Tag: review

Banqoin is a foreign exchange broker and CFD on cryptocurrencies, which seems to be more focused on the cryptocurrency market. The website is available in 4 languages, English, German, Russian, and Italian. The main problem we see with Banqoin is that this broker and the companies that support it do not have a license to supply financial services in regulated markets such as the European Union, the United States, Australia, or Japan. Banqoin is operated by Infocom Media Ltd., based and registered in the Marshall Islands, but Banqasia Limited processes payments.

Please note that opening a trading account in unregulated brokers has its risks, as the security of your funds depends solely on the integrity of the people who run those brokers. That is why we say that there are unregulated brokers who are trustworthy, thanks to the good work of their managers.

Brokers, regulated by major financial institutions such as the Cyprus Securities and Exchange Commission (Cysec), the Financial Conduct Authority (FCA) in the UK, or the Australian Securities and Investments Commission (ASIC), provide sufficient security to their traders, as they are required to comply with specific standards, including regular reporting, external auditing, providing negative balance protection to customers, keep all funds invested in a segregated account and other than the broker’s operating account, usually refrain from offering offers and offers of trading, maintain a minimum capital to prove their solvency; and in some cases, they even ensure traders money through a guarantee fund created for that purpose.

For example, all brokers regulated by the FCA must participate in a clearing system for traders, which guarantees up to GBP 50000 of the capital invested in the event that the broker becomes insolvent. Similarly, if you are trading with a Cysec licensed broker, you do not have to worry about the first 20,000 EUR of your account.

Account Types

Banqoin offers its customers 2 different types of accounts. Unfortunately, it does not offer much information about them. What we do know are the account titles and minimum deposit requirements for each.

• Bronze Account: $100
• Silver Account: $1500
• Gold Account: $5000

We can see how the only difference between them, apparently, is the minimum deposit to access each one of them.

Platforms

Unfortunately, this broker does not offer the platform we like best, MT4. Banqoin has a web-based trading platform, and it is quite simple. This platform reminds us of the platforms that were widely used in the past by binary options brokers. Although the available platform has a pretty decent graphics package, provided by Tradingview, the platform lacks many options, such as the option to run automated trading sessions, with customizable trading bots, the scant variety of technical indicators, the zero possibility of customizing the interface, among other features that we do have available in MT4 and that this platform lacks.

Leverage

As we have already commented, there is a lot of misinformation on the Banqoin website, and this data, the leverage, is one of those that we have not been able to have information about. After analyzing the broker, in general, we can assume that Banqoin is very likely to accept high leverages, of 1:500, for example. But this is not confirmed and is indicative of our experience.

Trade Sizes

We do not know the trade sizes available. Also based on our experience and the type of broker that it is, we venture to say that in all probability this broker will offer trade with small trade sizes, of 0.01 lots (micro lots), but this is information that has not been verified and is based only on our experience.

Trading Costs

On the platform, we can see that spreads in the EUR/USD fluctuate around 1 pip, AUD/USD 1.2 pips, USD/CAD 1.1 pips, and USD/JPY around 1 pip. We haven’t been able to figure out which of the 3 accounts the broker offers these spreads to. There is no information about commissions that may exist for trading.

And the only expense we know they have is the swap, because all the brokers apply it, except for the Islamic accounts, which this broker does not offer. The swap is, any position held overnight, which will incur a maintenance cost (interest). This amount can be negative or positive depending on the instrument and the direction of the position, and its amount is fixed by the central banks of the base currency of the open position.

Assets

One of the greatest advantages of this broker is the variety of CFDs in cryptocurrencies. It has almost 30 pairs with coins like Bitcoin, Zcahs, Verge, Ox, Ethereum, Ripple, Monero, Stellar, Tron, Augur, Neo, Litecoin, IOTA, Ethereum Classic, EOS, Dash, Bitcoin Cash, and Cardano.

In addition to cryptographic assets, Banqoin also offers CFDs on gold, platinum, silver and oil, indices and stocks. Unfortunately, currency pairs (Forex) are very few: only 13, and with the Russian rouble and the Turkish lira as the only exotic currencies on their list.

Spreads

Unfortunately, we have not been able to open a demo account, so we cannot analyze the trading conditions that this broker offers. However, on its web-based trading platform, the EUR/USD benchmark spread fluctuated around 1 pip, which can be considered acceptable in a standard account. Banqoin offers three different types of accounts: Bronze, Silver, and Gold, and we haven’t been able to figure out which of those three accounts are linked to the spreads appearing on their web platform.

Minimum Deposit

This is one of the advantages of Banqoin: you can open a trading account with as little as $100 on the bronze account. This amount is on average with what most brokers would ask for an initial investment. To access the Silver and Gold accounts, the required minimum deposit is USD 1,500 and USD 5,000, respectively. Amounts that seem a little high to us.

Deposit Methods & Costs

Banqoin accepts deposits only with the most traditional means, including the main credit cards such as VISA and Mastercard, and also with a bank transfer. Unfortunately, the most popular e-wallets like Neteller or Skrill are not available, as well as the option to pay with Bitcoins. The website does not inform if there are costs associated with deposits.

Withdrawal Methods & Costs

Withdrawals should always be made at the source method of the deposit. In this case, since we only have 2 deposit options, withdrawals will be made by bank transfer or by bank card, if you made your deposit with a card. On this occasion, Banqoin also does not report on the costs associated with withdrawals.

Withdrawal Processing & Wait Time

The only thing we have been able to find out, reading the terms and conditions of Banqoin, is that the broker will process the request within 2 to 5 business days after receipt. This seems to us to be an extended period of time, considering that most brokers process withdrawals within the first 24 hours after receiving requests.

After that processing time and knowing that this broker only works with bank transfers and debit or credit cards, we can think that the waiting time for card withdrawals will be a maximum of 5 business days, and the bank transfer will have to add between 2 and 5 working days to the processing time.

Bonuses & Promotions

Banqoin offers 3 deposit bonuses on its three accounts, as follows:

• Bronze Account: 150% registration bonus up to a maximum of $1,000
• Silver Account: 100% registration bonus up to a maximum of $5,000
• Gold Account: A 100% registration bonus up to a maximum of $10,000

Banqoin offers these commercial bonuses, which may seem very attractive, but in reality, the offer is a bit complicated. Please note that this type of bonus is linked to high minimum trading volume requirements, which, if not met, will prevent you from withdrawing your funds.

Educational & Trading Tools

The broker has a section called “Cryptomonedas trading”, where he explains very well that they are cryptocurrencies, and analyzes each of the main ones. There are no more tools or educational elements. We lack an economic calendar, which is a very useful tool for any trader, because it is seen as the main economic events of the day, and that can affect the different assets.

Customer Service

To get in touch with the customer service of this broker, we have mainly 3 ways of contact, phone, email, and a contact form that you will find on the web. The contact points are:

UNITED KINGDOM: Level 18, 40 Bank Street. Canary Wharf, London. E14 5NR, United Kingdom.

GERMANY: Banqoin AG, Börsenplatz 4. 603 13 Frankfurt / Main.
Phones: Tel: 44 (0) 157 194 0006. +49-322 2109 8381. Whatsapp: +1 209 248 1747
Email: [email protected]

Demo Account

A Demo account can benefit the trader in many ways. It is widespread practice for traders to open a Demo account before depositing money into a real account. It is also essential to know that the Demo account retains the same live prices and market conditions, simulating the exposure in a real account. Unfortunately, we have not been able to open a demo account, so we cannot analyze the trading conditions that this broker offers.

Countries Accepted

We have not found on the broker’s website information concerning states or jurisdictions with which a Banqoin trading account cannot be opened. We had to resort to pretending to open a real account, and in the personal data section, find the list of countries. Among the usually excluded countries, we have discovered that neither Canada, nor Syria, nor the United States of America, were on the list of available countries, so we deduce that the citizens of these countries will not be able to open an account with this broker.

Conclusion

Banqoin is an unregulated offshore broker, and, as we have said before, our best advice is to trust your money only with brokers authorized by one of the trusted financial regulators in Europe, Australia or the United States. We have found negative reviews, browsing the internet, about this broker, so you have to take extra precautions before opening an account with him.

We see a website that is too simple, but the worst is that there is a lot of misinformation. We have not been able to learn which leverages ratios are available, the different spreads for each of their accounts, the minimum, and maximum trade size, or whether there are commissions or not to trade. All of this is much-needed information for any individual who is considering opening an account with this broker.

The platform, based on the web, has seemed to us too simple and with few resources for the trader. We miss the possibility of an MT4 platform, which is very complete and satisfies most traders. We have also found that we do not have more means of payment than traditional methods. And not knowing in advance the costs for deposits and withdrawals has not pleased us either because it can lead to surprises in the future.

That is why our recommendation for this broker is not a positive one. Not only because of the lack of regulation but also because of the little information it provides and the feeling of lack of professionalism it gives. Many unregulated brokers trade honestly and have websites with all the information needed for a trader to decide to open an account with them.

Advantages:

• Good selection of CFDs in cryptocurrencies
• Possibility to open a commercial account with only 100 USD

Disadvantages:

• Broker not regulated
• No demo account available
• No deposit with e-wallets like Neteller or Skrill
• Platform too simple and with few resources
• Lack of general information on important commercial aspects

Worldforex was founded in 2007. Existrade Limited is the company behind the trademark World Forex, and is registered in the British Virgin Islands. This broker offers the ability to trade in more than 50 currency pairs as well as several CFDs. World Forex uses the MT4 platform. It is in 2016 that the trademark WORLDFOREX is transferred to Existrade Limited, which has its registration in the jurisdiction of Vanuatu, authorized by the Vanuatu Financial Services Commission (VFSC).

Although World Forex appears to be a regulated broker, it is not precisely so. Licenses issued by offshore bodies do not have the same guarantees as European licenses. In Vanuatu, brokers are not required to meet the requirements of having high capital to demonstrate the financial solvency of the broker. There is also no requirement for brokers to report their transactions, nor to apply strict rules of customer protection. That is why, when a trader invests in an offshore company, he has less protection and guarantees than if he invests in a licensed broker such as the UK FCA or the Australian ASIC, for example.

Account Types

Worldforex has several trading accounts, for which no minimum deposit is required, and no commissions are charged. Some accounts have fixed spreads, and in others, the spread is floating. This broker offers us 5 different types of accounts, called, W – CENT, W – PROFI, W – INSTANT, W – ECN, and W – CRYPTO. Below, we provide you with the main characteristics of each of these:

W – CENT: Currency, USD/EUR. Minimum deposit, from 1 USD. Minimum deposit for the transaction, 0.13 USD. Spreads, fixed from 1.8 pips. Leverage, 1:33 – 1:1000.

W – PROFI: Currency, USD/UAH/RUR/EUR. Minimum deposit, from 1 USD. Minimum deposit for the transaction, 1.3 USD. Spreads, fixed from 1.8 pips. Leverage, 1:33 – 1:1000.

W – INSTANT: Currency, USD/UAH/RUR/EUR. Minimum deposit, from 1 USD. Minimum deposit for the transaction, 1.3 USD. Spreads, fixed from 2 pips. Leverage, 1:33 – 1:1000.

W – ECN: Currency, USD/UAH/RUR. Minimum deposit, from 1 USD. Minimum deposit for the transaction, 2.6 USD. Spreads, floating from 0.2 points. Leverage, 1:50 – 1:500.

W – CRYPTO: Currency, USD/UAH/RUR. Minimum deposit, from 1 USD. Minimum deposit for the transaction, NA. Spreads, floating from 0 points. Leverage, 1:1 – 1:25.

It also has an Islamic account, exempt from swaps, to comply with Sharia Law.

Platforms

Like most brokers, World Forex offers its customers the popular Metatrader 4 (MT4) platform. The platform is available both in desktop versions, for use on computers, and in mobile versions, so you can use it on your iOS or Android devices, such as smartphones or tablets. This platform is straightforward to use and has a long series of technical analysis indicators, tools with advanced graphics, the option to back-test your strategies, and a multitude of Expert Advisors (EA), to automate your trading.

Leverage

Worldforex offers a wide variety of leverages, from 1:33 to 1:1000. A leverage of 1:1000 may be considered too high since small fluctuations in the markets can lead to significant profits, but also large losses. For novice traders we recommend starting with lower leverages, between 1:33 and 1:100, so that your trading account is not exposed to too much risk, and then with more experience and the desire to increase the risk, you can use the leverages so high that this broker offers.

Trade Sizes

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

Trading Costs

This broker is advertised as a broker without commissions in operation. Nor does he have commissions on deposits and withdrawals. The only expense we will have with this broker, as with any other, will be the Swaps, that is, any position held overnight, which will incur a maintenance cost (interest). This amount can be negative or positive depending on the instrument and the direction of the position, and its amount is fixed by the central banks of the base currency of the open position.

Assets

With this broker, you can trade more than 50 currency pairs, as well as several commodity CFDs. It is also possible to trade with cryptocurrencies with a leverage of up to 1:25. The available cryptocurrencies are Bitcoin, Bitcoin Cash, Dash, Ethereum, Litecoin, Ripple, Zcash, Monero, Eos, and Neo.

Spreads

The offered spreads vary by account type and can be either fixed or floating. Below, we provide a breakdown of the pertinent details.

• W-CENT – Fixed from 1.8 pips
• W-PROFI – Fixed from 1.8 pips
• W-INSTANT – Fixed from 2 pips
• W-ECN – Floating from 0.2 points
• W-CRYPTO – Floating from 0 points
• W-DIGITAL – From 2 points for 0-100 Digital contracts

Minimum Deposit

There is no minimum deposit with this broker. You can deposit from 1 USD. But this is something ridiculous. We recommend deposits from 200 USD in order to start trading with micro-lots.

Deposit Methods & Costs

Worldforex offers its clients a wide variety of deposit methods: credit or debit card (Visa, Mastercard or Maestro), bank transfer and electronic payment systems such as Яндекс Деьгии, Webbpay, Paypal, Webmoney, Zpayment, and OkPay. It also accepts payments with cryptocurrencies such as Bitcoin or Dash. The broker reports that all his deposits are exempt from commissions.

Withdrawal Methods & Costs

For withdrawals, World Forex uses the same systems as for deposits. Always remember that when you deposit with a particular payment system, the subsequent withdrawal will be made by that same system. Nor can it be removed in the name of a third person. This is because of international anti-money laundering laws. The broker reports that all withdrawals are exempt from commissions.

Withdrawal Processing & Wait Time

On the broker’s website says that the process times are 30 minutes, which we find speedy processing compared to most brokers if this is true. Even the withdrawals ordered on weekends will still be processed in 30 minutes. The waiting times are the usual, if the withdrawal is by bank transfer the time until your money appears in your account is 1 to 5 days. For withdrawals made using electronic and cryptocurrency media, you may have the withdrawal process completed on the same day.

Bonuses & Promotions

WorldForex has a promotion now consisting of a 100% deposit bonus. If the deposit amount is higher than 100 USD it also offers a free VPS server. Usually, this type of bonus is not removable; instead, what you do is increase your margin so you can trade with more volume. Profits made with bonus capital are usually refundable. As always, we recommend reading the terms and conditions surrounding bonuses prior to accepting one.

Educational & Trading Tools

The broker has several useful tools for the trader. It has a Forex calculator, an economic calendar to know the most important events of the day, and that every trader must consult daily. It also offers market reviews with daily analyses of several currency pairs. Information on the different time uses in which it can operate in the various international markets is provided, as is an economic news section that is updated regularly.

Customer Service

World Forex provides its customers with a variety of methods to contact customer service, including multiple phones, emails, and a web contact form. The complete data are as follows:

Telephone:

Ukraine: +38044 379 48 54 Russia: +7 495 266 60 77 , 8 800 555-78-99
Great Britain: +44 870 479 8221, Thailand +66 634 463 436

Email:

ADMINISTRATION: For inquiries and clarification of general organizational issues. [email protected]

SUPPORT: In case of difficulties with handling the company’s products. [email protected]

FINANCIAL DEPARTMENT: In the case of occurrence Financial issues. [email protected]

Addresses:

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

Govant Building, Kumul Highway Port Vila, Vanuatu PO BOX 1276

BVI Business Companies Act, 2004. BVI . R.G. Hodge Plaza 3rd Floor, Road Town, Tortola, British Virgin Islands

United Kingdom of Great Britain and Northern Ireland Suite 10320, 45 Salisbury Road, Cardiff CF24 4AB Wales

Demo Accounts

Demo accounts can be used to test a platform before depositing money into a real account and World Forex does offer them. It is also important to know that the Demo account retains the same live prices and market conditions, simulating the exposure in a real account. Unfortunately, although Worldforex offers a Demo account, that account is not free so we haven’t been able to test it.

Countries Accepted

Citizens of the following countries will not be able to open an account with Fidus Investments: USA.

Conclusion

World Forex is primarily a Forex broker. The economic conditions are reasonable, at least in the fixed spreads, as we have not been able to verify which are the variable spreads. They do not require a minimum deposit to open accounts, which is a very positive aspect. The number of options for deposits and withdrawals is enormous. In spite of all this, we would recommend a broker with better regulation.

To summarize the above:

Advantages:

• MT4 available
• Bonus offered
• Competitive spreads
• No minimum deposit required
• No fees charged
• Quite a few useful tools for traders

Disadvantages:

• Offshore broker
• No free demo accounts

SwissMain is a broker with which you can access and trade more than 1000 assets in the financial market. Major currency pairs, commodities, indices, and stocks are available, as well as exotic pairs. Swiss Main is the business name of Meridian Banc Ltd. This offshore company is regulated by the Vanuatu Financial Services Commission (VFSC). The broker appears to have offices in Vanuatu, Denmark, Switzerland, and Dubai. Its website is available in English, French, German, Italian, and Russian.

Vanuatu is a country located in the South Pacific Ocean, where requirements and taxes for brokers and businesses, in general, are quite weak. With VFSC regulation, offshore brokers are not subject to financial supervision, nor do they have to obey specific requirements, as is the case with other regulations.

Swissmain (Meridian Banc Ltd.) has been blacklisted by several regulators, including the Belgian financial regulator FSMA, who stated that Swissmain offers investment services in Belgium without complying with local financial legislation and advised against responding to any financial services provided by this broker and by Meridian Banc Ltd. The financial supervisory authority has also warned Swissmain of Switzerland (FINMA) and Hong Kong (SFC).

Account Types

At Swissmain we have four different types of accounts to choose from. The broker calls them Silver, Gold, Platinum, and VIT. These are the spreads and the minimum deposit required for each of them:

• Silver: Minimum deposit of $500 USD – Spread from 2.1 pips
• Gold: Minimum deposit of $10.000 USD – Spread from 1.5 pips
• Platinum: Minimum deposit of $25.000 USD – Spread from 0.9 pips
• VIP: Minimum deposit of $50.000 USD – Spread is negotiable

Platforms

Unlike most Forex brokers, SwissMain does not provide the popular Metatrader4 (MT4) platform. Instead, it offers a proprietary web-based interface, which isn’t bad. It has social trading features and some functional analysis. In reality, most traders probably prefer the MT4 platform, as it is highly praised for its stability, ease of use, and the advanced tools it includes. The advanced graphics of MT4 are second to none, and the platform is very popular for its automated commercial bots, known as Expert Advisors (EA).

Leverage

The Swiss Main website does not provide any information on certain essential business conditions. In the case of leverage, we have no information about the levels applied by this broker.

Trade Sizes

Swiss Main has a variety of requirements that are based upon the account type and asset. Fortunately, the broker does provide a comprehensive list of assets and trade requirements (data) on its website. Below, you’ll see a small, partial list for a few of the currency pairs.

Trading Costs

We can only report about the swap, which is a cost applied by all brokers (as long as the accounts are not Islamic); this is because no information is provided about possible commissions in the trading.

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

Assets

Swissmain is a broker with which you can access and trade more than 1,000 total assets in the financial market. They make available major currency pairs, commodities, indices, and stocks, and even exotic pairs. The only attractive asset category this broker does not offer is cryptocurrency. Overall though, traders will find more than enough variety, as this broker offers well above the average number of underlying assets.

Spreads

This is the variable spreads ratio offered by Swissmain in its Platinum account,

The spreads offered by Swissmain are not very competitive. There are many well-regulated and licensed European brokers with lower spreads.

Minimum Deposit

The required minimum deposit depends on the account type. These are Swissmain’s requirements:

• Silver Account: Minimum deposit of $500 USD
• Gold Account: Minimum deposit of $10,000 USD
• Platinum Account: Minimum deposit of $25,000 USD
• VIP Account: Minimum deposit of $50,000 USD

Deposit Methods & Costs

Swissmain offers only two deposit methods, bank transfer, and debit or credit card. There is no information about the costs associated with the deposits.

Withdrawal Methods & Costs

There is no information about withdrawal methods and their associated costs. We understand that they will be the same as above, bank transfer and debit or credit cards.

Withdrawal Processing & Wait Time

The website reports that withdrawal requests are processed between 6 am and 2 pm GMT on business days and it typically takes up to 5 business days to process a withdrawal.

Bonuses & Promotions

We have not found any current bonuses or promotions.

Educational & Trading Tools

On the Swissmain website, there is a section called “TOOLS & EDUCATION”.

In this section, we find three different areas:

• An economic calendar, a fundamental tool for any trader, where we can observe the most important daily events, and that can affect different assets during the day.
• A tab of economic news, that we have been able to verify that they are updated.
• And an analysis section. In this section and daily analyze four specific assets, gold, DAX 30, USD/CHF, and EUR/USD.

Customer Service

To get in touch with Swissmain, we will contact their customer service department, which provides us with a web contact form and several phones. The specific data are:

SWITZERLAND Headquarters
Address: Zurich World Trade Center. Leutschenbachstrasse 95, Zurich, 8050, Switzerland.
Phone:+41 43 508 94 25 +41 43 508 87 73
Business Hours: 9:00 am – 6:00 pm Monday – Friday

DENMARK Marketing Department
Address: Weidekampsgade 6, Copenhagen, 2300. Denmark
Phone:+45 89 882 362 +45 78 150 111
Business Hours: 9:00 am – 6:00 pm. Monday – Friday

DUBAI Financial Planning & Forex Management Department
Address: The Greens. DAMAC Smart Heights Building, Sheikh Zayed Road. Dubai
Business Hours: 9:00 am – 6:00 pm. Monday – Friday

VANUATU
Address: Govant Building. BP 1276, Kumul Highway, Port Vila. Vanuatu
Business Hours: 9:00 am – 6:00 pm. Monday – Friday

Demo Account

SwissMain does not have a demo account for its clients. We consider this a negative aspect. Having a demo account is essential, especially for all those novice traders who need to simulate a real operation without taking risks and gain experience in different markets.

Countries Accepted

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

Conclusion

Swissmain is not an easy broker to recommend, as various financial authorities have warned the public against it. In addition to this, their commercial offer is not very attractive: their spreads are above the industry average, the minimum deposits required are very high, the web platform offered is too pure, and the website lacks much crucial commercial information. At this time, we recommend some serious consideration before creating an account and depositing money with Swiss Main.

NICOFX is a Cypriot broker that primarily deals in Forex trading. The NICOFX website is available in several languages, including English, German, Spanish, Malay, Chinese, Indonesian, and French. Founded in 2013, NICOFX claims to be a pure STP broker. Straight Through Process brokers or STP brokers have similarities to ECN brokers, are in charge of connecting the transactions of their clients or investors with the broker’s liquidity providers, usually, they are financial institutions and banks.

NICOFX offers trading with up to 46 currency pairs, Spot Silver, Gold and Oil to retail customers and institutional customers. The company behind the trademark NICOFX is Mount Nico Corp Ltd. This company is based in Cyprus and is authorized and regulated by the Cyprus Securities and Exchange Commission Cysec (Licence No. 226/14). The company has also created another currency broker brand, called Greatsky.

CySec requires foreign exchange brokers to hold at least € 730,000 as a condition and proof of their financial stability and solvency. It also requires that client funds be kept in segregated accounts, different from the broker’s operating account. There is an additional guarantee for customer funds, and that is that all companies regulated by CySec are partners in the Investor Compensation Fund, which can pay compensation to its customers of up to EUR 20,000 if the broker becomes insolvent.

Also, all investment firms regulated by CySec also comply with Mifid and thus have the right to offer cross-border services in each EU Member State under the Mifid passport regime. Besides, NICOFX is also registered with the Financial Conduct Authority (FCA) of the United Kingdom under reference no. 672844 and Bafin of Germany under reference ID. 142143, so we’re talking about a very well regulated broker.

Account Types

This broker offers 3 types of accounts, called Standard, Premium, and VIP. Below we show you all the characteristics of each one of them:

We note that the main differences are found in the Spread and the required minimum deposit.

Platforms

This broker supports the most popular and famous currency trading platform: Metatrader 4 (MT4). This platform is available in the desktop version for use on desktop computers, and there is also a mobile version for use on tablets and smartphones. The platform combines an easy-to-use and accessible interface with a wide range of powerful features, making it suitable for both beginner and professional traders. MT4 provides a list of technical indicators, extensive back-up tests with historical data, a very advanced graphics package, and a wide range of Expert Advisors (EA), which can be used to automate our trading strategies. Commercial signals are also available on this platform.
Unlike some brokers, Nicofx does not provide VPS, a virtual server that can be used to host your MT4 Eas, providing additional protection when trading in Forex.

Leverage

The maximum leverage offered by Nicofx is 1:100 for professional traders. Retail customers should be satisfied with leverages between 1:10 and 1:30 because NICOFX faithfully respects the requirements of the ESMA in terms of leverages. The leverages required by the ESMA are intended to protect retail customers from the risk of trading in leverages above 1:100. Also, we advise traders to be cautious when dealing with high leverages, since greater leverage involves a greater risk of loss, but also profit, so you have to know how to control this variable.

Trade Sizes

The minimum trade size with which we can trade with this broker is 0.01 lots (micro lot). Beginner traders will appreciate being able to trade small lots to keep their risk contained while gaining experience in the markets. The maximum trade size with which you can trade with NICOFX is 50 lots, vast quantities, and only within reach of professional and experienced traders.

Trading Costs

The broker already reports on his website that he does not apply commissions for lots traded, so the main cost we have to bear is the Spread (price difference between the purchase price and sales price). The Spread with this broker is high on your most basic account (2.6 pips at par EUR/ USD), and to save costs, we should open a Premium or VIP account, but your minimum deposit requirements are quite high, (5,000 – 10,000 USD).
The other cost we have to take into account is the Swap or Overnight Financing, which is any position held overnight, which will incur a maintenance cost (interest). This amount can be negative or positive depending on the instrument and the direction of the position, and its amount is fixed by the central banks of the base currency of the open position.

Assets

This broker specializes mainly in Forex but also offers a small range of metals to trade. Here we show you an example of a few of the assets that you can trade with this broker:

Spreads

Unfortunately, the spreads offered by Nicofx are not among the tightest in the market. Variable broker spreads start from 2.6 pips in EUR/USD in your standard account when we know that most brokers offer spreads within the range of 1 – 1.5 pips for this pair. To get better spreads with this broker we have to be Premium or VIP account holders, but the initial capital requirements in those accounts are high. (5,000 – 10,000 USD).

Minimum Deposit 

To open an account with NicoFX, traders must deposit a minimum of $100. Such a minimum initial amount is considered to be on average with what many other Cyprus-based brokers are requesting. The other two accounts offered by NICOFX are the Premium and the VIP, which require a minimum initial deposit of USD 5,000 and USD 10,000, respectively. Both of these minimums are on the higher side.

Deposit Methods & Costs

NicoFX makes available to its clients 4 deposit methods; below we show the details that have to comply with them, as well as the waiting time:

Withdrawal Methods & Costs

Below we also show you the withdrawal methods and the costs associated with them:

Withdrawal Processing & Wait Time

The processing time of the broker is of a maximum of 24-hours.

To this time, you have to add the waiting times that we inform you below:

• Bank Transfer: 2 – 5 days
• Union Pay: 1 – 4 days
• Visa/MasterCard: 1 day
• Skrill: 1 day
• Amex/Diners Club: 1 day

Bonuses & Promotions

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

Educational & Trading Tools

The broker does not offer educational content on its website. There is a Trading Tools section in the main menu, but the tab is currently disabled, so we can’t know what kind of tools they are, and how much interest they have for the trader.

Customer Service

To contact NICOFX customer service, they have 3 main ways of contact, phone, email, and a live chat that is available on the broker’s website. They also have offices in Cyprus in case you want to visit them.

Address: Andrea Zappa & Makedonon 4, Honey Court V, 1st floor, Office 11A, 4040 Limassol, Cyprus.

General Enquiries:

Phone: +357 24 020 299. Fax: +357 25 250 552. Email: [email protected]

Customer Support – Global Clients. Phone: +357 24 020 299. Email: [email protected]
Sales Department. Email: [email protected]
Customer Support – Chinese Speaking. Phone: +357 24 020 288. Email: [email protected]
Partners Department. Email: [email protected]
Back Office. Email: [email protected]

Demo Account

We regret to report that this broker does not provide a demo account, which we consider to be bad news and a negative point for NICOFX.

Countries Accepted

NICOFX does not offer its services to residents of jurisdictions of the U.S.A, Cuba, North Korea, Syria, Sudan, and Iran.

Conclusion

Nico FX is a reasonably well-regulated currency broker, with CySec, FCA and Bafin licenses. The firm is offering online trading on 46 currency pairs and precious metal CFDs. It uses the MT4 platform, which is a good thing. The spreads of this broker are quite contradictory, as there is a huge difference between the spreads offered in your basic account, 2.6 pips in EUR/USD, and 0.9 pips in your VIP account. The minimum deposits to open a trading account with this broker are also very disparate, from USD 100 in the base account to USD 10,000 in your VIP account, which is where the best trading conditions are offered.

In terms of leverage, this broker conforms to the ESMA’s dictates, and a retail customer will have to settle for leverages ranging from 1:10 to 1:30, while professional traders will be able to opt for higher leverage of 1:100. We did not like the lack of educational content and, above all, the lack of demo account, something that we consider very important and that we think all brokers should offer to their clients. On the other hand, the deposit and withdrawal methods seem correct, although the associated costs are a little expensive.

To summarize the above, here are the advantages and disadvantages of this broker:

Advantages:

• Well regulated (CySec license), FCA, and Bafin
• No commissions for trading lots
• MT4 platform available
• STP Execution

Disadvantages:

• High spreads
• No CFDs on indices and shares
• No possibility of VPS
• High minimum deposit for accounts offering better trading conditions
• Lack of educational content and tools
• No possibility of demo account.
• High charges on deposits and withdrawals

Winwood is a forex broker based in the British Virgin Islands that claims to be a leading provider of financial services. They state that they offer a comprehensive range of financial products and services catering to all sorts of clients. They don’t actually provide too much information about themselves, so we will be using this review to find as much information out about them as we can.

Account Types

There isn’t an account information page, so instead, as we go through this review we will outline any features that we find in each section. Anything we write is relevant to the available account from Winwood.

Platforms

There isn’t actually much information about the trading platform so there isn’t much we can say, you are able t open up the web trader, however, the first time we tried the site could not be reached, the second time it loaded but had some errors so we cannot really comment on the quality or features of the available trading platform.

Leverage

We, unfortunately, do not know much information surrounding leverage as it is not stated on the site. Most brokers provide this information upfront, so it’s surprising to not see these details being provided.

Trade Sizes

The minimum trade size for forex trading is 1 lot which is equal to 100,000 base currency units. Trades then go up in increments of 0.01 lots until they reach the maximum of 20 lots. Metals, Futures, and Crypto also have the same minimum of 1 lot and a maximum of 2 lots. We are not clear on how many trades you can have open at any one time though.

Trading Costs

There is a commission added to the trading, which is an astonishing $80 per lot traded, this is far over ten times the industry average of $6 per lot traded. This is far higher than anything we would recommend trading with and most likely a reason on its own to stay clear. There are also swap charges which are a fee for holding trades overnight, they can be both positive or negative and can be viewed within the trading platform you are using.

Assets

There are forex pairs, metals, futures and crypto available to trade, they have been broken down into those categories but not many examples are given, we will outline what we do know.

Forex: Just four different pairs are mentioned on the forex page, these are USDJPY, USDCHF, EURUSD, and GBPUSD. We would hope that there would be more to trade but unfortunately, we do not know for sure.

Metals: It’s just the usual Gold and Silver when it comes to metals.

Futures: The only futures that are mentioned are Light Crude Oil and the Mini Dow Jones Index. Again we would expect there to be more, there is just nothing else currently listed.

Crypto: Bitcoin and Ethereum are the two coins mentioned and are the two most traded coins.

Spreads

Unfortunately, there isn’t any information on the site regarding spreads apart from the fact that they are variable, this means that they will move with the markets. The more volatility or the less the liquidity than the higher the spreads will be. Different instruments will also have different spreads. However, we do not have any examples of the differences.

Minimum Deposit

Sadly this is more information that we do not really know much about, as there is not an account information page we do not know what is required to open up an account.

Deposit Methods & Costs

There is not any information on the site regarding deposit methods so we do not know what methods are available or if there are any fees.

Withdrawal Methods & Costs

As there is no information on deposits you would be right to think that there also would not be any of withdrawals. So, we cannot comment on this section in regard to available methods or any potential fees.

Withdrawal Processing & Wait Time

Once again we do not know what the processing times are. We would hope that any requests would be fully processed within 7 days depending on what the available methods are.

Bonuses & Promotions

There are no bonuses or promotions available on the site if you are interested in them you could always contact the customer service team to see if there are any upcoming promotions that you could take part in.

Educational & Trading Tools

There is no educational material available which is a shame as many brokers are now trying to help their clients improve on their trading. However, this is not something that Winwood is doing. It does appear that market news feeds will be added to the site in the future, but for now, we only see the blank areas as shown in the photo below.

Customer Service

You can get in touch with Winwood by using the online submission form, fill it in with your query and you should then get a reply via email. The only other method available is a postal address. It is a shame to see such limited contact methods and it would be nice to see a phone number or at least a direct email address.

Demo Account

It is unknown if demo accounts are available which is a shame as demo accounts allow you to test out new strategies without risking any real capital.

Countries Accepted

This information is not available on the site. If you are thinking of signing up then you could always get in contact with the customer service team to see if you are eligible for an account.

Conclusion

There is a lot of information missing from the site, so much in fact that we don’t know what the trading conditions are, what the available assets are, or how we can get our money in and out of the broker. The main concern is the commission which is a massive $80 per lot traded. At any rate, you can probably guess that we would advise you to steer clear and look for a more appropriate broker to use.

STForex is a forex broker with an impeccable reputation, distinguished by a technological and innovative approach to working with Forex. That is what STForex is saying about themselves anyway. The broker was founded in 2014 and caters to more than 400,000 clients. We will be looking into the services that the Saint Vincent and the Grenadines based broker offers to see if they live up to their own expectations and so that you can decide if they are the right broker for our trading needs.

Account Types

There are three different accounts available from ST Forex, the Classic account, the Pro account, and the Cent account. They both have different requirements and trading conditions so lets briefly look at what they are.

Classic Account: The Classic account has a minimum initial deposit of $200 and a minimum top-up deposit amount of $10. It uses an instant execution-style with fixed spreads starting from 2 pips. There are no added commissions on the account, trade sizes start from 0.1 lots and go up to 100 lots. The margin call level is set at 70% while the stop out level is set at 35%. Trades go up in increments of 0.01 lots and the account can be leveraged from between 1:10 all the way up to 1:1000. This account comes with the help of a personal manager.

Pro Account: The Pro account has a minimum initial deposit of $200 and a minimum top-up deposit amount of $10. It uses a market execution-style with floating (variable) spreads starting from 0.3 pips. There is ana added commission of $10 per lot for forex or from 0.2% on CFDs on the account, trade sizes start from 0.1 lots and go up to 100 lots. The margin call level is set at 70% while the stop out level is set at 35%. Trades go up in increments of 0.01 lots and the account can be leveraged from between 1:10 all the way up to 1:200. This account comes with the help of a personal manager.

Cent Account: The Classic account has a minimum initial deposit of $200 and a minimum top-up deposit amount of $10. It uses an instant execution-style with fixed spreads starting from 2 pips. There are no added commissions on the account, trade sizes start from 0.1 lots and go up to 100 lots. The margin call level is set at 20% while the stop out level is set at 10%. Trades go up in increments of 0.01 lots and the account can be leveraged from between 1:10 all the way up to 1:1000. There is no personal manager with this account.

There is also a thing called a Service Package which gives you different benefits based on the size of the deposit you make, we will briefly outline these too.

Standard Package: Deposit between $200 to $1,000 in order to get this package. It orders you 100 loyalty points, access to 8 books on trading, and some seminars, it also gives you a course on currency trading.

Silver Package: Deposit between $1,000 to $5,000 in order to get this package. It orders you 300 loyalty points, access to a personal manager 8/5, 8% extra on deposits and 10% cashback from spreads. You get all the courses from Standard as well as courses on cryptocurrencies, shares, commodities, and stocks.

Gold Package: Deposit between $5,000 to $20,000 in order to get this package. It orders you 500 loyalty points, access to a personal manager 8/5, 10% extra on deposits and 20% cashback from spreads. You get all the courses from Standard and Silver Packages as well as courses advanced crypto and advanced shares, commodities, and stocks.

VIP Package: Deposit over $20,000 in order to get this package. It orders you 700 loyalty points, access to a personal manager 24/7, 12% extra on deposits and 30% cashback from spreads. You get all the courses from Standard, Silver, and Gold Packages as well the ability to get a $5,000 advance on deposits, money back on payment commissions and an advanced course for developing your trading skills.

Platforms

ST Forex uses MetaTrader 4 as its sole trading platform, which isn’t all bad as it is one of the world’s most popular trading platforms and for good reason too. Some of its features include flexible trading systems, trading signals, and transaction copying, analytics though indicators, Mobile and web trading, the ability to buy thousands of expert advisors or indicators and automated trading. You can also get notifications and alerts based on the news and events going on in the world.

Leverage

The maximum leverage available is based on the account you use. However, within each account, there may be some restrictions. These are based upon the account balance, with the leverage level rising and falling along with the amount of funds within the account. In general, leverage starts at 1:50 and climbs as high as 1:1000. Leverage can be selected when opening up an account but must be in line with the above criteria. You can change the leverages on an already open account by contacting the customer service team.

Trade Sizes

All accounts follow the same trade sizes, however, the Classic and Pro accounts have contract sizes of 100,000 units while the Cent account has a lower contract size at 1,000 units. Trade sizes start from 0.1 lots which are known as mini lots, they then go up in increments of 0.01 lots so the next trade would be 0.11 lots and then 0.12 lot. The maximum trade size on all accounts is 100 lots but we would suggest not trading over 50 lots in a single trade. We do not know how many open trades you can have at any one time.

Trading Costs

There is an added commission of $10 per lot traded on forex or starting from 0.2% on CFDs on the Pro account. The Classic and Cent accounts do not have any added fees and instead, use a spread based system. There are also swap charges which are fees charged when holding trades overnight, they can be viewed within the MetaTrader 4 trading platform.

Assets

The assets have been broken down into various categories, the Pro account has a lot more assets available that the other account which only has the Forex (not all pairs) and metals available to trade.

Forex: AUDCAD, AUDCHF, AUDJPY, AUDNZD, AUDUSD, CADCHF, CADJPY, CHFJPY, EURAUD, EURCAD, EURCHF, EURCZK, EURGBP, EURHUF, EURJPY, EURNOK, EURNZD, EURPLN, EURRUB, EURSEK, EURTRY, EURUSD, GBPAUD, GBPCAD, GBPCHF, GBPJPY, GBPNOK, GBPNZD, GBPUSD, NZDCAD, NZDCHF, NZDJPY, NZDUSD, USDACD, USDCHF, USDCNH, USDCZK, USDHUF, USDILS, USDJPY, USDMXN, USDNOK, USDPLN, USDRUB, USDSEK, USDSGD, USDTRY, USDZAR.

Metals: XAGUSD (Silver) and XAUUSD (Gold).

Indices: DE 30, Wall Street 30, CAC 40, UK 100 (FTSE), Nasdaq, S&P 500, Euro Stoxx 50.

Commodities: Brent Crude Oil, Natural Gas, WTI Light Crude Oil, Palladium, Platinum.

Cryptocurrencies: BCHBTC, BCHUSD, BTCUSD, DSHUSD, SDHBTC, EDOUSD, EOSUSD, ETHBTC, ETHUSD, ETPUSD, IOATUSD, LTCBTC, LTCUSD, NEOBTC, NEUSD, OMGUSD, SANUSD, XMRBTC, XMRUSD, XRPUSD, ZECBTC, ZECUSD.

Shares: There are shares from the United States, Russia, France, Japan, and the United Kingdom.

Spreads

The Classic and Cent account shave spreads starting from 2 pips however they are actually starting from 3 pips. The spreads are fixed which means they do not move, different instruments also have different starting spreads so while EURGBP is set at 3 pips, the AUDJPOY pair is set at 6 pips.

The Pro account has a variable spread starting from as low as 0 pips, the variable spread means it will move with the markets, hen there is added volatility they will be deen slightly higher than the stated 0 pips.

Minimum Deposit

The minimum amount required to pen up any of the accounts is $200. Once an account is open the required amount for further deposits is reduced down to $10.

Deposit Methods & Costs

There are a few different methods available to deposit with, sadly there are some added commissions with each method so we have outlined them below for you.

• Bank Cards – 2% commission
• WebMoney – 1% commission
• Qiwi Wallet – 0% commission
• Yandex Money – 0% commission
• Perfect Money – 0% commission
• Bank Transfer – Bank charges

Be sure to check with your own processor or bank for any further processing fees added by them.

Withdrawal Methods & Costs

The same methods are available to withdraw with, we have outlined them again with any applicable fees.

• Bank Cards – 3% commission
• WebMoney – 0% commission
• Qiwi Wallet – 3% commission
• Yandex Money – 5% commission
• Perfect Money – 0% commission
• Bank Transfer – $85 fee

The Bank Transfer fee is extremely high and one that we would suggest avoiding.

Withdrawal Processing & Wait Time

Each withdrawal method has its own withdrawal timeframe, we will outline them once again.

• Bank Cards – from 1 min to 5 days
• WebMoney – instantly
• Qiwi Wallet – instantly
• Yandex Money – instantly
• Perfect Money – instantly
• Bank Transfer – from 2 min to 5 days

Bonuses & Promotions

There is a loyalty program available, each time you deposit and for every lot, you trade you will receive loyalty points, and these can then be redeemed for various prizes. It looks like half the amazon stock has been imported for you to choose to spend your money on as there is everything from bookstore kettle and waffle makers available. You can also receive cashback and deposit bonuses based on the deposit amount you make. We outlined these in the Package section of the ‘Account Types’ section of this review.

Educational & Trading Tools

In terms of education, there only appears to be an economic calendar on offer. This details any upcoming news events along with any markets that the news could potentially have an effect on.

Customer Service

You can contact the support team in a number of ways. You can use everyone’s favorite online submission form, fill it in and you will get a reply via email. You can also use one of the available phone numbers or email addresses depending on the department you want to contact.

Support Phone: +7 495 128-03-23
Email: [email protected]
Partner Email: [email protected]

Demo Account

The demo account allows you to trade with virtual fake money in order to test out strategies or training without any risk, and so it is good that they are available from ST Forex. You can select trading conditions similar to the main accounts. We do not know if there is an expiration on the accounts though.

Countries Accepted

This information was not made obvious to us so we would suggest contacting the customer support team to find out if you are eligible for an account prior to signing up.

Conclusion

While there are just the three accounts available to you, things are made a little more complicated with the additions of the packages, but ultimately they are just different rewards for depositing more. The trading conditions on the Pro account seem average, however, the $10 per lot is nearly double what the average of $6 is. The spreads on the Standard and Cent accounts are also pretty high with 3 pips being the lowest. There are plenty of tradable assets though so you will always have something to trade. The other downside is the deposits and withdrawals. While there are enough methods the fees can be quite high, with the Bank Transfers having an added fee of $85. Due to all the fees and high trading costs, we would recommend looking elsewhere for a broker that is a little cheaper to use.

FXFinance is a foreign exchange broker based in Cyprus. They claim that by combining first-class specialists, the best training programs, trading services, and profitable tools under the brand of FxFINANCE Group of Companies, they have made work on financial markets truly fascinating, with brilliant prospects for everyone. We will be using this review to delve into the website and services on offer to see how they fare against other competition and to see if they are the right broker for you to use.

Account Types

It seems like there is just the one account type available if we are wrong about this we will outline any differences as we go through the review in each individual section.

Trading Account: The account can use the MetaTrader 4 or FXFinance UTIP Trader platforms, it can be leveraged between 1:1 and 1:1000, spreads start from 3 pips for forex and 5 pips for CFDs. There are no added commissions on the accounts and the stop out level is less than 20%. The account can have up to 1,000 trades or orders open at any one time.

There is also a swap-free (Islamic) version of the same account should you not be able to pay or receive interest charges.

The broker does offer two VIP account options: Gold and Platinum. An initial deposit of $50,000 to $100,000 is needed to access the Gold account, while the Platinum account requires a deposit in excess of $100,000. A few of the benefits of these accounts can be seen below, but there are many more. Visit the broker’s website to view the additional perks of these accounts.

Platforms

While the account section indicates more than one platform is available, the trading platform section of the site only mentioned MetaTrader 4 so we believe that this is the only platform currently available. MT4 is offered for both Windows and iOS-based systems, as well as for Android devices. The system requirements for each are provided on the broker’s website, as are download links for each of the versions. There are certainly no problems to report here, as MetaTrader 4 has been viewed by most to be the top platform in the world for over a decade now. Even with MT5 having been released several years ago, many FX traders still opt to use MT4 for their trading needs.

Leverage

Leverage can be selected from 1:1 all the way up to 1:1000 when first opening up an account, we would suggest sticking to 1:500 as the risk increases exponentially the higher you go. You can request for the leverage to be changed on an already active account by contacting the customer service team.

Trade Sizes

Trade sizes start from 0.01 lots and go up in increments of 0.01 lots. We do not know what the maximum trade size is, but we do know that you can have up to 1,000 trades or orders open at any one time.

Trading Costs

There are no added commissions on any of the accounts as they all use a fixed spread system that we will look at later in the review. There are swap charges which are fees for holding trades overnight, Islamic swap-free accounts are available should you not be able to pay or receive swap charges due to your beliefs.

Assets

The assets have been broken down into various categories, we have outlined the instruments within them below.

Forex: AUDCAD, AUDCHF, AUDJPY, AUDNZD, AUDSGD, AUDUSD, EURAUD, EURCAD, EURCHFM EURGBP, EURJPY, EURSGD, EURUSD, GBPAUD, GBPCAD, GBPCHF, GBPJPY, GBPSGD, GBPUSD, NZDCAD, NZDCHF, NZDJPY, NZDSGD, NZDUSD, USDCAD, USDCHF, USDJPY, USDMXN, USDNOK, USDSEK, USDSGD, USDZAR.

Stocks: Plenty of stocks are available to trade including Apple, Merican Express, Cisco, Walt Disney, FedEx, Nike, and Yahoo.

CFD: Silver, Gold, WTI Oil, Brent Oil, and Natural Gas.

Indices: ASX 200, CAC 40, DAX 30, FTSE 100, IBEX 35, NIKK 225, SPX 500, STOXX 50, NQ 100, HSI 50.

Spreads

The spreads on offer from FXFinance are fixed, which means that they remain the same and do not change based on the markets or volatility. Spreads start from 3 pips in the EURUSD pair, different pairs have different spreads though, as we can see that AUDCAD has a spread of 7 pips and EURGBP has a spread of 5 pips.

Minimum Deposit

Strangely, we looked everywhere and just could not find any information on the minimum deposit, this is normally the first thing shown, but not here.

Deposit Methods & Costs

There is a list of the available deposit methods and they include OKPay, SorexPay, QIWI Wallet, Visa/MasterCard, WebMoney, Yandex Money, Wallet One, Moneypolo, Unistream, Sberbank, Alga-bank and Bank Wire Transfers. The majority of the methods above do not have any additional fees when depositing, we have outlined the one below that do.

• WebMoney – 0.8% fee
• Bank Wire Transfer – Commission from your own bank

Withdrawal Methods & Costs

There are fewer ways to withdraw, we have outlined them below along with their applicable fees.

• WebMoney – 1.6% fee
• QIWI Wallet – 3% fee
• SorexPay – $6.8 + 3% fee
• Visa/MasterCard – 3% fee
• Yandex Money – 3% fee

It is strange that Bank Wire Transfer is not listed there as that is normally the most used method.

Withdrawal Processing & Wait Time

Each method has its own estimated withdrawal times, we have listed them below.

• WebMoney – 3-7 bank working days
• QIWI Wallet – Up to 7 banking days
• SorexPay – Up to 13 banking days
• Visa/MasterCard – 14-16 days
• Yandex Money – Up to 7 banking days

Some of the methods take an extreme amount of time and we would be very disappointed if we had to wait 14 days for the withdrawal to process.

Bonuses & Promotions

There is a bonus section, however at the time of writing it does not appear that there are any active promotions as the page is blank. If you are interested in bonuses then we would recommend contacting the customer service team to see if there are any coming up that you can take part in.

Educational & Trading Tools

There are a few different aspects of the educational side of the website. The first is a set of economic articles however they haven’t been updated since November 2018. An economic calendar is also available, this details different news events that are coming up as well as what potential effects they could have on the markets. There is an opinion section, showing the opinions of an expert, though again this has not been updated since November 2019. There is some actual trading too, where you can get guidance from experts, but the quality of this is not known to us. Finally, there is a glossary of trading-related terms that outline the meaning of various terms related to trading.

Customer Service

The customer service team can be contacted by using the available phone number, email address of call back service, there is not an available postal address.

Phone: +7 (495) 295-75-61
Email: [email protected]

Demo Account

Demo accounts allow you to trade without any risk to your own capital and are a perfect way to test out new strategies. Demo accounts are available from FXFinance, the trading conditions will mimic the available account, we do not know if there is an expiration on the account though.

Countries Accepted

The following statement is present on the website: “Services are not available for residents of the United Kingdom and the United States.” As for other countries aside from the U.S., we are unsure as to if there are any exclusions.

Conclusion

We still don’t actually know how much is required in order to open up an account which his still a little strange. There is just the one account type and just the one trading platform on offer (if we don’t count the swap-free version). There are enough assets to keep you busy and when we look at the deposits and withdrawals, and there are plenty of options with no deposit fees. However, there are slightly fewer options when it comes to withdrawing and there are now also added fees for all the methods in order to get your money out. The spreads are also quite high which can make trading very expensive. As such, be sure to carefully weigh the pros and cons before making a final decision about this FX broker.

FXPlayer is a foreign exchange broker that was started in 2014 and is locate din the Marshall Islands.

According to the broker website, “We pledge to fair and transparent prices and execution that provides a level of confidence that is certainty invaluable in trading. The trading platforms provide consistently competitive spreads and margins to ensure that you get the most from your trading. Streaming tradeable prices through our online platforms allow you to act on the very latest price movements in real-time. Our prices track the underlying instruments accurately so you can be sure that your trade will result in the profit that you expect. Even in volatile markets, we will continue to offer fair prices, and to do everything we can to provide the market access you need to open and close positions when you want to.”

We will be using this Forex Player review to provide you with information regarding what the broker really offers so that you can decide if they are the right broker for you.

Account Types

There are six different account types available to use. Below we outline their key features and differences so you can understand what is on offer.

Micro Account: This account requires a minimum deposit of $50, the account has average variable spreads of EURUSD 0.4 pips, USDJPY 0.3 pips and GBPUSD at 0.5 pips. With such low spread, there is also a commission of $0.06 per micro-lots (0.01) traded or $6 per lot traded. The account can be leveraged up to 1:100, has a margin call and stop out level set at 50% and has a maximum trade size of 10,000 units or 0.10 lots. Payment methods available on this account include Online Payment, e-Wallet, Credit or Debit Card, Bitcoin

Mini Account: This account requires a minimum deposit of $500, the account has average variable spreads of EURUSD 0.4 pips, USDJPY 0.3 pips and GBPUSD at 0.5 pips. With such low spread, there is also a commission of $0.05 per micro-lots (0.01) traded or $5 per lot traded. The account can be leveraged up to 1:100, has a margin call and stop out level set at 45% and has maximum trade size of 100,000 units or 1 lot. Payment methods available on this account include Online Payment, e-Wallet, Credit or Debit Card, Bitcoin

Normal Account: This account requires a minimum deposit of $5,000, the account has average variable spreads of EURUSD 0.4 pips, USDJPY 0.3 pips and GBPUSD at 0.5 pips. With such low spread, there is also a commission of $0.04 per micro-lots (0.01) traded or $4 per lot traded. The account can be leveraged up to 1:200, has a margin call and stop out level set at 40% and has a maximum trade size requirement of 1,000,000 units or 10 lot. Payment methods available on this account include Online Payment, e-Wallet, Credit or Debit Card, Bitcoin as well as Bank Wire Transfer.

Pro Account: This account requires a minimum deposit of $20,000, the account has average variable spreads of EURUSD 0.4 pips, USDJPY 0.3 pips and GBPUSD at 0.5 pips. With such low spread, there is also a commission of $0.03 per micro-lots (0.01) traded or $3 per lot traded. The account can be leveraged up to 1:200, has a margin call and stop out level set at 35% and has a maximum trade size requirement of 10,000,000 units or 100 lot. Payment methods available on this account include Online Payment, e-Wallet, Credit or Debit Card, Bitcoin as well as Bank Wire Transfer.

Institutional Account: This account requires a minimum deposit of $100,000, the account has average variable spreads of EURUSD 0.4 pips, USDJPY 0.3 pips and GBPUSD at 0.5 pips. With such low spread, there is also a commission of $0.02 per micro-lots (0.01) traded or $2 per lot traded. The account can be leveraged up to 1:200, has a margin call and stop out level set at 30% and has a maximum trade size requirement of 100,000,000 units or 1,000 lot. Payment methods available on this account include Online Payment, e-Wallet, Credit or Debit Card, Bitcoin as well as Bank Wire Transfer.

Flex Account: This account requires a minimum deposit of $10,000, the account has average variable spreads of EURUSD 0.4 pips, USDJPY 0.3 pips and GBPUSD at 0.5 pips. With such low spread, there is also a commission of $0.035 per micro-lots (0.01) traded or $3.5 per lot traded. The account can be leveraged up to 1:200, has a margin call and stop out level set at 30% and the account does not have a maximum trade size. Payment methods available on this account include Online Payment, e-Wallet, Credit or Debit Card, Bitcoin as well as Bank Wire Transfer.

Platforms

There is a wide selection of platforms available to use which is refreshing to see, let’s look at what they are.

MetaTrader 4 (MT4): The MT4 platform provides a wide range of features for our traders, including various execution technologies, unlimited charting quantity, a large number of technical indicators and line studies, custom indicators and scripts and more. Some of its other features include the ability to use expert advisors, comprehensive charting packages, multilingual support, integration with web services and it offers a lot of flexibility.

UniTrader: UniTrader represents a new generation of trading platforms that were designed and built as an easy and logical instrument for active traders looking for an edge. It offers features like live streaming rates, easy order management, trading history, live trading, detailed account information, news streams and SquawkBow, real-time tradable charts, open position information and instrument subscriptions.

Currenex: Currenex is the leading provider of fully integrated, high-performance FX trading solutions for clients who require advanced technology, diverse liquidity, and an environment that offers them greater choices in how to trade. Some of its other features include its liquidity, speed, execution, charts, and integration with the back office.

ActTrader: ActTrader combines power and efficiency with streaming two-way prices and fast trade execution. high-quality charting and up-to-the-minute news are both included in the platform. It contains a whole host of features including tabbed windows, a reports window, new options when creating conditional orders, a trading strategy report, accounts information bar, organized managed account windows, dealing rates windows and the ability to lock all accounts.

FxPlayer Trader (Beta): An unprecedented Innovative Social Mobile-Friendly platform is available for novice to advanced traders. It contains advanced charts, news and calendars, social and chat features and access to trading related radios and TV.

Leverage

The maximum leverage available depends on the account you are using. The Micro and Mini accounts have a maximum leverage of 1:100, while the Normal, Pro, Institutional and Flex accounts have a maximum leverage of 1:200. The leverage can be selected when opening up an account and can be changed by contacting the customer service team with the request.

Trade Sizes

Trade sizes start from 0.01 lots and go up in increments of 0.01 lots. The different accounts have different maximum trade sizes, and we have outlined them below.

• Micro Account: 0.1 lot maximum
• Mini Account: 1 lot maximum
• Normal Account: 10 lot maximum
• Pro Account: 100 lot maximum
• Institutional Account: 1,000 lot maximum
• Flex Account: No maximum size

While some of the limits are very high, we would not recommend trading over 50 lots in a single trade due to execution and slippage issues.

Trading Costs

Each account has its own trading cost associated with it, and we have outlined them below for ease of understanding.

• Micro Account: $0.06 per micro lot, or $6 per lot traded
• Mini Account: $0.05 per micro lot, or $5 per lot traded
• Normal Account: $0.04 per micro lot, or $4 per lot traded
• Pro Account: $0.03 per micro lot, or $3 per lot traded
• Institutional Account: $0.02 per micro lot, or $2 per lot traded
• Flex Account: $0.035 per micro lot, or $3.5 per lot traded

All commissions are either in line with the industry standard of $6 per lot traded or below which is a positive sign to see.

Assets

The assets have been broken down into three different categories. Unfortunately, there isn’t a full breakdown of all available assets but we do know some of them. There doesn’t seem to be a large number of instruments which is a shame.

Forex: EURUSD, GBPUSD, USDJPY, AUDUSD, USDCAD, EURGBP, EURJPY, USDCHF, GBPCHF, EURCHF, NZDUSD, USDMXN, USDZAR, USDTRY, USDSEK, USDNOK, USDHKD, EURNOK, EURSEK, EURTRY, CHFJPY, EURAUD, EURCAD, AUDCAD, AUDJPY, CADJPY, NZDJPY, GBPCAD, GBPNZD, GBPAUD, AUDNZD, CADCHF, NZDCAD, AUDCHF, EURNZD, ZARJPY, NZDCF, TRYJPY.

Commodities: There isn’t a full breakdown of these assets but we do know that Gold, Silver, Crude Oil and futures are available to trade.

Indices: Again we do not have a full breakdown of available assets, the ones mentioned include Dow Jones, S&P 500 and Nasdaq.

Spreads

All accounts seem to have the same starting spreads which on average are 0.4 pips. For EURUSD, the average is 0.3 pips, while for USDJPY and GBPUSD the average is 0.5 pips. These spreads are acceptable for the account with a lower commission. However, with the Micro account, they are a little high for the $6 being paid. The spreads are variable which means they move with the markets. When there is added volatility they will be higher and when there is a lot of liquidity they can be lower.

Minimum Deposit

The minimum deposit to open up an account is $50 which gives you access to the Micro account. If you want a higher tier account then you will need to deposit at least $500.

Deposit Methods & Costs

There isn’t a definitive list or information on withdrawal requests. The funding information page simply shows some images of American Express, Bitcoin, MasterCard, PaySafeCard, PayPal and Visa. These methods are also mentioned on the account page as well as the addition of Bank Wire Transfer for the higher-tier accounts. We do not know if there are any added deposit fees, but you should check with your own bank or processor to see if they will add any transfer fees of their own.

Withdrawal Methods & Costs

The same methods are presumably available to use for withdrawals. For clarification, these are American Express, Bitcoin, MasterCard, PaySafeCard, PayPal, Visa, and Bank Wire Transfer. The following statement was provided in relation to fees: “Please note that a withdrawal of funds will incur a fee, depending on 3rd party cost, local or international transactions as well as the transaction currency.”

Withdrawal Processing & Wait Time

Withdrawal requests will be processed on the same day of receipt. If it is not or if it is requested after 12:00 pm ET, then it will be processed the next working day. Once it has been processed the request will take a further 1 to 5 working days to fully process by your own bank or processor. The actual time will depend on their processing times.

Bonuses & Promotions

There are a few different bonuses currently running, we have outlined two of them so you can get an idea of the sort of things that are on offer. Please visit the Forex Player website for information regarding additional promotions and bonuses.

Deposit Bonus Account: You can receive up to 300% up to $3,000 on your deposit. The bonus amount can be treaded for 2 months, after this time, in order to keep the account you must deposit the amount of equity that is in the account. This makes it a bonus to avoid as you may be forced to deposit in order to keep any profits.

Free Bonus Account: You can get a $100 no deposit bonus when opening the account, you need to trade 50 lots in order to withdraw any profit, you will also get a 100% deposit bonus on your first deposit up to $100, you must trade 50 lots per $100, this is a difficult target to reach.

Educational & Trading Tools

There are a few different tools available, with the first being an economic calendar detailing different news events that are coming up and what effect they may have on the markets. The Forex Player also offers a number of different calculators including profit, margin, pips, and a currency converter. There is also a section for live TV broadcasting different financial news channels.

Customer Service

The customer service team can be contacted using an online submission form. Fill it in and you will then get a reply via email. There is also a postal address available should you prefer to contact them that way.

Address: Trust Company Complex, Ajeltake Road, Majuro, Ajeltake Island, MH96960, Marshall Islands

Demo Account

Demo accounts offer a way to test out new strategies without any real risk, and they are available from FX Player. Demo accounts aim to replicate the live trading conditions with a demo capital of $10,000. We do not know if there are any expiration times on these accounts.

Countries Accepted

This information is not given on the site so if you are thinking of signing up with Forex Player, so we would recommend contacting the customer service team to see if you are eligible for an account based on your location.

Conclusion

There are plenty of different accounts to choose from. However, the only real differences are the commission charges and slight increases in leverage. In terms of trading costs, the lower accounts can be a little above average, while the higher tier accounts become cheaper than the average we see around the industry. There appears to not be a huge selection of tradable assets, although only limited information is provided. There also isn’t enough information on deposits and withdrawals. While FX Player may be a decent broker to use, with too much information missing it would be hard for us to recommend them as an FX broker to use at this point in time.

VirtueForex is a Panama based forex broker also with an operation in the United Kingdom. They are working on creating a highly transparent trading environment with the ultimate goal of always offering the best price to users as foreign exchange trading is done all over the world. Members and liquidity providers that work to support VirtueForex are only those who have long been successful in the financial industry. At least that is what they say on their site. We will be looking through the services on offer to see what they really do deliver.

Account Types

It seems like there may just be on account available from VirtueForex but we are not 100% sure about this. Throughout this review, as we get to each individual section, we will outline any potential differences. Of course, if there is just one account then everything that we write in this review will be relevant to that account.

Platforms

The platform being offered by VirtueForex is the always popular MetaTrader 4 from MetaQuotes. MT4 comes with a whole host of features including its accessibility as a desktop download, mobile application, and web trader. Some more of its features include it is a flexible and fast trading platform, access to trading signals from top providers, and compatibility with expert advisors for algorithmic trading. You can’t really go wrong with using MetaTrader 4.

Leverage

The maximum leverage available is currently 1:1000, this is very high and we would suggest not setting it higher than 1:500. Leverage can be selected when setting up an account and should you need to change it you will need to contact the customer service team with the request.

Trade Sizes

The minimum trade size is 0.01 lots and they go up in increments of 0.01 lots. We do not know what the maximum trade size it but you can have up to 200 trades open at any one time.

Trading Costs

We do not know if there are any added commissions on the account. We do know that there are swap fees though which are charged for holding trades overnight and can be viewed within the MetaTrader 4 trading platform.

Assets

The assets have been broken down into a number of different categories which we will now go over.

Forex: AUDCAD, AUDCHF, AUDJPY, AUDNZD, AUDUSD, CADCHF, CADJPY, EURAUD, EURCAD, EURCHF, EURGBP, EURJPY, EURNZD, EURUSD, GBPAUD, GBPCAD, GBPCHF, GBPJPY, GBPNZD, GBPUSD, NZDCAD, NZDCHF, NZDJPY, NZDUSD, USDCAD, USDCHF, USDHKD, USDJPY, USDTRY, USDZAR, ZARJPY, EURHKD, HKDJPY.

CFD: AUS 200, DE 30, ES 35, F 40, HK 50, JP 225, STOXX 50, UK 100, UK Oil, US 20, US 100, US 500, US Oil.

Metals: Gold (tradable against USD and EUR) and Silver (tradable against EUR and USD).

Cryptocurrencies: Ethereum, Ripply, Bitcoin, Litecoin, and Dash.

Spreads

We do not know what the spreads are at this time. The homepage states that they have the industry’s narrowest standard spreads, so we assume that means they are low but we don’t have any numbers to go with it. The spreads are variable though, which means that they move about and when there is added volatility they will be higher.

Minimum Deposit

The minimum deposit amount is $100. This is the required amount to open up an account and also as the minimum amount for any future top-up deposits.

Deposit Methods & Costs

There are three different ways to deposit. The accepted methods are with VT Cash, Bank Wire, and Bitcoin & Ethereum Payments. There are no added fees when using Crypto or Bank Wire Transfers but if you use VT Cash there is an added deposit fee of 2%.

Withdrawal Methods & Costs

The only two methods mentioned for withdrawals are VT Casha and Bank Wire Transfer. It is strange if you cannot withdraw via cryptocurrencies as it is an option to deposit. The following fees are applicable.

-VT Cash – 2% fee
-Bank Wire – 35 USD fee

The minimum withdrawal amount is $100.

Withdrawal Processing & Wait Time

The processing times are not mentioned, but we would expect the withdrawals to be fully processed between 1 to 5 days from the time the request is made.

Bonuses & Promotions

When going through the site we did not see anything related to any potential bonuses or promotions so we do not think there are any. If you are after bonuses then you could always contact the customer service team to see if there are any coming up that you can take part in.

Educational & Trading Tools

There doesn’t seem to be any educational material on the site which is a shame as a lot of brokers are now trying to add value and to help their clients become better traders. It would be good to see VirtueForex do something similar.

Customer Service

The customer service team is available 24 hours a day 7 days a week. You can contact them using an online submission form or by using the live chat. There is also a physical address available along with a phone number and email address.

Panama Address: Ricardo J. Alfaro Ave. The Century Tower Bldg. Suite401-80 4th Floor El Dorado, Panama City, Rep. of Panama
UK Address: 483 Green Lanes, London, N13 4BS, United Kingdom
Phone: (+507) 279 3280
Email: [email protected]

Demo Account

Demo accounts are available. In order to open one, you will need to download the MT4 platform and open one up from within the platform. The demo account will mimic the trading conditions offered by VirtueForex, so it provides a good chance to test out the conditions and your strategies without any risk. The accounts should not expire and should run indefinitely unless left dormant for too long.

Countries Accepted

The following statement is available on the site: “Please note that VirtueForex will not be able to provide accounts to customers living in the United States and customers living in areas where FX transactions or CFD transactions are restricted or prohibited by domestic laws.” If you are still not sure of your eligibility then we would suggest contacting the customer service team to check prior to signing up for an account.

Conclusion

There is a whole load of information missing from the site, such as no details regarding commissions, spreads, and trade sizes. It is vital to know the trading costs in comparison with other brokers. There are enough assets to keep you busy which is good, and there are plenty of ways to contact the support team. There are only a few ways of depositing and even less for withdrawing. There are fees for withdrawing, which is a shame to see. The decision to join VirtueForex or not is up to you, but we would probably advise looking elsewhere for a Forex broker that makes more information available.

OneTrade is an online STP/DMA broker that is fully regulated by the Financial Conduct Authority (FCA) in the United Kingdom, under reference number 537787. The company is a trading name of FxStat Ltd, which is also registered in England and Wales. The company has been providing leveraged trading on multiple currency pairs, commodities, including metals and energies, and cash indices since its launch in 2010. Stay with us to find out more about the broker’s conditions and if any special opportunities are available.

Account Types

OneTrade offers access to 50+ FX, commodities, and cash indices instruments from one account type. Some traders may be looking for the option to choose from several more specialized accounts; however, the conditions on this broker’s live account can be advantageous and may eliminate the need for multiple choices. The OneTrade account asks for a standard initial deposit of $100 and provides traders with access to tight spreads that start as low as 0 pips. It would be difficult to find a similar offer elsewhere.

The account does come with commission charges and sets a somewhat restrictive leverage cap of 1:100, which could be two potential downsides. Traders will also be able to trade mini lots and access several different platforms from the broker’s live account. We’ve provided a quick overview of the main account details below.

• Minimum Deposit: $100
• Leverage: Up to 1:100
• Spread: From 0 pips
• Commission: $0.35 per mini lot per side

Platform

OneTrade allows traders to choose from a few different trading platforms, including our personal favorite MetaTrader 4 on a browser, PC, Android, and iOS devices, the OneTrade WebTrader, which also supports copy trading, and the Social Trading investment platform. MT4 is known for its powerful reliability, along with a vast array of built-in features that make the platform easy to use and navigate.

The OneTrade WebTrader was designed to allow traders to trade from anywhere without having to download any programs on their PC. The platform includes several options seen within MT4, like one-click trading, trailing stop-loss, one-click close all positions and more. Social Trading allows one to copy the trades made by experienced traders with set risk parameters such as maximum position, leverage, and cut off points. Links to download or access each platform are conveniently provided on the website under the “Platforms” tab.

Leverage

The maximum leverage that can be used through this broker is 1:100. Compare that with the 1:300, 1:400, and higher options offered by some brokers and the cap might seem rather restrictive. On the other hand, many experts prefer to use a leverage of 1:100 or lower. It really comes down to personal preference when deciding whether this cap will be sufficient, although we would advise beginners to consider choosing a lower cap regardless.

Trade Sizes

Mini lots are supported on almost every instrument, with exceptions being a one-mini-lot requirement on Silver and Gold and a 1 lot requirement on energies and cash indices. The majority of instruments also support an impressive 1,000 lot maximum trade size. Instruments like Gold and Silver limit the maximum trade size to 50 lots and the maximum on commodities can vary. Fortunately, OneTrade does list the exact specifications for each instrument on its product pages.

Trading Costs

OneTrade profits from spreads, commissions, and overnight interest charges. Commissions are charged at a rate of $0.35 per mini lot per side on Forex, Gold, Copper, and Silver. When trading indices, the commission rate is lowered to $0.3 per side per CFD. High volume traders may qualify for a discounted commission rate and one would need to email [email protected] if they might qualify.

Spreads start from 0 pips on majors. FX market rollover occurs from 21:00 to 21:05 GMT every night. Traders may be debited or credited for any positons open into the next trading day, with the amount being based on interest rates. Swap charges can be viewed on the website under each instrument category. There do not appear to be any extra costs associated with account inactivity or other charges.

Assets

OneTrade offers investment opportunities in more than 50 FX options, commodities, and cash indices. Available currency pairs include majors, minors, and exotic options like the Turkish Lira, South African Rand, Hong Kong Dollar, Norwegian Krone, and several others. Commodities include precious metals Silver and Gold, in addition to Brent Crude Oil, WTI Crude Oil, and Natural Gas. Traders will also be able to choose from more than 11 indices, including DOW, DAX, Nikkei, and more. Overall, the broker seems to be offering a good number of currency pairs and some variety in other assets. Some traders may feel disappointed that stocks, bonds, cryptocurrencies, and other categories are not available.

Spreads

OneTrade offers floating Intermarket spreads with fill or kill market execution with an advertised spread from 0 pips on majors. The website does provide the average spreads on indices, but the broker leaves this section off where FX and commodity options are listed. This does make us curious about how high the spreads on minors and exotics may be. Looking at indices, the typical spread tends to start at 1 pip. Based on the information available on the website, it does seem as though OneTrade is offering competitive spreads on their live account.

Minimum Deposit

Traders will need to deposit at least $100 USD, or the equivalent in another currency, to open a live account through this broker. It’s true that some brokers have done away with initial deposit requirements altogether, but the $100 asking amount on the OneTrade account is low enough to be realistic. The amount also gives traders access to tight spreads and a number of currency pairs that may not be available elsewhere.

Deposit Methods & Costs

Accounts can be funded through bank cards, bank wire transfer, and Skrill. There is a daily funding limit of $5,000 EUR/USD/GBP per account holder per day when funds are sent through credit/debit card or Skrill. Some international transfers will incur a fee on the bank’s behalf and the broker will only credit the account with the received amount after those fees are deducted. The website does not state exactly how much those fees may be. Deposited funds qualify under the Financial Services Compensation Scheme, which protects traders from the insolvency of the broker with a compensation of up to $50,000 GBP per person.

Withdrawal Methods & Costs

Withdrawals must be processed back to the card, bank account, or Skrill account that was used to make the deposit. Card deposits can only be withdrawn back to the same card within 30 days of the initial funding date, up to the amount of the deposit. Profits and bank wire transfers can be withdrawn to a bank account in the account holder’s name.

OneTrade does not impose a minimum withdrawal requirement like some other brokers, so it should always be possible to withdraw any amount of funds. While no fees are specifically stated on the website, traders may want to check with their personal bank to see if any deductions will be made from the total withdrawal amount.

Withdrawal Processing & Wait Time

The OneTrade website doesn’t provide us with any estimated wait times for withdrawals to be processed or sent. The broker does require account verification, so traders would want to ensure that all documents have been provided and the account has been completely verified in order to avoid any delays. Other brokers can impose wait times from one working day to a week or more, so there’s really no way to guess just how long it could take to receive funds. If you’re in a hurry, we would suggest withdrawing through any method besides bank wire transfer, as it usually takes the longest.

Bonuses & Promotions

Currently, there aren’t any ongoing promotions through OneTrade. It’s always nice to see brokers offering things like welcome bonuses, deposit bonuses, cashback rewards, referral rewards, contests, etc. Even though we always to check to see if any of these options are available, this isn’t something that we necessarily expect. Many larger brokers are able to provide special circumstances, while many others simply can’t. Traders should never choose a particular company based on the presence of promotional opportunities since there are usually several conditions that make the withdrawal of the funds hard to meet or impossible. Still, we hope to see the addition of some type of bonus or reward in the future, especially considering that the company has been in business for more than ten years.

Educational & Trading Tools

The broker’s website is completely lacking any educational resources, aside from demo accounts. While we’re happy to see the broker offering the bare minimum, it would be nice to see video tutorials, a forex glossary, or some other type of material that could help beginners and possibly intermediate traders.

OneTrade does have a link to a FAQ page that can be accessed by clicking on “Help”, but options on that page are primarily directed towards creating an account, verification, and other subjects that don’t actually teach traders anything useful.

Demo Account

Traders can register for a free demo account by choosing “Open Demo Account” and selecting “Create Account” instead of signing in. It’s easy to assume that these simulation accounts would be best suited for beginners, but even professional traders can benefit by using the account to test different trading strategies, trade under a specific broker’s conditions, practice with a leverage one wouldn’t normally use, etc. Many beginners use demo accounts to determine when they are prepared to make a real deposit and open a live account. Doing so can definitely make one less apprehensive about getting started. These risk-free accounts are offered by the majority of forex brokers and we are happy to report that OneTrade is no different.

Customer Service

The OneTrade customer support team is in the office from 08:00 to 19:00 (UK time), Monday through Friday. With no instant contact options like LiveChat or Skype, traders will be forced to reach out via phone or through email. The website states that support will respond to email inquiries as quickly as possible, although it can take up to 48 business hours to receive a response. The lack of weekend support/24 hour weekday support and instant contact options are enough to make it seem more difficult to reach an agent, plus the wait time for email responses can be lengthy. We’ve provided all of the listed contact details below.

Phone: +44 (0) 203 5823171

Email:
General Inquiries – [email protected]
Partnership Inquiries – [email protected]
Press Inquiries – [email protected]

Address: One Broadgate Circle, London, EC2M 2QS, United Kingdom

Countries Accepted

According to the broker’s disclaimer, the information on the website is not directed towards residents of the United States. Unfortunately, OneTrade does not seem to be open to providing service to those traders due to the fact that the US and any related options are completely missing from the registration list. This is likely due to the stricter regulation laws that are imposed on traders from the location. Traders from all other countries seem to be welcome.

Conclusion

OneTrade is an online broker that allows maximum leverage of up to 1:100 on more than 50 FX options, plus commodities and cash indices. The broker provides one account type with a reasonable $100 deposit minimum and access to spreads that start as low as 0 pips on majors. Traders will save money thanks to the lower spreads, although commissions are charged at 0.3 to 0.35 per side.

Accounts can be funded through bank wire transfers, cards, and Skrill and there only seem to be associated fees with some international transfers. The broker doesn’t give us any estimated withdrawal timeframe, which means it may take a while to receive funds. Despite being in operation for 10+ years, OneTrade has not joined many of their colleagues in providing instant/weekend customer support, promotional opportunities, or educational resources.

Traders from the US are also banned from opening accounts. If you can do without those things and are looking for a simpler experience, then the low initial deposit requirement, noteworthy spreads, and access to a wide variety of currency pairs may very well be enough to warrant opening an account.

A+ Plus Trader is a tradename of Aplus Solution Ltd, which is supposedly registered under St. Vincent & the Grenadines with the motto “turning passions into profit”. The company has won multiple awards, including Best Trading Support Team 2012 – 2015, Most Credible Forex Broker 2010 – 2016, Best Online Secured Broker 2014 – 2016, and etc. Being that Aplus has been an established brokerage for more than 10 years, one would assume that the company is reliable, however, the broker actually seems to be based in the UK, while being regulated offshore in Belize. If you’re interested in this broker, we would highly recommend taking a look at our review before making the decision to make an investment.

Account Types

A Plus does not specify different conditions, so we’re assuming that the broker only offers one live account. Islamic accounts are available as an additional option for clients that would need to adhere to Sharia laws regarding swap fees. As for the account’s conditions – the website isn’t exactly forthcoming with details. The website’s polished look quickly falls away once one notices the various inconsistencies and lack of information related to trading conditions.

We can’t even say what the broker’s minimum deposit requirements are for the account, or whether commissions are charged. The broker’s terms & conditions don’t cover anything having to do with regular trading activity and only focus on bonus terms, so there aren’t any clues there. As for leverage options, we found a 1:400 cap and 1:1000 cap advertised. It isn’t clear which cap is actually available. There is also some false advertising centered around the broker’s spreads, with 0.1 and 0.5 starting pips listed on the website, however, spreads actually start from around 2.4 pips on EURUSD. We’ve provided an overview of the account’s conditions below.

• Minimum Deposit: NA
• Leverage: Up to 1:400 or 1:1000 (conflicting info on the website)
• Spread: Advertised from 0.5 pips (Actually around 2.4 pips)
• Commission: NA
• Minimum/Maximum Trade Sizes: NA

Platform

One advantage that Aplus Trader does provide would be the provision of access to the world-famous trading platform, MetaTrader 4. The platform is highly praised by beginner and professional traders alike and can be found among the available platforms supported by most forex brokers. MT4 comes with advanced charting capabilities, customization options, supports EAs, multiple timeframes and pending order types, and etc. Mobile versions of the platform are available for trading on the go.

Other accessibility options include desktop (Windows, Linux, and Mac – although Mac users may have difficulty downloading the software) or the web-browser, which is a good alternative to download for Mac users. We’re excited to see such a popular platform available through this broker, but traders should remember – MT4 is widely available and there is no reason to choose a broker based on the fact that the platform is offered alone, especially if trading conditions are not ideal.

Leverage

Aplus Trader is not consistent when describing their available leverage options. One section of the website states that caps go up to an impressive 1:1000, while the trading conditions actually list a 1:400 leverage cap. Either way, the leverage cap does appear to be extremely flexible, although we aren’t happy with the fact that Aplus is once again providing inconsistent information. There is a significant difference between the two options and traders that are looking for specific caps may not be able to make a decision without better supporting information.

Do keep in mind that higher leverage allows traders to risk larger amounts of funds, so we wouldn’t recommend the broker’s higher option to beginners or any trader that isn’t looking for a high-risk high-reward experience. If you fall into one of those categories, you shouldn’t have to worry about being restricted based on the broker’s extremely generous leverage offers.

Trade Sizes

The broker’s website fails to provide any indicative information based on the minimum and maximum trade sizes, margin call/stop out levels/whether hedging/scalping is supported, etc. We would assume that the minimum trade size is one micro lot or one mini lot, but it’s hard to guess without knowing what account sizes the broker is working with.

Trading Costs

The website’s lack of information makes it difficult to pinpoint exact trading costs. We do know that Aplus implements high spreads of around 2.4 pips, which is at least 1 pip higher than average. It isn’t clear whether commissions are charged. Traders would still be paying outrageous amounts on spreads without even factoring in potential commission charges, so we will remain hopeful that the broker doesn’t add these fees on top of the spreads.

Overnight interest charges are also applicable to certain positions that are held past the daily market closing time, with a triple charge on Wednesdays. If one opens an Islamic account, it would be possible to avoid paying swaps. We couldn’t find a list of those fees on the website, so traders would need to view those fees within the MT4 platform. The broker mentions that fees aren’t charged on outgoing withdrawals, but the website never clarifies whether additional fees for inactivity, maintenance, or other charges exist.

Assets

A+ Plus offers investment options in 30 currency pairs and a few CFDs on indices. The more limited number of currency pairs would likely mean that the broker doesn’t offer many exotic options alongside major and minor pairs. The website doesn’t actually give us further details, so we can’t comment on the prescience of metals or oil options.

Overall, the broker’s asset portfolio seems rather limited, considering that several other brokers offer nearly double the number of currency pairs plus commodities, shares, and options from other categories. Once again, we were disappointed to see that the broker’s website didn’t offer a product page or any concrete information about their available instruments.

Spreads

The broker’s website provides inconsistent information about spreads. On the homepage, spreads from 0.1 pip are advertised, yet the broker also lists starting spreads from 0.5 pips under their trading conditions. Once one actually opens an account, they will find that spreads are nearly five times higher than advertised options, at around 2.4 pips on EURUSD. That amount is also 1 pip higher than the industry average 1.5 pip spread. Not to mention that spreads are typically tighter on the advertised instrument, meaning that traders will likely see spreads of 2.5 pips and higher on several other currency pairs.

Minimum Deposit

Oddly enough, Aplus does not mention its minimum deposit requirement anywhere on the website. It’s possible that the broker may base these amounts on the chosen deposit method, but there’s really no way of knowing until one prepares to make a deposit. If options fall into an average range, we would see minimum requirements from $1 to around $250, which is on the higher end of things. Based on what we know, Aplus is offering spreads that are high even for a Mini/Micro/Cent account type. Elsewhere, those types of accounts go for $100 or less. If Aplus is asking for more than that, then traders would be better off opening an account through another broker.

Deposit Methods & Costs

A Plus doesn’t provide much information related to funding. It’s possible to download a page related to the companies refund & withdrawal policy, but the page really only covers the broker’s policy to refund money that was used to fund an account back to the original payment source if no trading activity takes place within a month of the time that the deposit was made. We do see the company mention bank wire and cards while explaining their policy, so we would assume that both methods are supported. It isn’t clear whether any e-wallets would be available as additional options. Elsewhere on the website, the broker also advertises zero fees on deposits from their side.

Withdrawal Methods & Costs

As we mentioned, the broker doesn’t tell us much about their funding methods. Assuming that Aplus follows standard anti-money laundering practices, withdrawals would likely be processed back to the original bank account, card, or e-wallet that was used to fund the account. Typically, profits are returned to bank wire. The broker advertises an advantage in the form of fee-free withdrawals. Elsewhere, we’ve seen fees of 3%, 4%, and even higher, sometimes charged in addition to deposit fees, so this would definitely be one of the few advantages we’ve seen so far.

Withdrawal Processing & Wait Time

The website briefly mentions that there is a 24-hour withdrawal process without going into further detail. This would likely be the equivalent of one-business-day withdrawal time, with assumed business days being from Monday – Friday, since support is not available on weekends. This is a relatively quick processing time, but traders should expect it to take at least a couple of extra days for funds to show up in their accounts based on the bank’s processing times.

Bonuses & Promotions

Bonuses can be divided into a 100% Credit Bonus, 100% Supercharged Bonus, and 30% Rescue Bonus. A 50% Referral Bonus is also available, with the reward amount being limited to $1,000 USD. The exact amount of the reward is based on the referred client’s deposit of $100 or more. The website advertises performance-based trading competitions and mentions that the first 5 trades that are placed are covered by the company. However, we found multiple false claims on the website, so one shouldn’t entirely expect the broker to cover those charges in full.

Educational & Trading Tools

Aplus Trader seems very dedicated to providing beginners with all of the tools that they would need to be successful, and the company has even won awards for having the best educational program in 2013, 2014, 2015, and 2016. The program teaches the pitfalls and roadblocks of trading, provides practical tips & tricks from pros, explains terminology, and basically explains everything from a beginner-friendly approach. Apps can be accessed from the “Trading Tools” section of the website and include an economic calendar and multiple calculators. Educational resources, on the other hand, cannot be accessed until one actually opens an account. Forcing one to make a deposit in order to access educational material is not ideal, since most brokers have those options available directly.

Demo Account

Earlier, we mentioned that Aplus withholds educational resources until one has signed up for an account, but it seems as though the broker fails to provide demo accounts entirely. The majority of forex brokers offer the ability to trade from a demo account, even if it is the only educational resource on their websites. This certainly takes away from the reliability of the broker’s claim that they are entirely focused on educating beginners since traders will definitely be at a disadvantage without the ability to practice from a demo account before going live.

Customer Service

Support is available 24 hours a day, from 5 pm EST Sunday until 4 pm EST Friday. The quickest contact methods include phone, Skype, and Whatsapp. Traders can also fill out a contact form on the website, request a callback, or email support directly. Aplus seems to make contacting support fairly convenient, although the addition of weekend support and LiveChat would offer the ultimate convenience to clients. We’ve provided the available contact details below.

Phone: +44 7853 75 08 75
Email: [email protected]

Countries Accepted

Aplus doesn’t actually list any restricted countries on their website. This is usually a good sign that everyone is accepted, but we checked out the registration page just to be sure. To our surprise, Aplus actually allows traders to type in their country, rather than offering the list of selectable countries that we typically see on registration forms. This seems like an easy way to bypass any countries that are restricted by regulators, since Aplus isn’t directly stating that service is offered to clients of the US, Japan, etc. Fortunately, all traders will be able to open an account through this broker without a hassle because of the convenient sign-up option.

Conclusion

Aplus Trader hides shady conditions behind a polished and well-presented website. It’s easy to read about the broker’s achievements, 10+ years in service, and multiple awards and feel reassured that they are a reliable investment option. In a nutshell, Aplus Trader’s live account doesn’t even specify minimum deposit requirements, provide any information about trade sizes, or mention whether commission charges are applicable. The leverage cap is set at a generous 1:400 or 1:1000 option, but we can’t even say which offer is actually available based on inconsistencies. In a similar fashion, the broker advertises spreads from 0.1 and 0.5 pips, while actually offering starting spreads from 2.4 pips.

It’s also difficult to find information about investment options, but our research revealed that instruments are limited to around 30 FX pairs and some cash indices on CFDs. From what we could tell, deposit options are limited to bank wire transfers and cards, with zero fees on deposits or withdrawals. If the broker keeps their word, then processing times are also relatively quick. Contacting support is fairly convenient and multiple bonuses and trading contests are supposedly available. The company’s beginner-friendly approach to education seems attractive until one realizes that Aplus fails to provide demo accounts and withholds those resources until one has opened an account and made a deposit. Add that to the website’s inconsistencies and lack of transparency, and Aplus does not seem so attractive after all.

Squared Financial is a group of 3 subjects that make the brokerage brand, SquaredFinTech which handles the platform and the back office, SquaredResearch dealing with the market analysis and educational programs, and SquaredDirect DMA/STP brokerage brand founded in 2018. The brand is new and founded by the same people managing now-defunct ProbusFX. While still new and now very popular on the scene, the broker managed to get a legit CySEC license and stay competitive on the trading conditions. Therefore, good transparency and quality of service are expected.

SquaredDirect website is professionally made with good structure, navigation, content, and transparency. Visitors will have the right marketing blend of promotion and information. Company location, team, and history are presented openly, giving out a good image of a trusty broker. Traders will also respect the MiFID II directive, Tier I banks funds segregation and the ICF €20,000 backup in case of the broker insolvency.

SquaredDirect also has another domain regulated by FSA of Seychelles where trading conditions are lax and do not have the leverage limits ESMA directs to brokers dealing with the EU clients. The broker is offering a very good value proposition with elements such as low trading costs, no conflict of interest, good educational, analysis and informative content, and 24h support. Still, the broker has not received enough attention to have a verdict by users and benchmark sites. Many aspects of this broker point to a well-organized business but we will review SquaredDrirect by sections so traders can make the right decisions.

Account Types

SquaredDirect has a very well overview of the trading conditions about every of the 3 account types they offer. Overall, the accounts are differentiated by the spreads, commissions, minimum deposit and, interestingly, negative balance protection. All of them are available in EUR and USD currency only. The most affordable account is the Gold where the spreads are promoted as starting from 1.2 pips. This account does not have commissions and has negative balance protection, it is described as for people who like simplicity in trading. According to the table, there are no other differences to other accounts except for the limitation to Forex and Precious metals range only.

Mid-tier, and probably the most optimal account is the Platinum. The major difference is the minimal spreads and the commission charged per lot traded. Platinum Account is described as for the skilled traders who want raw spreads and access to all trading instruments. The increase in the minimum deposit requirement is small but the concern to some traders may be the absence of negative balance protection. A full range of trading instruments is available.

Diamond Account is the ultimate condition account with a very big minimum deposit requirement. The benefits are significantly reduced commission and spreads. We believe some additional arrangements can be made with the broker since this account is meant for high-volume institutional and individual traders.

We have contacted the SquaredDirect staff about the unusual negative balance protection absence for two of their accounts, we are informed the all accounts have negative balance protection. Therefore, the presentation table is not reflecting on real conditions.

Platforms

SquaredDirect offers only the Metatrader 4 platform even though the broker promoted the MT5 on the account comparison table. The license for the MT4 is saved despite the rebranding, MetaQotes discontinued issuing new MT4 licenses to favor the MT5. SquaredFinancial company promoted the MT5 and its proprietary platform although these are not yet operational with SquaredDirect.

MetaTrader 4 is available to download for Windows, Mac, and Linux operating systems. Also offered for mobile devices running on iOS and Android. The web-accessible MT4 platform is not offered so visitors will have to download the installation packages and install the platforms to see the trading conditions.

Once installed the MT4 platform presented us 4 Squareddirect servers, two demos and two live. All of them have a great ping rate below 40 ms. Everything is by default settings without any added templates or indicators. The default 4 forex currency pairs on 4H timeframe have the One-click trading buttons enabled. Equinox LD4 is SquredDirect’s data hosting partner and it shows by extremely fast-changing price quotes in the platform. The symbols list is organized into many groups with the same asset category.

In our opinion, they are unnecessary as, for example, there are 4 groups for Indices without any logic. As for the execution times they are 145ms on average with slight deviations to 154ms. This is a very good execution time for scalpers and fast trading EAs, which are allowed by the broker. Specification window is showing enough trading conditions data except for the commission which is displayed in the trading Terminal module instead. We have not found any liquidity problems for any asset offered.

Leverage

As per ESMA directives, SquaredDirect leverage is capped to 1:30 for Retail category traders. To classify as a Professional trader where higher leverage is allowed, traders will have to meet certain criteria, which are disclosed in the respective legal document. What we did not like is that the broker is promoting 1:500 leverage which is reserved only for the Professional trader category, while most are ordinary, Retail traders. The leverage information is not disclosed for each instrument on the website.

According to the Leverage Policy legal document the leverage is set 1:30 for major currency pairs (comprising any two of the following currencies: USD, EUR, JPY, GBP, CAD, and CHF), 1:20 for non-major currency pairs, Gold and major indices, and 1:10 for commodities and non-major indices. Leverage of 1:5 is for individual equities and other reference values and 1:2 for cryptocurrencies. We have confirmed these values in the platform except there are no cryptocurrencies in the range.

Trade Sizes

SquaredDirect sticks to the micro-lot trading volume size for all accounts. Additional steps volume is also 0.01 lots. The maximum trade volume size is set to 10000 lots which is more than enough for anyone. This trading size policy is applied to the whole instrument range. As for the Stops levels, it is set to none for Forex, precious metals, commodities and indices is set to 2 pips. For those not familiar with the Stops level values, it determines the range in points around the current asset price within Stop Loss and Take Profit orders cannot be placed in. Having no Stops level is convenient for scalpers and fast trading strategies where risk management is very narrow.

Margin Call is set to 100% level and Stop Out is at 50% for all account types. Note that the broker has negative balance protection for all accounts despite the table info on their website.

Trading Costs

SquaredDirect charges the commission per lot traded for Platinum and Diamond Accounts, while the Gold account has the commission included in the spread. Platinum account commission is $7 per lot but we have found that only for Forex currency pairs. For the stop Gold, the commission was $11.03 according to the MT4 platform. WTI Oil had a $3.67 per lot and Brent had $4 commission. These figures are completely inconsistent with the account presentation page where the commission is $6. For this reason, clients will have to check with SquaredDirect about the actual fees.

Swaps are calculated in points and tripled on Wednesdays. For major Forex pairs the swap is under normal levels but for Gold and other non-forex assets are a bit extreme. We will refer the cost for probably the most interesting platinum Account. Positive swaps are a frequent sight. First, the most liquid currency pair, the EUR/USD has low swaps, trade sides are in balance, -6 points for long and 6 for short position. USD/JPY has 3.2 for long and -7.78 for short, GBP/USD -5.64 long and 1.6 short, AUD/USD -3.12 long and 0.48 short, and NZD/USD with -2.4 points on long and 0.512 on short. For the exotics pairs, we found the swaps expectedly higher but in reasonable ranges. USD/CNH has -55.5 points on the long side and 0.24 on the short, USD/MXN has -441.375 on the long and 164.66 on the short and USD/ZAR -324.25 long and 139.1 points on the short.

Our major surprise is the spot Gold against the USD with -112.7 points for the long overnight position charge and 48.6 points credit for the short position. Spot Silver is not following the same pattern, -2.2 points for long and 0 for short. Again Oil assets both have extreme swaps comparing to what we usually see. As for Indexes, they also have high double-digit all negative swaps. We have approached the broker about this issue and we are informed that the conditions are not yet up to date.

Again, we urge any interested traders investing with this broker to check all of the conditions first. It came to our attention that the unusual swap range for these assets may come from the fact all of them have one digit more price calculation, so Gold and Oil have an additional digit than what most of the brokers have. There are no fees for inactivity or maintenance.

Assets

Squared Direct is not offering a great asset range, still, there are signs of development of introducing new, such as cryptocurrencies. At the moment of writing this review, the broker offers 4 asset categories, Forex, Energy assets, Precious metals, and Indexes. None of them are particularly developed except for the Forex. The forex range has a total of 41 pairs. The range is average without any exceptional number of exotics. Notable exotics are USD/CNH, USD/MXN, USD/HKD, USD/ZAR, USD/TRY, EUR/TRY, and Scandinavian currencies.

Precious metals are limited to only two most traded metals, Silver and Gold. Out of commodity assets, SquaredDirect only has two Oil types, Brent and WTI. Advanced traders that like to find opportunities on every market will not choose this broker for now, although trading conditions are one of the best for what it is offered. Indexes range is also limited to only 6 majors. These are US 100, Germany 30, EU 50, UK 100, France 40, US 30 and US 500. All of these instruments are stated as cash.

Spreads

SquaredDirect has a floating type spread on all of the accounts. The most affordable Gold Account has the spreads from 1.3 pips according to the table, although we know the commission is included here. Platinum and Diamond Account are stated to have the spreads from 0 pips. This is common said for promotional reasons but our MT4 platform showed this is really the case. During our testing of the Platinum Account in the MT4 we have noticed that the USD/JPY occasionally has 0 pips spread. EUR/USD is similar. In most cases, the spread is 1 point for both of these pairs meaning the spreads are raw.

The highest spread among the majors is attributed to USD/CHF with 6 points spread and AUD/USD with 4 points. To confirm that the SquaredDirect is the king of spreads comes from the fact all of the minors have the single-digit spread in points except for occasional jump by the GBP/NZD, EUR/NZD, CHF/JPY and NZD/CAD to 10-15 points. For exotics, the spreads are not that attractive but still competitive. For example, USD/ZAR has 790 points, USD/CNH 193 points, USD/HKD 33 points, USD/MXN 169 points, and USD/TRY 403 points. Spot Gold and Silver have triple-digit price computing, the spread is 11 pips for Gold and 27 for Silver.

Minimum Deposit

The most affordable Gold Account requires at least a $100 initial deposit. Platinum Account with 0 pip spreads and commission requires at least $500 or EUR. For Dieamon you will need $20,000 initial deposit amount. Since SquaredDIrect is still in development the conditions about the accounts may change. The FAQ page shows completely different figures for minimum deposits and different account names so we will assume the FAQ is outdated.

Deposit Methods & Costs

SquaredDirect Lounge, or client’s area, will notify you will need to verify your account before depositing. The deposit channels available are Bank Wire and Credit cards. Note that the legal documents also mention e-wallets such as Skrill and Neteller. The broker will not charge any fees for deposits. Any bank transfer fees will not be compensated.

Withdrawal Methods & Costs

Withdrawals channels are the same as with deposits. At the moment the broker only has bank transfers operational. There are no costs for any withdrawal methods.

Withdrawal Processing & Wait Time

Withdrawals are done within the SquaredDirect Lounge. Within 5 business days, the broker will pay the withdrawal. As per the Withdrawals Policy document, there are requirements. The account has to be the same where deposits come from and belonging to the client. The client has to be fully verified and the balance must exceed the amount specified.

Bonuses & Promotions

It is not allowed to offer the usual type of bonuses or promotions. This does not apply to the broker’s other domain regulated by FSC. SquaredDirect calls users to follow their Facebook, Instagram, LinkedIn, and Twitter profiles to keep clients up to date with corporate news, announcements and latest market events.

Educational & Trading Tools

This element of the broker service is very well developed. There are two sections of the SquaredDirect website with several information sources, educational content, and analysis.

The first part of the Market Analysis section is the Economic Calendar. It is designed by myfxbook.com with all the features it has on myfxbook website. There are settings for timezone, country filtering, impact, and the ability to save settings for the next session. Aside from the usual impact forecast, actual and past figures, the event description also has a chart with historical event levels.

Live Market News contains a very good introduction for beginners on how to interpret the news. The feed is updated hourly and arranged as a grid. Most of the news comes from Reuters or Investing.com, it is not the work of the broker staff. Therefore, clients will have to digest the information on their own.

The Financial Events section has more educational function than it is related to practical trading applications. The content covers main institutional and government actions that have a severe impact on the market, such as OPEC Meeting, Federal Reserve Meeting, European Central Bank Meeting, Bank of England Meeting, Brexit, and NonFarm Payrolls. These titles have a quality made content with links to outside credible sources that further enrich the value beginning traders will appreciate.

Pivot Points describes how the Resistance and Support lines are used with the additional ways of what pivot points indicate. There are examples from 2019, and we are not sure if this is intentional or just outdated. Live Prices contain the feed web element with live price movements and spreads for some forex pairs and spot Gold.

Learn part of the main menu holds video tutorials, trading guides, glossary and trading FAQ. Video Tutorials are numerous with over 60 lessons on topics such as Indicators, Trading Psychology, Trading Strategies, MT4, Market Analysis and so on. They are not long and have good explanations but as such do not have any depth.

Trading Guides also have very good content with images and examples. There are 7 of them and cover topics such as Understanding Forex Charts, Understanding Currency Pairs, Identifying Chart Patterns in Forex Trading and so on. The Glossary and the Trading FAQ are a nice addition with not so deep explanations and coverage.

SquaredDirect best part is the blog in our opinion. Their blog has a very nice design, filtering, and quality content compared to some other brokers. The articles are written by the broker’s staff and are longer once you register. This section is active and updated frequently. Company News is also published here with the latest event important for traders.

Customer Service

SquaredDirect has solid customer support. There are multiple channels to contact them, via phone, call back service, chat, email and social networks. The chat service is 24/5 with responsive staff, we have not waited longer than one minute for any occasion. Most of the easy questions will be answered with the appropriate links and polite attitude. Although, once you start asking specific trading questions, representatives show inexperience or lack of authorized practice.

On the other hand, the broker is still new and emerging. Email responsitivity is also fast, within one hour. A complaint form is put in the Help center while the FAQ holds a good amount of information and a Search Box. Note that we have noticed several outdated information and inconsistencies.

Demo Account

The demo account is not time-limited and can be opened within the MT4 platform too. It will reflect the Platinum Account with all the commissions and swaps. Although the leverage you can select is not what you will get as a Retail Client. The options given in the demo opening process is 1:50 or 1:100. The execution and server ping rate are almost the same. Traders will have 50,000 EUR or USD virtual funds. Multiple demo accounts are allowed.

Countries Accepted

According to the legal documents and the CySEC license, SquaredDirect is allowed to provide services in the following countries: Austria, Bulgaria, Croatia, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, United Kingdom. Provision of Services to Countries Outside the EU to China, Hong Kong, Indonesia, Lebanon, Moldova, Nigeria, Switzerland, Ukraine, United Arab Emirates, Seychelles, Indonesia, Moldova, and Nigeria.

Note that the other domain of SquaredDirect has a wider list of accepted countries outside the EU and regulated by FSC. Traders should check with the broker for the latest list as it is still in relatively early development.

Conclusion

This section of the SquaredDirec review will reveal several important facts about the broker. Firstly we have noticed the low percentage of just 56.82% retail investor accounts lose money when trading CFDs with SquaredDirect while their FSC branch has this percentage about 77%. The percentage of 56.82 is way below the industry standard and we are not sure what is contributing to such high success of traders.

The broker is still not popular enough and does not have any ratings within the audience. Based on the facts of good transparency but somewhat messy information, it is possible that the broker is still not yet ready to open a bigger marketing campaign and keeps the small pool of skilled traders. Since the trading conditions are very good, SquaredDirect has a good future and an open slate for the reputation to fill.

At the current state, even with the modest trading instrument range, traders can enjoy the safety and no limits to trading techniques, EAs or any kind of fees except for the commission for the two raw spread accounts. Traders can expect this broker to introduce cryptocurrencies and other assets in the range. For those interested in working with the broker, there are several vacancies open.

This is an old brand that is mostly focused on Spanish speaking clients and having a specific approach to investing and trading. DIF Broker wants to be different on how the business is handled, offering and promoting alternative solutions than what we usually see for the brokerage houses. DIF Broker started in Portugal in 1999 and slowly going up the ladder to try to differentiate at all costs.

The company is transparent on its beginnings, location, business practice, and the product range. This is also something normal for broker under the MiFID II and EEA, but the content with DIF broker is different in both ways, good and bad. The website is designed with a good balance between style and professionalism, but the usual visitor might get lost in all the atypical information. They seek information on trading conditions, bonuses, leverage, spreads, assets, and similar basics.

DIF Broker has products that will not directly answer these questions but instead, you will need to research what the offer is. There is no content towards the trading conditions description nor any account types to compare. DIF Broker services seem to be centered on Managed Investment solutions. As such, the broker found the need to have their platform to integrate their services.

As for the regulation, the broker has many allowances to do business in the UK (FCA registration), Germany (BaFin), Italy (Consob), Netherlands (AFM), Poland (KNF), Portugal (CMVM), France (Bank France), Spain (CNMV), and is a member of Indemnity System for Investors (SII), a kind of protection fund similar to CySEC ICF and FCA FSCS. Based on the website, promotion, and content, we can see that DIF Broker is oriented on mid to long term investments alternative to banks and other, lower gain institutions. This idea is supported by content that induces trust and safety in visitors.

This DIF Broker review will reveal what is beneath the services for traders by putting aside anything redundant and show the pure trading value.

Account Types

DIF broker does not have the usual accounts for trading. They are differentiated by the investment type, or whether you are going to trade (invest) by yourself, Invest with an Advisor, Invest with a Portfolio Manager or Invest with DIF Protect. If you want to know more about each, you will not find any trading conditions table or similar.

Investing in Yourself Account means you will trade on your own using their DIF platform. The page will present what assets categories you can trade and the range on each. furthermore, each category asset is explained with some promotional content, there is no more information and the action is directed in “Simulation Investment”, or in other words, a Demo account. You will also have a private broker, or more likely a salesperson, alerts service, and their platform with all the integrated services.

Invest with Advisor is a kind of managed investment service where the client receives a custom made portfolio by DIF Broker staff. The client is in full control of the investment using the DIF platform. This service is aimed at investors who do not want to develop their trading strategy or system and want to use broker made solutions but trade on his own decisions.

Invest with a Portfolio Manager is a customized portfolio creation based on the client’s specifics and needs. The strategy portfolio is mainly composed of Stocks and ETFs. This is for investors with higher risk tolerance and who are aiming at least 5 years of investment. From the broker statements, this service is similar to the “Invest with Advisor” but seems to be better customized and for longer-term. Also, the client does not have to monitor the investment all the time.

DIF Protect is a service that has the traits of an Option derivative. A trader can have a loss protection buffer if potential gains are capped at a certain level. This is a kind of automated Options structure creation where your losses can be negated if you set the upside limit, yet losses can exceed your buffer or loss protection area while your gains are capped. This service is unique but any details and the costs are not disclosed on the page.

Platforms

DIF Broker does not offer the classic MetaQuotes platforms and relies on its DIF platform available as a web-accessible and for desktop. We were unable to find a link for the downloadable desktop version since we were redirected directly to the Web version without giving the option to switch. Registering for the “simulation” is done via email where your Login details are sent. The platform will open once you set the language and some other parameters.

The platform is divided into 3 resizeable windows with a white theme by default, switchable to black on the top right button row. The right side window contains the chart with all the tools and modes. Product Overview mode has very good information on the asset movement. You will see the classic Bid, Ask prices, Spread, % change, Net change, Day range, and a price chart in the form of a histogram with switchable timeframes.

Charts mode presents the full feature chart which can be set to full screen or detached. Linking and instrument finder is available on the top left with advanced timeframes settings. The timeframe can be set to 1,2,3, 5, 10, 15, and 30 minutes, 1, 2, 4, 6, and 8 Hours, Daily, Weekly, and Monthly, with an additional setting for a range period to which the chart will be displayed. The top right side of the window has the indicators, chart type selection, drawing, snapshot, chart configuration, and other useful tools.

The chart can be configured in many ways, from colors to timezone and also has a context menu on right-mouse click with logical and useful features. Chart types available are Heikin Ashi, Candlestick, Bar, %Comparative, and a Line. There a total of 53 indicators you can insert with a good range of settings. Most of the indicators are popular and can also be found in the default installation of the MetaTrader platforms.

Options Chain mode is the selection of Options that can open a completely different way of trading and risk management. The left window contains the Watchlist with the Alerts tab. The watchlist has a lot of features and information feedback. The right-click context menu will give you options to open a new trade, add and remove the instrument to a watchlist, add price alert, and see Trading Conditions.

The alert tab features a filter box, sorting and alert add option. There are many conditions and settings you can set an alert, you can also set it to repeat, expire, on % price change and so on. At the bottom of the screen is the Positions and Orders window that holds all the information about open trades and how they affect your portfolio, balance, exposure, margin utilization and more. Even this window has a filter box and category column sorting. Ordering can be done in a few ways, the panel will open with more options than what you see in the MT4 or 5 platforms, see the cost of the trade, plus you can drag the pending orders on the chart.

DIF platform is probably one of the most advanced web-based platforms in the industry, so the technology promotion by DIF Broker holds. As for the integrated services, the DIF platform has the Research section next to the Trading, where the platform is linked with the Autochartist signal service. This function is very well blended into the platform, you can select the instrument category to your left and see the analysis on many assets on different intervals, probabilities, pattern names, type, age, and length.

On the Performance Disclaimer, traders can see the success rate of the Autochartist patterns and Key levels forecasts. At traders, disposal is also a great filtering selection so they can pin down only assets of interest with the best probabilities. The final tab is about the trader’s account. Statistics including exposure, gains, position values, P/L, and similar, Historical reports including dividends payments, CFD cahs adjustments, interest details, reports of various kinds and of course, trades executed.

Another tab contains all the setting for the Account such as Subscriptions, upcoming margin and Collateral changes, Demo account reset, etc. Chat is also integrated into the DIF platform but it is available only for Live accounts, thus limiting the ability to have contact with the broker in a non-phone way. As for the execution times, they do not have a time stamp so it cannot be measured precisely. Form our manual measures the execution times are under 200ms.

Leverage

DIF Broker has Key Information documents but they are available only once you register and see the platform. Since DIF Broker is under the ESMA directive the maximum leverage for Retail traders is capped to 1:30 leverage. Forex currency pairs have 1:30 leverage for major currencies but for exotics like the TRY the leverage can be reduced to less than 1:7. For Spot Gold against the USD, the leverage is 1:20 for buying and 1:30 for selling. Indices have 1:20 and Commodities have margin levels based in currencies such as the USD. It is possible to increase the leverage if a trader can classify as a Professional. To qualify a trader must pass certain conditions.

Trade Sizes

All the minimum volume trade sizes are in mini-lots or 10,000 units for Forex instruments. For Spot Gold, the minimum is 10 units or 10 Oz that is the equivalent of 0.1 lots. This minimum volume sizing is similar even for other assets and securities that have different margin calculations. The maximum trade volume is known in the ordering window but additional volume steps are also in mini-lots. The larger minimum trade sizes are not adequate for small values accounts and DIF Broker is aiming for bigger deposits this way. As for the Stops level, this parameter is not disclosed in the instrument specifications. Margin Call is set to 75% and Stop Out is at 50% margin level. In the DIF platform, the Margin Level is presented as a Margin Utilization meter, but the calculation is the same.

Trading Costs

DIF Broker is different when it comes to calculation the trading costs. The platform will present the trading costs once you order a trade, the structure will be more clear to you. The point is that smaller trades carry the highest trading costs. So, for example, trade ticket cost (commission) will be $10 for 40 units of spot Gold (0.4 lots) against the USD, meanwhile, 0.5 lots or 50 units will not have any ticket costs. This dynamic policy is applied to all instruments and therefore it is not possible to determine the exact commission or trade ticket.

This setup certainly favors large accounts, and the costs are very high for the rest of the traders, comparing with the industry average. As for other costs, the official Pricing document, which is not easy to find, (we found it using Google search, not navigating the website) they are very complex. So complex we had problems to collect what is the final cost that a trader can have.

Let’s start with the Stock OTC trading commission of 4%. Other most important costs are regarding the portfolio management services, Success Fee is – 20 %, Annual Fixed Fee 3%. The inactivity fee is stated to be charged EUR 36, plus VAT. There is no information on when the account is considered inactive. All DIF Broker Fees charged are subject to VAT. Admin costs for the delay in sending the required legal documentation will be charged with a fee of 100 euros per quarter, plus VAT.

Assets

DIF Broker does not have only CFD instruments but also other securities and derivatives such as Forwards Futures and Options. Note that you will need to consult with all the instrument specifics so you can know your costs and benefits relevant to them. It can be said that the range in every category is phenomenal.

The drawback is there are no Cryptocurrencies. Starting with forex, there are 182 total assets, 140 of them are forwards contracts and 42 are on spot. This is almost the full Forex range one can find. Let’s just say you can find exotics pairs such as CHF/TRY, AUD/ZAR, SGD/CNH, USD/AED, GBP/ILS, JPY/HKG, PLN/DKK, and many more extremes.
DIF Broker is on several Exchanges around the world. This enables this Saxo Group Broker to have over 19,000 stocks on 36 exchanges. These securities can be under the CFDs and Futures. There is enough range here employed traders could probably find their own public company.

Indexes are under CFDs and there is 21 total. The diversification is excellent and the choice of alternative Indexes is great. Notable, rare Indexes are Belgium 20, Denmark 20 and 25, Germany Tech 30, Germany Mid-cap 50, Germany 30, Norway 25, Portugal 20, Swiss 20, Spain 35, Sweden 30, and Wall Street 30. ETF range is one of the strongest categories of DIF Brokers, not only by the number of ETFs but their diversity and usability as alternatives and options on many holding or hedging strategies. There are over 1000 ETFs to choose from.

Bonds offer is also very extended with multiple countries around the world. The list is long enough to scroll a dozen times and still not reach the end. Classic Options are also offered, 1000 of them. Options on interest rates, stocks, energy, precious metals, and others open a new way of how you can trade and manage your risk.

Futures are contracts on many asset categories such as Currencies, Commodities, Indexes, and interest rates. There are more than 200 of them across 22 exchanges. Among these are commodity assets, many of them including Coffee, Corn, Cotton no2, Rice, metals and more.

Spreads

Spreads are dynamic but can behave like fixed as they do not move that often, but can be dynamic on the trade volume. Interestingly, the bigger the trade volume is the wider the spread for certain assets. For Forex, we can say the levels are no competitive as most are higher than what we usually see with other brokers. Yet, DIF Broker is a market maker with many integrated services targeted to the high ticket investors.

To have some insights, EUR/SUD has 3 pip spread, USD/JPY 2.5 pips, AUD/USD 3 pips, NZD/USD 4 pips, and USD/CHF 4 pips. Wider spreads are for the GBP/NZD 11 pips, AUD/NZD 7 pips, and similar for other cross pairs. Exotics spreads are very good. There are many of them but the spreads remain competitive. USD/MZX spread is 40 pips, USD/ZAR 65 pips, USD/RUB 292 pips, GBP/HKD 33, etc. Spot Gold against the USD has 45 pips spread which is a bit higher than with other brokers, similar to other assets. You can expect higher than average spreads for all other categories.

Minimum Deposit

The minimum deposit in 2020 is $500 for individual self-managed accounts. For a managed portfolio, you will need a minimum of EUR 25,000. These figures are not present on the website.

Deposit Methods & Costs

Deposit methods available are Wire transfer, Credit Cards, Neteller, and Skrill. Incoming transfer in Dollars for bank wires is 5 EUR plus stamp duty.

Withdrawal Methods & Costs

Same as with the deposits, the channels have to be the same per AML policies as deposits and under the investor name. For SEPA Transfers there are no withdrawal fees until EUR 100,000. SEPA Transfer above EUR 100.000 has a EUR 15 fee plus stamp duty. Also, US Tax Code Section 1441 points to Clients trading on the US markets, they are charged an annual fee of EUR 40 plus VAT according to the Pricing document from DIF Broker. Transfer outside SEPA area has a 0.20% fee, minimum of EUR 15 and a maximum of EUR 60 plus stamp duty. All transfers otherwise have a minimum of EUR 10 fee or 2% for transfers over the nominal portfolio with a maximum of EUR 200 per ISIN.

Withdrawal Processing & Wait Time

Withdrawals are done in 2 to 5 business days regardless of the withdrawal channel. This on par with other FX brokers within the industry.

Bonuses & Promotions

DIF Broker is not allowed to have any promotions or bonuses per EU directives. We certainly cannot fault them for following the rules, can we?

Educational & Trading Tools

DIF Broker has tools integrated into the DIf platform. Under the Research tab, there are 3 modes traders can utilize, Signal service from the mentioned Autochartist, News and Economic Calendar. Autochartist is a well-known service that incorporates automated pattern recognition and plotting on the chart. Traders can use the signal information and trade on the spot without going to the Trading mode. This is very convenient for those that like AUtochartist and can easily find, sort and filter their signals on many categories.

The Newsfeed is updated regularly and currently only comes from NewsEdge Spanish LATAM. They are only available in Spanish without any way to translate. If non-Spanish speaking traders what to use this, they can utilize any translating service as the articles are not longer than one page.

The integrated Economic Calendar is very basic not having any options for filtering, sorting or analyzing. It is designed as a stating non-interactive list without impact meters. What you will see are just the most recent event name, country relevant, and the figures for past, actual and estimated levels. Other educational content is mixed in on the website, intended for not-so-familiar investors.

Customer Service

DIF Broker can be contacted only by phone or email. Once you have a Live account, you will have access to the chat integrated with the DIF platform. The quality of service is very good but have in mind that DIF broker has a very good selection of non-aggressive salespersons.

Demo Account

The Demo is promoted on most of the pages of the DIF Broker’s website. Yet the demo is time-limited to the next 15 days. This is not a good signal since this practice is common when brokers do not want you to spend too much time without any deposits.

Countries Accepted

Being registered with multiple EU regulators and having the license to do business in them, DIF Broker focuses on the Spanish speaking countries such as Spain, and Latin America in their respective branch. Other clients come from Germany, the UK, Armenia, and Poland. According to the regulations, the DIF Broker will not do business outside the scope of its licenses. The official licenses to provide services are held in Bulgaria, Germany, Italy, Netherlands, Poland, Portugal, Romania, France, Spain, the U.K., and Uruguay.

Conclusion

This section of the DIF Broker review will conclude our impressions and solidify your decision on investment. 77% of retail investor accounts lose money when trading CFDs with DIF Broker, an average percentage in the industry. But note this is only counted for CFD trading and this broker has many more other types of trading products.

One thing is certain, trading conditions are not good enough for the nowadays traders who like fast trading, cryptocurrencies, and automation. DIF Broker knows this and does not present this so openly. On the other side, the DIF Broker wants to differentiate by offering other managed portfolio services aimed towards long term clients with higher financial capabilities. Even though the great range of products on the specialized platform is great, only a small number of traders are willing to stay just for the ETFs, Stocks or Bonds.

At the current state, ordinary retail traders of today will seek other brokers, we are not sure how sustainable is this different direction DIF Broker embarked on.

Conotoxia Ltd. Was founded in 2016 by a team of professionals experienced within the online trading industry. This company is a member of Conotoxia Holding which has offices in Chicago and Warsaw. Apart from this, Conotoxia Ltd is also related to one of the top leading brands of the Polish online currency exchange market, the Cinkciarz.pl.
A year after it was founded, this broker became regulated and supervised by the Cyprus Securities and Exchange Commission (license number 336/17). Cyprus is a popular destination for Forex brokers as it offers well-balanced regulations as well as an advantageous taxing system.

Conotoxia offers four account types that can be used on the CTrader platform, a variety of assets and convenient customer support. This broker claims that their goal is to continuously increase their level of provided service and to set online trading standards. In this review, we will go through what Conotoxia has to offer to help you determine whether trading with this broker would be a good idea.

Account Types

On their Trading page, we did find some confusing information regarding the account types that this broker has to offer. On the one hand, they mention that their one simple account type is catered for each and every trader as they enjoy the same trading experience, but later on, on this page, they go on to discuss four different account types.

We decided to contact the broker to see whether they offer just one account type or in fact four. We were later informed that they do in fact offer 4 different accounts which differ slightly from each other. These accounts are the Basic STP, Standard STP, ALGO Trading STP, and Advanced STP. All accounts can be opened for a low $100 and the minimum spread for all accounts is 0.0 Pips. All accounts can have a maximum of 2000 pending/open orders at a time and they also allow API and hedging.

Here is a breakdown of the main characteristics of all four accounts:

Basic STP

• Minimum Deposit – $100
• Spreads – Start from 0.0 Pips
• Min trade Volume in Lot – 0.01
• Cryptocurrencies – No
• Free Training – No
• Platform – cTrader

Standard STP

• Minimum Deposit – $100
• Spreads – Start from 0.0 Pips
• Min trade Volume in Lot – 0.1
• Cryptocurrencies – Yes
• Free Training – No
• Platform – cTrader

ALGO Trading STP

• Minimum Deposit – $100
• Spreads – Start from 0.0 Pips
• Min trade Volume in Lot – 0.01
• Cryptocurrencies – Yes
• Free Training – No
• Platform – cTrader

Advanced STP

• Minimum Deposit – $100
• Spreads – Start from 0.0 Pips
• Min trade Volume in Lot – 0.5
• Cryptocurrencies – Yes
• Free Training – Yes
• Platform – cTrader

Platforms

Conotoxia offers the cTrader Platform which is an innovative STP/NDD trading platform that enjoys fair popularity amongst traders worldwide. Although it is not as popular as the MT4 or the MT5 platforms, the cTrader has a number of advantages that one should take note of. With cTrader customers can choose from multiple order types, detachable and advanced charts, an extensive indicator library and level II pricing.

Customers can also make use of this platform on their preferred browser. CTrader WebTrader is the world’s first HTML5 trading platform that works with the latest versions of Chrome, Firefox, and Safari. Another interesting addition that Conotoxia offer is the cAlgo which enables users to create and develop trading cBots and customize all available technical analysis indicators.

If you’re new to cTrader you can find a lot of information about what this platform has to offer on Conotoxia’s Platform’s page.

Leverage

The leverage offered by this broker depends on whether a client is retail or professional. Retail clients have a maximum leverage of 1:30 whilst professional clients can use leverage of 1:300. Certain assets such as Commodities and Metals also have different leverage ratios, for example, Silver, WTI_OIL, and Brent_OIL have a maximum leverage of 1:10.

Trade Sizes

The minimum trading size for Forex pairs is the industry standard of 0.01 Lots. Although the Basic and the Standard accounts do not have a stipulated minimum volume that they need to trade per month, the ALGO Trading STP and the Advanced STP accounts have a minimum trading volume of $2,000,000 monthly.

Trading Costs

When trading with Conotoxia clients should expect to pay floating spreads, swap fees as well as commission. The commission on the Standard STP account is $4 per $100,000 volume for Forex pairs, $10 per $100,00 volume for Commodities and Indices and 0.30% of the trading volume when trading Crypto. You can find the full list of commission prices one should expect to find on all 4 accounts and on all available instruments on the Contract Specifications documents that you can download on Conotoxia’s website.

Assets

When it comes to trading instruments, Conotoxia has quite an extensive list being offered. They are currently listing more than 60 Forex currency pairs, including Major, Minor, and Exotic pairs. This broker also offers a number of commodities and precious metals including Silver, Gold, and Brent_Oil amongst others and also a few Indices.

The Standard, Algo Trading and Advanced STP accounts also offer a number of cryptocurrencies available for trading including; BTCUSD, LTCUSD and ETHJPY just to mention a few. You can find all their available assets, spread, minimum orders, max leverage available and commission rates on the Contract Specification Documents found on this broker’s Documents and Announcements page.

Spreads

On their website, this broker claims that spreads start from 0.0 Pips on all their available accounts. We tried to get a clearer idea of what kind of spreads one should expect when trading with this broker, however, on their CFDs page, they only mention that spreads are floating so we cannot comment any further on this for the time being.

Minimum Deposit

All accounts offered by Conotoxia can be opened with a minimum deposit requirement of $100 which is very affordable for a vast range of traders.

Deposit Methods & Costs

Contonoxia’s customers can deposit funds into their account in 4 basic currencies namely, Euro, US Dollar, British Pound Sterling, and Polish Zloty. This broker offers two main types of deposits, the Standard deposits or the Express deposits. The standard deposits are ideal for customers that are looking for low costs and are in no particular hurry to deposit funds into their account. This method is basically the Bank Wire transfer which is fee-free however customers should note that these deposits may take several days before arriving into your account, which may be inconvenient for some.

The Express deposits are catered for customers looking for fast transaction executions. Express deposits are provided by e-wallets at Conotoxia Pay or thru Dotpay. Keep in mind that these options come with additional commissions. Overall Conotoxia accepts a very wide list of payment methods including EPS, POLI, Visa Checkout, Union Pay, Ideal, and Apple pay just to mention a few.

For a full list of the commission’s applicable visit the Costs and Charges document found on the Trading page of this broker’s website.

Withdrawal Methods & Costs

Conotoxia does not charge any processing fees on withdrawals and the only commission that clients may encounter will be coming from their banks’ side and not the broker. Clients can request to withdraw funds at any time by filling an online form found in the Conotoxia’s Platform.

Withdrawal Processing & Wait Time

Once withdrawal requests are received, they are processed between 8:00 – 16:00 CET time. Those requests that are received after this time will be processed the next business day. Every withdrawal has to return to a bank account belonging to the same user due to AML regulations. Withdrawals made via bank transfer may take from 1-5 working days to be completed.

Bonuses & Promotions

There seems to be no current promotional offers or bonuses on the Broker’s website at this time.

Educational & Trading Tools

On their website, Conotoxia has a page dedicated to Forex Education. On this page one can find plenty of useful information that will surely come in handy in the first few days of your trading. Unfortunately, the webinars and e-books that are available seem to be only available in Polish which is a disadvantage for those who do not understand this language.
This broker also offers some trading tools on their website including a Market Calendar, Forex news articles that are updated daily and market analysis by Daniel Kostecki who has been in the Forex industry since 2007.

Customer Service

If you want to get in touch with this broker you can do so either via Live chat, through the phone or through email. We did test out their live chat response and we were very pleased with the speed with which they answered and also the efficiency of the agents. Polish customers can also chat in Polish as this broker has both English and Polish speaking consultants that are available 24/5.

Here is their contact information:

Address – Chrysorroiatissis 11, 3032 Limassol, Cyprus
Email – [email protected]
Phone- + 357 250 300 46

Demo Account

Those wanting to test out trading with this broker can do so by opening a demo account in GBP, USD, EUR or PLN currency. On the demo account, customers can trade Commodities, over 60 currency pairs, Indices, and Crypto CFDs. This broker does not restrict how much trading money is available in the Demo so the customers can adjust this level as they please. If a demo account is not logged into for over 90 days, the account will expire.

Countries Accepted

Conotoxia offers its services to customers residing in the European Economic Area only.

Conclusion

Conotoxia is licensed by the CySEC and it offers a wide variety of assets available on all it’s 4 account types. Although some information is not very clearly outlined on their website, they do offer a number of PDF documents that go into detail about every asset available as well as what fees and commissions customers are expected to pay.

Their customer service is fast and efficient and they also have a good Demo account that enables potential clients to test trading with this broker without investing real money. They offer the cTrader platform which may seem like a disadvantage to those who prefer the popular MT4 platform, however, the cTrader has quite a lot of advantages too. This broker also has updated educational content; however, they are directed towards Polish-speaking customers only.

If you’re interested in what Conotoxia has to offer, head on to their site and ask any questions that you may have on their live chat agents as they will surely guide you towards making the right decision.

PatronFX is a CySec regulated brokerage firm that offers almost 50 currency pairs, with an especially appealing selection of exotics. PatronFX offers over 270 tradable assets. In addition to trading CFDs on Forex, clients can also trade financial instruments such as Cryptocurrencies, Commodities, Stock, and Indices.

PatronFX’s other valuable offerings include their technologically advanced platforms and straight-through processing (STP) system that directly connects orders to the exchanges. The company, based out of Cyprus, has been an officially registered broker for 5 years. PatronFX prioritizes transparency, security, and service.

Account Types

PatronFX provides 4 different Account Types which include Basic, Gold, Platinum, and VIP. The minimum deposit starts from €250 on the Basic Account and goes up to €250,000 for the highest account tier – the VIP Account. Leverage is set at 1:30 for retail clients but for professional client’s leverage is offered up to 1:400. As an STP-type broker, no commission is charged.

Account Types and Minimum Deposits:
• BASIC €250
• GOLD €25,000
• PLATINUM €100,000
• VIP €250,000

Platforms

PatronFX’s account holders can download MetaTrader 4 (MT4) on their desktop or smartphones. Alternatively, you can utilize the PatronFX WebTrader platform to trade on your browser. Nonetheless, both options come with advanced and highly reliable account management tools. First, the MT4 desktop software allows you to track different forex pairs, place orders directly from the chart, integrate an array of technical indicators, and more.

Equally as important, MT4’s smartphone app retains all of the features that are available to desktop users. You can also set up news alerts and mobile notifications, which are customizable based on your preferred forex pairs and economic topics. The WebTrader platform is just as efficient and useful. In fact, unlike MT4’s software, this version doesn’t require modifications or app updates. To clarify, WebTrader enables you to enjoy all of MT4’s sophisticated tools and the platform’s accurate prices from any browser and device.

Leverage

Unfortunately, PatronFX gives its account holders relatively low buying power, especially when we compare the firm to other brokers in the industry. PatronFX’s leverage on major currency pairs is only 30:1. However, this number may change based on market volatility. More specifically, when prices move quickly and in an unpredictable manner, this broker may decrease your buying power. The opposite is true during stable conditions, where PatronFX might be more comfortable increasing traders’ buying power due to the minimal risks.

Assets

You can trade up to almost 50 forex pairs through this broker. Furthermore, exotic currency enthusiasts will certainly appreciate PatronFX’s selection because this broker includes forex assets that other firms don’t typically offer. For example, you can trade the Turkish Lira (TRY), Hungarian Forint (HUF), or the Norwegian Krone (NOK) with a major currency such as the Euro (EUR) and the US Dollar (USD). In fact, PatronFX perfectly blends exotic currencies from different regions in the world with highly popular major fiats (USD, GBP, EUR, JPY, etc.). Apart from forex pairs, this broker’s account holders may trade gold, silver, and platinum, alongside other financial instruments and assets including Commodities such as Cocoa, Cotton, and Coffee.

Spreads

The spreads are variable with the minimum on the Basic Account starting at 3.2 pips (EUR/USD) ranging down to starting at 1.8 pips (EUR/USD) on the VIP Account.

Minimum Deposit

The minimum deposit varies according to the account type. PatronFX has a minimum deposit requirement of €250 to open a Basic Account.

Deposit Methods & Costs

There are various ways to fund your PatronFX account. The available deposit methods are clearly described on the PatronFX website. Clients may deposit funds using a credit or debit card, by bank wire transfer, or e-Wallets.

Withdrawal Methods & Costs

Withdrawals can be made using the same methods available for making deposits however withdrawals can only be sent to the same method that was used to make the deposit. Withdrawal charges depend upon the account type. Further information is available on the PatronFX website.

Withdrawal Processing & Wait Time

According to the PatronFX website, requests for withdrawals are usually processed within 24 business hours however you should allow for up to 5 business days for the funds to arrive with you. However, your bank’s policies determine how long until the funds are available for you to use. Some may process the transaction on the same day, but others could take longer.

Bonuses & Promotions

Due to regulations, there are no bonuses or promotions offered. For further details of affiliate programs or partnerships, PatronFX can be contacted directly.

Educational & Trading Tools

PatronFX offers various educational resources within a dedicated section on their website. There are trading tips, a glossary that explains the most common terms associated with CFD trading, webinars, and a detailed FAQ section for clients to find answers to commonly asked questions. Trading tools include access to Trading Central which provides valuable insight and analysis.

Customer Service

The PatronFX Customer Service team is available throughout the trading week. The main headquarters are located in Cyprus.

They can be reached by phone, email, or live chat.

Phone: +357 2 526 2681
Email: [email protected]

Demo Account

You can open a demo account on the PatronFX website. The demo account is a great opportunity to start learning about each platform’s tools and order processing systems. For beginners, it is better to begin with a demo account than to start with real funds.
Novice traders will also appreciate the experience of practicing on a demo account before opening a live portfolio. Not only does it give them room for trial and error, but it also ensures that they have a defined strategy and are well-prepared to trade their actual money. MT4’s demos expose you to live quotes and real-time market conditions, which makes this experience even more practical and useful. If you are thinking of going through the broker’s platform (PatronFX WebTrader), it is worthwhile to ensure how accurate their trading environment is. The closer it is to the real/live one the better.

Countries Accepted

PatronFX is based in Cyprus. They also operate in Poland and the United Kingdom, as well as the at-large European Economic Area/EEA region (including both EU and non-EU countries). According to the PatronFX website, services are offered within the European Economic Area (excluding Belgium) and Switzerland. Cryptocurrency CFDs are not offered to residents of the United Kingdom. For full terms and conditions and restrictions, please see the PatronFX website. However, traders from any country in the world should always ensure that they understand local regulations that are related to certain market instruments, such as CFDs.

Conclusion

In summary, PatronFX is a CySEC regulated broker which offers more than 270 tradable assets. There is a choice of four different account types and two trading platforms including the very popular MetaTrader 4. Multiple educational resources are available to both beginners and experienced traders. Interested traders can contact PatronFX Customer Support for any further information through one of the methods we have mentioned in this article.

*This review is for general information purposes only and does not constitute investment advice. We do not guarantee the accuracy or reliability of the information provided and we encourage you to verify the information directly with the broker.*

Gann Markets is a forex and CFD broker located in Podgorica, Montenegro. This broker claims to be regulated by the Financial Services Commission (IFSC) in Belize. This claim turned out to be untrue, as we have checked the records of the Financial Services Commission and we have not found Gann Markets or the company behind it there. So it appears that Gann Markets is a broker that works unregulated.

The website is available in English and Turkish, so having its headquarters in Montenegro makes us think that this broker orients its services to Turkey and Eastern European countries. And after contacting a representative in the live chat provided by the website, they did confirm that they only accept Turkish citizens.

Account Types

Gann Markets offers 4 account types. Actually, on the broker’s website, they give very little information on each of them. We did manage to gather that the account titles are as follows:

– Fixed Account
– Floating Account
– Islamic Account
– Scalper Account

The Fix and Floating accounts do have a $100 minimum deposit requirement, but we’re unsure as to what the minimum requirement is for the Islamic and Scalper accounts. It appears that all four account types have a maximum leverage of 1:400. The Fixed Account has spreads starting at 1.7 pips, but we were left not knowing what the spreads are like for the other three account types.

Platforms

This broker offers the most popular trading platform: Metatrader 4 (MT4) developed by the Russian software company Metaquotes Software. In the last 10 years, MT4 has maintained its position as the main platform for traders, due to its stability, versatility, and ease of use. It has numerous options and functionalities and offers multiple technical analyses, graphics tools, as well as the possibility of algorithmic trading and automation of the operation. MT4 is available for desktop as well as mobile versions, Android and iOS, for use on smartphones and Tablets.

Leverage

The leverage that Gann Markets applies to all its accounts is 1:400. Currently, such high leverage levels can only be seen in unregulated brokers such as Gann Markets or Australian licensed brokers, as Australia is the last major regulatory center where high leverage trading is still available. Remember that the authorities in Europe, Canada, Japan, and the USA. UU, are applying the leverage allowed by their laws which are 1:30, 1:75, 1:25 and 1:50 respectively.

Trade Sizes

We have not been able to inform ourselves about the trade sizes, but we assume that if we can open an account with 100 USD, it is normal that the minimum size of the trade is 0.01 lots (micro lot). Smaller trade sizes are the best way in which to control spending while learning how to trade Forex. They also provide a means of strict financial control while testing trade strategies. Last but certainly not least, the ability to trade with micro-lots is a bonus to those who implement tight money management plans. In this area, we give Gann Markets a thumbs up.

Trading Costs

There is no information about trading costs on the broker’s website. An expense that is generated by almost all brokers, except in the case of Islamic accounts, are Swaps: any position held overnight, which will incur a maintenance cost (interest). This amount can be negative or positive depending on the instrument and the direction of the position, and its amount is fixed by the central banks of the base currency of the open position.

Assets

Gann Markets offers its customers a good variety of trading assets, including more than 40 currency pairs, many of which are minor or exotic pairs such as USDZAR, USDSEK, USDPLN, USDNOK, USDMXN, USDDKK, USDSGD, USDTRY, as well as various CFDs, from precious metals such as gold, silver, platinum, and palladium to oil, natural gas, and 7 stock indices. Overall, the number of assets and variety should be more than enough to please any trader.

Spreads

We tested Gann Markets’ MT4 trading platform on a demo account to see the spreads that appeared on it. The reference spread in EUR/USD fluctuated around 1.7 pips, which is a higher spread than we can find in other regulated brokers. Normally, traders find a spread in EUR / USD below 1 pip attractive.

Minimum Deposit

You can start trading with only $100 USD in the fixed account and floating account. While there are brokers who do accept less (some even as low as $1), one-hundred dollars is quite reasonable. The truth of the matter is, while you may be able to deposit only $1 elsewhere, it would be virtually impossible to enter into an FX trade with that amount of money.

Deposit Methods & Costs

There is no information about accepted payment methods. Keep in mind that most brokers accept payments with the main credit or debit cards in the market such as VISA and Mastercard. Bank transfer is also very common. And more and more brokers are accepting the most popular e-wallets like Neteller, Skrill or Paypal. And already a few accept deposits with cryptocurrencies.

Withdrawal Methods & Costs

This broker does not report withdrawal methods or associated costs.

Withdrawal Processing & Wait Time

This broker does not report the process in the withdrawal methods, nor the waiting times after having performed one.

Bonuses & Promotions

At present we have not found any current promotions on the Gann Markets website, but we have seen that in the past they offered deposit bonuses. Please note that the offer of commercial bonuses is a controversial issue and this practice was recently banned throughout Europe. All trade subsidies are accompanied by conditions, there is usually a minimum requirement of the volume of trade to be met, which is often too difficult to achieve.

Educationals & Trading Tools

In this section, we find a Forex calculator and a glossary of basic terms used in trading practice. This broker also has an economic calendar where you can see the most important events of the day or that can affect different markets.

Customer Service

We have several ways to get in touch with this broker. We have found it effective to communicate through the live chat they have. It is also possible to communicate by email and by phone, the details are as follows:

Svetlane Kane Radević 5, floor 4, 81000 Podgorica,Montenegro
Phone: +(382) 6904 4266
E-mail: [email protected]

Demo Account

Gann Markets offers a free demo account. It is very common for traders to open a Demo account before depositing money into a real account. It is also important to know that the Demo account retains the same live prices and market conditions, simulating the exposure in a real account.

Countries Accepted

After contacting customer service through live chat, we are told that only Turkish citizens can open an account with Gann Markets. It is difficult to find a broker who does not accept non-citizens, and this is an example of this.

Conclusion

The Financial Services Commission (IFSC) in Belize regulates Forex brokers and CFDs, although their regulation is not as consistent as European regulations, with very strict supervision imposed by bodies such as the Financial Conduct Authority in the United Kingdom ( FCA ), the Cyprus Securities and Exchange Commission ( Cysec ) or the Australian Securities and Investment Commission ( ASIC ), which are the three largest regulators in the Forex industry.

But the reality is that Gann Markets is not regulated anywhere, not even in Belize. That’s why you should keep in mind that unregulated brokers are solely responsible for the way your funds are handled, so we advise caution with this broker. Nor have we been able to open the Gann Markets Terms and Conditions, as the link to that legal document did not work. So, if you want to open a trading account with them and deposit your money, you’ll have to agree to something you haven’t been able to read.

Advantages: High leverage, 1:400. Affordable minimum deposit, 100 USD.

Disadvantages: Gann Markets claims that it is regulated in Belize when we have found that it is not. It does not provide information about deposit and withdrawal methods. Little commercial information of interest.

WIT Invest is an innovative company on technical maintenance of investment decisions and the provision of brokerage services worldwide. That is the opening statement on the website of this Saint Vincent and the Grenadines based foreign exchange broker. We will be using this review to see how innovative they actually are and to provide you with information about the available services that are being offered.

Account Types

There are four different accounts available to sue, we have outlined their features and requirements below.

Starter Account: This account has a requirement of $100 to open, it comes with leverage up to 1:100 and aha s a floating spread starting at 2.5 pips. It uses market execution and trade sizes for forex start at 0.01 lots and CFDs from 0.1 lots. The maximum trade size is 100 lots, the margin call level is set at 20% and the stop out at 10%.

Business Account: This account has a requirement of $1,000 to open, it comes with leverage up to 1:100 and aha s a floating spread starting at 1.5 pips. It uses market execution and trade sizes for forex start at 0.01 lots and CFDs from 0.1 lots. The maximum trade size is 100 lots, the margin call level is set at 20% and the stop out at 10%.

Gold Account: This account has a requirement of $10,000 to open, it comes with leverage between 1:20 and 1:100 and aha s a floating spread starting at 1.1 pips. It uses market execution and trade sizes for forex start at 0.01 lots and CFDs from 0.1 lots. The maximum trade size is 100 lots, the margin call level is set at 20% and the stop out at 10%. The account also has a charge of 12% but we arent 100% what this means yet.

VIP Account: This account has a requirement of $50,000 to open, it comes with leverage between 1:1 and 1:100 and aha s a floating spread starting at 0.7 pips. It uses market execution and trade sizes for forex start at 0.01 lots and CFDs from 0.1 lots. The maximum trade size is 100 lots, the margin call level is set at 20% and the stop out at 10%. The account also has a charge of 15% – 17% but again, we aren’t entirely sure what this means.

Platforms

WIT chooses to offer the always popular MT4 platform. They make this platform available for Windows, MAC, and Android systems. Even the most inexperienced traders will likely have heard of this platform, as it has long been the most popular in the industry due to its user-friendliness and plethora of tools and functionalities.

Leverage

We have outlined the leverages available on each account below.

• Starter: 1:100
• Business: 1:100
• Gold: 1:20 – 1:100
• VIP: 1:1 – 1:100

Depending on the account being used, the leverage can be selected when opening up an account and can be changed by contacting the customer service team with the request.

Trade Sizes

Trade sizes on all accounts for Forex start from 0.01 lots and go up in increments of 0.01 lots. For CFDs, they start at 0.1 lots but the increments are unknown. The maximum trade size is 100 lots and this is also the maximum number of open lots allowed, so 100 1 lot trades would also reach this limit.

Trading Costs

There are no added commissions for trading on any of the accounts. They all use a spread based system that we will look at later in this review. There are also swap charges which are fees for holding trades overnight, they can be either positive or negative and can be viewed within the trading platforms being offered.

Assets

The assets have been broken down into a few different categories, we have outlined the instruments within each below.

Forex: AUDCAD, AUDCHF, AUDDKK, AUDJPY, AUDNZD, AUDSEK, AUDUSD, CADCHF, CADDKK, CADJPY, CADMXN, CADNOK, CADSEK, CADSGD, CHFDKK, CHFHUF, CHFJPY, CHFNOK, CHFPLN, CHFSEK, CHFSGD, DKKNOK, DKKSEK, EURAUD, EURCAD, EURCHF, EURCNH, EURCZK, EURDKK, EURBGP, EURHKD, EURHUF, EURILS, EURJPY, EURMXN, EURNOK, WUENZD, WUEPLN, WUERUB, EURSEK, ERUSGD, EURTRY, EURUSD, ERUZAR, GBPAUD, GBPCAD, GBPCHF, GBPCZK, GBPDKK, GBPHKD, GBPHUF, GBPJPY, GNPMXN, GBPNOK, GBPNZD, GBPPLN, GBPSEK, GBPSGD, GBPTRY, GBPUSD, GBPZAR, HKDJPY, NOKJPY, NOKSEK, NZDCAD, NZDCHF, NZDDKK, NZDJPY, NZDSEK, NZDSGD, NZDUSD, SEKJPY, SGDHKD, SGDJPY, TRYJPY, USDBRL, USDCAD, USDCHF, USDCNH, USDCZK, UDDKK, USDHKD, USDHUF, USDILS, USDINR, USDJPY, USDMXN, USDNOK, USDPLN, USDRON, USDRUB, USDSEK, USDSGD, USDTHB, USDTRY, USDZAR.

Spots: Aluminum, Copper, Natural Gas, Nickel, Platinum, Silver, Golde,m UK Brent Oil, Palladium, Platinum, US Crude Ol, Zink.

Indices: AUS200, CAC40, DAX30, EURO50, Japan225, NDX, NDZM, SMI, SPX, SPXM, UK100, WS30, WS30M.

Shares: Plenty of shares are available, some of them include Apple, Google, Netflix, Facebook, and Twitter.

Spreads

The spreads that you will be receiving depends on the account that you use.

• Starter Account: Floating spreads starting from 2.5 pips
• Business Account: Floating spreads starting from 1.5 pips
• Gold Account: Floating spreads starting from 1.1 pips
• VIP Account: Floating spreads starting from 0.7 pips

The spreads are floating (otherwise known as variable spreads) which means they will be constantly moving and when there is added volatility they will be seen hight. Different instruments will also have different starting spreads.

Minimum Deposit

The minimum amount required to open up an account is $100, this will get you the Starter account. We are not sure if this amount reduces for any further deposits into already open accounts.

Deposit Methods & Costs

The methods available are Credit/Debit Card, Bank Wire Transfer, and WebMoney. There is no mention of any fees but also no mention that there aren’t any, be sure to also check with your own bank to see if they add any fees of their own.

Withdrawal Methods & Costs

Only Bank Wire Transfer and WebMoney are available to withdraw with, we have outlined the features of the withdrawals below.

Bank Wire Transfer:
Added fees: 3%
Currency: USD
Minimum Withdrawal: $1,000

WebMoney:
Added fees: 5% (min $2, max $50)
Currency: USD

Withdrawal Processing & Wait Time

When using Bank Wire your request should be fully processed between 2 to 5 business days, there isn’t an estimate for WebMoney but we will suggest the same timeframe just to be safe.

Bonuses & Promotions

There are a lot of promotions taking place, we will very briefly look at them now. Register and you can get $20 credit added to your account. The Gold and VIP accounts receive interest on account balances, 12% for Gold account sand 17% for VIP accounts. The final bonus that will mention is a deposit bonus, you can receive a 20% bonus on your first deposit.

Educational & Trading Tools

There are a few little tools available. The first is an economic calendar detailing news events that are coming up and giving an indication of what markets they may affect. There is also a news section which is past news events and what happened. There is an analysis section but it has been updated since December 2019. There is also a section for beginner, going over the basics of trading and finally a literature section that has some ebooks on trading.

Customer Service

The customer service team can be contacted in a number of ways, you can use the callback feature, put in your name and number and they will give you a call. You can also use the available email addresses for departments such as technical support, finance, and marketing. There are also phone numbers for various locations such as Europe, Germany, Asia, Russia, Kazakstan, Ukraine, and China.

Support Email: [email protected]
Europe Phone: +44 20 35 19 29 69

Demo Account

Demo accounts allow you to test out the market and strategies without any added risk. You can sing up for a demo account by filling in a form, we, unfortunately, do not know what the trading conditions are or if there is an expiration time on the accounts.

Countries Accepted

This information is not present on the site, so if you are thinking of signing up, just contact the customer service team to check that you are eligible for an account prior to doing so.

Conclusion

The trading conditions offered by WIT Invest are average. The spreads on the Starter account are a little high but as the account goes up in tiers, the costs become a lot more manageable. There are plenty of assets available to trade so you should always be able to find something to trade. There is a limited way to get your money out of the broker and with each withdrawal is an added fee which when coupled with the cost of trading can make it quite an expensive broker. Whether it is too much for you is ultimately your decision.

“FXEM is an international online Forex broker that has been designed and operates as an absolute electronic trading environment for sophisticated Retail Investors and Institutional Partners, delivering outstanding Trading Functionality, depths of Liquidity, speed of Execution and robust IT Scalability at ultra-competitive Trading Costs”. That is the statement offered by Saint Vincent and the Grenadines based broker. They do not offer much more information about themselves and so we will be using this review to find out a little more and so we can help you can decide if they are the right broker for your trading needs.

Account Types

FXEM has chosen to keep things simple and only offering one main account. The account is an ECN account that comes with a few features such as no minimum deposit, the base currency of USD, no added commissions, minimum trade sixes of 0.01 lots, maximum trade size of 30 lots with 100 open trades/orders allowed. The account can also be used as a swap-free, Islamic account.

Platforms

Just like the accounts, there is just the one option available as a trading platform and that is the popular MetaTrader 4. MetaTrader 4 offers smart automation functionality while providing lightning-fast order execution on every trade. End-users can take advantage of low latency with reduced requotes, and access real-time data with just a click. MT4 also offers additional benefits, including customized automated EA’s, multi-language support, instant trade execution, professional FX charts, streaming marketplace updates, and top technical indicators. The platform is also highly accessible and can be used via a desktop download, mobile app or web trader.

Leverage

The website suggests that the account can be opened with floating leverage which will shift between 1:1, 1:30, 1:50, 1:100 and 1:200. Flexible leverage means that it will change depending on the size of the trade, the larger the trade the smaller the leverage will be.

Trade Sizes

Trade sizes start from 0.01 lots (known as micro-lots) and go up in increments of 0.01 lots so the next trade would be 0.02 lot and then 0.03 lots. The maximum trade size is 30 lots which is an appropriate level and you can have a maximum of 100 open trades or orders at any one time.

Trading Costs

The account page indicates that there are no added commissions that would indicate that the account uses a spread based structure, we will look at that later in this review. There are however swap charges, these are fees that are charged when you hold a trade overnight, they can be both positive or negative and can be viewed within the MetaTrader 4 trading platform. There are swap-free Islamic accounts available to sue should you net be able to receive or pay the interest due to your beliefs.

Assets

Unfortunately, there doesn’t seem to be a product specification or breakdown of the available trading assets, in fact, there is no mention of them anywhere on the site. The only mention is that FXEM offers all major currency pairs for trading, including exotic currencies. They do not mention indices or commodities or any other form of tradable asset, this is a real shame as a lot of potential clients will be looking for their preferred asset before signing up, so not being able to see if it is available will mean they will most likely look elsewhere, this information should be added to the site.

Spreads

As we do not have a full breakdown or product specification we also do not have any examples of the available spreads. All that we do know is that they are variable spreads which means they will move with the markets, when there is added volatility they will be seen slightly higher and different instruments will have different natural starting spreads, so they will not all be the same.

Minimum Deposit

The accounts page on the site indicates that there is no minimum deposit, so you should be able to deposit from as low as $10 or whatever the minimum the processor you are using allows.

Deposit Methods & Costs

There are a few methods available, the ones listed on the site include Bank Wire, Credit / Debit Card, Neteller, Skrill, CashU and iAccount. The site suggests that these are examples of the available methods so there may, in fact, be more, but they are just not mentioned directly. There are no added fees from FXEM, however, you may incur fees from your own bank or card issuer and this will be your responsibility to pay, so be sure to check with them prior to making a deposit.

Withdrawal Methods & Costs

The same methods are available to withdraw with, for clarification these are Bank Wire, Credit/Debit Card, Neteller, Skrill, CashU and iAccount. Some methods such as Credit/Debit card can only withdraw the same amount that was deposited, any further withdrawals will need to use another available method. Just like with the deposits, there are no added fees from FXEM, but be sure to check with your bank or processor to see if they add any transfer or processing fees of their own.

Withdrawal Processing & Wait Time

FXEM will aim to process any withdrawal requests within 48 hours of the request being made, after this point, it will take between 1 to 5 working days for the withdrawal to fully process depending on the method used.

Bonuses & Promotions

At the time of writing this review, it did not seem like there were any active promotions going on. This doesn’t mean that there won’t ever be and so if you are looking for promotions or bonuses you could always contact the customer service team to get any information of any potential upcoming promotions ou could join in with.

Educational & Trading Tools

There are a few different tools and educational material scattered around the site, the first is a page of calculators which includes a PIP calculator, margin calculator, Fibonacci calculator, Pivot calculator, and a profit calculator. There is also an economic calendar that details upcoming news events, as well as the potential, affects it could have on different currencies and markets. There s a market briefing section but there is no point going into detail as it hasn’t been updated since 2014.

Next up is a glossary, this gives definitions for terms so if you come across something you do not understand you can refer to this for help. There are webinars on offer, however, we do not know what the quality or the content of them are as there aren’t any previous ones shown on the site., along with these are Seminars, again e do not know the quality or content of these. Finally, there is a little page just detailing why you should trade forex, not really education but it is there so we will mention it.

Customer Service

You can contact the customer service team using the usual methods. There is an online submission form, simply fills it in and you should get a reply via email. There is also a postal address available along with the support email, so there is a choice of ways to get in touch with them.

Address: The Jaycees Building, Stoney Ground, Kingstown, VC0100, St. Vincent & the Grenadines
Email: [email protected]
Support Email: [email protected]

Demo Account

Demo accounts allow you to test out new strategies or trading conditions without risking any of your own capital so it is good to see them available from FXEM. When opening up a demo account you can select a normal ECCN account or an Islamic account as well as the opening balance between 2,000 and 99,999. The trading conditions will mimic the account type you chose and we believe that there is no expiration time on the accounts.

Countries Accepted

This information is not available on the site so if you are thinking of signing up we would suggest getting in touch with the customer service team to check your eligibility prior to opening up an account.

Conclusion

FXEM is keeping things simple with just the one account type and trading platform, this allows you to concentrate on the trading without worrying about too much choice. The downside is that there is no information available about some aspects of the account, such as its spreads, we know there are no commissions, but we do not know how high the spreads are, this means the overall trading costs of the account are unknown. We also do not know what assets are available as this information is not provided and there is no product specification available. There are no added fees of depositing or withdrawing which is good, but the fact that we do not know the trading costs or the available assets makes it hard for us to recommend FXEM as a broke to sue at this point in time.

FreshForex is a Foreign Exchange broker based in the Republic of Ireland. They pride themselves on a number of things including more than 139 instruments to trade, more than 15 years experience, 100% protection, guaranteed fund withdrawals, 0 point spreads, 0.05-second execution, 0% commissions on funding, up to $20 per lot partner program and a great support team. We will be looking into the services Fresh Forex provides to see if they really do live up to all of these promises.

Account Types

There are three different account types available, we have outlined some of their features below.

Classic Account: There is no minimum deposit amount for this account however FreshForex recommends trading with at least $200. The account can use both MetaTrader 4 and MetaTrader 5 and can be in USD, RUB, EUR or BTC. The account has 4/2 symbol digits and has access to Forex, metals, stocks, indexes, futures, and cryptocurrencies. It has a fixed spread starting from 2 pips and can be leveraged between 1:50 and 1:2000. There is no added commission on this account and the margin call and stop out levels are 100% and 20% respectively. Trade sizes start at 0.01 lots and go up to 20 lots.

Market Pro Account: There is no minimum deposit amount for this account however FreshForex recommends trading with at least $400. The account can use both MetaTrader 4 and MetaTrader 5 and can be in USD, RUB, EUR or BTC. The account has 5/3 symbol digits and has access to Forex, metals, stocks, indexes, futures, and cryptocurrencies. It has a variable spread starting from 0.9 pips and can be leveraged between 1:50 and 1:1000. There is no added commission on this account and the margin call and stop out levels are 100% and 40% respectively. Trade sizes start at 0.01 lots and go up to 100 lots.

ECN Account: There is no minimum deposit amount for this account however FreshForex recommends trading with at least $2,000. The account can use both MetaTrader 4 and MetaTrader 5 and can be in USD, RUB, EUR or BTC. The account has 5/3 symbol digits and has access to Forex, metals, stocks, indexes, futures, and cryptocurrencies. It has a variable spread starting from 0.9 pips and can be leveraged between 1:50 and 1:1000. There is an added commission starting from 0.003% on this account and the margin call and stop out levels are 100% and 60% respectively. Trade sizes start at 0.01 lots and go up to 10,000 lots.

Platforms

Two platforms are available and are both from MetaQotes.

MetaTrader 4 (MT4): Traders from all over the globe select the MetaTrader 4 trading platform because of its functionality and ultra usability. With MT4, traders can easily trade on Forex, CFDs, and Futures. Analyze financial instruments while receiving important market news in real-time. MetaTrader 4 is a platform with both back-office components and front-end terminals. The platform is a stand-alone, offering everything that one will need to trade FX. A well-designed interface of this automated platform and the potential to create and use automated Forex trading systems work to make MetaTrader 4 perfect for nearly any trading strategy.

MetaTrader 5 (MT5): With the MetaTrader 5 platform, traders can easily work within the financial markets. Trade Forex, CFDs, and Futures within this platform. Like MT4, MT5 allows users to analyze financial instruments and receive key market news in real-time. MetaTrader 5 allows for the creation and usage of a variety of EAs (Expert Advisors), making automated trading simple. With a multitude of ways in which to carry out analysis, MetaTrader 5 provides the power needed to execute any number of Forex strategies, from basic to advanced.

Leverage

While not 100% sure, it looks like the Classic account can be leveraged up to 1:2000 while the Market Pro and ECN accounts can be leveraged up to 1:1000. Both of these figures are too high and you should avoid going over 1:500 as the risk factor increases drastically as you go up. Leverage can be selected when opening up ana account and you can get it changed by contacting the customer service team with the request to change it.

Trade Sizes

As is often the case when a broker offers multiple types of accounts, Fresh Forex’s trade size requirements vary by account. Even so, trade sizes start from 0.01 lots on all three account types and then climb in increments of 0.01 lots. The Classic Account has a maximum trade size limit of 20 lots. The Market Pro Account maximum is 100 lots and the ECN Account tops out at 10,000 lots.

Trading Costs

There are no added commissions on the Classic or Market Pro account as they use a spread based system, on the ECN account there is no added commission which starts at 0.003% but is different for different asset with some being at 0.0045%, this roughly equates to between $6 and $10 per round lot depending on the pair traded.

There are also swap charges which are charged for holding trades overnight, these can be viewed within the MetaTrader trading platform, there is also a swap-free version of account available which do not have these charges.

Assets

The assets have been broken down into sections, we will now look at each one so you can see the different instruments within them.

Forex: EURUSD, GBPUSD, USDJPY, USDCHF, USDCAD, AUDUSD, NZDUSD, USDCNH, AUDCAD, AUCCHF, AUCJPY, AUDNZD, CADCHF, CADJPY, CHFJPY, EURAUD, EURCAD, EURCHF, EURGBP, EURJPY, EURNZD, GBPAUD, GBPCAD, GBPCHF, GCP JPY, GBPNZD, NZDCAD, NZDCHF, NZDJPY, EURHKD, EURMXN, EURPLN, EURSEK, EURSGD, EURTRY, EURZAR, GBPHKD, GBPMXN, GBPSEK, GBPSGD, GBPZAR, USDHKD, USDILS, USDMXN, USDPLN, USDSEK, USDSGD, USDTRY, USDZAR.

Metals: XAUAUD, XAUEUR, XAUUSD, XAGAUD, XAGUSD.

Energies: Brent Crude Oil, Natural Gas, Light Sweet Crude Oil.

Indices: ASX, CAC40, DAX30, DJI30, ESTX50, FTSE100, HSI, IBEX35, NIKKEI, NQ100, SP500.

Spreads

The different account types shave different spreads, the Classic account ahs spread starting at 2 pips and they are fixed, while the Market Pro account has an average spread starting from 1.3 pips which are variable and the ECN account has a starting spread as low as 0 pips. Fixed spreads mean they do not change no matter what happens in the markets while variable spreads will get larger and smaller depending on the amount of volatility in the markets.

Minimum Deposit

There is no minimum deposit, however, FreshForex recommends a minimum of $200 for the Classic account.

Deposit Methods & Costs

There are quite a few different methods available to use, we have outlined them below.

Credit & Debit Cards: Visa/ Mastercard/ Maestro USD/EUR, Visa/Mastercard USD/EUR, Visa/Mastercard

Electronic Payment Systems: Yandex Money, ePayService, Neteller, QIWI Wallet, Webmoney, Skrill, FasaPay, ADVCash, Perfect Money, OnlineNaira

Cryptocurrencies: Bitcoin

Internet Banking: Banks of Malaysia

There are no added fees from FreshForex however you should check with your bank or processor to see if they add any of their own fees.

Withdrawal Methods & Costs

There are plenty of methods to use to withdraw, however, each one has its own processing fee so we have outlined them in a table below.

Withdrawal Processing & Wait Time

FreshForex will aim to process withdrawals the same working day, if not then it will be processed the next working day. We have outlined the expected time it will take once it has been processed by FreshFores.

1-5 Business Days: Visa/MasterCard, Banks of Malaysia

Within 10 Minutes: Yandex.Money, ePayService, Neteller, QIWI Wallet, ADVCash, Skrill, FasaPay, Perfect Money.

Depends on Blockchain: Bitcoin

Bonuses & Promotions

There are quite a few available bonuses on offer, we will briefly go over a few of them just to give you an idea of the sort of promotions that are available.

120% Per Year On Margin: With this bonus, FreshForex clients can receive up to 120% of your margin back as real cash.

Stop Out Insurance: With Stop-Out Insurance you don’t have to worry about bad trading decisions anymore: in case of losses, Fresh Forex will return 50% insured funds! This “financial cushion” gives you a chance to continue trading and recoup lost money.

Deposit Bonus 200%: You can receive a bonus on your deposit up to 200%, the deposit must be more than $500 and the bonus cannot be any higher than $5,000. The current amount of the active bonus on the account can be transferred to the “Balance” field and will become withdrawable provided that from the moment of bonus crediting closed trading volume of the client in lots reaches 35% from the bonus amount in USD (USA dollars). The bonus is not partially transferred to Balance.

Educational & Trading Tools

There are a few little tools available, the first being a forecast looking at where they think the markets can go, there is also an economic calendar detailing different upcoming news events and also showing which markets may be affected by them/. There is a new section which you can guess tells you some trading related news. There are then trading sessions where you can see trades by experts and finally, a holiday schedule and list of current interest rates.

There is also a seven-step course that walks you through some of the basics and fundamentals of trading, you can go through this relatively quickly and it is more aimed at those who have not traded before rather than people looking to learn more.

Customer Service

You can contact the customer service team using a host of different methods, the main methods available are an online chat and an email address, however, FreshForex also provides you with a postal address and a phone number.

Address: St. Vincent and the Grenadines, Kingstown, Beachmont, P.O. Box 1510, Suite 305, Griffith Corporate Centre
Phone: +442070992124
Email: [email protected]

The customer service team is available 24 hours a day 5 days a week and is closed over the weekend and on bank holidays.

Demo Account

A demo account is available, you need to sing up to the main account before you can create one so we did not manage to see what the trading conditions are like for the account or if there are any expiration times. The demo accounts are good as they allow you to test out new strategies and the markets without risking any of your actual capital.

Countries Accepted

The following statement is available on the site: “Financial services provided by Riston Capital LTD. Services described on our website are not available in North Korea, Spain, the United Kingdom, and the USA.” If you are still not sure of your eligibility we would suggest contacting the customer service team to find out prior to opening up ana account.

Conclusion

There is plenty on offer from FreshForex and their transparency on their accounts and conditions is refreshing to see. Their choices of accounts all offer different things and their trading conditions seem competitive, price-wise the spreads are pretty standard and so are the commissions. Deposit wise there are a lot of options with no added fees, however, when withdrawing there are some added fees, some of which could be quite expensive. Overall if you are willing to pay the withdrawal fees, then FreshForex could be a good broker to work with.

Registered in the country of Saint Vincent and the Grenadines, Quineex is a forex brokerage firm that partners with liquidity providers, news aggregators, and price/quote processors from all around the world. The company’s mission is to provide account holders with a reliable, user-friendly, and competent trading experience.

Many market participants go through Quineex because of its comprehensive account type, which gives traders direct access to bank prices (as opposed to those of third-party intermediaries) and a 24-hour customer support team. These advantageous offerings are further enhanced by the industry-leading platform that this broker’s account holders trade through.

Regardless of which strategies or approaches you prefer, Quineex has plenty to provide you with, including an expanded list of both major and exotic forex pairs. Read this article to learn about the broker’s leverage rates, asset selection, margin call policy, and much more, including the unique fact that Quineex offers two demo accounts, as opposed to one.

Account Types

Quineex offers one account type, but some of its features (namely the spreads and accessible forex pairs) are highly advantageous. This broker also has a demo/paper account that traders can use to practice their strategy and familiarize themselves with the platform’s tools.

• Minimum Deposit: None
• Spreads: From 0 pips
• Commission: $6 per lot

On their website, Quineex boasts that their single account type combines all of the best trading conditions and fee structures that the firm can provide you with. Opening an account is also easy. For a start, there are no minimum deposit requirements. You can start trading as long as you have the needed amount to buy/sell the smallest permissible lot size.

Platforms

The broker utilizes MetaTrader 4 (MT4), which is arguably the most popular forex trading platform in the world. In fact, MT4’s comprehensive toolsets and user-friendly characteristics make the platform even more desirable. Technical analysts will certainly appreciate the ability to integrate a variety of indicators with their charts and view prices in different timeframes.

Additionally, fundamental analysts can create customizable newsfeeds and read detailed reports. If they download the MT4 app on their smartphone, they may also receive alerts and notifications. In fact, the platform’s mobile version allows you to manage your account, place orders, and execute trades directly from your phone. On Quineex’s website, you may download the Windows and Mac software, but you might have to install the phone app through the Apple/Google Store. Another option is to download it from MT4’s website.

Leverage

Quineex’s leverage is one of its downsides. Account-holders only get 100:1 in buying power, without the option of increasing it in the future. To put that into perspective, many brokers may give you up to 500:1, although 200:1 or 300:1 is a more common leverage rate in the industry. Nonetheless, fixed, non-changing leverage still has some advantages. First, it makes your trading experience more predictable.

Second, account holders don’t have to worry about seeing their buying power diminish after they deposit additional capital (this practice is common amongst brokerage firms that want to limit their risks when a trader uses a lot of buying power and incurs losses). Third, the fixed leverage makes the margin requirements similar across the board. A changing/floating leverage, on the other hand, may vary based on how many lots you want to buy/sell and the size of your currently open positions.

Trade Sizes

Since there is no minimum deposit, funding your account with enough money to buy 0.01 lots or 1,000 in the base currency (the smallest trade size that Quineex permits) would suffice. This includes leverage. For example, if you deposit $10, your 100:1 buying power enables you to buy or short-sell $1,000 worth of forex pairs, which meets Quineex’s minimum trade size requirements. As far as the maximum is concerned, account holders can’t open a position that’s larger than 100 lots (or 10,000,000 in the base currency). Keep in mind that the standard size of 1 lot equals 100,000 in the base currency.

Margin Call: 200%
Stop-Out: NA

Quineex’s stop-out level is unclear. However, when an account’s balance falls below the margin call point, the broker may not allow the traders to open new positions unless they deposit additional funds or close existing trades, up until their portfolio has enough money to satisfy the margin requirement.

Trading Costs

Commissions are $3 on each lot that you trade. You incur this fee when you open a position. It is also charged upon closing it. In other words, a fully closed round-trip trade would cost $6 per lot. When taking a step back, we can notice that Quineex’s commissions are about average, particularly in comparison to other brokerage firms.

Other than that, the spread is another trading cost that account holders incur. However, Quineex’s spreads start at 0 pips, making this expense insignificant. Most firms in the industry have a spread that ranges between 1 and 3 pips. Lastly, you will incur an interest (swap) fee if you keep a position open overnight. The interest might be positive (i.e. you profit from it) or negative (you pay it). This depends on the currencies that you are trading and what their home countries’ central banking policies are.

Whether you are long or short also determines if you earn or pay the interest. It is important to remember that, since central banks from around the world decide on the swap/interest rate, this fee is out of the broker’s control.

Assets

Quineex account holders can access over 50 forex pairs. Their exotic list is very comprehensive and includes currencies like the Offshore Chinese Renminbi (CNH), Russian Ruble (RUB), and the Thai Baht (THB). This is alongside other more commonly available exotics, such as the Norwegian Krone (NOK), Singapore Dollar (SGD), and South African Rand (ZAR). There are also indexes that track the American, British, and German stock markets. Lastly, Quineex’s asset selection encompasses commodities from different categories. Amongst them are precious metals (copper, gold, palladium, platinum, and silver), energies (oil and natural gas), and agricultural commodities (soybeans).

Spreads

If a trader chooses to open an account with Quineex, the average spread on the EUR.USD (which is the most liquid forex pair in the world) is only 0.14 pips. You can view the live spreads of the available forex pairs on the broker’s website homepage. Apart from that, there are two things to keep in mind: First, the bid/ask prices are floating, which means that the spread could get larger when prices are volatile and during periods of market uncertainty. Second, exotics have a wider spread than their major counterparts, especially the currencies of countries that deal with political turmoil and civil unrest.

Minimum Deposit

Not only is there no deposit required to open an account, but most funding methods also don’t have a minimum funding amount per transaction. However, if you make a deposit through certain Russian banks, each transfer must be worth $1,000 or more. Visa/MasterCard deposits, meanwhile, only have a minimum of $10 per transaction, which is just enough to buy 0.01 lots if you use your leverage.

Deposit Methods & Costs

Another advantageous Quineex offering has to do with its various deposit methods. Account-holders can fund their account via debit/credit card, Qiwi, WebMoney, and wire/SWIFT transfers. Additionally, you may go through one of the Russia-based banks that Quineex works with, namely Alfa Bank, Promsvyazbank, and Russian Standard. There are no fees on deposits, regardless of which method you choose. The only differences between the funding sources are the processing times and minimum deposits (which were previously outlined).

Once you initiate a transaction, the money becomes instantly available on your Quineex account. The exceptions to this are bank wire/SWIFT transfers, which may take up to 5 days until they are fully processed. All deposits must be made in the US Dollar, but the Russian Ruble is the default currency for transfers done through Qiwi, WebMoney, and Yandex Money.

Withdrawal Methods & Costs

You may withdraw money through any of the methods above. Quineex also doesn’t charge you fees for withdrawals, which puts the firm ahead of many competitors. Most brokers will require you to pay for each outbound transaction. Some may even have a fee on deposits. Quineex doesn’t set any maximum or minimum withdrawal amount per transfer, apart from those made via debit/credit cards, which must be no less than $10 and no more than $1,000 in a single transaction.

Similarly, Qiwi, WebMoney, and Yandex Money have a minimum withdrawal amount of 15,000 Russian rubles. However, unlike MasterCard and Visa, there is no maximum threshold through these 3 methods.

Withdrawal Processing & Wait Time

All withdrawals are processed instantly, but a bank wire/SWIFT transfer could take up to 5 days. Although deposits via a credit or debit card are immediately available, withdrawals may also take 5 days until they are fully processed.

Bonuses & Promotions

Quineex has 3 promotions: The Partner Program, White Label, and bonuses for business entities. Through the Partner Program, traders would have to refer others to the broker and incentivize them to create an account through a unique URL/website link. After that, the partner receives 20% of the commissions from their referrals’ trades. Even though many brokers offer a similar program, Quineex’s promotion takes a further step forward by allowing partners to view the trading volume and other statistics about their referrals’ activities.

The White Label offering, on the other hand, is designed for professionals who make a career out of trading on their clients’ behalf and managing other people’s funds. Once they register an official business or brand name, White Label traders can offer Quineex’s tools, platform, and other features to potential clients. In other words, they would market the broker’s account but under their own business or brand name (as opposed to Quineex’s). Lastly, this firm has a business partnership program that revolves around working with other financial companies towards common goals and exchanging expertise with other professionals or entities in the industry.

Educational & Trading Tools

While this broker doesn’t have a lot of educational content, its trading tools are certainly useful for day-to-day activities. Firstly, their newsfeed includes summaries and reports on major events that are impacting the market. A new article is posted every 2 to 3 days. The economic calendar, which lists major data releases and announcements (such as GDP and interest rate decisions), is customizable. You can pick the date range, country(ies), and the priority of the displayed economic events.

To clarify, ‘High’ priority announcements tend to be followed by strong market reactions; ‘Low’ priority ones are less relevant and don’t have a very noticeable impact on prices; and ‘Medium’ events are in between the former two. Quineex also has a currency conversion calculator, which allows you to view the live/current price based on your selected lot size and the exchanged forex pair.

If you are new to the market, these tools can certainly help you keep track of events and better understand what to expect during a given day or week. As far as educational materials are concerned, Quineex doesn’t have much to offer, but you can access incredibly reliable tutorials and resources on MT4, including free one-on-one sessions with experts.

Customer Service

This broker makes it very easy to get in touch with customer service. Alongside calling or emailing them, account holders have the option to chat with a live representative (their website even tells you when a support agent was last active) and request a callback online.

Phone: +442038087378
Email: [email protected]

Demo Account

Unlike almost any other broker, Quineex has 2 demo account types: The Demo Account and the Trial Account. The former expires within 10 days, while Trial has an unlimited lifetime. To open the (temporary) Demo Account, traders don’t need to go through the registration process. Instead, they can start trading as soon as they download the MT4 platform. Quineex recommends this type of demo to users who never worked on MT4 before and aren’t familiar with its toolsets, such as how profits/losses are calculated.

Traders who want to practice implementing a new strategy or determine how volatile the market/a specific forex pair is could take advantage of the temporary demo.
The Trial Account, on the other hand, can be used by inexperienced traders during the initial part of their learning process and afterward. Before accessing the account, you must first register and create a profile, which (according to Quineex) is only a five-minute-long process.

As time goes by, you can monitor your profit/loss statements on the Trial Account and add more paper (fake) money to its balance. Perhaps most importantly, both (temporary) Demo and Trail allow you to trade in real-time (live) markets and access the same price quotes that are on the exchanges.

Countries Accepted

Quineex is incorporated in Kingstown, St. Vincent and the Grenadines, a country located in the Caribbean Sea region. Russian and English are the available languages on their website. Other than that, nothing is noted about geographical restrictions. The broker’s services might be available in the United States since it is an option on the registration form. Quineex also works with a liquidity provider that’s in the American state of North Carolina. However, interested traders should always check with customer service about whether or not the broker is available in their country, regardless of where they live.

Conclusion

At first glance, Quineex’s leverage rates could be a major downside to many forex traders, especially since the broker’s 100:1 buying power puts them behind many competitors. However, this is offset by the fact that Quineex has fixed leverage, which ensures that your trading experience is predictable. The firm also doesn’t lower your buying power after you deposit additional funds, a practice that is common in the industry.

Moreover, this broker will not charge you any fees when you transfer money (both in and out of your account) through one of their various transaction methods. Not only that, but both deposits and withdrawals are instantly processed. Quineex also offers two demo accounts that cater to different traders’ needs. The temporary one serves those who want to learn about the MT4 platform, while the permanent demo (the Trial Account) is especially suitable for beginners.

Meanwhile, when it comes to the live portfolio, this broker’s single account type is comprehensive and includes all of the advantageous toolsets that Quineex offers under one package. Another important thing to note is that the firm’s spreads are incredibly tight and, at times, nonexistent. This is a great feature if you are willing to overlook the broker’s commission, which is also reasonably-priced, to begin with. Quineex also has plenty of promotions that could benefit professional traders, but they don’t have any bonus programs for retail accounts.

Nonetheless, this broker’s services are available across the world, so is the MT4 platform that allows you to manage your account from any device and location. Lastly, their practical trading tools, including the economic calendar, position calculator, and newsfeed, can be very valuable during day-to-day market activities. Although Quineex doesn’t provide you with educational materials, MT4 has more than enough tutorials and one-on-one advisors.

Are you a fan of exotic currencies? Does a low spread justify higher commissions? Will you be able to accept the 100:1 leverage if it provides you with a predictable and consistent trading experience? Your answer to these questions, and a few other ones, can help you decide if Quineex is the right choice.

Founded in 2010, FXCC is a mainly Forex No-Dealing-Desk (NDD) broker, which has around 30 currency pairs, two precious metals, and a pair of indices across the most used and popular platform, Metatrader 4. FX Central Clearing Ltd., which is the company operating the trademark FXCC, is a Cyprus investment company (CIF), licensed and regulated by the Cyprus Securities and Exchange Commission (Cysec), under CIF Licence Number 121/10.

The Cypriot financial regulator applies specific rules and requirements to license holders and ensures that they are properly complied with. For example, client funds should be set up in segregated accounts, different from the broker’s operational accounts. Also, the Commission requires foreign exchange brokers to hold at least €1.000.000 of net tangible assets as proof of their sound financial position and solvency.

As an additional guarantee for customer funds, all companies regulated by Cysec are partners in the Investor Compensation Fund. This is a fund created for clients of regulated companies. If the company becomes insolvent or ceases trading, the Fund may assume to pay compensation to the customers concerned, and the maximum amount it would cover would be EUR 20000 per customer.

FXCC is also regulated by the Markets in Financial Instruments Directive (Mifid), like any company regulated by Cysec, in terms of offering cross-border services within the European Union under the Mifid Passport Scheme, allowing regulated companies in their “home state” to provide services to customers in other countries. In addition to being authorized by the European Economic Area, FX Central Clearing Ltd. is also registered in the UK FCA, which is perhaps the most respected regulator.

Account Types

FXCC offers 3 different accounts to its clients, below is a summary of each of them with their main characteristics.

ECN Standard Account:

• Minimum deposit 10,000–100,000 euros
• Available base currencies EUR, USD, GBP
• 30 Instruments
• Leverage up to 1:30
• Minimum lots 0.01

ECN XL Account:

• Minimum deposit of 100–10.000 euros
• Available base currencies EUR, USD, GBP
• 30 Instruments
• Leverage up to 1:30
• Minimum lots 0.01

ECN Advanced Account:

• Minimum deposit of 100,000+
• Available base currencies EUR, USD, GBP
• Instruments 200+
• Leverage up to 1:30
• Minimum lots 0.01

The 3 accounts have similar characteristics. The differences are found in the leverage that in the ECN Advance account can reach 1: 100, the commissions, and the spreads, as we will see in detail in the following sections.

Platforms

Like most brokers, FXCC is compatible with the award-winning and popular Metatrader 4 (MT4). This platform is the preferred choice of the most experienced traders, and also of beginners. The platform is equipped with a series of technical indicators, an advanced graphical package, and a wide range of Expert Advisors (EA), as well as several options for backtesting for EAS, which will allow you to evaluate your strategies. The platform is available in desktop and mobile versions for use on smartphones and tablets. FXCC customers are offered a multi-account management solution through MetaTrader 4 MultiTerminal, which is an integrated part of the MT4 package.

Leverage

FXCC offers its customers different types of leverage, depending on the account they have. All leverages are within the parameters that the ESMA recommends to regulated brokers in Europe, as is the case with this broker. Below is a table with information on the leverages offered:

• ECN Standard: Up to 1:200
• ECN XL: Up to 1:300
• ECN Advanced: Up to 1:100

Trade Sizes

At FXCC, micro-lots (0.01 lots) are available for trading on all three account types. This is excellent for those who utilize tight money management plans, as well as for those who are risk-averse. Of course, the pricing associated with a micro-lot will vary by the asset, but having the ability to trade with smaller position sizes is still widely considered to be an advantage for FX traders.

Trading Costs

Regardless of the spreads, which will be commented in a later section, FXCC applies commissions for the lot traded. Here is a summary of these costs according to the type of account the customer has:

• ECN XL: Zero Commission
• ECN Standard: 0.75 per side (Metals 7.50 per side)
• ECN Advanced: 0.4 per side (Metals & Energies 4 per side)

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

Assets

The financial assets we will be able to trade with FXCC are not very extensive and are limited to 28 currency pairs and 2 metals. Below we detail the complete list of assets:
AUD CAD, AUD CHF, AUD JPY, AUD NZD, AUD USD, CAD CHF, CAD JPY, CHF JPY, EUR AUD, EUR CAD, EUR CHF, EUR GBP, EUR JPY, EUR NZD, EUR USD, GBP AUD, GBP CAD, GBP CHF, GBP JPY, GBP NZD, GBP USD, NZD CAD, NZD CHF, NZD JPY, NZD USD, USD CAD, USD CHF, USD JPY, GOLD, and SILVER.

Spreads

Spreads vary depending on the type of account the client has. This broker offers fairly tight variable spreads, with an average of 0.4 pips in the EUR/USD pair. However, commission fees apply to almost all your accounts. Spreads in the Standard account type amount to 1.5 pips back, so the average trading costs would be 1.9 pips in EUR/USD, which is a reasonably high value for the foreign exchange market. We, therefore, recommend the ECN XL account type (with a minimum deposit requirement of USD 100), which is the only account that has no commissions.

Minimum Deposit

The minimum deposit depends on the account chosen by customers and varies as much as the USD 100 required to open an ECN XL account at the USD 100,000 required by the broker for ECN Advanced accounts. We leave a summary with the minimum deposits required in each account:

• ECN XL: $100
• ECN Standard: $10,000
• ECN Advanced: $100,000

Deposit Methods & Costs

For making deposits, the broker offers us a wide range of methods. The following are the deposit methods, the estimated time of entry into the trading account and its commissions:

The broker applies zero fees to deposits less than or equal to 10,000 USD.

Withdrawal Methods & Costs

Below we detail some of the methods of withdrawal that the broker makes available to its customers. FXCC requires that the minimum withdrawal amount be at least 50 USD.

Withdrawal Processing & Wait Time

The broker will process the withdrawals in less than 24 hours. Below is the timeout for each withdrawal method:

• Visa or Mastercard: 5-10 Days
• Wire Transfer: 5-7 Days
• Neteller: Real-Time
• Skrill: Real-Time
• Neosurf: 5-10 Days
• Sofort: 3-5 Days
• Rapid: 3-5 Days
• Paysafecard: N/A Withdrawal by Bank Wire

Bonuses & Promotions

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

Educational & Trading Tools

FXCC has an “education center” where the following topics are discussed:

• What is ECN Forex Trading?
• Forex ECN Trading Model vs Fixed Spread Forex Broker Trading
• Basic Characteristics of EUR / USD Trading
• Understanding Forex Rollover (Swaps)
• Forex Slippage vs. Price Improvement
• Concept of Leverage Explained
• Importance of Economic Indicators

It also has a glossary of terms related to Forex and an e-book where it addresses the following topics:

• The Right Trading Strategy to Match your Lifestyle
• Traders Mindset
• Money Management
• Straight Through Processing
• How to Build a Winning Trading Plan
• Technical and Fundamental Analysis
• The use of Stop Orders
• Your Trading Plan
• An introduction to the Basics of Price Action Trading
• Scalping as a Trading Strategy
• Day Trading as a Trading Style

FXCC also has an economic calendar, a tool that we always consider very useful for traders because in it we find the most important events of the day, and that can affect different assets, with which we may be trading. The broker also has a Daily Technical Analysis, where daily technical analyses of different currency pairs are performed. It offers an excellent economic news section, very complete, and a blog where it also provides a market watch. In summary, we were very satisfied with how FXCC cares about having a functional area of educational resources for its customers and several tools of interest for the trader.

Customer Service

To get in touch with FXCC’s customer service, we have several options. We can get in touch, by phone, by email, through a contact form on the web, a live chat available 24 hours and call service. When entering your personal data and your phone, the broker contacts you.

ADDRESS: Amorosa Centre, 2nd floor, 2 Samou Street, 4043 Yermasoyia, Limassol, Cyprus
TEL: +357 25 870750 , +357 25 025001
FAX: +357 25 030523
Working Hours: Monday – Friday. 24 hours
EMAIL: [email protected]

Demo Account

FXCC provides a Demo account to its customers.

A Demo account can benefit the trader in 2 ways:

– Practicing commercial techniques
– Learning the different tools of the platform

It is widespread for traders to open a Demo account before depositing money into a real account. It is also essential to know that the Demo account retains the same live prices and market conditions, simulating the exposure in a real account. To get the demo account offered by FXCC, just fill out a form with your personal data, and they will respond with the instructions for installation.

Countries Accepted

FXCC says that it does not provide services for United States residents. Likely, some other country will not be available to be an FXCC customer. Contact customer service to find out if your nationality is suitable for opening an account with this broker.

Conclusion

FXCC is a Cypriot ECN / STP broker offering standard trading terms. It has the MT4 platform, which is always good news. Their customer service looks pretty good, and they have plenty of means to contact them. FXCC has a tasty variety of deposit methods, and currently has a promotion, in which deposits and withdrawals made by any means are free as the broker assumes any expense generated.

The variety of assets offered seems scarce to us, but if you are a trader you will only trade with Forex may be sufficient. We have been surprised by the educational area and resources to the trader, a positive point for this broker who has been concerned to create a good service in this regard. Finally comment that you can open an account from only 100 USD, although to access accounts with better commercial conditions, the disbursement to be made seems to us excessive, 10.000 USD, and 100.000 USD for the accounts ECN standard and ECN Advance.

To summarize the above, here are the advantages and disadvantages we find with respect to FXCC:

Advantages:

• Broker properly regulated (CySEC and FCA)
• Multiple forms of contact with customer service
• Good variety of deposit methods
• Excellent educational area and tools for the trader
• Open an account with only 100 USD
• MT4 platform
• Model STP/ECN
• You have a DEMO account
• Good customer service with many ways to contact them
• No commissions for deposits and withdrawals

Disadvantages:

• Spreads somewhat elevated in your basic account
• Leverages somewhat low (according to the indications of the ESMA)
• The variety of assets available is somewhat minimal

In August 2011, the Turkish Capital Markets Board (CMB) announced a new set of regulations, according to which foreign exchange brokers can no longer offer commercial services in Turkey without a local license. Only 7 brokers were allowed to continue operations with a temporary permit. Fortunately, Ncminvest is one of them.

This broker has a wide selection of commercial instruments, we have been able to find, 45 currency pairs, many of which are exotic or minor. And also, we see many CFDs in precious metals like silver, gold, platinum, and palladium, as well as oil, natural gas, 9 indices, several shares, and even several cryptocurrencies, including Bitcoin, Ethereum, Litecoin, and Ripple.

Ncminvest is a financial company based in Abu Dhabi, United Arab Emirates, offering a wide range of services, asset management, financial advice, and fund management, as well as forex trading and online CFDs.

Obviously, we want to focus on your trading business. The broker offers numerous currency pairs and CFDs on precious metals, raw materials, energy, and indices. Ncminvest has four different account types, leverage up to 1:100, and offers its customers the popular Metatrader4 platform.

Ncminvest is licensed in the UAE (United Arab Emirates). Ncminvest is the trademark that is operated and is owned by Noor Capital PSC, a private limited company incorporated under UAE law with a registered office in Abu Dhabi. The company is registered with the Abu Dhabi Department of Economic Development and is authorized and regulated by the Central Bank of the United Arab Emirates to distribute banking, financial investments, and consulting, as well as trade-in financial and monetary intermediation.

Basically, this is a reputable company, and your money will be safe with them.
The financial authorities of the United Arab Emirates have quite strict regulatory requirements. For example, all forex brokers and CFDs in the country must have at least one million dirhams (approximately 250,000 EUR), of which at least 60% have to be in local funds.

By comparison, regulated brokers in Europe, must maintain an operating capital of no less than EUR 730,000, and also submit regular reports, have external audits, keep the funds of all clients in segregated accounts, and participate in customer clearing systems, in cases where the broker becomes financially insolvent.

Another distinction is that all brokers in Europe are restricted to offer leverages above 1:30 to retail customers, while UAE brokers do not provide for such a restriction.

Account Types

NCMinvest offers its clients 4 different types of accounts. We summarize in the following table the characteristics of each of them:

Standard Account

• Spread Fixed
• Leverage 1: 100
• Products Forex | Indices | Commodities | Energies | Agriculture
• Execution Type Instant
• Hedging Allowed
• Stop Out 10 %
• Swap Charges Free Swap on Majors
• Platform NCM INVESTMENT – MT4
• Helpdesk Support 24/6 Support Available
• Minimum deposit 1.000 EUR

Standard Market Account

• Spread Fixed
• Leverage 1: 100
• Products Forex | Indices | Commodities | Energies | Agriculture
• Execution Type Market
• Hedging Allowed
• Stop Out 10 %
• Swap Charges Free Swap on Majors
• Platform NCM INVESTMENT – MT4
• Helpdesk Support 24/6 Support Available
• Minimum deposit 1.000 EUR

Standard Variable Account

• Spread Variable
• Leverage 1: 100
• Products Forex | Indices | Commodities | Energies | Agriculture
• Execution Type Market
• Hedging Allowed
• Stop Out 10 %
• Swap Charges Free Swap on Majors
• Platform NCM INVESTMENT – MT4
• Helpdesk Support 24/6 Support Available
• Minimum deposit 1.000 EUR

Plus Account

• Spread Fixed
• Leverage Dynamic
• Products Only Currencies
• Execution Type Market
• Hedging Allowed
• Stop Out 20 %
• Swap Charges Free Swap on Majors
• Platform NCM INVESTMENT – MT4
• Helpdesk Support 24/6 Support Available
• Minimum deposit 500 EUR

The four accounts are very similar, and the differences we can find are the required minimum deposit, the spread rate used, the leverage, the available financial assets, and the stop out. These differences will be further detailed in the following paragraphs.

Platforms

Good news, the Metatrader4 platform is available. This platform is by far, one of the best and most comprehensive commercial platforms available on the market. MT4 is a highly reliable and multifunctional commercial resource, offering us numerous technical market indicators and even commercial robots with which we can efficiently execute automated business strategies. Furthermore, MT4 also has an excellent set of advanced graphics tools in different timeframes and with historical data.

Leverage

NCMinvest offers leverage of 1:400. Currently, leverage levels that are this high are only available in regulated offshore brokers in countries such as the United Arab Emirates, South Africa, and New Zealand. In most major markets, including the European Union, the United States, Canada, Japan, and even Australia, financial regulators have placed strict leverage restrictions, this is a targeted effort to reduce retail clients’ investment risks.

Trade Sizes

In the demo account that we have used, we have been able to verify that you can trade with micro-lots (0.01 lots), which is favorable for new traders who want to take small positions in the market to limit their monetary risks.

Trading Costs

The spread seems to be quite hight. For example, in the pair EUR/USD, we have detected a fluctuation between 2 pips and 2.1 pips. In the Demo account, there are no commissions for trading lots, and we understand that in the real account, there will not be any. Concerning Overnight Financing (Swap), Noorcm reports that they do not charge Swaps on open positions in the Majors, which are the most valuable currency pairs.

As for the remaining assets, you will have to pay this swap cost, which is any position held overnight, which will incur a maintenance cost (interest). This amount can be negative or positive depending on the instrument and the direction of the position, and its amount is fixed by the central banks of the base currency of the open position.

Assets

We found a wide selection of financial assets to trade with. When we tested Ncminvest’s Demo trading platform, we found 45 currency pairs, many of which are exotic or minor as, USDMXN, USDNOK, USDZAR, USDTRY, USDSGD, USDSEK, USDPLN, USDHUF, USDDKK y USDCZK.

Also, there we find many CFDs in precious metals, such as silver, gold, platinum, and palladium, as well as oil, natural gas, 9 indices, a wide variety of stocks, and even several cryptocurrencies, including Bitcoin, Ethereum, Litecoin, and Ripple.

Spreads

We found some rather high spreads. According to what we have tested in the demo account, the reference spread in EUR/USD fluctuated around 2 pips – 2.1 pips, and that spread is a bit high for how the industry average is. Note that spreads are usually considered attractive only when they start below 1.5 pips in a standard account and without trading fees.

Minimum Deposit

The minimum deposit required by this broker is a little high compared to the industry average. Depending on the type of account the customer chooses, the minimum deposit required to open a trading account can be USD 1,000, or USD 500 in the PLUS account.

Deposit Methods & Costs

NCM Invest informs you of the availability of the following payment methods, credit or debit bank card, Visa or Mastercard, and local means of payment, K = net, Naps, and Benefit. The broker reports that the maximum deposit that can be made with card is 20,000 USD per day. And that the base currency in their accounts is KD (Kuwaiti Dinar) for payment. If payment is made with a card that has a different base currency, additional conversion rates may apply. Unfortunately, the broker does not report the costs associated with the different deposit methods offered.

Withdrawal Methods & Costs

The broker does not report about the withdrawal policy. Either way, we understand that the customer may request withdrawals in any of the methods he used to make the deposits. Again, we have no information about withdrawal fees, if any.

Withdrawal Processing & Wait Time

We have no information about the withdrawal process or waiting times.
Although usually, in the case of cards and e-wallets, the waiting time should not exceed 24 hours since the broker processes the withdrawal.

Bonuses & Promotions

NCM Invest does not currently have any bonuses or promotions available. The broker offers an Introducing Broker program. An Introducing Broker is an agent that introduces customers to a broker. The IB’s receive compensation in the form of a commission for the clients they add, collecting these funds directly from the broker.

Education & Trading Tools

Noorcm has a high-quality educational section. It offers online and face-to-face education in its various Forex courses. On the website, they have a section of recorded webinars, and ready for viewing, among the topics they deal with are:

• The best and easiest way to trade currencies
• Fibonacci retracements
• Trends and Patterns
• Developed Harmonic patterns (Gartley wave)
• Wyckoff Theory
• Pivot points
• Magical Bollinger
• Broken trend strategy
• Three best currency to trade
• Regression channel strategy
• Gann methods
• Divergence
• Technical indicators
• Market overview
• Introduction to Forex
• Money management
• Classic patterns
• Price behavior
• Advantages of trading in the Forex market
• Trader psychological (greed and fear)
• Performance of U.S. Indices
• Introduction to fundamental analysis
• How to build your trading strategy
• Oil market in the current political climate
• Gold trade on demand
• Forex overview
• Bollinger bands and momentum indicators
• Japanese candlesticks
• And more

They also have a good section of economic news that is updated on a regular basis, and an economic calendar, a tool that we always consider useful for the trader, because in it you can observe all the events of interest of the day, and that may affect the different assets you may be trading.

Customer Service

To contact NCMinvest customer service, there are 3 main ways of contact. These include telephone, contact form that you will find on the website, and an online chat. They also have 4 offices where it is possible to visit them, in Kuwait, UAE, Turkey, and Jordan. The data related to these is as follows:

Kuwait Headquarters:
Dar Al Awadi Tower, 27 th Floor / Mezzanine Floor, Ahmad Al Jaber Street, Sharq, P.O.Box 26489, Safat 13125, Kuwait. Phone: +965 2225 3888. Fax: +965 2246 5992 / 91

UAE Office:
The H Hotel Dubai, Offices Tower, Level 15, Office No. 1502, Sheikh Zayed Road, P.O. Box 31045 Dubai, United Arab Emirates. Phone: +971 4 319 9630. Fax: +971 4 330 3550

Turkey Office:
Noor Capital Market Menkul Değerler A.Ş. A.Ş. GENEL MÜDÜRLÜK Merkez Mah. İstiklal Sok. Key Plaza 11 / 7 Şişli İSTANBUL. Phone: +90-212 280 6666. Fax: +90 212 280 6692

Jordan Office:
Mecca Street, Kent Complex, Building 145, Second Floor, Office 203 – 204, Amman, Jordan. Phone: +962 6 5622 404. Fax: +962 6 5511 404.

Demo Account

A Demo account can benefit the trader in 2 ways:

– Practicing commercial techniques
– Learning the different tools of the platform

It is very common for traders to open a Demo account before depositing money into a real account. It is also important to know that the Demo account retains the same live prices and market conditions, simulating the exposure in a real account. Fortunately, NCM Invest has a demo account for its clients on the MT4 platform. All you have to do is register, provide your personal data, and they send you an email with instructions for installation and use.

Countries Accepted

We have not found restrictions on countries where their citizens cannot trade. On the registration page, we have observed the list of available countries and we do not detect that any country is missing from it, so we assume that anyone can open a trading account with this broker.

Conclusion

NCMinvest is a well-regulated broker. Below we detail the list of the 4 regulations that it has in different jurisdictions:

NCM Investment (HQ) is regulated by Capital Markets Authority, Kuwait under license No: AP / 2019 / 0003 & AP / 2017 / 0009 | LEI No. 2 1 3 8 0 0 1 6 3 E L E M N K Q Z I 7 7

Noor Capital Markets Menkul Değerler is regulated by Capital Markets Board of Turkey under license No. 022 | Member of Borsa Istanbul under Member Code: NOR | Turkey Trade Registry No. 784981 – 0| LEI No. 789 0005OA66 NLKG8HS26

Noor Al-Mal for Local and Foreign Financial Brokerage is regulated by Jordan Securities Commission under license no. 18 / 01533 / 1 / 3.

SHUAA Capital PSC is regulated under the UAE Securities and Commodities Authority with license no. 200219.

With his UAE license, Noorcm appears to be a reliable broker. It offers a good selection of financial assets for trading, with a multifunctional trading platform such as MT4, and leverage of up to 1:400. The minimum deposit requirement has seemed to us very high, 500 USD or 1,000 USD, depending on the account. We do not have information about the possible costs of deposits or withdrawals, or the estimated time to complete them. The spreads have seemed a little high to us, as we can find them tighter in many other well-regulated brokers. We have been pleasantly surprised by the educational area, very complete, and the tools available to the trader, especially the existence of an economic calendar.

Advantages:

• MT4 platform is available
• Leverage up to 1: 400
• A lot of asset variety
• Excellent educational and resource area for the trader
• Demo account available in MT4
• Regulated broker in the countries in which it is established

Disadvantages:

• Higher than average spreads
• High minimum tank capacity
• We do not know the possible costs of deposits and withdrawals

DV Markets is a Forex broker and also trades CFDs in indexes and commodities. This broker is based in Australia. We consider that one of the most significant advantages of this broker is that it is authorized by one of the most popular and trusted financial regulators, the Australian Securities and Investment Commission (ASIC). DV Markets is a trademark, owned and licensed by Forex Financial Services Pty Ltd., and also operates Forex. Let us see in this review what DV Markets can bring us.

Account Types

DV Markets offers its customers two different commercial accounts. They are called the STANDARD account and PRO account. The following are the essential features of each account:

Standard Account

• Minimum Deposit: 0 USD
• Maximum Leverage: 1:400
• Spread Type: Variable
• Default Max Per Click: 100 lots.
• Instruments: Forex, Indices, and Commodities.
• Platforms: Metatrader4, Web, Mobile
• Account Currencies: AUD, USD, GBP, and EUR.
• Minimum Trade Size: 0.01 (micro lot).
• Commission: No
• Margin Call 100% – Stop Out Level, 50%

PRO Account

• Minimum Deposit: 0 USD
• Maximum Leverage: 1:400
• Spread Type: Variable
• Default Max Per Click: 100 lots
• Instruments: Forex, Indices, and Commodities
• Platforms: Metatrader4, Web, Mobile
• Account Currencies: AUD, USD, GBP, and EUR
• Minimum Trade Size: 0.01 (micro lot)
• Commission: Yes
• Margin Call 100% – Stop Out Level, 50%

We note that both accounts are very similar. They have almost the same characteristics. The main difference is that the Standard Account does not have commissions, and the PRO Account does. With the PRO Account, the broker will charge us 7 USD for each lot traded; instead, the spreads will be lower than those applied in the Standard Account.

Platforms

The platform that DV Markets has chosen for its customers is the popular Metatrader4 (MT4). This choice does not surprise us, as MT4 is the most widely used online trading platform in the world. MT4 has an excellent advanced graphics package, and also a massive variety of custom technical indicators. It also has automated trading strategies (expert advisors ), which is probably the most prominent option of this trading platform.

Also, their programming language is quite easy to learn, and those people who are skilled with computer programming can easily create their own Eas and technical analysis indicators.

Leverage

Customers can apply for leverage of up to 1:500 on Forex. Trading account leverage can be managed in the customer area of the broker’s website. We consider that the leverage of 1:500 is too high to be used by novice traders. Any sudden movement in the markets can cause a significant profit in money, but also a great loss. We, therefore, advise caution in leverage and use it depending on the risk we consider taking.

Inexperienced traders can lose all their account money in a concise time using very high leverage rates. That is why some jurisdictions have limited the leverage that brokers can provide to their clients at significantly lower levels. For example 1.30 in Forex with regulated brokers in Europe.

Trade Sizes

DV Markets use micro lots to trade with their assets. This is 1000 units of the base currency. The minimum batch size on the platform can be seen as 0.01.

Trading Costs

We detect two trading costs apart from the spread. One of them is the commission that applies to the PRO accounts of 7 USD for each lot operated. The Standard account has no commissions but higher spreads.

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

Assets

These are the different assets available to trade with DV Markets, including:

Forex: AUDCAD, AUDCHF, AUDJPY, AUDNZD, AUDSGD, AUDUSD, CADCHF, CADJPY, CADSGD, CHFJPY, CHFSGD, EURAUD, EURCAD, EURCHF, EURGBP, EURJPY, EURNOK, EURNZD, EURSEK, EURSGD, EURTRY, EURUSD, GBPAUD, GBPCAD, GBPCHF, GBPJPY, GBPNOK, GBPNZD, GBPSGD, GBPUSD, NZDCAD, NZDCHF, NZDJPY, NZDSGD, NZDUSD, SGDJPY, USDCAD, USDCHF, USDHKD, USDJPY, USDMXN, USDNOK, USDSEK, USDSGD, and USDTRY

Commodities: BRENT, WTI, XAGUSD, and XAUUSD

Indexes: AUS 200, CAC 40, CN, CNA 50, DAX 30, DOWJ 30, EUSTX 50, FTSE 100, HK 50, ITA 40, JP 225, NAS 100, SG 30, and SPX 500

The offer of CFDs in DV Markets is not very wide, in our opinion, lack of very popular commodities like copper, cotton, coffee, platinum, natural gas, and sugar among others.
Nor does it offer trading in cryptocurrencies, assets that have become very popular to trade within the trading community.

Spreads

The spreads offered by DV Markets for all your accounts are variable spreads. When we were able to test the MT4 platform of DV Markets in demo mode, we checked the spreads for EUR/USD, oscillating around 1.2 pips, which is a reasonable price. Most significant brokers offer spreads very similar to this, within the range of 0.6 to 1.5 pips.

Minimum Deposit

DV Markets does not require a minimum deposit for their trading accounts. You can start trading with this broker with little money. We recommend a minimum amount of 200 USD and low leverage to start trading and gain trading experience without taking too many risks.

Deposit Methods & Costs

DV Markets have different methods for depositing into your trading account. All are processed through the customer area of the broker’s website. The different methods to make your deposit are Bank transfer, Credit or debit card (Visa or Mastercard), and electronic methods, Skrill, Neteller, China Union Pay, Poli, Fasapay, Alipay, and Dragonpay.

The costs associated with the deposits are different according to the method chosen are as follows:

• Bank transfer, no charge.
• Credit or debit card (Visa or Mastercard), 2% of the amount deposited.
• Skrill, 2% of the deposit.
• Neteller, 2% of the deposit.
• China Union Pay,
• Poli, at no cost.
• Fasapay, at no cost.
• Alipay, 2% of the deposit.
• Dragonpay, 2% of the deposit.

Withdrawal Methods & Costs

The different methods to perform your retreat are Bank transfer, Credit or debit card (Visa or Mastercard), and electronic methods, Skrill, Neteller, China Union Pay, Fasapay, and Dragonpay. The costs associated with withdrawals are different according to the method chosen are as follows:

• Bank transfer, no charge.
• Credit or debit card (Visa or Mastercard), free of charge.
• Skrill, at no cost.
• Neteller, at no cost.
• China Union Pay, no charge.
• Fasapay, at no cost.
• Dragonpay, at no cost.

Always remember that withdrawals should be made by the same method with which the previous deposit was made. For example, it is not possible to deposit by bank transfer and subsequently request a withdrawal from Neteller. Withdrawals may not be made in the name of third parties. All this is due to international anti-money laundering laws, and all brokers must act in the same way.

Withdrawal Processing & Wait Time

The DV Markets website reports that all withdrawals are processed instantly. Therefore, all withdrawals requested by Credit or debit card (Visa or Mastercard), Skrill, Neteller, China Union Pay, Fasapay, and Dragonpay, will be received in your bank account instantly. Only withdrawals requested by bank transfer will be delayed between 2 and 5 business days.

Bonuses & Promotions

DV Markets has no bonuses or promotions at present. The broker has an Introducing Broker program. What is it? This program is made to reward individuals or companies who refer new clients, and they open trading accounts with DV Markets. Every time one of the clients you have referred to performs a transaction, your account will be rewarded in real-time. There is no limit to the number of clients or transactions that may be paid.

Education & Trading Tools

DV Markets has an area of resources of interest to traders. What this broker offers us on its website is:

An economic news box, which we’ve seen updates.

An economic calendar with the most important events of the day, and that every trader should consult daily to know what events may affect their trades.

A platform with various tutorials. Some of them are: How to open a market order, how to open a pending order, how to modify an order, what is trailing stop and so on, up to a total of 20 tutorials.

There is also a toolbox, where you can find, for example, Forex calculators.

Customer Service

To contact DV Market’s customer service team, we have two main channels, telephone, and email. This broker does not have a live chat on his website, nor does he have a contact form. They have offices in Australia and St Vincent and the Grenadines.
The contact details are:

Australia:
Address: International Tower 1, Barangaroo Avenue Sydney NSW 2000, Australia.
Phone Number: +612 8330 0850
Email Address: [email protected]
Office Hour: 08:00AM – 08:00PM

St. Vincent & Gradines:
Address: Suite 305, Griffith Corporate Centre, Kingstown, St Vincent and the Grenadines.
Phone Number: +612 8330 0850
Email Address: [email protected]
Office Hour: 08:00AM – 08:00PM

Demo Account

A Demo account can benefit the trader in 2 ways:

– Practicing commercial techniques
– Learning the different tools of the platform

It is very common for traders to open a Demo account before depositing money into a real account. It is also important to know that the Demo account retains the same live prices and market conditions, simulating the exposure in a real account. DV Markets offers a demo account without time restrictions, as long as you log in once every 30 days. The broker will automatically delete demo accounts that have not been used for more than one month.

Countries Accepted

DV Markets does not report on any part of its website about citizens or jurisdictions that cannot trade their accounts. In case of doubt, it is best to contact customer service to find out whether or not you can open an account with this broker. US citizens usually have restrictions on opening trading accounts outside their country.

Conclusion

DV Markets is an Australian foreign exchange broker with an exciting offer. It provides competitive spreads and very high leverage levels. This broker uses the MT4 platform, which is the industry-leading and also the most popular trading platform for Forex and CFDs. However, in our opinion, one of the aspects that we liked the most is that DV Markets has an ASIC (Australian Securities and Investments Commission) license.

ASIC requires companies that provide licensed financial services to meet specific capital requirements (at least US$1 million) to demonstrate their financial solvency. They also have to comply with several internal processes for risk management, accounting, and auditing. Also, Australian regulated Forex brokers have to keep clients money in segregated accounts and send regular reports to ASIC of their transactions. Moreover, the regulation of Australian foreign exchange brokers does not have a clearing procedure in case a licensed broker becomes insolvent.

To summarize our review on DV Markets, we will list the advantages and disadvantages that in our opinion this broker has:

Advantages: Reliable regulation (ASIC). It has an excellent educational area and tools for the trader. It offers its customers the most popular trading platform (MT4). Spreads consulted in the Demo account are competitive. No minimum deposit required. The leverage level is very high (up to 1:500), although the customer can set lower leverage on his account.

Disadvantages: No CFDs of shares and cryptocurrencies. Spreads not announced on the website; you have to download the platform with the Demo account to know them.

SwissDirekt AG is an independent financial institution based in Switzerland. The company was founded in 2003 by Thomas Kuhn and Harald Maul. Swiss Direkt is a Swiss asset manager and online broker. With this broker, you can trade futures, forex, shares, and CFDs on indexes and commodities.

The website is available in German and English. As a member of a self-regulating organization (SRO Polyreg), Swissdirekt is regulated by the Federal Department of Finance in Switzerland.

What we least liked, at first sight, is the lack of information on many relevant aspects to any trader who wants to open a trading account. Concepts such as spreads, lot sizes, trade sizes, mínimum deposits, trading costs, and deposit or withdrawal methods are not well informed on the Swiss Direkt website.

Account Types

Swiss Direkt has 2 trading accounts with which to trade in the various financial assets it offers. The accounts are called FX Trading and CFD Trading.

Their main features are:

• FX Trading: 25 USD commission per million traded
• Volume-based discounts
• 1:100 leverage on major currency pairs
• Low overnight financing rates
• Ability to place orders in between the spread. MetaTrader4 (MT4) bridge
• CFD-Trading: Competitive CFD Trading environment
• $0.4 per contract standard commission
• Tight spreads
• Volume related discounts
• Competitive leverage
• Low overnight financing rates
• Ability to place the order between the spread

Platforms

Swiss Direkt offers different platforms, from the well-known and popular MT4 to more professional ones. The following platforms are available:

Web Trading: It is a web-based interface for professional users. It offers traders an easy-to-use trading platform. Its technology allows online access 24 hours a day to all Forex and CFD markets.

Mobile Trading: Mobile technology offers customers the ability to access and trade in Forex and CFD markets, at any time and from anywhere, via iOS or Android devices. Traders can track price movements, manage positions, and trust that all information and transactions are secure.

Multicharts: With Multicharts, Swissdirekt traders can access the LMAX Exchange directly from the graphics. Multicharts is a professional graphics technology specially designed for CFD and Forex traders.

API Trading: With API technology, Swissdirekt customers can automate their trading strategies (FX and CFDs) on LMAX or Variance Exchange. With API Trading, you can access the Metatrader4 Interface (MT4).

Corner Trader: This platform combines the security and reliability of a Swiss bank. If you want to manage the online portfolio, this is perhaps the most professional and complete multi-product platform on the market. It allows trading in Forex, CFD, ETF, Shares, Futures and FX Forwards and Options. Prices at Corner Bank (Schweiz) AG are very competitive, and there are no deposit fees.

Leverage

Leverage on Swiss Direkt accounts is 1:30. As European broker leverage is in line with the standards applied by the European ESMA. A 1:30 leverage is designed to protect customer’s accounts from the risks associated with higher leverages.

Trade Sizes

The broker does not provide very detailed information about his accounts, and one of the aspects we do not know is trade size. We assume that as most brokers, it is very likely that you can trade with the minimum size of 0.01 lots (micro lot), although this is not confirmed.

Trading Costs

Trading costs are determined by spread, operating fees, and swaps.
Unfortunately, concerning spreads and commissions, we have not detected any information on this.

Swaps, as we know, apply to all brokers, are any position held overnight, which will incur a maintenance cost (interest). This amount can be negative or positive depending on the instrument and the direction of the position, and its amount is fixed by the central banks of the base currency of the open position.

Assets

Swiss Direkt offers us a wide variety of assets with which to trade, exactly 67 currency pairs, 8 CFDs on indexes, and 5 CFDs on commodities. They are as follows:

Forex: AUD/CAD, EUR/JPY, GBP/HUF, USD/CAD, AUD/CHF, EUR/MXN, GBP/JPY, USD/CHF, AUD/JPY, EUR/NOK, GBP/MXN, USD/CZK, AUD/NZD, EUR/NZD, GBP/NOK, USD/DKK, AUD/USD, EUR/PLN, GBP/NZD, USD/HKD, CAD/CHF, EUR/SEK, GBP/PLN, USD/HUF, CAD/JPY, EUR/SGD, GBP/SEK, USD/JPY, CHF/JPY, EUR/TRY, GBP/SGD, USD/MXN, EUR/AUD, EUR/USD, GBP/TRY, USD/NOK, EUR/CAD, EUR/ZAR, GBP/USD, USD/PLN, EUR/CHF, GBP/AUD, GBP/ZAR, USD/SEK, EUR/CZK, GBP/CAD, NZD/CAD, USD/SGD, EUR/DKK, GBP/CHF, NZD/CHF, USD/TRY, EUR/GBP, GBP/CZK, NZD/JPY, USD/ZAR, EUR/HKD, GBP/DKK, NZD/SGD, EUR/HUF, GBP/HKD, and NZD/USD

Indexes: Europe 50, France 40, Germany 30, Netherlands 25, UK 100, US SPX 500, US Tech 100, and Wall Street 30

Commodities: Spot Gold, Spot Silver, UK Brent, US Crude, and Gasoil

Spreads

Swiss Direkt does not report on its website the spreads it applies to each of its accounts.

Minimum Deposit

Swiss Direkt does not report the minimum deposit required to open a trading account with them.

Deposit Methods & Costs

Again the broker does not give information about what the deposit methods are to deposit money into your accounts. It is prevalent for brokers to accept bank transfers and credit or debit card payments, including some electronic payment systems. If any trader wishes to trade with this broker, he will need to contact customer service for deposit methods.

Withdrawal Processing & Wait Time

We do not know the withdrawal methods, as well as their possible costs, processing, and waiting times to receive the money in our bank accounts. This is due to the lack of information we found on the Swiss Direkt website.

Usually, the withdrawal methods are the same as those that can be used to make the deposits. We assume the same as in the previous paragraph and that at least bank transfer and credit or debit cards will most likely be accepted. But this is not confirmed.

Bonuses & Promotions

We have not found any bonuses or promotions currently available on the Swiss Direkt website.

Education & Trading Tools

There is no educational platform as such. We have found a section called Asset Management that has a certain content of interest to the client. It has 3 articles with different strategies: Dividend Strategy, Options Strategy (EURO STOXX 50 OPTIONS STRATEGY), and Macro Strategy. We have not found tools of interest to the trader, such as a news section or an economic calendar where we can consult the most relevant events of the day. There are, however, the standard tools that are included with MT4.

Customer Service

To contact Swiss Direkt customer service, we have three different ways to do this. By phone, by e-mail, and by a contact form available on the broker’s website. Contact details are:

SwissDirekt AG. Baarerstrasse 8. CH-6300 Zug
Tel.: +41 (0)41 710 83 43
E-Mail: [email protected]

Demo Account

A Demo account can benefit the trader in 2 ways:

– Practicing commercial techniques
– Learning the different tools of the platform

It is very common for traders to open a Demo account before depositing money into a real account. It is also important to know that the Demo account retains the same live prices and market conditions, simulating the exposure in a real account.

Swiss Direkt offers a demo account on its website. We have filled out the form to access this account, but unfortunately, we have not received a reply. Customers can test the demo version of the platform for 20 days without charge or obligation.

Countries Accepted

On the broker’s website, it is announced that its content is not available to citizens of the United States, or any other country where currency trading is prohibited.

Conclusion

Advantages: Swiss regulated broker. Variety of commercial platforms available, including MT4. Wide range of assets available for trading.

Disadvantages: Very little information about important aspects that every broker wants to know before deciding to open an account. No educational area, no tools of interest to the trader. Leverage low (1:30).

IMPORTANT NOTICE – As of the date of this review being published, the 4X Income website is down. After some investigation, we’re still not entirely certain as to whether or not they have closed for business permanently, or are simply having technical problems. We’ll continue to check back and update as soon as we have new information. 

4x Income is a forex broker registered in Saint Vincent and the Grenadines and was founded in 2011. They claim that some of their benefits include a tailored service for their clients, hosting a helpful, skilled and multi-lingual support team, offering over 200 tradable assets, and offering various trading conditions to suit your needs. We will be using this review to look into the services on offer to see what they really offer and how they compare to the competition.

Account Types

4x Income currently offers four different trading accounts, they all have their own requirements and features so lets briefly look at what they are.

Micro Account: This account has a minimum deposit requirement of $100, it has access to the MetaTrader 4 trading platform and has spreads starting from 1 pip. It has access to trade forex, indices, commodities, and shares. The account can be leveraged up to 1:500 and it uses market execution. The minimum trade size is 0.01 lots which go up in increments of 0.01 lots until it reaches the maximum 40 lots. You can have 150 trades open at any one time and the margin call level is set at 40% while the stop out level is set at 10%. The account can be in EUR or USD and there are no added commissions on the account.

Standard Account: This account has a minimum deposit requirement of $500, it has access to the MetaTrader 4 trading platform and has spreads starting from 1 pip. It has access to trade forex, indices, commodities, and shares. The account can be leveraged up to 1:300 and it uses market execution. The minimum trade size is 0.01 lots which go up in increments of 0.01 lots until it reaches the maximum 60 lots. You can have 250 trades open at any one time and the margin call level is set at 50% while the stop out level is set at 20%. The account can be in EUR or USD and there are no added commissions on the account.

Premium Account: This account has a minimum deposit requirement of $25,000, it has access to the MetaTrader 4 trading platform and has spreads starting from 0.6 pip. It has access to trade forex, indices, commodities, and shares. The account can be leveraged up to 1:100 and it uses market execution. The minimum trade size is 0.10 lots which go up in increments of 0.01 lots until it reaches the maximum 80 lots. You can have 300 trades open at any one time and the margin call level is set at 50% while the stop out level is set at 20%. The account can be in EUR or USD and there is an added commission of $6 / €5 per round-turn standard lot.

VIP Account: This account has a minimum deposit requirement of $100,000, it has access to the MetaTrader 4 trading platform and has spreads starting from 0.2 pip. It has access to trade forex, indices, commodities, and shares. The account can be leveraged up to 1:100 and it uses market execution. The minimum trade size is 0.10 lots which go up in increments of 0.01 lots until it reaches the maximum 80 lots. You can have 150 trades open at any one time and the margin call level is set at 50% while the stop out level is set at 20%. The account can be in EUR or USD and there is an added commission of $6 / €5 per round-turn standard lot.

The ‘Leverage and Margin Requirement’ page shows information for completely different accounts so we are not entirely sure what that is about, however, the accounts that we mentioned above ar ethe ones that we believe are the correct ones.

Platforms

4x Income uses MetaTrader 4 as its only available trading platform. MetaTrader 4 is one of the worlds most used trading platforms due to its many features including a one-hour response time on all customer inquiries, ECN trading on MT4, easier and faster funds withdrawal, more education in forex and MT4 trading, the latest market research for you, best-in-class customer service, including live chat, service in 39 languages and around-the-clock support, user-friendly interface, multi-Lingual Platform in 23 Languages, secure, fast, and reliable, professional online trading environment, comprehensive real-time charting and indicator options, automated trading. Program your own strategies using the Expert Advisor, trailing stop feature, and real-time client account trading summary (equity, floating profit & loss, and much more).

Leverage

The maximum leverage that you get depends on the account you are using, they have been outlined as 1:500 for the Micro account, 1:300 for the Standard account, 1:100 for both the Premium and VIP account. However, when we look at the margin and leverage requirement page it states very different numbers for accounts that are different from the ones mentioned above, so it is a little confusing.

The leverage you want can be selected when opening up an account and you should contact the customer service team should you wish to change it on an already active account.

Trade Sizes

The Micro and Standard account shave trade sizes starting from 0.01 lots (known as a micro-lot) while the Premium and VIP account shave trade sizes starting from 0.10 lots (known as a mini-lot). All four accounts have trade increments of 0.01 lots. We have outlined the min and max trade sizes below.

• Micro: 0.01 lots / 40 lots
• Standard: 0.01 lots / 60 lots
• Premium: 0.10 lots / 80 lots
• VIP: 0.10 lots / 80 lots

Trading Costs

The Premium and VIP account both have added commissions of $6 / €5 per round-turn standard lot which is in line with the industry average of $6 per lot. The Micro and Standard accounts do not have any added commissions as they use a spread based payment structure. There are also swap charged, these are fees for holding trades overnight and can be viewed within the MetaTrader 4 trading platform.

Assets

Sadly there is not a full breakdown or specification of the available assets and instruments. All that we do know is that there are Forex pairs (Major, Minor, and Exotics), Metals, Indices, Commodities and Shares available, just not which exact ones. This is a shame as a lot of potential clients will be looking for their preferred instruments, not knowing if they are available could cause them to look elsewhere instead.

Spreads

The starting spreads that you get depends on the account type you are using, we have specified the starting spreads below.

• Micro: Starting from 1 pip
• Standard: Starting from 1 pip
• Premium: Starting from 0.6 pips
• VIP: Starting from 0.2 pips

These are just the starting level and as the spreads are variable they will often be seen higher, especially when there is added volatility in the markets. Different instruments and assets will also have different natural starting spreads.

Minimum Deposit

The minimum amount required to open up an account is $100 which will allow you to use the Micro account, if you want one of the higher tier accounts then you will need $500 for the Standard account, $25,000 for the Premium account and $100,000 for the VIP account. Once an account is open the minimum requirement for a further top-up deposit reduces down to just $10.

Deposit Methods & Costs

Looking through the deposit and withdrawal page it seems that only Bank Wire Transfer and Credit/Debit card deposits are available, this could be slightly limiting to those who prefer to use other methods. When it comes to deposits there is no mention of any fees but also no mention that there won’t be any, but be sure to check with your own bank or card issuer to see if they will add any transfer fees of their own.

Withdrawal Methods & Costs

When withdrawing the same two methods are mentioned which are Credit /. Debit Card and Bank Wire Transfer. While there are no specifics surrounding fees, 4x Income simply states that the client will be responsible for any added fees by their or the client’s withdrawal method.

Withdrawal Processing & Wait Time

4x Income will typically process withdrawals within 2 to 5 business days and withdrawals should be fully processed within 5 business days depending on the method and your bank’s own processing times.

Bonuses & Promotions

It does not look like there are any active promotions at the time of writing this review if you are interested in bonuses then you could always contact the customer service team to see if there are any coming up that you could take part in.

Educational & Trading Tools

There are a few different aspects to the educational side of the site, there is a forex education section which details a number of different topics such as forex trading, fundamental analysis, and risk disclosure. There is also a glossary available which tells you the meaning of most trading related terms, there is also a beginner’s guide which goes over the very basics of trading. In terms of tools, there is an economic calendar detailing upcoming news events and the effects that they could have on the markets. There is also a news section which tells you of past news events, finally, there is a profit and pip calculator available.

Customer Service

You can contact the customer service team using the online submission form to fill in your query and then they will reply back via email. You can also use the available postal address, email or phone number.

Address: Suite 305, Griffith Corporate Centre, P.O. Box 1510, Beachmont Kingstown, St. Vincent and the Grenadines
Email: [email protected]
Phone: 91 9388123880

Demo Account

In order to open up a demo account, you will need to download the MT4 platform and open up an account from within it. Due to this we do not know what the trading conditions of the account are or if there is an expiration time on the available demo accounts.

Countries Accepted

The following statement is available on the site: “Regional restrictions: 4income brand does not provide services to residents of the USA, Japan, British Columbia, Quebec and Saskatchewan, and some other regions.” If you are still not sure of your eligibility then contact the customer service team prior to opening up an account.

Conclusion

4X Income offers a few different available accounts, there is a difference between he spread based accounts and the commission-based ones however within the two categories there isn’t too much difference in the conditions offered. We, unfortunately, we do not have a break down of the available assets which also means no full breakdown of the available spreads. There is also a very limited number of ways to deposit and withdraw which could make it hard for some people to actually deposit into the account. While the treading conditions are ok, the funding and lack of assets is a little bit of a put-off, the decision to use them though is up to you.

USG Australian Forex Marketplace is an online FX and CFD broker that is regulated by the Australian Securities and Investment Commission (ASIC), with an Australian Financial Services License (AFSL). The broker advertises low spreads, with minimum slippage and minimum requotes. Traders are given a variety of options to choose from, including four separate account types and two separate trading platforms, with different conditions offered on each account type. Stay with us to find out about the advantages and disadvantages of choosing this broker.

Account Types

This broker offers four different accounts: Mini, Standard, VIP, and Pro ECN. Before you begin to compare account types, you’ll need to know that it costs $10,000 to open a Standard account and $50,000 to open VIP or Pro ECN account types, so this may limit potential options. Leverage options go up to 1:500 on the majority of the account types; however, the options are more limited on the Pro ECN account. If you’re looking for the lowest spreads, the best option would be the VIP account, which offers floating spreads that start from 1.3 pips. The website can be vague on some subjects and does not offer any information about commission fees, so we can’t say which accounts are offering an advantage there. The same trading platforms and minimum trade sizes are offered on all accounts, so there is no need to compare there. You can view some of the most important details below.

Mini Account
Minimum Deposit: $100 USD
Leverage: 1:100 – 1:500
Spread: From 2.8 pips

Standard Account
Minimum Deposit: $10,000 USD
Leverage: 1:100 – 1:500
Spread: From 2.2 pips

VIP Account
Minimum Deposit: $50,000 USD
Leverage: 1:100 – 1:500
Spread: From 1.3 pips

Pro ECN Account
Minimum Deposit: $50,000 USD
Leverage: 1:100
Spread: From 1.5 pips

The broker requires proof of ID (passport or other government-issued ID, front and back) and proof of address (bill dated within the last 3 months) for registration. Further documents are required for joint or corporate accounts. The broker does not specify whether Islamic accounts are available.

Platform

This broker offers the advantage of choosing between the MetaTrader 4 and 5 trading platforms. Both platforms feature useful tools and offer a user-friendly and customizable experience. If you’re looking for differences, you’ll find that MT4 supports MultiTerminal, which allows one to manage multiple trading accounts from the same terminal, while MT5 offers additional pending order types, technical analysis objects, chart types, and an economic calendar. All accounts seem to support both platforms, so the choice would come down to personal preference. The platforms can be downloaded on PC, Mac, or Mobile devices, or accessed through WebTrader, the browser-based version and all options are available directly from the website.

Leverage

If you’re trading from a Micro, Standard, or VIP account, you should have no complaints about the highest leverage option, since the cap goes as high as 1:500. This should be more than enough for professional traders and would be higher than most beginners would be comfortable with. However, we were a little concerned that the minimum leverage is 1:100, since some traders may want to trade with a lower option. Also, the website doesn’t detail whether this leverage would be limited when trading certain instruments, so we assume that this option is available for all categories. If you’re trading from a Pro ECN account, the only leverage option available is 1:100.

Trade Sizes

The minimum trade size is 0.01, or one micro lot, on all account types. The margin call level is set at 100%. As far as maximum trade sizes or stop out levels go, the broker fails to offer further information. We did reach out to support, but it seems that it is harder to get this information if you aren’t a registered client with the company.

Trading Costs

The broker is extremely vague when it comes to this category. Where the majority of brokers list commission fees when explaining specifics for each account type, this broker doesn’t even list commissions as a category. If the broker had done away with commission fees altogether, we would expect to see the broker advertising it on their website, so it’s safe to assume that some types of fees are being charged. It’s possible that the broker may not charge commissions on some account types, although there is no way of knowing for sure since support refuses to answer the question.

Moving on, swaps are also applicable, so traders will want to keep this in mind when holding positions overnight. We’re sorry to say that there just isn’t any further information we can provide for this section. Considering that this is one of the most important sections to consider, we’re disappointed with the broker’s lack of information on the matter.

Assets

This broker advertises 60 plus Forex, Commodities, and Indices as being available from their homepage. Of course, we wanted more detail on the available instruments; however, the website fails to even list these options. Most brokers provide a detailed review of these options and even list live or typical spreads alongside each instrument, so it is disappointing to see such a lack of information here. This left us with several questions that support did not answer. Does the broker offer exotic options? We may know that 60 instruments are offered, but how many of those make up each category? Are assets limited based on account type? Lack of information seems to be a common theme on this broker’s website.

Spreads

The best spreads available through the broker start from 1.3 pips on VIP accounts and are from 1.5 pips on Pro ECN accounts. Keep in mind that it would cost $50,000 to open one of these account types, so those that can’t afford either option will have to go with one of the other account types. Spreads start from 2.2 pips on Standard accounts. The highest spreads are applicable on Mini accounts and start from 2.8 pips. Overall, the spreads here aren’t the most competitive, especially for lower-ranking account holders. Since the broker doesn’t list their instruments in more detail, we weren’t able to actually compare options to see if spreads are much higher than those advertised.

Minimum Deposit

The most affordable account type available would be a Mini account, which has a standard $100 USD deposit requirement. If you’re looking at one of the other account types, you’ll be making a significantly larger deposit. The Standard account requires a $10,000 deposit, which is very expensive for this account type. The wide range between the $100 and $10,000 for the cheaper account types will likely force some traders to choose the Mini account or to go with a cheaper broker. For the VIP and Pro ECN accounts, the deposit requirement is $50,000 USD. For these types of professional accounts, we aren’t as surprised to see a larger amount listed.

Deposit Methods & Costs

Accounts can be funded via Visa/MasterCard, Bank Wire Transfer, WebMoney, PerfectMoney, FasaPay, Thailand Online Banking, Malaysia Online Banking, Indonesia Online Banking, Vietnam Online Banking, Philippines Online Banking, POLi Internet Banking, Vogue Pay, and BPay. If a client deposits through UnionPay, SticPay, or Vogue Pay, the deposit fee will be waved for amounts over $1,000 once the client trades 3 lots. For all other methods, the deposit fees will be waived once the client places a trade. This means deposit fees won’t be applicable to these methods, as long as you make at least one trade.

If you fail to do so, the company will actually charge the deposit fee, in addition to the withdrawal fee, once the withdrawal request has been made. However, any fees charged by the issuing bank will not be waived for Visa/MasterCard withdrawals. The broker doesn’t list what the exact fees would be in the case that the client doesn’t meet these terms. You can expect to see most payments credited instantly, with a one business day waiting period for PerfectMoney and BPay withdrawals, and a 1-3 working day waiting period for Bank Wire Transfer deposits.

Withdrawal Methods & Costs

In accordance with their regulation, the broker has a few boundaries set in place when it comes to withdrawing funds. Clients who have made a deposit via card must withdraw the amount of their deposit back to that same card within 180 days of the initial deposit. Withdrawal of additional funds that exceed the initial deposit amount can be made via separate payment methods. Also, an extra 3% charge will be applied to any withdrawals of more than $3,000 USD made through e-wallets (WebMoney, PerfectMoney, Skrill, Neteller, Vogue Pay, Vietnam Online Banking). The only fee-free method would be Australian Domestic Bank Wire; however, regular Bank Wires will be charged fees. All applicable fees have been listed below.

• Bank Wire Transfer: 25 USD
• Visa/MasterCard: 1.6%
• WebMoney & FasaPay: 1.5%
• UPay, PerfectMoney, GPay: 1%
• Thailand, Malaysia, Indonesia Online Baking: 1.7%
• Vietnam Online Baking: 1,000vnd + 1.1%
• Philippines Online Banking: 2%
• VougePay: 1.5% + $5.00 USD (+ extra 30 units of currency surcharge on amounts      less than $1,500.)

Withdrawal Processing & Wait Time

All withdrawals are processed by the finance team within 24-48 hours. The broker doesn’t go into further detail as to whether it would take a longer amount of time to actually receive the withdrawal. In the case of Bank Wire Transfers, it would be best to expect it to possibly take 3-5 business days, especially for international transfers. This is based on the fact that banks tend to have a longer waiting period before funds are credited. Hopefully, all funds would be available within a day or two.

Bonuses & Promotions

The broker is currently offering four separate bonuses: 50% Bonus, 10% Welcome Bonus, Deposit Bonus up to 25%, and Welcome Bonus $30. Most of the bonuses cannot be combined with other offers, so it is important to consider which offer one could gain the most benefit from. There are also some conditions that limit the types of accounts that can participate in each bonus, with only one VIP option and no offers for ECN account types. We’ve outlined the available bonuses below.

50% Bonus (Mini & Standard Accounts): Applied on initial deposits and can be turned into withdrawable cash once 14% of trading volumes are reached. If the net worth of the account drops below the deposit amount, the bonus will be dropped. This promotion is only valid on Forex instruments and cannot be combined with other offers.

10% Welcome Bonus (Mini, Standard, VIP Accounts): This bonus is only valid on initial deposits made to new accounts and cannot be combined with any other offers. The bonus can only be withdrawn once a minimum trading volume has been met. That volume is calculated by dividing the amount of the bonus by 5. The maximum amount that can be granted is $3,000 and the amount is losable. A bonus is canceled if the client’s stop out is reached or a withdrawal is made before the trading volume has been reached.

Deposit Bonus up to 25% (Mini & Standard Accounts): The percentage of the bonus is based on the deposited amount and a larger number of lots are required in order to receive a larger percentage of the bonus. For example, a deposit of $100-$2,500 is applicable for a 10% bonus and requires a trading volume of 14%. To qualify for the 25% bonus, a trading volume of 20% must be reached and the deposited amount must be between $7,501-$10,000. The bonus will be rewarded at once after 60 calendar days and is rewarded to one deposit every three months.

Welcome Bonus $30 (Mini Accounts): Applied once the account is verified and the first deposit of at least $100 is made. Bonus is withdrawable after making 10 Standard Lots of traded volume and can be lost if a withdrawal is made before the required trading volume has been reached.

Educational & Trading Tools

This broker seems to understand the importance of educating their clients, based on the fact that the website has devoted an entire section to an “Education Centre”. The category is made up of an FX Blog, Trading Guide (Book), USGFX TradersClub, Webinars & Seminars, Forex Exhibition, Forex Contest, Forex Seminar, Everything About Trading Forex Questions, and a FAQ. While taking more of an in-depth look at the TradersClub, we learned that the program is dedicated to educating beginners through an immersive experience with lessons. It is free to participate, but the number of spots is limited, so we would recommend signing up asap if you could use the information.

Webinars & Seminars also cover information for various skill levels, from basic to expert. The Seminars section displays upcoming live events and allows traders to sign-up straight from there. Overall, the broker has definitely done enough to make the learning process smooth and convenient for beginners. The website also hosts a variety of trading tools, all of which have been listed below.

• Daily Technical Reviews
• Online Technical Research
• MT4 Plugin
• Forex TV
• Featured Ideas Trading System
• Economic Calendar
• Weekly Market Access

Demo Account

This broker offers the ability for any potential or existing client to open a free demo account as a means to practice trading in a real environment while using virtual currency. All demo accounts opened through this broker will last for 30 days before expiring and additional demo accounts can be opened at any time. These accounts mimic the conditions on live accounts, although there could be some differences with delayed quotes, due to the simulated environment. In order to open a demo, traders can click on “Demo Account”, located on the website’s homepage.

Customer Service

Support is available 24 hours a day via LiveChat, phone, fax, or email. All contact options are provided for the company’s head office, located in Australia. We had a few issues finding some key information on the website, so we used to opportunity to test out the broker’s instant contact option, LiveChat. The website made us fill out a few details, including name, email, and question category before connecting us to an agent. The chat window then asks one to wait for an agent to respond and offers the option to send a message from the window instead.

Fortunately, an agent responded within a minute, but she did not manage to answer our questions. Once we informed support that we did not have an account yet, she tried to arrange for an account manager to call us and refused to answer any questions about commission fees, trade sizes, etc. This was frustrating and definitely took away from the convenient experience we were looking for. In case you’d like to contact the broker through another method, we’ve listed all other contact information below.

Phone (Toll-free): 1300822 355
International Phone: +61 2 9251 1395
Fax: +61 2 6147 7151
Australian Support Email: [email protected]
International Support Email: [email protected]
Address: G03, 135 Macquarie Street, Sydney, NSW 2000, Australia

Countries Accepted

The broker mentions that information on the website is not intended for residents of Japan or the United States, or any other country where it would be prohibited for residents to open an account. As usual, we decided to test out the account opening process from our US-based offices, just to see how firm the broker is about their statements. Fortunately, both the Japan and US are selectable options on the registration page, and the broker will allow one to continue with the registration process if one of these options is selected. Since there are a lot of restrictions for those two countries, this would make it worth at least adding this broker to any list of potential options based on that fact, should you be located in Japan or the US.

Conclusion

USG Australian Forex Marketplace is a regulated FX and CFD broker that offers leveraged trading of up to 1:500 on 4 different account types. The broker advertises 60 plus FX, Indice, and Commodities as being available, although the website fails to offer further information. Lack of information seemed to be a reoccurring theme for some subjects, including trade sizes and trading costs. This broker is expensive and only markets one account type for less than $10,000, so many traders may be limited based on affordability. The best spread one would have access to from the $100 Micro account would be from 2.8 pips and it would cost $50,000 to open one of the better accounts that have average floating spreads from 1.3 pips. The broker offers several funding methods and deposit fees would not be applicable in most cases. Varying fees are charged on withdrawals and processing times are within 24-48 hours.

Support is available 24 hours a day and can be contacted by LiveChat, phone, or email; however, our experience with a live support agent was frustrating and the broker will push clients to speak with an account manager if an account has not yet been opened. The broker put a lot of work into the education section of their website and provides enough learning material to educate clear beginners. We also found that this broker is currently offering a few separate trading bonuses, although each client would only be entitled to claim one offer if trading from an account type that supports bonuses. Fortunately, the broker accepts US residents, which is something we’re seeing less often as of lately. It seems that this broker rewards clients that are able to make larger deposits with much better trading conditions.

 

World Trade Investment is an online no dealing desk ECN broker with more than 9 years of experience in the world of forex trading. The company is located in London and offers leveraged trading as high as 1:1000 on currency pairs, metals, indices, commodities, indices, and bonds. According to their website, the broker is focused on providing lightning-fast service and aims to bring forex trading “to the next level”. Stay with us to find out exactly how WTI plans to uphold these statements.

Account Types

World Trade Investment offers six account types: Standard, Premium, Pro, Elite, Fix, and Crypto. The Standard account is the most affordable at $100, while the Crypto and Elite accounts require deposits in the thousands. Leverage options also depend on the chosen account, with the maximum cap being set at an impressive 1:1000. Spreads are floating from 0.5 pips and up, or otherwise fixed at 1.3 pips on the Fix account. The broker has done away with commission charges altogether, meaning all trading costs are simply built into the spreads. We’ve detailed the specifications for each of the six account types below.

Standard Account
Minimum Deposit: $100
Leverage: 1:1000
Spread: 1.6 pips
Commission: None

Premium Account
Minimum Deposit: $500
Leverage: 1:500
Spread: 1.2 pips
Commission: None

Pro Account
Minimum Deposit: $1,000
Leverage: 1:300
Spread: 0.9 pips
Commission: None

Elite Account
Minimum Deposit: $7,000
Leverage: 1:200
Spread: 0.6 pips
Commission: None

Fix Account
Minimum Deposit: $999
Leverage: 1:400
Spread: 1.3 pips
Commission: None

Crypto Account
Minimum Deposit: 0.78BTC
Leverage: 1:400
Spread: 0.5 pips
Commission: None

Platform

The broker exclusively offers the most popular trading platform, MetaTrader 4, which is available via download on PC, Mac, Android, and iOS devices, or accessible through the WebTrader. In addition to being highly accessible, MT4 features a customizable, user-friendly interface that was designed to be easy to navigate for beginners. Built-in features include charting tools, one-click trading, multiple pending order types and timeframes, analytical objects, Expert Advisors, etc. Even with newer platform additions being released, MT4 continues to remain the most preferred and powerful trading platform on the market today.

Leverage

The broker exclusively offers an impressively high leverage cap of 1:1000 on their Standard account. Many traders already know how difficult it is to find others with offers that come close to this amount. However, options are lowered on other account types, with the second-highest option being cut down to 1:500 on the Premium account type. The Fix and Crypto accounts have a maximum leverage cap of 1:400, while the Pro account limits the leverage to 1:300. The Elite account offers the lowest option, at 1:200. Keep in mind that most of these options are much higher than average and that trading with higher leverages can be risky.

Trade Sizes

Traders will be able to trade micro-lots from any account through this broker. Sadly, we couldn’t find any information pertaining to maximum trade sizes, stop loss levels, etc.

Trading Costs

WTI profits through spreads and overnight interest charges, or swap fees. One advantage of choosing Exclusive Capital would be the fact that the broker does not tack on commission fees. Many traders prefer it this way since it is much easier to keep up with associated costs. The broker does charge various spreads, with most options starting very low (more on that later). Swaps are charged on positions that are left open overnight. On Wednesdays, the broker would charge triple swaps in order to account for the upcoming weekend. Those swap charges can be viewed within the MT4 platform.

Assets

We couldn’t access much helpful information on the company’s website when it came to exactly how many instruments were available, other than a brief mention of 6 available asset classes. Determined to find more detailed information, we took advantage of the broker’s free demo accounts to check out their instrument portfolio. We discovered 43 total currency pairs, with some minor and exotic options like the USDRUB, USDTRY, USDSEK, and several other exotic options. CFDs are also available on commodities, including Gold and Silver, indices, and bonds. We were even able to find a few cryptocurrency options like the ever-popular Bitcoin, Litecoin, Ethereum, and more.

Spreads

Opening the most affordable account type (Standard account) would have the downside of the highest spreads, which start from around 1.6 pips. Do keep in mind that we don’t see any commission costs, so this makes the number seem more attractive. The Fix account is a better option for those that dislike floating spreads, as it comes with spreads that are fixed at 1.3 pips, which is slightly below the industry average.

From there, the Premium account drops the starting spreads to 1.2 pips, spreads start from 0.9 pips on the Pro account, and the spreads on the Elite account are as low as 0.6 pips. The Crypto account offers the lowest spreads, which start from 0.5 pips. The broker doesn’t advertise live spreads or offer further examples on their website, so we can’t comment on exactly how high the floating options climb.

Minimum Deposit

The broker offers three accounts for less than $1k, while the remaining accounts require a larger investment. The Standard account is definitely the most affordable option, at just $100. From there, the Premium account raises the minimum to $500, while the Fix account asks for $999. It only costs $1 more to open the Pro account, which requires a $1,000 deposit. The Elite account is the most expensive, with a $7,000 deposit requirement. The Crypto account requires a minimum deposit of 0.78 BTC, so the amount will vary based on Bitcoin’s fluctuation. At the time we checked, the amount translated to $5,432 US dollars.

Deposit Methods & Costs

Accounts can be funded through a variety of methods, including Bitcoin, Neteller, Visa/MasterCard, Skrill, IMP5, RTGS, NEFT, and bank wire. Fortunately, the broker does not place any charges on incoming deposits. Coupled with the lack of withdrawal fees, we see an opportunity for clients to come away with more profits.

Withdrawal Methods & Costs

All of the available funding methods are also used for withdrawals. The website can be vague in this category, so it is unclear whether there are any conditions that would limit which methods could be used. Many brokers do require funds to be processed back to the original funding method. On the bright side, the broker doesn’t charge any fees from their side on withdrawals. On the downside, there is a steep $50 minimum withdrawal requirement. It seems completely unnecessary for brokers to place these limits, as it can leave clients unable to access their own money if they have an amount below the requirement.

Withdrawal Processing & Wait Time

Sadly, the broker isn’t transparent at all about their processing times on withdrawals. Ideally, we like to see processing times of 24 hours or less, although some companies take several business days to get the job done. Once funds have been sent, clients should expect a wait time of at least a few days for bank wire and cards to be refunded. E-wallets tend to be credited with funds much more quickly.

Bonuses & Promotions

WTI offers a welcome bonus and has an active referral program. The broker used to offer a no-deposit bonus, but the offer has since expired. The welcome bonus applies an additional 50% amount on each deposit. The bonus amounts are applied as a credit until certain volume requirements are met, after which the amount is unlocked and available for withdrawal. Through the referral program, traders can earn $5 for themselves and for any referred party. One condition is that the broker would expect the client to refer at least 5 different traders and they would all need to have verified accounts before those funds would be applied.

Educational & Trading Tools

WTI’s education section seems to be made up entirely of articles that focus on the basics of forex trading and risk management. We’re happy that the website is putting something out there, but we’d like to see information through different mediums, like webinars, eBooks, video tutorials, etc. The broker also seems to be focused on beginners, where there could also be a focus on providing more technical information for those that have more experience.

Demo Account

Demo accounts serve several helpful purposes in the world of forex trading. Many may think these risk-free accounts are better for beginners that are just learning to navigate the MT4 platform and who need to learn how to trade. However, demo accounts are also useful for more experienced traders, as they allow one to test different strategies, try out different leverages, trade under the broker’s exact conditions, etc. WTI has made these accounts available for everyone and one can sign up directly from the website’s homepage. There is a demo account modeled after each one of the broker’s real accounts.

Customer Service

Support can be reached directly through phone, email, or by filling out a contact form on the website. Seeing that LiveChat is missing from the website is disappointing, as instant online contact options seem to be the most convenient and most preferred way to get in touch with support. If the broker would offer chats on Skype or another similar app, we would feel less disappointed that the familiar option isn’t available. Listed contact methods can be viewed below, or the contact form can be filled out on the “Contact” section of the website.

Phone:
United States: +1 513 781-0884
United Kingdom: +44 2036958930
Email: [email protected]

Countries Accepted

WTI seems to be seeking attention from clients in the US and UK, due to the fact that direct phone numbers are available for clients in both locations. Fortunately, the broker doesn’t even ask for the client’s exact country upon registration. It is necessary to input the country code for the phone number, but the website does include +1 for the United States as an option. Many other forex brokers exclude residents in the US from using their services.

Conclusion

World Trade Investment has an asset portfolio that consists of currency pairs and CFDs on metals, indices, bonds, commodities, and a few crypto coins. The company offers an impressive leverage ratio of 1:1000 on one of their account types, with options ranging from 1:200 up to 1:500 on the other five accounts. It only costs $100 to open a Standard account with the broker, while it costs up to $7k to open the most expensive account type. Spreads are fixed at 1.3 pips on the Fix account and otherwise start from between 0.5 and 1.6 pips on the other account types.

One positive advantage to choosing this broker is the absence of commission fees on every single account type. Accounts can be funded through several methods, with 0 fees on deposits or withdrawals. Keep in mind that WTI does require a minimum $50 withdrawal amount through all withdrawal methods. The broker is missing any type of instant contact option and support must be contacted through email or by phone. Another disadvantage would be that there just aren’t many education resources or extra tools available.

On the plus side, the broker is currently offering a 50% deposit bonus and a referral program that pays $5 per verified referral. Clients located in the US or any other locations will be able to open an account with this broker, even though many others may refuse service to these clients.

Forex.ee is an Estonian based forex broker that was founded in 1998. Their vision is to be innovative trading accounts that give you access to global financial markets from anywhere in the world. Moreover, they are ready to accommodate traders of any caliber by offering only authentic ECN, STP and Crypto accounts. ECN technology eliminates conflicts of interest between a broker and clients while delivering the valuable advantages of the trading process, such as tight spreads, low commissions, and Interbank liquidity. We will be looking around to see if they manage to achieve this vision.

Account Types

Should you decide to join Forex.ee there is a choice of 5 different accounts, each having their own requirements and features, so lets briefly look at what they are.

STP Account: This account has a minimum deposit requirement of $50 and uses the STP execution-style. The minimum trade size is 0.01 lots and has spreads starting from 0.5 pips. The maximum leverage is 1:500 and there is no added commission. The base currency can be in USD, EUR, RUB or JPY and swap-free versions are available.

Basic ECN Account: This account has a minimum deposit requirement of $200 and uses the ECN execution-style. The minimum trade size is 0.01 lots and has spreads starting from 0 pips. The maximum leverage is 1:500 and there is an added commission of 5 base currency per 1 lot. The base currency can be in USD, EUR, RUB, JPY, AUD or BTC, and swap-free versions are available.

Advanced ECN Account: This account has a minimum deposit requirement of $1,000 and uses the ECN execution-style. The minimum trade size is 0.01 lots and has spreads starting from 0 pips. The maximum leverage is 1:500 and there is an added commission of 2.5 base currency per 1 lot. The base currency can be in USD, EUR, RUB, JPY, AUD or BTC, and swap-free versions are available.

Premium ECN Account: This account has a minimum deposit requirement of $25,000 and uses the ECN execution-style. The minimum trade size is 0.01 lots and has spreads starting from 0 pips. The maximum leverage is 1:200 and there is an added commission of 1.8 base currency per 1 lot. The base currency can be in USD, EUR, RUB, JPY, AUD or BTC, and swap-free versions are available.

Crypto Account: This account requires a deposit of $10 to open, it uses the ECN execution type and has a minimum trade size of 0.01 lots. Spreads depend on liquidity and the maximum leverage is 1:3. A commission of 0.5% of trade volume is added and the account can be in USD, EUR, RUB, MBT or LTC, there is no swap-free version available.

Platforms

MetaTrader 4 is the only platform available to trade with. MetaTrader 4 is the most popular FX trading platform due to its multiple user-friendly trading tools. The software was initially introduced in 2005 and since that time has continued to be improved upon by the developers at MetaQuotes Software. When this platform a trader may enable Expert Advisors (EAs), as there is a program feature that is designed for analyzing trade processes and providing the necessary data to boost profits via automated trading.

MT4 also has a wide variety of technical indicators and graphic objects that can be opened within a chart window. It further allows traders to keep track of market changes, perform technical analysis and develop powerful strategies of their own. MT4 also allows for one-click trading directly within the chart window.

Leverage

The maximum leverage available depends on the account used, we have outlined them below.

• STP: 1:500
• Basic ECN: 1:500
• Advanced ECN: 1:500
• Premium ECN: 1:200
• Crypto: 1:3

The leverage can be selected when opening up an account and should it need to be changed, you will need to contact the customer service team with the request.

Trade Sizes

The trade sizes on all accounts start from 0.01 lots and go up in increments of 0.01 lots. The maximum trade size or the maximum number of open trades allowed is not indicated and not mentioned in the site’s FAQ.

Trading Costs

There is an added commission on a number of the accounts, we will list them below so you can see what they are on each individual account.

• STP: No commission
• Basic ECN: 5 units of base currency per 1 lot
• Advanced ECN: 2.5 units of base currency per 1 lot
• Premium ECN: 1.8 units of base currency per 1 lot
• Crypto: 0.5% of trade volume in base currency

There are also swap fees, these are charged for holding trades overnight, swap-free accounts are also available.

Assets

There are two types of assets, the currency pairs and the crypto pairs for the crypto account, so let’s see what is on offer.

Forex: AUDCAD, AUDCHF, AUDJPY, AUDNZD, AUDUSD, CADCHF, CADJPY, CHFJPY, EURAUD, EURCAD, EURCHF, EURDKK, EURGBP, EURHKD, EURJPY, EURNOK, EURNZD, EURPLN, EURSEK, EURTREY, EURUSD, GBPAUD, GBPCAD, GBPCHF, GBPJPY, GBPNZD, GBPSHD, GBPUSD, XAUUSD, HKDJPY, NOKJPY, NOKSEK, NZSCAD, NZDCHF, NZDJPY, NZDSGD, NZDUSD, SGDJPY, XAGUSD, USDCAD, USDCHF, USDCNH, USDDKK, USDHKD, USDJPY, USDMXN, USDNOK, USDPLN, USDRUB, USESEK, USDSGD, USDTRY

(Notice that Gold and Silver are not included in this list.)

Crypto: BTCEUS, BTCRUB, BTCUSD, LTCBTC, LTCEUR, LTCRUB, LTCUSE, ETHUSD, ETUBTC, DSKBTC, EMCUSD, EMCBTC, DSHUSD, BTCJPY, BTCCNH, LTCJPY, LTCCNH, NMCBTC, NMCUSD, PCCBTC, PCCUSD, ETHLTC, ETHRUB, ETHJPY, ETHEUR, BTCGBP, DSHCNH, BCHUSD, XRPBTC, XRPUSD, XRPEUR, EOSBTC, ETCBTC, IOTBTC, XMRBTC, OMNBTC, EOSUSD, EOSEUR, EOSJPY, EOSGBP

Spreads

The spreads are generally kept low and on the STP account they are starting from 0.5 pips, on the Basic ECN, Advanced ECN, and Premium ECN they are starting from 0 pips and for the Crypto account, they depend on the liquidity. The spreads are variable which means they move with the markets and will often be seen higher than the starting level and the there is volatility in the market swill be seen much higher.

Minimum Deposit

The minimum amount required to open up an account is $10 which will get you a Crypto account, if you want a forex account then the minimum requirement is $50.

Deposit Methods & Costs

There are plenty of ways to deposit, we have outlined them below along with any potential fees.

• Visa – No fee
• MasterCard – No fee
• Bank Wire – Bank commissions
• Skrill – 2.5%+0.29 EUR, 3.2%+0.29 for deposits in USD
• WebMoney – 0.80%, but not less than 0.01 WM and not more than 50 WMZ
• Neteller – 3.90% + 0.29 USD, but not less than 1 USD
• Perfect Money – 0.5% fee
• QIWI Wallet – 5% EUR, 5% USD, 7.5% RUB
• FasaPayy – 0.5% fee
• Bitcoin – No fee
• Bitcoin Cash – No fee
• Litecoin – No fee
• Ethereum – No fee
• UnionPay – 2.5%

Withdrawal Methods & Costs

The following methods are available for withdrawing along with their relevant fees.

• Bank Wire – 31 USD, 31 EUR
• Skrill – 1% (min 0.5 EUR)
• WebMoney – 0.80%, but not less than 0,01 WM and not more than 50 WMZ
• Neteller – 2%, but not less than 1 USD and not more than 30 USD
• Perfect Money – 0.5%
• FasaPay – 0.5%
• Bitcoin – BTC 0.001
• Bitcoin Cash – BCH 0.001
• Litecoin – LTC 0.01
• Ethereum – ETH 0.005
• UnionPay – 2%

Withdrawal Processing & Wait Time

Forex.ee does not specify the amount of time it will take to process, but depending on the method used we would expect a withdrawal to fully process between 1 to 7 days from the request being made.

Bonuses & Promotions

There are some bonuses however we wouldn’t really call some of the bonuses, the first is a 0% commission on credit/debit card deposits but we don’t think this really counts.

There is a bonus where you can receive a reduced commission for a short period of time, the more you deposit the more discount you will get.

• Deposit from 200 USD – reduced commission for 1 week
• Deposit from 500 USD – reduced commission for 2 weeks
• Deposit from 1000 USD – reduced commission for 4 weeks
• Deposit from 3000 USD – reduced commission for 6 weeks
• Deposit from 5000 USD – reduced commission for 8 weeks

You can also receive $15 if you sign up to an STP account, unfortunately, we don’t know any more detail than that.

Educational & Trading Tools

There is an analytics page that has an economic calendar detailing upcoming news events and the possible effects the news can have. There is also some daily analysis but there was nothing there when we looked.

Customer Service

There are 4 different departments that you can contact directly which is good to see, these are General Questions, Customer Support, Trading Department and Partnership Department. The working hours for all departments are Monday to Friday from 7 am to 4 pm GMT.

General Questions:
Email: [email protected]
Tel: +442035198249

Customer Support:
Email: [email protected]
Live chat is available.

Trading Departments:
Email: [email protected]
Tel: +442035198249

Partnership Department:
Email: [email protected]
Tel: +442035198249

Demo Account

Demo accounts are available and they are great as they allow you to test the markets and conditions as well as new strategies without risking any of your own capital. You can select a demo STP, ECN or Crypto account but there is no further information such as expiration times.

Countries Accepted

The following statement is present on the site: “NTS Systems Ltd does not provide services for United States residents.” If you are not sure of your eligibility, be sure to contact the customer service team to find out.

Conclusion

Plenty of choices when it comes to accounts, although a lot of them are quite similar. When it comes to assets there are plenty of forex pairs but not much else in regards to commodities or indices, there is a huge amount of crypto pairs to trade which is fantastic to see as a lot of traders are now looking to them as a go-to a trading asset. There are a lot of deposit and withdrawal methods, unfortunately, in order to get your money out it can be quite expensive, so our overall position is that if you can deal with the high withdrawal fees, Forex.ee could be a good broker, but there are far cheaper options out there.

RallyTrade is an international online broker providing highly competitive brokerage services to emerging financial economies. Based in multiple locations including Lagos, Port Harcourt, and Ibadan, RallyTrade looks to offer multiple trading platforms, low commissions, low fees, and top quality technology. Throughout this review, we will be looking to see how RallyTrade compares to the competition and so you can decide if they are the right broker for your trading needs.

Account Types

Should you decide to sign up with RallyTrade, you will have a choice of three different accounts. Each one has its own requirements to open and also trading conditions, so lets briefly look at what then options are.

Basic Account: This account has a minimum deposit requirement of $100 and comes with a fixed spread starting from 1.6 pips. It uses an instant execution-style and can be leveraged all the way up to 1:1000. It supports micro-lots (0.01 lots) and does not have any added commission. It has access to the educational program as well as the use of MetaTrader 4 and Rally xTrader as trading platforms.

Standard Account: This account has a minimum deposit requirement of $500 and comes with a floating spread starting from 1.2 pips. It uses an instant execution-style and can be leveraged all the way up to 1:1000. It supports micro-lots (0.01 lots) and does not have any added commission. It has access to the educational program as well as the use of MetaTrader 4 and Rally xTrader as trading platforms.

Pro Account: This account has a minimum deposit requirement of $1,000 and comes with market spreads starting from the standard market spread. It uses a market execution-style and can be leveraged all the way up to 1:1000. This account does not support micro-lots (0.01 lots) and has an added commission on each trade. It has access to the educational program as well as the use of MetaTrader 4 and Rally xTrader as trading platforms.

Platforms

There are two different trading platforms to chose from, we will briefly outline some of their features.

MetaTrader 4 (MT4): MetaTrader 4 has long been considered the mainstay of the Forex trading industry. As the world’s most popular platform, its strength is accredited to its overall simplicity. Traders who use this platform will benefit from a variety of analytical tools and ever-growing functionality which allows for the addition of indicators, oscillators and a huge number of automatic strategies.

xTrader 5: xTrader 5 is another trading platform, there are a number of features on offer including having all technical analysis tools are available on the charts. Traders who use multiple screens can also detach the charts from the platform. You can execute your orders directly from the charts and analyze correlations by layering two quotes onto each other. Upcoming economic events in the financial markets are ranked by importance and displayed in real-time directly on xTrader.

Market Sentiment allows you to see the orientation of trades in real-time. This tool can be used as supplementary information for your decision-making. Assets are updated every minute and, you can execute an order instantly or define the settings of a pending order. It displays the usual information to open a trade and the characteristics of the product (volume, contract value, margin, stop-loss, take profit, spread, commission, pip value, daily swap.

Leverage

The maximum leverage is 1:1000 if using xTrader 5, if using MetaTrader 4 then you have a maximum leverage of 1:500. Leverage can be selected when opening up an account and should you need to change it you will need to contact the customer service team with your request.

Trade Sizes

Trade sizes on the Basic and Standard accounts start from 0.01 lots (known as a micro-lot) and go up in increments of 0.01 lots. The Pro account minimum trade size starts a little higher but we are not fully clear on what it starts at. The maximum trade size is set at 50 lots which is a good limit to have. It is not known how many trades you can have open at any one time.

Trading Costs

There are quite a few different commissions to go through so we have outlined them into the different accounts.

Basic & Standard Account:
No commissions for forex or commodity trading.
For Equities, there is an added commission of 0.08% or 8 USD minimum.

Pro Account:
0.003% for opening a trade (Forex, Indices, and Commodities).
0.003% for closing a trade (Forex, Indices, and Commodities).
For Equities, there is an added commission of 0.08% or 8 USD minimum.

There are also swap charges which are fees charged for holding trades overnight, however, if you have a swap-free account the following commission is added to the account.

Swap-Free Account:
Opening trade = $/4 €/ for each 1 Lot 1
Holding trade = $/4 €/ for each 1 Lot every 7 days

Assets

There are plenty of assets available and they have been broken down into a few different categories, let see what they are.

Forex: AUDCAD, AUDCHF, AUDJPY, AUDNZD, AUDUSD, CADCHF, CADJPY, CHFHUF, CHFJPY, CHFPLN, EURAUD, EURCAD, EURCHF, EURCZK, EURGBP, EURHUF, EURJPY, EURNOK, EURNZD, EURPLN, EURRON, EURSEK, EURTRY, EURUSD, GBPAUD, FBPCAD, GBPOCHF, GBPJPY, GBPNZD, GBPPLN, GBPUSD, NZDCAD, NZDCHF, NZDJPY, NZDUSD, USDBRL, USDCAD, USDCHF, USDCLP, USDCZK, USDHUF, USDJPY, USDMXN, USDNOK, USDPLN, USDRON, USDSEK, USDTRY, USDZAR.

Indices: AUS200, AUT20, BRAComp, CHNComp, CZKCash, DE30, ERU50, FRA40, HKComp, ITA40, JAP225, KOSP200, MEXComp, NED25, SPA35, SUI20, UK100, US100, US2000, US30, US500, USDIDX, VOLX, USFANG, W20, USCANNA, USLITH, USCHN, USBIOT, USGAME.

Commodities: Aluminum, Bund10Y, Cocoa, Coffee, Copper, Corn, Cotton, Emiss, Gold, Natural Gas, Nickel, Oil, WTI Oil, Platinum, Schatz2Y, Silver, Soybean, Sugar, TNote, Wheat, Zinc.

Equities: There is a whole bunch of equities available to trade including ones from the US, UK, Portugal, Spain, Germany, France and Italy.

Spreads

The spreads that you get depend on the account you are using. If we look at AUDCAD, the Basic account has spread starting from 13 pips, the Standard account starting from 4.5 pips and the Pro account has market spreads.

The Basic account ahs fixed spreads which means they always remain the same, no matter what is happening in the markets. The Standard and Pro accounts have variable spreads which means they move about when there is added volatility they are often seen higher. Different instruments also have different starting or average spreads, so while AUDCAD was sat at 4.5 on the Standard account, EURGPB is currently sitting at 2.1 pips.

Minimum Deposit

The minimum amount required to open up an account is $100 which will get you the Basic account, if you want a variable spread account you will need to deposit at least $500 for the Standard account.

Deposit Methods & Costs

There are a number of different ways to deposit and each one has its own deposit fees, so we have outlined them below for you.

• Bank wire: the commission of the bank-sender, 0% from RallyTrade’s side
• Mastercard & Visa cards (Naira): 0.75% for local Nigeria cards
• Visa cards (USD): 2.25%
• Mastercard & Verve cards (USD): 0.75-1.25% (depends on the payment provider          involved)
• Skrill: 1.95% + 0.37 USD
• Neteller: 1.95% + 0.15 USD (min. 1 USD)
• Perfect Money: 0%
• Webmoney: 0% (commission is paid by sender)

Withdrawal Methods & Costs

The following methods are available along with any additional fees.

• Bank wire: 50 USD
• Perfect Money: 0.25%
• Skrill: 0.5%
• Neteller: 1%
• Webmoney: 0.004% (max. 25 USD)

It is a shame to see fees on both deposits and withdrawals as a lot of brokers are looking to remove these, it would be nice to see RallyTrade do the same.

Withdrawal Processing & Wait Time

There is so much documentation to go through that we have just missed this information, however, whatever the processing time from RallyTrade is, we would expect a withdrawal request to be fully processed between 1 to 5 working days from the request depending on the withdrawal method used.

Bonuses & Promotions

There is a 100% bonus available for your first deposit. The terms of this demo are not available but there are a lot of terms about past bonuses which is strange. It states that you will automatically receive your bonus funds after your first deposit so it could be a mandatory bonus, or there could be a way to opt-out.

Educational & Trading Tools

There is an educational center available, this includes some basic, intermediate and advanced reading, however, it isn’t anything that you won’t already know, it is more for people who are just starting out with trading. Ther is also a glossary of forex related terms however, the list is rather small and only goes over the main terms. The final part is trading insights, however, these have not been updated since June 2019.

Customer Service

Should you wish to contact the customer service team, there are a few different ways to do it, you can use the online submission form to fill in your query and then get a reply via email. You can also use a number of different postal addresses, phone numbers and email addresses based on the location that you want to contact.

FRNG Lagos:
Address: Fanis House, 21 Adeniyi Jones Avenue, Ikeja, Lagos State
Telephone: +234 1 440 8191
E-mail: [email protected]

FRNG Port Harcourt:
Address: 5 Bolo Street, Behind Mr Biggs, Garrison, D/Line, Port Harcourt, Rivers State
Telephone: +234 802 822 3337
E-mail: [email protected]

FNRG Ibadan:
Address: 2nd Floor, Owoade House, Al Akinyemi Way, Ring Road, Ibadan, Oyo State
Telephone: +234 901 873 7580
E-mail: [email protected]

Demo Account

Demo accounts are available but there is no information surrounding the trading conditions or any potential expiration times. Demo accounts are great as they allow you to both test out trading conditions and test out new strategies without risking any capital.

Countries Accepted

There isn’t a statement regarding which countries are accepted or not so if you are thinking of signing up we would recommend contacting the customer service team to see if you are eligible for an account.

Conclusion

The account son offer from RaqllyTrade gives you a good choice of trading conditions, along with a choice of two popular trading platforms. The Basic account is one we would avoid, the trading costs are very high due to the high fixed spread, the spreads and costs reduce a lot wit the Standard account but could still be considered quite high compared to the competition. There are plenty of ways to deposit and withdraw, however, there are added fees for both transactions which could make getting your money in and then out quite expensive. We are not sure if we could justify the costs and so, for now, would recommend looking for a slightly less expensive option.

IMPORTANT NOTE: NatureForex has been undergoing maintenance for several weeks now, so we’re currently uncertain as to whether or not they have closed their doors, or as simply giving the brand an overhaul. For now, we’re going to post this review for our readers, as the site does ask interested parties to, “Please try back soon!”

Nature Forex is an international broker based in Belize and specializes in forex, metals, indices, oil, social trading and binary options. They currently have 4 years in the forex industry, over 30,000 open accounts in 45 different countries and they provide 5 trading platforms (however some are different versions of the same one). They hope to introduce their clients into a friendly and welcoming environment. In this review, we will be looking into the services on offer to see how they compare to the competition.

Nature Forex also offers binary options trading, however, for the purpose of this review, we will only be looking at the forex side of the broker. We will also not be looking into the social trading side of the broker.

Account Types

There are three main account types available for forex trading, we won’t be looking at the additional binary or social trading accounts, so what dot eh trading accounts offer?

Standard Account: The standard account has a minimum deposit requirement of just $20. It can have a base currency of USD, EUR, GBP or JPY and comes with a maximum leverage of 1:1000. Trading starts from 0.01 lots and go up in increment of 0.01 up to 20 lots. Hedging, scalping and automated trading are accepted. Bonuses are also available for this account, swap charges are also present and it can use the MetaTrader 4 trading platform. The margin call level is set at 50% and the stop out level at 30%. It has forex pairs, oil, metals, and CFDs available to trade. The spreads on this account start from 0.6 pips and there is no added commission.

JTrade Account: This account also has a minimum deposit requirement of $20. It can have a base currency of USD, EUR, GBP or JPY and comes with a maximum leverage of 1:200. Trading starts from 0.01 lots and go up in increment of 0.05 up to 20 lots. Hedging, scalping and automated trading are accepted. Bonuses are not available for this account, swap charges are also present and it can use the JTrade web trading platform. The margin call level is set at 50% and the stop out level at 30%. It has forex pairs and metals available to trade. Spreads on this account start from a variable 0.3 pips.

Islamic Account: Just like the other accounts, this one requires a minimum deposit of $20, as it is an Islamic account there are no swap charges on the account. It can have a base currency of USD, EUR, GBP or JPY and comes with a maximum leverage of 1:1000 with spreads starting from 0.6 pips floating. Trading starts from 0.01 lots and go up in increment of 0.01 up to 20 lots. Hedging, scalping and automated trading are accepted. Bonuses are also available for this account, swap charges are also present and it can use the MetaTrader 4 trading platform. The margin call level is set at 50% and the stop out level at 30%. It has forex pairs, oil, metals, and CFDs available to trade.

Platforms

There are a few different platforms available, we won’t be looking at the binary or social trading platforms though, so let’s see what is available.

MetaTrader 4 (MT4): MetaTrader 4 is available in 30 languages and allows the use of EAs for automated trading. End-users have the ability to trade on currency pairs, commodities, indices, cryptocurrencies and more. Customize the platform to meet your requirements via multiple charting and analysis tools. Access your daily account statements, real-time client account summaries, and more. The platform is also available as a desktop download, application for mobile devices and as a web trader.

JTrade: JTrade is Nature Forex own trading platform and was developed in house. Based on HTML5/CSS3, the front-end website provides a speedy rate distribution and a user interface that allows the trader to execute their trades conveniently and instantly. jTrade is a web-based platform and you can find its module easily on your MyPage.

Leverage

The leverage that you can receive is based on the account that you use, we have outlined them below.

Standard + Islamic:
Forex: 1:200 to 1:1000
Gold / Silver: 1:100 – 1:500
CFD: 1:100 – 1:500

JTrade:
Forex: 1:200
Gold / Silver: 1:100

The leverage can be selected when opening up a new account, for the JTrade account, it is fixed and cannot be changed.

Trade Sizes

Trade sizes for all accounts start at 0.01 lots, for the Standard and Islamic accounts they go up in increments of 0.01 lots, for the JTrade account they go up in increments of 0.05 lots. All accounts have a maximum trade size of 20 lots.

Trading Costs

There is no added commission on any of the accounts, they all use a spread based system hat we will look at later in the review. Apart from the Islamic account that has no swap fees, the other two accounts do, these are charged for holding trades overnight and can be viewed within the trading platform you are using.

Assets

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

Forex: AUDCAD, AUDCHF, AUDJPY, AUDNZD, AUDUSD, CADCHF, CADJPY, CHFJPY, EURAUD, EURCAD, EURCHF, EURGBP, EURJPY, EURNXD, EURUSD, GBPAUD, FBPCAD, GBPCHF, GBPJPY, GBPNZD, GBPUSD, NZDCHF, NZDJPY, NZDUSD, USDCAD, USDCHF, USDHKD, USDJPY.

Metals: Gold and Silver.

CFD: US30, SPX500, GER30, UK100, ESTX50, FRA40, AUS200, JPN225, WTI, Natural Gas Future, US 10 Year Futures, Brent Futures, Dollar Index Futures.

Crypto: BTCUSD, BTCEUR, LTCUSD, LTCEUR (Bitcoin and Litecoin).

Stock: Apple, Google, Amazon, Facebook, Netflix, Alibaba. There may be more but those are the only ones listed.

Commodities: Cocoa, Coffee, Corn, Sugar.

Spreads

The spreads on the Standard and Islamic accounts both start from 0.6 pips, the spreads on the JTrade account start from 0.3 pips. The spreads are variable which means they move with the markets and when there is added volatility they will be seen higher.

Minimum Deposit

The minimum deposit to open an account is $20 which will get you the Standard account after an account is open the minimum deposit remains at $20.

Deposit Methods & Costs

There are a few different ways to deposit, these are Credit / Debit Card (Visa and MasterCard, Bank Wire Transfer, Neteller and Skrill. There are no added fees from NAture Forex but when using card or bank transfer be sure to check that there are no added fees by the bank or card issuer.

Withdrawal Methods & Costs

The same methods are available to withdraw with, however, each one now has a different fee added to them, we have outlined them below.,

• Credit / Debit Card – $5 per transaction
• Bank Wire – 0.2% (Min $30)
• Neteller – 3% fee
• Skrill – 3% fee

Withdrawal Processing & Wait Time

The withdrawal times depend on the method used, we have outlined them below for you.

• Credit/Debit Card – Within 24 hours
• Bank Wire – 3 to 5 working days
• Neteller – Within 24 hours
• Skrill – Within 24 hours

Bonuses & Promotions

There are a few bonuses currently running, we will outline them below so you have an idea of the sort of promotions there may be.

Auto Rest Balance Program: This is basically negative balance protection, if your balance falls below 0, all trades will be closed and your account will be reset to 0, so you do not owe any money for going negative.

Commission Free Deposits: Again, not really a bonus, simply stating that there are no added fees for depositing funds into Nature Forex.

There are two different contest, one live and one demo. The live contest currently states that it is updating so it isn’t currently running. The demo contest gives you a chance to win prizes, however, it hasn’t updated since 2013.

Educational & Trading Tools

In terms of education, there are a few different aspects, the first in a series to guides and tutorials based around trading chart patterns, understanding CRB index, and trading psychology. Then there is a free trading program that could be a little beneficial to newer traders. There is a glossary of trading terms, support and resistance levels, trendlines and some information on a few other aspects of trading. It isn’t anything that will make you an expert, but it could help those that are just starting out.

Customer Service

If you need to get in contact with Nature Forex you can do so by using the online submission form to send your query., you can also use the postal address or phone number.

Address: New Horizon Building Ground Floor 3 1⁄2 Miles Philip S.W. Goldson Highway Belize City Belize, C.A.
Phone: +501 223 2144
Email: [email protected]

Demo Account

Demo accounts are available, they can have a deposit from $10,000, have access to forex, oil, metals, and CFDs. Trading starts from 0.01 lots with a maximum of 20 lots and the spreads are variable from 0.6 pips. Leverage can go as high as 1:1000 for forex (lower for other instruments). Demo accounts allow people to test out the trading conditions or to test new strategies without risking any real capital.

Countries Accepted

We are not sure which countries Nature Forex accepts and which they do not so if you are thinking of joining you should check with the customer service team prior to signing up.

Conclusion

The accounts Nature Forex offer is based around the two available trading platforms, so the one you go for is based on that. The trading conditions seem quite competitive, spreads under 1 pip for non-commission accounts is relatively good value. In terms of assets, there isn’t the biggest selection but there is enough to give you something to trade. Deposit and withdrawal methods are slightly limited and the withdrawal feels could potentially make withdrawing quite expensive. We have shown you what is on offer, now it is up to you to decide if they are the right broker for you.

Since its establishment in 2013, AssetsFX Trading has gained popularity as a foreign exchange broker offering FX options, precious metals, and CFDs on Oil. While investment options are somewhat limited, the company does manage to provide some attractive conditions on their live account, plus there are some bonus opportunities available as an additional perk. According to its website, AssetsFX is focused on providing the best trading conditions possible, through extremely tight spreads, low commission costs, and ultra-fast execution. Stay with us to find out if this Vanuatu-based broker is worth investing in.

Account Types

AssetsFX focuses on providing one main account type that offers spreads from 0.1 pip. Having the ability to choose from multiple account types, like Cent/Mini/Micro accounts, ECN accounts, Islamic accounts, and other options can provide a more personalized experience. However, this broker still manages to provide several advantages on their live account and traders will be able to access better than average spreads with an average $200 deposit. Elsewhere, one may feel pushed to deposit larger amounts of money in order to access an account that offers the same conditions.

On the downside, commissions are charged on the account, meaning that traders who prefer for all of the trading costs to be built-into the spreads will be out of luck. The AssetsFX trading account allows for a minimum trade size as low as one micro lot and supports a maximum trade size of 1,000 lots, which makes it possible for all types of trading strategies to be performed. Overall, the account should support most trader’s needs, as long as the 1:200 leverage cap and commission charges are personally acceptable. We’ve provided an overview of the account’s details below.

AssetsFX Account
Minimum Deposit: $200 USD
Leverage: Up to 1:200
Spreads: From 0.1 pip
Commission: $2.95 per $100K per side
Minimum/Maximum Trade Size: 0.01/1,000 lots
Assets: 60 FX, Gold & Silver, Oil (MetaTrader 4 platform)

Platform

Those that open an account through this broker will have access to the best trading platform on the market, MetaTrader 4. This is the most commonly offered platform among forex brokers, due to the fact that MT4 comes equipped with everything a trader could need, including analytical functions, interactive charts, 9 timeframes, 30+ analytical objects, and 30 technical indicators. The program also features multiple trading tools, Expert Advisors, support for micro-tradable lots, stop orders and trailing stop, one-click trading, and more.

While we could spend a great deal of time providing additional details, traders should simply know that MT4 is a powerful, accessible option with a level that remains unmatched by any competitor. MT4 can be downloaded directly from the broker’s website, or from the App Store on iOS devices, including iPads, and from the Google Play Store on Android devices and tablets. The range of accessibility options support trading on the go and make MT4 a convenient option that can be used virtually anywhere.

Leverage

Accounts come with a default leverage of 1:100, but the broker does allow a maximum leverage cap of up to 1:200, so long as the account’s equity remains at $2,000 USD or below. If the equity climbs higher than the limit, then the 1:100 cap would be enforced. The broker’s maximum option does seem rather restrictive when compared to options of 1:400 and higher than we sometimes see available through other unregulated brokers.

On one hand, the provided cap will be sufficient enough for the majority of traders, including professionals. Having access to an extremely high cap can be dangerous for beginners that may not realize how quickly funds can be lost under those conditions. On the other hand, some traders still may feel as though the cap is too restrictive, especially for a broker that primarily deals in FX pairs.

Trade Sizes

The minimum supported trade size is one micro lot and the maximum trade size that is allowed is 1,000 lots. The wide range of trade sizes supports multiple trading styles. Traders won’t always find the ability to trade micro-lots available through other brokers and AssetsFX also allows hedging, scalping, and the use of Expert Advisors. Typical margin call and stop out levels are enforced to keep accounts from going negative if trades become unprofitable. Those are as follows: Margin Call/Stop Out: 60%/50%.

Trading Costs

Applicable trading costs are charged through spreads, commissions, and overnight interest charges. Spreads start much lower than average, starting from 0.1 pips, although options can climb to a 1-2 pip range on certain currency pairs. The broker doesn’t support a one-price model and traders will have to pay commissions on every trade in addition to the spreads. Commissions are charged at a rate of $2.95 USD per $100K traded per side.

In order to open and close a trade, the cost would actually be $5.90 per $100K USD traded. Overnight interest charges, or swaps, will also apply to positions that are left open past market closing time. Open positions will be charged the swap at 21:00 once day, except Wednesdays when the swap with be charged three times in a row. All trading conditions, including swap rates, can be viewed under “Trading terms” on the website. There do not appear to be any extra charges, like inactivity fees, transfer fees, etc. associated with opening an account.

Assets

AssetsFX focuses primarily on currency pairs, with 60 total FX pairs to choose from. CFD’s are available, although options are restricted to the precious metals Gold and Silver, plus Oil options. If you’re looking to trade stocks, bonds, or other commodities, then this may not be a good fit for you. However, traders could always consider opening an account through this broker to trade currency pairs, since conditions are somewhat attractive, and opening a secondary account to access a larger number of CFDs or cryptocurrencies if those options are desired.

Spreads

Spreads are variable and can be compared under “Account” > “Spreads Comparison” on the website. This section is updated often and options depend on the current market. The lowest spread we observed was at 0.1 pip on the benchmark pair EURUSD. At another time, the same spread was listed at 0.8 pips. From there, spreads start from 0.2 – 2 pips on almost all of the other currency pairs. This isn’t as low as the advertised spreads from 0 pips, but most options remain well below the industry’s average 1.5 pips. Traders have a special advantage having access to such low spreads for a $200 deposit since many other brokers would ask for $5,000 or more for the same spreads.

Minimum Deposit

AssetsFX asks for an initial deposit of at least $200 USD in order to open a live account. It is always possible to find other brokers asking for lower initial deposits, or with no set minimum at all. However, if you do decide to open a cheaper account through another broker, we can almost guarantee that the spreads and trading costs will be twice as high or higher. It would be nice if the broker would lower the minimum entry cost to $100 or so to help beginners, but AssetsFX asks for a reasonable deposit, considering the conditions that traders will have access to. Do note that the 25% Deposit Bonus and the Instant Cash Back bonus both require an initial deposit of $500 USD, otherwise, the account will not be eligible for either promotional offer.

Deposit Methods & Costs

AssetsFX provides several convenient deposit methods, including bank wire transfer, cards (Visa/MasterCard/American Express/Discover), PayPal, Ethereum, Tether, Ripple, and even Bitcoin. Traders won’t often find the ability to fund with cryptocurrency, so this is somewhat of an advantage to those that would prefer to use Bitcoin. It’s possible that bank wire transfers may incur some charges on the bank’s behalf, but deposits are otherwise fee-free, regardless of the chosen payment provider.

Withdrawal Methods & Costs

Traders would be able to withdraw funds back to the original deposit method in the order that funds were deposited. Any fees charged by the broker’s banking institution will be deducted from the total withdrawal amount on outgoing wire transfers. According to the website, those fees are usually less than $20 and additional transfer fees may also be charged by the client’s receiving bank. It’s also possible to lose funds if withdrawing through Bitcoin, depending on the cryptocurrency’s current value. Otherwise, withdrawals are fee-free and traders should expect to see the total amount of the requested withdrawal reflected in their account.

Withdrawal Processing & Wait Time

Once a withdrawal request has been received, the financial team begins processing immediately. Funds should be received within 1 to 72 hours, depending on the location of the client’s bank and the specific withdrawal method. Traders could expect funds to be sent relatively quickly, regardless of the chosen payment provider. Compared to other broker’s lengthier processing times, traders should expect to receive funds within a competitive timeframe.

Bonuses & Promotions

The broker is currently offering a 25% Deposit Bonus, EA Discount, and Instant Cash Back. Each promotion is unique and comes with its own conditions. Note that the 25% Deposit Bonus cannot be combined with the Instant Cash Back offer and traders will want to consider both offers before informing support which promotion they would like to have applied to the account. We’ve provided an overview of each opportunity below.

25% Deposit Bonus: The 25% bonus is credited on initial deposits of at least $500 USD. The maximum amount of the bonus is $500, meaning that traders would get the greatest value by depositing $2,000. The bonus credit can only be withdrawn after the total volume of traded orders reaches the bonus size, divided by 2. The bonus must be requested after the account has been activated and the bonus will be removed if the account’s balance drops to 20% of the original deposit.

EA Discount: Traders can receive $100 cashback from Cyber EA purchase by using the broker’s affiliate link and trading EA through the broker for at least 3 months.
Instant Cash Back: This promotion applies $1.50 per lot back to the trader’s account instantly once the trade has been closed. Conditions state that the account’s initial deposit must be at least $500 USD for the rewards to be activated. This promotion must be requested specifically and it cannot be combined with any other promotion.

Educational & Trading Tools

Available resources are fairly limited, with the only options being an economic calendar (located on the website’s homepage) and a currency conversion calculator. Traders would be able to open a demo account through the broker, but additional educational resources are nonexistent. Overall, AssetsFX has provided several advantages to their live account, which makes it even more disappointing to see that they haven’t made an effort to educate their clients. Of course, the internet is always full of information, so we would highly recommend checking elsewhere for the resources that the broker fails to provide.

Demo Account

Risk-free demo accounts are available for any trader that would like to open one. The broker offers this ability to potential and existing clients, and traders are able to trade with virtual funds on these simulation accounts without making a real deposit. Accounts do not expire, so long as they are logged into once every 30 days. If you’re new to the forex trading world or you’d like to test strategies, then we would highly recommend registering for a demo account.

Customer Service

Traders can reach a member of the customer support team through LiveChat, email, or by filling out a contact form on the website. Exact support hours are not specified, but we did manage to contact an agent at a late hour, so it seems as though support is active 24 hours a day, likely 5 days a week. Our experience chatting with a live agent was fulfilling, but we did feel that it would be helpful for the broker to offer a direct phone line to clients as an additional contact method. If you’d like to contact support through email, you can reach out via [email protected].

Countries Accepted

At the bottom of their website, AssetsFX mentions that those located in the United States would not be allowed to open an account. This is a commonly restricted area due to regulatory reasons, so we weren’t surprised to see the country mentioned for this reason. Unfortunately, there is no way around the restriction. The United States is completely missing from the registration list, and the broker even excludes the US Minor Outlying Islands, which can sometimes be selected as a way around restrictions placed on the USA. Traders from this location will have no choice but to search elsewhere for a broker.

Conclusion

AssetsFX Trading is an online foreign exchange broker that focuses on currency pairs, precious metals, and CFDs on Oil. Traders will be restricted to a 1:200 leverage cap and there are no additional CFDs available on commodities, stocks, bonds, etc. For a $200 deposit, one would have access to spreads from 0.1 pip, which is one of the main advantages to the broker’s only live account type. On the downside, there are no commission-free options available, meaning that traders will need to factor in spreads and commission fees when placing trades.

Accounts can be funded through cards, bank wire transfer, and the broker even accepts cryptocurrency payments through Bitcoin. Deposits and withdrawals are fee-free, with the exception of fees charged by banking institutions on wires. Withdrawal processing begins immediately once requests are received. The broker offers instant customer service through LiveChat, with the only downsides being that exact business hours aren’t listed and a direct phone number isn’t available. Traders can currently choose from a 25% deposit bonus or cashback rebates, so long as the initial deposit that is made is equal to $500 USD.

The website is disappointing for the fact that educational resources are not available, aside from demo accounts and the United States is blacklisted from opening accounts. Overall, there are several advantages related to opening an account through this broker, primarily related to trading costs. The 1:200 leverage cap and limited selection of CFD’s may or may not be a disadvantage, depending on the trader’s preferences.

Finexo is an online foreign exchange broker that offers investment opportunities in a diverse range of instruments, including FX pairs, commodities, indices, bonds, ETFs, stocks, and cryptocurrencies. The Finexo name is a business name of Trade Capital Markets (TCM). TCM is located in Cyprus and regulated by the Cyprus Securities and Exchange Commission under license #227/14. Finexo attracts traders from nearly every country around the globe and strives to provide an effective trading environment for everyone, from beginners to more advanced clients. Take a look at our detailed review below to find out if the company manages to accomplish their goals effectively.

Account Types

Finexo features five live account types: Micro, Silver, Gold, Platinum, and Exclusive. A Micro account can be opened with as a deposit as low as $100 USD, while the other accounts require deposits from $1K and up. The broker offers leverages up to 1:300, with options being based on the specific instrument that is being traded, rather than the chosen account type.

Account-holders will not have to pay and type of commission fees and the broker offers tighter spreads to those that can afford to open a more expensive account type. Competitive offers are reserved for Platinum and Exclusive accounts. Aside from the Micro account, all of the live accounts come with an account manager. Platinum and Exclusive account holders will also have access to premium customer support. If you’re interested in opening an account, you’ll want to take a look at all of the provided details below.

Micro Account
Minimum Deposit: $100 USD
Leverage: Up to 1:300
Spread: From 3 pips on majors
Commission: None

Silver Account
Minimum Deposit: $1,000 USD
Leverage: Up to 1:300
Spread: From 1.9 pips on majors
Commission: None

Gold Account
Minimum Deposit: $10,000 USD
Leverage: Up to 1:300
Spread: From 1.5 pips on majors
Commission: None

Platinum Account
Minimum Deposit: $50,000 USD
Leverage: Up to 1:300
Spread: From 1.2 pips on majors
Commission: None

Exclusive Account
Minimum Deposit: $100,000 USD
Leverage: Up to 1:300
Spread: From 1 pip on majors
Commission: None

Platform

Finexo supports the MetaTrader 4 platform on PC, iOS, and Android devices, alongside the WebTrader platform, which is also available on mobile devices. MT4 is one of the most powerful and well-known trading platforms to date, due to the program’s range of features and the software support for one-click trading, stop and limit orders, and a large variety of charts and analytics.

The mobile-compatible WebTrader platform features more than 2,100 instruments and allows traders to access LiveChat, deposit and withdrawals, support, a FAQ, and more convenient options directly without having to switch over to the back office. WebTrader also focuses on monitor and viewing options, risk management tools, intelligent analysis tools, and more.

The broker leaves the platform choice up to the client completely by having all five live accounts support trading on both of the available options. The majority of traders would likely prefer MT4, but it is nice to see an additional option available.

Leverage

Leverage caps are based on the specific instrument that is being traded, rather than being set specifically for each account type. The broker’s maximum offer goes up to 1:300, although they primarily set a cap of up to 1:294 on most of their major and minor currency pairs. Exotics allow for a leverage range from 1:25 to 1:200, depending on the underlying asset. The maximum cap is lowered to 1:200 on futures and 1:100 on some commodities. Note that this maximum cap isn’t available for all instruments in each category, as some instruments set a lower limit. Traders can view the exact leverages for each instrument by clicking on “Assets” at the top of the website.

Trade Sizes

Finexo doesn’t go into much detail about the minimum and maximum trade sizes or the maximum number of positions that can be opened at once. Naturally, we would assume that that the Micro account supports micro-lots, while the other accounts likely have minimum trade sizes that range from one micro lot to one lot. The broker sets a stop out level of 50%. If this level is reached, then all open trades will be closed by the system automatically to keep the account from going negative.

Trading Costs

Finexo profits from spreads, swaps, conversion charges, and inactivity fees. The broker’s primary financial gain comes from spreads, and account holders will pay differing amounts based on their chosen account type. Spreads on the Micro account start from twice the industry average, while the Exclusive account’s spreads are 0.5 pips below average. One advantage of trading through this broker would be the complete lack of commission charges on all of their live account types.

Conversion fees of 0.5% apply when your account currency is different than the quoted currency of the asset being traded. Once an account reaches 90 days of inactivity, the broker begins charging a $25 monthly fee until trading resumes or the account’s balance is completely depleted. After a year of inactivity, the fee is charged at $100 per quarter. Swaps are also charged on positions that are left open past market closing time, at a rate that is specified on the website and tripled on Wednesdays.

Assets

Finexo advertises 2100+ available instruments for trading, which consist of FX pairs, commodities, ETFs, stocks, bonds, indices, and possibly cryptocurrencies. Traders would have access to 58 currency pairs, including majors, minors, and several exotics. Available CFD’s include Brent Oil, Natural Gas, Heating Oil, and Oil, precious metals Gold, Silver, Aluminum, Copper, Palladium, Platinum, and Zinc. Traders can also access agricultural commodities like Cocoa, Cotton, Wheat, Sugar, and more.

There are several cash indices to choose from as well, plus 23 futures. Multiple stocks and ETFs are offered in addition, making for an incredibly diverse investment portfolio. Cryptocurrencies are also a listed category, although the section doesn’t list any instruments specifically, so it seems as though the broker could be planning on adding options in the near future.

Spreads

The broker’s website does provide a brief overview of spreads; however, Finexo only provides one set of detailed spreads, which seem to fit the advertised options for their Micro account. This makes it possible for us to compare the spreads on that account type, but we can’t take a closer look at any of the accounts with better spreads. Spreads on the Micro account are advertised from 3 pips, spreads start as low as 1.9 pips on the Silver account, from 1.5 pips on the Gold account, 1.2 pips on the Platinum account, and from 1 pip on the Exclusive account.

Taking a closer look at the Micro account, we see a default spread of 3 pips on the benchmark pair EURUSD. Options on several minors are at 4 pips and options can be outrageous on exotics. The default spread is actually 30,000 pips EUR/RUB, 10,000 pips on USD/RUB, and 150 pips on a few other exotics. Of course, those examples are on the extreme side, but the high spreads do make it best to avoid those instruments altogether.

Spreads seem to be much tighter when trading CFDs and several other instruments. On the downside, we do feel as though the broker needs to provide a more transparent look at the spreads available on all of their account types. Judging by the information we’ve been given; it seems as though the broker expects traders to make a $50K deposit to gain access to an account that offers lower than average starting spreads. This price model isn’t uncommon, but it is usually possible to access spreads from 1 pip with less than a $100K deposit.

Minimum Deposit

Minimum deposit requirements range from $100 USD on the Micro account to $100,000 on the Exclusive account, which makes for a diverse price gap between accounts. Accounts that fall in the middle of the spectrum would be the Silver account, with an asking amount of $1,000, the Gold account, which requires a $10,000 deposit, and the Platinum account, which raises the requirement to a steeper $50,000. Overall, the asking amounts can be expensive, and traders would need to meet the Platinum account’s $50K deposit to access better than average spreads. If you can only afford to open a Micro account, you’ll be met with the disadvantage of trading with spreads that are at least twice the industry average.

Deposit Methods & Costs

Accounts can be funded through a variety of payment methods, including debit/credit cards, bank wire transfers, and e-wallets, including Skrill, Neteller, Sofort, EPS, Giropay, Multibanco, Przelewy24, iDeal, Epay.bg, and Safetypay. Deposits made through wire transfer would likely incur charges on the bank’s behalf. The remaining deposit methods are fee-free.

Withdrawal Methods & Costs

Traders will be able to withdraw funds using any of the available deposit methods, with withdrawals likely being processed back to the originating payment method. Although the funding page doesn’t mention any fees, the broker does mention fee-free deposits and withdrawals on their “Charges & Fees” page. The lack of fees provides an advantage where traders will actually receive more of their profits. Through other brokers, withdrawal fees can sometimes be steep, especially considering that many fees are 3% of the total withdrawal amount or even higher through some payment methods. Keep in mind that bank wire transfers may not be completely free since the receiving bank will likely charge some type of fee from their end.

Withdrawal Processing & Wait Time

Bank wire withdrawal is advertised as a “fast and efficient method”, although our experience shows that these withdrawals typically take the longest to be received once you factor in processing times for both the broker and the receiving bank. The broker does mention instant payouts for Skrill withdrawals and it is possible that the instant option would be available when withdrawing through any e-wallet. Card withdrawals would likely take a few business days to be received at the least.

Bonuses & Promotions

Finexo isn’t currently offering any advantages to their existing clients or those that choose to open an account with them. We sometimes see welcome bonuses or deposit bonuses available through other brokers, which serve as an incentive for beginners to open a trading account. More established brokers will sometimes offer contests, occasionally even demo contests that reward traders with real cash.

We’ve seen a whole variety of promotional offers, so it is always disappointing when brokers have nothing unique or helpful to offer in this category. One shouldn’t discount this broker entirely based on the lack of promotions alone, but it may be hard to overlook another broker with a better offer if you have a few potential options in mind.

Educational & Trading Tools

Those that are looking for resources won’t find anything useful on the broker’s website, aside from the bare-minimum demo accounts that are offered. It’s always a little concerning when brokers fail to offer anything in this category, especially considering that it is in the broker’s best interest to educate their clients. This ensures that those clients stay invested in the long-run and understand what they’re doing, instead of jumping in head-first and quitting quickly. Traders will be able to find video tutorials on YouTube and search Google for other resources, but they will be missing the convenience of having helpful tools at their fingertips.

Demo Account

Finexo does manage to offer free demo accounts, even though they don’t offer anything else from an educational standpoint. To be fair, demo accounts serve multiple purposes and could be considered one of the best learning tools out there, so these accounts could help beginners to better prepare themselves for trading on a live account. On the downside, the broker’s website actually blocks some users from registering a demo account based on their IP address. If you’re located in a restricted country, then you won’t even have the option to open a demo. It’s rare for a broker to block someone from opening a simulation account based on their location, so we are disappointed in Finexo for that fact.

Customer Service

The broker’s customer service team can be contacted through LiveChat, email, or phone. Agents are in the office from 22:00 GMT on Sunday evening through Friday afternoon at 22:00 GMT. Although we were initially happy to see the instant contact option LiveChat available on the website, there weren’t any agents online when we attempted to start a chat. This was during business hours, so it seems as though support agents can’t be counted on to always be online when they’re supposed to be. In the broker’s defense, the chat does ask for an email address and allow one to type in their problem to receive a response once an agent does come online, but this doesn’t really provide more convenience than simply emailing support in the first place. We’ve provided contact details below and LiveChat can be accessed from the bottom right corner of the website.

Countries Accepted

We were fairly certain that traders from the United States would be banned from registering for a live account, considering that the website blocked us from even opening a demo account from a US-based IP address. When we tried to register a live account, we were greeted once again by the frustrating blocked IP address message. Canada and Japan also seem to be on the restricted countries list. Traders located in those countries would most likely be blocked from even accessing the registration form based on their IP address as well. Sadly, it seems as though there is no way for residents of the USA, Canada, and Japan to bypass the restrictions.

Conclusion

Finexo’s asset portfolio is made up of a diverse category of instruments, including FX pairs, CFDs, and several more options. Traders would be able to access a maximum leverage cap of 1:300 on some options, with a choice to trade on the popular MetaTrader 4 platform or the convenient WebTrader platform. Commissions are not charged on any account type, meaning that trading costs are built-into the spreads. Those options can start as low as 1 pip on the Exclusive account, which requires a $100K deposit, while the spreads start from a higher 3 pips on the $100 Micro account.

Deposits and withdrawals are fee-free and can be made using debit/credit cards, bank wire transfers, and a variety of e-wallets. Support is available 24/5 via LiveChat, email, or phone. Based on our experience, traders shouldn’t expect to be able to connect with a support agent instantly 100% of the time during business hours. We were also disappointed to find that Finexo’s website is missing any promotional opportunities, trading tools, and educational offers, aside from demo accounts, which aren’t available to those located in the USA, Japan, or Canada.

Like many other forex brokers, Finexo offers better conditions to those that can afford their better accounts. There are still some advantages that would affect all clients, like free deposits & withdrawals and access to multiple types of tradable instruments.

WSM is an online broker that offers investment opportunities in currency pairs, indices, and commodities. We know that the broker is located in ST. Vincent & the Grenadines, but the website doesn’t provide us with much else about their background, so we can’t say when WSM was established or who exactly is running the company. As an STP broker, WSM does mention that they do not profit when their clients incur losses and that they are only interested in establishing successful long-term cooperation with their clients. If you’re considering this broker, you’ll want to take a look at our detailed review below.

Account Types

WSM offers four main account types; Standard, Bronze, Silver, and Gold. One of the first things traders will want to consider is the amount that it costs to open each account, as the minimum deposit requirements range from $500 USD to $50k. Most of the accounts offer an impressive leverage cap of 1:400 and all accounts grant access to the broker’s entire instrument portfolio.

All accounts offer STP execution and have zero commission charges. One thing that the broker fails to present would be the spreads for each account type, which could make it difficult to figure out whether the broker is offering competitive pricing. Bronze, Silver, and Gold accounts allegedly offer rebates for clients that trade more than 50 lots per month. All of the listed conditions for each account can be viewed below.

Standard Account
Minimum Deposit: $500 USD
Leverage: Up to 1:400
Spread: NA
Commission: None

Bronze Account
Minimum Deposit: $2,000 USD
Leverage: Up to 1:400
Spread: NA
Commission: None

Silver Account
Minimum Deposit: $10,000 USD
Leverage: Up to 1:400
Spread: NA
Commission: None

Gold Account
Minimum Deposit: $50,000 USD
Leverage: Up to 1:100
Spread: NA
Commission: None

Platform

From the WSM website, traders can download the award-winning MetaTrader 4 platform on PC, iOS, and Android devices. If you aren’t familiar with MT4, you should know that it is the most commonly offered trading platform in the world today. Many traders prefer MT4 because of its navigable and easy to use interface, while others enjoy the built-in features and customization options found within the trading platform. MT4 is suitable for every type of trader, as it supports one-click trading, multiple order types, Expert Advisors, hedging, scalping, etc. All of these features come together to bring traders a sturdy and reliable program that should be up to everyone’s standards.

Leverage

Most of the broker’s live accounts allow for maximum leverage of up to 1:400. This amount is significantly higher than what many of their competitors are offering, especially considering that the Silver account requires a larger deposit. However, the broker does set a stricter cap of 1:100 on their Gold account. It’s common to see lower limits on accounts that have deposit requirements in the thousands, so we aren’t surprised to see the lower limit based on the account’s $50,000 deposit requirement.

Trade Sizes

It’s possible to trade micro-lots on the broker’s Standard and Bronze accounts, while the Silver and Gold accounts require a minimum trade size of at least one mini lot. Not surprisingly, the website fails to provide any details about maximum trade sizes or margin call and stop out levels. Hedging is allowed on the Bronze, Silver, and Gold accounts, but the broker doesn’t allow hedging on the Standard account.

Trading Costs

WSM profits from spreads, swaps, and transfer charges. The broker has done away with commission costs altogether, ideally making it easier for traders to keep up with exact charges that will be built-in with the spread; however, the broker doesn’t advertise their spreads. Swaps are not charged on CFDs, but these fees will apply as overnight interest charges on other positions that are left open past market closing time. Note that the broker would charge triple swap fees on Wednesdays in order to account for the upcoming weekend. WSM also has a transfer fee of 10 USD will be applied if a transfer amount of less than 10% of the subaccount’s balance is made to the master account.

Assets

WSM offers investment opportunities in currency pairs, indices, and commodities. With no products page, the website leaves us with several questions about their investment options. We can’t say how many currency pairs are available, or even whether exotic options are featured. We’d also like to know whether precious metals, oil, and gas are offered. Sadly, the broker doesn’t provide much information about their available assets, and this isn’t the first or last time that the website seemed to be vague.

Spreads

WSM offers variable spreads and advertises the spread on EURUSD as being from 1.2 pips. Unfortunately, the broker doesn’t specify whether each account offers different starting spreads. Ideally, we would see spreads from the advertised amount on all accounts, which would certainly set traders up with competitive trading costs. However, one should keep in mind that many brokers offer better spreads on their more expensive account types. It’s possible that the broker chose their wording carefully, in order to trick traders into thinking that these conditions are offered on all accounts.

Minimum Deposit

Traders will have to deposit at least $500 in order to open the most basic Standard account through this broker. Many others offer the same account type for $100 or less, so those with little capital to invest may have to cross this option off their list entirely. From there, we see a deposit requirement of $2,000 on the Bronze account, $10,000 on the Silver account, and $50,000 on the Gold account.

Deposit Methods & Costs

Once again, the website fails to provide us with any information about available funding methods or costs. We would usually suggest making a small deposit in order to test out these conditions, but the broker’s $500 deposit requirement makes it impossible to do so. If you do decide to make a deposit, keep in mind that bank wire transfers are usually charged some type of fee on the bank’s behalf. This is the most common deposit method, so we’re assuming that the broker is offering it, hopefully in addition to cards for convenience.

Withdrawal Methods & Costs

If you withdraw through bank wire, you should expect to see some fees charged on the bank’s behalf. These charges can differ, and we’ve seen the charges range from around $25 to $50 or more in some cases. If the broker offers card or e-wallet withdrawals, then there’s a chance that these withdrawals could be fee-free, although its common to see a percentage charge on these withdrawals. We would expect to see WSM advertising fee-free withdrawals if they offered them.

Withdrawal Processing & Wait Time

Brokers typically take between one and five business days to process withdrawals. WSM doesn’t provide any information on the topic, so we can’t say for certain how long it would take the broker to release funds. It does seem as though the company has a smaller support team since LiveChat isn’t available. Once funds have been sent, we typically see wait times that can take weeks for bank wire and cards. If the broker is offering any e-wallets for funding, then withdrawals would likely be returned to these methods much more quickly.

Bonuses & Promotions

While the broker doesn’t offer any bonuses, Bronze, Silver, and Gold account holders seem to be able to earn cashback rewards by trading a certain amount of lots per month. Cashback amounts would be between 0.1 and 1 pip, depending on the number of traded lots and the account type. In order to qualify, traders would need to trade at least 50 lots per month. Traders with the Gold account type would be able to earn larger amounts back by trading 100 to 200 lots per month.

Educational & Trading Tools

We weren’t surprised to find that the broker isn’t offering any education material or trading tools, based on the overall simple and vague layout of the website. It isn’t absolutely necessary for brokers to make these resources available, but we do feel that it benefits beginners and even expert level traders having video tutorials, webinars, seminars, e-books, and other materials available at their fingertips. If you don’t have any experience, you’ll have to search the web for those resources.

Demo Account

One can open a demo account through the broker by selecting “Demo Account” at the top right of the website. We were having some issues getting the website to take us to the registration page, but traders should know that it is also possible to open a demo account once MT4 has been launched. Demo accounts serve an excellent purpose, as they allow traders to practice trading, learn to use the MT4 platform, try different leverages, test different strategies, etc. with no risk involved.

Customer Service

WSM has a multilingual support team that can be contacted through email or by filling out a contact form on their website. The fact that LiveChat is missing from the website takes away the convenience that many other brokers are offering, and we can’t help but point out that the lack of direct phone number could also be frustrating. Many traders know that it is vital to get in touch with an agent as soon as possible if something goes wrong. Traders will simply have to email [email protected] and hope to receive a quick response in these cases.

Countries Accepted

At the bottom of their website, WSM states that clients from the United States are not accepted. In addition, clients from Hong Kong, Canada, Israel, Iraq, Pakistan, and Madagascar seem to be restricted from opening accounts as well.

Conclusion

WSM is an online STP broker that offers leveraged trading of up to 1:400 on currency pairs, indices, and commodities. The broker features four separate account types. The deposit required to open a Standard account is set at a steep $500, with requirements ranging from $2,000 to $50,000 for the other three accounts. One advantage of choosing this broker would be the lack of commission charges. The broker’s website can be vague where it counts, especially when describing available assets, the exact spreads offered on each account type, and funding information. In fact, the broker doesn’t mention their available funding methods or associated charges at all.

We’d usually consider this to be a red flag, especially considering how large the deposits must be. Traders that have issues will find themselves waiting a while to hear from support, as email is the only contact option available. As far as extra options, the broker does offer cashback for those that qualify by trading at least 50 lots per month. Demo accounts are available, but the website is missing any other educational resources or tools. Those located in certain countries, including the USA, will not be able to open an account with WSM.

CDFX is an online FX broker that offers leveraged trading as high as 1:500 on FX and precious metals. The company was registered in 2015 in Dubai, with its main goal aimed towards creating an experience that will actually allow investors to come away with a profit. If you’re considering opening an account, you’ll want to read up on some of the facts surrounding the broker’s trading conditions below.

Account Types

CDFX limits the available account types to Standard accounts and Islamic accounts. The Standard accounts offer leveraged trading as high as 1:300 on currency pairs and precious metals. Spreads start from 1.5 pips and the account is commission-free. Islamic accounts resemble the Standard account closely, aside from the fact that there are no overnight charges on positons and leverage options go up to 1:500. Note that the broker would require proof of Islamic religion before one would be allowed to open one of these account types. We’ve provided a quick overview of the two account types below.

Standard Account
Minimum Deposit: $5,000
Leverage: Up to 1:300
Spread: From 1.5 pips
Commission: None

Islamic Account
Minimum Deposit: $5,000
Leverage: Up to 1:500
Spread: From 1.5 pips
Commission: None

Platform

This broker exclusively supports the successor of the world’s most popular trading platform MT4, MetaTrader 5. The newer version basically aims to provide more features, while keeping the older platform’s convenient and navigable interface. MT5 also comes with more languages, timeframes, and a built-in economic calendar. The platform is available for download on PC, iOS, Android devices, or accessible through the online WebTrader.

Leverage

Those that have signed up for an Islamic account will be able to trade with the highest leverage option, which goes up to 1:500. Meanwhile, the broker has set a lower limit for their Standard account holders, with the maximum cap being 1:300. The 1:300 cap isn’t the most impressive offer we’ve seen, but it certainly isn’t the lowest either. The majority of traders should be satisfied with these options, as trading with higher leverage is a risky experience that may or may not pay off. On the other hand, those that do prefer the high-risk experience who are not of the Islamic faith may need to search for a higher option.

Trade Sizes

Both accounts support the trading of micro-lots. The broker doesn’t place a limit on the maximum trade size and there isn’t any mention of a limit on the maximum number of open positions. The margin call and stop out levels are as follows: Margin Call: 100% & Stop Out: 35%.

Trading Costs

Costs are fairly straightforward, with the only charges coming from spreads and swap fees, or transaction charges for Islamic account holders. We provided more information on the spreads below, but traders should know that they start from an average amount. Fortunately, the broker has done away with commission charges, so traders will be able to keep up with costs more easily. Swaps are charged on positions that are held open overnight on Standard accounts. Traders can view the long and short swap rates on the website by clicking on “Trading” > “Instruments”. There do not seem to be any extra fees associated with inactive accounts or other various charges that we sometimes see with other brokers.

Assets

CDFX offers very basic investment options, with only 24 available currency pairs and spot metals that include Gold and Silver. If you’re focused on trading with these instruments alone, then this shouldn’t affect you. Others will feel more restricted by the fact that the broker isn’t offering CFDs. On the bright side, we do see some exotic FX options, like the USDTRY and others.

Spreads

Spreads are variable and start from 1.5 pips on both account types. Sadly, the broker doesn’t offer live spreads, or even list typical options on their website, so the only way to really examine the figures would be to open a real account since demo accounts aren’t available. Considering that spreads already start from 1.5 pips and that the deposit requirement is so high, we would expect to see spreads starting from a lower amount.

Minimum Deposit

Regardless of which account type you’ve chosen, you’ll be required to make a $5,000 deposit in order to open an account with this broker. This is extremely expensive considering that the broker only offers basic Standard and Islamic accounts. Traders would be able to find brokers offering similar account types for $100 or less without having to look very far. You’ll also find accounts that offer more benefits for lower deposit amounts elsewhere, for example, some brokers offer Premium and Pro account for $1,000 to $5,000.

Deposit Methods & Costs

The CDFX website completely fails to provide us with any information related to funding accounts. This is a big red flag, especially when the broker requires such a large initial deposit. We would expect funding methods to be limited to bank wire and possibly cards and clients shouldn’t expect to see any e-wallets or other payment providers. It’s also unclear whether there are any charges on deposits. Most likely, banks would charge some type of fees for sending such a large amount.

Withdrawal Methods & Costs

As we mentioned, the website just doesn’t give us any information related to this category. Typically, brokers would list fee-free withdrawals as an advantage. Considering that the broker doesn’t mention this at all, we’re assuming that fees will be charged on any available withdrawal method. There is no way to deposit a small amount of funds to test this since the minimum deposit is $5,000.

Withdrawal Processing & Wait Time

Based on the fact that CDFX seems to have a fairly limited support department, we would expect to see a bit of a wait time for withdrawals. Larger brokers usually process withdrawals within one or two business days, while smaller brokers can take much longer to finish processing those withdrawals. CDFX falls into the category of a smaller forex broker and may, therefore, take their time when handling withdrawals.

Bonuses & Promotions

On the Standard account’s main website page, we see a brief comment that states that these account holders would be eligible for a promotional offer. However, there is no mention of such an offer anywhere else on the website, which leads us to believe that there isn’t such an offer. Perhaps the broker used to offer a promotion, or it may be possible that the broker has promotional opportunities available from time to time.

Educational & Trading Tools

Traders will notice that CDFX has a fairly straightforward website, one that offers absolutely nothing in the category of education or trading tools. This isn’t something that would really affect the trading experience, but it is something that brokers should offer in order to help educate any beginners that come their way. The lack of trading tools is also disappointing, although MT5 does come with some built-in features.

Demo Account

Sadly, demo accounts are also missing from the website. Even when other brokers fail to offer educational resources, we still see demo accounts offered on their website. If you’re a beginner, you may want to try out a demo account on another broker’s website. This doesn’t mean that you shouldn’t open a real account with CDFX, but you’ll be missing out on some of the advantages that come with trading under the specific broker’s conditions.

Customer Service

We don’t see any instant contact options available on the broker’s website, which leaves traders to contact the broker through email directly, or by filling out a contact form on the website. The form does ask for the client’s mobile number, so we would hope that it is possible to schedule callbacks. On the bright side, support is active 24 hours a day on weekdays, so hopefully, the customer service team will manage to respond to emails the same business day.

Countries Accepted

The broker doesn’t list any restricted countries on the bottom of their website, but we did feel the need to check out the registration page for commonly restricted locations, just to be sure. To our surprise, the broker doesn’t even require the client to input their country when registering, making it possible to register from anywhere.

Conclusion

CDFX is an online broker with an asset portfolio that includes currency pairs and metals. The broker requires a $5,000 deposit and only offers two main account types, Standard and Islamic. Considering that the deposit requirement is so high, we would expect to see spreads that start lower than the broker’s 1.5 pip offer, even with a lack of commission fees. You’ll find an average leverage cap of up to 1:300 on the broker’s Standard account, while Islamic account holders are allowed a leverage option of up to 1:500.

One big red flag is that the website doesn’t give us a single bit of information about funding. Making the $5,000 deposit with no clue about associated costs is extremely risky. Customer support is available 24 hours a day on weekdays, but traders will only be able to contact an agent through email. Aside from a brief mention of a promotion, we don’t see any bonus opportunities, educational resources, demo accounts, or trading tools on the website. Traders could likely make a $5,000 deposit through another broker and manage to profit much more easily while having access to better account types and a larger instrument portfolio.

Cabana Capitals describes itself as a true ECN broker that offers access to a wide range of trading instruments, platforms, and trading signals. The company is registered in St. Vincent & the Grenadines, with additional offices located in London and Dubai. One thing the website doesn’t mention is an establishment year, which left us curious as to just how long they’ve been around. Missions and values seem to be related to the dedication, respect, mindfulness, and admiration for their employees. Taking a look at some of the broker’s concrete offers, we see several live account types, zero commission costs, and various spreads. Keep reading to find out everything you’ll need to know about opening an account through this broker.

Account Types

Cabana Capitals features six separate account types: Micro, Active Trader, Standard, Premium, Elite, and VIP. Affordability may be the first thing one would want to consider since deposit requirements for those accounts range from $100 up to $50,000. Leverage options range from 1:200 up to 1:400, with the lower option being applied to account types that require deposits of $5K or more. Commissions aren’t charged on any accounts, meaning that spreads would be another one of the most important factors to consider. Spread costs start as low as 0.2 pips on the VIP account, while spreads on the Micro account start at 2.6 pips. This is obviously a large difference that would affect one’s experience significantly. We’ve provided a quick overview of each account type below, so that traders may determine which accounts to consider.

Micro Account
Minimum Deposit: $100 USD
Leverage: Up to 1:400
Spread: From 2.6 pips
Commission: None

Active Trader Account
Minimum Deposit: $500 USD
Leverage: Up to 1:300
Spread: From 2.1 pips
Commission: None

Standard Account
Minimum Deposit: $1,000
Leverage: Up to 1:300
Spread: From 1.6 pips
Commission: None

Premium Account
Minimum Deposit: $5,000
Leverage: Up to 1:200
Spread: From 1.2 pips
Commission: None

Elite Account
Minimum Deposit: $20,000
Leverage: Up to 1:200
Spread: From 0.5 pips
Commission: None

VIP Account
Minimum Deposit: $50,000
Leverage: Up to 1:200
Spread: From 0.2 pips
Commission: None

Platform

Like many other forex brokers, Cabana Capitals supports the popular MetaTrader 4 trading platform. MT4 includes 16 languages and comes with a user-friendly interface that helps to make it easier for traders all over the globe to use it. Traders receive real-time quotes and have access to multiple charting and analysis tools. It’s also possible to use Expert Advisors on the platform. MT4 is accessible through WebTrader, desktop, Android, and iOS devices (iPhone, iPad, and iPod), making it easier to access their trades on the go from practically any device.

Leverage

The Micro account allows a more flexible leverage choice of up to 1:400, while the Active Trader and Standard accounts both lower the cap slightly to 1:300. These options hold up to many other broker’s offers and allow for a good amount of flexibility. On the accounts that hold larger balances, the leverage options are decreased to a lower 1:200 cap on the Premium, Elite, and VIP accounts. All of these accounts require larger deposits, ranging from $5,000 to $50,000. It isn’t uncommon to see lower options on accounts holding larger balances, so we aren’t surprised to see those restrictions.

Trade Sizes

This broker’s website is unhelpfully vague when it comes to providing details for this category. We do know that all accounts support the trading of micro-lots, which is positive. What we don’t know is what the maximum supported trade size and the total number of open positions allowed would be. This could vary by account type and maybe something that traders would want to add to their list of considerations when looking at accounts. The website also fails to list the margin call and stop out levels. All brokers impose these conditions. One would need to deposit funds or close positions once margin call is reached and the system would close trades automatically if the stop out level is reached. Traders need to monitor those levels closely to avoid reaching them, but this could prove difficult since the broker doesn’t provide them.

Trading Costs

Many traders will be happy to know that Cabana Capitals does not charge commissions on any of their account types, meaning that costs are built-into the spreads. This makes it easier to keep up with the costs of making a trade, although it can cause spreads to be higher. Some of the accounts do come with spreads that are high, even considering the lack of commission costs, while other accounts provide a low spread. More on that later.

Traders will also want to keep swap charges in mind, as these charges would be debited or credited on applicable positions that are left open past market closing time. There is no mention of Islamic accounts on the website, so it isn’t clear whether these charges can be avoided. The current long and short swap rates would need to be checked from within the MT4 platform since the website fails to mention them. We also don’t see any mention of extra charges on the website. In fact, the broker doesn’t even seem to charge deposit or withdrawal fees.

Assets

The broker offers access to an impressive number and variety of instruments, with 50+ currency pairs plus CFDs on indices, commodities, and precious metals. Cabana Capital advertises 250 products in total, so we would assume that most of those options would come from the forex pairs and indices that are available. The website fails to provide a more detailed product page, so we can’t know for sure if the advertised number of instruments are actually available or what is specifically offered in each category.

Overall, we do feel satisfied with the broker’s investment portfolio, but it would be nice to see cryptocurrency pairs included. Cryptocurrencies like Bitcoin have become highly popular options lately and some traders may have to open a secondary account with another broker to access them or choose another broker altogether.

Spreads

Cabana Capitals advertises the minimum spreads for each account type, but we don’t get to see a more detailed product page that would allow us to compare how high options could actually go. If at all possible, we would definitely recommend making the $1K deposit to open a Standard account, due to the fact that spreads on the more affordable account types are well above average. To be exact spreads start from 2.6 pips on the Micro account and 2.1 pips on the Active Trader account. The higher than average spreads will certainly put traders that can’t afford a better account type at a disadvantage.

On the bright side, spreads improve when looking at the other accounts. The Standard account offers a more average starting spread of 1.6 pips, while the Elite account lowers the starting spread to 0.5 pips, and the VIP account offers the tightest spreads from 0.2 pips. It’s a little disappointing that we can’t take a closer look at those options since we’re curious to know what the average spreads would actually be on each account. It’s also disappointing that the spreads start so high on the Micro and Active Trader accounts.

Minimum Deposit

The broker’s Micro account is priced at $100, which is somewhat high for this type of account. The Active Trader account raises the deposit requirement to $500 and better accounts cost $1,000 or more. Higher requirements are set at $1,000 on the Standard account, $5,000 on the Premium account, $20,000 on the Elite account, and $50,000 on the VIP account. The broker’s vast range of account prices allows those that can make a large initial investment an opportunity to access better conditions. On the other hand, those that can’t afford to invest much will be forced to trade with higher spreads.

Deposit Methods & Costs

Accounts can be funded through wire transfer, local deposit, Visa, Maestro, and a variety of e-wallets, including Neteller, Skrill, WebMoney, PerfectMoney, and Bitcoin. Processing times are instant, except in the case of bank transfer/local transfers, which take up to 1 business day to be credited. Each method claims to be fee-free, but the broker places a * beside the no commission comment in each section for every method, which makes it seem as though there may be some type of condition that could affect the fee-free offer. We often see terms where traders would have to pay the fee in cases where there was no trading activity on the account between the time that funds were deposited and a withdrawal was requested.

Withdrawal Methods & Costs

All of the available funding methods can be used for withdrawal. Deposits and withdrawals are combined on the same webpage, so it seems that withdrawals are fee-free, like with deposits, but we do still wonder if any conditions affect the free offer due to the way it is presented on the website. We weren’t able to find any information related to funding accounts under the broker’s terms & conditions that could help to outline any potential conditions.

Withdrawal Processing & Wait Time

Withdrawals back to Visa/Maestro, Neteller, Skrill, WebMoney, PerfectMoney, and Bitcoin and processed instantly. Funds would likely show up in the trader’s wallet instantly as well, or within a few hours in most cases. Processing times for bank wire transfers and local deposits are handled within 1 working day. The website doesn’t explain how long it can take for those funds to be credited back to the client’s account once sent. There is usually a waiting period of a least a few business days before banks manage to credit the funds. Fortunately, the broker’s quick processing times would help to expedite the process.

Bonuses & Promotions

Cabana Capitals was previously offering a Welcome Bonus and a New Year’s Cashback offer, but those promotions have since expired. Currently, there is a running promotion that rewards winners with a trip to Thailand, but it seems that it’s too late to win the trip before the offer expires. The lack of active promotions shouldn’t deter traders since it seems that this broker updates these offers frequently. The fact that a previous promotion was based around a holiday suggests that there will be similar opportunities in the future. If you do decide to open an account, be sure to check for any updates under the “Promotions” section of the website.

Educational & Trading Tools

Educational resources are limited to articles, which can be found under the “Education” section of the website. The broker groups those articles into separate categories based on beginner and intermediate experience levels. Beginner articles consist of forex trading basics, setting up MT4, and an explanation based on leverage. This information is limited and likely would not be detailed enough to provide all of the education that one would need.

Intermediate articles focus more on risk management, technical analysis, trading strategies, moving averages, etc. It seems that the broker has made more of an effort to provide more advanced material. This would be helpful for traders that more experienced but beginners will likely need to look elsewhere for information. The website does provide the ability to use a Copy Trader system, which allows one to copy the trades of successful and profitable Forex traders.

Demo Account

It’s possible to open a demo account by clicking on “Open Free Demo” directly from the website’s homepage, or from the live account registration page. When we tested the process, we did run into an issue where the website kept directing us to the regular login page (with no option to open a demo) if we clicked on the homepage link. Traders can bypass this issue by going to register a live account from the top of the site and then switching the option to demo.

One disadvantage of opening a demo through this broker would be the fact that accounts expire after 30 days. It’s always possible to open another account, but some traders may not want to lose any previous progress. Traders can choose from any of the live account types and select a virtual currency amount from $100 to $5K, which makes the account more personalized.

Customer Service

Contacting an agent through should be relatively easy since the broker offers support through LiveChat, email, and phone. Exact support hours aren’t specified, but the website does mention that traders will have access to customer support and services at all times. This doesn’t seem to be true for their instant support option, however, as there were no agents online when we attempted to start a chat on the weekend. This did make us a little skeptical that support would respond to emails on the weekend as well. The website does attempt to make the process convenient when support is offline, at least, since one can fill in a contact form from within the chat window. We’ve provided all of the listed contact information below.

Email: [email protected]
Phone: +44 1213681986
Address (main office): Suite 305, Griffith Corporate Tower, Beachmont, P.O. Box 1510, Kingstown, St. Vincent & the Grenadines

Countries Accepted

Listed restricted regions include the United States, Canada, Belgium, and FATF blacklisted countries. The FATF list includes several countries that are regarded as being uncooperative in the fight against money laundering. Some of those countries include the Bahamas, Israel, Philippines, Russia, Nigeria, Ukraine, Indonesia, Egypt, plus several more. Often times brokers will mention restricted countries, but still allow traders from those locations to open an account with no problem.

Cabana Capitals doesn’t actually require clients to input a country when signing up. This means it’s technically possible to open an account from anywhere, but support may deny compliance documents for those clients. The best thing to do would be to open an account and submit documents, without making a deposit until approval if you’re from one of the aforementioned locations.

Conclusion

Cabana Capitals is an online broker with leverage caps from 1:200 to 1:400 on FX pairs and CFDs on metals, commodities, and indices. This broker provides a diverse range of account types, with deposit requirements that range from $100 to $50K. The two more affordable accounts come with high starting spreads – from 2.1 and 2.6 pips. However, those that can afford an Elite or VIP account would have access to tight spreads from 0.5 and 0.2 pips. All traders will benefit from the broker’s lack of account commission fees.

Accounts can be funded through a variety of methods, deposits/withdrawals seem to be fee-free, and withdrawals are processed instantly (within 1 working day for wire transfers). The website did make it seem as though there may be a condition affecting the fee-free offer, although this isn’t specified. Support is supposedly available at all times, but we found support to be offline at the time we reached out. We had also just missed out on three active promotions at the time this article was written, but the broker does seem to provide opportunities to earn bonuses, trips, and cashback periodically.

The website provides some educational articles, but most of the effort seems to be focused on intermediate-level traders, rather than beginners. Demo accounts are available, with a 30-day expiration period. One’s experience with this broker would really depend on how possible it is to make a larger initial deposit. Traders that can afford to deposit at least $1K or more would benefit, while those that can’t be able to find better conditions elsewhere.

Forex Chief is an online foreign exchange broker that offers leveraged trading as high as 1:1000 on FX pairs and CFD’s, including metals, cash indices, and even cryptocurrencies. Primarily based in Vanuatu, the company is licensed & regulated by the Vanuatu Financial Services Commission (VFSC), with additional branches located in Switzerland, Singapore, and Nigeria. The broker features account types that are modeled after Cent accounts and Standard account types and allows traders to choose from separate pricing models and trading platforms. If you’re interested in making an investment, you’ll want to continue reading our detailed review.

Account Types

Forex Chief features four separate live account types: DirectFX, Classic+, DirectFX Cent, and Classic Cent. All accounts are available in MT4/MT5 versions. Each platform-based version of a specific account type is identical. Islamic accounts are available for the DirectFX and Classic+ account types. Each account can be opened with a $50 minimum deposit and all four live accounts allow for maximum leverage of up to 1:1000.

The primary differences come in the form of spreads and commission costs. The DirectFX account shares the same floating spreads from 0 pips with the Cent account and both accounts pay the same commission charges. The Classic+ and Classic Cent accounts share starting spreads from 0.3 pips and neither account pays commission charges. The broker mentions that the Cent accounts are perfect for beginners or professionals that want to fine-tune and test trading robots under real market conditions.

Our research revealed that the DirectFX account is almost identical to the Cent account, while the Classic+ account shares characteristics with the Classic Cent account. The only real difference between those accounts would be the total number of positions that can be opened at one time and the fact that Cent accounts are not eligible for the broker’s Welcome Bonus. We’ve provided all of those details below.

DirectFX Account (MT4 or MT5 + Islamic)
Minimum Deposit: $100 USD
Leverage: Up to 1:1000
Spread: From 0 pips (average 1.6 pips)
Minimum/Maximum Trade Sizes: 0.01/100 lots
Max. Number of open positions: Unlimited
Commission: $15 per side per 1 million USD

Classic+ Account (MT4 or MT5 + Islamic)
Minimum Deposit: $100 USD
Leverage: Up to 1:1000
Spread: From 0.3 pips (average 1.9 pips)
Minimum/Maximum Trade Sizes: 0.01/100 lots
Max. Number of open positions: Unlimited
Commission: None

DirectFX Cent Account (MT4 or MT5)
Minimum Deposit: $100 USD
Leverage: Up to 1:1000
Spread: From 0 pips (average 1.6 pips)
Minimum/Maximum Trade Sizes: 0.01/100 lots
Max. Number of open positions: 200
Commission: $15 per side per 1 million USD

Classic Cent (MT4 or MT5)
Minimum Deposit: $100 USD
Leverage: Up to 1:1000
Spread: From 0.3 pips (average 1.9 pips)
Minimum/Maximum Trade Sizes: 0.01/100 lots
Max. Number of open positions: 200
Commission: None

Platform

Forex Chief supports the world’s favorite trading platform MetaTrader 4, alongside its popular successor MetaTrader 5. Each account is available in an MT4 or MT5 version, so traders would simply need to select the account based on the platform version they would prefer. Comparing both options is difficult since MT4 and MT5 are both powerful trading platforms that come with multiple built-in features. We suppose that it could be argued that MT5 provides more options since it comes equipped with 21 timeframes, vs MT4’s 9 timeframes, plus 8 more technical indicators, and 13 more drawing tools, including the Fibonacci studies and Elliot Wave drawing tools.

Both platforms have similar execution modes. MT5 comes equipped with 6 pending order types, while MT4 only offers 4. Still, despite MT5’s advantages, MT4 remains the more preferred trading platform of the two. Regardless of which option you choose, you’ll be able to access the platform via download on PC, iOS, and Android devices (including iPod/iPad and tablets).

Leverage

Forex Chief supports an impressive leverage cap of up to 1:1000 on all of their account types. Having access to such a flexible offer provides much more opportunity than the 1:30 leverage ratio that is set by European regulators. Even when others offer higher options, maximum caps typically range from 1:100 – 1:200 or possibly even 1:300, but those options still don’t come close to Forex Chief’s offer.

Traders should be warned – using an option that is so much higher than average can result in large losses, especially if one isn’t experienced. The unusually high cap is primarily an advantage, as it allows traders to multiple their trade sizes by an insane amount. As long as one selects a leverage ratio that is based on their skill level/investment amount, then there is a real opportunity to benefit from the rare offer.

Trade Sizes

All accounts support micro tradable lots with a 100-lot maximum trade size restriction. The DirectFX/Cent account and the Classic+/Classic Cent account are almost identical. The only difference we found was the fact the DirectFX and Classic+ accounts allow an unlimited number of open orders, while the Cent and Classic Cent accounts only support 200 open and pending orders at any one time. Expert Advisors and scalping are both supported, but the website doesn’t mention hedging. Stop out occurs when the account’s margin falls to a level of 30%.

Assets

Forex Chief provides access to FX pairs, metals, energies, stock indexes, and cryptocurrencies to all account holders on both trading platforms. There are 40 currency pairs available, which include majors, minors, and a selection of exotic options. Metals are limited to the most popular instruments Gold & Silver, with no options to trade Copper, Platinum, Pallidum, etc. Energies include Brent Crude Oil, Natural Gas, and WTI Crude Oil. An additional 10 cash indices are also available. Cryptocurrency options are traded against the US dollar and the most well-known providers are offered, including Bitcoin, Bitcoin Cash, Ethereum, Litecoin, and Ripple.

Overall, traders will have access to a good variety of currency pairs and CFD’s, and the addition of crypto pairs is also a plus. It would be nice to see additional commodities and possibly bonds available, but options should be sufficient enough for most traders.

Spreads

The DirectFX account shares the same spreads with the Cent account, while the Classic+ account shares the same spreads with the Classic Cent account. Minimum spreads start from 0 pips on several FX pairs on the DirectFX and Cent accounts, with average options being much higher, at around 1.6 pips and higher. The Classic+ and Classic Cent accounts have minimum starting spreads as low as 0.3 pips and average spreads are about .3 pips higher than those on the other account types. This puts the minimum spreads at 1.9 pips, although some of the average options start from 0.7 pips and others climb to 2 pips or higher.

As usual, spreads can be much more volatile on metals, stocks, cryptocurrencies, and other instruments. Options seem to be ideal if you look at the minimum spreads, but traders will notice that average spreads do tend to climb higher than the industry’s average 1.5 pips. If you’re interested in viewing the minimum and average spreads for any certain instrument, you can do so under the “Contract Specifications” section of the website. Be sure to select the account type you’re looking for and keep in mind that the MT4/MT5 versions of each account offer the same exact spreads.

Minimum Deposit

A $100 USD deposit is required to open any of the broker’s live accounts, per the FAQ area. Note, however, that the account page lists a $50 deposit minimum, so there is some confusion in this area. It is possible to find lower options elsewhere, but we must point out that many other brokers would expect larger deposits to access different account types.

Forex Chief allows traders to make a realistic deposit in order to access any of their accounts, instead of expecting deposits in the thousands for certain accounts. Many others even ask for a $200+ deposit to access a simple Cent account. The realistic deposit amounts should make it possible for traders to choose the account that suits them best, without being limited based on affordability.

Deposit Methods & Costs

Forex Chief accepts deposits made through bank wire transfer (also including Bank SEPA transfer, Indonesia local transfer, and Nigeria local transfer), credit/debit cards, and online banking methods through Nigeria, Malaysia, Thailand, and Vietnam. Several electronic payment methods are also available, including Bitcoin, Skrill, Neteller, Advanced Cash, WebMoney, PerfectMoney, FasaPay, and QIWI wallet. Aside from bank wire, most deposits are credited instantly.

It can take 24 hours to 3 business days for funds sent through bank wire transfer to clear in the trading account, depending on the exact location of the sending bank. There is a 1.5% charge added to Bitcoin deposits, a 0.8% fee (maximum $50 USD) applied to WebMoney deposits, and a 1.99% fee charged on PerfectMoney deposits. The remaining payment methods offer fee-free deposits.

Withdrawal Methods & Costs

Conditions state that withdrawals must be processed back to the original payment method. If an account was funded by card, then the amount of the deposit must be refunded back to that card and any profits can be withdrawn through bank wire. The broker does offer a few fee-free withdrawal options, but many of the methods are charged a fee of at least 0.5% or higher. We’ve listed all of those fees below.

Bank Wire Methods: 0.1% (minimum $15 USD – maximum $50 USD) through bank wire/Bank SEPA transfers. There are no fees on Indonesian local transfer or Nigeria local transfers.
Bitcoin: 0%
Perfect Money & FasaPay: 0.5% fee
WebMoney: 0.8% (maximum $50 USD/EUR)
Skrill, Advanced Cash, & QIWI: 1% fee
Neteller: 1.9% fee
Credit/Debit Cards: 2% fee (minimum $5 USD)

Withdrawal Processing & Wait Time

It takes approximately 1 business day for the broker to finishing transferring withdrawals back to electronic payment methods (i.e. Skrill, Neteller, Bitcoin, etc.). There is a 2-7 business day waiting period for card withdrawals. It takes 2 business days for withdrawals to be processed back to Indonesia local transfer and Nigeria local transfer, 2-3 business days for Bank SEPA transfers, and 3-5 business days for regular bank wire transfers. Support is in the office from 10:00 – 17:00 (UTC), Monday – Friday.

Bonuses & Promotions

The broker is currently offering several promotions, including a 100% Welcome Bonus, Trading Credits, Turnover Bonuses, and a trading contest named “Fast Warren”. The contest is only active for two weeks, so any new traders will likely be too late to take part in the current offer. However, the broker does seem to update their offers periodically. We’ve provided details for each promotion below.

Welcome Bonus: This bonus is automatically credited at 100% on the first deposit that is made. The maximum amount that can be received is $500 USD. The bonus can only be withdrawn once the required trading turnover has been reached. This promotion is only available on the DirectFX and Classic+ accounts. Both Cent accounts are excluded.
Trading Credits: These credits can be used as equity when trading. Credits are earned at a rate of up to 50% on replenishment deposits. Traders can choose the exact credit amount, from 10% to the maximum 50% offer. The sum of all trading credits on any single account cannot exceed $20,000 USD.

Turnover Bonuses: This promotion rewards traders with weekly rewards for trading turnover. The greater the trading turnover for the target week, the higher the net bonus will be. This promotion cannot be combined on accounts with the Welcome Bonus.
Trading Contest “Fast Warren”: A two-week contest that is held on Cent accounts. Rewards are given for the biggest profit and the highest turnover. The prize fund contains $2,100 and prize money can be withdrawn at any time.

Educational & Trading Tools

Forex Chief provides multiple tools and articles under the “Analytics” and “Library” sections of their website. Educational resources tackle the history of forex trading, the first steps traders should take, a handful of articles related to trading, information based on multiple strategies (Pivot Point, Trend Finder, Fibonacci Forex Strategy, etc.), analytical reviews, economic articles, and a list of the best trading indicators.

A few helpful tools are also provided, including a schedule of main stock exchanges, interest rates, currency charts, and a trader’s calculator. We do wish that the broker would place more importance on providing entry-level information and that video tutorials, e-books, and other learning resources would be added to the website. Still, this broker does manage to provide several more options than many of its competitors. If you’re a beginner, you may have to search the web for more information.

Demo Account

It’s possible to open a demo account by simply clicking “Open Demo Account” from the top right corner of the website. From there, one would need to fill in a few quick personal details – name, country, city, phone number, and email address in order to finish registration. Forex Chief doesn’t mention whether their demo accounts expire, but we do know that these risk-free simulation accounts are one of the best educational tools out there. If you’ve never traded from a live account before, then we would highly recommend using a free demo account as a stepping-stone to getting started.

Customer Service

Forex Chief advertises 24/7 customer support as an advantage. Many other brokers offer 24/5 support at best, however, we found that this broker doesn’t actually honor the support hours that are listed, and agents aren’t in the office on weekends. Although the support hours are average, the broker also provides several different contact methods, including LiveChat, Skype, WhatsApp, Telegram, Viber, Facebook, phone, and email. This provides traders with several instant options and makes contacting support less of a hassle. We’ve listed contact methods for each office below. Traders will find links to social media support under “Contact Info” at the top of the website.

Vanuatu Office
General Questions: [email protected]
Marketing Department: [email protected]
Partnership: [email protected]
Switzerland Office
Phone: +41 44 505 1495
Email: [email protected]

Singapore Office
Phone: +65 3159 3652
Email: [email protected]
Nigeria, Ibadan & Abuja Offices
Phone Line 1 (Ibadan): +234 802 625 4508
Phone Line 2 (Ibadan): +234 907 620 9152
Email: [email protected]

Countries Accepted

Like many other regulated brokers, Forex Chief appears to ban clients located in the United States. The US is missing from the available options on the broker’s registration list, due to strict regulatory restrictions associated with the country. Fortunately, the US Virgin Islands is an option on the list and traders would be able to select this option to bypass the restriction.

Conclusion

Forex Chief is a global foreign exchange broker that is regulated by the VFSC. The company offers a significant leverage cap of up to 1:1000 on 40 FX pairs, plus CFD’s on metals, cash indices, and cryptocurrency pairs. Four account types are available, offering starting spreads from 0 – 0.3 pips, although average options are generally more in the area of 1.6 – 1.9 pips for a $100 deposit. Different pricing models are offered, where traders can use an account with higher spreads in exchange for zero commissions, or take advantage of the better spreads while paying commission costs.

Traders can also choose between the MT4 and MT5 platforms, with support for micro tradable lots. Forex Chief provides funding options through several payment providers, including bank wire, cards, and several electronic payment methods like Bitcoin, Skrill, etc. Fee-free withdrawals are offered on some local transfers and Bitcoin, but the remaining payment methods do charge commissions on withdrawals. Support representatives are available on weekdays via several instant contact methods and social media platforms, as well as through phone and email.

Forex Chief also offers several promotional offers, including a 100% Welcome Bonus, Trading Credits, Turnover Bonuses, and occasional trading contests. The website provides some educational information and tools, although this section could do with more entry-level resources. Taking everything into consideration, it could certainly be said that this broker is offering some advantages, although it would be one’s own decision as to whether those advantages make Forex Chief investment-worthy.

Global Prime is an Australian-based division of Gleneagle Securities that was founded in 2010. This online foreign exchange broker is regulated by the VFSC and provides investment options in FX, metals, and CFDs to retail, wholesale, and institutional clients. The broker’s team began as everyday traders themselves, giving them a real insight into the mindset of the average forex trader. Stay with us to find out whether those traders were able to bring better deals and conditions to the company’s ever-expanding client base.

Account Types

Global Prime offers one account type that is meant to be suitable for all traders. Islamic accounts are not available. The broker’s live account offers a leverage cap between 1:100 and 1:200, depending on approval, with a commission rate that is $7 round turn per lot. It costs $200 AUD, or the equivalent in the client’s base currency to open an account. Spreads tend to be lower than average and it is possible to earn rebates for referring others to the company, so there are some incentives that help traders save money in the long run.

Providing only one account type provides an advantage in that traders won’t have to spend endless amounts of time comparing options, although providing a perfect account type that suits beginners and experts in the same ways does seem like a tall task. We’ve highlighted some of the live account’s conditions below so that traders can decide for themselves whether those conditions seem ideal.

Global Prime Account
Minimum Deposit: $200 AUD (or equivalent)
Leverage: 1:100 to 1:200
Spread: From 0 pips
Commission: $7 per lot round turn
Minimum Trade Size: 0.01 lot

Platform

Those that decide to open an account through this broker won’t be missing out when it comes to supported trading platforms, due to the fact that Global Prime supports the highly-popular MetaTrader 4 platform. Trading on MT4 is flexible and convenient, as the platform gives users access to 3 execution modes, market orders, pending orders, stop orders, trailing stops, and tick charts. One of the platform’s strong suits would be analytical functions, including interactive charts, 9 timeframes, 23 analytical objects, and 30 technical indicators.

We haven’t even covered algorithmic trading or financial news alerts, and we could honestly spend all day detailing the vast number of features that traders will find within the platform. In a nutshell, traders simply need to know that MT4 is a powerful option that cannot be surpassed by any other option on the market. Institutional clients should note that there are additional platform options available, including Skout, TraderEvolution, Primexm, and Flextrade. These options are not available for retail clients.

Leverage

The broker’s maximum leverage cap tops out between 1:100 – 1:200. The 1:200 option seems to be reserved for those that have received special approval, so it seems that most retail clients will only be able to trade up to the 1:100 option. The broker also mentions that it is impossible to be approved for leverage higher than the 1:200 cap. Global Prime’s options aren’t exactly competitive in this category since many other brokers offer caps higher than their maximum option with no need for extra approvals.

According to their website, it seems that the broker has made the choice to impose the stricter limit in order to limit any potential losses that their clients might incur from trading with a riskier high leverage option. This is done with good intentions, but some traders would prefer to have the ability to decide that for themselves.

Trade Sizes

The Global Prime account allows for a minimum trade size of 0.01 lot (one micro lot). The maximum trade sizes are usually determined by the account’s size because the margin requirement is 1%. All trading strategies are allowed, but trading news or tick scalping is not recommended because these types of strategies do not seem to work well with the broker’s liquidity setup on MT4. The broker also imposes margin call and stop out levels to stop client funds from going into negative territory.

Once the margin call level is reached, the broker recommends that traders close off positions to free up margin or deposit additional funds to increase the amount of available margin. Once the stop out level has been reached, open positions would be closed by the system in the order of least profitable. The margin calls and stop out levels have been listed below.

Margin Call: 120%
Stop Out: 100%

Trading Costs

The broker profits through spread charges, commission fees, and swaps. Spreads tend to be lower than average on currency pairs. Commissions are charged at a rate of $7 per lot round turn, which is the equivalent of .70 cents for .1 lots, or .07 cents for one micro lot. Those costs can be negotiable for clients that trade more than 1,000 lots per month.

A swap is an interest paid or received for holding a position over rollover, which occurs at the end of the trading day. Swap rates are driven by the interbank spread and cross-currency basis and those charges are released on a weekly basis. Triple charges occur on Wednesdays on FX and metals, Thursdays for cryptocurrency CFDs, and Fridays for index and energies CFD cash products. Live swap rates can be viewed on the website. There do not appear to be any extra charges like inactivity fees, transfer fees, etc. In fact, the broker even covers deposit and withdrawal fees for their clients.

Assets

Investment categories available through this broker are divided into FX options, metals, and CFDs on cash indices. FX options are made up of more than 50 currency pairs, including majors, minors, and exotic options like the USD/TRY, USD/SEK, USD/NOK, USD/ZAR, USD/HKD, USD/SGD, and many more. The broker offers additional cryptocurrency pairs, including BCH/USD, BTC/USD, ETH/USD, LTC/USD, and XRP/USD. CFD options are made up of 12 cash indices and Crude Oil. Traders will also find the popular metals Gold and Silver available for trading.

Spreads

While the broker doesn’t advertise specific spreads alongside their account’s other conditions, they do make it extremely convenient to look at those live options under the “Spreads” section of the website. At the time we checked, we saw spreads as low as 0 pips on EURUSD and 0.1 pip on AUDUSD. The spreads on most of the currency pairs stayed within an amount that was lower than average, with many options staying at 0.8 pips or below. Spreads on CFDs could also be quite low, with several options ranging from 1-3 pips, and a few options going higher. On Crypto pairs, those spreads can be more volatile.

Minimum Deposit

Traders must deposit at least $200 AUD or the equivalent in any of the supported account currencies (AUD, USD, EUR, GBP, SGD, and CAD) in order to open a Global Prime account. This amount translates to roughly $137 USD, so the amount could be considered lower than the industry average. Most traders should be able to afford the minimum requirement to open an account, and there is no reason for traders to feel pressured to deposit larger amounts in order to gain access to better conditions with this company. These are incentives we often see with other brokers, so beginners and those with less capital will certainly benefit from the attractive conditions that are offered based on this deposit.

Deposit Methods & Costs

Deposits can be made via bank wire transfer, Poli, Visa/MasterCard, Neteller, and Bpay. Global Prime covers all of the merchant’s costs on deposits and withdrawals, which can be as high as 4% through some payment providers. Bank wire transfers are generally free unless processed by an Intermediary bank, in which case the broker would have no control over any imposed fees. Processing times can take 1-2 business days for domestic wire transfers and 3-5 business days for international transfers. Processing times are instant or up to a few hours on all of the other payment methods, with the exception of Bpay, which has a processing time of 24-48 hours.

Withdrawal Methods & Costs

All of the listed deposit methods are available for withdrawals. Funds deposited via credit/debit card would be processed back up to the original payment source, so long as the deposit was made within the last 6 months. Profits would be withdrawn back to bank wire. As we mentioned earlier, the broker happily covers the deposit and withdrawal costs that are charged by the payment providers. However, in the case that the client requests a withdrawal with no trading activity on the account, then the broker would deduct the previously covered fee amounts from the withdrawal amount.

Withdrawal Processing & Wait Time

Credit card withdrawals are processed with 24 hours and usually arrive in the client’s account within a few business days, as long as there are no delays on the bank’s behalf. Wire transfer withdrawals are usually received within 1-5 business days. Withdrawal requests that are received before 11:00 will be processed within the same business day and requests received after that time will be processed the following business day.

Bonuses & Promotions

Global Prime allows clients to take part in a Refer a Friend program. For every successful referral, the company will pay $100 AUD to the referring client. Conditions require that the referred client deposit at least the minimum deposit amount (200 AUD) into their trading account and trade 5 lots before the credit amount can be rewarded. There is a limit of 5 referrals per client per calendar year. There are no additional deposit bonuses or other opportunities at this time.

Educational & Trading Tools

Under the “Market Insights” section of the website, traders will find the following options;

• The Daily Edge
• Educational Guide
• Trading Videos

The Educational Guide covers basic fundamentals of forex trading, including guides to trading strategies, an introduction to charting patterns, and many more in-depth articles that could be helpful to traders of various skill levels. The Trading Videos category also provides traders with helpful advice that is based on the current market’s activities. Complimentary VPS is available for traders that trade more than 20 lots each calendar month.

Demo Account

Demo accounts are an invaluable tool for beginners and even expert traders that need to practice, test out a potential broker’s conditions, become acquainted with the MT4 platform, test different strategies, try different leverages, etc. The possibilities are endless, so we were more than happy to see that free demo accounts are available through this broker. There are no automatic expiration dates on demo accounts, but accounts that remain inactive for 30 days will be closed automatically.

One advantage to opening a demo through Global Prime would be the option to type in any amount for the account’s starting virtual currency amount, due to the fact that many other brokers require clients to trade with a default amount that is often too high to allow for a realistic experience. Traders will also choose their experience level when signing up for a demo. The website doesn’t explain exactly how this would affect the user’s experience.

Customer Service

Customer support can be reached 24 hours a day Monday through Friday, via LiveChat, email, direct phone call, or the website’s contact form. The company does mention that their customer support team is exceptional, so we decided to reach out over LiveChat to test the service ourselves. Not only did support greet us immediately, but a real person responded to our question about trade sizes in seconds.

Traders will also find that the broker is active across various social media platforms, including Facebook, Twitter, LinkedIn, Instagram, and even YouTube. If you decide to reach out through email, keep in mind that there are two separate email addresses listed, based on whether the client is retail or institutional. In addition to email, Global Prime can be reached via phone by calling: +612 8379 3622.

Countries Accepted

Global Prime claims that service is not available to residents of Canada, North Korea, Iran, and the United States of America. Those options are in fact listed on the registration form, but choosing one results in a pop-up message that claims that those clients will need to be redirected to globalprimefx.com for regulatory reasons. The .com version of the website seems to be exactly the same as the Australian version, and those clients will be able to register if they choose the option to register on that website.

Conclusion

Global Prime is a regulated online broker that offers leveraged trading as high as 1:200 on currency pairs (including cryptocurrency pairs), metals, and CFDs. The broker’s maximum leverage cap is only available upon approval and most retail clients will be restricted to leverage of up to 1:100. It costs $200 AUD to open an account, or about $137 USD.

Starting with the advantages, traders should note that spreads average around 0.8 pips on currency pairs, traders that deposit larger amounts of money will not be given priority over those that don’t have the means to do so, the company supports the world-famous MT4 platform, referral bonuses and educational resources are available, and there is an exceptional customer support team that can be contacted instantly on weekdays.

On the downside, there are no Islamic accounts and traders don’t have the option to choose from multiple account types, which makes it impossible to find an account through this broker that doesn’t charge commission fees. When it comes to funding, the broker offers several deposit methods and Global Prime even pays deposit and withdrawal fees charged by their merchants out of their own pockets. Withdrawals are processed within one business day and most are received within one business week. The broker supports retail, wholesale, and institutional clients, and the provided conditions seem to support many of their trader’s best interests.

TegasFX describes themselves as a true ECN/STP broker with a low-latency infrastructure, low market spreads, and a wide variety of instruments with additional options added periodically. The company remains under the regulatory authority of the Vanuatu Financial Services Commission (VFSC license #14697) with headquarters located in Vanuatu. Through their three main account types, TegasFX manages to bring some competitive trading costs and advantages, although some features that we were looking for are missing from the website entirely. If you’re in the market for a broker, you’ll definitely want to read our detailed review to find out if this broker is worthy of your investment.

Account Types

TegasFX offers three live account types; ECN/STP Standard, ECN/STP Pro, and Fix API. Islamic accounts and PAMM services are not available through the broker. The Standard and Pro accounts are for trading on the MetaTrader 4 platform, while the broker’s Fix API account operates on their own Fix API 4.4 trading platform. It costs $200-$2,000 to open an MT4-based account and the broker asks for a $5K deposit on their Fix API account. Leverage options are rather limited, at up to a 1:200 maximum cap.

All accounts offer the same spreads, which are much tighter than average. Having access to those options without the need to make a large deposit will be an advantage to many traders. The Fix API account offers slightly lower commission costs as another added advantage. This account type is aimed towards more professional traders or industrial traders, while the Standard and Pro accounts are suitable for all types of traders. The Fix API account also requires a larger trade size. We’ve provided an overview of each account type below.

Standard Account (MT4 platform)
Minimum Deposit: $200 USD
Leverage: Up to 1:200
Spread: From 0.2 pips on average
Commission: $4 USD
Minimum Trade Size: 0.01 lot

Pro Account (MT4 platform)
Minimum Deposit: $2,000 USD
Leverage: Up to 1:200
Spread: From 0.2 pips on average
Commission: $4 USD
Minimum Trade Size: 0.01 lot

Fix API Account (Fix API platform)
Minimum Deposit: $5,000 USD
Leverage: Up to 1:100
Spread: From 0.2 pips on average
Commission: $2-3.50 USD
Minimum Trade Size: 1 lot

Platform

One would either be trading from the popular MetaTrader 4 platform on mobile, PC, or browser, or the broker’s own platform, named Fix API 4.4 through TegasFX. Your platform choice will depend on which account type you’ve opened since the Standard and Pro accounts support the MT4 platform and the broker’s Fix API account supports their Fix API 4.4 platform. Many of our readers have likely heard of MT4 already. MetaTrader 4 is basically an all-in-one platform that was designed to be powerful while providing an accessible, user-friendly experience with all of the tools and features a trader could need.

Traders can also take advantage of social trading through MT4, where the trades of other’s strategies can be selected and copied on their own account. The Fix API platform seems to focus on fulfilling high-speed connectivity with no re-quotes or delays during the confirmation process. The platform supports all trading strategies and algorithms with low-latency and a negotiable commission structure. One incentive to open a Fix API-based account would be slightly lowered commission costs that are $.50 – $2 lower per side; however, traders would need to deposit at least $5K to be able to access this account.

Leverage

While this broker does offer several advantages, its leverage caps can only be considered average. On the MT4-based accounts, the maximum leverage cap goes up to 1:200 and that cap is lowered to 1:100 on the Fix API account. Some beginners and professionals may not notice the lower limitations if they are used to trading with a lower option. In fact, many traders are accustomed to using a level of 1:100 or lower because of the greater risks that are associated with using a higher option.

On the other hand, some professionals may feel that the cap is somewhat restrictive when compared to the 1:300+ options that are available through several other forex brokers. It will really come down to personal preference when deciding whether the broker’s more restrictive leverage caps will affect one’s trading strategy in a negative way.

Trade Sizes

The MT4 ECN/STP accounts support the trading of micro-lots, while the Fix API account, meant for professional and institutional traders, supports a minimum trade size of one lot. The maximum trade size is limited to 200 standard lots per trade. All trading styles are accepted, including high-frequency and high-volume trading with EAs and hedging. The broker imposes a margin call level to warn traders when their account is getting close to stop out. Reaching this level would prevent one from opening any new trades until some of the losing trades were closed out or another deposit is made. If the stop out level is reached, the system would begin to close out positions automatically to safeguard the account from going into the negative. Those limits are Margin Call/Stop Out: 100%/70%.

Trading Costs

Commission costs are calculated based on an institutional basis. For example, trading 1 lot EURUSD @ 1.10000*0.0035% = a commission cost of $3.85 USD per side. The 0.0035% notational value is equivalent to $35 per million USD traded. All math aside, standard commissions come out to about $4 per lot on the MT4 accounts and $2-$3.50 per lot on the Fix API account. The broker does provide commission discounts for high-volume traders like scalpers, EA traders, HFT traders, and MAM clients and is even willing to consider special requests on a case by case basis. If you add the commission charges with the spreads, it seems that the average cost of trading per lot comes out to about 1 pip. This means that the overall costs associated with placing a trade through this broker remain competitive, even when considering all charges.

Traders will want to keep overnight interest charges in mind as well, and there are no Islamic accounts that make it possible to avoid those charges. The long and short swap rates can be viewed on the website under “ECN/STP Trading” > “Spreads & Conditions”. Keep in mind that charges are tripled on Wednesdays in order to account for the upcoming weekend. Our research did not reveal any additional fees associated with this broker where others sometimes implement unnecessary inactivity fees and other charges. Fortunately, the broker’s Fix API platform is also free, with no maintenance or access fees.

Assets

TegasFX offers FX pairs, the precious metals Gold and Silver, commodities, and CFDs for trading. FX options consist of 36 total currency pairs, alongside the popular cryptocurrency pairs BCHUSD, BTCUSD, ETHUSD, LTCUSD, and XRPUSD. When trading commodities, traders will have a choice between Brent and Crude Oil. There are 15 total CFD options, including a few cash indices. TegasFX is missing some extra options like stocks, bonds, etc. and the number of currency pairs is somewhat limited when compared to the 50+ instruments offered by many other brokers. However, the broker does feature cryptocurrencies, which aren’t nearly as accessible elsewhere.

Spreads

Average spreads are extremely tight on several FX options, although there are exceptions where some of the spreads can climb to higher levels on certain pairs and exotic options. The lowest average spread was at 0.2 pips on the benchmark EURUSD pair. On AUDJPY, AUDUSD, CADJPY, EURCHF, EURGBP, EURJPY, GBPCHF, GBPUSD, NZDUSD, USDCAD, and USDJPY the average spreads were well below 1 pip.

Meanwhile, some of those higher spreads were listed at 30.2 pips on USDNOK, 21.2 pips on USDSEK, 27 pips on USDRUB, and etc. These average spreads are offered to all account holders, meaning that traders can access tight spreads from 0.2 pips and up with a deposit as low as $200 USD. Elsewhere, it would be nearly impossible to find an offer this low for an account that asks for less than a $5,000 deposit. Even though the spreads climb on a few specific instruments, the majority are much lower than average and even metals and commodities come with tight spreads.

Minimum Deposit

If you’re interested in one of the broker’s MT4-based platforms, you’ll need to deposit at least $200 to gain access to a Standard MT4 account. It seems unnecessary to meet the Pro account’s $2,000 USD minimum, considering that the account is exactly the same as the cheaper option. The website doesn’t list a maximum balance that can be held on each account, but it is possible that the Pro account is specifically there to hold larger amounts of funds since other conditions are identical. If you’d like to open a Fix API account, which comes with access to the lowered commissions on the Fix API 4.4 platform, then you’ll need to meet a steep $5,000 deposit requirement. Obviously, the higher asking amount may force some traders to choose an MT4-based account, even if they would prefer to trade from the Fix API platform.

Deposit Methods & Costs

Accepted deposit methods include bank wire transfer, credit/debit card, Neteller, and Bitcoin. Note that deposits are only accepted if the name on the sending account matches the client’s name on the trading account. Charges that may apply to bank wire transfers include a transaction fee (from the bank that starts the transaction), an intermediary fee (if your bank does not have a direct connection with the recipient bank), and/or a receiving bank fee. TegasFX does not charge fees on Neteller from their side, but the payment provider does charge a 3.9% fee. It takes 1-3 business days to process wire transfers, 1 business day to process card and Neteller deposits, and Bitcoin deposits are processed instantly.

Withdrawal Methods & Costs

Withdrawals can be made through bank wire transfer, Neteller, or Bitcoin. Card withdrawals are not available and Neteller would act as the method of withdrawal for those that deposited by card. The same fees that apply to deposits would apply to withdrawals as well, meaning that traders would pay bank fees for wire transfer withdrawals and 3.9% of the total withdrawal amount on Neteller withdrawals. Bitcoin withdrawals may be subject to fees from the provider, depending on the current rate of the currency. While it would be nice to see completely free withdrawals, this isn’t something that the broker is willing to offer.

Withdrawal Processing & Wait Time

The broker doesn’t specify as to whether the withdrawal timeframes are equal to the deposit timeframes. If this is the case, then traders would be able to expect to see instant processing times on Bitcoin withdrawals. It would take the broker one business day to process Neteller withdrawals and 1-3 business days to send wire transfers. Of course, wire transfers would likely incur an additional waiting period on the bank’s behalf.

Bonuses & Promotions

Aside from commission discounts for high-volume traders, there aren’t any ongoing promotions at this time and the website doesn’t suggest that this is something the broker is planning on adding in the near future. It’s always nice to see something in this category, especially welcome bonuses, deposit bonuses, no-deposit bonuses, or basically any opportunity that is helpful to those that are just getting started. Traders shouldn’t cross TegasFX off their list based on the lack of these options, due to the fact that the broker still manages to offer several other advantages.

Educational & Trading Tools

Sadly, TegasFX has nothing to offer when it comes to educational resources or trading tools. The internet can always serve a purpose to help beginners find information, but it does seem especially important for brokers to provide educational material for their clients. It’s also frustrating that there are no tools like calculators or calendars available on the website, although a quick Google search would provide websites that host these tools for free.

We aren’t impressed with the broker’s disregard of the importance of a good education, but we still wouldn’t recommend choosing another broker based on this alone. Hopefully, TegasFX will realize how helpful these resources can be and make the decision to feature some options on their website in the future. They do, however, redeem themselves somewhat by offering trading tools and services such as Copy Trading, a MAM Platform, and Fixed API trading.

Demo Account

We were surprised to find that this broker doesn’t even offer basic demo accounts on their website. Even when brokers fail to provide any additional educational resources, the majority of them still manage to provide free demo accounts as the bare minimum in education. Traders will definitely miss out on several opportunities without access to these risk-free accounts. Once again, TegasFX has failed to deliver when it comes to extra opportunities that could help to enhance their client’s experiences.

Customer Service

The broker’s customer service team is readily available to answer questions and assist clients 24 hours a day on weekdays. TegasFX provides multiple ways to reach a member of their support team, including the instant contact option LiveChat, phone, email, and a contact form on the website. As usual, we felt it was crucial to test out the website’s LiveChat option since this is typically the fastest and most preferred contact method. Our experience proved the customer support team to be efficient, and we received a response from a real person almost immediately. Traders are even given the choice between English, German, or Thai speaking agents at the start of the chat. The broker can be reached at +65 316 367 71 or via email at [email protected].

Countries Accepted

According to the broker’s website, those located in Bangladesh, Belarus, Bolivia, Cuba, Cote d’Ivoire (Ivory Coast), Democratic Republic of Congo, Ecuador, Former Liberian Regime of Charles Taylor, Iran, Kyrgyzstan, Liberia, Libya, North Korea, the Republic of Vanuatu, Singapore, Sudan, Syria, the United States of America, and Zimbabwe are prohibited from opening an account. We often find that brokers don’t actually uphold claims about restricted countries, so we weren’t surprised to find all of these options listed on the sign-up list. The website allowed us to register an account from our US-based office with no issues, which made us draw the conclusion that none of the aforementioned restrictions are upheld. This is a great advantage for those that are located in a country that is commonly blacklisted due to regulatory issues.

Conclusion

TegasFX offers leveraged trading of up to 1:200 on FX options and CFD’s, including a handful of cryptocurrency pairs. Traders would be able to choose from two MT4-based account types from $200, or an account that operates on the broker’s Fix API platform for a $5,000 USD minimum deposit.

One of the broker’s primary advantages would be the low trading costs that are offered to all traders, regardless of account type. The average cost per lot comes out to about 1 pip, while the industry average is at 1.5 pips or above. Accounts can be funded through bank wire, card, Neteller, and Bitcoin, but the broker doesn’t allow card withdrawals and it is impossible to withdraw funds through this broker without being charged a fee by the payment providers.

We found the broker’s customer support team to be readily available to answer any questions and traders are able to reach out to an agent instantly using the website’s LiveChat feature. Our final conclusion is that this broker keeps its promise to provide traders with the best possible trading environment, minus some of the extra options we were looking for, like promotional offers, demo accounts, and other educational resources.

This is a Chinese capital brand that is established in London in 2013. Not much is know about this broker except that the company behind the brand is obscured. There are no regulation about and no physical address in Londo for the company IMS FX. The website does not hold all the certificates so the connection will be classified as “not secure”. The broker received some rewards and is present in exhibitions in China. Furthermore, the IMS FX name is absent on many benchmark sites meaning the broker is not popular at all.

This aside, we can see a well-designed website with a good structure and solid information on trading conditions. There is a lot of “empty” content without any backup with proven data or facts. Most of it is commonly used phrases among brokers that do not have a lot to show. Awards are listed but are not from any reputable organization. Under the “Regulation and License” there is no mention of any authority just funds segregation and safety. MetaTrader 4 license is preserved meaning is was obtained before MetaQuotes decision to discontinue new MT4 licenses in 2018. This IMS FX review will bring you closer to what this broker has to offer and if the quality of service matches your requirements.

Account Types

IMS FX offers 3 account types that are scaled by the minimum deposit requirement. The most affordable Standard Account has a reduced asset range and the least favorable spreads. It is described as a comprehensive trading experience for an experienced trader. There are no “special services” for this account but we have noticed the highest allowed leverage. Interestingly, the broker states over 100 currency pairs available and precious metals. We will check this statement in the Assets section. There is a comparison table for the account types although some information could be added for better transparency.

Premium Account is next in a tier requiring a very steep deposit requirement. Traders will enjoy better spreads, more tradeable assets and “Professional account manager service 24/7”. Finally, the GTS Account requires an even bigger minimum deposit and features the lowest spreads among the accounts. It is described as the loyalty account and as thanks to supporters of IMS FX. Profits made will be partly shared for charity in China. Additional instruments are available such as CFD stocks for this Account.

There is a downloadable Excel table for more details about the accounts that will show the margin calls, leverage, trade sizes, minimum deposit requirements and more. USD, GBP, and EUR can be set as an account currency. EAs and other trading tools and strategies are not prohibited.

Platforms

IMS FX is MetaTrader 4 platform broker only. MT4 is available for Windows, Mac and smart devices running on Android or iOS. Web MT4 is also supported without the need to download or install any packages. The installer will show the IMS FX Ltd company and will download the files form the MetaQuotes server. We had two servers available, IMSFX Demo and Live. The Demo server is slower than the Live with 212ms and 40ms respectively. Everything is by default settings, the classic 4 charts are set to major forex currency pairs on the H1 timeframe with default indicators on them.

One-click trading buttons are visible and the about window shows IMS FX Ltd company and the latest version of MT4 client. There are no additional indicators available in the package and no other templates than default ones. Symbols list is organized neatly for each asset category and dividing the forex family into majors, minors, and exotics. Upon further inspection, we have found only GBP/CHF under the Exotics group which is not logical. Under the Gold group are also other precious metals meaning the broker did not pay attention to categorization.

The instrument specifications show enough trading information. The Terminal window is showing the swaps correctly and 0 commissions since IMS FX is not charging them. We went on with the order execution and found that some assets in the exotics range are having liquidity problems, off quotes warning was constant. The execution time where liquidity allowed is 279ms on average, with great consistency, rarely going above 286ms. EAs and other trading methods are not restricted but know that the total amount of open trades are limited to 100.

Leverage

The Leverage is adjusted to balance and certain assets. IMS FX excel table states leverage up to 1:500 for the Standard Account and Precious metals at 1:100 fixed. We have confirmed this in the MT4 platform, even the exotic currency pairs have 1:500 and the spot Gold and the rest of precious metals are at 1:100. For Indexes, it is not stated but our reading shows the leverage is 1:20. This leverage is also correct in the instrument specification window in MT4.

Premium Account leverage is reduced to 1:200 fo Forex, 1:50 for Precious metals and 1:20 for Indexes. The best GTS Account has further reduced leverage to 1:100, Precious metals also 1:100 and 1:20 for other CFD assets.

Trade Sizes

Trade sizes are in micro-lots for the Standard Account even though the specification table mentions 0.1 lot minimum trade size. All Forex assets have 0.01 minimum, 0.01 lots step size and 100 lots maximum trade size. Notably, the Stops Level size is not marginal, especially for selected currency pairs. For EUR/USD and other majors, it is set to 5 pips. For some reason, EUR/AUD has a lower Stops level – 2 pips. GBP/CHF, for example, has 8 pips, but AUD/NZD has a very unfavorable 20 pips Stop level. Exotics can have 80 pips like for the GBP/DKK up to 800.

Precious metals do not have extreme values like this and are set to 5 pips. Indexes are set to 2 pips Stops level. For those not familiar with the Stop Level, it is a spread zone around the bid/ask price that denies placement of pending orders like Stop Loss and Take Profit. Trade sizes for Premium and GTS Accounts are increased to 0.1 lots minimum trade size. As for the Margin call and Stop out levels they are set to 100% and 40% for all accounts.

Trading Costs

IMS FX does not charge any commissions, swaps and spreads are the only trading costs. Swaps are calculated in points and tripled on Wednesdays. They are under normal levels for the industry and with frequent positive figures on one trading side. Such is for the most traded currency pair, EUR/USD at -5.07 points on the long side and a positive 0.8 points on the short. GBP/USD swap is even more neutral with -0.52 on the long and 0 on the short. USD/JPY has 0.62 points on the long and -4.43 for short. In the range of the minor pairs, the AUD/NZD swap is very friendly with -3.81 for long and 0.29 for short, EUR/CAD -4.09 points on long and 1.86 points for short.

Moving to the exotics range, a notable swap is with the USD/RUB, just -6.49 points for long and a positive 2.94 on the short, this is one of the lowest swaps in the industry. USD/ZAR has -15.56 points on the long and 6.51 points for shorting this pair. We have expected the biggest swap to be with the USD/MXN with just-23.2 on the long side and 8.58 on the short, but it was for the GBP/SEK with -43.03 points on the long and a positive 22.89 on the short. For spot Gold the swap is again very low with -2.15 on the long and -0.81 on short, both sides have negative swaps but are still attractive for longer-term strategies. Palladium also has a very low swap, -2.15 on the long and -0.81 for short, a marginal amount considering how much this metal price moves. No other trading costs exist.

Assets

IMS FX does not have extensive instruments range overall but one particular category is one of the best offers in the industry. The Forex category is promoted as having over 100 currency pairs. In the MT4 platform, we have counted a total of 66. Now even this number is higher than what we see normally. All majors, minors, and crosses are listed, while the exotics range is showing some hard to find currency pairs. These are, for example, ZAR/JPY, SEK/JPY, and CHF/SGD. Other more common exotics include EUR, GBP, USD/TRY, EUR, USD/ZAR, EUR, USD/CNH, USD/HKD, USD, EUR/HUF, USD/RUB, EUR, USD/PLN, many Scandinavian currencies combinations with the GBP, EUR, and USD, and more. This range has some assets that are not liquid enough for trading, giving off-quotes warning but it is still great for any Forex enthusiast.

The precious metals trading range is extended. It does not only comprises all of the 4 main trading metals such as Gold, Silver, Palladium, and Platinum but IMS FX also has some quoted in EUR. You can find XAU/USD, EUR and Silver XAG/USD, EUR. XPT and XPD are against the USD only. Like with the forex range, precious metals go a step more than just having all four metals. Unfortunately, Palladium and Platinum are showing the off-quotes warning. Indexes range is also very good but it is limited to Platinum and GTS Account. A total of 13 Indexes are listed, less common ones are AUS 200, Swiss 20, Spain 30, Hong Kong 50, and Russ 200. Commodities range is limited to energies only, and it closes up the instruments range IMS FX offers. Traders will find both Oil types listed, Brent and WTI with the addition of Natural Gas. Liquidity problems are present with these assets too.

Spreads

All spreads with IMS FX are a floating type and scaled with the accounts offer. The most affordable Standard Account is advertised as having 1.7 pips average spread for the EUR/USD. Our reading from the MT4 showed 14 points. GBP/USD has 2.8 pips according to the spread table and MT4 has 23 points, while USD/JPY is 1.9 pips and 16 points from MT4. We can confirm that the broker downloadable spreads table comparison for all assets is not exaggerating any spreads and holds. The wides spread among the non-exotics is for the GBP/NZD pair with 4 pips per table and from our reading, it was 34 points in the MT4.

In the exotics range the spread is very tight. USD/MXN has an amazing 34 points spread, USD/TRY with 255 points, USD/HUF 16 points but off-quotes warning (much lower than the table 164.1 pips), EUR/CZK also with 16 points but off-quotes, and the widest spread is for the USD/RUB with 33500 points (this currency pair is not present in IMS FX table). Spot Gold spread is very competitive with 3.9 pips in the table and 36 points in MT4 while Palladium and Platinum are off quotes and do not represent real value spreads.
By looking at the spread, we can say that the Premium Account features 10 to 30% tighter spreads and the GTS Account 30 to 50% then the Standard Account.

Minimum Deposit

The minimum deposit is set in such a way that the Standard Account would be the only choice for the majority of traders, at least for the beginning. Standard Account requires $200 or currency equivalent minimum deposit. Premium Account sets this barrier to $10,000 and the GTS requires no less than $20,000.

Deposit Methods & Costs

IMS FX offers only two deposit channels, Bank Cards and Bank Transfer. The broker will not charge any fees for deposits but clients should be aware of the fees charged by third parties. Credit/Debit Card processing time is completed in one hour during the broker working time. For Bank transfers, once the transaction is completed and received into the broker’s bank, a trader should see the funds in the trading account within one hour.
Outside business hours, it is possible that funds are not reflected until the next working day.

Withdrawal Methods & Costs

There are no fees charged by IMS FX. Withdrawal methods are the same as with deposits, Credit/Debit Cards, and Bank Transfers.

Withdrawal Processing & Wait Time

Processing is done during the broker working time, from 9 am to 6 pm. Bank Transfers will require 3 to 5 working days to complete. Credit/Debit Card reflection time takes longer, 5 to 7 days.

Bonuses & Promotions

The broker does not offer any bonuses or promotions program. Introducing Brokers and White Label programs are present.

Educational & Trading Tools

IMS FX has two sections under the Academy tab on their website. Analysis and Educational center. The analysis section is not updated since May 2019. The content is in the Chinese language. The content is easy to read with basic information on the markets around the world across different categories. It has some visuals with commonly used indicators like the RSI and Moving Averages.

The broker states that they provide multiple education materials including basic courses and educational videos to meet different needs. The Educational Center contains several important elementals about trading organized as quick questions. There are a total of 15 questions, covering some trading terminology and trading basics, for example, “Risk Management”, “What is a pip”, “What is Margin”, “Stop-Loss types” and so on. Material quality is good but not enough for serious engagement.

Customer Service

The broker can be contacted by phone line, email, and chat. We have not been able to find anyone on chat for more than 48 hours, therefore, we assume it is out of service. The phone line is not working and the actual number belongs to another company.

Demo Account

The demo can be opened directly through the MT4 platform. The maximum virtual funds amount is limited to 10,000. If you want to open a demo vie the IMS FX website you will need to receive a code to your phone. This method is usually used to have a real client’s phone and it can be used for sales and can be shared with other parties. This can be avoided with online SMS services if you want to protect your privacy. The demo account will reflect actual trading conditions although the server response rate is faster with Live account.

Countries Accepted

IMS FX does not publish this information. Based on the country selection list, the broker does not look like to filter any country. The phone is required and a verification code will be sent as an SMS. Based on the country list for the phone number, we can say the broker accepts clients from Hong Kong, Macao, Taiwan, UK, UAE, New Zealand, Germany, France, Russia, Thailand, Canada, Australia, Nepal, Mexico, Saudi Arabia, Singapore, Malaysia, and mainland China.

Conclusion

This section of the IMS FX review will conclude the overall impression and add some more information not mentioned above. It is evident that the broker is not fully developed and focused mostly on the Chinese market. The Forex range is great but the lack of support and other supportive tools is a major drawback. Even the extensive, empty marketing and good transparency about trading conditions cannot cover the lack of regulation, ambiguity, location, safety, or liquidity.

Some of the off-quote assets are the reason alone for serious traders to forget about this broker if they pass the webpage presentation. The website tries to use features as an advantage where it is considered a standard in the industry. For example, a “POSITIVE BALANCE” GUARANTEE” is just negative balance protection or under “Funds Safety” the negative balance protection is promoted again just using other words. Upon further inspection of the physical address in London, we have found another Chinese company not related to the brokerage industry.

IMS FX is on the road to offer good trading conditions but as of right now the main issues are the support, image/popularity, regulation, better company transparency, and better overall presentation.

Fast FX is a broker with no regulation and not registered on any address. There are no records about the company names mentioned in the Terms and Conditions such as “Fast FX Trading Ltd Intershore Chambers, Road Town, Tortola, BVI” or FASTFX LTD. Some information points to 2003 when the broker was active, but this information is not confirmed. Right from the start, you will be welcomed by a well-designed website with nice design and good quality content for promoting Forex to beginners, but experienced traders will recognize hollow phrases without any backup.

Fast FX promotes itself as an innovator, globally present, owner of several proprietary platforms, hedge fund managers, and other superlatives that do not have any references. Transparency is also an issue, limited information can be obtained from the website about the trading conditions too. On the scene, Fast FX brand has a bad reputation, but also marginal attention from user benchmark sites. The website gives an impression of dedicated and professional service, but this fades away very quickly once you contact their support. If we set these issues aside, the highlights of this broker are cryptocurrency trading and bonuses. This Fast FX review will preview the issues in greater detail, what services they promote and if all if they are worth your time and investment.

Account Types

Brokers like Fast FX are known to frequently change their account packages and conditions. Currently, 4 account types differentiate by the minimum deposit and spreads. All other presented differences are the same. All accounts feature unlimited leverage and no commissions. Starting with the Mini Account, the minimum deposit is affordable to most but ahs the least favorable spreads compared to other accounts. Classic Account steps up the minimum requirement to a more serious level and offers negligible better spreads than the Mini Account.

Standard and Pro Accounts both have minimum deposit requirements that are probably not what most are willing to risk with this broker category. More details are seen in the Platform section where it is stated that the execution model is NDD, no restrictions on Expert Advisors (MT5/4 automated trading algorithms), hedging or scalping trading strategies. There is no other information about the accounts apart that they are available in USD or EUR.

Note that there are different account specifications in the Members Area once you register. Spreads and leverage values promoted for all 4 account types are different. More details on this issue in sections below.

Platforms

Fast FX is offering only MetaTrader 5 platform. There is no mention of any other platforms mentioned in the Terms and Conditions legal document. Links for the MT5 platform download are available but the web-accessible MT5 version is not implemented, so visitors will have to download and install the platform to see the conditions. Operation systems supported are Windows, Mac, and for smart devices running on iOS and Android. Some of the MT5 platform features are copied from MetaQuotes as the feature of having “more than 1000 servers of various forex brokers available” is not something to be presented by a broker.

Upon the standard installation, the MT5 client gives us only one server with a great ping rate of just 26ms. After some delay, all four default charts receive data from the server and show the default timeframes and indicators on the major Forex currency pairs. There are no additional templates or indicators inserted. One-click trading buttons are visible on all charts. The About window shows us the latest version of the client and registration to Fast FX Trading Technologies Limited located at Intershore Chambers, Road Town, Tortola, BVI. Symbols are very well organized into respective groups that are correctly named.

All assets are correctly put and it is noticeable that most non-forex instruments are CFD futures. Some of them may have confusing symbols but a description is provided. The Specification window is not showing any information related to swaps, and this may be of concern. All else is presented, and as Fast FX does not have commissions, they are absent from the specification. The execution time is also extremely good with just 28ms execution with no deviations bigger than 1 ms. On some occasions around the day session ending, liquidity problems may arise and off quotes warning may pop up. These conditions are only possible close to or unloaded servers. The Company tab in the Toolbox module is referring to the MQL5 website, not Fast FX.

Leverage

The broker promotes unlimited leverage for all account types on the website, although what we see in the Members Area are different values. For the Mini and Classic Account the maximum leverage offered is 1:500 while for the Standard is 1:300. The Pro Account has leverage set to only 1:10. What we have experienced in the MT5 platform is the maximum leverage 1:200 where it should be 1:500 as selected. More surprising is the spot Gold against the USD with no leverage and the specification does not show this.

Trade Sizes

The minimum trading size volume for all Forex assets is in micro-lots or 0.01 lot. Additional steps are also 0.01 lots while the maximum trade size volume is 20 lots. Spot Precious Metals have the same sizing setup while other assets, specifically CFD futures on commodities, indexes, metals, and currencies have different sizing. Gold and Silver futures CFDs have 0.1 lot minimum trade volume size and 20 lots maximum. Oil futures have 0.1 lot minimum and 10 lots and Indexes have 0.1 lot minimum and 10 lots maximum trade size volume. Currency futures have the same setup as Stocks.

As for the Stops level for Forex instruments, it is set to 30 points, the same is for Gold and Silver. For CFD futures Stops level vary, from 0 to extreme levels. Those under extreme are Crude Oil futures with 250 points and all NASDAQ Index instruments with 300 points. There is no information about the Margin Call or Stop Out levels. Also, note that the futures CFDs may have different contract sizes than usual.

Trading Costs

Fast FX does not charge commissions, and every account presentation source does not include them. Swaps are not disclosed on the website or the MT5 platform. The rollover fee is mentioned in the Terms and Conditions document and it is charged in a very unusual way. To quote, “If there are not sufficient funds in your free balance, we may deduct such Fee directly from your credit card (the minimum charge being 3.00 USD, but this may vary). If you are using another method of payment, and we are unable to collect the Rolling Fee, we may close a part, or all, your open positions.”

Fast FX “renewal fee” or “Rollover” is actually a Swap as described in their document. We have never encountered this way of charging for a swap. The inactivity fee is also stated in the T&A document. If no trading is done within 6 months a $250 will be deducted from the account. This time credit card charge is not mentioned.

Assets

In the MT5 platform, we have encountered Forex, Precious Metals on spot and as futures, Index futures, currency futures, and Oil futures CFD. Forex range is average with 32 total currency pairs. In this class, Dollar Index is also included although it is indicative only and closed for trading. All majors and crosses are listed. Exotics are limited to a few pairs, they are USD/TRY, USD/CNH, and USD/ZAR. In addition to these, there are also futures on the Euro, GBP, NZD and so on.

Precious metals are limited to spot Gol and Silver quoted in USD but also two futures for these metals. Index range is all future CFDs with just 5 different Indexes not counting the mini versions. All of the Indexes are major ones. As for the commodities, there is only Crude Oil futures CFD. Brent is not listed according to the MT5.

Spreads

Fast FX has inconsistent statements on the website and in the Members Area about the spreads. They are a floating type for certain. We will use all sources and present what is actually in the MT5 platform. Micro Account has spread from 2.5 pips, Mini from 2.2 pips, Standard from 1.5 pips and Pro from 1 pip. When opening a real account you will be given the same account types but with different conditions. For the Micro Account, the spread is from 3.5 pips, Mini from 2.1 pips, Standard from 1.8 and Pro Account from 0.8 pips.

Now, what we encounter in the MT5 is 3.3 pips for the EUR/USD, 5 pips for the GBP/USD, 3.6 pips for USD/JPY and 5.4 pips for USD/CHF. Other non-exotic pairs are around 5 to 6 pips, GBP/AUD having the widest at 10.3 pips. Exotics spread is 1051 points for the USD/TRY, 80 points for the USD/CNH and the widest spread is for the USD/ZAR with 1104 points. For the spot Gold against the USD the spread is 62 pips and for Silver 55.

Minimum Deposit

The minimum deposit for the most affordable Micro Account is $100. For the Classic the minimum jumps to $1000. Standard Account minimum deposit is $5000 while for the Pro is $10,000.

Deposit Methods & Costs

In the Members area, there are no Bank cards or wire transfer options. This means Fast FX does not have a payment processor or a bank account. Among other options presented are Bitcoin, Netteler, Skrill, WebMoney, Perfect Money and Pallapay. None of these methods work. As for the costs, Fast FX states that any costs that arise form deposit transfers will be compensated by the broker.

Withdrawal Methods & Costs

Fast FX members area has an integrated E-wallet. The purpose of this e-wallet is probably as an intermediary for transfer between accounts. Other methods presented are Skrill, Neteller, and Bitcoin. Interestingly, on the website, only Visa and MasterCards are presented as available options. There are no commissions for withdrawals.

Withdrawal Processing & Wait Time

The withdrawal processing time is 24 hours for all methods on the website, which is for the VISA and MasterCard, but no information is disclosed for other methods.

Bonuses & Promotions

Fast FX offers two bonuses called Welcome Bonus and Deposit Bonus.
The Welcome bonus is a $50 non-withdrawable bonus on top of a deposit for new clients. Therefore, this type of bonus acts as a margin extension used for trading only. The Deposit bonus is the same type of non-withdrawable bonus but it is 10% of the deposit amount and up to $5000. These types of bonuses have more value for the broker’s sales team pitch used on beginners than in practice. Actually, some dishonest brokers use the bonus terms to lockout funds from withdrawal until a considerable amount of trading volume is met.

Educational & Trading Tools

Fast FX has two menus with educational related content, Forex News and Forex Education. Even so, these resources do provide free market analysis. Both of these are links to the forexlive.com media website and none is by Fast FX. Economic Calendar exists only as an empty page.

Customer Service

The broker has published some phone lines that are VOIP and not receiving calls. Other channels presented are website chat app, Skype, WhatsApp, Facebook, and Twitter. WhatsApp and Skype are dead links while Twitter account does not have any content. Facebook’s last post is from October 2019 and does not respond to our messages. The chat app on the Fast FX website is on the side and always popping with a script message that they are online and ready to help. The staff did not take long to answer us but we have not received any kind of answers to our questions.

Instead, we were asked for a phone number, email, and name. They were reluctant to give their number for a call nor did they want to answer any questions about trading and regulation. This practice is typical for gray area brokers that exploit this information for sales, manipulation and sharing your information as a lead for other parties. These databases are then sold to other grey area brokers that try to get to your funds. Often, the sales managers presenting themselves as Account Managers or similar will ask for your credit card data.

Demo Account

The demo account link does not work on the registration step. But once registered you can make one form the Members Area. The demo will have $10,000 virtual funds and a leverage setting. The demo can be opened directly from the MT5 platform too, with up to 100,000 virtual funds. We cannot confirm that it reflects actual trading conditions as much information is missing.

Countries Accepted

According to the info published on the Fast FX website, the broker does not offer services in the United States of America, Canada, Japan, Cuba, Israel, The Islamic Republic of Iran, North Korea, Yemen, Palestine, Sudan, and Syria.

Conclusion

To conclude this Fast FX review we will provide some additional information. There are so many issues with this broker only completely unfamiliar visitors can be lured into extremely risky business with Fast FX. The website looks good enough to leave a positive impression on the unaware and these are Fast FX’s target clients. Under the surface of the website template, there is a plethora of plain evidence of a gray area broker.

Staring with the fake proprietary platform claims, fake promotional and inconsistent trading information, total company info obscurity, very strange and unprofessionally written legal documents, withdrawal and deposit problems, no bank account, unprofessional and aggressive staff and many more. Not much more is needed to say about Fast FX except to turn away, fast, and find much better, legit and regulated brokers on the scene.

Larson & Holz is established in 2004 from a group of traders and is regarded as a veteran in the industry using a fast expansion franchise model to cover a wide market presence. Looking at the company history that is transparently published and organized by years, one can notice the aggressive effort to have partnership networks, a large number of clients, social network presence and multiple forms of promotion through awards, bonuses, affiliates and so on.

Still, it is interesting how the broker that is this old and expanded does not receive attention from user benchmark sites, as no rating is given by users. On the other hand, It is also interesting that the broker is offering multiple trading, Binary Options since 2016 and retail CFDs. Whatsmore, Larson&Holz uses two types of business models, Non-Dealing Desk and Dealing desk, and both can be selected on the website.

In 2019 the broker has introduced the MetaTrader 5 platform and it is taking over the older MT4, after the 1st of February, 2020, the MT4 will cease to be operational. No new clients can register for the popular MT4 platform. Even though the MT5 is more advanced, most of the traders think that the benefits it offers cannot compensate for the vast availability of EAs and indicators coded for the MT4. Larson&Holz will not be able to renew its MT4 platform license.

The website design is not very good for orientation, mostly because there are too many selections and menu options that are completely overhauled when you switch from the DD to the NDD. It would seem like you have a new broker, features and conditions. There is also another domain, lh-crypto.com where cryptocurrency trading is offered. As for the regulation, Larson&Holz does not directly promote it, using the network of representatives that act according to the franchises license, the regulation applied is from the client’s country of registration. By looking at the trader list for the contest, one can see that the majority of registrations come from the former Soviet Union block.

The Larson & Holz review that follows will give you a better overview of what this FX broker provides and help you to understand if it will be able to meet your needs.

Account Types

Larson&Holz has 3 service sections, for CFD trading using the DD and NDD model and for Binary Options trading. Each has different trading conditions and requirements. We will focus only on CFD trading accounts on both models.

Classic Dealing Desk account offered on lh-broker.com (the address will change if you switch to NDD) is described as having a guaranteed execution of the pending orders and also controlled spreads during the high volatility periods. The broker even states that the maximum is capped to 5 to 7pips. Interestingly the disadvantages are also stated, Classic account has slower execution and wider spreads than the NDD account. It is suitable for beginners and traders doing a few trades per day. Classic accounts are diversified into 3 service classes, Start, Standard, and Pro. The commissions, leverage, swap, bonus availability, assets range, and interest rates are scaled to the account funds amount.

Starting from $1000, traders will have some bonus options, interest rate, and only Forex assets while from $10,000 they will have Forex and Equities range, better interest rates, commissions, more bonuses, and lower leverage. Furthermore, the commission is reduced also by increasing the trading volume. This structure could be overcomplicated when trying to select an account, especially for beginners.

Start class has the lowest minimum deposit requirement, promoted with no requotes feature and competitive spreads for major currency pairs. The account class is also described as “for strategies testing”. By looking at the specifications table, traders will see that Start class accounts will have the least favorable spreads and commissions, but trade sizes are in micro-lots.

Standard class is described as a “service for aggressive trading”, but it is not stated why as the conditions are not better execution or spread-wise. The account will offer Stocks, Commodities and Forex instruments interest of up to 5% per annum and require a higher minimum deposit.

Pro class, formerly called Safe, is described as “for conservative trading”. This class requires the highest deposit and interest rate of up to 10% per annum. Some of the details in the account specification tables are not logical and it could be that it is not updated. Based on this, traders will have to confirm the information from the website with Larson&Holz.

The Contest account present on the menu is not a separate classification. It is just has a promotional function since traders that have real accounts with more than $100 balance are automatically included in the monthly contest. The Non-deposit accounts participate in the contest after funding the real account. The total prize pool is usually more than $10,000 and it is distributed according to the profit gain. More on this contest in the Bonuses and Promotions section.

The mentioned Non-Deposit account is not available at the moment of writing this Larson&Holz review. According to the past data, it is designed as a time-limited, non-withdrawable bonus that is enabling traders to generate profits and withdraw them. Additionally, the bonus could be reset 3 times.

NDD/ECN accounts have a specially dedicated site ecn.lh-broker.com. Traders will have similar 3 accounts like with the Classic DD service, Safe, Standard, and No Deposit Account which is suspended currently. The description is the same as with the classic accounts, Standard is for aggressive trading, Safe for long term traders and Start features micro-lot trading. Notable is the difference about the swap, Safe accounts do not have swap rates at all. There are a lot of 404 pages about certain trading conditions and the NDD website feels unfinished.

Note that based on the table overlook, the account classifications are just for presentation purposes and the actual conditions on any account depend on the account balance size/deposit amount, and trading volume. What makes Larson&Holz offer unique is the monthly interest rate on free margin credited with compound, if a trader makes 1 lot trading volume. Interest rate amount will depend on the balance size and, for example, accounts with balance above $100,000 have 10% per annum, above $50,000 – 5%, above $25,000 is 4% and so on until the minimum of $1000 which allows 1% interest rate.

Platforms

Since 2020 Larson&Holz does not offer any other platform except the MetaTrader 5 for CFD trading. MetaTrader 5 platform seems still offline for new registrations and we could not test it. Also, some MT5 platform pages show 404 error signaling the broker is still making changes.

Leverage

The maximum leverage may depend on the registration country but the maximum stated is 1:500. Larson&Holz use the so-called dynamic leverage adjustment so once a trader’s balance exceeds $1000 the leverage is reduced to 1:200. Above $10,000 the leverage is 1:100 and from $100,000 it is capped to 1:50. EU regulated clients do not have leverage higher than 1:30.

Note that there is conflicting information in the specifications page where maximum leverage is set to 1:100 for Forex, 1:10 for CFD stocks, and 1:50 for Commodities. Traders will have to check with the broker about specifics as currently there are too many inconsistencies.

Trade Sizes

Trade sizes are set to differ between Start, Standard and Pro service class. Start accounts are the only that have micro-lots trade sizes or 0.01 lots. Standard minimum trade size is increased to 0.1 lots and Pro is set to no less than 1 lot according to the published table. There is also a defined Freeze level, meaning any modification, deletion, or closing the orders is denied until the price moves away by a certain amount of pips from the order opening price. A Margin Call is set to 20%.

Trading Costs

Larson&Holz charges a commission that is affected by trading volume, balance size and also on other factors like affiliates, promo codes, etc. The NDD/ECN accounts commissions are from $6 to $12 per standard lot traded. To reach the $6 commission a trader will need to execute more than 10,000 lots per month. As for the swaps they are tripled on Thursdays and it is fixed to 1.0 pips for all instruments and all accounts.

Commissions for the Classic DD accounts the commission is based on the class selection. Start class commission is 0.0089% up to 0.0178% for exotics and some other Forex currency pairs. For stocks CFDs is it 0.05% and 0.035% for Commodities. Standard is stated to have 0.008% to 0.016% for Forex assets, and 0.0315% on Commodities. Pro has the lowest commissions, 0.0062% to 0.0125% for Forex, 0.035% on stocks CFDs and 0.0245% commission on Commodities.

The broker may charge from 25$ to 100$ penalty for every month of non-activity on your account of at least 3 lots for 6 months in a row. If your balance is above $2500 no fee will be charged.

Assets

According to the Larson&Holz published table and accounts, all tradeable instruments are only available for accounts above $25,000 while others could be limited to Forex. This unnecessary complexity is further questioning the reliability of this information. There are a total of 24 Forex currency pairs, all majors and minors are present. From the exotics, the most interesting pairs are USD/HKD, USD/RUB, USD/PLN, and USD/MXN.

The stock range is average featuring a total of 75 companies. Most of these are world majors and diversified enough across industries. Precious metals are not just limited to the standard spot Gold and Silver. Aside from these, traders will find Platinum against the USD.

Commodities range is very good and competitive with many other brokers. A total of 10 instruments are listed including both Oil types, Brent and WTI. Natural Gas is also added in the energy class and other commodities are Rice, Coffee, Wheat, Soybeans, and Corn.
Indexes are present but not open for trading. On the list are S&P 500 and Dow Jones.
Note that the Larson&Holz also offer cryptocurrencies and other instruments on their crypto dedicated domain.

Spreads

Spreads are promoted as starting from 0 pips. They can be floating and fixed according to the broker statements. The average daily spread is about 1,6 – 2,1 points for majors Forex currency pairs and 4,0 – 5,0 pips for crosses. On the NDD ECN pages, the spreads are also presented from 0 pips and can be reduced with trading volume. By looking at the specifics, readers will be very confused. It is not certain at what time the spreads are fixed and what is the real spread value.

A helpful table can be opened from the homepage of the Larson&Holz website. The table will show the average spread for each asset during the last 24h and also how many seconds the spread was zero. The EUR/USD spread is from 1.13 pips to 2.14, USD/JPY from 1.4 to 2.5 pips, AUD/USD from 1.49 to 2.44, USD/CHF from 1.45 to 5.56, and GBP/USD from 1.80 to 4.30 pips on average. Spot Gold against the USD spread starts from 27.6 pips to 35.0 and for Silver, it is 7.5 to 11.2 pips.

Minimum Deposit

Similarly like with the other information, the minimum deposit is stated at $25 for the Start service but on other pages, it is $250. Traders will have to ask for the latest update on the deposit policy to be certain. On the NDD ECN website, the minimum stated NDD account balance required for trading is $300.

Deposit Methods & Costs

The broker notifies that any commission charged for the deposits will be compensated so traders will have no costs for deposits. Deposits can be made via local Bank Transfers with the commission of $30, VISA, MasterCard, Vload eVoucher, WeChat Pay, Alipay, Easy Pay, PerfectMoney, and Skrill.

Withdrawal Methods & Costs

The minimum amount for a withdrawal is $100. Funds are transferred to the same source from funds that were deposited. A minimum trading volume of 3 lots is required for withdrawal without any penalty fees. The methods available are the same as with the deposits but with commissions. For local Bank Transfers, it is $30, 2.75% for Credit Cards and Skrill, 6% for Vload eVoucher, WeChat Pay, Alipay, and Easy Pay, while PerfecMoney has a commission of 1% and $300 maximum withdrawal amount. In case you want to close your account without executing 3 lots of volume, Larson&Holz may charge from 25 to 100 USD penalty.

Withdrawal Processing & Wait Time

The withdrawals are processed in 24 hours except for the local Bank Transfers that require 2 to 3 working days. Withdrawals are made within the client’s area.

Bonuses & Promotions

Contests are one of the highlights of Larson&Holz promotion. They are held every month and traders are automatically engaged once their balance is $100. The broker also mentioned that communication between contest participants is available through the client’s area, but we were unable to find anything related. Referral bonuses are possible. Any broker represented on the website will receive a special bonus. The link to the page that should have more details about this program is dead.

“DepoJet” bonus is a 10% bonus on deposit. On holidays, the bonus is doubled to 20%, but any specifics on which holidays are not given. The bonus is withdrawable after a certain amount of trading volume is reached. The trader will need to be on the Standard service package and have a deposit of at least $5000. Bigger deposits will require an increasing number of the executed trading volume. The non-deposit account is not always available and certain limitations may apply. In our case, it was not available. This kind of bonus was one of the trademarks of Larson & Holz.

Educational & Trading Tools

Trading Center is one of the side buttons always visible on the Larson&Holz website. Trading Center is an educational program service that is provided to traders of various levels and experience. Traders will have to register for this service and there is also a paid training. The fees start from $1300 for consulting to $9500 for the Daily analytical support for 12 months.

The homepage features numerous videos but most of them are more about the broker and its services. Company news is updated with the latest changes within the broker about trading and other important info. News related to trading though is not updated since 2016. There are other pages not directly linked to the Trading Center but contain educational material all over. Recommended literature is an interesting page where the broker lists some books on Fundamental and Technical analysis.

Computer Analysis page is about some of the popular indicators used for technical analysis. Each indicator is described and how it is used. Although the quality is very good and deep, no visuals are included. Fundamental Analysis page describes some of the main events that shake the market. Some of the categories include “Dynamics of prices of oil and energy sources”, “Producer price index (PPI)”, “FOMC and Meeting”, or “Non-farm payroll”. Market Execution page is about Larson&Holz models of execution. Although it could be educational, most of the material is promotional.

Customer Service

Larson & Holz has a phone line, mail and live chat for contact. During our testing, the chat service stayed offline and we were unable to reach anyone from the company. The response rate is longer than 24h for the email.

Demo Account

Demo Account opening is done via the email registration. Direct opening from the MT5 platform is not possible. According to the latest changes, the balance is now 10,000 and the minimum trading size is 1 lot. There is no information on any limitations.

Countries Accepted

Even though the broker is widely spread out these are the countries that are out of service: Afghanistan, Burma, Central African Republic, Cuba, Democratic Republic of Congo, Democratic People’s Republic of Korea, Eritrea, France, Guyana, Iran, Iraq, Ivory Coast, Lao People’s Democratic Republic, Lebanon, Libya, Myanmar, Republic of Guinea-Bissau, Somalia, South Sudan, Spain, Sudan, Syria, Tunisia, Uganda, USA, Yemen, Vanuatu, and Zimbabwe.

Conclusion

This section of the Larson&Holz review will sum up the impressions and give our general opinion. At the current state, this franchise broker is not credible, transparent and precise enough to attract serious investors. The structure of the website is overcomplicated and the content is inconsistent. We were unable to get a definitive answer to trading conditions, the platform and see what are the real costs of trading.

The transition to MetaTrader 5 feels incomplete like the broker is coping with too many changes it can handle thus providing different info on the same issue. Whatsmore, lack of strong regulation is not the primary concern, but the main attraction was the non-deposit account or bonus that enabled traders to have profits without the initial deposit is not available at the moment. Traders do not appreciate this broker for its assets range, platforms or the interest rate paid on free margin, but the contests and the non-deposit bonus.

Larson & Holz acts as a franchise marketing company in the first place and as a broker the second. Once their specialty accounts are open again, it will attract less serious investors seeking quick and risk-free gains. The crypto domain at lh-crypto.com represents a better brand by this broker group as there are many deposit options, including crypto and other benefits attractive to new-age traders.

This is an ECN type broker doing business since 2005 under the “by traders for traders” motto. FXOpen is transparent with its history, stating major advances for each year, the readers will have a better picture of what they do, how, and what are their concerns. Their business domains cover the Australian branch from FXOpen.com.au and FXOpen.co.uk for the UK, while fxopen.com is from Saint Kitts and Nevis, Carribean country without any regulation.

The UK and Australian domains have FCA and ASIC licenses respectively. To cover the lack of regulation for the Nevis domain, the broker turned to “The Financial Commission” group, a neutral 3rd party committee organization that features a list of brokers’ reputation and also a Compensation Fund. The Compensation Fund acts as an insurance policy for members’ clients. FXOpen pays to be a member of this organization but we are not sure if it could be a substitute for the ASIC or FCA.

There are also other differences, one notable is that FXOpen does not offer negative balance protection, unlike their FCA regulated branch. The website is simplistic full of information related to trading. The homepage will showcase FXOpen business model visual, Quotes Table with the live spreads information, and a real-time spreads comparison table with other brokers – a featured feed from myfxbook.com. This is a good sign of transparency and good marketing mix as other legitimate party information is used for promotion.

The broker’s main selling points are low spreads, diversified account types, low minimum deposit, their PAMM, and crypto trading. Ratings the broker has received on the benchmark sites are mixed. However, it is notable that FXOpen responds to negative opinions with good arguments and openness for resolution. This FXOpen review will provide insight into how good their services are by sections.

Account Types

FXOpen offers 4 account types that are not diversified by minimum deposits requirements and scaling benefits but towards the trading style and financial capabilities.
ECN Account is FXOpen’s main account that features aggregating liquidity technology, therefore it should provide tight spreads, great execution time and liquidity. Each participant acts as a liquidity provider and Level 2 Market depth is available.

ECN Account is an NDD type without any limitations to the trading style. Account currencies available are USD, AUD, CHF, EUR, GBP, JPY, RUB, SGD, milliBTC (0.001 BTC), and GLD. GLD is a unique Gold unit are represents 0.001 troy ounces of Gold that can be used for account currency. Having Gold as a base gives traders the ability to have a haven from market crashes, special hedging, and hold an asset that has undisputable intrinsic value. Note that the account will not have actual Gold backed up, just a representation of Gold. The account specification table is very detailed, more than what we usually see with other brokers.

ECN account has a commission charged, although it is one of the lower amounts in the industry. Furthermore, the amount may vary depending on the volume and also if you open an account through an affiliate. FXOpen recommends this account type for scalper trading strategies and experienced traders. There are more than 70 tradeable instruments according to the FXOpen website.

STP Account is a no commission variant of ECN Account with a lower initial deposit requirement. The commission is integrated into the spread. Account currency can be in USD, EUR, GBP, JPY, RUB, CHF, and Gold. GLD is used as base currency the same way as the ECN Account. No limitations are set and the trader will have more than 50 tradeable instruments as stated, under the same liquidity conditions as the ECN type. STP Account also has more tolerable Margin Call and Stop Out levels. STP Account does not list crypto assets and some other commodities for trading, only the ECN Account has all assets available.

Micro Account is scaled down to cents instead of regular USD and is designed for low capital traders. The initial deposit amount is minimal, Margin Call and Stop outs are even lower then STP but they share the same trading conditions. There are 28 currency pairs, Gold and Silver available for trading only. Demo account for Micro is not available, it acts almost like a demo with real, low-value capital. Some other restrictions apply to trade styles. News trading and scalping are not allowed and Level 2 market depth is unavailable. No commissions are charged but the leverage will be reduced once the balance exceeds $3000.

Crypto Account is dedicated to cryptocurrencies trading with a leverage of 1:3. The broker uses the same ECN aggregation technology for better liquidity as with other accounts. Conditions are very well presented, almost all the information that we were interested in is stated. Account currency can be in USD, EUR, GBP, RUB, JPY, Bitcoin (mBTC), Litecoin, Ethereum, and Dash. This ability to have cryptocurrency is very convenient for those who do not want to have any intermediaries for their financial transactions. The commissions are charged and are scaled to trading volume.

There is a total of 43 trading instruments with BTC, ETH, BCH, EOS, Ripple, Monero, ETH, LTC, etc. No bonuses are available for this account type. Traders will have no trading style restrictions. Also, you will enjoy 24/7 crypto trading. More info on trading assets and costs for each account type in the following sections.

Islamic account is available but the swaps are just integrated into commission equal to the Swap rate of the particular currency pair.

Platforms

FXOpen launched the MetaTrader 5 platform for the ECN accounts in 2018 and also holds former licenses for the MetaTrader 4 platform. Both are available for computers running on Windows and Mac operating systems as well as for the mobile devices running on Android and iOS. Web access MT4 or is available without any need for installation or download. The MT4 platform has different modifications for the ECN and the STP or Micro accounts. So traders will have two versions to download.

The MT4 platform will show 2 FXOpen servers to select, Live and Demo, both having around 50ms ping. The main four charts will resemble default settings but FXOpen wants to showcase their crypto assets trading for the ECN Account type. So, apart from two major Forex currency pairs on the H4 timeframe, there are also BTC/USD and LTC/USD. One-click trading is only enabled on the EUR/USD chart. Of course, One-click trading can be enabled but not for cryptocurrencies as we have experienced in the MT4. The reason is that to trade crypto, you need to have Crypto type Account. FXOpen has separately offered “One-click trading and Level 2 plugin” developed by Soft-FX. This tool acts as an Expert Advisor that is can be installed like any other program.

A few settings have to be enabled in the MT4 before the tool can be applied to charts. The plugin is well designed with several useful options for trading. Traders can see the spread, Bid and Ask price, Level 2 structure in quantity or lots. Orders type selection, Stop Loss and Take Profit boxes are available with the addition of partial closing, aggregated ordering options, volume-weighted average price mode and more. The tool package comes with the custom complementary indicator that will show the Level 2 histogram orders on-chart. Tools like this add unique value to traders and are rare to see. FXOpen provides a very good installation and Usage Guides for this tool.

The platform client is updated to the latest version and it is registered for the FXOpen Investments Inc. in Panama City, Panama. This address is not the same as the one registered for contact on the FXOpen website. There are no additional templates or custom indicators included in the default installation. The symbols are grouped into several groups, too many in our opinion and many of them contain one asset. Still, traders will understand the classification. There are also groups containing the Ask and Average prices for the many instruments, these are indicative only but opens a different aspect of trading.

The instrument specification window is showing enough trading conditions data. Open positions have swaps and commissions columns that accurately represent trading costs. The execution times range from 240ms to 280ms with an average of 263ms. Deviations are not extreme and under normal conditions are rare.

Metatrader 5 platform is available only for ECN Account type traders. The EU server has a bit slower ping rate of 55ms compared to the MT4. The client is updated to the latest version and is registered to FXOpen Investments Inc. in Panama City. The default startup template is not modified, it is by default settings with 4 major forex currency pairs set on H1 timeframe. This time cryptocurrencies are not presented on charts. Symbols list is similar to the MT4 but better, as there is no unnecessary grouping. Instruments Specification shows all the trading conditions including the commission in percentage terms per lot. The execution times are better than with MT4 and are about 60ms without deviations, one of the fastest execution times in the industry. Market depth Level 2 quotes are available.

Leverage

The leverage will be dependant on the FXOpen domain traders are registered to. EU regulations do not allow leverage above 1:30 unless traders are classified as Professionals. ASIC regulated domain will have leverage up to 1:500 for the Standard ECN Account.

The leverage level also depends on the account type. ECN accounts leverage is up to 1:500 and it is also scaled to balance size. Therefore, traders with a balance up to $25,000 can have 1:500 maximum, from $25,000 up to $100,000 – 1:200 and up to $1,000,000 is 1:100. FXOpen is open for leverage negotiation for sizes above 1 million.

The leverage level is changeable by notifying the broker. For some instruments, the maximum leverage is lowered, such as for exotics and volatile currency pairs. These are all GBP based pairs, EUR/DKK, EUR/GBP, EUR/TRY, USD/TRY and USD/HKD with a maximum leverage of 1:100. Gold and Silver remain at 1:500, which is not common. Oils are at 1:50 and Natural Gas 1:25. Indexes leverage go from 1:50 to 1:100.

The STP Account has 1:500 leverage for all assets except for the GBP related currency pairs that have 1:100. For the Micro account, the leverage is 1:500 maximum. Once the balance of a Micro account exceeds $3000, the leverage will be decreased 100x (for example: from 1:500 down to 1:5). The leverage specifications of this account published on the FXOpen website is not consistent with the main account presentation table, but we have confirmed that the leverage is 1:500 maximum. The Crypto Account has the leverage of 1:33 maximum for all trading assets, which are all and only cryptocurrencies.

Trade Sizes

FXOpen uses micro-lot sizes on all accounts or 0.01 lots (1000 units). The maximum trade size is not limited as stated, what we have noticed in the specifications from the MT4 is 1000 lots. Additional steps are also 0.01 lots allowing traders to be precise when allocating more trades. This is also convenient using the One-click trading and Level 2 plugin with more options for trading orders. Stops level is set to 0 for all forex pairs, meaning no limits where you put your Stop Loss or Take Profit orders. We haven’t noticed any Stops levels for other account types too.

For Indexes, the minimum trading size volume is 0.1 lots, Oil types retain 0.01 lots minimum, and Natural Gas is set to 0.1 lots. For cryptocurrencies, trade sizes vary and are scaled to the coin value. Bitcoin minimum trade size is 0.01 lots with steps in micro-lots too. But, Litecoin’s minimum trade size is 0.1 lots and allowing additional trade steps in micro-lots. The same trade size conditions are for other low values coins like Ethereum. For some, the minimum trade size can go up to 10 lots as these contracts contain only one, low-value crypto.

There are differences regarding the Margin Call and Stop Out across the account types. ECN Account has this set to 100% Margin Call and 50% Stop Out, STP Account is set to 50% and 30% and Micro to 20% and 10% Stop Out. Margin Call for Crypto Account is 30% and 15% Stop Out.

Trading Costs

FXOpen has a somewhat complicated commission fee structure. It is affected by the trading volume and the equity size. Bigger the equity, less the commission but also trading volume can further decrease it. The complete structure is published online. For ECN MT4/MT5 Accounts, the commission can be from $10 per lot traded to 3$ – if a trader reaches more than 250,000,000 units of trading volume without breaching the $1000 equity. For Equities more than $1,000, the commission is further reduced from $5 to $3, and from $25,001 equity, it is $3.6 to $3.

Any equity above $250,000 has $3 commission per lot traded regardless of the trade volume. Index commission is in pips and ranges from 0.16 to 4 pips depending on the Index. Other base currencies are not converted, so a commission of $5 is €5 if the account is in EUR. STP Account does not have commissions as they are integrated into the spreads.

Inactivity fees are charged by FXOpen. A trading account is deemed inactive if there are no open trades, transfers or deposits more than 90 days. Inactive accounts will be charged 10 USD each month. Whatsmore, if you want to start trading again you will have to pay a reactivation fee of $50. The broker recommends if you plan to cease trading to transfer all funds to FXOpen eWallet where they can stay indefinitely.

Swaps are low with frequent positive figures on one side. They are calculated in points for Forex and tripled on Wednesdays. EUR/USD pair has a positive on the short side 3.6 and -9.6 points on the long. USD/JPY has 2.3 on long and -8.2 points on short, GBP/USD -0.8 short and -7.5 long, and AUD/USD with -4.7 points on long and -0.3 points on the short side. Other, more moving currency pairs have increased swaps but not to extremes.

GBP/NZD has -8.4 points on long and -5.1 points short, EUR/TRY -291 on long and 160 short, GBP/SGD -11.8 long and -2.5 short, SGD/JPY 3.67 long and -5.85 short and so on. The biggest swap is for the USD/MXN with -423.7 points on the long side and 156.3 on the short. USD/RUB has a low swap compared to other brokers with -175.5 points for long and 1.3 points on the short side. Gold swap is not unusual with -15.7 points on the long and a positive 0.6 points on the short.

Moving on to the Crypto Account swaps and commissions. Swaps are calculated in percentage terms per annum and tripled on Wednesdays. For all crypto assets, it is -10% on both trade sides. The commission charged is 1% per lot traded and it is applied to all crypto instruments although it is affected by the trading volume.

Assets

FXOpen has separated cryptocurrencies into their Crypto Account, and the STP Account does not hold all assets from the ECN Account. We will present what assets are present in each of the account types. Starting with the Crypto Account the broker states 43 tradeable assets related to cryptocurrencies only. We have counted a total of 32 in the MT4. Note that the number of cryptos is lower as single crypto has multiple quoted variations, thus increasing the total number of instruments.

Bitcoin is available against EUR, USD, CNH, JPY, and RUB. Bitcoin is also used on the quote side for other cryptos, for example, BCH/BTC, LTC/BTC and so on. Counting only cryptos available there are Bitcoin, Litecoin, Ethereum, NameCoin, PeerCoin, DASH, Emercoin, and Ripple. One of particulars of FXOpen’s crypto offer are rarities like DSH/CNH, EMC/BTC, PPC/BTC, NMC/BTC, ETH/CNH, ETH/RUB, LTC/JPY, BTC/RUB, BTC/JPY, BTC/CNH and more.

Chinese Offshore Yuan and Ruble are present as a quote for most cryptocurrencies, showing signs of broker focus on the Asian markets where cryptocurrencies are most popular. In 2018 the broker states that they have included Bitcoin Cash, Ethereum Classic, EOS, Monero, NEO, IOTA, OMNI, etc. We have not found these in the MT4 platform except for the BCH.

ECN Account holds more than 70 instruments available to trade and is the most complete offer. categories covered are Forex, Commodities, Indices, and Precious Metals. Forex offer is very good with a total of 50 currency pairs. All majors and minors are listed with some additional combos like GBP/SGD, and HKD/JPY. Other notable and rare pairs are EUR/HKD, EUR/PLN, EUR/TRY, NOK/JPY, USD/MXN, USD/RUB, USD/CNH, and USD/TRY.

Commodities range is limited to two Oil types, spot Brent and WTI with the addition of Natural Gas. Indexes offer is good enough with a total of 13 total assets. FXOpen offers mini Index for S&P500, Wall Street 30, Germany 30, and NASDAQ. Others offered are France 40, Europe 50, Australia 200, UK 100, Japan 25, and Wall Street 50. There are only two precious metals for trading, as usual, Gold and Silver.

STP Account does not feature Indexes, Commodities or Crypto. It is focused on the Forex and two metals, Gold and Silver. The forex range contains the same 50 instruments as for the ECN Account. The Micro account has a limited Forex offer to 28 pairs and also offers Gold and Silver. The Forex range does not feature exotics and is limited to majors and minor currency pairs.

Spreads

FXOpen offers floating spreads on all of its accounts. The broker promotes the famous “from 0 pips” line. During our readings the Crypto Account BTC/USD spread is $7.4, BTC/EUR €5.2. XRP/USD spread was 233 points and Litecoin/USD – 28100 points. Forex ECN Account spreads are not 0 pips on any asset at any time during our testing.
The lowest spreads are 1.2 pips for the EUR/USD, 1.5 pips for HKD/JPY, 2.2 pips for EUR/GBP 2.3 pips for USD/JPY and 2.5 pips for AUD/USD. It is surprising to see HKD/JPY on this list.

Other forex instruments spreads are marginally higher, notably higher are AUD/CHF with 48 points, EUR/CHF at 60 points, EUR/NZD at 62, EUR/JPY at 40, GBP/AUD at 67, GBP/NZD at 184 and USD/CHF at 63 points. The exotics spreads are also good enough with USD/CNH at 80 points, USD/RUB at 518 points, EUR/NOK at 3081- which is also nominally the highest Forex spread, EUR/TRY at 1751, and USD/PLN at 375 points. Spot Gold spread is competitive with 45 pips. Bothe Oil types have around 14 points floating spread.

STP Account should have higher spreads since the commission is added to them. Starting with the EUR/USD at 2 pips, 8 points markup compared to the ECN Account, HKD/JPY is 38 points, EUR/GBP is also 38 points, USD/JPY 33 and AUD/USD has 30 points spread. AUD/CHF rises to 75 points, EUR/CHF at 74 points, EUR/NZD at 84, EUR/JPY at 47 – just 7 points more, GBP/AUD – 104, GBP/NZD at 200, and USD/CHF at 66, just 3 points higher. According to this comparison, we could say the spreads are about 30% wider than with the ECN Account but not in all cases. Spot Gold has 61 pips spread and Silver 38.

Minimum Deposit

The minimum deposits requirement starts from $1 for the Micro Account or cent account as often called. For the STP Account, you will need to deposit at least $10 and for the ECN $100. Crypto Account requires $10 or equivalent.

Deposit Methods & Costs

FXOpen has many deposit channels, some of which may not be available to all. One is certain, cryptocurrency deposit is available to all. The broker allows Bitcoin, Litecoin, Ethereum, Emercoin, and Tether deposits. FXOpen’s eWallet is the main account where all financial transactions are done. Channels for deposits by electronic wallets are Netteler (in AUD, EUR, GBP, RUB, SGD, and USD), Skrill (in AUD, CAD, CHF, EUR, GBP, JPY, and USD), WebMoney (EUR and USD), QIWI Wallet (in EUR, RUB, USD), FasaPay (in IDR, and USD), Yandex.Money (only RUB), and IntellectMoney (only Ruble). Standard Bank operation deposits are available as SEPA transfers, PayToday (THB only), Wire transfer and local deposits.

Instant local bank transfers are available in RUB only by Alfa-click. Credit/Debit Cards are accepted with the addition of China UnionPay. Prepaid cards, vouchers, and Paysafe are also accepted. Note that Tether is a US Dollar-pegged cryptocurrency, that lets traders deposit and withdraw in USD and EUR equivalents using the Blockchain technology.
Wire and SEPA transfers have a minimum of 25 EUR/USD while local transfers have a minimum of $1. Other deposit methods also require very low amounts for transfer.

Alfa-click has a 7% deposit commission, local bank transfers have from 3.2%+USD 0.29 for USD deposits and 2.5%+EUR 0.29 for EUR deposits (or equivalent in another currency). Credit Cards will be charged from 2.5% + EUR 0.29. China UnionPay commission for deposits is from 2.5%.

As for eWallets, commission for deposits is 1% for WebMoney, 3.2%+USD 0.29 (2.5%+EUR 0.29 for EUR deposits) or equivalent in another currency (min EUR 1.29 or equivalent for transfer between Skrill accounts). QIWI Wallet has a high commission for deposits of 6% as well as Yandex Money with 7%. Neteller deposit commission is 2.5% + 0.29 (commission equivalent for all currencies). The IntellectMoney deposit commission is from 3%. FasaPaay will not charge any commission for deposits. Prepaid cards do not have any costs except for Paysafe – 8.25%.

Withdrawal Methods & Costs

Withdrawal methods are almost as numerous as with deposits but there are certain restrictions. Bank Wire transfers have a minimum of $100, local transfers minimal amounts are changeable, Cards have a minimum of EUR 8 or USD 10 and $2000 maximum, while other methods have small minimum amounts required.

Unfortunately, FXOpen has fees for withdrawals. Costs related to Bank Transfers are from 15 EUR/ 45 USD/ 1500 RUB/ 35 GBP/ 45 CHF/ 65 AUD/ 5000 JPY and for SEPA is from EUR 15. Skrill commission is 1% (max $0.68) and Credit Cards 2.5%+USD 3.5 for USD, 2.5% + EUR 3.5 for EUR and 2.5%+RUB 50 for RUB withdrawals. The commission may vary depending on the card-issuing country and amount of payment. China UnionPay commission is from 2% but not less than 10 CNY (RMB). WebMoney withdrawal commission is USD 0,8% (max $50), EUR 0,8% (max €50, min. 1.29).

Yandex Money will ask for 1% of the withdrawal amount while Netteler does not have any costs for withdrawals. Perfect Money does not have affordable deposits but is friendly when it comes to withdrawals with 0.5%. FasaPay will also charge 0.5%.commission. QIWI withdrawal fee depends on the currency, for RUB – 1%, for EUR – 0%, and for USD – 1%.

If you request a withdrawal before meeting the requirements of the minimum notional trading volume, your account may be subject to a fee of 2.5 to 8.25% depending on which deposit option you used.

Withdrawal Processing & Wait Time

Withdrawals are done through the FXOpen portal. For Wire transfers, the processing time is from 1 to 3 days, local transfers are up to 3 days and Card withdrawals are made in 1 day. EWallets also require only 1 day to finish.

FXOpen issues a PIN code upon registration that needs to be entered every time a financial transaction is made. 2-step verification measure is applied so you will have to have your mobile device ready. You can check the status of your withdrawal at the Operation Summary page in My FXOpen personal area.

Bonuses & Promotions

FXOpen has several promotions ready at the moment of writing of this review.
No Deposit Bonus for STP accounts is a non-withdrawable bonus amount received once registration is verified to level 2 and an STP Account is opened. Any profits are withdrawable after the required volume of 2 lots. This bonus means you can start with $1 and trade like you have $11. For some, this opportunity has almost no downsides ($1) and a very open and positive upside.

The Welcome Bonus is a small addon bonus for Micro Accounts that is withdrawable after 100 traded micro-lots. After traders open a Micro Account and get level 1 verification level they will receive $1 on top of their Micro Account balance.

FXOpen also has a Cashback program. It is based on the used margin and is available for all account types, ECN, STP, Crypto, Micro, PAMM ECN, PAMM STP. The minimum cashback is $5, and the maximum is $1,000. Per trade $100 is the maximum. According to the broker formula the cashback is calculated, as the used margin increases, the cashback amount will decrease. Starting cashback up to 150% of the Standard commission per trade. Cashback is fully automated, the funds are credited to the client’s Commission account and can be used immediately.

ForexCup Trading Contest Bonus is a reward for the contest FXOpen organizes for the STP demo accounts. The ranking is made according to the profit made for a certain period and the bonus is usually 1% of that amount. You can withdraw or transfer the bonus to another account. Limitations may apply depending on a particular ForexCup contest.

Educational & Trading Tools

Aside from the mentioned One Click Trading and Level2 Plugin, FXOpen offers a few less advanced tools. These are Margin and Pip Value Calculator, Currency Exchange Rates and Commission Calculator. The description of how to use one and why is very good. Note that these tools are only for live trading accounts.

FXOpen Economic Calendar is not packed with features. It is mostly presented as a list with event names, impact meter, and the figures related. There is no way to filter any criteria. Clicking on ht event name will open the fxstreet.com website.

The broker is friendly to Zulutrade and Myfxbook automated trading service as well as VPS. For those not familiar, these are the most popular mirror automated trading websites that can be linked with the FXOpen account.

The educational section of FXOpen is not as developed as with some other bigger brokers, but what is impressive is the FXOpen blog. The blog is not as easily visible or promoted on the FXOpen website. About Forex page is mostly basic and meant for beginners that need to understand how to trade. Some marketing is involved but the page is not designed to be a substitute for real education. Market News and Market Analysis sections are very good and the news is mostly from the FXstreet portal. It is updated and filled with solid fundamental information.

Although we would like to have more diversified sources. Market Analysis is connected to the FXOpen blog area. There is a lot of interesting analysis, regularly updated. Each analysis is structured with visuals but some popular technical indicators, Fibonacci levels, and practices used may not be appropriate for certain currency pairs or similar assets. Still, the articles are good enough to instill attention to these points.

At a glance, the FXOpen blog section is full of useful material in different areas, like Cryptocurrencies, Brokers, Strategies, General Trading and so on. It is a definitive source for knowledge and information other, large brokers do not have.

Customer Service

Customer service is available 24/7 and chat service is 24/5. There are several support branches across the world zones and languages. Clicking on the chat cloud button will show many channels FXOpne can be reached. There is a Facebook messenger, WhatsApp, Telegram, Twitter, Skype, Viber, Line, and WeChat. The customer service representatives are not oriented to sales pitches and a very neutral. There is almost no waiting time to reach them and most of the answers are direct unless there is a negative answer behind. Still, none of them are conflicting with the actual conditions.

Demo Account

The demo accounts are unlimited according to the broker. You can open a demo for Crypto, ECN and the STP Account. All of them have actual costs included and represent live trading conditions. To open a demo is easy and also can be done directly through the MT4 or MT5 platform.

Countries Accepted

According to the FXOpen published list in February 2019, these are the countries restricted to service (fxopen.com domain): Aland Islands, Austria, Belgium, Brazil, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, French Guyana, Germany, Gibraltar, Greece, Guadeloupe, Guernsey, Hong Kong, Hungary, Ireland, Italy, Japan, Latvia, Liechtenstein, Lithuania, Luxembourg, Malaysia, Malta, Martinique, Mauritius, Mayotte, Netherlands, Norway, Poland, Portugal, Reunion, Romania, Slovakia, Slovenia, Spain, Svalbard and Jan Mayen, Sweden, United Kingdom, and United States.

Conclusion

This section of the FXOpen review will address some issues that may be of concern to some traders. This broker does not have weak points except maybe the fees associated with the withdrawals. All other aspects are well developed. The broker is transparent and presents very good and useful information to traders in all aspects. Rating on some benchmark sites is mixed but they could be from traders that do not follow the ethical way of trading as many are attracted to no deposit bonuses and low entry barriers to start trading. Not to mention easy cryptocurrency transactions, one of FXOpen trademarks as a cryptocurrency-focused broker.

What traders should pay attention to are some reports that the broker can utilize measures to profitable traders where their profits are not justified and canceled, but this is unconfirmed. On some other popular review websites, FXOpen stands very positive, especially by Russian clients. FXOpen has not received any bad publicity or fines except for the $140,000 fine for offering services to US residents in 2012.

Starting their business in 2014 in Dubai, the group aims to have a good base and clientele where retail Forex trading is attractive and where the target market has enough financial capability. ParamaountFX aims to expand throughout the Middle East and the Persian Gulf countries. The broker utilized the market maker model as it can be recognized for the Legal documents. The company Mission statement states nothing specific as well as the About Us section. There is no information about any regulation, bank or another kind of entity related to the broker, the overall presence of FXParamount on the internet is almost non-existent. None of the reputable user review sites recognize FXParamount meaning the popularity is very low.

The website is available in Turkish, English and Arabian language, lacks transparency about the broker, utilizing empty marketing phrases, but has decent transparency on the trading conditions. It is stylish and well structured promoting “no commissions and no hidden spreads” on the homepage. What might be interesting to visitors is the Bulletin and Analysis section where FXParamount shows their added value to traders. FXParamaount is a relatively new broker without much to showcase on the website so everything is easy to find but puts them into the indistinguishable mass where they do not differentiate in any service category.

According to the Vision statement, the broker wants to become the largest and most organized international Forex trading organization. This FXParamaount review will reveal the steps undertaken towards that goal and if their current service is enough to be considered account opening.

Account Types

Visitors of the FXParamaount website will not have to spend a second to find pout key information about the account types offered, as it is presented right away on the homepage. There are three offers, Standard, Classic and Paramount Pro. The broker considers their target audience needs, the Standard and Classic Account feature no swaps to be in-line with the Shaira law.

Interestingly, the commission is not charged for the Standard Account but all others have a commission. Therefore, the account types are not just scaled to the minimum deposit but also have different features. Although, as usual, the most exclusive Paramount Pro Account has the biggest minimum deposit requirement and the tightest spreads. The leverage for this account is the lowest and the commissions the highest. Bonuses and Contests offered by the broker cannot be applied to the Paramount Pro account.

The Classic Account is positioned in the middle, with lower commissions, reduced spreads, no swaps, and reasonable leverage. The minimum deposit requirement for Classic is what the majority of traders can afford. Bonuses and contests participation is allowed and the leverage is half the Standard Account has.

The Standard Account is probably the one backing up the “no commission” promotion on the homepage as it is the only one without. On the other side, the spreads are the least favorable comparing to the other two account types. The minimum deposit requirement is negligible, the leverage is very high and bonuses or contests apply.

Traders should know that FXParamaount restricts scalping. Even though EAs and hedging are allowed, any trade closed under the 3 minutes will be considered scalping. More details can be read in the Agreement legal document under section 6.

Platforms

Only the MetaTrader 4 platform is offered. ParamountFX has links for Windows, Linux, Mac, Google Play and Apple App Store versions of the MT4 client. For those that want to access the web-based MT4, unfortunately, it is not available. The MT4 installation gave us a virus warning, a very rare occurrence.

There are two servers, Live and Demo, with an impressive ping rate of just 35ms on both servers. At the moment the account opening process is closed for both the Demo and Live and we were unable to test what Paramount has to offer.

Leverage

Paramount FX offers 1:1000 leverage for the Standard, 1:500 for the Classic and 1:200 maximum for the Paramount Pro Account. Margin Call is not set, but expect a Stop Out at 30% for the Standard and Classic Accounts, and 50% for the Paramount Pro. Traders using the maximum leverage of 1:1000 for the Standard should apply proper risk management.

Trade Sizes

The information about the trade sizes is not published on the website. We were unable to check them in MT4. In the contract specification page, the contract size is 100,000 units but what is a minimum trade size cannot be confirmed.

Trading Costs

Paramount charges a commission on two of their account types, Classic and Paramount Pro. For the Classic the commission is $3.5 per lot and $4 for the Paramount Pro. Standard Account is free of commissions. Swaps are accounted only for the Paramount Pro Account. They are all almost negative swaps, regardless of the trading side. They are all under normal levels though, for example, the most traded currency pair, EUR/USD has a swap of -5.25 points for long and -3.17 for short, USD/JPY has -1.49 points for long and -2.76 points for short, GBP/USD -4.38 for long and -3.67 on the short side, and a positive for the NZD/USD with -1.66 points for long and 0.35 on the short side.

Minors pairs swaps are similar, none of them go over -5 points on either side except for the EUR/AUD with -5.55 points on the long and a positive 1.55 swap on the short side. For exotics currency pairs the swap is higher, for the USD/MXN it is -9.18 on the long and 0.54 on the short, USD/TRY has -55 long and 15 short, and EUR/TRY -69 long and 21 positive short side swap. Precious metals swaps are very low, XAU/USD has just -1.95 on the long and 0.1 on the short side. We could not confirm if these are calculated in percentage terms or points.

Paramount FX does not disclose their inactivity fee but we have managed to find a clause in the Terms and Conditions. Funded accounts that remain inactive for six (6) months will be charged a fee of $50.00. This fee may not be charged in every case.

Assets

ParamountFX does not have a great instruments range in any category, but still offers more than typical small brokerages. There are 4 categories offered and they are the same for all account types. Starting with Forex, there are a total of 28 currency pairs. All the majors and minors are present, without any surprise rarities. The exotics are limited to just 3 pairs, USD/MXN, USD/TRY and EUR/TRY.

Precious metals are not limited to just spot Gold and Silver. Traders will enjoy Platinum against the USD as well. Precious metals have a 1-hour break for trading, between 5 pm and 6 pm. Commodities are limited to energy assets. These are both Oil types, spot Brent and WTI with the addition of Natural Gas and Crude Oil futures. We have noticed that the broker has set the Oil contracts to 100 units or barrels but the standard is 1000.

Indexes range is also limited to the 8 most popular ones. Among the S&P 500, NASDAQ 100, Dow Jones 30 and Nikkei 225, the ones from Europe are CAC 40, GER 30, UK 100, and EURO 50. Still, for the majority of traders, this is enough, although if a broker wants to attract specific region clients it is good to see indexes belonging to relevant countries.

Spreads

All accounts have a floating spread type. We are not able to check the real spreads from the MT4 platform. ParamountFX contains the spreads and their average values listed on the Contract Specification page. According to that list, for the Standard Account ahs about 20 to 30% wider spreads than the Classic Account. For reference, the Classic Account EUR/USD pair has a 1.2 pips minimum spread and 1.8 pips average. It is not disclosed what is the averaging period. For other majors the spread is similar, the highest minimum spread was for the GBP/USD, 1.8 pips and 2.2 pips on average.

As expected, the widest spread among the minor currency pairs is for the GBP as it is one of the most moving currency. GBP/NZD has 4.5 pips minimum and 4 pips on average while GBP/AUD has 4.5 pips minimum and 3 pips on average. Exotics have low spreads for their volatility and liquidity, so USD/MXN has 70 pips minimum and 50 average, and USD/TRY has 25 pips minimum and 30 pips maximum.

For Precious metals, the spread is published in cents. XAU/USD has 4 cents spread but this is probably a typo, 40 cents per lot is more real. For silver, it is also 40 and for Platinum is $5. Commodities spreads are from 30 to 60 cents on average, and Indexes are all set to have a minimum of 4 pips and 5 pips on average according to the broker.

Paramount Pro Account has the best spreads. EUR/USD has from 0.6 pips to 1 pip, and other majors do not go above 1.5 pips on average (AUD/USD). Minors do not have average spread above 3 pips except for the GBP/CAD with 3.7 pips on average and 2 pips minimum. GBP/NZD and GBP/NZD are the ones with the higher minimum spread od 3 pips according to the list. Exotics start from 40 pips for the USD/MXN and with 60 pips on average.

Minimum Deposit

The most affordable account type is the Standard with the minimum requirement of just $10. Classic Account is available form $100 and Paramount Pro from $2000. In the past, the broker set more drastic deposit requirements. It is not common for small off-shore brokers to frequently change the offers. Note that there are deposit methods minimums that may be greater than $10. More on this in the next section.

Deposit Methods & Costs

There are various channels traders can deposit and one of them is the Bitcoin. Traditional methods are included, Bank Wire transfers require $100 minimum for a transaction and no limits for the maximum. Credit/Debit Cards need at least $10 and have $5000 maximum, Web Money has a $10 minimum and $10,000 maximum, Paypal needs $10 to $10,000 maximum, Skrill from $10 to $25,000 maximum, and Bitcoin requirement is $100 minimum and $100,000 maximum deposit.

Costs related to deposits are not marginal. Bank transfers require $50 + 1% while Bank Cards do not have any costs. Web Money has a 1.5% fee, Paypal 3%, Skrill 4%, and Bitcoin has a 6% fee, unfortunately. The BTC fee is very discouraging for the crypto enthusiasts as they are designed to be free of transaction costs.

Withdrawal Methods & Costs

Withdrawal methods are the same as with deposits. There are also exactly the same costs for withdrawals, so for a complete turn of your investments, be ready for double charges. This is probably the spot where most of the visitors look away.

Withdrawal Processing & Wait Time

The broker has stated that every deposit is instant. This is probably after payment processors have finished theirs, therefore Bank Transfers require certainly at least 24 hours. Note that the ParamountFX applies AML procedures to which the same method will be used for withdrawals as with the deposit. Also, withdrawals from the Account may only be made in the same currency in which the respective deposit was made, unless the broker offers another method.

Bonuses & Promotions

Most of the small, unregulated, off-shore brokerages offer bonuses to attract clients, it is one of the most sought after features. ParamountFX offers two bonuses, Classic Bonus and MyParamount Bonus. Classic Bonus is a non-withdrawable bonus that acts as a margin extension. The bonus offered is 10% of the net deposit, Whereas it cannot exceed $5000 bonus total. This bonus is available only for the Classic Account type.

MyParamount Bonus is a non-withdrawable bonus that has a formula based on trading volume and the net deposit. This means that the total bonus can go up to 60% depending on the trading volume. This bonus acts as margin support and is available only for the Standard Account. Contests are an unrealized idea of ParamountFX. At the moment of this review, it is still in development.

Educational & Trading Tools

As for the trading tools, only Economic Calendar is available and it is placed on the homepage of the website. It is a good looking table with an option to set your timezone but this is all you can do to filter or sort the events. The Calendar will show the latest events, the impact rating and the figures related to past and forecast. On the screenshot, there is a trading system that contains a kind of Ichimoku indicator with the Support and Resistance lines. Additionally, there is an unknown histogram indicator with unknown function. Readers will be confused about what the system suggests as there is no explanation.

The more interesting part is the Bulletin and Analysis segment. Here, traders can see an in-house made analysis that is updated daily. Daily Bulleting articles start with the Economic Calendar events and move on to the trading instruments’ analysis screenshots without any related text. Not all instruments are included, just some major currency pairs, one index, and Gold.

The news section is updated and contains many articles. Unfortunately, this is not original news, they are copied from Investing.com. most of the selected articles are Investing.com’s “Top Things to Know in the Market.” ParamountFX also has the Education section that is not worthy enough. It contains one page with a few elementary Forex and trading terminology that is not even professionally explained.

Customer Service

There is a phone line, email and chat service available to contact ParamountFX. The chat service app is well designed with a nice touch to upload files and insert emojis. Here we also found out that that last time support staff was active was 8 days ago. Upon our query, we did not wait longer than 5 minutes for someone to answer. The staff is knowledgeable and courteous but will not disclose some information that other transparent brokers would.

Demo Account

The demo is not promoted on ParamountFX’s website but we cannot confirm that the demo account is not available. Since the registration procedure was bugged we were unable to test it as well as some other services.

Countries Accepted

According to the legal documents, the broker mentions several times that the client must not be or reside in the United States or Canada.

Conclusion

In this section of the ParamountFX review, we will address some additional issues with the broker that are important to traders. As presented, ParamountFX belongs to the risky category of brokers as it is very obscured from the public, does not have any transparency regarding the company, no regulation and some clauses in the Agreements documents that are brow raising. For example, the broker states that willful default or fraud on the part of Paramount shall not be liable for losses arising from the default of any agent or any other party used by Paramount under this Agreement.

The broker’s winners percentage is also among the lowest in the industry. 90% of retail investor accounts lose money when trading CFDs with this ParamountFX. Even if we set aside the registration problems, just the fee structure on deposits and withdrawals alone are the reason enough most will turn away. It is rare to see commission on deposits, most of the brokers will seek to make the deposit process as easy as possible, psychologically and financially, but this is not the case with ParamountFX. The broker still needs to find its grounds, frequent changes to the minimum deposits and packages are not enough.

This is an Australian broker that describes themselves as a new face in the industry but with rapid expansion. ETO Markets is established in 2013, based in one of the most prestigious commercial towers in Sydney. Chifley tower directory confirms that the broker is present and along with the ASIC valid license, ETO Markets belongs to the top choice for traders seeking reliability. Transparency about the company is good, with good content that backs up their developments, such as having New York Equinix NY4 data center, funds segregation in Westpac AA rating bank and several disclosed liquidity providers.

The broker could go a step further will responsible representatives presentation but this is more than what most brokers display. Even though the broker states they utilize the STP execution model, and from the legal documents, it is clear that ETO Markets has a market maker pricing model. The website has solid, organized content that is a mix between marketing, elementary explanations, and information only familiar trades can recognize right away.

Transparency on trading conditions is good enough, one could wish for more information on the spread or, even better, a live feed from the market. Traders will like the broker with a transparent approach that can be seen even in the extensive, easy to read legal documents, but could be worried about the fact ETO Markets does not have much public attention.

No user ratings are published on several reputable benchmarking internet media and thus creating a sensation of unknown. ETO Markets are operating since 2013, the broker should have some publicity rising and we are unsure if low marketing investments is the reason or the focus to Chinese and Russian market where the internet has separate trends. To make sure in the quality of service we will make this ETO Markets review in sections for each so readers will have a complete picture of the broker.

Account Types

At the moment of writing this review, ETO Markets offers two account types, Standard and Pro. In the past, there were more accounts offered but it is common to see packages adaptation as a part of the ever-changing marketing. ETO Markets’s comparison table will state that the Pro Account is for Professional traders, but this has nothing to do with the ESMA classification. The minimum deposit requirements are affordable for the Standard Account but the Pro will require a sum only a few are willing to risk. All of the accounts are available in the USD, AUD or EUR currency.

Upon registration, you will be able to select 1:100 leverage only, but it can be adjusted after. All account types will use the Equinix NY4 servers and the accounts do not differ by the number of available trading assets. Also, there is no difference in the trading sizes nor the platform used. Standard Account has wider spreads, no commission and allows for higher leverage. Pro Account, on the other hand, has a commission but very attractive spreads that are promoted as from 0 pips.

The leverage for the Pro is reduced but still enough for most traders. The big gap between the two accounts in terms of the minimum deposit requirement is probably because of the more extreme demography financial capabilities difference in the Chinese and Russain markets. In the past, the broker offered a $2000 minimum deposit that was changed soon after.

Platforms

ETO Markets is a MetaTrader 4 platform only broker. MT4 is well described with links and installation tips for each operating system. It is offered for Windows, Android, Mac, and iOS. Web MT4 is not accessible so if you need to quickly see real-time trading conditions you will need to install the MT4 package. Upon installation, the MT4 presents us two ETO Markets servers to select, Live and Demo. They both have around 110 ms ping rate. The platform is updated to the latest version and shows the registration to the ETO Group Pty Ltd company.

Everything is set to defaults, there are 4 major forex pairs set on H4 timeframe with classic default indicators. One-click trading buttons are visible on all charts. There are no additional indicators or templates with the installation package, in fact, some from the Custom menu is missing. What is noticeable is the very fast price changes that reflect a very good connection and servers. The symbols are exemplary organized into relevant groups and subgroups where applicable and traders will easily find an instrument.

Pro Accounts will have a “.p” suffix to be distinctive from the Standard Account assets. The instrument specification window will show enough relevant information about the trading conditions. The commission is not filled in the specification window but it will be presented in the Terminal left to the Swap column. Execution times are very consistent, on average the order took about 163ms with almost no deviations, 3ms. The use of fast trading strategies and EAs have very good conditions with ETO Markets.

Leverage

For the Standard Account the leverage is 1:400 and for the Pro is reduced to 1:200 maximum. We went on to see what are the differences across assets in the MT4 platform. For Forex, most of the currency pairs hold true to the maximum leverage. The exceptions are some exotics, for the RUB related pairs the maximum leverage is 1:50 and for the TRY pairs, it is 1:20. For the XAU/USD or spot Gold and XAG/USD Silver, the leverage is limited to 1:100 on all account types. The same leverage is set for the Commodities and Indexes category.

Trade Sizes

ETO Markets does not complicate with trade sizing and thus offering micro lot or 0.01 lot minimum trade size for all trading instruments except for Indices where the minimum trade size is set to 1 lot. The maximum trade size is also considered practically unlimited to 200 lots on Forex assets and 100 lots for others. Contract sizes are up to standard, but Oil type assets have 100 units (barrels) instead of standard 1000, still, the minimum allowed trade size is not changed and remains at 0.01 lots.

In the Index category, only the Japan Nikkei 225 Index has a standard contract size of 10 units. Additional trade steps are also set to 0.01 lots except for the Indexes. Stop levels exist but only for Forex category instruments. It is set to set to 20 points for all, even for exotics. The Stop Out and Margin Call levels are not disclosed unless registered. These levels are subject to change and at the moment of this review Stop Out is set to 50% margin level.

Trading Costs

The only commission costs are related to the Pro Account where they are charged $7 per lot round. Not so long ago commission was $5.5. This signals that the pricing model is still subject to frequent changes as the broker tries to find the balance. It is good to see that the commission cost is not halved (one half for opening a trade and one for closing) as many brokers do to present the cost lower than what it actually is. The commission is not charged for non-forex assets but the spread is the same as with the Standard Account.

Swap trading costs are under normal levels but also credits are present on most assets. Swaps are calculated in points and tripled on Wednesdays. For the EUR/USD the swap is positive on the short side with 6.89 points and -10.51 on the long side. USD/JPY has similar swaps with 5.37 points on the long and -10.25 on the short, AUD/USD has all negatives but low, -2.97 on the long and -1.69 on the short side. Other majors have similar swaps with one positive side. Minors have similar swaps, notable are the AUD/NZD with all negative -1 on the long and -2.6 points on the short, and EUR/AUD pair with over 10 points swap on the long side (-11.45) and a positive 7.35 on the short.

For the exotics, the swaps are increased but some are surprisingly low, for example for USD/CNH -30.9 on the long and a positive 16.2 for short, USD/HKD 11.2 long and -28.38 for short and TRY/JPY with just 8.97 for long and -9.91 for short side. Although, USD/RUB has one of the highest with -1254 points on the long and a positive 699 on the short side. As for the spot Gold, the swap is positive on the short side with 3.52 points and -6.77 on the long. There are no mentions about the fees related to the trading inactivity.

Assets

What we see listed in the MT4 platform we can confirm that ETO Markets offers Forex, Precious Metals, Indexes, and Commodities. The best is the Forex range with an amazing 73 currency pairs. The reason for this extended range is mainly major currencies combinations with many exotics and Scandinavian currencies. Forex traders will enjoy so many hard to find opportunities only big brokers offer.

Notable rarities are ZAR/JPY, USD/RUB, but also EUR/RUB, GBP/CZK, GBP/HUF, GBP/ZAR, CHF/ZAR, USD and EUR against the TRY, MXN, SGD, GBP/SGD, GBP/HKD, and many more. For serious traders, it is even good to open a demo just for testing these pairs.
Precious Metals range is not even close to Forex with just spot Gold and Silver. For most this is enough but most of the majority of forex traders combine their strategies with different metals.

Commodities are minimal. Traders will find only Brent and Crude Oil open for trading.
Indexes are better with a total of 11 listed in MT4. They are mostly major Indexes with some variety gained from France 40, Hong Kong 50, STOXX 50, IBEX 35 and German DAX 30.

Spreads

ETO Markets has floating spreads for all assets. For the Standard Account, the spreads start from 16 points for the EUR/USD, exactly what the broker promotes. Other major pairs are almost the same, 1 or 2 points higher. The widest spread among the majors is for the NZD/USD with 19 points. Minor pairs have a bit higher spreads but very uniform. All of them are below 3 pips including the USD/SGD. Exotics have very attractive spreads starting from CHF/ZAR pair with just 21 points or 2.1 pips. This is a very rare combination.

SGD pairs also have spreads under 30 points and SGD is put under the Majors group as per the Symbols classification in the MT4. The highest spread was for the USD/RUB with 3625 points and EUR/RUB with 5441 points. They are followed by EUR/ZAR with 406 points and GBP/NOK with 349 points. Gold against the USD has 28 pips, which is competitive in the industry. Both Oil assets have 6 points spread.

Pro Accounts have one of the tightest spreads a broker can offer. It does not start from 0 pips as promoted but very close. EUR/USD has 1 point spread and the other majors follow with 2-3 points more. The widest spread among them is for the GBP/USD with 5 points. EUR/CHF is also among the lowest with 1 point spread. Minors are all below two digits spread in points, the one exception is the GBP/CAD with 11 points and GBP/NZD with 21.

Exotics also have low spreads, compared to the Standard Account more than double. For example, USD/RUB has just 710 points, USD/MXN 166 points, EUR/RUB – 2778 points. Some are almost the same, as the GBP/NOK with 316 points spread. Spot gold is the same with 28 pips, as well as commodities and Indexes. These categories do not have any better spreads than the Standard Account, but also do not have commissions.

Minimum Deposit

Traders will have to afford $200 or currency equivalent for the Standard Account. Pro Accounts require no less than $20,000. Whether the low spreads justify this deposit amount is up to the trader. Some other brokers have very competitive spreads similar to the ETO Markets but require far less for deposit.

Deposit Methods & Costs

ETO Markets does not charge any fees for deposits. The costs associated with the payments processor is up to the investor to determine. The methods available are not numerous. The standard deposits with Bank Wire or Credit/Debit Cards are supported although the broker discourages any Credit Card usage for purchasing their products, as this is borrowed money. E-wallets are supported, Skrill, Neteller, and POLi – courtesy of Australia Post. ETO Markets target the Asian market so another option is available for China, Union Pay card in Yuan.

Withdrawal Methods & Costs

As with deposits, ETO Markets does not charge any fees for withdrawals. According to the AML, withdrawals are made using the same channel as a deposit. If this is not possible for any reason, the broker will pay you through electronic transfer. Withdrawal methods are the same, where possible.

Withdrawal Processing & Wait Time

Wire Transfers will require 2 to 3 working days to complete. We have noticed an error on the website about deposit/withdrawals channels where Union Pay is mixed with Wire Transfer. Processing time for Yuan based transfer is 1 to 2 working days and the transfer will take 2 to 3 working days. VISA and MasterCard processing also take 1 to 2 working days and 2 to 3 working days to complete. E-wallets require 1 to 2 working days to process and 2 to 3 for completion.

Bonuses & Promotions

ETO Markets does not offer any bonuses or promotions IB programs exist. A nice feature with the IB is that ETO Markets will instantly deposit your commission to the account.

Educational & Trading Tools

From the ETO Markets website, the Educational section will contain a glossary. It is very good but there are no other tools or materials. Most of the website pages will contain some kind of explanation or guide for the beginners. In a way, the educational content is all over the website. But this is not enough for anyone serious. Once you log in to the trader’s area traders will some of the demo videos about the basics on chart reading, and some are about strategies. Certainly, for more serious education, traders can attain better ways available on the internet. Some of the Daily digests seem present on the ETO Markets Instagram, but the latest post was from May 2019.

Customer Service

We were unable to find anyone online on their chat service form the clints portal for 24 hours. Also, ETO Markets is not responding on their Facebook page. Other contact channels are WeChat, phone line, and email.

Demo Account

ETO Markets is demo friendly. They promote 10,000 virtual balance in the demo account but we did it directly from the MT4 platform where you can select much more virtual funds than $10,000. There are options to select the account type, leverage, and the account currency. The demo is accurately reflecting real conditions, and this is even stated in the broker’s legal documents.

Countries Accepted

According to the ETO Markets Product Disclosure Statement, investors in the United States of America or Japan cannot be accepted as clients.

Conclusion

This section of ETO Markets review will provide additional information not contained above but are important on investment decisions with this broker. Under the ASIC registration license, we have noticed that the broker previous name was ETORO group. eToro is one of the most famous brokers but we cannot confirm that ETO Markets are their brand.

Certainly, the Forex range and the location is as it belongs to the major broker other services are not on par. The broker has very good transparency and a good approach to visitors’ interests. The homepage of the website will first promote a link for a demo account opening, not real, which is showing good intention. Whatsmore, the legal documents are one of the most comprehensive and useful we have read. We have not been able to see any rating bu users except on Facebook where they are not credible. This may be of concern to traders who seek at least some information that does not come from the internet or other media.

ETO Markets Forex range is a reason alone to open a demo account and test some rare currency pairs opportunities. As the broker develops, it will certainly improve offering more trading instruments, better customer support and gain more popularity.