commodities. The iForex24 financing charge for overnight interest is 1.5% with charges on commodities and stocks being based on the denomination of the CFDs currency. If the CFD is priced in a currency other than USD, the company will determine the value of the exchange rate.

Assets

The broker’s investment portfolio contains 40 FX options, 26 commodities, including Corn, Crude Oil, gasoline, shares of foreign and US companies, and German bonds. The broker also offers full access to the Warsaw stock exchange, with 141 total options. Taking a more in-depth look at the FX options, we see major and minor instruments, in addition to several exotic options, like the TRY, ZAR, SEK, NOK, and more. This makes for an impressive number of assets to invest in.

Spreads

Accounts share the same spreads, although some discounts may apply to the Standard and VIP accounts. The company is very transparent about the typical spreads on each instrument and lists these under “FX Trading Conditions” and “Trading” > “Trading Conditions. On FX options, clients can choose from floating or fixed spreads. We’ve listed a few examples of the differences below, in order to give one an idea of the typical spreads on FX options and the difference between the fixed and floating options.
The floating spread starts from 2.2 pips on EUR/USD, while the other version of the spread is fixed at 3 pips.

The spread is fixed at 4 pips on EUR/JPY, while the floating spread starts from 3 pips.
On EUR/GBP, the floating spread starts from 3.1 pips and the spread is fixed at 4 pips.
The lowest fixed spread that we see on FX instruments is 3 pips, making options higher than average. On commodities, the spread is either fixed or floating, depending on the instrument. We see fixed spreads at 0.05 pips on Crude Oil, 0.7 pips on Gold, and 0.07 pips on Silver. The remaining instruments in this category have floating spreads, with the highest spread starting from 10 pips on Cocoa.

Spreads on Indices start from below 1 pip and differ based on which instrument you’re looking at. As for stocks, the majority of options are at one pip or lower, although the spreads can be higher on a couple of instruments. Between 20:45 GMT and 7:00 GMT, spreads of TRY pairs may be widened and spreads on PLN might be widened to 20.

Minimum Deposit

The Premium account would be the most affordable, with a $200 minimum deposit requirement. This amount could be considered typical, although many other brokers have at least one account type with a lower requirement, and some have done away with deposit requirements altogether. There is also a maximum balance limit of $9,999 on this account. Opening a Standard account requires a much more significant deposit of at least $10,000 and the account has a maximum balance limit of $29,999.

The VIP account is the most expensive, with a $30,000 deposit requirement. We would expect this account to have an unlimited balance, but iForex24 has set a balance limit of $49,999 on their VIP account, making it impossible to have a balance larger than $50k with this broker, at least according to the broker’s website. Under their terms, the broker also mentions that the maximum deposit they can accept is $10,000. This may mean that deposits for larger accounts would need to be made through multiple payments.

Deposit Methods & Costs

Currently, the available deposit methods include Visa/MasterCard, Wire Transfer, and Skrill. The broker mentions on their funding page that more options will be added in the near future, so be on the lookout for the possible addition of more e-wallets. Upon making a deposit, the broker will require a copy of the client’s valid passport or ID card, photocopies of the front and back of the card being used to make the deposit (feel free to blackout all of the card number, aside from the last 4 digits), and a copy of a recent utility bill in the client’s name. There don’t seem to be any fees associated with making a deposit.

Withdrawal Methods & Costs

Withdrawals made via Visa/MasterCard are processed as “refunds” back to the original card for amounts up to the funded amount. Any extra profits must be sent back through Wire Transfer. One Wire Transfer per month is credited free of charge, with a 25 Euro fee on any additional withdrawals made through this method in that month. Clients must make minimum withdrawals of at least 50 Euros when using this method. If the trader has not made at least 5 trades before making a withdrawal request, then the broker will charge an additional $50 USD fee on top of any other applicable charges. The broker doesn’t mention any applicable charges for Skrill or Visa/MasterCard.

Withdrawal Processing & Wait Time

Once a withdrawal request is submitted, the broker can take up to 3 business days to process the request. Once the request has been approved, it can take between 3-5 more days for funds to show up in the client’s account. This means that if one were to make a withdrawal request on a Friday, the maximum time it could take to receive those funds would be 12 days.

Bonuses & Promotions

Currently, the broker isn’t offering any special opportunities. Under their Terms & Conditions, iForex24 does mention that they may offer bonuses, promotions, or other benefits at their discretion. In the case that a bonus is awarded, the terms state that the trader would need to execute transactions in amounts at least 30 times the bonus amount and that there may be requirements based on deposit minimums, minimum trading volume, timeframes, etc.

Educational & Trading Tools

The website’s Education section is made up of Forex Basics, Fundamental Analysis, Video Tutorials, and Technical Analysis. The latter includes the mini-sections Chart Formations, Chart Analysis, Market Trends, Support and Resistance, Technical Indicators, and Technical Basics. Unfortunately, the video tutorials are not yet available, although the broker claims that this section will be updated soon. Trading tools consist of platform downloads and an Economic Calendar, so we don’t see other options, like calculators, VPS, etc. available on the website.

Demo Account

Like the majority of their competitors, this broker is offering risk-free demo accounts to any users that would like to open one. Opening a demo is a quick process and only requires the trader’s name, email, phone number, and country. One thing that makes this broker’s demo account special is the fact that the accounts are specified to mimic each of the broker’s real accounts, meaning one can open a Premium, Standard, or VIP demo account. These accounts serve a variety of purposes and are excellent educational tools for beginners, but demo accounts can also be used to test conditions offered by the broker on their various account types or to test out the lesser-known platform. This information can help to give one an idea of whether they would prefer to make a real deposit with the broker.

Customer Service

In order to reach customer support, traders can call, email the broker directly, or send a message through the online contact form on the contact page. We don’t see any instant contact option available, making phone the quickest way to get in touch with support. Support is active 24 hours a day, Monday through Friday. This makes it convenient to get in touch on weekdays although weekends tend to be a high-volume time when many users may be looking to sign-up. Listed contact information has been provided below.

Email: [email protected]
Phone: +441865521164
Address: IFOREX24 LTD, Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro Marshall Islands, MH 96960

Countries Accepted

iForex24 mentions that services are not available to clients located in France. In addition, the broker reserves the right to refuse service or cancel accounts opened by clients that they deem to be located in jurisdictions where it would be illegal to pursue a relationship with them. In addition, the broker mentions that it is against the law for US clients to buy and sell commodity options. If you visit the account registration page, you’ll find both of the aforementioned locations are listed. This means that it is possible to open an account from France, the US, and many other locations.

Conclusion

iForex24 is an online FX and CFD broker that offers leveraged trading of up to 1:200 on more than 200 total instruments, made up of FX, commodities, and stocks, from three separate account types. The most affordable account can be opened with a $200 deposit, but the broker asks for deposits of $10k or more to open one of the additional account types. Traders can choose from fixed or floating spreads on FX instruments.

Spreads seem to be above average on FX instruments, regardless of which type is chosen, while the broker offers much more attractive options on commodities and stocks. Commissions are only charged on stocks, so traders won’t have to worry about these costs when trading currency pairs or commodities.

One disadvantage would seemingly be the broker’s featured trading platform, since it was created by the company and the website doesn’t provide any details about available features. Funding methods are currently limited to Visa/MasterCard, Wire Transfer, and Skrill, with a maximum wait time of up to 10 days for withdrawals. Fees are not charged on deposits and clients are able to make one free Wire Transfer withdrawal per month.

Customer Support is available 24/5, via email and phone. The broker seems to be in the process of updating their educational section and trading tools are limited to an economic calendar. Currently, there aren’t any ongoing promotional opportunities, but it does seem promising that this could be available in the near future. Service is available for US clients and clients in many other locations all over the globe.

GCM is a Turkish broker with a local license to provide Advisory and brokerage services for financial derivatives. It is authorized by the local authorities in Turkey (Capital Markets Board) and the website is not available in English. For investors that are not residents of Turkey, it means this broker does not have any regulation for international clients. The company is headquartered in Instanbul and transformation from Artı Menkul Değerler A.Ş, which has been operating before and this is a continuation in the form of a brokerage.

The website design has tight margins and organized in a typical way, without modern effects and limited information to keep it beginner-friendly, but, with some effort, a lot of important information for investors is published, with good transparency. GCM states that their specialty is leveraged trading and Futures. They are proud to present their figures, 86k clients, 39 TRY (~7M USD) capital investments, 330 employees, and the ongoing effort to bring more trading assets and technology.

Additionally, there are many awards displayed like: “High Transaction Volume Award” in 2015, “Best Order Transmission” from Forex Report Magazine, “Best Forex Broker” in 2014 and a few more. Of course, these awards are a part of the marketing industry, but this GCM review will reveal the scope and quality of service they provide.

Account Types

GCM does not give you any options when selecting an account type. The page will offer you a Trial Account and a Real Account. The first one is just the usual demo. Real Account is presented to feature low spreads, a personal sales manager, and other “advantages” that are not specified. By applying for a Real Account you will also need to accept the Consent Form that some may see as privacy-invading, you will opt-in for a lot of marketing and private information sharing.

Real Account is available in EUR, USD and TRY currency. The two-step registration procedure will list many worldwide countries, but in the next step, you will be given to select only cities from Turkey and ID registration in Turkey.

VOIP is a designed Account for Futures and Options trading localized on Borsa Istanbul. More than 30 instruments are promoted with leverage, tax advantages, and bi-directional trading. Demo for VOIP is also available. Turkey’s big companies are featured as well as Borsa 30 Index that is interesting for local investors.

Platforms

GCM offers MetaTrader 4 platform for standard trading and MetaTrader 5 for Options&Futures. Both are available to download for Windows but not for Mac. Webtrader and mobile versions are also offered running on Android and iOS. GCM has an additional web platform, Sirix, a well known, simplistic platform that is easy to adopt by beginners.

The MT4 platform is connected to 4 live servers and one demo. These are distributed in several global locations, in the UK, Netherlands, Singapore, Honk Kong, and Ireland. Our dedicated server from the Netherlands had a ping rate of 58ms. The platform is updated to the latest version and is set to defaults and One-Click trading buttons visible. Four charts with major Forex currency pairs are the default template with MAXD and CCI inserted.

Trading instruments are categorized into too many groups to be considered practical, for example, Forex pairs have 7 groups, EUR/USD USD/JPY, and USD/RUB are separated for no apparent reason. Whatsmore, CFD1, CFD2, etc groups do not represent what class of assets they contain. The instrument specification window presents enough information. Execution times were below 0.2s but sometimes it could go over 500ms. Trade Terminal is showing all the trading costs including swaps.

Sirix platform is available in a web-accessible form and for mobile devices running on Android and iOS. It will not be shown in the English language straight after the loading, so the trader will have to find the language switch in the top right. Sirix is not designed to deliver complex orders or for automated algorithms. It features 50 indicators with basic chart drawing possibilities which are somewhat inconvenient as everything is done with mouse only.

Sometimes Sirix platform has a more advanced variant to switch to, but we could not find that on this GCM version. What is good with Sirix is the nice-looking graphical design and the Social module, unfortunately, we were unable to see it working. Economic Calendar is also integrated, but it was the same case as with the Social module. The execution times are slower and take about 1 second, making this platform just a user-friendly step for inexperienced traders until they understand the basics of trading.

MetaTrader 5 platform for VOIP Accounts needs to have login details specific for VOIP Account. It is set to present the Futures and Options trading with four charts displaying Futures on Gold, Bank Vis Index, USD/TRY, and one future with an exchange specific codename. There are 4 servers, all based in the UK and Netherlands with below 60ms ping. The executions are great with just above 60ms mark. The instruments specification window shows additional information needed for futures trading, like Margins, Ratios, dates, commissions, etc. Note that most markets have gaps and noise typical for low liquidity.

Leverage

Exact leverage is not disclosed when you open the account. The whole instruments list exists in the Trading Conditions section, although you may need a few clicks to get there. For all trading assets, the leverage is 1:10, which is considered too low in the industry. Most of EU brokers will offer 1:30. VOIP Account leverage is up to 1:30.

Trade Sizes

GCM has the usual micro-lot trade sizes or 0.01 lots. For Forex the minimum trade volume is 0.01 lots, also for additional steps. The maximum trade size is 150 lots for EUR/USD but all other currency pairs have 100 lots. Other Instruments also have the same trade sizing, even Stocks and Indexes. Stops levels could be a matter of concern for a good share of traders. For the EUR/USD pair stops level is 40 points, GBP/USD 120 points, EUR/CHF 140 points, and as we go towards minor and exotics, Stops levels get uncomfortably high. Therefore, AUD/NZD has 300 points, GBP/AUD 300, and GBP/TRY no less than 500.

The highest Stops levels are with USD/ZAR at 2398 points, for most, these levels are too much. For those that do not know, the Stops level threshold does not allow limit orders around the current price. Gold/USD has a 100 points Stops level.
Margin Call and Stop Out are not disclosed.

Trading Costs

GCM does not charge commissions for the standard account. The swaps are very low with frequent positive figures on one side. EUR/USD has -11.3 points on the long and 5.3 points on short, tripled on Thursdays. Double-digit swap is not a common sight among the major pairs, the highest swap is with the EUR/AUD, -12.5 points for long and 6.2 for short.

From the exotics, the swaps are expectedly higher so EUR/HUF has -20.2 long and 4.23 short, USD/ILS 0.33 points long and -12.50 short, USD/ZAR -400 long and 90 for short, the same as USD/MXN, and the highest swap values among currency pairs is with USD/RUB at -2120 for long and 500 for short position overnight charge. XAU/USD has -15 long and 4 points short swap while Silver/USD has just -1.5 and 0.5. Crude Oil has -3.8 and -2.4 points.

Inactivity fee exists. If a trader does not have any open positions and did not open any new for 3 months it is considered non-performing and will be charged $3 or 2€ monthly.
Trading Futures and other derivatives on VOIP is subject to banking and insurance transactions tax (BITT) of 0.0005%.

Assets

GCM has a very good asset range across all categories, except for cryptocurrencies which are not offered. Forex features 51 currency pairs with some broker specialties. All majors are present, and minors have variants with EUR, GBP, and USD as a base currency. Therefore you can find EUR/TRY, USD/TRY but also GBP/TRY. This is also true for the Scandinavian currencies, DKK, NOK, and SEK.

Among the exotics, traders will find PLN, ILS, MXN, HUF, SGD, RUB, and ZAR. A GCM specialty is a basket forex asset TRYBASK that comprises of EUR and USD against the Turkish Lyra, so 1 lot contains 50k USD and 50k EUR. Some of the instruments were off quotes like EUR/ILS, or in other words, not available for trading.

Precious metals have extended range where you can find Gold against USD, TRY, EUR but also Gold Gram variant. Silver is only available against the USD. Platinum and Palladium are under the commodities grouping and they could be hard to find at first. In addition to these Copper is also listed, as a commodity metal.

GCM has a good choice of Index including the Dollar Index that is not just indicative but fully open for trading. A total of 14 are present with major ones and less common like Russel 2000 Mini Index, CAC 40, CNA 40, DJ EUR 50, MIB 40 Italy, Hang Seng Index, and IBEX 35.

Commodities are present and above the industry average range. Traders can find a total of 8 commodities but nothing exotic. These are both, Brent and Crude Oil types, Natural Gas, Heating Oil, Gasoline, Wheat, Corn, Soybean, Sugar, and Cotton.

We have fount a total of 38 stocks from the EU and 50 from the US, which is the average range. These are major popular companies shares but are very well diversified by industry. GCM also offers bonds. These are all US treasury Bonds with 3,10 and 30-year maturity. 30 year US bond is not common to see among brokers.

Spreads

GCM offers fixed spreads for most trading instruments. This means the broker may not be the best option for fast trading strategies where low trading costs and spreads are essential. Starting with Forex, the most traded pair, EUR/USD has 2 pip spread. Other majors follow GBP/USD 3 pips, USD/JPY 2 pips. In the mid liquidity range, GMC has AUD/NZD with 15 pips spread, EUR/NZD 20 pips, GBP/CAD 15 pips and similar for others.

In the exotic range, the spread is increased, GPB/TRY has 60 pips spread, higher than USD/TRY with just 15 pips. Then we have the USD/SGD which has a floating spread specified, although we did not see it changing from the 80 points level. The highest spreads were for EUR/HUF – 70 pips, USD/MXN – 100 pips, USD/ILS – 160 pips, and USD/RUB – 675 pips. A sharp increase for the exotics means these are maybe attractive only to long term traders.

Whatsmore, the fixed spreads can be changed by GCM, as stated, during the volatility periods and also around session closure. Precious metals also have a fixed spread. Gold/USD has 50 pips and Silver 4 pips. Gold denominated in EUR has much wider 100 pips spread, and in TRY 450 pips. Palladium spread is 250 pips and Platinum 12pips, both classified as floating spreads. Copper also has a floating spread at 62 points.

Crude Oil has a 40 points fixed spread while Brent has a 7 point, a lower amount because it is a floating spread. Note that GCM also seems to present ECN accounts with variable spreads but the actual account opening does not offer this option, therefore we will not cover this, probably former account type with variable spreads and commission.

Minimum Deposit

The minimum deposit is not presented on the website until you register for an account. The minimum deposit is 50,000 TRY or around 8500 USD. This is a high barrier for entry for most traders but considering the lower leverage, it may be needed.

Deposit Methods & Costs

What we have seen within the trader’s area, only bank transfers are possible. The costs will depend on the bank. Currencies available are USD, EUR and TRY. Credit Card option is displayed but the link opens the same page for bank transfers. Deposits by bank transfer are more complicated for a chargeback than with VISA or MasterCard.

Withdrawal Methods & Costs

Withdrawals are made only by bank transfers. A form will require you to type IBAN and other bank details. No associated costs are mentioned.

Withdrawal Processing & Wait Time

Withdrawal processing takes one business day by the broker, after the transfer may take up to 7 days.

Bonuses & Promotions

There are no promotions or bonuses offered by GCM.

Educational & Trading Tools

GCM shows analysis and tools on different pages across its website. Often you will see the basics about Forex, transactions, where to invest and so on, essentially this is tied to marketing and account opening. Forex training section contains both Fundamental and Technical analysis, Webinars, Videos, and written material. An analysis manual that describes how to interpret the reports and indicators is also added.

Videos are numerous and of great quality. MT4 platform explanations are all in Turkish but are very detailed and professionally edited. Over 30 videos exist just for the platforms. GCM states that there are more than 10,000 minutes of video material for various topics. Other videos showcase the latest market developments and can last for more than 30 minutes.

For example, the latest topics are “Latest Situation in the Oil Market”, “Policy Developments of Fed and Large Central Banks”, “Inflation, Base Effect, and Central Bank Route”, etc. These videos are also of great quality, long, showing different technical applications, fundamental drivers, fact figures and other arguments. There is also a possibility to sign up for a live Youtube stream.

Fundamental and Technical analysis part explains what they are and how to apply them. They are structured and well written. The indicators page is long and tries to cover the most popular indicators and other methods of analysis. Additionally, there is an e-book containing all this material, but it is not available for download.

Articles are fresh but updated monthly and cover interesting topics that are relevant to present political developments. Some of the latest subjects are “What is ECB? Effects of ECB Interest Rate Decisions”, “What is Trade War? Effects of Economy of Turkey and the World Trade War” and so on. The articles are of good quality without any marketing.
GCM also has a very developed Market Analysis section.

The analysis is published daily and more than once. A timeline graphic will show traders what analysis coming up, be it morning technical analysis, video or special reports. Expert opinions are also published and contain short but quality content, with the addition of how it is relevant to Turkey. Technical analysis is also extensive but does not show anything more than Support and Resistance levels, Pivot lines and price levels.

Market News section is outdated, showing the latest reports from 2017. GCM probably decided to include news along with the reports and analysis they frequently publish.
GCM has a few tools available. Calculators are for Pips, Margin, Swap and s currency converter. These are very basic while the economic calendar has its section but it is not available.

GCM has its Sentiment Indicator for every asset. This indicator is usually seen with larger, market maker brokers. It is refreshed frequently.

Customer Service

GCM has an email, phone and chat service available. It is not available in English and is not 24/7, just during the working hours in Turkey. The staff requested our phone number and disconnected us without providing us with any answers. Direct audio contact is better for sales hence the reason for the phone number. Note that it is common to see other affiliates contacting you as a part of shared policy marketing.

Demo Account

GCM promoted a Trial Account or a demo with 100,000 virtual currency. After 30 days, the trial account will be closed. A new demo could be obtained and within the user account panel, it is possible to open multiple accounts. The Demo account will have all the conditions as with Live, having the same information specs.

 

Countries Accepted

No information is available from the GCM website. The registration form has a long country list.

Conclusion

To complete this GCM review we will state a few important info for interested traders. This is a market maker broker that has great range and transparency. We have seen a broker publish statements on profitable/losing traders ratio using their services, but it is uncommon to also see reports on price providers, Ration of rejected orders, Asset price deviation report, and a Ratio of Customer Complaints. This is commendable although it still may not be enough considering trading conditions that are not favorable to fast traders, which are many.

The broker also shows signs of being just an affiliate of Fortrade, that shares the same trading instruments although at higher leverage and a bit higher fixed spread. GCM has some additional values for clints from Turkey as most of their services are adapted to them, including the Futures and Options trading. Additionally, there is a lot of marketing involved and it is in the national culture.

Finally, the minimum deposit is too high for most traders that just want to try live service, especially taking into account that this is a locally licensed broker, not globally popular and that there are not enough positive user reviews.

Formerly known as Merkativa, AGEA is a rebrand that has been online since 2005. This broker is headquartered in Montenegro with a real address location in Podgorica. AGEA is a public company on the Montenegro Stock Exchange and regulated by the local authority, Commission for Capital Markets. This regulation does not officially comply with the EU directives as the country is not in the EU, but AGEA states they are based on the legal framework following the MiFID directive. Client funds are segregated and policies are established for AML, Risk and other categories compliant with the MiFID. There is also a client categorization policy that defines a professional trader. Still, the leverage provided is not limited as with ESMA compliant brokers.

AGEA has improved its services since establishment and differentiated in some fields like the platform offers. The website is well designed and does not follow the classic structure. Content has a good mix of educational and specific information material for advanced users who can understand the industry phrases. Overall transparency is good, the website is providing more details than what we usually see with other brokers, especially for the overview of the platform. User rating for this broker is mediocre, although the most negative come from accounts that used the company promotion funds.

AGEA responds to every negative review and that shows dedication to improve the image. Apart from being transparent, the broker encourages the use of the demo account for at least several weeks for inexperienced traders, giving us the feel of genuine interest to have skilled traders for a longer-term. This notion is further confirmed with good tips guides. This review will give you insight if AGEA has the right offer for your style of trading and the quality of service.

Account Types

AGEA does not have classic account packages with different minimum deposit requirements or similar. Account differentiation is based on the platform. AGEA offers two platforms, MetaTrader 4 and Streamster. MetaTrader also has a Cent Account that enables traders to risk lower amounts of money but experience live trading. The maximum balance for the Cent account is $5-$6000. Each platform has somewhat different trading conditions although not substantial.

Accounts are available in USD, EUR, GBP, CHF for the MT4, and USD, EUR, JPY, GBP, CHF, CAD, and AUD for the Streamster platform. Accounts have different maximum leverages and the MT4 platform requires at least $100 balance as stated on the website, but the AGEA support told us a lower limit. When trades register for an account with AGEA, the will be rewarded with $5 upon verification but they will not be able to have multiple accounts. Traders will still be able to have accounts under their single master Account with AGEA.

Platforms

AGEA supports two platforms, Streamster and MetaTrader 4. Streamster is available as a desktop version and web which is automatically opened once you register and is regarded as a standard platform. This platform is simplified, easy to use and well designed. There are two color themes to switch to, light and dark, both are good looking and easy on the eyes. Some advanced features like chart drawing, custom indicators or automated trading are missing, as expected with simplified web platforms.

Streamster has its API for algorithmic trading but you will have to be familiar oh how to set it up for automation in PHP or Visual Basic. A guide is prepared on the AGEA website with examples. Streamster will have enough features for basic trading, there are 3 windows by default that can be resized and rearranged by preset layouts. The windows will display the chart, instruments list, and the account/trading terminal with few integrated tools and services not available in the MT4. The chart can be set to classic timeframes like in MT4, and type can be set to line, bar, candle and track, Track style is like a bar with gradient changing colors as the price reaches new lows and highs.

We have spent some time to figure out how to add a new instrument chart as this is integrated with the indicators list that is much larger than the instrument selection dropdown menu at the top. The same list is opened with a gear-like button but without the instruments selection menu. Traders can have up to 3 charts open but cannot have them visible at the same time. The indicators list is similar to the MT4, we have counted a total of 35. Most of the indicators are well known and there are no additional colors or other settings like with the MT4.

Ordering will give you options to set Stop Loss and Take Profit (called Exit Target) levels, volume in Units, Limit, Stop and Market type, GTC, GTD, IOC duration and a custom text that can be added to the trade. The most interesting part is the management module window that is similar to the Termina in MT4. In addition to classic trade management sections like Portfolio, Orders, and Positions, Streamster has Chat, News, Support, Calendar, and Account integrated service sections. Chat will give you the ability to communicate with other traders globally and also with AGEA support. We found this chat to have a lag more than a few seconds for every line sent.

News will display the latest feed from Reuter, CBNC News, South China Morning Post, RT Business and Market Watch, with a filter to disable some of these sources. Clicking on the news line will link you with the published page. Calendar section will list the last 9 events for the current day without any filter options, thus seriously limiting the usability.

Account section will display similar information as from the AGEA website if not the same, making this section just an integrated AGEA webpage where you can open new accounts, read content and so on. The instrument information is obscured, you will not have the spread displayed or anything related to the execution time, but still have the instrument price change, highs and lows, and the time.

Streamster desktop platform is similar but has more features than its web version. This platform has more indicators with more settings, some chart drawing options, alerts for prices and economic events, and more account management features. “My AGEA” menu hold much more useful information and analysis. Here you can see Portfolio analysis, manage accounts, see trades information, manage funds and more.

MetaTrader 4 is available only as a desktop version. It is described by AGEA as a platform used “by traders who understand how to code”, which is not true, traders do not need to understand coding at all. The platform is updated to the latest version and shows two servers upon startup, AGEA Demo and Live. Both are having a ping rate of about 200ms. The instrument symbols are grouped into four groups with clear and full specifications.

The default four forex charts have the One-click trading buttons visible with default indicators applied. No additional indicators or templates are added to the installation. The MT4 Terminal will show all the relevant trading costs for open positions including swaps and commission. Execution times are around 270ms without deviations, the slowest execution being just past 280ms. This latency is average in the industry. We have also noticed a major issue with Oil assets. They were off quotes or took an abnormal time to execute orders. Trading hours for all platforms is Sunday 22:15 to Friday 21:00 GMT.

Leverage

The leverage is initially by default 1:100 for the MT4 Account and fixed to 1:100 for the Streamster platform. MetaTrader 4 has the leverage set from 1:1 to 1:200 for the standard size and up to 1:500 for the Cent account. This leverage is available regardless of the client categorization set by MiFID that exists during the registration process. The leverage for precious metals and other assets is the same.

Trade Sizes

Trade sizes in the Streamer platform are measured in units, and the minimum trade size is 1 unit for Forex. This is lower than a micro-lot trade size as 1 lot is 100,000 units. Increments are also not limited. Limits exist for the maximum number of opened positions (50) per desk type (200 in total) but this limit should not be a factor for most traders. The maximum volume limit is 1,000,000 cumulative for all positions. For target orders, there is a 3 pip distance limit that may be too big for some fast trading strategies.

MetaTrader 4 platform has a different trading size policy. The minimum trade size we have observed is 0.1 lots. This is too big for small deposits even though the minimum requirement is very low. The 0.1 lot minimum trade size is not applied to precious metals, so XAU/USD has 0.01 lots minimum trade size and the same for additional trading steps. The maximum allowed per trade is 10 lots. For Oil assets, there is another interesting limit, the maximum trade size is 1 lot while the minimum is 0.01. The contract size for these CFD Oil futures is not standard and is 10 units.

The stop out level is the same as with the Streamster – 3 pips. The Cent account has the same trading volumes and conditions. Margin Call and Stop Out levels are not defined and are limited only to the equity needed to sustain the margin.

Trading Costs

AGEA is a commission-free broker for all platforms and also swap-free for the Streamster platform. This means the only non-spread trading costs are the negative swaps if you are using the MT4 platform. The swap rates are disclosed in the MT4 instrument specification window only. The website listing will display some information about the spreads but not swaps. Swaps are calculated in currencies and tripled on Wednesdays. Positive swaps are not uncommon.

For the most traded pair, EUR/USD the swap is -7.32 EUR for long position and 2.57 EUR for short. USD/JPY also has a positive swap on the long side, 1.45 USD and -5.55 USD on short. GBP/USD has -4.66 GBP for long and 0.02 GBP for a short position swap. NZD and AUD swaps are also wit positives, NZD/JPY has 2.56 NZD positive for long and -8.46 NZD for short while AUD/CHF has 3.51 AUD for long and -9.41 AUD for short position swap.

As we go into exotics the swaps are not going higher to a large degree, some remain single-digit. For example, USD/CNH has -3.25 USD for long position and -0.85 USD for short, USD/HUF has -0.65 USD long and -5.35 USD short. The highest swap is for the EUR/TRY with -42.48 EUR for long and 0.10 EUR for a short position swap. Swaps for XAU/USD is low with -0.056 USD for long and -0.047 USD for short.

AGEA has an Inactivity Fee of $20 per year for accounts dormant for 12 months.

Assets

The asset range offer is different for the Streamster and the MT4 platform. Both have the same categories but MT4 has an extended Forex instrument range. A total of 44 currency pairs is present in MT4 while Streamster desktop and web version have 17 total and none of them are exotic pairs. In the MT4 forex traders will also find uncommon pairs like USD/MXN, USD/CNH, USD/HKD, EUR/PLN, EUR/TRY, SGD/JPY, EUR/HUF, and Scandinavian currencies.

These and more variants with the USD are not present in the Streamster platforms. Desktop Streamster platform has some of the forex and other assets invisible, traders will have to “subscribe” to all available by clicking on the search button under the Subscriptions tab.

Precious metals are limited to spot Gold and Silver. These are present on both platforms.
Indexes are present on all platforms in equal numbers. There are a total of 6 future Index CFDs and the asset names are not what we see usually. You will find XDE30 (German DAX), XFR40 (CAC 40), XUK100 (FTSE 100), XUS100 (NASDAQ), XUS30 (Dow Jones e-mini) and XUS500 (S&P 500).

Commodities are limited to Oil futures CFDs. UK Brent and US Crude Oil are present in MT4 but not on Streamster platforms. AGEA had some technical issues with the execution. We are not informed is the problem is with the liquidity provider or server related.
AGEA Instruments Profiles page also has Bonds, ETFs, and Stocks in the dropdown menu, but these assets are not yet introduced.

Spreads

AGEA has floating spreads that are specific for each platform they offer. The spreads are generally competitive but not good enough for fast trading strategies. Forex spreads are disclosed on the website but the minimums are never achieved, even during night sessions. For example, EUR/USD minimum spread is 5 points but it is almost always in 10 points range, USD/JPY has 12 points while the minimum stated is just 1 point. AUD/USD has 11 points, NZD/USD 12 points, and USD/CHF has the highest with 18 points in the majors.

Other pairs have higher spreads, so AUD/NZD has 29 points, CHF/JPY 31 points, EUR/NZD 37 points, GBP/AUD 44 points, and GBP/NZD with the highest spread of 83 points in the minors. Exotics spreads are like fixed for some pairs like for USD/TRY at 6000 points, 3000 points for USD/ZAR, and 6000 points for EUR/TRY. These are also the highest spreads. For other exotics, the spread is much tighter, so USD/MXN has 665 points, USD/PLN 166 points, ZAR/JPY just 13 points, USD/CNH 107 points, and USD/HUF 218 points.

Spot Gold has competitive spread at 37 pips and Silver with 12. Oil assets have 13 points spread.

Streamster platform has tighter spreads but is not displayed on the platforms. Traders will have to manually calculate from the Bid/Ask price. For comparison, EUR/USD has 5 points spread, USD/JPY 4 points, GBP/USD 5 points, and the rest of the forex currency pairs have the same 4 or 5 points spread. These spreads are much more comfortable for fast trading but traders will have to put some effort into API to connect their algorithms. Spot Gold has 15 pips spread and Silver is at 4 pips in the Streamster platform.

Minimum Deposit

The minimum deposit stated on the website is $100 for the MT4 platform and no requirement for the Streamster. In the FAQ there are no minimum requirements as stated while the support staff told us the minimum for the MT4 is $6 and $1 for the Streamster. Note that the trading sizes for MT4 may require you to have more on balance. Cent MT4 account has a $5 minimum balance. AGEA will reward new traders with $5 upon verification so traders can start with Cent account.

Deposit Methods & Costs

AGEA has a comprehensive list of deposit costs by different payment processors. AGEA does not charge any fees for deposits. Deposit methods are numerous but without any crypto methods. You can deposit via Bank Wire, VISA, MasterCard, Local China Banks / UnionPay, DixiPay, FasaPay, Local Bank Transfers, Neteller, PerfectMoney, Qiwi, Skrill, WebMoney, Payza, RBK Money, E-Dinar, Epay, and AliPay.

Fees charged by these payments providers are:

• Local Banks in Malaysia, Indonesia, Thailand, and Vietnam: 2.8% (deposits); 1.6% (withdrawals).
• Credit Cards: 3.5% + USD 0.50 or 3.5% + EUR 0.35 (deposits); 2.5% + USD 7.50 or 2.5% + EUR 6.50 (withdrawals).
• Local China Banks / UnionPay: 1.20% (deposits); RMB10 per transaction (withdrawals).
• Fasapay: 0.50% (deposits); 0% (withdrawals).
• Skrill: 2.5% + USD 0.37 + 0.5% or 2.5% + EUR 0.35 or 2.5% + GBP 0.3 (deposits); 1% (withdrawals).
• Neteller: 1.9% + USD 0.29 (Minimum USD 1.29) or 1.9% + USD 0.29 + 0.5% (Minimum USD 1.29 + 0.5%) or 1.4% + 0.29 equivalent of USD for other currencie (deposits); 0% (withdrawals).
• PerfectMoney: 0.50% (deposits); 0.50% (withdrawals).
• WebMoney: 2.50% (deposits); 1.50% (withdrawals).
• QIWI: 5% (deposits); 1% (withdrawals).
• Payza: 3.9% + USD 0.59 (deposits); 0% (withdrawals).
• RBK Money: 3.50% (deposits); 3.50% (withdrawals).
• DixiPay: 0.50% (deposits); 0.50% (withdrawals).
• E-Dinar: 1% (deposits); 1% (withdrawals).
• Epay: 0% (deposits); 0% (withdrawals).
• AliPay: 2.2% (deposits); 0% (withdrawals)

Some of these options are not available in all countries.

Withdrawal Methods & Costs

In addition to withdrawal fees charged by payment processors stated above, AGEA also has its fees. Bank Wire fee is $10 and $7 one-time fee for other, non-wire processors. This means the reward of $5 will not be available for withdrawal.

Withdrawal Processing & Wait Time

Withdrawal processing is not automated and will take up to 24 hours to process. This is also valid for e-wallets. After clearance, bank transfers may take up to 7 days and e-wallets are usually instant.

Bonuses & Promotions

AGEA has a kind of a bonus upon account verification but since there is a fee for withdrawals this bonus may be regarded as a pure marketing gimmick.
AGEA has a tournament called “AGEA Masters – Monthly Tournament”. This tournament is based on the highest pips performance for the current month and available only for the Streamster platform. The rewards are not disclosed.

Educational & Trading Tools

AGEA does not have a dedicated section for education. The closest thing is the Resources section with Introduction to Markets, various FAQs, Specifics and Facts, and Trading Techniques. Introduction to Markets is a very short explanation of the basics like ordering and profit calculation. This is not very useful for beginners. Trading Techniques contains useful tips about Technical, Fundamental analysis, and Risk Control.

The content is short for any serious study but points out important facts for successful trading. Specifics and Facts part is just some common phrases and topics in the forex industry. It is a kind of glossary with examples and explanations. AGEA FAQs are well structured and cover the majority of common trading questions. Transparency is good enough, the only drawback is the lack of the search tool.

AGEA does not have the Economic Calendar or any tools available on the website. Most of the tools are integrated into the Streaster platform. More on this is in the Platforms section.

Customer Service

AGEA customer service is very good. The support is available by email. phone, and chat. The chat service is well designed and integrated into the Streamster platform. This chat has a small lag for every line sending but it is tolerable. The staff will respond within a minute and has a good knowledge of trading and understanding of your needs. Some answers may not be in full, especially if it is hard to answer without a negative context. In our case, after asking about the Oil trade execution problem, we were put on hold for a few minutes until we had to ask again. Only then we have received a reply that they have technical issues. Still, the support service is 24/5 and answers promptly.

Demo Account

AGEA is one of few brokers that will encourage traders to spend on a demo for a few weeks before going live. The demo account for the Streamster platform will provide traders with $10,000 virtual funds and the MT4 demo account can be opened within the platform. The leverage and the number of virtual funds can be selected. There is no time limit and the demo will reflect live trading conditions accurately. All platform versions have a demo available.

Countries Accepted

Countries not supported are the United States, Cuba, North Korea, Sudan, and Syria.

Conclusion

This section of the AGEA review will sum key information about this broker. AGEA has some advantages that are not good enough to attract new-age traders and not good enough for classical, mid and long term traders. Their Streamster platform is easy to use but lacks features and assets while the MT4 has a good Forex range, it does not have the best trading conditions. This is further complicated by low liquidity or overloaded servers.

Whatsmore, the regulation is not known for being robust and is not quite adhering to the MiFID EU directive. On the other hand, the company has solid grounds for beginner traders that like simplicity, good trading tips, chat, social aspect, and almost no deposit entry barrier. To complement this focus to beginners, AGEA has introduced the Cent account and the monthly tournament.

The broker also needs affiliates and additional staff they recruit through the AGEA Assistant program. The main selling point of this broker is the beginner-friendly Streamster platform, enough leverage, and the low deposit requirement. For other traders that prioritize great execution times, more assets including cryptocurrencies, better spreads and liquidity may look elsewhere.