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Darwinex Review 2022

For this Darwinex review, we opened a live account and deposited over €5,000.

We traded the popular instrument in each market to determine the actual spreads and placed 12 trades in total.

We reached out to the broker’s customer service team to resolve the issues we faced.

Finally, we withdrew our funds to assess if the withdrawal process was smooth.

What is Darwinex

Darwinex is a global Forex and CFDs broker founded in 2012 as Tradeslide Trading Tech, a provider of trading technologies. Two years later, the company rebranded to Darwinex, an FCA-regulated Forex and CFD broker.

The broker is licensed in the United Kingdom by the Financial Conduct Authority (FCA).

Darwinex offers hundreds of instruments to traders in the following categories, Forex pairs, indices, stocks, and commodities.

The broker offers 287 tradable instruments, which is not a lot compared to some of its peers.

Here’s a summary of Darwinex’s main features:

🗺️ Authorised & Regulated inUK
🛡️ Is Darwinex safeYes
💰 EUR/USD Spread0.32
💳 Minimum depositUS$500
💰 Withdrawal fee1.2% for Card, 3.5€/£ for Trustly Bank Transfer, 1.2% for Skrill
🖥️ Trading PlatformMT4, MT5
📈 Markets offeredForex, Indices, Stocks, Commodities,
📉 Number of Products287

Licenses and Regulations

Darwinex is licensed by only one global regulator: the tier 1 UK Financial Conduct Authority (FCA), unlike most brokers who hold multiple licenses from different regulators.

Here are the details of Darwinex’s sole UK license.

Legal entityRegistered inRegulatorLicense NumberAccepting Clients FromCompensation Scheme Amount
Tradeslide Trading Tech LimitedUnited KingdomFinancial Conduct Authority (FCA)586466Globally many countries£85,000
Darwinex FCA (Financial Conduct Authority) Registration
Darwinex UK License

Is Darwinex Safe

Yes, Darwinex is safe to trade. The broker is regulated by the top-tier UK Financial Conduct Authority (FCA), which has strict rules and enforcement procedures.

The UK’s FCA guarantees investors’ deposit compensation of up to £85,000 if the broker declares bankruptcy. The broker has gone a step further to get free supplementary insurance covering eligible clients for up to £1,000,000.

For this review, we opened an MT5 Standard CFD account and an Mt5 standard stock account with Tradeslide Trading Tech Limited, regulated by the UK’s Financial Conduct Authority (FCA). We deposited funds into the account, placed trades, and finally withdrew our funds.

Given that the broker only operates the UK entity, any accounts you open with the broker will be under the entity regulated by the UK’s FCA, which offers deposit protection if the broker becomes insolvent.

Fees and Commissions

Darwinex charges low fees for trading most of the main instruments on offer, including Forex pairs, indices, and commodities.

However, the broker’s average spreads for trading stocks were much higher than the industry benchmark.

The broker charges low spreads because it charges a commission on all trades, making its fees much higher than other brokers.

Spread Charged in our Trades

For our tests, we traded the most popular instrument in each market. We executed 3 trades for each instrument to get an accurate estimate of the average spread. We tested Darwinex’s MT5 Standard CFD and stock accounts, which charges a spread and commission on all instruments.

MarketsInstruments1st trade 2nd trade 3rd trade Avg. Spread
ForexEUR/USD0.30.30.350.32
IndicesFTSE 1000.70.70.70.70
StocksApple3.51.51.52.17
CommoditiesGold1.11.41.51.33

We executed all our trades via the MetaTrader 5 mobile app on our iPhone.

A deeper analysis of the spreads charged in our trades revealed that most of the spreads were lower than industry averages. But the broker’s fees were higher because of the additional commissions charged on each trade.

MarketsInstrumentsAvg. Spread ChargedIndustry Avg. Spread
ForexEUR/USD0.321.16
IndicesFTSE 1000.701.65
StocksApple2.171.75
CommoditiesGold1.333.53

Other fees

Darwinex does not charge other non-trading fees. However, investors pay a 1.2% annual commission on invested equity for using the broker’s copy-trading feature known as a DARWIN. Investors pay a 20% performance fee if they make money with a Darwin strategy, with strategy providers earning 15% and Darwinex taking the remaining 5%.

Darwinex Account Types

Darwinex offers only 1 account type. The account is known as the standard account and is offered on the MetaTrader 4 and MetaTrader 5 platforms.

Here are its features:

Standard Account
Trading PlatformsMetaTrader 4 & 5
Account CurrencyEUR/ GBP/ USD
Minimum Deposit$500
Commission2.5 USD per lot
Order ExecutionMarket Execution
SpreadFrom 0
Note

Darwinex does not offer (Swap-free) Islamic Accounts.

For our tests, we opened an MT5 standard CFD account and an MT5 standard stock account with Tradeslide Trading Tech Limited, which is regulated by the UK’s Financial Conduct Authority (FCA).

Account Opening

Darwinex account opening is fast and efficient. We completed the entire process digitally within 10 minutes.

Here are the 5 steps to opening a Darwinex account:

  1. Select your trading platform, choose a name for your account, your account currency and deposit amount.
  2. Enter your username, email and password and choose whether to open an individual or corporate live account.
  3. Provide your title, full name, date of birth, nationality, country of birth, phone number and your residential address, including postcode, City/Town, State/Province, Country of Residence.
  4. Enter your tax details, current employment status, the value of your savings and liquid investments, and how much you plan to invest.
  5. Do you have an account with another broker and how frequently did you trade in the past 3 years?
Darwinex Account Opening
Darwinex Account Opening

The registration process took only 10 minutes, and our trading account was approved in one working day.

We registered the account on 26 March 2022, and it was approved on 29 March 2022.

For this test, we opened the MT5 standard CFD account and an MT5 standard stock account.

Deposit and Withdrawal

Darwinex offers fast deposits and withdrawals. Traders can use bank transfers, credit and debit cards, and e-wallets such as Skrill and Trustly to deposit and withdraw funds from their accounts.

However, Darwinex charges a 0.5% fee on Skrill deposits and is one of the few brokers that charge a fee on deposits.

Darwinex Deposit Methods
Darwinex Deposit and Withdrawal Methods

Darwinex Minimum Deposit

Darwinex has a minimum deposit requirement of $/€/£ 500 on its live accounts. Traders should make the next deposits in multiples of 100, as the broker will reject other figures.

Deposit

Darwinex’s clients can deposit funds into their trading accounts via bank transfers, debit/credit cards, and e-wallets such as Skrill and Trustly.

Skrill deposits attract a 0.5% fee.

The table below shows the details of our deposits:

Payment MethodSubmitted DateFunded Account DateFunding TimeFeeBank Fee
Credit Card01 April 202201 April 2022Instant€0.00Zero
Skrill01 April 202201 April 2022Instant0.5%Zero

Darwinex processes debit/credit card deposits instantly, while Trustly payments are processed in 1 day. Bank transfers may take up to 3 days to appear in your trading account.

Withdrawal

Darwinex does not charge a fee on withdrawals but passes on all associated costs to its clients. Therefore, traders end up paying varying fees on their withdrawals, which was unexpected.

Most brokers charge a fixed fee on withdrawals instead of passing on the merchant fees to their clients.

Hence, each withdrawal at Darwinex attracts a different fee based on the amount withdrawn and the percentage fees charged by the payments company.

Darwinex allows traders to make withdrawals using the same payment methods available for deposits.

Payment MethodSubmitted DateFunds Released DateFunds Arrived DateWithdrawal TimeFeeNote
Credit card01 April 202201 April 202203 April 20222 working days1%32.41 EUR fee was charged
Credit Card04 April 202205 April 202206 April 20222 working days3.30%2 EUR fee was charged
Skrill04 April 202205 April 202205 April 20221 working day1%16.41 EUR fee was charged

We did not encounter any difficulties during the withdrawal process and received our funds within a maximum of two working days.

Markets and Products

Darwinex offers a variety of tradable instruments in the Forex, indices, stocks, and commodities markets.

Here’s the complete list of Darwinex’s product offerings:

MarketsInstruments
Forex40
Indices10
Stocks233
Commodities4
Cryptocurrencies0

The broker offers a limited number of instruments to its clients compared to the leading brokers.

Trading Conditions

The trading conditions at Darwinex are good. Traders can execute most trading strategies since the broker allows high-risk strategies such as hedging and scalping.

Traders can keep their hedging positions open for as long as they want. Darwinex also allows traders to use Expert Advisors (EAs).

Trading MethodAllowed
HedgingYes
ScalpingYes
Change LeverageNo

Traders cannot change their account’s leverage level after opening the account.

Darwinex Leverage

Darwinex clients have access to standard leverage levels in line with the European Securities and Markets Authority (ESMA) regulations regarding leverage levels offered to retail traders based in the EU.

However, professional traders can access higher trading leverage levels, but they lose out on ESMA protections.

The table below shows the different leverage levels available to clients:

MarketsTradeslide Trading Tech Ltd
Major currency pairs30:1
Non-major currency pairs20:1
Gold20:1
Other Commodities (except gold)10:1
Indices5:1
Stocks5:1
CryptocurrenciesN/A

Bonus

Darwinex does not offer a bonus program to its clients.

Trading Platform

Darwinex offers traders a proprietary FIX API trading platform developed by Darwinex Labs ( its Quant team) that is specifically used for copy trading. The API software is used for copy-trading DARWIN assets on the broker’s proprietary marketplace known as the DARWIN exchange.

Investors can use the DARWIN API to buy and sell winning strategies created by professional traders and hosted on the DARWIN exchange.

Darwinex MT4 MT5

The broker also offers the MetaTrader 4 and 5 platforms for traders who want to trade their independent strategies. The MT4 platform offers traders a wide range of analytical tools and indicators, while the MT5 has additional features that deliver a better trading experience.

Darwinex further offers tools for automated trading in the form of auxiliary libraries that can be added to the MetaTrader and DARWIN platforms. These tools include ZeroMQ to MetaTrader and Zorro to MetaTrader bridging solutions.

Darwinex Trading Platforms
Darwinex Trading Platforms

Traders who prefer to copy the strategies developed by professionals will be at home on the DARWIN proprietary marketplace, while self-directed traders have to use the MT4 and MT5 platforms.

We found the MT5 platform to be great for traders who prefer to trade the popular MetaTrader platforms.

Research and Tools

Darwinex provides its clients who use its copy-trading platforms excellent research tools to sift through the over 2000 strategies (Darwins) and find the ones that fit their investor profile.

Traders can use the broker’s marketplace to research the performance rankings of each Darwin based on criteria such as the Darwinex score (D-score) to identify the best performing strategies.

Darwinex provides little in the form of traditional market research for self-directed traders except for occasional news articles on its blog.

Darwinex Trading Tools
Darwinex Trading Tools

The broker also offers a community forum where traders can discuss trending topics and learn from each other.

Education

Darwinex offers minimal education in the form of training videos and tutorials. These are found within its proprietary trading platform.

Darwinex Educational Material
Darwinex Video Tutorials

Customer Service

Darwinex’s customer service team was helpful and gave us direct answers to our questions. However, the broker does not offer support via live chat, unlike most brokers.

Darwinex Customer Support
Darwinex Customer Service

You can reach Darwinex’s customer service team via email. The customer service team answered our email query within 10 hours, which was okay.

Here are the results of our test below:

QuestionResponse TimeQuality of reply
Live chatN/AN/AN/A
EmailWe asked for general information about our account (minimum deposit, available currencies, execution type) bonus offers, leverage changes, hedging and scalpingWe received feedback within 10 hours. The first reply was a link to their website containing the account information. We then asked about the minimum deposit, available currencies and order execution types and got a detailed answer.

Conclusion

In summary, we had a positive experience with Darwinex starting from the account opening to the deposit, trading and withdrawal processes.

We had to open an MT5 standard CFD account and an MT5 stock account to get access to Forex pairs and stock CFDs, which were limited in number. The broker charges low fees on Forex, indices and commodities trades, while its fees for stock trades were higher than industry averages.

Darwinex offers instant deposits and a user-friendly client portal. However, Skrill deposits attract a 0.5% fee, hence, we recommend traders use credit/debit cards to deposit.

The broker passes on the fees charged by payment processors to its clients when processing withdrawals. Therefore, card withdrawals attract a 1.2% fee, Trustly bank transfers attract a €/£3.5 fee, while Skrill withdrawals attract a 1.2% fee.

Darwinex does not offer support via live chat, which is inconvenient when one needs a quick reply to a query. The broker’s email responses were not as fast as some of its peers.

We recommend Darwinex to traders who want to copy strategies developed by other successful traders. Traders who run scalping, hedging and automated strategies will also feel at home with this broker.

We recommend Darwinex for traders who are

  • Experienced traders
  • Run Scalping
  • Hedging
  • EAs trading
  • Copy Trading
  • Trading through MT4

Darwinex might not be a fit if you are

  • Beginners
  • Real Stock / Futures Trading
  • Commission based trading
  • Looking for wide instrument range
  • Prefer other platforms rather than MT4

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RoboForex RoboMarkets Review 2022

For this RoboMarkets review, we have opened a standard account with the broker and deposited €5,000.

We traded the popular instrument in each market to get the real spreads and placed a total of 12 trades.

We also reached out to customer support to solve the issues we faced.

Finally, we withdrew our funds to see if there are any issues with the withdrawal process.

What is RoboMarkets

RoboMarkets, which also operates as the brand RoboForex, is a forex and contracts for differences (CFDs) broker, headquartered in Cyprus.

The broker has multiple regional offices and is regulated in Cyprus, Belarus, and Belize.

RoboMarkets is a multiasset broker with offerings that include forex, stocks, indices, and commodities.

Some of the highlights of RoboMarkets are:

🗺️ Authorised & Regulated inCyprus, Belize, Belarus
🛡️ Is RoboMarkets safeYes
💰 EUR/USD Spread1.68
💳 Minimum deposit$100
💰 Withdrawal feeDepends on the payment method
🖥️ Trading PlatformMT4, MT5, R Trader
📈 Markets offeredForex, Indices, Stocks, Commodities
📉 Number of Products107 (depends on the jurisdiction)

Licenses and Regulations

RoboMarkets holds 3 regulatory licenses.

The broker is regulated in Cyprus, Belarus, and Belize.

The full list of RoboMarkets licenses is below:

Legal entityRegistered inRegulatorLicense numberAccepting clients fromCompensation scheme amount
RoboMarkets LtdCyprusCyprus Securities and Exchange Commission (CySEC)191/13European Union€20,000
RoboForex LtdBelizeFinancial Services Commission (FSC)000138/107GlobalNo compensation scheme
RoboMarkets, LLCBelarusNational Bank of the Republic of Belarus (NBRB)193179482GlobalNo compensation scheme
RoboMarkets CySEC (Cyprus Securities and Exchange Commission) Registration
RoboMarkets CySEC License

Is RoboMarkets Safe

Yes, RoboMarkets is a safe broker.

The broker is regulated in three jurisdictions, three of which are in Europe. The clients under the CySEC-regulated entity also receive a compensation scheme of €20,000 for the protection of their funds.

For our tests, we opened an MT5 pro account and another R Trader account with RoboMarkets Ltd, which is regulated by Cyprus Securities and Exchange Commission (CySEC) in Cyprus

Fees and Commissions

RoboMarkets fees are usually built into spreads. But higher-tier accounts charge commission too.

Spreads on our forex trades were a bit higher than the industry average benchmark. However, spreads charged for other asset classes were significantly lower.

RoboForex Spread Charged in Our Trades

For our tests, we have chosen popular instruments in each market. We placed 3 trades for each instrument to get a picture of the average spread.

Spreads for our trades varied but remained within a reasonable bound.

Details of our trades are shown below the table.

MarketsInstruments1st trade2nd trade3rd tradeAvg. spread
ForexEUR/USD1.61.91.551.68
IndicesFTSE 1000.750.7510.83
StocksApple0.70.70.70.7
CommoditiesGold3.23.053.13.12

Our testing finds that forex spreads on RoboMarkets are around the industry average or a bit higher. Spreads on indices and gold are on the lower side.

RoboMarkets charges commission on shares CFDs with zero spread.

MarketsInstrumentsAvg. spread charged in our tradesIndustry avg. spread
ForexEUR/USD1.681.16
IndicesFTSE 1000.831.65
StocksApple0.71.75
CommoditiesGold3.123.53

Other Fees

RoboMarkets does not charge any fee for deposits, but there are fees for most of the withdrawals.

Withdrawal fee of some of the most used withdrawal methods:

  • Rapid Transfer – 1%
  • Credit/Debit Card – 2.4%
  • Bank Transfer – 25 USD, 10 EUR, 20 GBP, 150 PLN, 75 CHF
  • WebMoney – 0.8%
  • Skrill – 1%
  • FasaPay – 0.5%
  • Neteller – 1.9%
  • PayPal – 2%

The broker does not have any inactivity or account maintenance fees.

Account Types

RoboMarkets offers five types of accounts to retail traders

Pro AccountProCent AccountPrime AccountECN AccountR Trader Account
Trading PlatformsMetaTrader 4, MetaTrader 5, R TraderMetaTrader 4, MetaTrader 5, R TraderMetaTrader 4, MetaTrader 5, R TraderMetaTrader 4, MetaTrader 5, R TraderMetaTrader 4, MetaTrader 5, R Trader
Account CurrencyUSD, GBP, EUR, CHF, GOLDUSD, GBP, EUR, CHF, GOLDUSD, GBP, EUR, CHF, GOLDUSD, GBP, EUR, CHF, GOLDUSD, GBP, EUR, CHF, CZK
Minimum deposit$100$100$100$100$100
CommissionNoneNone10 / mio20 / mioUS Stocks (Deposit from 10,000 USD) 0.02 USD per share, US Stocks 0.0045 USD per share. CFD on US stocks 0.015 USD per share, CFD on EU stocks 0.07%, Forex 15 USD per 1 million base currency, Indices variable commission
Order executionMarket ExecutionMarket ExecutionMarket ExecutionMarket ExecutionMarket Execution
SpreadFrom 1.3From 1.3From 0From 0From 0

RoboMarkets also offers swap-free Islamic accounts and professional accounts. Find info about forex brokers Iran.

Account Opening

Our overall experience of opening a new account with RoboMarkets was smooth and quick.

We opened an MT5 pro account and an R Trader account for our tests under the Cyprus-regulated entity.

The process of registration of a new RoboMarkets account:

  1. Enter email, first name, last name, mobile number
  2. Enter desired trading platform, account type, hedge system, currency, leverage, and affiliate code
  3. Answer a few questions on profession and trading experience
  4. Provide a few details on the financial situation and risk appetite

For our identity verification we have to provide the following details:

  1. Enter name, surname, gender, and date of birth
  2. Declare if we are politically exposed
  3. Declare if we are a reportable entity under FATCA
  4. Provide national id or passport number, issuing authority, and issuing date

We submitted the following documents to verify our RoboMarkets account:

  1. Copy of national identification (both front and back)
  2. Copy of passport

The registration process took around 23 minutesOur account was verified on the same day.

Our account was registered on April 2, 2022, and approved on the same day.

Our overall account opening experience was smooth and without any issues from registration to verification.

RoboMarkets Account Opening
RoboMarkets Account Opening

Deposit and Withdrawal

Deposits and withdrawals on RoboMarkets are easy and fast.

The broker, however, charges fees on most of the withdrawal methods.

RoboForex Minimum Deposit

RoboMarkets has a minimum deposit requirement of $100 for all account types.

Robo Markets Deposit

RoboMarkets allows deposits using bank transfers, credit and debit cards, and several top online wallets like PayPal, Skrill, and Neteller.

We tested the deposit process on RoboMarkets using a credit card, PayPal, Skrill, and Neteller.

Details of our fund deposits are shown in the below table.

Payment MethodSubmitted DateFunded Account DateFunding TimeFee
Credit card2022-04-032022-04-03Instant0
Neteller2022-04-032022-04-03Instant0
Skrill2022-04-032022-04-03Instant0
PayPal2022-04-032022-04-03Instant0
RoboMarkets Deposit Methods
RoboMarkets Deposit and Withdrawals

Withdrawal

RoboMarkets allows withdrawals with bank transfers, credit and debit cards, and other methods that are supported for deposits.

Overall, our experience with the RoboMarkets withdrawal process was positive.

Details of our withdrawal requests are in the table below.

Payment MethodSubmitted DateFund Released DateFund Arrived DateWithdrawal TimeFee
Credit card2022-04-042022-04-042022-04-051 working days0
Neteller2022-04-042022-04-042022-04-046 hours2%
Skrill2022-04-042022-04-042022-04-043 hours1%
PayPal2022-04-042022-04-042022-04-043 hours0.35%

Markets and Products

RoboMarkets offers CFDs trading services with forex, indices, stocks, and commodities.

The complete list of RoboMarkets offerings are:

MarketsInstruments
Forex36
Indices7
Stocks53
Commodities11

The markets and the number of offered instruments will depend on the account jurisdiction.

Trading Conditions

RoboMarkets offers excellent trading conditions. The broker allows hedging and scalping strategies and traders can change leverage levels as well.

Trading MethodAllowed
HedgingYes
ScalpingYes
Change LeverageYes

Leverage

Leverages offered by the various entities of RoboMarkets are detailed below:

MarketsRoboMarkets LtdRoboForex LtdRoboMarkets, LLC
Major Currency Pairs30:1888:1100:1
Non-Major Currency Pairs20:1200:1100:1
Gold20:1888:1100:1
Other Commodities (except Gold)10:125:1100:1
Indices5:1100:1100:1
Stocks5:110:15:1
CryptocurrenciesNANA5:1

Trading Platform

RoboMarkets offers the three trading platforms:

  • R Trader (the brokers proprietary platform)
  • MetaTrader 4
  • MetaTrader 5

RoboForex MT4

MetaTrader 4 platform and MetaTrader 5 platform are developed by MetaQuotes Software and are used extensively within the trading industry.

We executed our trades on the MetaTrader 5 and R Trader trading platform.

RoboMarkets Trading Platform
RoboForex R Trader Platform

Copy Trading

RoboMarkets offers copy trading services with its service called CopyFX.

RoboMarkets Copy Trading Servicies
RoboForex CopyFX

Bonus

RoboMarkets offers several bonus programs under its various entities.

Cashback (Rebates)

Account typeAll account types
Client typeProfessional
Minimum trading volume10 lots
EntityRoboMarkets Ltd

Details of payout:

Account typeCalculation method 10 – 1,000 lots1,000 – 3,000 lotsMore than 3,000 lots
Cent, Pro, ECN% of the company’s revenue5%10%15%
Prime% of commission5%7%10%

Classic Bonus up to 120%

Account typeMetaTrader4 and MetaTrader5-based accounts (ECN, ContestFX, and CopyFX accounts do not participate in the program)
Client typeProfessional
Bonus option Client can choose the bonus amount: 25%, 50%, 100% or 120%.
Maximum payoutUp to 50,000 USD / 50,000 EUR / 325,000 CNY / 39,000 GOLD
Restrictions“Classic bonus” bonus program is not available to the clients from Malaysia.
EntityRoboMarkets Ltd

Up to 10% of Extra Funds

Account typeAll MetaTrader4 and MetaTrader5 real accounts, including ECN, Prime, CopyFX, and affiliate accounts
Client typeProfessional
EntityRoboMarkets Ltd

Trading details:

Trading lots1-10 lots1-1,000 lotsMore than 1,000
Payout2.5%10%10%

Welcome Bonus $30

Account typeMetaTrader 4/5 accounts with USD or EUR as the base currency: ProCent, Pro (not including ContestFX).
Requirement1. Pass the personal information, which consists of two required steps – the passport verification and the address verification.
2. Verify your mobile phone number.
3. Deposit at least 10 USD / 10 EUR / 60 CNY to the trading account using the bank card (only deposits made through China UnionPay, Maestro, MasterCard, and VISA cards are valid. Deposits made by means of virtual cards issued by payment systems, as well as prepaid cards are not taken into account).
RestrictionsWelcome Bonus is only available for the accounts with the leverage up to and including 1:1000 (the participants of the offer can’t increase their account leverage).
EntityRoboForex Ltd

60% Profit Share Bonus

Account typeMetaTrader4/MetaTrader5-based cent or standard accounts (ECN accounts do not participate in the program)
Maximum payoutThe total amount of Profit Share bonuses on a single account (depending on the account currency) is up to 10,000 USD / 10,000 EUR / 65,000 CNY / 7,800 GOLD. The maximum amount of Profit Share bonuses on all accounts (depending on the account currency) owned by the same client is up to 20,000 USD / 20,000 EUR / 130,000 CNY / 15,600 GOLD.
Requirement1. When the Client deposits his account, the deposited sum is added to the Client’s own funds. The amount of Profit Share bonus makes a new share, which will be taken into account separately before the bonus is canceled or the requirements for the trading volume are fulfilled.
2. When the Client withdraws funds, the sum he withdraws is deducted from the Client’s own funds.
3. After the Client fulfills the requirements for the trading volume, the amount of the bonus funds is added to the Client’s own funds.
RestrictionsWelcome Bonus is only available for the accounts with the leverage up to and including 1:1000 (the participants of the offer can’t increase their account leverage).
EntityRoboForex Ltd

Classic Bonus up to 120%

Account typeMetaTrader4/MetaTrader5-based cent or standard accounts
Bonus optionsClient can choose the bonus amount: 25%, 50%, 100% or 120%.
Maximum payoutUp to 50,000 USD / 50,000 EUR / 325,000 CNY / 39,000 GOLD
Restrictions“Classic bonus” bonus program is not available to the clients from Malaysia.
EntityRoboForex Ltd

Cashback (Rebates)

Account typeAll Account Types
Minimum trading volume10 lots
EntityRoboForex Ltd
Account typeCalculation method 10 – 1,000 lots1,000 – 3,000 lotsMore than 3,000 lots
Cent, Pro, ECN% of the company’s revenue5%10%15%
Prime% of commission5%7%10%

Up to 10% of Extra Funds

Account typeAll MetaTrader4 and MetaTrader5 real accounts, including ECN, Prime, CopyFX, and affiliate accounts can participate in the program
EntityRoboForex Ltd

Trading details:

Trading lots1-10 lots1-1,000 lotsMore than 1,000
Payout2.5%10%10%
RoboMarkets Bonus
RoboForex Bonus

Research and Tools

RoboMarkets offers decent tools for market research and analysis.

Tools offered by the broker include:

  • Impressive charting tools
  • Economic calendar
  • Currency analysis and forecasts 
  • Trading ideas
  • Remote VPS servers
  • Newsfeed
RoboMarkets Analytics Tools
RoboForex Market Analysis

Education

RoboMarkets offers decent educational resources.

The broker’s educational materials only include:

RoboMarkets Educational Material
RoboMarkets Forex Courses

Robo Forex Customer Service

RoboMarkets offers excellent customer support.

Traders can contact the broker via:

  • Live chat
  • Email
  • Phone

The support staff is available 24/7.

Our experience with RoboMarkets customer support was mixed.

QuestionResponse TimeQuality of reply
Live ChatWe asked if our trading account is fully approved, do they charge any deposit&withdraw fees, or what are the deposit method3 minuteClear and accurate
Live ChatWe asked as we can see they have 4 options for depositing via card(VISA/MasterCard ‎CardPay/Connectum/BlueOrange Bank/Ecommpay), which one should we choose.1 minuteClear and accurate
EmailAsked if we are allowed to trade UK100 and Crypto in our trading account.3 minuteClear and accurate
EmailAsked if RoboForex allow hedging scalping and change of leverage2 hoursClear and accurate
RoboMarkets Customer Support
RoboForex Customer Support

The broker also has a detailed FAQ section for frequently faced issues.

Conclusion

Our overall experience with RoboMarkets was positive.

The spreads charged on our forex trades were around the industry average. Order execution speed was fast. Spreads on other asset classes were mostly impressive.

RoboMarkets allows hedging and scalping. Traders can also change the leverage levels. There are also no restrictions on trading.

The broker does not charge fees for deposits, but there are withdrawal fees. The customer support was also good and most of the responses were clear and detailed.

We recommend RoboMarkets to forex traders who run EA and other trading strategies.

We recommend RoboMarkets for traders who are

  • Experienced traders
  • Run Scalping
  • Hedging
  • EAs trading
  • Trading through MT4 or MT5
  • Looking fr good tools

RoboMarkets might not be a fit if you are

  • Real Stock / Futures Trading
  • Very Beginners in Trading
  • Commission based trading

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Best Forex Brokers with Trading Signals 2022

For this list, we have searched and tested several forex brokers with trading signals.

To select the best forex brokers with trading signals we opened real accounts and deposited between $4,000 and $8,000 with each of the brokers. We then placed real trades in each popular market so as to get the actual picture.

Then we contacted the customer team, to test their dedication and ability to be helpful.

We handpicked the best forex brokers with trading signals based on our trading data and experience.

What are Best Trading Signals for Forex?

Forex signals are indicators or a combination of factors that may suggest when to buy or sell a currency pair or instruments. Signals can be derived from fundamental analysis, technical studies, and others, means are based on technical analysis. Investors often rely on their gut feeling to make decisions that can be really risky. By using trading signals, it is possible to enhance the results of the trades, since traders get to know when to enter or exit trading positions based solely on observations like price action or volume, avoiding emotional desicions.

There are many different types of signals that can be derived from technical indicators. The best forex signal will depend on what you’re looking for, but one thing is certain- they all have their own unique strengths and weaknesses so it’s important not only consider this when choosing which indicator to use as well how often traders should check up with them before taking any trades!

There are several forex signals:

  • Long-term signals that are intended for investors
  • Medium-term signals
  • Short-term signals intended for scalpers

Mainly Trading Signals are based on Technical Analysis and Price Action tools, these are some of the popular analysis tools often used on its own or in combination as basis for Trading Signals :

  • MACD
  • Moving Averages(MAs)
  • Bollinger Bands
  • Historical Volatility
  • Oscillators
  • Relative Strength Index (RSI)
  • Directional Movement Indicator (DMI)

So how to get Trading Signals? There are various signals available for trading purposes. Some Signals are inbuilt into the trading platforms of the forex brokers with trading signals. Besides, there are popular Social Trading platforms acting as signal providers too, like popular ZuluTrade or eToro Social Trading.

Also, traders can obtain signals from some individuals or companies that create own patterns and systems for providing signals, known as third party providers which might be Market leaders or not, where traders can get signals by trading signal groups, Telegram Signal Channels, WhatsApp, email or online platform notifications etc. However, we reccomend check carefully whether the trading signal provider is a reliable source.

Best Free Forex Signals Providers

Forex Signals are essential for Beginning traders too, however important to consider both Brokers with Trading Signals and Free Signal providers offering signal services. At the point, broker with Trading signals might be a better option for beginners since is a one-go place where trader can find education, support materials, signals and suitable for beginners’ trading platforms.

Forex signals apps on their own provide real-time market data and analysis, which can help you make more informed trading decisions. However, it is essential to choose one of the reliable free forex signals apps to start with. 

Signals usually depend on the complexity and the parameters they evaluate. Free signals might offer only simple reach of the price levels or other basic analytic criteria. We recommend using reliable broker Apps for signals. 

Here we select and name few of the popular signal providers, including Brokers with good signals, either based on news, trading ideas, or trading signals from popular MyFXBook or other social trading netwoks:

  • Learn 2 trade
  • ForexGDP
  • 1000pip Builder
  • Forex.com
  • ForexSignals.com

What Brokers Support Trading Signals

The majority of forex brokers with trading signals offer Signals either as push notifications or as alert systems inbuilt into the platform. Some brokers enable ZuluTrade or other social trading platforms. However, most often only simple trading signals are available free of charge and others might be available for a fee on a marketplace. 

Trading signals are a great way to get trade ideas, and many brokers offer this service free of charge. 

Many high-quality forex brokers provide trading signals as a part of their service. Some of those brokers we have tested and marked as best in its category. To get signals offered by the Brokers, you need to open an account and see available range on its trading platform, however before signing with a certain broker, it is essential to check its offerings and see if they can satisfy your trading needs. Here are some Best Brokers with Trading Signals tested by us:

  • AvaTrade – Best Broker with Trading Signals Overall
  • Tickmill – Best Broker for Beginners with Trading Signals
  • Markets.com – Best MT4 Signals Broker
  • IC Markets – Best ZuuluTrade Signals Broker

Best Overall Forex Signal Broker

We have chosen AvaTrade as the best overall forex broker with trading signals.

AvaTrade was founded in 2006 in Dublin, Ireland. The broker is regulated in several jurisdictions: Ireland, Australia, the UAE, Japan, South Africa, and the British Virgin Islands. AvaTrade offers an abundance of trading instruments: forex, indices, commodities, bonds, cryptocurrencies, stocks, and ETFs.

The broker’s fees are built into the spreads. The spreads are rather attractive for forex, stocks, commodities, and cryptocurrency CFDs. Spreads for forex, indices, and commodities are much below the industry standards. AvaTrade deposits are available through wire transfers, credit cards, and popular e-wallets like Skrill, Neteller, and Paypal

We have picked AvaTrade as the best broker with trading signals as it offers free trading signals to all traders who are signed up on their site with third-party providers. Traders can access and subscribe to any signals provider via their MT4 and MT5 platforms. 

Trading conditions with the broker are good. Traders can use hedging and scalping. Traders also have access to copy trading services with two third-party services: DupliTrade and ZuluTrade. Moreover, AvaTrade offers MQL5 Signals Services.

Best Forex Trading Signals for Beginners

We have picked Tickmill as the best beginner forex broker with trading signals.

Tickmill is a global Forex and CFDs broker, founded in 2014. The broker is headquartered in London and holds licenses in the UK, Cyprus, South Africa, Seychelles, and Labuan (Malaysia).

Tickmill offers 3 account types: Pro, Classic, and VIP accounts. Deposits and withdrawals with Tickmill are free and fast. The accounts are possible to fund through bank wires, credit and debit cards, and e-wallets such as Skrill and Neteller. The trading conditions at Tickmill are also good. Traders can run most types of trading strategies, such as hedging and scalping. Tickmill also allows access to Expert Advisors (EAs).

We have chosen Tickmill as the best beginner forex broker with trading signals, as it has a quality education section including webinars, seminars, Ebooks, video tutorials, forex glossary, infographics, fundamental analysis, technical analysis, market insights.

Best Forex Signals MT4 Broker

We have picked Markets.com as the best MT4 forex broker with trading signals.

Markets.com is a global Forex and CFDs broker. It was founded in 2008. The broker holds licenses in the United Kingdom, Australia, Cyprus, South Africa, and the British Virgin Islands.

Markets.com offers tradable instruments in a number of categories: forex pairs, indices, stocks, commodities, and cryptocurrencies. Markets.com offers 5 account types: CFD, investment strategy builder, MT4 CFD, MT5 CFD, and share dealing accounts. Markets.com offers excellent trading conditions. The broker allows high-risk strategies such as hedging and scalping.

Markets.com also allows traders to use Expert Advisors (EAs). The broker provides trading signals to give essential market hints to its clients. Markets.com signals tool combines data from several sources: Daily Analyst Recommendations, Insiders, Hedge Fund Activity, and Bloggers. Traders are able to get real-time trading insight that will boost their trades immensely. 

In fact, traders have a choice when it comes to trading platforms. There are two proprietary trading platforms – Marketsx and Marketsi. Traders that prefer popular MT4 and MT5 platforms, can still conduct their tradings through them. We have picked Markets.com as the best MT4 forex broker with trading signals as the MT4 platform has all the favorable conditions and features for successful trading.

Zulutrade Best Forex Signals Broker

We have picked IC Markets as the best Zulutrade best forex broker with trading signals.

Founded in 2007, IC Markets is an Australian Forex and CFDs broker, headquartered in Sydney, Australia. The broker holds licenses in Australia, Cyprus, Seychelles, and The Bahamas. IC Markets offers tradable instruments in Forex pairs, indices, stocks, commodities, and cryptocurrencies.

IC Markets charges low fees for forex pairs, indices, commodities, and cryptocurrencies. Based on our tests, spreads charged in our trades were below industry standards. IC Markets offers 4 account types with slightly different features: the standard account, cTrader raw spread account, the raw spread account, and the Islamic account.

IC Markets offers excellent trading conditions. The broker allows high-risk strategies such as hedging and scalping. IC Markets also allows traders to use Expert Advisors (EAs). We have chosen IC Markets as the best Zulutrade best forex broker with trading signals as through ZuluTrade the broker allows traders to receive and share trading signals and also follow strategies from experts. By using its Zulu Trader, clients will have the opportunity to check the potential gains and losses, as well as their strategies and performance. 

List of Forex Brokers providing Trading Signals

Here is a list of forex brokers with trading signals that we have tested and reviewed.

Forex BrokerTest detailsBroker Review
FxProDeposit Amount: Over €5,000
Total Trade: 15 trades
FxPro Review
Admiral MarketsDeposit Amount: Over €4,000
Total Trade: 12 trades
Admiral Markets Review
BlackBull MarketsDeposit Amount: Over €4,000
Total Trade: 12 trades
BlackBull Markets Review
GO MarketsDeposit Amount: Over €4,000
Total Trade: 12 trades
Go Markets Review
XMDeposit Amount: Over €5,000
Total Trade: 12 trades
XM Review
FXTMDeposit Amount: Over €6,000
Total Trade: 12 trades
FXTM Review
TickmillDeposit Amount: Over $8,000
Total Trade: 12 trades
Tickmill Review
XTBDeposit Amount: Over €5,000
Total Trade: 12 trades
XTB Review
RoboMarkets (RoboForex)Deposit Amount: Over €5,000
Total Trade: 12 trades
RoboMarkets (RoboForex) Review
PepperstoneDeposit Amount: Over €6,000
Total Trade: 12 trades
Pepperstone Review
FBSDeposit Amount: Over €5,000
Total Trade: 12 trades
FBS Review
IC MarketsDeposit Amount: Over €5,000
Total Trade: 12 trades
IC Markets Review
ThinkMarketsMT4, MT5, ThinkTraderThinkMarkets Review
FP MarketsDeposit Amount: Over €6,000
Total Trade: 12 trades
FP Markets Review
Amana CapitalDeposit Amount: Over €5,000
Total Trade: 12 trades
Amana Capital Review
CMC MarketsDeposit Amount: Over €5,000
Total Trade: 12 trades
CMC Markets Review
Vantage FXDeposit Amount: Over €5,000
Total Trade: 15 trades
Vantage FX Review
INFINOXDeposit Amount: Over €4,000
Total Trade: 9 trades
INFINOX Review
Axi (AxiTrader)Deposit Amount: Over €6,000
Total Trade: 12 trades
Axi (AxiTrader) Review

FAQ and More on Forex Signals

When it comes to forex brokers with trading signals, there are many questions that traders may have. In an attempt to be helpful, we picked and answered some of the most important queries related to forex brokers with trading signals.

Binary Options Trading Signals Brokers

Binary options are a popular instrument for Offshore brokers, that may also provide trading signals too attract clients. However, Binary Options are restricted by all major regulations worldwide due to the high risks involved, also Binary Options type of trading predicts the direction of the price within a determined timeframe, so the signals might not be the best use due too the nature or instrument itself since time is never a point for technical analysis.

As to the available brokers, there is only one Broker, Nadex, that offers Binary Options on a legal basis. Other brokers offering Binary Options are offshore brokers, and trading with them is not recommended.

Best Forex Scalping Signals

Scalping is a form of trading that takes place when traders open and close positions in markets very quickly, so trading signals are a great use for scalpers, mainly using combination of technical analysis tools to determine entering the position.

Based on our tests we advise you the following forex brokers with trading signals suitable for scalping:

  • AvaTrade
  • FxPro
Categories
Uncategorized

ThinkMarkets Review 2022

For this ThinkMarkets review, we have opened a standard account with the broker and deposited over €5,000.

We traded the popular instrument in each market to get the real spreads and placed a total of 15 trades.

We also reached out to customer support to solve the issues we faced.

Finally, we withdrew our funds to see if there are any issues with the withdrawal process.

What is ThinkMarkets?

ThinkMarkets is an Australia-based forex and CFD (contract for difference) broker. It was founded in 2010 and was previously known as ThinkForex.

The broker is regulated in multiple jurisdictions, including Australia, the United Kingdom, South Africa, and Seychelles, and has operations globally.

ThinkMarkets’ offerings include trading services with forex, indices, commodities, cryptocurrencies, and shares CFDs.

Some of the highlights of ThinkMarkets are:

🗺️ Authorised & Regulated inUK, Australia, SA, Seychelles
🛡️ Is ThinkMarkets safeYes
💰 EUR/USD Spread1.3
💳 Minimum depositUS$0
💰 Withdrawal feeUS$0
🖥️ Trading PlatformMT4, MT5, ThinkTrader
📈 Markets offeredForex, Indices, Stocks, Commodities, Cryptocurrencies
📉 Number of Products1628 (depends on the jurisdiction)

Licenses and Regulations

ThinkMarkets holds 4 regulatory licenses. 

The broker is licensed in Australia, the United Kingdom, South Africa, and Seychelles. Australia’s ASIC and the UK’s FCA are deemed as two reputed global financial market regulators.

The full list of ThinkMarkets’ licenses is below:

Legal entityRegistered inRegulatorLicense numberAccepting clients fromCompensation scheme amount
TF Global Markets (UK) LimitedUnited KingdomFinancial Conduct Authority (FCA)629628United Kingdom£85,000
TF Global Markets (Aust) LimitedAustraliaAustralian Securities and Investments Commission (ASIC)424700AustraliaNo compensation scheme
TF Global Markets (South Africa) (Pty) Ltd
South Africa
Financial Sector Conduct Authority (FSCA)49835South AfricaNo compensation scheme
TF Global Markets Int LtdSeychellesSeychelles Financial Services Authority (FSA)SD060GlobalNo compensation scheme
ThinkMarkets FSA (Financial Conduct Authority) Registration
ThinkMarkets FSA License Page

Is ThinkMarkets Safe?

Yes, ThinkMarkets is a safe broker

The broker is regulated by two of the most reputed financial markets regulator, the UK’s FCA and Australia’s ASIC. The FCA also offers a compensation scheme of £85,000 to protect clients’ funds. 

For our tests, we opened an MT5 Standard account with TF Global Markets (Aust) Limited, which is regulated by the Australian Securities and Investments Commission (ASIC) in Australia.

We recommend you open an account with the UK or the Australian entity if their services are available in your jurisdiction.

ThinkMarkets Fees and Commissions

ThinkMarkets’ fees on trades depend on the account type. For Standard account, the fees are built into spreads, but the broker also charges a commission for trades on other account types with none or tight spreads.

Spreads on our forex, indices, and cryptocurrencies trades were much below the average industry benchmark.

ThinkMarkets Spread Charged in Our Trades

For our tests, we have chosen popular instruments in each market. We placed 3 trades for each instrument to get a picture of the average spread.

Our test is based on ThinkMarkets’ MT5 Standard account. The spreads for our trades with forex, indices, and stocks remained constant throughout, showing signs of fixed spreads.

Details of our trades are shown below the table.

MarketsInstruments1st trade2nd trade3rd tradeAvg. spread
ForexEUR/USD1.31.31.31.3
IndicesFTSE 1000.70.70.70.7
StocksApple3333
CommoditiesGold7.8223.93
CryptocurrenciesBitcoin36.9732.3120.95530.08

Our testing finds that ThinkMarkets spreads on forex, indices, and cryptocurrencies are much lower than the industry benchmark. Spreads on stocks, however, are on the higher side.

MarketsInstrumentsAvg. spread charged in our tradesIndustry avg. spread
ForexEUR/USD1.31.16
IndicesFTSE 1000.71.65
StocksApple31.75
CommoditiesGold3.933.53
CryptocurrenciesBitcoin30.0872.81

Other Fees

ThinkMarkets does not have any noticeable non-trading fees. The broker offers free deposits and withdrawals. Additionally, there is no account maintenance or inactivity fees.

Account Types

ThinkMarkets offers two straight-forward account types: Standard account and ThinkZero account.

Details of the two ThinkMarkets accounts are:

Standard AccountThinkZero Account
Trading PlatformsMetaTrader 4, MetaTrader 5, ThinkTraderMetaTrader 4, MetaTrader 5, ThinkTrader
Account CurrencyAUD, EUR, CHF, GBP, USD, JPYAUD, EUR, CHF, GBP, USD, JPY
Minimum deposit$0$500
CommissionNil$3.5 per side (100,000)
(No commission on CFDs)
Lot size1.0 (100k)1.0 (100k)
Maximum tradeable size50 Lots100 Lots
( 10 for XAUUSDx & XAGUSDx)
Order executionInstant ExecutionInstant Execution
SpreadFrom 0.4From 0

ThinkMarkets also offers swap-free Islamic accounts and joint accounts.

Account Opening

Our overall experience of opening a new account with ThinkMarkets was smooth and quick.

We opened a MetaTrader 5 Standard account for our tests under the ASIC-regulated entity.

The process of registration of a new ThinkMarkets account:

  1. Enter trading account type (individual or corporate), country of residence, products to trade (shares or forex and CFDs), first name, last name, email, and password.
  2. Enter the verification code sent to the provided email.
  3. Provide personal details like phone number, date of birth, taxation country, and address.
  4. Choose the desired trading platform.
  5. Provide financial details like employment status, annual income, and value of savings and investments.
  6. Answer questionnaires on trading experience.

We submitted the following documents to verify our ThinkMarkets account:

  1. Copy of national identification (both front and back)
  2. Copy of our bank statement

The registration process took around 6 minutesOur account was verified in 1 working day.

Our account was registered on March 26, 2022, and approved on March 29, 2022.

Our overall account opening experience was smooth and without any issues, from registration to verification.

ThinkMarkets Account Opening
ThinkMarkets Account Opening

Deposit and Withdrawal

Both deposits and withdrawals on ThinkMarkets are easy and fast. All our funding and withdrawal requests were completed without any issues.

Minimum Deposit

The minimum deposit on ThinkMarkets varies with the account types.

  • Standard account: $0
  • ThinkZero account: $500

Traders only need to maintain the minimum deposit balance on their accounts.

Deposit

ThinkMarkets supports deposits with bank transferscredit and debit cards, and online wallets like PayPal, Neteller, and Skrill. The broker also supports cryptocurrency deposits with Bitcoin, Ether, and Bitcoin Cash, using BitPay gateway.

The broker does not charge any fees for deposits.

Some of the deposit methods also vary with the jurisdiction.

We tested the deposit process on ThinkMarkets using a credit card and PayPal.

Details of our fund deposits are shown in the below table.

Payment MethodSubmitted DateFunded Account DateFunding TimeFee
Credit card2022-03-292022-03-29Instantzero
PayPal2022-03-292022-03-29Instantzero
ThinkMarkets Deposit Methods
ThinkMarkets Deposit Methods

Withdrawal

ThinkMarkets allows withdrawals via bank transfer, credit/debit card, and online wallets. There are no fees for withdrawal requests, however third-party fees may apply.

ThinkMarkets allows withdrawals only to the deposit source, meaning if deposits were made using PayPal, withdrawals (along with profits) can only be made on PayPal.

Overall, our experience with the ThinkMarkets withdrawal process was positive.

Details of our withdrawal requests are in the table below.

Payment MethodSubmitted DateFund Released DateFund Arrived DateWithdrawal TimeFee
Credit card2022-03-302022-03-312022-03-311 working dayzero
PayPal2022-03-312022-03-312022-03-311 hourzero

Our first withdrawal request using PayPal, which was made on March 29, was denied. We were told to withdraw the fund to the credit card first as our first deposit was made using a credit card.

Markets and Products

ThinkMarkets offers CFDs trading services with Forex, Indices, Shares & ETFs, Futures, Commodities, and Cryptocurrencies instruments. The broker also offers Share investing in Australia.

The complete list of ThinkMarkets offerings are:

MarketsInstruments
Forex40
Indices22
Stocks and ETFs1552
Commodities10
Cryptocurrency4

The markets and the number of offered instruments will depend on the account jurisdiction.

Trading Conditions

ThinkMarkets offers excellent trading conditions. The broker allows both hedging and scalping strategies and traders can change leverage levels too.

Trading MethodAllowed
HedgingYes
ScalpingYes
Change LeverageYes

Leverage

Leverages offered by ThinkMarkets on various asset class are detailed below:

MarketsTF Global Markets (UK) LimitedTF Global Markets (Aust) LimitedTF Global Markets Int LtdTF Global Markets (South Africa) (Pty) Ltd
Major Currency Pairs30:130:1500:1500:1
Non-Major Currency Pairs20:120:1500:1500:1
Gold20:120:1400:1400:1
Other Commodities (except Gold)10:110:1200:1400:1
Indices5:120:1200:1200:1
Stocks5:15:1100:120:1
CryptocurrenciesNA2:110:110:1

Copy Trading

ThinkMarkets use a third-party platform for its copy trading services which is ZuluTrade.

However, as a copy trading broker its services are not available for traders under the Australian and South African entities.

Trading Platform

ThinkMarkets offers the following trading platforms:

MetaTrader 4 and MetaTrader 5 are third-party trading platforms developed by MetaQuotes Software.

All these platforms are available on the web, desktop, and mobile.

ThinkMarkets Trading Platforms
ThinkMarkets Trading Platforms

Research and Tools

ThinkMarkets offers good market research and analysis tools.

Some of the key tools offered by the broker are: 

  • Good charting tools
  • Economic calendar
  • Forex signals through Autochrist
  • VPS for forex trading
  • Market research with Trading Central’s suite
  • Newsfeed
ThinkMarkets Analytics Tools
ThinkMarkets Market Research Tools

Education

ThinkMarkets offers good educational resources. Its guides cover from trading basics to details on indicators and charting patterns.

The broker also offers a trading glossary and a knowledge base. It also holds some excellent webinars and a demo account.

ThinkMarkets Educational Material
ThinkMarkets Webinars

Customer Service

ThinkMarkets has excellent customer support.

Traders can contact the broker via:

  • Live chat 
  • email
  • Phone

The support staff is available 24/7.

Our experience with ThinkMarkets customer support was excellent.

The support staff on live chat answered instantly, while the email response took a day. The answers were clear and accurate in both cases.

QuestionResponse TimeQuality of reply
Live ChatAsked about the base currency of the Australian entity1 minuteClear and accurate
EmailAsked about withdrawal fee and minimum deposits1 working dayClear and accurate
ThinkMarkets Customer Support
ThinkMarkets Live Chat Customer Support

The broker also has a detailed FAQ section for frequently faced issues.

Conclusion

Our overall experience with ThinkMarkets was good.

ThinkForex Review offers a decent number of currency pairs, with forex spreads below the average industry benchmark. Spreads remained stable for all our trades, and executions were fast. The broker also offers share trading in Australia, which is excellent.

Our experience with account opening, deposits, and withdrawals were also smooth and without any issues.

The customer support is also excellent, but we recommend you approach the support team over live chat.

We recommend ThinkMarkets to forex traders who run strategies like scalping and hedging.

We recommend ThinkMarkets for traders who are

  • Experienced traders
  • Beginners
  • Run Scalping
  • Hedging

ThinkMarkets might not be a fit if you are

  • Real Stock / Futures Trading
  • Commission based trading

Categories
Uncategorized

Canada Best No Deposit Bonus Forex 2022

For this list, we have searched and tested several forex brokers that offer no deposit bonus forex Canada.

For our tests we opened real accounts and deposited between $4,000 and $8,000 with each of the brokers. Moreover, to get the actual picture we placed real trades in each popular market.

Furthermore, we reached out to customer support to see their dedication and ability to solve possible issues.

We handpick the best brokers no deposit bonus forex Canada based on our trading data and experience.

Is Forex Bonus available in Canada?

A no-deposit bonus is a type of forex promotion that rewards traders for opening new live trading accounts. The offer usually comes in the form of free money or free trading credits, which can be used to trade on the broker’s platform. 

Forex bonuses can be a great way to get started in the foreign exchange market without any obligations. Some bonuses require the traders to deposit money in their accounts, other types do not require initial deposits. 

  • Many brokers offer no-deposit bonuses as an incentive to attract new customers.
  • However, it is important to read the terms and conditions carefully before accepting a no-deposit bonus, as there may be restrictions on how the bonus can be used or limitations on withdrawal conditions.
  • Important to mention that some major regulators like FCA, ASIC, and others do not allow brokers to offer bonuses.

As to no deposit bonus forex Canada, some brokers have offices in the country, although Canadians are also able to open accounts with various international brokers who may offer trading bonuses. Anyway, we never recommend signing with offshore brokers that offer alluring opportunities of bonuses to avoid possible risks. 

No deposit bonus forex Canada brokers have specific conditions of depositing the bonus to the traders. This is due to the regulation restrictions. What concerns no deposit bonus Canada, there are still regulated brokers in the country with beneficial offerings.

Firstly, forex traders in Canada need to make sure that their broker is licensed with the IIROC before they open an account. See IIROC’s official website www.iiroc.ca. Or check relevant regulation based on the State, since Brokers must follow different guidelines to operate with valid licenses in this market. Read more about Canada Brokers here.

Best Forex Broker With No Deposit Bonus Canada

For this review, we have searched for the best no-deposit bonuses available from Canadian brokerages. With so many different forex brokers it can be difficult to decide which one is best for your needs. Trying to be helpful, we have opened live accounts and deposited real money with each broker to see their conditions, offerings, advantages, and disadvantages.

Based on our tests and research, we have come up with the following no deposit bonus forex Canada brokers:

  • CMC Markets
  • RoboForex
  • Forex.com

Best Overall No Deposit Bonus Broker in Canada

We have picked CMC Markets as the best overall broker with no deposit bonus forex Canada.

CMC Markets, founded in 1989 is a UK forex broker. It offers financial trading services with CFDs and spread betting. CMC Markets holds licenses in the United Kingdom, Germany, Australia, Singapore, New Zealand, Canada, and the United Arab Emirates. It offers trading with the following instruments: forex, indices, stocks, commodities, and cryptocurrencies.

CMC Markets trading fees for forex, indices, cryptocurrencies and commodities are built into spreads. According to our tests for forex and commodities, the broker’s spreads are below the average.  

Both deposits and withdrawals on CMC Markets are easy and fast. Deposits are possible through bank transfers, credit and debit cards, and PayPal. With CMC Markets traders can choose between two platforms: MT4 and Next Generation platform (Proprietary platform).

The broker offers a quality education section. It includes text-based tutorials, video tutorials on trading, explainer videos for tools, webinars, Demo accounts.

Best Broker with Bonus for Beginners Canada

We have picked RoboForex as the best no deposit bonus forex Canada broker for beginners.

RoboMarkets or known also as  RoboForex is a forex and CFDs broker, headquartered in Cyprus. The broker is regulated in Cyprus, Belarus, and Belize. RoboForex offerings include forex, stocks, indices, and commodities.

Generally, the broker’s fees are built into spreads. However, for its higher-tier accounts commission is also charged. Based on our tests, the spreads are either industry average level or slightly lower. Clients have an opportunity to choose one of the three available trading platforms: R Trader (proprietary platform), MT4, MT5.

We have chosen RoboForex as the best no deposit bonus Canada broker for beginners, as it offers a great education section with an abundance of helpful materials. RoboMarkets offers decent educational resources. The section includes detailed courses on forex trading, video guides, webinars, and a Demo account. 

Best MT4 Deposit Bonus Forex Broker

We have picked Forex.com as the best MT4 deposit bonus forex broker Canada.

Forex.com was founded in 1999 in the US. Forex.com is a trustable broker regulated by FCA, IIROC, ASIC, CFTC. The broker offers a number of tradable instruments: Currency pairs, Bitcoin and Ethereum, indices, shares, and commodities. Forex.com offers three account types: Standard Account, Commission Account, Direct Market Access Account.

Forex.com offers three trading platform options to its clients. One of them is its proprietary platform. However, traders, who prefer popular industry platforms MT4 and MT5 can still choose one of those.  What is more, we have picked Forex.com as the best MT4 no deposit forex broker Canada, as the broker’s MT4 platform includes all the necessary tools and features for favorable trades.

No Deposit Canada Bonus Forex Brokers List

In an attempt to be helpful, we have made a complete list of brokers that offer no deposit bonus forex Canada to traders:

Canada Forex BrokerIIROC RegulatedOur Review
CMC MarketsYesCMC Markets Review
Fortrade YesFortrade Review
RoboForexNoRoboForex Review
Interactive BrokersYesInteractive Brokers website
Forex.comYesForex.com website
OANDAYesOANDA website

FAQ and More on Forex Trading Bonus in Canada

Traders usually have many questions related to essential trading-related queries. To be helpful, we tried to pick and answer some of the most important queries related to no deposit bonus forex Canada brokers. Also, read more about no deposit bonus forex 2022 India.

Forex No Deposit Bonus Without Verification

Is it possible to get a Forex no deposit bonus without verifying your account? This is a question that many traders have. Generally, only bonuses on Demo accounts do not require verification. As to live accounts, for bonuses that traders will be able to withdraw based on trading progress, verification is a must.

Canadian Welcome Bonus Forex $50

Our tests revealed that there are still brokers that offer welcome bonuses. According to our tests, Forex.com provides a welcome bonus to traders. However, the bonus is not exactly $50. It can vary according to the deposit amount. The clients get a 20% bonus of the amount they fund into their accounts.

Canada No Deposit Bonus Forex $100

We have tested many brokers and found that no forex broker in Canada offers a no deposit bonus as high as $100. There are brokers, however, that offer bonuses based on the deposits of the traders. Some of them, for instance, RoboForex, offer even up to 120% bonuses for the first and the following deposits.

However, there are many factors that may determine the bonus amount. For more details, traders can go through the broker’s offers and conditions.

Categories
Uncategorized

CMC Markets Review 2022

For this CMC Markets review, we have opened a CFD account with the broker and deposited over €5,000.

We traded the popular instrument in each market to get the real spreads and placed a total of 12 trades.

We also reached out to customer support to solve the issues we faced.

Finally, we withdrew our funds to see if there are any issues with the withdrawal process.

What is CMC Markets?

CMC Markets is an UK forex brokeroffering financial trading services with contracts for differences (CFDs) and spread betting.

The brokerage was founded in 1989 and is publicly listed on the London Stock Exchange (LSE) under the ticker CMCX.

CMC Markets operates globally (except some restrictive countries) and is regulated in the United Kingdom, Germany, Australia, Singapore, New Zealand, Canada, and the United Arab Emirates.

It offers trading with a number of popular asset classes, including forex, indices, stocks, commodities, and cryptocurrencies.

Some of the highlights of CMC Markets are:

🗺️ Authorised & Regulated inUK, Germany, Australia, Singapore, New Zealand, Canada, UAE
🛡️ Is CMC Markets safeYes
💰 EUR/USD Spread0.7
💳 Minimum depositUS$0
💰 Withdrawal feeUS$0
🖥️ Trading PlatformMT4, Next Generation Platform
📈 Markets offeredForex, Indices, Stocks, ETFs, Commodities, Treasuries, Cryptocurrencies
📉 Number of Products10063 (Depends on the jurisdiction)

Licenses and Regulations

CMC Markets holds 8 regulatory licenses from mostly the top financial market regulators. The broker is regulated in the United Kingdom, Germany, Australia, Singapore, New Zealand, Canada, and the United Arab Emirates.

CMC Markets holds two licenses from the UK’s Financial Conduct Authority (FCA), one as a top CFD broker and the other for spread bets.

The full list of CMC Markets licenses is below:

Legal entityRegistered inRegulatorLicense NumberAccepting clients fromCompensation Scheme Amount
CMC Markets UK PlcUnited KingdomFinancial Conduct Authority (FCA)173730United Kingdom, Global£85,000
CMC Spreadbet plcUnited KingdomFinancial Conduct Authority (FCA)170627United Kingdom£85,000
CMC Markets Germany GmbH
Germany
The Federal Financial Supervisory Authority (BaFin)154814European Union€20,000
CMC Markets Asia Pacific Pty LtdAustraliaAustralian Financial Services Licence (AFSL)238054Australia, GlobalNo compensation scheme
CMC Markets Singapore Pte. LtdSingaporeMonetary Authority of Singapore (MAS)No./UEN 200605050ESingaporeSG$50,000
CMC MARKETS NZ LIMITEDNew ZealandFinancial Markets Authority New Zealand (FMA)FSP41187New ZealandNZ$200,000
CMC Markets Canada IncCanadaInvestment Industry Regulatory Organization of Canada (IIROC)RegistrationCanadaCD$1,000,000
CMC Markets Middle East LtdUAEDubai Financial Services Authority (DFSA)F002740UAENo Compensation Scheme
CMC Markets FCA (Financial Conduct Authority) Registration
CMC Markets FCA License page

Is CMC Markets Safe?

Yes, CMC Markets is a safe broker

CMC Markets is a publicly-traded company on the London Stock Exchange. It has to report its complete financials every quarter, making its operations very transparent. 

The broker is regulated by most of the reputed regulators for its global operations. Many regulators like the FCA, BaFin, MAS, FMA, and IIROC also offer compensation schemes, which protect the client funds in any unforeseen circumstances. 

For our tests, we opened a CFD account with CMC Markets UK Plc, which is regulated by FCA in the UK.

You can register with any of the CMC Markets entities, whichever is available in your jurisdiction, as all of them are overseen by reputed regulators.

CMC Markets Fees and Commissions

CMC Markets trading fees forex, indices, cryptocurrencies, and commodities are built into spreads. It charges fixed commissions on share CFDs.

Spreads for our trades were much below the average industry benchmark for forex and commodities.

Share CFDs commissions table:

CountryCommissionCharge currencyMinimum commission
Austria, Belgium, Finland, France, Germany, Ireland, Italy, Netherlands, Portugal, Spain 0.1%EUREUR 9
Australia0.1%AUDAUD 7
Canada2 cents per unitCADCAD 10
Switzerland0.1%CHFCHF 9
Denmark0.1%DKKDKK 90
United Kingdom0.1%GBPGBP 9
Hong Kong0.18%HKDHKD 50
Japan0.1%JPYJPY 1,000
Norway0.1%NOKNOK 79
New Zealand0.1%NZDNZD 7
Poland0.18%PLNPLN 50
Sweden0.1%SEKSEK 89
Singapore0.1%SGD, USDSGD 10, USD 10
United States2 cents per unitUSDUSD 10

Spread Charged in Our Trades

For our tests, we have chosen popular instruments in each market. We placed 3 trades for each instrument to get a picture of the average spread.

Our test is based on CMC Markets’ CFD account, and all spreads are too consistent for our trades. Spreads on forex and indices were constantly minimum charged by the broker.

Details of our trades are shown below the table.

MarketsInstruments1st trade2nd trade3rd tradeAvg. spread
ForexEUR/USD0.70.70.70.7
IndicesFTSE 1002222
StocksApple1111
CommoditiesGold3333

Our testing finds that forex spreads much lower than the industry average. Spreads on commodities are also lower than the average benchmark, while for indices, it was higher.

MarketsInstrumentsAvg. spread charged in our tradesIndustry avg. spread
ForexEUR/USD0.71.16
IndicesFTSE 10021.65
StocksApple11.75
CommoditiesGold33.53

Other Fees

CMC Markets has bare minimum non-trading fees. The broker offers free deposits and withdrawals (with some exceptions), and there are no account maintenance fees.

However, CMC Markets charges £10 (amount depends on your account currency) for dormant accounts after 12 months of inactivity.

CMC Markets Australia

Additionally, there are certain costs to access market data in Australia and Hong Kong. Monthly subscription fees to view the prices for Australian and Hong Kong share CFDs are AU$20 and HK$120, respectively. However, these fees can be waived by executing two or more trades in the relevant markets.

The broker also charges fees for Guaranteed stop losses (GSLO), which gets refunded if GSLO is not triggered.

Account Types

CMC Markets three straightforward accounts: Spread betting account, CFD account, and Professional account.

Details of all CMC Markets accounts are:

Spread betting accountCFD accountCorporate account
Trading PlatformsMetaTrader 4MetaTrader 4MetaTrader 4
Account CurrencyGBP, EURGBP, EUR, USD, AUS, CAD, NOK, NZD, PLN, SEK, SGDGBP, EUR, USD, AUS, CAD, NOK, NZD, PLN, SEK, SGD
Minimum deposit$0$0$0
CommissionFrom $10(Shares only)From $10(Shares only)
Order executionMarket ExecutionMarket ExecutionMarket Execution
SpreadFrom 0.3From 0.3From 0.3
CMC Markets Account Types
CMC Markets Account Types

Account Opening

Our overall experience of opening a new account with CMC Markets was quick and simple.

We opened a CFD account for our tests under the FCA-regulated entity.

The process of registration of a new CMC Markets account:

  1. Select your country (CMC Markets will open the account under its relevant entity in the jurisdiction).
  2. Enter email and password (UK-based clients have to choose if they want to open Spread betting account or CFD trading account).
  3. Enter the verification code sent to the email.
  4. Provide personal details like first name, last name, country of residence, account type (individual or corporate), and account currency.
  5. Provide additional personal details like date of birth, mobile number, nationality, passport details, and tax identification number. Declare non-US citizenship.
  6. Enter the full residential address.
  7. Provide employment status and industry.
  8. Provide annual income and value of savings and investments. Also, state the reason for opening a CMC Markets account and give details of other investments.
  9. Customize your trading platform layout.

We submitted the following documents to verify our CMC Markets account:

  1. Copy of national identification (both front and back)
  2. Copy of our bank statement

We also had to confirm if we are a private or non-private investor.

The registration process took around 10 minutesOur account was verified on the same working day.

Our account was registered on October 18, 2020, and approved on the same day.

Our overall account opening experience was smooth and without any issues from registration to verification.

CMC Markets Account Opening
CMC Markets Account Opening

Deposit and Withdrawal

Both deposits and withdrawals on CMC Markets are easy and fast. All our funding and withdrawal requests were completed without any issues.

CMC Markets Minimum Deposit

CMC Markets does not have minimum deposit requirement.

Deposit

CMC Markets supports deposits with bank transferscredit and debit cards, and PayPal.

CMC Markets does not allow transactions with AMEX or Diners cards. The broker does not charge anything for deposits. 

We tested the deposit process on CMC Markets using card payment and PayPal.

Details of our fund deposits are shown in the below table.

Payment MethodSubmitted DateFunded Account DateFunding TimeFee
PayPal2022-03-162022-03-16Instantzero
PayPal2022-03-162022-03-16Instantzero
Credit card2022-03-162022-03-163 hourszero

We had to provide a photo of our credit card to process the funding transaction with the card.

CMC Markets Funding Page
CMC Markets Funding Page

Withdrawal

CMC Markets allows withdrawals via credit/debit cards, bank transfers, and PayPal. Withdrawals are usually free with this broker. 

However, CMC Markets charges a £15 fee for instant withdrawal with bank transfer or transfer to an international bank account.

Overall, our experience with CMC Markets’ withdrawal process was positive. The requests were smooth but took 2 working days.

Details of our withdrawal requests are in the table below.

Payment MethodSubmitted DateFund Released DateFund Arrived DateWithdrawal TimeFee
PayPal2022-03-162022-03-182022-03-182 working dayzero
Credit card2022-03-182022-03-222022-03-222 working dayzero

We had to provide the statement of the bank account connected to put PayPal account to process the withdrawal request.

Markets and Products

CMC Markets offers CFD trading services with forex, indices, stocks, commodities, treasuries, and cryptocurrencies instruments.

CMC Markets CFD

The broker is known for its forex and share CFDs offering and has a vast offering in both markets. It offers trading with company stocks in various global markets. Indices, commodities, and cryptocurrency offerings of CMC Trading are also impressive.

The complete list of CMC Markets offerings are:

MarketsInstruments
Forex339
Indices95
Stocks and ETFs9451
Commodities111
Treasuries53
Cryptocurrency14

Cryptocurrency trading is only available from 11 pm (GMT) Sunday – 9 pm (GMT) Friday.

The number of instruments offered and the markets might differ depending on your jurisdiction.

Trading Conditions

CMC Markets offers good trading conditions. It allows both hedging and scalping strategies. But only professional clients can change leverage levels.

Trading MethodAllowed
HedgingYes
ScalpingYes
Change LeverageNo

Leverage

Leverages offered by CMC Markets on various asset classes are standard, as per the regulatory requirements, and are detailed below:

MarketsCMC Markets UK PlcCMC Markets Germany GmbHCMC Markets Asia Pacific Pty LtdCMC Markets Singapore Pte. LtdCMC Markets NZ LimitedCMC Markets Canada IncCMC Markets Middle East Ltd
Major Currency Pairs30:130:130:150:1500:134.4:1400:1
Non-Major Currency Pairs30:130:120:150:1500:134.4:1400:1
Gold20:120:120:15:1200:138:1200:1
Other Commodities (except Gold)20:120:110:15:1200:138:150:1
Indices20:120:120:120:1500:118:1200:1
Stocks5:15:15:110:120:16:110:1
CryptocurrenciesNA2:12:1NA20:1NA20:1

CMC Markets Bonus

Only the Australia-registered entity of CMC Markets offers a bonus scheme to traders.

Traders can receive AU$250 as a bonus if the following conditions are satisfied :

  • Fund the account with a minimum initial amount of AU$1,000
  • Place trades on the account with a minimum aggregate turnover of US$500,000 in share CFDs (excluding US Shares) or US$2,000,000 across all CFD classes
CMC Markets Bonus Page
CMC Markets Bonus Page

CMC Markets Trading Platform

CMC Markets offers two trading platforms to the traders:

  • MetaTrader4 (Third-party platform developed by MetaQuotes Software)
  • Next Generation platform (Proprietary platform)

The Next Generation platform does not have backtesting capabilities.

Shares CFDs trading is only available on the Next Generation platform.

Our account was based on CMC Markets’ Next Generation trading platform.

We downloaded the mobile version of the trading platform and tried to place an order of EUR/USD. But the “Confirm” button did not work.

We provided a screenshot to the CMC Markets support team to investigate but did not receive any response. We finally operated our trades on the desktop client.

CMC Markets Trading Platform
CMC Markets Trading Platform

Research and Tools

CMC Markets offers excellent market research and analysis tools. The broker’s tools are useful to both beginner and advanced traders.

Some of the tools offered by CMC Markets are:

  • Excellent charting tools
  • Fundamental market data (through Morningstar reports)
  • Economic calendar (powered by Thomson Reuters)
  • Market analysis (in multiple languages)
  • Newsfeed
  • Trading ideas
CMC Markets Market Analysis
CMC Markets Market Analysis

Education

CMC Markets offers easy-to-understand and good quality educational resources. Its tutorials are categorized into several sections for ease of learning.

Some of the educational materials offered by the brokers are:

  • Text-based tutorials
  • Video tutorials on trading
  • Explainaire videos for tools
  • Webinars 
  • Demo account

CMC Markets Demo Account

CMC Markets Educational Material
CMC Markets Educational Resources

Customer Service

CMC Markets has good customer support.

Traders can contact the broker via:

  • Live chat 
  • email
  • Phone

The support staff is available only on weekdays.

Our experience with CMC Markets’ customer support was mixed. Most of the time, the support team was very quick in response, and answers were also direct and accurate. 

However, we did not receive any response to one of our queries.

QuestionResponse TimeQuality of reply
Live ChatAsked if we could use MT4 account to trade EURUSD, Gold, Apple, UK1002 minClear and accurate
EmailAsked if we could use our trading account to trade on MT4 or MT55 hourClear and accurate
EmailAsked why we cannot place orders on the Next Generation appNo reply

CMC Markets provides customer support in multiple languages.

CMC Markets Customer Support
CMC Markets Customer Support

The broker also has a detailed FAQ section for frequently faced issues.

Conclusion

Our overall experience with CMC Markets was smooth.

The broker offered excellent forex spreads, which were low and stable. The expectation speed was also fast.

However, deposit and withdrawal methods were limited. We also faced issues with trading on the mobile client of the broker’s own platform.

Our experience with customer support remained mixed as we did not receive any answer to one query. But the remaining replies were fast and accurate.

We recommend traders to run EA, scalping, hedging, and other trading strategies with CMC Markets

We recommend CMC Markets for traders who are

  • Beginners in trading
  • Trading Stocks
  • Trading currency pairs
  • Use Automated trading
  • EA trader
  • Scalping
  • Hedging
  • Spread Betting
  • Social Trading

CMC Markets might not be a fit if you are

  • Day trader
  • Trading of Real Stocks

Categories
Uncategorized

Best Forex Brokers Zambia 2022

For this list, we have searched and tested several forex brokers Zambia.

To be able to select the best brokers with the best offerings, we opened real accounts and deposited between $4,000 and $8,000 with each of the brokers. Then we placed real trades in each popular market.

We also contacted the customer support team to find out whether they are able to solve the problems that customers face during their trades.

We handpicked the best forex brokers Zambia based on our trading data and experience as a trader.

Is Forex Trading Legal in Zambia?

The Republic of Zambia is a country that sits at the crossroads between Central, Southern and East Africa. The Zambian economy has long been based on the mining of copper, but lately the government is pursuing an economic diversification program to reduce the country’s reliance upon this industry.

Overall, Forex is available and legal in Zambia, however traders should find a reliable broker to trade with, since not many are based or available in Zambia.

The Zambia Securities and Exchange Commission (SEC), together with The Bank of Zambia oversee the financial sector of the country. The main role of the SEC is to supervise and develop the Zambian Capital Markets, also, to license, register and authorize financial intermediaries, issue debt and equity instruments and collective investment schemes.

The role of The Bank of Zambia is tasked with formulating and implementing monetary policy that ensures price stability. In other words, it makes sure there are no wild fluctuations in currency values or increases/decreases against other currencies around their country’s borders.

The Bank of Zambia’s website is www.boz.zm.

🏦Zambia RegulatorThe Bank of Zambia
📊Max. LeverageNo Max. Leverage
🛡️Is It safe to tradeYes
🔒Negative Balance ProtectionNo Negative Balance Protection
💰Compensation SchemeNo Compensation Scheme

Best Forex Brokers in Zambia

The process of finding a reliable forex broker in Zambia can be difficult and time-consuming. Even though there are only a few international brokers available, it is important to avoid trading with offshore brokers because of the high risks. Before signing up with a broker, confirm that the broker is strictly regulated and trustworthy.

It is important to be safe when trading internationally. We recommend to sign up only with reputable brokers that offer protection of your money. When choosing a forex broker Zambia, make sure that the broker provides excellent customer support, with assistance in a language spoken in the region.

We have tried to help Zambian clients in picking a reliable broker. For this purpose, we tested and reviewed forex brokers, by opening accounts with them and checking their offerings.

Based on our research, we have come up with the following forex brokers Zambia:

  • HYCM
  • IC Markets
  • XM
  • AxiTrader

Best Forex Broker in Zambia Overall

We have picked HYCM as the best overall forex broker Zambia.

Founded in 1997 HYCM is a global Forex and CFD broker that holds licenses in the United Kingdom, Cyprus, the Cayman Islands, the UAE, Saint Vincent, and the Grenadines. Among HYCM’s tradable instruments are forex, metals, energy products, commodities, indices and stocks.

HYCM stands out for its low fees for all the instruments. Trading with HYCM clients can choose between three account types: Fixed, Classic, and Raw Spread accounts. For its Islamic clients, the broker offers swap-free Islamic Accounts.

Those clients who prefer the MT4 platform will be satisfied, as all the essential instruments and features are included in this particular platform. Traders can trade via the broker’s website or via mobile and desktop. HYCM’s educational section is also great with in-depth articles on many trading topics to help traders improve their trading results.

Best Forex Trading Platform for Beginners Zambia

We have chosen XM as the best forex broker Zambia for beginners.

XM is a Forex and CFDs broker that offers traders favorable conditions for trading. The company holds licenses in Australia, the United Kingdom, Cyprus, UAE, Belize. XM offers a variety of tradable instruments: forex pairs, indices, stocks, and commodities.

There are five different types of accounts available, including Micro and Ultra-low ones. Before choosing an account type, it is better to see which one best suits your needs.

There are many benefits of trading with XM, including a great education program. They offer Tradepedia videos that provide high-quality and prompt instructions for beginners all over the world. Plus you can join their weekly webinars available in different languages.

Best Forex Trading Platform for Zambian Traders

We have picked FP Markets as the best forex trading platform Zambia.

FP Markets or First Prudential Market was founded in 2005 and is headquartered in Australia. This broker offers a range of instruments with forex, stocks, indices, commodities, and cryptocurrencies. FP Markets is regulated in the United Kingdom, Australia, Cyprus, Saint Vincent, and the Grenadines.

FP Markets’ offerings of accounts are based on the trading platforms. The charged spreads mostly depend on the account types. Based on our tests FP Markets standard account spreads for forex and indices are lower than the industry average. On the other hand, spreads on stocks, commodities, and cryptocurrencies, are on the average benchmark.

We have chosen FP Markets as the best trading platform forex broker Zambia , as the broker offers three main platforms for the clients to choose from: MetaTrader 4MetaTrader 5, IRESS. They are all great and suitable for different trading purposes.

Lowest Spread Broker for Zambia

We have picked IC Markets as the best lowest spread forex broker Zambia.

IC Markets is an Australian Forex and CFDs broker founded in 2007. The broker is headquartered in Sydney, Australia. It holds licenses in Australia, Cyprus, Seychelles, and The Bahamas. Among the broker’s tradable instruments are Forex pairs, indices, stocks, commodities, and cryptocurrencies.

As to IC Markets account types, clients have an option to choose from four types: the standard account, cTrader raw spread account, the raw spread account, and the Islamic account. IC Markets charges low fees for most of the instruments. The fees charged for trading Forex pairs, indices, commodities, and cryptocurrencies were much lower than industry averages.

For most of the account types, there are very low spreads and there is no commission. Only the Raw Spread Account charges a commission.

Zambian Forex Brokers List

Actually, it is very important to be careful while picking a forex broker Zambia. Due to regulatory restrictions, not all the recommended forex brokers accept clients from Zambia. Here is a list of the brokers we were able to come up with based on our tests.

Forex BrokerTest DetailsBroker Review
FXTMDeposit Amount: Over €6,000
Total Trade: 12 trades
FXTM Review
Trading 212Deposit Amount: Over €5,000
Total Trade: 15 trades
Trading 212 Review
FBS Deposit Amount: Over €5,000
Total Trade: 12 trades
FBS Review
FP Markets Deposit Amount: Over €6,000
Total Trade: 12 trades
FP Markets Review
IC Markets Deposit Amount: Over €5,000
Total Trade: 12 trades
IC Markets Review
AxiTraderDeposit Amount: Over €6,000
Total Trade: 12 trades
AxiTrader Review
XMDeposit Amount: Over €5,000
Total Trade: 12 trades
XM Review
HYCM HYCM Website
OANDAOANDA Website

FAQ and More on Forex Trading in Zambia

When it comes to forex brokers Zambia there are many essential questions that may interest the traders. In an attempt to be helpful, we picked and answered some of the most important queries related to forex brokers Zambia.

How to Verify Forex Zambia Regulated Broker?

In Zambia, the financial sector is regulated by The Bank of Zambia and The Zambia Securities and Exchange Commission (SEC).

Trading forex in Zambia can be a quite beneficial experience, however, the traders are advised to choose the broker very carefully. It is important to choose only strictly regulated brokers. Though there are many offshore brokers with seemingly beneficial offerings, trading with them can be very risky.

The Bank of Zambia - official website

While choosing a forex broker Zambia, check its website for its availability in the country. Besides, it is also crucial to check the broker’s customer support. It would be a huge advantage if the broker offers support in the language spoken in your country.

No Deposit Bonus Forex Brokers in Zambia

A no deposit bonus is a great way for beginners to get started in the world of Forex trading. These bonuses allow you to test out the waters without risking your own money.

Here are the best no deposit bonus forex brokers in Zambia.

  • XM
  • FBS

Forex Brokers with $1 Minimum Deposit

With Trading 212 you can open an account with $1. However, remember to always check margins for the instrument you are going to trade. Mostly, $1 may simply be not enough to enter into the trade.

Forex Trading Schools in Zambia

Are you interested in learning about forex trading? If so, you may be wondering if there are any forex trading schools in Zambia.  

Actually, Zambian clients have access to a Forex Trading School Zambia. The school’s classes are aimed at helping traders gain financial freedom and learn to trade like a pro. For more information, you can visit their Facebook page.

However, all the reputed brokers offer free education. You can find a lot of useful material for beginner traders to start with their trades easily. Perhaps, this is a better and safer option for starters.

Categories
Uncategorized

XM vs Pepperstone

Is XM better than Pepperstone? Who offers lower spread, better trading conditions and is safer broker to trade?

We provide answers to all questions in this XM vs Pepperstone Comparison Review. For this Review we opened real accounts and deposit over $6,000 in total to compare both offerings, account opening process at XM vs Pepperstone, also the fees, trading conditions, platform selection and withdrawal process.   

xm vs pepperstone

What is XM and Pepperstone

XM is a global Forex and one of the regulated CFD brokers, offering trading with forex pairs, indices, stocks, and commodities. 

Pepperstone is an Australian Forex and CFDs broker founded in 2010.

Some of the highlights of XM vs Pepperstone are:

XMPepperstone
💻 Websitewww.xm.comwww.pepperstone.com
🛡️Founded year20092010
🏦 HeadquarterLimassol, CyprusAustralia
🗺️ Authorized & Regulated inUK, Cyprus, Australia, UAE, BelizeAustralia, UK, Cyprus, Bahamas, UAE, Kenya
🔒 Is Broker safeYesYes
💰 EUR/USD Spread1.61.15
💳 Minimum depositUS$5AUD $200
💰 Withdrawal feeUS$0US$0
🖥️ Trading PlatformMT4, MT5MT4, MT5, cTrader
📈 Markets offeredForex, Indices, Stocks, CommoditiesForex, Indices, Stocks, Commodities, Cryptocurrencies, Currency index
📉 Number of Products1336158
🔎 Our Detailed ReviewXM ReviewPepperstone Review

Licenses and Regulation

XM vs Pepperstone are both safe to trade and are highly reliable, low-risk trading Brokers due to regulations and are not a scam.

XM is regulated by the top-tier ASIC, and Cyprus’ CySEC, which have strict rules and enforcement mechanisms.

Pepperstone is regulated by the top-tier UK’s FCA and Australia’s ASIC, which have stringent rules and enforcement processes.

For thisXM vs Pepperstone review, we opened an account with XM Trading Point of Financial Instruments Limited, regulated by CySEC and an account under Pepperstone Limited, the UK entity regulated by the FCA.

We recommend that you open your account with the XM Cyprus entity since it is the only one that offers deposit protection to traders if it is available to you, or a Pepperstone account under the UK entity since it offers the highest deposit protection compensation of up to £85,000 guaranteed by the UK’s FCA, which is the best in the industry.

 XM Pepperstone
🔒 LicensesASIC,
CySEC,
DFSA
FCA,
FSC
ASIC,
CySEC,
SCB,
FCA,
FSA
Top Tier License✔️✔️
Publically Traded❌❌
Compensation Scheme✔️ (depending on entity)✔️ (depending on entity)

XM vs Pepperstone Fees

XM and Pepperstone fees are similar, built into a spread basis, and both have commission based accounts.

There are no additional fees charged by XM, moreover, the broker charges average fees for trading the main instruments and the fees charged on stocks and commodities are lower than industry averages.

In the case of Pepperstone, the average spreads for the popular instruments in each market are also below industry averages. However, the spreads on Bitcoin trades are way above industry averages. This makes the broker unfriendly to cryptocurrency traders.

 XM FeesPepperstone Fees
Fees based on spread✔️✔️
Floating Spread✔️✔️
Fixed Spread❌❌
Commission based fees✔️ ✔️
Inactivity Fee$0$0
Deposit fee$0 $0
Withdrawal fee$0 $0
Active trader/ VIP Programs✔️❌

Spreads Charged in Our Trades

For our test trades on XM vs Pepperstone accounts, we chose popular instruments in each market. We placed 3 trades for each instrument to get the average spread and we were able to find both negative and positive sides for each Broker spreads.

A closer look at the spreads charged in our XM trades revealed that they were all aligned with industry benchmarks. The broker’s spreads on indices, commodities and stocks were slightly lower than those of its peers.

We tested the Standard Account with Pepperstone Limited, which charges a spread on all tradable instruments. Pepperstone stands out for its low fees for most of the instruments on offer, except for cryptocurrencies.

MarketsInstrumentsXM commission Pepperstone
commission
Industry avg. spread
IndicesFTSE 1001.511.65
ForexEUR/USD1.61.21.16
CommoditiesGold3.51.63.53
StocksAAPL1.350.91.75
CryptocurrenciesBitcoin11072.81
ETFsQQQ0.45

Account Types Compared

XM offers 5 account types with different fee structures, that is, the Micro, Standard, XM Zero, XM Ultra-low, and Shares accounts.

Pepperstone offers 2 account types with separate fee structures: the Razor and Standard accounts.

XM account opening is quick and effortless. The registration process took exactly 14 minutes, and our account was approved two days later.

Account Opening with Pepperstone is quite straightforward. The registration process took a total of 20 minutes, and our account was approved on the next day.

 XM AccountsPepperstone Accounts
Standard Account✔️✔️
ECN / Commission Based Account❌✔️
Islamic Account✔️❌
PAMM Account❌❌

Markets and Products

Both XM vs Pepperstone offer a large variety of tradable instruments in the forex, indices, stocks, and commodities markets.

MarketsXM InstrumentsPepperstone Instruments
Indices2614
Forex5761
Commodities179
Stocks123664
Cryptocurrency9
Currency index1
ETFs
Bonds

Trading Conditions

The trading conditions both at XM vs Pepperstone are great. Both traders allow high-risk strategies such as hedging and scalping.

Trading MethodXM Pepperstone
Hedging✔️ ✔️
Scalping✔️ ✔️
Change Leverage✔️ ❌
Copy trading/ Social trading✔️ ✔️
Beginners Trading✔️ ✔️
Professional Trading✔️ ✔️

Deposit and Withdrawal

Both deposit and withdrawal processes on XM vs Peppoerstone are quick and straightforward.

Both XM vs Pepperstone’s clients can deposit funds into their trading accounts via bank transfers, debit/credit cards, and e-wallets such as Skrill, PayPal, and Neteller.

The deposit methods offered by XM are instant and free. Anyway, the first deposit has to be made via credit card.

All the deposit methods offered by Pepperstone are instant and free. However, a bank transfer can take a few business days to reflect in your trading account.

XMPepperstone
💰 Deposit Fee❌❌
💰 Withdrawal fee$0❌
💳 Minimum depositUS$5AUD $200
Bank Transfer✔️✔️
Debit/ Credit Cards✔️✔️
PayPal✔️✔️
Skrill✔️✔️
Neteller✔️ ✔️

Trading Platform

Both XM vs Pepperstone offer the popular MetaTrader 4 (MT4) and MetaTrader 5 (MT5). Pepperstone also offers the cTrader platform to traders.

While the XM MT4 platform is a bit dated, we found the MT5 platform to be more than adequate for traders who prefer a modern platform.

The lack of a proprietary trading platform in Pepperstone may dissuade some traders, but the MT5 and cTrader platforms are great.

XM Platform Pepperstone Platform
Proprietary Platform❌ ❌
Web Platform✔️✔️
Desktop Platform✔️ ✔️
Mobile App✔️✔️
Alternative Platforms❌✔️
MetaTrader 4✔️ ✔️
MetaTrader 5 ✔️✔️
Simple to use platform✔️✔️
Demo Account Trading✔️✔️
Execution Agency Model❌❌
Research✔️✔️
Advanced Research tools✔️ ✔️

Education and Support

Both XM vs Pepperstone have a great education offering for beginners. XM’s Tradepedia video course provides an in-depth guide to the markets. Pepperstone offers platform tutorial videos, educational videos, and webinars to suit all types of traders.

XM runs over 40 webinars weekly in different languages that its clients can join and learn about the markets. The webinars are based on experience level and take place in different timezones to suit its clients.

Pepperstone also has a YouTube channel that offers dozens of educational videos that cover different topics suitable for all levels of traders.

XM Support Pepperstone Support
Trading School for Beginners✔️✔️
Tutorials✔️✔️
Trading Videos❌✔️
Webinars✔️✔️
Daily News and Analysis✔️✔️
Economic Calendar✔️✔️
Live Chat✔️✔️
Email Support✔️✔️
24/7 availability❌❌

Conclusion on XM vs Pepperstone

Comparing XM vs Pepperstone side by side we found both brokers reliable and with good standing. XM provides great customer support response times and the spreads on most instruments are aligned with industry averages. Pepperstone spreads on all instruments are lower than the industry average. The broker’s customer support team was helpful and provided direct and relevant answers.

Overall, we had a smooth experience with XM vs Pepperstone starting from the account opening, to the deposit, trading and withdrawal processes.

We recommend XM to traders who prefer the MT4/5 platforms and to those who run EAs due to the free VPS service. The broker is also suitable for beginner traders because of its detailed educational materials.

We recommend you to open an account with the Pepperstone UK, Australia or Cyprus entities if any is available to you.

XMPepperstone
Recommended for✔️ CFD stocks trading
✔️ Beginning traders
✔️ Experienced traders
✔️ Trading currency Pairs
✔️ EAs trading
✔️ Scalping trader
✔️ Hedging trader
✔️ Trading through MT4 / MT5
✔️Beginning Traders
✔️ Experienced Traders
✔️ Scalping trader
✔️ Hedging trader
✔️ EA trader
✔️ Trading CFD
Might not be fit for
❌ Commission based trading
❌ Real stock / futures trading

❌ Trading Futures or Real Stocks

Categories
Uncategorized

XM vs FXTM

Is XM better than FXTM? Who offers lower spread, better trading conditions and is safer broker to trade?

We provide answers to all questions in this XM vs FXTM Comparison Review. For this Review we opened real accounts and deposit over $6,000 in total to compare both offerings, account opening process at XM vs FXTM, also the fees, trading conditions, platform selection and withdrawal process.   

xm vs fxtm

What is XM and FXTM

XM is a global Forex and one of the regulated CFD brokers, offering trading with forex pairs, indices, stocks, and commodities. 

ForexTime, known as FXTM, founded in 2011, offers trading services with forex pairs, indices, commodities, stocks, cryptocurrencies, spot metals, and also real stocks.

Some of the highlights of XM vs FXTM are:

XMFXTM
💻 Websitewww.xm.comwww.forextime.com
🛡️Founded year20092011
🏦 HeadquarterLimassol, CyprusCyprus
🗺️ Authorized & Regulated inUK, Cyprus, Australia, UAE, BelizeUK, Cyprus, South Africa, Mauritius
🔒 Is Broker safeYesYes
💰 EUR/USD Spread1.61.9
💳 Minimum depositUS$5US$10
💰 Withdrawal feeUS$0US$0 (with exceptions)
🖥️ Trading PlatformMT4, MT5MT4, MT5, FXTM Trader
📈 Markets offeredForex, Indices, Stocks, CommoditiesForex, Indices, Stocks, Commodities, Cryptocurrencies
📉 Number of Products1336258
🔎 Our Detailed ReviewXM ReviewFXTM Review

Licenses and Regulation

XM vs FXTM are both safe to trade and are highly reliable, low-risk trading Brokers due to regulations and are not a scam.

XM is regulated by the top-tier ASIC, and Cyprus’ CySEC, which have strict rules and enforcement mechanisms.

FXTM holds 4 regulatory licenses from several top regulators, like the United Kingdom’s FCA.

For this review, we opened an account with XM Trading Point of Financial Instruments Limited, regulated by CySEC and a stock CFD account with ForexTime Limited, regulated by CySEC in Cyprus. 

We recommend that you open your account with the XM Cyprus entity since it is the only one that offers deposit protection to traders if it is available to you and with the FXTM UK or Cypriot entity because of their compensation schemes.

 XMFXTM
🔒 LicensesASIC,
CySEC,
DFSA
FCA,
FSC
FCA,
CySEC,
FSCA,
FSC
Top Tier License✔️✔️
Publically Traded❌❌
Compensation Scheme✔️ (depending on entity)✔️ (depending on entity)

XM vs FXTM Fees

XM and FXTM fees are similar, built into a spread basis, and both have commission based accounts.

There are no additional fees charged by XM, moreover, the broker charges average fees for trading the main instruments and the fees charged on stocks and commodities are lower than industry averages.

FXTM does not have any deposit fee but charges withdrawal fees for some payment modes. The broker, however, charges a $5 monthly inactivity fee after any account is inactive for 6 months.

 XM FeesFXTM Fees
Fees based on spread✔️✔️
Floating Spread✔️✔️
Fixed Spread❌❌
Commission based fees✔️ ✔️
Inactivity Fee$0$5
Deposit fee$0 $0
Withdrawal fee$0 $0 (with exceptions)
Active trader/ VIP Programs✔️✔️

Spreads Charged in Our Trades

For our test trades on XM vs FXTM accounts, we chose popular instruments in each market. We placed 3 trades for each instrument to get the average spread and we were able to find both negative and positive sides for each Broker spreads.

A closer look at the spreads charged in our XM trades revealed that they were all aligned with industry benchmarks. The broker’s spreads on indices, commodities and stocks were slightly lower than those of its peers.

Our testing with standard account finds that FXTM spreads for forex are above the industry average. Spreads on indices and commodities are significantly higher than the average industry benchmark. Stock spreads are closer to the average industry benchmark but still a bit on the lower side.

MarketsInstrumentsXM commissionFXTM commissionIndustry avg. spread
IndicesFTSE 1001.55.11.65
ForexEUR/USD1.61.91.16
CommoditiesGold3.54.503.53
StocksAAPL1.351.571.75
CryptocurrenciesBitcoin72.81
ETFsQQQ0.45

Account Types Compared

XM offers 5 account types with different fee structures, that is, the Micro, Standard, XM Zero, XM Ultra-low, and Shares accounts.

FXTM offers both standard and ECN accounts. There are 3 FXTM account types under standard accounts: Standard Account, Cent Account, and Stock CFDs Account. Under ECN, there are 4 types of FXTM accounts: Stocks Account, ECN Account, ECN Zero Account, and FXTM Pro Account.

XM account opening is quick and effortless. The registration process took exactly 14 minutes, and our account was approved two days later.

Opening a new account with FXTM is simple and fast. The registration process took merely 20 minutes, and our account was verified after 1 business day.

 XM AccountsFXTM Accounts
Standard Account✔️✔️
ECN / Commission Based Account❌✔️
Islamic Account✔️✔️
PAMM Account❌✔️

Markets and Products

Both XM vs FXTM offer a large variety of tradable instruments in the forex, indices, stocks, and commodities markets.

MarketsXM InstrumentsFXTM Instruments
Indices2611
Forex5762
Commodities178
Stocks1236173
Cryptocurrency4
ETFs
Bonds

Trading Conditions

The trading conditions both at XM vs FXTM are great. Both traders allow high-risk strategies such as hedging and scalping.

Trading MethodXM FXTM
Hedging✔️ ✔️
Scalping✔️ ✔️
Change Leverage✔️ ✔️
Copy trading/ Social trading✔️ ✔️
Beginners Trading✔️ ✔️
Professional Trading✔️ ✔️

Deposit and Withdrawal

XM processes client withdrawals via the same payment methods available for deposits making it easy for clients to withdraw their funds. It also does not charge any withdrawal fees. FXTM charges a 2% fee on all withdrawals via PayPal.

Both XM vs FXTM’s clients can deposit funds into their trading accounts via bank transfers, debit/credit cards, and e-wallets such as Skrill, PayPal, and Neteller.

The deposit methods offered by XM are instant and free. Anyway, the first deposit has to be made via credit card.

We have tested the deposit process on FXTM using multiple payment modes. There was no deposit fee and the fundings were quick.

XMFXTM
💰 Deposit Fee❌❌
💰 Withdrawal fee$0$0 (with exceptions)
💳 Minimum depositUS$5$/€/£100
Bank Transfer✔️✔️
Debit/ Credit Cards✔️✔️
PayPal✔️✔️
Skrill✔️✔️
Neteller✔️ ✔️

Trading Platform

Both XM vs FXTM offer the popular MetaTrader 4 (MT4) and MetaTrader 5 (MT5). FXTM also offers its own FXTM Trader platform.

While the XM MT4 platform is a bit dated, we found the MT5 platform to be more than adequate for traders who prefer a modern platform.

FXTM Trader is available on both Android and iOS devices.

XM PlatformFXTM Platform
Proprietary Platform❌ ✔️
Web Platform✔️✔️
Desktop Platform✔️ ✔️
Mobile App✔️✔️
Alternative Platforms❌✔️
MetaTrader 4✔️ ✔️
MetaTrader 5 ✔️✔️
Simple to use platform✔️✔️
Demo Account Trading✔️✔️
Execution Agency Model❌❌
Research✔️✔️
Advanced Research tools✔️ ✔️

Education and Support

Both XM vs FXTM have a great education offering for beginners. XM’s Tradepedia video course provides an in-depth guide to the markets. The videos are of high quality with excellent delivery from the instructors.

XM runs over 40 webinars weekly in different languages that its clients can join and learn about the markets. The webinars are based on experience level and take place in different timezones to suit its clients.

FXTM offers many learning resources to educate new traders. The broker also offers a demo trading account.

XM SupportFXTM Support
Trading School for Beginners✔️✔️
Tutorials✔️✔️
Trading Videos❌✔️
Webinars✔️✔️
Daily News and Analysis✔️✔️
Economic Calendar✔️✔️
Live Chat✔️✔️
Email Support✔️✔️
24/7 availability❌❌

Conclusion on XM vs FXTM

Comparing XM vs FXTM side by side we found both brokers reliable and with good standing. XM provides great customer support response times and the spreads on most instruments are aligned with industry averages. FXTM has excellent customer support and a detailed Q&A section for frequently faced issues.

Overall, we had a smooth experience with XM vs FXTM starting from the account opening, to the deposit, trading and withdrawal processes.

We recommend XM to traders who prefer the MT4/5 platforms and to those who run EAs due to the free VPS service. The broker is also suitable for beginner traders because of its detailed educational materials.

We recommend FXTM ECN accounts to traders who use scalping strategies and focus on expert advisory (EA) trading.

XMFXTM
Recommended for✔️ CFD stocks trading
✔️ Beginning traders
✔️ Experienced traders
✔️ Trading currency Pairs
✔️ EAs trading
✔️ Scalping trader
✔️ Hedging trader
✔️ Trading through MT4 / MT5
✔️ Beginning traders
✔️ Experienced traders
✔️ ECN traders
✔️ Automated trading
✔️ EA trader
✔️ Micro trading
✔️ Trading currency pairs
✔️ Cryptocurrency trading
✔️ Scalping trader
✔️ Hedging trader
Might not be fit for
❌ Commission based trading
❌ Real stock / futures trading
❌ Day trader
❌ Trading of real stocks

Categories
Uncategorized

AxiTrader vs IC Markets

Is AxiTrader better than IC Markets? Which of them has a lower spread, better trading conditions, and is a safer broker to trade?

We provide answers to all questions in this AxiTrader vs IC Markets Comparison Review. For this Review, we opened real accounts and deposited over US $11,000 in total to compare both offerings, the account opening process at AxiTrader and IC Markets also, we checked fees, trading conditions, platform selection, and withdrawal process.   

AxiTrader vs IC Markets Compared

What is AxiTrader and IC Markets?

AxiTrader is an Australian Forex and CFDs broker that offers trading with forex pairs, indices, commodities, and cryptocurrencies. In 2020 it was rebranded to Axi.

IC Markets is an Australian Forex and CFDs broker with hundreds of tradable market instruments in such categories as forex pairs, stocks, indices, commodities, and cryptocurrencies.

Some of the highlights of AxiTrader vs IC Markets are:

AxiTraderIC Markets
💻 Websitewww.axi.comwww.icmarkets.com
🛡️Founded year20072007
🏦 HeadquarterSydney, Australia Sydney, Australia
🗺️ Authorized & Regulated inAustralia, the UK, the UAE, Saint Vincent, and the GrenadinesAustralia, Cyprus, Seychelles, Bahamas
🔒 Is Broker safeYesYes
💰 EUR/USD Spread1.21.02
💳 Minimum depositUS$0US$200
💰 Withdrawal feeUS$0US$0
🖥️ Trading PlatformMT4MT4, MT5, cTrader
📈 Markets offeredForex, Indices, Commodities CryptocurrenciesForex, Stocks, Indices, Commodities, Cryptocurrencies
📉 Number of Products132559
🔎 Our Detailed ReviewAxiTrader ReviewIC Markets Review

Licenses and Regulation

Both Brokers are safe to trade and are considered reliable, they both provide a low-risk trading environment and are not a scam.

Axi is licensed by 4 regulators globally including the top-tier UK’s FCA, Australia’s ASIC, Dubai’s FSA, and St Vincent and the Grenadines FSA.

IC Markets is licensed by 4 regulators worldwide including the top-tier Australian Securities and Investments Commission (ASIC), the Cyprus Securities and Exchange Commission (CySEC), Seychelles’ Financial Services Authority (FSA), and The Securities Commission of The Bahamas (SCB).

For this review, For this review, we opened an account with AxiCorp Limited which is one of the FCA regulated brokers, and a standard MT5 account with IC Markets (EU) Limited, licensed by the Cyprus Securities and Exchange Commission (CySEC). More on CySEC

We recommend that you register your Axi accounts with the UKAustralia or Dubai entities, and IC Markets account with the Australian or Cyprus entity if available in your jurisdiction.

 AxiTraderIC Markets
🔒 LicensesFCA
DFSA
ASIC
FSA
AFSL
CySEC
FSA
SCB
Top Tier License✔️✔️
Publically Traded❌❌
Compensation Scheme✔️ (depending on the entity)✔️ (depending on the entity)

AxiTrader vs IC Markets Fees

AxiTrader vs IC Markets fees are similar and mainly built into spreads. They do not change any commission-based fees.

Both Axi and IC Markets do not charge any other non-trading fees such as deposit, withdrawal, and account inactivity fees. Only IC Markets’ Raw Spread Account charges a commission.

 AxiTraderIC Markets
Fees based on the spread✔️✔️
Floating Spread✔️✔️
Fixed Spread❌❌
Commission-based fees✔️✔️
Inactivity Fee$0$0
Deposit fee$0$0
Withdrawal fee$0$0
Active trader/ VIP Programs✔️ ✔️

Spreads Charged in Our Trades

For our test trades on AxiTrader vs IC Markets accounts, we chose popular instruments in each market. We placed 3 trades for each instrument and listed the average actual spread charged on the live trades done through a funded account.

Looking at the spreads charged in our Axi trades, we found that they were all lower than industry benchmarks. None of Axi’s average spreads were above industry averages, which was quite impressive. We also discovered that the broker charges extremely low spreads on Bitcoin trades as compared to its peers.

A deeper look at the IC Markets spreads charged shows that they were mostly below the industry average except dor the stock spreads that were aligned with the industry average.

MarketsInstrumentsAxiTrader Avg. spread IC Markets Avg. spreadIndustry avg. spread
IndicesFTSE 1001.11.01.65
ForexEUR/USD1.21.01.16
CommoditiesGold2.82.23.53
StocksAAPL1.51.75
CryptocurrenciesBitcoin14.439.2472.81

Account Types Compared

IC Markets gives traders a choice to pick different accounts since it offers 4 account types with slightly different functionality. Those types are the Standard account, cTrader raw Spread account, the Raw Spread account, and Islamic account. Axi offers 2 account types with different functionalities: Standard and PRO accounts. Axi also offers its traders swap-free Islamic accounts. Read more about swap-free Islamic account

AxiTrader account opening is rather quick and easy. The registration process took only 15 minutes and our account was approved on the next day, as expected.

Account Opening with IC Markets for our test was smooth, the registration process took exactly 14 minutes. The account was approved in 1 business day.

 AxiTrader AccountsIC Markets Accounts
Standard Account✔️✔️
ECN / Commission Based Account❌❌
Islamic Account✔️ ✔️
PAMM Account❌❌

Markets and Products

Both AvaTrade and IC Markets offer a mostly similar and very wide range of instruments for most of the markets. Stock traders would be pleased with IC Markets since Axi does not offer any instrument with that market.

Both brokers do not offer instruments on bonds and ETFs which is a major drawback.

MarketsAxiTrader InstrumentsIC Markets Instruments
Indices3123
Forex7561
Commodities2012
Stocks453
Cryptocurrency610

Trading Conditions

The brokers provide excellent trading conditions to their clients by offering high-risk trading strategies like scalping and hedging, they are a good fit for social and copy traders. Both AvaTrade and IC Markets are suitable for beginners and experts.

The only difference is that, unlike IC Markets, Axi does allow changing leverage.

Trading MethodAxiTraderIC Markets
Hedging✔️✔️
Scalping✔️ ✔️
Change Leverage❌✔️
Copy trading/ Social trading✔️ ✔️
Beginners Trading✔️✔️
Professional Trading✔️✔️

Deposit and Withdrawal

The AxiTrader vs IC Markets review shows that deposit processes on both Axi and IC Markets are quick and simple.

We didn’t face any challenges during the deposit and withdrawal processes with both AxiTrader and IC Markets.

Axi’s clients can deposit funds via various options, such as bank transfers, debit/credit cards, and e-wallets such as Skrill, PayPal, and Neteller.

IC Markets’ clients can deposit funds into their trading accounts via bank transfers, debit/credit cards, and e-wallets such as Skrill, and Neteller.

Important to mention, that IC Markets charges an AUD $20 fee for international bank transfers withdrawal

AxiTraderIC Markets
💰 Deposit Fee❌❌
💰 Withdrawal fee❌❌(with an exception)
💳 Minimum depositUS$0US$200
Bank Transfer✔️✔️
Debit/ Credit Cards✔️✔️
PayPal❌ ✔️
Skrill✔️✔️

Trading Platform

Both AxiTrader and IC Markets offer their clients the popular MetaTrader4 platform, traders can get access those platforms via desktop, mobile, or web. IC Markets also offers MetaTrader5 and the cTrader platform as well as copy-trading systems attached to each platform. Actually, the lack of alternative platforms from Axi is an oversight on their part.

Both brokers do not have their proprietary platforms.

AxiTrader does not have a proprietary trading platform. Traders can trade via the broker’s website, as well as via the mobile and desktop MT4 applications.

Algorithmic traders will find a home with IC Markets, which offers fast execution speeds and guarantees no requotes on submitted trades. The broker’s cTrader platform offers the cAlgo app that algorithmic traders can use. The cTrader Copy app allows to social/copy trade.

AxiTrader PlatformIC Markets Platform
🖥️ Proprietary Platform❌ ❌
Web Platform✔️✔️
Desktop Platform✔️ ✔️
Mobile App✔️✔️
Alternative Platforms❌ ✔️
MetaTrader4✔️ ✔️
Simple to use platform✔️✔️
Demo Account Trading✔️✔️
Execution Agency Model❌❌
Research✔️✔️
Advanced Research tools❌ ✔️

Education and Support

Both AxiTrader and IC Markets offer excellent trading educational materials for new traders. The customer service team was quite helpful and gave us direct answers to our questions.

We found that AxiTrader provided helpful video tutorials on how to navigate their platform. However, the broker could as well provide more video tutorials covering other topics.

We found that IC Markets’ education offering lacks depth, and we would like to see the broker add more content on intermediate and advanced topics.

AvaTrade SupportIC Markets Support
Trading School for Beginners❌ ❌
Tutorials✔️✔️
Trading Videos✔️❌
Webinars✔️✔️
Daily News and Analysis✔️❌
Economic Calendar✔️✔️
Live Chat✔️✔️
Email Support✔️✔️
24/7 availability❌ ❌

Conclusion on AxiTrader vs IC Markets

Summing up our AxiTrader vs IC Markets review, we came to the point that both brokers are safe to trade and highly reliable.

Both brokers provide excellent trading conditions to their clients with a wide range of instruments, with a slight difference that AxiTrader does not allow change leverage. Both brokers do not provide bonds and ETFs trading which is remiss of them. Also, Axi does not allow trading with stocks hence trades may prefer IC Markets instead.

Both AxiTradaer vs IC Markets fees are mostly built into spreads with no commission fee, only IC Markets’ Raw Spread Account charges commissions.

Both brokers provide excellent trading conditions, only Axi does not allow traders to change leverage. The educational materials for both brokers are quite good as well, however, they both lack depth

Overall, our experience with AxiTrader was smooth from opening our account, to the deposit, trading and withdrawal processes. We recommend that traders open accounts with the UK, Australia or Dubai entities.

Overall, our experience with IC Markets was good. We recommend IC Markets to all levels of traders from beginners, intermediate and advanced traders who can all benefit from its services.

AvaTradeIC Markets
Recommended for✔️ Beginning Traders
✔️ Experienced Traders
✔️ Scalping trader
✔️ Hedging trader
✔️ EA trading
✔️ Beginning Traders
✔️ Trading Currency Pairs
✔️ Cryptocurrency Trading
✔️ Scalping trader
✔️ Hedging trader
✔️ Trading through MT4/MT5 platform
Might not be fit for❌ Trading Futures or Real Stocks
❌ Commission-based trading
❌ Trading on other platforms rather than MT4
❌ Trading Futures or Real Stocks
❌ Commission-based trading