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BlackBull Markets Review 2022

For this BlackBull Markets review, we opened a live account and deposited over €4,000.

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

We contacted the broker’s customer support team to resolve the challenges we faced.

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

What is Blackbull Markets

Blackbull Markets is a global Forex and CFDs broker launched in 2014 headquartered in Auckland, New Zealand.

The broker is licensed in New Zealand and Seychelles.

BlackBull Markets offers over 200 tradable instruments in the Forex, indices, stocks, and commodities categories.

The broker offers a small number of products compared to the leading brokers.

Here’s a summary of BlackBull Markets’ main features:

🗺️ Authorised & Regulated inNew Zealand, Seychelles
🛡️ Is Blackbull Markets safeYes
💰 EUR/USD Spread1.23
💳 Minimum depositUS$200
💰 Withdrawal feeUS$5 per withdrawal
🖥️ Trading PlatformMT4, MT5
📈 Markets offeredForex, Indices, Stocks, Commodities
📉 Number of Products280

Licenses and Regulations

2 global regulators license BlackBull Markets, the Financial Markets Authority New Zealand (FMA) and The Seychelles Financial Services Authority (FSA).

Here are the details of the licenses held by Blackbull Markets’ subsidiaries:

Legal entityRegistered inRegulatorLicense NumberAccepting Clients FromCompensation Scheme Amount
Black Bull Group LimitedNew ZealandFinancial Markets Authority New Zealand (FMA)403326Globally many countriesNZ$200,000
BBG LimitedSeychellesThe Seychelles Financial Services Authority (FSA)SD045Globally many countriesNo compensation scheme
BlackBull Markets FMA (Financial Markets Authority New Zealand) Registration
BlackBull Markets New Zealand License

Is BlackBull Markets Safe

Yes, BlackBull Markets is safe to trade. The broker is regulated by the New Zealand FMA, a tier 2 regulator with strict rules. The broker is also licensed by The Seychelles Financial Services Authority (FSA).

New Zealand’s FMA guarantees investors deposit protection of up to NZ$200,000 to eligible clients.

We did not encounter any major challenges when trading with BlackBull Markets.

For this review, we opened an individual MT4 and MT5 Standard account with Black Bull Group Limited, regulated by New Zealand’s Financial Markets Authority (FMA).

We recommend that you open your account with the New Zealand entity if it is available to you.

Fees and Commissions

BlackBull Markets charges low fees for trading the main instruments on offer. The fees charged for trading Forex pairs, indices, stocks, and commodities were much lower than industry averages.

Only the standard account offered by BlackBull Markets charges a spread and zero commissions. The other two account types charge a spread and a commission on trades.

Spread Charged in our Trades

In our tests, we traded the most popular instrument in each market. We placed 3 trades for each instrument to get an accurate estimate of the average spread. We tested BlackBull Markets’ Standard Account on the MT5 and MT4 platforms, which charged a spread on all trades. The spreads were pretty low, as shown in the table below.

MarketsInstruments1st trade 2nd trade 3rd trade Avg. Spread
ForexEUR/USD1.11.351.251.23
IndicesFTSE 1001.041.041.041.04
StocksApple0.40.40.40.40
CommoditiesGold2.252.452.42.37

We executed all our trades via the MT4 and MT5 mobile apps on our iPhone.

A closer review of the spreads charged in our trades revealed that they were all below industry standards. None of the average spreads were higher than industry benchmarks.

MarketsInstrumentsAvg. Spread ChargedIndustry Avg. Spread
ForexEUR/USD1.231.16
IndicesFTSE 1001.041.65
StocksApple0.401.75
CommoditiesGold2.373.53

Other fees

BlackBull Markets charges other non-trading fees, including deposit and withdrawal fees.

Account Types

BlackBull Markets offers 3 account types with different features. The accounts are known as the Standard Account, the Prime Account, and the Institutional Account.

See the differences below:

Standard AccountPrime AccountInstitutional Account
Trading PlatformsMetaTrader 4 & 5MetaTrader 4 & 5MetaTrader 4 & 5
Account CurrencyUSD, GBP, EUR, JPY, NZD, AUD, CAD, SGDUSD, GBP, EUR, JPY, NZD, AUD, CAD, SGDUSD, GBP, EUR, JPY, NZD, AUD, CAD, SGD
Minimum Deposit$200$2,000$20,000
Commission0$6 per lotNegotiable
Order ExecutionInstant ExecutionInstant ExecutionInstant Execution
SpreadFrom 0.8From 0.2From 0
Note

BlackBull Markets offers Forex Islamic Accounts to Muslim clients. These accounts do not attract a swap fee for positions held overnight.

We chose to open an individual MT4 and MT5 Standard Account with Black Bull Group Limited for our tests.

Account Opening

BlackBull Markets account opening was fast and smooth. We completed the entire process digitally.

Here are the 5 steps to opening a BlackBull Markets account:

  1. Choose your account type, and enter your first name, last name, email address, mobile phone number.
  2. Enter your street address, City, State/Province, ZIP/Postcode, date of birth, Country.
  3. Provide the purpose for trading, source of trading funds, estimated annual income, estimated net worth, trading experience.
  4. Select your account type, trading platform, account currency, funding amount and leverage level.
  5. Verify your account.
BlackBull Markets Account Opening
BlackBull Markets Account Opening

The registration process took exactly 5 minutes, and our account was approved in one working day.

We opened our account on 17 January 2022, and it was approved on 19 January 2022.

For this test, we opened an individual MT4 and MT5 Standard account with Black Bull Group Limited, regulated by the Financial Markets Authority (FMA) of New Zealand.

Deposit and Withdrawal

BlackBull Markets offers fast deposits and withdrawals. Traders can deposit and withdraw from their accounts using bank transfers, credit and debit cards, and e-wallets such as Neteller.

The broker charges a 2.5% fee on credit card deposits, with credit card withdrawals attracting a €5 fee and Neteller withdrawals attracting a €4 fee.

BlackBull Markets Deposit Methods
BlackBull Markets Deposit and Withdrawal Methods

Minimum Deposit

BlackBull Markets has a minimum deposit requirement of $200 on its Standard account, while its Prime account has a minimum deposit requirement of $2,000. The institutional account requires a minimum deposit of $20,000.

Deposit

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

The table below shows the details of our deposits:

Payment MethodSubmitted DateFunded Account DateFunding TimeFee
Credit Card21 January 202221 January 2022Instant2.5%
Neteller21 January 202221 January 2022Instant€0.00

BlackBull Markets charges a 2.5% fee on credit card deposits but does not charge fees for Neteller deposits.

Withdrawal

BlackBull Markets allows its clients to make withdrawals via the same payment methods available for deposits making it easy for investors to access their funds.

BlackBull Markets charges a fee on withdrawals.

Payment MethodSubmitted DateFunds Released DateFunds Arrived DateWithdrawal TimeFee
Credit card22 January 202223 January 202224 January 20222 working days€5
Neteller22 January 202223 January 202223 January 20221 working day€4

We did not have any challenges during the withdrawal process, which was quite smooth.

Markets and Products

BlackBull Markets offers over 200 tradable instruments in the Forex, indices, stocks, and commodities markets.

Here’s the complete list of BlackBull Markets’ product offerings:

MarketsInstruments
Forex69
Indices11
Stocks166
Commodities34
Cryptocurrencies0

The broker’s collection of instruments is lower than those offered by the top brokers.

Trading Conditions

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

BlackBull Markets also allows traders to use Expert Advisors (EAs).

There are no time limits for how long traders can keep their hedging positions open.

Trading MethodAllowed
HedgingYes
ScalpingYes
Change LeverageYes

Leverage

BlackBull Markets offers its clients high leverage levels from 300:1 to 500:1 based on the entity under which they registered their account.

Traders can change their account’s leverage levels after registration but they have to contact the broker’s customer support team to facilitate the change.

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

MarketsBlackBull Group LimitedBBG Limited
Major Currency Pairs500:1300:1
Non-major Currency Pairs500:1200:1
Gold200:1150:1
Other Commodities (except gold)200:1100:1
Indices500:1100:1
Stocks20:15:1
Cryptocurrencies20:120:1

Bonus

BlackBull Markets offers a bonus programme to its clients with a maximum payout of $250. Traders can earn bonuses via the broker’s referral programme.

Here’s how the system works:

Your Friend DepositsYour friend tradesYou’ll each receive
$1,0005 FX lots$100
$10,00020 FX lots$250

Trading Platform

BlackBull Markets offers the popular MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platforms to its clients. Clients can access the two platforms via the desktop and mobile MT4 and MT5 applications.

BlackBull Markets Trading Platforms
BlackBull Markets Trading Platforms

Traders who prefer the MetaTrader platforms will find a home with BlackBull markets. However, traders who prefer a proprietary platform are out of luck since the broker does not offer such a platform.

Traders who prefer a modern platform should try the MT5 platform since the MetaTrader 4 forex trading platform is a bit dated.

Research and Tools

BlackBull Markets provides market research via quality videos created by its in-house team of analysts.

The videos have depth and cover both fundamental and technical analysis topics in a comprehensive manner.

The broker provides daily market update videos published on its YouTube channel and live streams longer session covering new economic releases in a live-trading-room format.

While the broker offers detailed video content, we would like to see written content for traders who learn best via reading.

BlackBull Markets VPS Trading
BlackBull Markets VPS Trading

Education

BlackBullMarkets Review found a section dedicated to trader education with 11 learn to trade videos, 5 trading guides and a trading glossary. The training videos can be found on the broker’s YouTube channel.

The broker has a ‘trading resources’ section on its website that offers an economic calendar, which is very useful to traders. The broker publishes about 10 timely analysis (fundamental and technical) pieces covering the major markets.

The broker’s education offering is not as comprehensive as we would have liked. Traders can also open a demo account to practice trading on the broker’s platforms and test their trading strategies.

However, the videos are located in the broker’s video channel instead of on its website, which can be quite confusing.

BlackBull Markets Educational Material
BlackBull Markets Educational Videos

Customer Service

BlackBull Markets’ customer service team was quite helpful and gave us direct and prompt answers that were very accurate. Our first interaction with the team was via live chat, where we asked about the order execution and whether they allow hedging, scalping and change of leverage.

We received a fast and accurate response. The broker provides instant execution and allows scalping and hedging strategies. Traders have to contact the support team to change their leverage.

BlackBull Markets Customer Support
BlackBull Markets Customer Support

You can reach the BlackBull Markets customer support team via email and live chat. Our second query was via live chat, where we wanted to know if they provide stocks and cryptocurrencies.

We got a fast response, and the support agent let us know that they offer stocks and BTCUSD on the MT5 platform. We then asked how we can open an MT5 account and were instructed to send an email to support@blackbullmarkets.com.

We then sent an email request to open an MT5 account and got a response in 1 working day. They informed us that it would take one day to open our MT5 account.

We sent an email inquiry about the broker’s institutional account and the Active Trader account to institutional@blackbullmarkets.com but did not receive a reply from the broker, which was disappointing.

Here are the results of our test below:

QuestionResponse TimeQuality of reply
Live chatWe asked what’s the order execution type at BlackBull Markets? Do they allow hedging, scalping and change of leverage?2 minutesDirect and fast.
Live chatWe asked if they provide stocks and cryptocurrencies?1 minuteDirect and fast
EmailWe sent a request asking BlackBull Markets to open an MT5 standard account1 working dayDirect and accurate
EmailWe asked several questions about their institutional and Active Trader accounts, including spread, execution type, minimum deposit, etc.N/ANo response

Conclusion

Overall, our experience with BlackBull Markets was good. The broker charges stable spreads on stocks and indices, and we discovered that the spreads on the tested instruments were lower than industry benchmarks.

The best thing about the broker is the high leverage levels offered to traders backed by its New Zealand FMA license, which ensures the security of customer funds. Most brokers who offer high leverage usually have licenses from offshore jurisdictions.

The broker’s customer support team provides fast and accurate feedback via the live chat function, and we encourage traders to use this method to communicate with the broker.

We tried to make a direct deposit into our MT5 account but were unable to do so. We contacted the broker and were informed that we have to deposit the funds into the MT4 account, and then they would transfer the amount to the MT5 account. We found this a bit inconvenient, but the process did not take long.

We tested two deposit and withdrawal methods and found that the broker charges a fee on Credit card deposits, but Neteller deposits are free. However, the broker charges a fee on both credit card and Neteller withdrawals.

We recommend BlackBull Markets to traders who run scalping, hedging, and automated trading strategies.

We recommend BlackBull Markets for traders who are

  • Experienced traders
  • Beginners
  • Run Scalping
  • Hedging
  • EAs trading
  • Looking for high leverage with regulated Broker
  • Trading through MT4

BlackBull Markets might not be a fit if you are

  • Real Stock / Futures Trading
  • Prefer other platforms rather than MT4

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AxiTrader vs Pepperstone

Is AxiTrader better than Pepperstone? Who offers lower spread, better trading conditions and is a safe broker to trade?

We provide answers to all questions in this AxiTrader vs Pepperstone Comparison Review. For this Review we opened real accounts and deposited over US$ 6,000 in total to compare both offerings, account opening processes at AxiTrader and Pepperstone. Also, in this review we will compare the fees, trading conditions, platform selection and withdrawal process.   

AxiTrader vs Pepperstone

What is AxiTrader and Pepperstone

Axi, formally known as AxiTraderis an Australian Forex and CFDs broker. The broker was founded in 2007, then in 2020 it was rebranded to Axi.

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

Some of the highlights of AxiTrader vs Pepperstone are:

AxiTrader Pepperstone
💻 Websitewww.axi.comwww.pepperstone.com
🛡️Founded year20072010
🏦 HeadquarterAustraliaAustralia
🗺️ Authorized & Regulated inAustralia, UK, UAE, St Vincent, the GrenadinesAustralia, UK, Cyprus, Bahamas, UAE, Kenya
🔒 Is Broker safeYesYes
💰 EUR/USD Spread1.21.15
💳 Minimum depositUS$0AUD $200
💰 Withdrawal feeUS$0US$0
🖥️ Trading PlatformMT4MT4, MT5, cTrader
📈 Markets offeredForex, Indices, Commodities, CryptocurrenciesForex, Indices, Stocks, Commodities, Cryptocurrencies, Currency index
📉 Number of Products132158
🔎 Our Detailed Review

AxiTrader Review


Pepperstone Review

Licenses and Regulation

Due to regulations both Brokers are safe to trade and are highly reliable, low risk trading Brokers and are not a scam.

AxiTrader is regulated by the top-tier UK’s FCA, Australia’s ASIC, Dubai’s FSA, St Vincent and the Grenadines FSA.

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

For this AxiTrader vs Pepperstone review, we opened a standard account with AxiCorp Limited, one of the FCA regulated brokers, and an account under Pepperstone Limited, the UK entity regulated by the FCA.

We recommend that traders open their Axi accounts with the UK, Australia or Dubai entities, or a Pepperstone account under the UK entity since it offers the highest deposit protection compensation of up to Â£85,000 guaranteed by the UK’s FCA, which is the best in the industry.

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

AxiTrader vs Pepperstone Fees

AxiTrader and Pepperstone fees are similar and charge fees below industry averages for the main instruments. The spreads charged on stock trades with Pepperstone are in line with industry charges or even below them.

Based on our tests, the spreads charged in our trades with AxiTrader are all lower than industry benchmarks. We also discovered that the broker charges extremely low spreads on Bitcoin trades. 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.

  AxiTrader FeesPepperstone Fees
Fees based on spread✔️✔️
Floating Spread✔️✔️
Fixed Spread❌❌
Commission based fees✔️ ✔️
Inactivity Fee0$ 0$
Deposit fee0$0$
Withdrawal fee0$0$
Active trader/ VIP Programs✔️❌

Spreads Charged in Our Trades

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

We tested the Standard Account with AxiCorp Limited which charges a spread on all tradable instruments. We ran our tests on MetaTrader 4 mobile app on our iPhone as this is AxiTrader’s the only platform. 

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.

MarketsInstrumentsAxiTrader Avg. spread

Pepperstone Avg. spread

Industry avg. spread
IndicesFTSE 1001.111.65
ForexEUR/USD1.21.21.16
CommoditiesGold2.81.63.53
StocksAAPL0.91.75
CryptocurrenciesBitcoin14.411072.81

Account Types Compared

AxiTrader offers 2 account types with different fee structures: Standard and PRO accounts. Axi also offers swap-free Islamic Accounts. Pepperstone also offers 2 account types with separate fee structures: the Razor and Standard accounts. 

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

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

Markets and Products

At AxiTrader, you are able to trade CFDs on Forex pairs, stock indices, commodities, and cryptocurrencies. However, the broker offers a comparatively small number of tradable instruments. Besides, it does not offer ETFs and stocks, which is a drawback.

Pepperstone gives you an opportunity to trade CFDs on Forex pairs, stock indices, stocks, commodities, cryptocurrencies and a currency index.

MarketsAxiTrader Instruments Pepperstone Instruments
Indices3114
Forex7561
Commodities209
Stocks64
Cryptocurrency69
Currency index –1

Trading Conditions

The trading conditions both at AxiTrader and Pepperstone are favorable. Moreover, both traders allow high-risk strategies such as hedging and scalping.

Trading MethodAxiTrader Pepperstone
Hedging✔️ ✔️
Scalping✔️ ✔️
Change Leverage❌ ❌

Deposit and Withdrawal

Both deposit and withdrawal processes on AxiTrader and Peppoerstone are quick and straightforward.

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.

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.

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

Trading Platform

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

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. In fact, the lack of other platforms is one of the broker’s actual drawbacks.

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

AxiTrader PlatformPepperstone Platform
Web Platform✔️✔️
Desktop Platform✔️ ✔️
Mobile App✔️✔️
Alternative Platforms❌✔️
MetaTrader4✔️ ✔️
Simple to use platform✔️✔️
Demo Account Trading✔️✔️
Execution Agency Model❌❌
Research✔️✔️

Education and Support

To help traders improve their trading results, AxiTrader offers in-depth articles on many trading topics, also it has a demo account. Likewise, Pepperstone also offers a demo account. Moreover, the broker also offers platform tutorial videos, educational videos, and webinars to suit all types of traders. 

AxiTrader’s customer support team was helpful and provided direct and relevant answers to most of our questions. Anyway, on our first interaction with the customer service team, we did not get accurate answers to our questions. Pepperstone’s customer support team was helpful and provided direct and relevant answers. 

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.

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

AxiTrader SupportPepperstone 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 Pepperstone

Setting AxiTrader vs Pepperstone side by side we found both brokers reliable and with good standing. In the case of AxiTrader, a major pro is that Axi has low spreads across all the instruments we traded.

Pepperstone spreads on all instruments are lower than the industry average. However, comparing AxiTrader vs Pepperstone, we found that both brokers offer a small number of tradable instruments.

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.

Our experience with Pepperstone was favorable from the account opening, to the deposit, trading and withdrawal processes. We recommend you to open an account with the UK, Australia or Cyprus entities if any is available to you. 

AxiTraderPepperstone
Recommended for
✔️ Beginning Traders
✔️ Experienced Traders
✔️ Scalping trader
✔️ Hedging trader
✔️ EA trading
✔️Beginning Traders
✔️ Experienced Traders
✔️ Scalping trader
✔️ Hedging trader
✔️ EA trader
✔️ Trading CFD
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

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FXTM Review 2022

For this FXTM review, we have opened a standard and a stock CFDs account and deposited over €6,000 in total.

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 issues that we had faced.

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

What is FXTM?

ForexTime, known as FXTM, was founded in 2011 and is headquartered in Cyprus. The broker is regulated in several jurisdictions, including the United Kingdom, Cyprus, South Africa, and Mauritius.

ForexTime Review

FXTM offers trading services with forex pairs, indices, commodities, stocks, cryptocurrencies, spot metals, and also real stocks.

Some of the key highlights of FXTM are:

🗺️ Authorised & Regulated inUK, Cyprus, South Africa, Mauritius
🛡️ Is FXTM safeYes
💰 EUR/USD Spread1.9
💳 Minimum depositUS$10
💰 Withdrawal feeUS$0 (with exceptions)
🖥️ Trading PlatformMT4, MT5, FXTM Trader
📈 Markets offeredForex, Indices, Stocks, Commodities, Cryptocurrencies
📉 Number of Products258

Licenses and Regulations

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

The full list of all FXTM licenses is below:

Legal entityRegistered inRegulatorLicense NumberAccepting clients fromCompensation Scheme Amount
ForexTime UK LimitedUnited KingdomFinancial Conduct Authority (FCA)777911United Kingdom£85,000
ForexTime LimitedCyprusCyprus Securities and Exchange Commission (CySEC)185/12EU€20,000
ForexTime LimitedSouth AfricaFinancial Sector Conduct Authority (FSCA)46614South AfricaNo compensation scheme
Exinity LimitedMauritiusFinancial Services Commission (FSC)C113012295Globally many countriesNo compensation scheme

The same FXTM entity holds licenses from the regulators in Cyprus and South Africa.

FXTM CySEC (Cyprus Securities and Exchange Commission ) Registration
ForexTime Limited registration details on CySEC website

Is FXTM Safe?

Yes, FXTM is safe to trade.

Under the UK regulator, FXTM clients’ funds are protected with an Â£85,000 compensation scheme. FXTM clients’ funds under the CySEC-regulated entity are also protected with a €20,000 compensation scheme.

For this review, we opened a standard account and a stock CFD account with ForexTime Limited, which is regulated by CySEC in Cyprus. For our tests, we deposited money, placed trades, and withdrew deposits.

We recommend you to register your account with the United Kingdom or Cypriot entity because of their compensation schemes.

Fees and Commissions

FXTM fees are built into the spreads but varies with the account types. Spreads on its standard and stock CFDs account types are higher than the average industry benchmark.

The spreads, however, are lower on ECN and Pro accounts.

FXTM Spread Charged in Our Trades

For our tests, we have chosen popular instruments in each market offered by FXTM. We placed 3 trades for each instrument to get a picture of the average spread. Though spreads for most of the asset classes did not fluctuate much, swings in commodities spreads were prominent.

Details of our trades are shown below the table.

MarketsInstruments1st trade2nd trade3rd tradeAvg. spread
ForexEUR/USD1.91.91.91.9
IndicesFTSE 1005.15.15.15.1
CommoditiesGold54.14.44.50
StocksApple1.71.51.51.57

Our testing with standard account finds that FXTM spreads for forex are above the industry averageSpreads on indices and commodities are significantly higher than the average industry benchmark.

Stock spreads are, however, are closer to the average industry benchmark but still a bit on the higher side.

MarketsInstrumentsAvg. spread charged in our tradesIndustry avg. spread
ForexEUR/USD1.91.16
IndicesFTSE 1005.11.65
CommoditiesGold4.503.53
StocksApple1.571.75

Other Fees

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.

FXTM Account Types

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.

Details of each account type are in the below table:

Standard AccountCent AccountStock CFDs AccountStocks AccountECN AccountECN Zero AccountFXTM Pro Account
Trading platformsMT4/MT5MT4MT4MT5MT4/MT5MT4/MT5MT4/MT5
Account currencyUSD / EUR / GBPUS Cent / EU Cent / GBP PenceUSD / EUR / GBPUSD / EUR / GBPUSD / EUR / GBPUSD / EUR / GBPUSD / EUR / GBP
Minimum deposit$/€/£ 100$/€/£ 10$/€/£ 100$/€/£ 100$/€/£ 500$/€/£ 200$/€/£ 25,000
Commission$2 per lot
Order executionInstant ExecutionInstant ExecutionInstant ExecutionMarket ExecutionMarket ExecutionMarket ExecutionMarket Execution
SpreadFrom 1.3From 1.5From 0.1TightFrom 0.1From 1.5From 0

FXTM offers real stock trading under its Stocks account, but this account type is only available with Exinity Limited, that is outside the European Union.

FXTM Pro Account

FXTM Pro account holders need to maintain a minimum balance of $/€/£25,000 always. If the balance comes below the threshold, the broker will offer higher spreads.

The broker also offers NGN base currency accounts for Nigerian traders.

Account Opening

Opening a new account with FXTM is simple and fast.

Steps to create an FXTM account:

  1. Enter the first name, last name, country of residence, mobile phone number, email, and password on the initial registration page.
  2. Complete your profile with personal and professional information: gender, date of birth, citizenship status, education level, profession, business operation, taxation country, tax identification number, political exposure, and address.
  3. Select account type, account currency, account leverage, “swap-free” status, and trading account password.
  4. Click on “upload documents” under the user profile to submit identification proofs.

We have submitted the following documents to verify our FXTM account:

  1. Copy of national identification (both front and back)
  2. Copy of utility bill as address proof

A minimum deposit is required to activate the account.

The registration process took merely 20 minutesOur standard account was verified after 1 business day.

We registered our account on January 11, 2022, and it was verified on January 12, 2022.

Overall, our account opening experience was quick, smooth, and without any issues.

FXTM Account Opening
FXTM account type page

Deposit and Withdrawal

Both deposits and withdrawals on FXTM are fast, easy, and without any fees. All our funding and withdrawal requests were smooth.

FXTM Minimum Deposit

The minimum deposit amount on FXTM depends on the account type and varies from $/€/£10, for a Cent account, to $/€/£25,000, in the case of a Pro account.

For a Standard and a Stock CFDs account, the minimum deposit is $/€/£100.

Please note that the traders only need to deposit the minimum amount the first time they are funding the account and maintain at least that balance. For consecutive fundings, traders can deposit any amount.

Deposit

FXTM allows client deposits through international wire transfers, credit cards, several local bank transfers, and popular e-wallets like Skrill, Neteller, and Paypal. It also takes deposits in popular cryptocurrencies.

The broker also allows internal fund transfers from one account type to another.

We have tested the deposit process on FXTM using multiple payment modes.

There was no deposit fee and the fundings were quick.

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

Payment MethodSubmitted DateFunded Account DateFunding TimeFee
Credit/Debit card2022-01-24NANANA
Skrill2022-01-252022-01-2510 minszero
NETELLER2022-01-242022-01-2410 minszero
Paypal2022-01-252022-01-2510 minszero

Internal Transfer (Standard Account to Stock CFD Account)
2022-01-252022-01-2510 minszero

We tried to make the first deposit using a credit/debit card. Once the amount was deducted from the card, FXTM asked us to provide a copy of both sides of the card for verification.

We did not proceed to verify our card, and the received the deducted deposit in our card after 7 working days.

FXTM Deposit Methods
FXTM deposits and withdrawals page

Withdrawal

FXTM has broad withdrawal method options similar to its deposits. Traders can withdraw their funds with international wire transfers, on credit/debit cards, by local bank transfers, on popular e-wallets, and in cryptocurrencies.

Though many popular withdrawal methods do not have any fee, FXTM charges a commission for several withdrawal modes. For cryptocurrency withdrawals, this withdrawal fee is 1%, and for wire transfers, it’s €30.

Details of our withdrawal requests are in the table below.

Payment MethodSubmitted DateFund Released DateFund Arrived DateWithdrawal TimeFee
Credit/Debit cardNANANANA
Skrill2022-01-262022-01-262022-01-26same dayzero
NETELLER2022-01-252022-01-262022-01-261 working dayzero
Paypal2022-01-272022-01-272022-01-27same day2%

FXTM charges a 2% fee on all withdrawals via PayPal. So this mode is not recommended. 

Withdrawals on FXTM were fast. We received funds from 2 of our withdrawal requests on the same day, whereas on most of the other brokers, it takes at least a day.

Markets and Products

FXTM offers CFDs trading services in various popular markets, including forex, indices, commodities, stocks, and cryptocurrencies. It also offers real US stock trading outside the European Union.

It offers a fair number of forex pairs, but the number of instruments lacks in the other markets.

The complete list of FXTM offerings are:

MarketsInstruments
Forex62
Indices11
Commodities8
Cryptocurrency4
Stocks173

Cryptocurrency trading services are only available with Exinity Limited via Exinity ECN Spreads.

Copy Trading

FXTM also offers copy-trading services under FXTM Invest.

Novice traders can copy the trading strategies of any Strategy Managers, investing as low as $100.

Expert traders can become FXTM Strategy Manager only with an ECN or ECN Zero trading account. They can earn up to 40% in trading commission.

FXTM Invest
FXTM-Invest

Trading Conditions

FXTM offers good trading conditions, allowing both hedging and scalping.

However, hedging is not available on Strategy accounts, which are used by the experts sharing their trading strategies on FXTM’s copy-trading platform.

The broker also allows traders to change the leverage levels.

We recommend traders to run scalping strategies only on ECN accounts and not on Standard and Cent accounts.

Trading MethodAllowed
HedgingYes
ScalpingYes
Change LeverageYes

Leverage

FXTM allows traders to change the offered leverage levels.

MarketsForexTime UK LimitedForexTime LimitedExinity Limited
Major Currency Pairs30:130:12000:1
Non-major Currency Pairs20:120:1500:1
Gold20:120:1500:1
Other Commodities (except Gold)10:110:1200:1
Indices5:15:12000:1
Stocks5:15:110:1
CryptocurrenciesNANA100:1

Exinity Limited has divided its FXTM leverages into further tiers. The full details of leverage can be found here.

Bonus

FXTM offers a 30% bonus on deposits up to $250 to Standard, ECN, Cent, and ECN Zero account holders (Also check Brokers with No Deposit Bonus 2022).

The broker also runs a loyalty program to reward traders. The structure of the loyalty program is detailed below.

Level 1Level 2Level 3Level 4Level 5
Net Deposit(s)$1 to $15,000$15,001 to $30,000$30,001 to $60,000$60,001 to $120,000Above $ 120,001
Rebate (cashback) per full completed lot$2$3$4$5$5
Frequency of the Rebate transfer(s) to Client’s AccountMonday(s) following the Lots Calculation PeriodMonday(s) following the Lots Calculation PeriodMonday(s) following the Lots Calculation PeriodMonday(s) following the Lots Calculation PeriodMonday(s) following the Lots Calculation Period
Maximum Payout$500$1,500$3,000$5,000$10,000
Upgrade or Downgrade by FXTM
Automatically

Automatically

Automatically

Automatically

Manually

The loyalty program is only available on Exinity Limited for all clients. However, only professional clients from UK and EU under ForexTime Limited and ForexTime UK Limited can access this program.

FXTM Loyalty Program
FXTM-Loyalty-Program

FXTM Trading Platform

FXTM offers 3 trading platforms:

FXTM Trade is available on both Android and iOS devices.

For our tests, we placed the orders on the MetaTrader 4 mobile platform.

FXTM ForexTIme MT4

FXTM MT4 Mobile Trading Platform
FXTM MT4 mobile trading platform

Research and Tools

FXTM offers excellent market research tools.

Some key research tools on FXTM are:

  • Trading signals
  • Trading indicators and charting tools
  • Pivot points strategy
  • Economic calendar
  • Excellent news feed

FXTM also has an in-house team of experts who provide market research and analysis reports.

On the downside, the broker does not offer fundamental market data.

FXTM Trading Tool
FXTM-Trading-Tool-Signals

Education

FXTM offers many learning resources to educate new traders.

The educational resources of the broker include:

  • eBooks and trading guides
  • Seminars and workshops
  • Webinars
  • A forex industry glossary
  • Video tutorials on trading

The broker also offers a demo trading account.

FXTM Educational Material
FXTM Educational Webinars

Customer Service

FXTM has excellent customer support.

Traders can contact the broker via:

  • Live chat (on the platform and also on popular social media) 
  • email
  • Enquiry form
  • Phone
QuestionResponse TimeQuality of reply
Live ChatQuerries on hedging and scalping1 minClear and direct
EmailQuerries in debit card verification after funding
1 hourClear and direct

Live chat is only available around the clock and in multiple languages.

We asked several questions on multiple live chat sessions, and the customer representative was fast to respond, clear, and accurate every time.

The broker also has a detailed Q&A section for frequently faced issues.

FXTM Customer Support
FXTM Customer Service

Conclusion

Our overall experience with FXTM was smooth: from account opening to trading and from deposit to withdrawal.

However, the spreads offered by the brokerage on standard accounts are much higher than the industry average.

We did not face any issues during our testing process, and the customer support was also responsive and accurate with our queries.

We recommend FXTM ECN accounts to traders who use scalping strategies and focus on expert advisory (EA) trading. Here you can also see other best forex broker for Iranian.

We recommend FXTM for traders who are

  • Beginners in trading
  • Experienced traders
  • ECN traders
  • Trading currency pairs or Cryptocurrencies
  • Automated trading
  • EA trader
  • Micro Trading

FXTM might not be a fit if you are

  • Day trader
  • Trading of Real Stocks

Categories
Uncategorized

Best Islamic Forex Brokers 2022

To introduce a list of best forex brokers offering Islamic accounts, we searched and tested several brokers.

We opened real accounts with each of the brokers and deposited between $4,000 and $8,000 with each of them. For the purpose of getting the real spreads, we also placed trades in their popular markets.

Afterwards, we reached out to the customer support team, to determine whether they are able to solve the possible issues. At last, we checked the withdrawal process, by withdrawing our funds.

Based on our experience and the collected data, we came up with the best forex brokers with Islamic accounts.

Forex Trading in Islam. Is Forex Trading Halal?

Islamic Accounts are mostly used by Islamic Forex account traders.  They are developed, taking into consideration the principles of the Islamic or Sharia laws. Even though Forex from Islamic Perspective is no halal, yet with Islamic Accounts users are able to join Islamic Forex trading. Read about Islamic Trading via Wikipedia.

What is Forex Islamic Account?

These accounts are specifically designed for Islamic traders (thus Islamic accounts) as Sharia laws prohibit any Muslim to earn or pay interest. Islamic swap-free accounts enable any Muslim to trade forex fully complying with the Sharia laws, thus making forex trading Halal.

Many brokers often charge an account opening fee for opening an Islamic account. Brokers might ask for reasons behind opening such accounts.

Most forex brokers voluntarily offer Islamic accounts to attract Muslim traders. But, the financial market regulators in the Middle Eastern countries, including the Dubai Financial Services Authority (DFSA) make it mandatory for forex brokers to offer such accounts.

Brokers with Islamic Forex Accounts

To select the best islamic forex brokers, we tested and reviewed several forex brokers. We opened live accounts and deposited real money with each broker. We also placed trades in popular markets to get the real picture of the spread and commission, trading platform, deposits and withdrawals conditions, education, and customer service.

Best Overall Islamic Forex Broker

As the best overall islamic broker we have chosen Pepperstone.

Pepperstone offers excellent services and is quite flexible and versatile. In markets across forex, indices, stocks, commodities, and cryptocurrencies it offers over 158 trading instruments. Also, traders can choose the most convenient trading platform for them from several options the broker offers – MT4, MT5, and cTrader.

Pepperstone offers two main account types; Standard account and Razor account (excluding Islamic account). Additionally, Pepperstone offers raw market spreads, which are the tightest in the market, with minimum trading and non-trading fees.

Best Islamic Forex Brokers for Beginners

As the best islamic forex broker for beginners, we have picked AvaTrade.

There are several reasons why exactly AvaTrade is considered the best islamic forex broker. Most importantly, it offers good educational resources to train new traders for the forex market and trading techniques. Moreover, it has a demo account that allows the traders to execute trades without being afraid of losing money.  Also, AvaTrade has quality Customer Service that is ready to solve the possible issues.

AvaTrade offers copy trading services. It has no limits in trading strategies. This enables the rookie traders to copy the exact strategy and positions of experts and  get profits even while still learning about trading.

Best MT4 Islamic Forex Broker

We have picked Amana Capital as the best MT4 islamic forex broker.

Amana Capital holds multiple regulatory licenses and operates globally. It is an excellent broker for Muslim traders who trade with an islamic account. It offers trading services on MT4. Moreover, it also enables the customers to trade on the latest MT5 platform.

Amana Capital’s primary platform is MT4, so this is the reason why all its tools and additional features are to be found here. The broker offers MT4 to clients on web, desktop and mobile devices.

Amana Capital is also strictly regulated in the UK, Cyprus, UAE, Lebanon, Malaysia, and Mauritius.

Lowest Fees Islamic Forex Broker

We have picked Go Markets as the best islamic forex broker with low spread and fees.

GO Markets is among the top forex and CFDs brokers. It offers forex pairs and CFDs of indices, metals, commodities, and shares, in total about 378 trading instruments.

GO Markets is also attractive as one of the best zero spread brokers. Traders have three account options to choose from: Standard, GO Plus+, and Pro. Although standard accounts do not offer any commission, Go Plus+ and Pro accounts offer spread from zero, additionally, commission for every transaction.

Islamic Account Forex Broker List

Here is a complete list of forex brokers that offer islamic accounts, which we have tested and reviewed.

Forex Broker Islamic AccountTest DetailsBroker Review
FxProYes
Deposit Amount: Over €5,000
Total Trade: 15 trades
FxPro Review
Admiral MarketsYesDeposit Amount: Over €4,500
Total Trade: 12 trades
Admiral Markets Review
BlackBull MarketsYesDeposit Amount: Over €4,000
Total Trade: 12 trades
Visit BlackBull Markets
GO MarketsYesDeposit Amount: Over €4,500
Total Trade: 12 trades
Go Markets Review
ActivTradesYesDeposit Amount: Over €5,000
Total Trade: 12 trades
ActivTrades Review
XMYesDeposit Amount: Over €5,000
Total Trade: 12 trades
XM Review
FXTMYesDeposit Amount: Over €6,000
Total Trade: 12 trades
FXTM Review
ICM CapitalYesDeposit Amount: Over €5,000
Total Trade: 12 trades
ICM Capital Review
TickmillYesDeposit Amount: Over $8,000
Total Trade: 12 trades
Tickmill Review
XTBYesDeposit Amount: Over €5,000
Total Trade: 12 trades
XTB Review
RoboMarkets (RoboForex)YesDeposit Amount: Over €5,000
Total Trade: 12 trades
RoboMarkets (RoboForex) Review
PepperstoneYesDeposit Amount: Over €6,000
Total Trade: 12 trades
Pepperstone Review
FBSYesDeposit Amount: Over €5,000
Total Trade: 12 trades
FBS Review
GKFXYesDeposit Amount: Over €5,000
Total Trade: 15 trades
GKFX Review
DarwinexYesDeposit Amount: Over €5,000
Total Trade: 12 trades
Darwinex Review
IC MarketsYesDeposit Amount: Over €5,000
Total Trade: 12 trades
IC Markets Review
ThinkMarketsYesDeposit Amount: Over €5,000
Total Trade: 15 trades
ThinkMarkets Review
FP MarketsYesDeposit Amount: Over €6,000
Total Trade: 12 trades
FP Markets Review
Amana CapitalYesDeposit Amount: Over €5,000
Total Trade: 12 trades
Amana Capital Review
AvaTradeYesDeposit Amount: Over €4,000
Total Trade: 21 trades
AvaTrade Review
Vantage FXYesDeposit Amount: Over €5,000
Total Trade: 15 trades
Vantage FX Review
INFINOXYesDeposit Amount: Over €4,000
Total Trade: 9 trades
INFINOX Review

FAQ and More on Islamic Brokers

Traders generally have many questions related to generic trading-related queries. We picked and answered some of the most common and relevant queries to Islamic forex brokers. Also, read more about the best Iran forex brokers.

Halal Forex Brokers

Islamic Sharia law does not allow Muslims to gain or pay interests. However, interests are a key art when rolling over positions overnight. Brokers come up with Halal trading by offering islamic accounts to Muslim traders, which is a way to trade forex without violating Islamic laws.

Islamic Forex Broker in Malaysia

Demand for islamic forex brokers is high in Malaysia due to the large number of the Muslim population in the country (Also check NDB forex Malaysia). Some of the Labuan Financial Services Authority-regulated forex brokers offering Islamic accounts are:

  • Amana Capital
  • RoboMarkets (RoboForex)
  • Tickmill
  • AvaTrade

Islamic Forex Trading Brokers Australia

Many Australian forex brokers, regulated by the Australian Securities and Investments Commission (ASIC), offer Islamic forex trading accounts. Some of the top Aussie brokers offering islamic accounts are:

  • IC Markets
  • ThinkMarkets
  • Vantage FX
Categories
Uncategorized

AvaTrade Review 2022

For this AvaTrade review, we opened a real account and deposited over €4,000 in total.

We traded the popular instrument in each popular market to get the real spreads and placed a total of 21 trades.

We also reached out to customer support to solve issues that we encountered.

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

What is AvaTrade?

AvaTrade was founded in 2006 with its headquarter in Dublin, Ireland. The broker is regulated in several jurisdictions, including Ireland, Australia, the UAE, Japan, South Africa, and the British Virgin Islands.

AvaTrade started as a retail forex trading platform and now offers trading with forex, indices, commodities, bonds, cryptocurrencies, stocks, and ETFs.

Some of the key highlights of AvaTrade are:

🗺️ Authorised & Regulated inIreland, Japan, Australia, UAE, South Africa, British Virgin Islands
🛡️ Is AvaTrade safeYes
💰 EUR/USD Spread0.87
💳 Minimum depositUS$100
💰 Withdrawal feeUS$0
🖥️ Trading PlatformMT4, MT5, AvaTradeGO, AvaOptions
📈 Markets offeredForex, Indices, Commodities, Bonds, Cryptocurrencies, Stocks, ETFs
📉 Number of Products796

Licenses and Regulations

AvaTrade has gained 7 regulatory licenses from some of the top regulators, including Australia, Ireland, Abu Dhabi, and Japan.

The full list of AvaTrade’s all licenses is in the below table:

Legal entityRegistered inRegulatorLicense NumberAccepting clients fromCompensation Scheme Amount
Ava Trade EU LtdIrelandCentral Bank of IrelandC53877UK & EU clients€20,000
Ava Capital Markets Australia Pty LtdAustraliaAustralian Securities and Investments Commission (ASIC)406684AustraliaNo Compensation Scheme
Ava Trade Middle East LtdAbu DhabiAbu Dhabi Global Markets (ADGM) Financial Regulatory Services Authority (FRSA)190018Middle EastNo compensation scheme
Ava Trade Japan K.K.JapanFinancial Services Agency (FSA)1662JapanNo compensation scheme
Ava Trade Japan K.K.JapanFinancial Futures Association of Japan (FFAJ)1574JapanNo compensation scheme
Ava Capital Markets PtySouth AfricaSouth African Financial Sector Conduct Authority (FSCA)45984South AfricaNo compensation scheme
Ava Trade LtdBritish Virgin IslandsBritish Virgin Islands Financial Services CommissionRegulatory RegisterGlobally many countriesNo compensation scheme

AvaTrade UK

Ava Trade EU Ltd Registration
Ava Trade EU Ltd registration details on Central Bank of Ireland website

Is AvaTrade Safe?

Yes, AvaTrade is safe to trade.

Under the Irish regulator, funds of AvaTrade clients are protected with a €20,000 compensation scheme. Most of the other licenses acquired by AvaTrade are also considered very reputable in the trading industry.

Additionally, AvaTrade offers AvaProtect, which provides insurance on losses for any specific trade for a specific period. This risk management scheme offers protection of up to $1 million and is applicable only for market orders.

For this review, we opened an account with Ava Trade EU Ltd which is regulated by the Central Bank of Ireland. For our tests which we deposited money, placed trades, and withdrew deposits.

We recommend you register your account with the Irish, Australian, or Abu Dhabi entity.

Fees

AvaTrade fees are built into the spreads. The broker, however, offers attractive spreads on forex, stocks, commodities, and cryptocurrency CFDs.

Spread Charged in Our Trades

For our tests, we have chosen popular instruments in each market offered by AvaTrade. We placed 3 trades for each instrument to get a picture of the average spread. The spreads for all the asset classes did not fluctuate much for our trades.

Details of our trades are shown below the table.

MarketsInstruments1st trade2nd trade3rd tradeAvg. spread
ForexEUR/USD0.90.80.90.87
IndicesFTSE 100111.51.17
CommoditiesGold3.43.54.13.67
BondsGVD/EUR Bund0.040.040.040.04
CryptocurrenciesBitcoin56.6956.8460.2657.93
StocksApple2.12.12.12.1
ETFsVXXB0.130.130.130.13

AvaTrade’s spreads for forex are much below the industry standards. The offered spreads on indices and commodities are also below the average industry benchmark.

Cryptocurrency and stock spreads are, however, are above the average industry average.

MarketsInstrumentsAvg. spread charged in our tradesIndustry avg. spread
ForexEUR/USD0.871.16
IndicesFTSE 1001.171.65
CommoditiesGold3.673.53
BondsGVD/EUR Bund0.04
CryptocurrenciesBitcoin57.9372.81
StocksApple2.11.75
ETFsVXXB0.13

Other Fees

AvaTrade charges an inactivity fee of US$50 or €50 or £50 every quarter after 3 months of account inactivity. In addition to that, the broker charges administration fees of US$100 or €100 or £100 after a year of inactivity.

Real Account Types

AvaTrade offers only a single account type to the traders. 

The broker also offers Islamic trading accounts to its Islamic clients. This type of account operates under Sharia Law.

Account Opening

Opening a new account with AvaTrade is fast and easy.

Steps to create an AvaTrade account:

  1. Enter the first name, last name, email, and phone number (you can also sign up with Facebook or Google account).
  2. Provide personal and professional information: including date of birth and address; set password; select trading platform and base currency.
  3. Provide professional details like occupation, income level, estimated net worth, and source of trading funds.
  4. Click on “upload documents” to submit various identification proofs.

We have submitted the following documents to verify our AvaTrade account:

  1. Copy of national identification (both front and back)
  2. Copy of utility bill as address proof

The registration process took merely 15 minutes. Our account was verified after 1 business day.

We registered our accounts on January 4, 2022, and it was verified on January 5, 2022.

Overall, our account opening experience was quick and smooth, with one minor issue.

After submitting all the documents, our AvaTrade account logged out. When we tried to login again, our password was showing wrong even though it was correct. We have to reset the password.

AvaTrade Account Opening
AvaTrade account verification page

Deposit and Withdrawal

Deposits on AvaTrade accounts are fast and easy, but processing withdrawal requests take a bit of time. The broker does not charge anything for deposits and withdrawals.

Minimum Deposit

AvaTrade has a minimum deposit amount of US$100 for all payment methods.

Deposit

AvaTrade allows client deposits through wire transfers, credit cards, and popular e-wallets like Skrill, Neteller, and Paypal.

Deposits with credit cards are not available in Canada, while EU and Australian clients cannot use Skrill, WebMoney, and Neteller.

We have tested the deposit process on AvaTrade using multiple payment modes.

There was no deposit fee and for most of the payment methods, funding was instant. See forex no deposit bonus India brokers.

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

Payment MethodSubmitted DateFunded Account DateFunding TimeFee
Credit/Debit card2022-01-112022-01-113 hourszero
Skrill2022-01-112022-01-11Instantzero
NETELLER2022-01-282022-01-28Instantzero
Paypal2022-01-112022-01-11Instantzero

Our debit card deposit was not instant. It showed “pending” for 3 hours before the amount was approved and funded.

AvaTrade Deposit Methods
AvaTrade’s fund deposit page

Withdrawal

AvaTrade supports withdrawals with multiple payment methods, similar to its deposits. The broker does not charge any withdrawal fee.

Our experience with the withdrawal process was mixed. We faced some issues with our initial withdrawal requests, but it was quickly resolved.

First, we submitted 4 withdrawal requests on the same day, each with a different payment method. AvaTrade rejected all these requests

We reached out to Avatrade customer support for this issue. 

The customer support executive told us that as we deposited through different payment methods, we have to withdraw our fund through the same order and the same amount for each payment method. Any remaining booked profits need to be withdrawn using the last used deposit method.

We did as we were instructed and received the funds.

Details of our withdrawal requests are in the table below.

Payment MethodSubmitted DateFund Released DateFund Arrived DateWithdrawal TimeFee
Credit/Debit card2022-01-17RejectedNANA
Skrill2022-01-17RejectedNANA
NETELLER2022-01-17RejectedNANA
Paypal2022-01-17RejectedNANA
Credit/Debit card2022-01-182022-01-202022-01-202 working dayszero
Skrill2022-01-192022-01-202022-01-201 working dayzero
Paypal2022-01-222022-01-222022-01-22same dayzero

Markets and Products

AvaTrade offers CFDs trading services in various popular markets, including forex, indices, commodities, bonds, cryptocurrencies, stocks, and ETFs.

It offers a fair number of instruments across all the markets. All instruments on AvaTrade are CFDs.

The complete list of AvaTrade offerings are:

MarketsInstruments
Forex55
Indices23
Commodities29
Bonds2
Cryptocurrency14
Stocks614
ETFs59

AvaTrade also offers vanilla forex options for which a separate account with AvaOptions is needed.

Trading Conditions

AvaTrade offers good trading conditions. The broker allows both hedging and scalping. It also offers copy trading services with two third-party services: DupliTrade and ZuluTrade.

AvaTrade offers MQL5 Signals Services as well.

The broker, however, does not allow traders to change the leverage levels.

Trading MethodAllowed
HedgingYes
ScalpingYes
Change LeverageNo
Copy TradingYes

AvaTrade Leverage

Traders cant change and adjust their leverage levels on AvaTrade.

MarketsAva Trade EU LtdAva Capital Markets Australia Pty LtdAva Trade Middle East LtdAva Capital Markets PtyAva Trade LtdAva Trade Japan K.K.
Currency Pairs30:130:1400:1400:1400:125:1
Gold20:120:1200:1200:1200:1NA
Oil10:110:1100:1100:1100:1NA
Other Commodities (except Gold and Oil)10:110:150:150:150:1NA
Major Indices20:120:1200:1200:1200:1NA
Non-major Indices10:110:1100:1100:1100:1NA
Bonds5:15:120:120:120:1NA
Stocks5:15:110:110:110:1NA
ETFs5:15:120:120:120:1NA
Cryptocurrencies2:12:120:120:120:1NA

Australian ASIC imposed major restrictions on leverages offered by the retail brokers, which came into effect on March 29, 2021 so no longer high leverage up to 1:400 is available.

AvaTrade Bonus

AvaTrade offers attractive bonuses on the first deposits of its clients.

The promotional offer is valid for clients under three regulated entities:  Ava Capital Markets Pty, Ava Trade Ltd, and Ava Capital Markets Australia Pty Ltd.

Clients from countries, including European countries, Canada, Japan, Bangladesh, China, Hong Kong, Indonesia, Iran, Macao, Malaysia, Mongolia, Pakistan, Taiwan, Thailand, and Vietnam, are not eligible for deposit bonuses.

Deposits via Skrill and Neteller are not eligible for this promotional offer.

The first deposit bonus for traders under Ava Capital Markets Pty are:

Deposit AmountBonus Amount
US$50,000US$10,000
US$20,000US$4,000
US$10,000US$2,000
US$5,000US$1,000
US$3,000US$600
US$2,000US$450
US$1,000US$300
US$600US$200
US$100US$30

The first deposit bonus for traders under Ava Trade Ltd, and Ava Capital Markets Australia Pty Ltd are:

Deposit AmountBonus Amount
US$50,000US$10,000
US$20,000US$4,000
US$10,000US$2,000
US$5,000US$1,000
US$3,000US$600
US$2,000US$400
US$1,000US$200

AvaTrade Trading Platform

AvaTrade offers multiple trading platforms:

  • MetaTrader 4
  • MetaTrader 5
  • WebTrader (AvaTrade’s propriotary web-based platform)
  • AvaOptions (for forex vanilla options)
  • AvaTradeGo (for mobile trading)

MetaQuotes Software developed the MetaTrader platforms, and they are among the widely used third-party trading platforms.

AvaTrade’s own web trading platform and its mobile trading platform are also very clean and easy to use for the traders.

For our tests, we placed the orders on the MetaTrader 4 mobile platform.

AvaTrade Trading Platform
AvaTrade’s WebTrader trading platform

Research and Tools

AvaTrade offers a good set of research tools. The charting tools are excellent with many functions. 

Some of the key tools are:

  • Excellent charts
  • Economic calendar
  • Trading calculator
  • Popular trading ideas
  • A good news feed

On the downside, the broker lacks in offering good fundamental data on the markets.

AvaTrade Charting Tool
Charting tools on AvaTrade WebTrader

Education

AvaTrade offers excellent trading educational materials for new traders.

The educational resources of the broker include:

  • Tutorial videos on trading and platform-tools
  • eBooks and web-based guides on trading
  • Webinars

The broker also offers a demo account for novice traders.

AvaTrade Educational Material
AvaTrade video tutorial page

Customer Service

AvaTrade has excellent customer support.

Traders can contact the broker via:

  • Live chat
  • email
  • Phone
QuestionResponse TimeQuality of reply
Live ChatWe asked several questions5 minsThe answer was clear and direct
EmailWe asked if AvaTrade allows to change trading leverage
same dayThe answer was clear and direct

To check AvaTrade’s customer service, we have asked several questions via live chat. One of the questions we asked is if AvaTrade allows hedging and scalping.

We received a reply in less than 5 minutes.

Live chat is only available on the weekdays (East European working hours).

AvaTrade offers support in several languages.

The broker also maintains a detailed Q&A page for mostly faced issues with Customer Reviews.

AvaTrade Customer Support
AvaTrade live chat support

Conclusion

Overall, our experience with AvaTrade is positive.

The broker offers impressive spreads on forex pairs.

Though we faced withdrawal rejections at first, the issue was resolved quickly by the support staff. Our experience with customer support was also good.

We recommend Avatrade to traders who focus on trading currencies and traders who would like to run hedging or scalping as their trading strategies.

We recommend AvaTrade for traders who are

  • Beginners
  • Trading Currency pairs
  • Trading Stocks
  • Scalping trader
  • Experienced traders
  • Copy Trading
  • EA trader

AvaTrade might not be a fit if you are

  • Futures Trading
  • Trading of real Stocks
  • Commission based trading

Categories
Uncategorized

Best Trading Micro Account Forex Brokers 2022

For this list, we have searched and tested several Micro Account Forex brokers offering micro accounts.

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 to get the real spreads.

Also, we contacted the customer support team to solve the problems we faced. Finally, to find out whether the withdrawal process is smooth and clear, we withdrew our funds.

Based on our experience as a trader, we chose the best forex brokers with micro accounts.

What is a Micro Forex Account?

Micro Forex Account is designed to trade in Micro lots instead of Standard lots and is essential feature for some strategies, beginning traders or traders who would like to trade smaller size of the Currency, Stock or Futures.

Micro account is one of the three among popular forex account structures: the other two are mini and standard accounts.

Most of the forex brokers allow micro account holders to start trading with small deposits. Some allow deposits as low as $1.

Forex Micro Lot Size

These types of forex trading accounts bear much lower risk. While the usual lot size in forex trading is 100,000, micro account holders can access a lot size of only 1,000 which is also called a micro-lot.

  • 1 micro lot = 1,000 currency units
  • 1 mini lot = 10,000 currency units
  • 1 standard lot = 100,000 currency units

Best Leverage for Micro Account

Despite the smaller lot size, micro account holders can still access similar trading conditions like any other account type by using leverage (leverage levels depending on the instrument and regulation, or specific trading strategy). The main purpose of leverage of Micro accounts is to make small retail traders access trading with larger expansion.

Forex Micro vs Standard Account

Micro accounts are handled the same way as Standard accounts, however, Forex Micro vs Standard accounts are different in the size of the lot; instead of trading full units or lot, you trade micro-lots.

Best Forex Micro Account Brokers

To select the best forex brokers offering micro accounts, we tested and reviewed several forex brokers. We opened live accounts and deposited real money with each broker. We also placed real trades in popular markets to get the real picture of the spread and commission, trading platform, deposits and withdrawals conditions, education, and customer service.

  • RoboMarkets (RoboForex) â€“ Best Overall Micro Account Forex Broker
  • XM – Best Micro Account Forex Broker for Beginners
  • HotForex â€“ Best High Leverage Micro Account Forex Broker
  • FXTM– Best MT4 Micro Account Forex Broker
  • FBS – Best Micro Account Forex Broker with Low Spread and Fees

Best Micro Forex Brokers for Beginners

We have picked XM as the best micro account forex broker for beginners.

XM stands out for its excellent resources of education both for the workings of the forex market and trading strategies. The broker is strictly-regulated, and holds licenses in the UK, Cyprus, Australia, UAE, and Belize.

XM gives access to more than 1,300 instruments, including currency pairs, stocks, indices, and commodities. As to its Micro Account, it is versatile, supporting 11 base currencies. There is a lot restriction of 100 micro lots. Moreover, XM offers negative balance protection on all its account types.

Best MT4 Micro Forex Trading Platform

We have picked FXTM as the best MT4 micro account forex broker.

FXTM’s Micro Account offering stands out as the broker only offers services on the MT4 platform. For other account types, the broker also provides MT5 and FXTM Trader.

FXTM offers around 62 currency pairs, along with CFDs of indices, commodities, stocks, and cryptocurrencies. It also takes four fiats (USD, GBP, EUR, and NGN) as base currencies. It offers instant execution, and the maximum trading volume for a position is limited to a single standard lot.

FXTM is regulated in the UK, Cyprus, South Africa, and Mauritius.

Best Micro Account Broker with Low Fees

We have picked FBS as the best micro account forex broker with low fees.

As for trading-related fees, FBS undoubtedly offers the best micro account. FBS has minimum non-trading fees. Also, our testing reveals that the spreads charged by the broker on EUR/USD pairs are equal to 1.13 pips. This is considerably less than the industry average.

Micro Account Forex Brokers List

We have tested and reviewed forex brokers that offer micro accounts, and have come up with the list below:

Forex BrokerAccount TypeVisit BrokerBroker Review
XMMicro AccountDeposit Amount: Over €5,000
Total Trade: 12 trades
XM Review
RoboMarkets (RoboForex)Micro AccountDeposit Amount: Over €5,000
Total Trade: 12 trades
RoboMarkets (RoboForex) Review
FBSMicro AccountDeposit Amount: Over €5,000
Total Trade: 12 trades
FBS Review
HotForexMicro AccountNAVisit HotForex

Also, here is the list of the brokers that do not offer a separate micro account, but allow trading with micro lot:

  • FP Markets
  • OANDA
  • Exness
  • eToro

FAQ and More on Brokers Offering Micro Accounts

Traders usually have many questions related to generic trading-related queries. We tried to pick and answer some of the most important queries related to forex brokers offering micro accounts.

Micro Account Forex Brokers in Australia

We picked XM as the best micro account forex broker in Australia. The broker offers excellent educational resources. It’s trading strategies are also great. XM is well-regulated and holds licenses in Australia, UK, Cyprus etc.

Micro FX Accounts in South Africa

The Financial Sector Conduct Authority (FSCA) regulates all forex brokers operating in South Africa. Some of the FSCA-regulated forex brokers offering micro accounts in South Africa are:

  • FXTM
  • HotForex

Micro Lots Forex Brokers in India

The Securities and Exchange Board of India (SEBI) oversees Indian financial services players. Still, the regulation of forex brokers is quite loose in the country. Some of the well-regulated forex brokers with micro accounts in India are:

  • FBS
  • XM
  • HotForex

Forex Micro Account MT4

Among retail and professional traders MetaTrader4 is the most popular trading platform for forex and CFDs trading.

Forex brokers that offer micro accounts on the MT4 platform are listed below:

  • FBS
  • RoboMarkets (RoboForex)
  • XM
  • HotForex

High Leverage Micro Forex Brokers

In forex trading leverage is of great importance. It allows traders to take a higher position, which can increase the profits drastically. Some of the high leverage forex brokers offering micro accounts are:

  • FBS
  • XM
  • HotForex
Categories
Uncategorized

XTB Review 2022

For this XTB review, we opened a live account and deposited €5,000

We traded the popular instrument in each market to identify the average spread and placed 12 trades in total.

We contacted the broker’s customer support to resolve the challenges we faced.

Finally, we withdrew all our funds to identify if there are any issues with withdrawals.

What is XTB

XTB is a global Forex and CFD broker, founded in 2002.

The broker has dual headquarters in London and Warsaw and is licensed by regulators in the UK, Cyprus, Poland, Spain, and Belize.

XTB has offices in each of the countries in which it is regulated.

Here’s a summary of XTB’s key features:

🗺️ Authorised & Regulated inUK, Cyprus, Poland, Spain, Belize
🛡️ Is XTB safeYes
💰 EUR/USD Spread0.9
💳 Minimum depositUS$0
💰 Withdrawal feeUS$0
🖥️ Trading PlatformxStation5, xStation5 Mobile
📈 Markets offeredForex, Indices, Stocks, Commodities, ETFs, Cryptocurrencies
📉 Number of Products2111

Licenses and Regulations

XTB is licensed by 5 regulators globally including the top-tier UK’s FCA, the CySEC, Poland’s KNF, Spain’s CNMV & Belize’s FSC.

Here’s a full list of the licenses held by XTB’s subsidiaries:

Legal entityRegistered inRegulatorLicense NumberAccepting Clients FromCompensation Scheme Amount
XTB LimitedUnited KingdomFinancial Conduct Authority (FCA)522157United Kingdom£85,000
XTB LtdCyprusCyprus Securities and Exchange Commission (CySEC)169/12EU€20,000
X-Trade Brokers DM SAPolandKomisja Nadzoru Finansowego (KNF)1538207Poland€20,000
XTB SucurusalSpainNational Securities Market Commission (CNMV)40Spain€20,000
XTB International Limited (XTB)BelizeFinancial Services Commission (FSC)000302/46Globally many countriesNo compensation scheme
XTB Poland Registration
XTB Polish License

Is XTB Safe

Yes, XTB is safe to trade. XTB is a public company listed on the Warsaw Stock Exchange and as such is required to publicly disclose its financial statements, which it does on a regular basis.

The broker is also regulated by the FCA and CySEC, which are highly regarded, and traders registered under the two entities are entitled to deposit compensation schemes of up to £85,000 and €20,000 respectively.

We did not encounter any major issues when trading and making withdrawals with XTB.

For this review, we opened an account with XTB Ltd which is regulated by the Cyprus Securities and Exchange Commission (CySEC), which we used to deposit money, place trades, and finally withdrew our funds.

You can open an account with the UK, Cyprus, Poland and Spain entities since they all offer deposit protection if they’re available to you.

We consider the FCA regulation to be the best since it provides compensation of up to £85,000 in case the broker goes bankrupt, but the other three entities also provide deposit compensation of up to €20,000.

Fees and Commissions

XTB doesn’t charge any commissions except for Equity and ETF CFDs.

The commissions could add up quickly and greatly reduce your profits if you trade small contract sizes.

XTB Spread Charged in our Trades

In our tests, we chose the popular instrument in each market. We placed 3 trades for each instrument to get a complete picture of the average spread. We tested the Standard Account which charges a spread on most assets except for ETFs, which attract a fixed €6.60 commission. Overall, the spread is stable as shown in the table below.

MarketsInstruments1st trade 2nd trade 3rd trade Avg. SpreadCommission
ForexEUR/USD0.50.50.60.53
IndicesFTSE 1000.80.80.80.80
StocksApple1111.00
CommoditiesGold0.360.30.350.34
ETFsQQQN/AN/AN/AN/A€6.60
CryptocurrenciesBitcoin189.06189.95189.65189.55

We tested all our trades via the xStation5 mobile app on our iPhone. We discovered that the broker only allows long trades on the QQQ ETF since we were unable to go short/sell the ETF.

XTB xStation Trading Platform
We could not short QQQ

Comparing the spreads charged in our trades to industry benchmarks, we found the spread on Forex pairs to be quite low, but the spreads on commodities, stocks, indices and cryptocurrencies were in-line with industry averages or higher.

MarketsInstrumentsAvg. Spread ChargedIndustry Avg. Spread
ForexEUR/USD0.61.16
IndicesFTSE 1000.81.65
StocksApple1.001.75
CommoditiesGold0.343.53
ETFsQQQN/A
CryptocurrenciesBitcoin189.5572.81

Other fees

XTB charges some inactivity fees: after 12 months of inactivity it starts charging €10 per month; also, it charges some small fees for withdrawing if it is below £60.

XTB Account Types

XTB offers only 1 Standard account:

Standard
Execution typeMarket
Available Instruments CFDs on Forex, Commodities, Indices, Crypto, Shares, ETFs
Instruments 1500+
Maximum Leverage1:30
Minimum Spread0.00008
Negative Balance ProtectionYes
Minimal Order0.01 lot*
Automated TradingYes
Account Setup & ManagementFree
Trading PlatformsxStation5 & xStation5 Mobile
Forex, Indices, Commodities, StocksNo Commission
ETF CFDsCommission from 0.08% per lot
CryptocurrenciesNo commission

XTB also offers a forex swap-free Account. The main difference with Islamic accounts is that instead of daily swap rates, there is an administration fee charged if you hold positions for more than 3 nights.

For our tests, we chose to open a Standard Account.

Account Opening

XTB account opening is fast and smooth. We opened an account to test the entire process, which was fully digital.

Here are the 5 steps to opening an XTB account:

  1. Enter your email address, country of residence and account password.
  2. Enter your personal details including your full name, date of birth, nationality, passport number, and Tax identity among others.
  3. Provide your physical address including your street, building no./name, flat no, postcode and city.
  4. Choose a trading platform, account type, currency, and preferred language.
  5. Answer questions about your experience, market knowledge and financial status.
  6. Verify your ID and residency using either a National ID or Passport and a bank statement.
BrokerTested-logo
XTB Welcome Bonus

The registration process took just 13 minutes and our account was approved on the same day, which was impressive!

We registered our account on 21 January 2022 and it was verified on 21 January 2022. Our account was approved shortly after submitting all the necessary documents.

We opened a standard account with XTB Ltd, which is regulated by the CySEC.

Deposit and Withdrawal

XTB offers free and fast deposits and withdrawals. There are various options for funding your account, including bank wires, credit and debit cards, and Skrill.

XTB Minimum Deposit

XTB has no minimum deposit for individual accounts.

Deposit

XTB clients can deposit funds into their trading accounts using debit/credit cards, bank transfers, and Skrill.

The table below shows the details of our deposits:

Payment MethodSubmitted DateFunded Account DateFunding TimeFee
Skrill2022-01-08 2022-01-08 Instantzero
Debit card2022-01-08 2022-01-08Instantzero

All the deposit methods offered by XTB are instant and free, we did not make a deposit via bank transfers.

Withdrawal

XTB processes client withdrawals via bank transfer only, which could be a major drawback.

You cannot withdraw your funds via any other deposit methods available. Since the XTB is a UK broker and deals with UK customers mainly, it provides instant withdrawal.

XTB Deposit Methods
XTB bank withdrawal confirmation

XTB does not allow you to withdraw your funds using the other payment methods except for bank wire transfers.

Payment MethodSubmitted DateFunds Released DateFunds Arrived DateWithdrawal TimeFee
Bank Transfer2022-01-162022-01-162022-01-18 Instantzero

Markets and Products

At XTB, you can trade CFDs on Forex pairs, stock indices, stocks, commodities, ETFs and cryptocurrencies.

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

MarketsInstruments
Forex57
Indices42
Stocks1849
Commodities23
ETFs119
Crypto25

Bitcoin

XTB offers several cryptocurrency products including Bitcoin, which is the most popular and largest crypto by market capitalization. XTB provides a good range of Cryptocurrencies up to 25 instruments. However, it is available only for international clients since crypto trading is forbidden in the UK.

Trading Conditions

The trading conditions at XTB are good. You can run most types of trading strategies as the broker allows high-risk strategies such as hedging and scalping.

There are no time limitations for keeping your hedging positions open.

Trading MethodAllowed
HedgingYes
ScalpingYes
Change LeverageNo

Leverage

XTB offers different leverage levels to its clients depending on the entity under which they registered their account.

However, traders cannot change the leverage level of their account after registration.

The table below outlines the various leverage levels available to clients:

MarketsXTB LimitedXTB LtdX-Trade Brokers DM SAXTB SucursalXTB International Ltd
Currency pairs30:130:130:130:1500:1
Gold20:120:120:130:1500:1
Other Commodities (except gold)10:110:110:110:167:1
Indices20:120:120:120:1100:1
Stocks5:15:15:15:15:1
ETFs5:15:15:15:15:1
Cryptocurrencies2:12:12:12:15:1

XTB Trading Platform

XTB only offers a proprietary trading platform known as xStation5 as well as its mobile version xStation5 mobile.

Starting from 2020, XTB no longer provides MetaTrader 4 to its clients.

XTB xStation Trading Platform
XTB xStation Trading Platform

XTB Trading Review

In our test, we placed all our trade through the xStation5 mobile app.

xStation5

XTB offers the xStation5 trading app, which is a proprietary platform developed by the broker.

Research and Tools

XTB provides user-friendly research tools including:

  • Interactive charts
  • Market analysis
  • News flow
  • Trading ideas
XTB Market Analysis
XTB Markets Research

Education

XTB offers a wide variety of educational materials including:

  • A demo account
  • Webinars
  • Ebooks
  • Video Tutorials about the platform
  • Detailed educational articles
  • Educational videos

XTB educational materials are grouped according to a trader’s experience and based on various subjects, which we found to be very helpful.

You can find the educational resources in the broker’s trading academy section under the learn to trade tab.

XTB Educational Material
XTB Education Trading Academy

Customer Service

XTB’s customer support team was helpful and provided relevant answers to our questions.

XTB Customer Support
XTB Customer Service

You can contact XTB via email, and live chat. We got an instant response to our questions via the live chat function.

Our email queries were answered within one working day for our first question with our followup question being answered on the same day.

See the results of our test below:

QuestionResponse TimeQuality of reply
Live chatIs hedging and scalping allowed?InstantDirect and accurate
EmailWithdrawal methodsOne working dayDirect and accurate

Conclusion

Overall, our experience with XTB was smooth from opening account, to deposit, trading and withdrawal.

XTB offers great trading conditions with zero commissions charged; however, it does charge a small fee for inactivity and withdrawals.

XTB carries several licenses and the spreads on currency pairs are quite low; the broker also allows scalping.

We recommend XTB for traders who are

  • Trading Currency pairs and Stocks
  • Scalping trader
  • Experienced traders and beginners
  • EA trader

XTB might not be a fit if you are

  • Trading on ETFs with small contacts
  • Commission based trading

Categories
Uncategorized

AxiTrader Review 2022

For this AxiTrader review, we opened a live account and deposited over €6,000.

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

We contacted the broker’s customer support team to resolve the challenges we faced.

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

What is AxiTrader

Axi is an Australian Forex and CFDs broker formerly known as AxiTrader. The broker was founded in 2007 and rebranded to Axi in 2020.

The broker is licensed in Australia, the United Kingdom, the UAE and Saint Vincent and the Grenadines.

Axi offers the following tradeable instruments: forex pairs, indices, commodities and cryptocurrencies. Its product range is quite narrow as compared to other brokers.

Here’s a summary of Axi’s key features:

🗺️ Regulated inAustralia, UK, UAE, St Vincent and the Grenadines
🛡️ Is AxiTrader safeYes
💰 EUR/USD Spread1.2
💳 Minimum depositUS$0
💰 Withdrawal feeUS$0
🖥️ Trading PlatformMT4
📈 Markets offeredForex, Indices, Commodities, Cryptocurrencies
📉 Number of Products132

AxiTrader Regulation

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.

Here’s a full list of the licenses held by Axi’s subsidiaries:

Legal entityRegistered inRegulatorLicense NumberAccepting Clients FromCompensation Scheme Amount
AxiCorp LimitedUnited KingdomFinancial Conduct Authority (FCA)509746UK & EU£85,000
AxiCorp Financial Services Pty LtdUAEDubai Financial Services Authority (DFSA) 2758Middle EastNo compensation scheme
AxiCorp Financial Services Pty LtdAustraliaAustralian Securities & Investments Commission (ASIC)318232AustraliaNo compensation scheme
AxiTrader Limited St Vincent and the GrenadinesFinancial Services Authority25417 BC 2019Globally many countries No compensation scheme
Axi Dubai Registration
Axi Dubai License

Is AxiTrader Safe

Yes, AxiTrader is safe to trade. The broker is regulated by the top-tier UK FCA and the ASIC, which have stringent rules and enforcement mechanisms.

The FCA also guarantees traders registered under the UK entity deposit compensation of up to £85,000 in case the broker goes bankrupt.

We did not encounter any major issues when trading with AxiTrader.

AxiTrader UK Review

For this review, we opened an account with AxiCorp Limited which is one of the FCA regulated brokers (the United Kingdom’s Financial Conduct Authority), which we used to deposit money, place trades, and finally withdraw our funds.

We recommend that you open your account with the UK entity since it is the only one that offers deposit protection to traders if it is available to you.

We consider the FCA regulation to be the best since it provides compensation of up to £85,000 in case the broker goes bankrupt.

AxiTrader Fees and Commissions

Axi charges low fees for all the instruments on offer including Forex pairs, indices, commodities and cryptocurrencies.

The broker’s average spreads for the popular instruments in each market was below industry averages.

We were particularly impressed by the low spreads charged on Bitcoin trades, which are less than a third of the industry average, making the broker very attractive to Bitcoin traders.

AxiTrader Spread Charged in our Trades

In our tests, we chose the popular instrument in each market. We placed 3 trades for each instrument to get a complete picture of the average spread. We tested the Standard Account with AxiCorp Limited which charges a spread on all tradable instruments. The spreads were generally stable as shown in the table below.

MarketsInstruments1st trade 2nd trade 3rd trade Avg. Spread
ForexEUR/USD1.21.31.21.2
IndicesFTSE 1001.250.751.251.1
CommoditiesGold2.43.32.62.8
CryptocurrenciesBitcoin1415.513.7214.4

We tested all our trades via the MetaTrader 4 mobile app on our iPhone. Axi does not offer any other trading platforms, which is a drawback.

Looking at the spreads charged in our 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.

MarketsInstrumentsAvg. Spread ChargedIndustry Avg. Spread
ForexEUR/USD1.21.16
IndicesFTSE 1001.11.65
CommoditiesGold2.83.53
CryptocurrenciesBitcoin14.472.81

Other fees

Axi does not charge other non-trading fees such as account inactivity fees or deposit and withdrawal fees.

Account Types

Axi offers 2 account types with different fee structures, that is, the Standard, and PRO accounts. See the differences below:

StandardPro
Setup costsFreeFree
Spreads From 0.4 pipsFrom 0.0 pips
Commissions None$7 round trip (USD)
Minimum Trade Size0.01 lots0.01 lots
Minimum deposit$0$0
Products140+ FX pairs, Metals CFDs140+ FX pairs, Metals CFDs
Pricing5 digit pricing5 digit pricing
Mobile tradingYesYes
MT4 NextGenYesYes
Margin/LeverageUp to 30:1*Up to 30:1*
Base account currenciesAUD, CAD, CHF, EUR, GBP, HKD, JPY, NZD, SGD, USDAUD, CAD, CHF, EUR, GBP, HKD, JPY, NZD, SGD, USD
Demo Period30 days30 days
EA Compatibility Yes Yes
VPSFree (minimum trading volumes might apply)Free (minimum trading volumes might apply)
AutochartistFreeFree
myfxbook AutotradeFreeFree
PsyQuationFreeFree
PsyQuation PremiumFreeFree

Axi also offers swap-free Islamic Accounts. The main difference with Islamic accounts is that instead of daily swap rates, there is an administration fee charged if you hold positions for more than 3 nights.

For our tests, we chose to open a Standard Account.

Account Opening

Axi account opening is fast and seamless. We tested the entire process when opening our account, and it was fully digital.

Here are the 5 steps to opening an Axi account:

  1. Enter your full name, email address, phone number, country of residence and application type.
  2. Enter your personal details including title, date of birth, country of birth, residential address, and nationality.
  3. Provide your current employment status, job title, company, and Tax ID.
  4. Answer questions about your income sources, average income and savings, as well as market knowledge.
  5. Verify your ID and current residential address using either a National ID or Passport and a bank statement.

AxiTrader Login

Axi Account Opening
Axi Account Opening

The registration process took a total of 15 minutes and our account was approved on the next day, which was expected.

We registered our account on 1 January 2022 and it was verified on 2 January 2022. Our account was approved after submitting all the required documents.

We opened a standard account with AxiCorp Limited, which is regulated by the UK’s FCA.

Deposit and Withdrawal

Axi offers free and fast deposits and withdrawals. There are various options for funding your account, including bank wires, credit and debit cards, and e-wallets such as Skrill and Neteller.

AxiTrader Minimum Deposit

Axi has no minimum deposit for its standard and PRO accounts.

Deposit

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

AxiTrader Add Funds

The table below shows the details of our deposits to AxiTrader Fund Account:

Payment MethodSubmitted DateFunded Account DateFunding TimeFee
Skrill1 Jan 2022 1 Jan 2022Instantzero
Debit card1 Jan 20221 Jan 2022Instantzero
Neteller1 Jan 20221 Jan 2022Instantzero
Debit card 2 Jan 20222 Jan 2022Instant zero

All the deposit methods offered by Axi are instant and free, we did not make a deposit via bank transfer.

AxiTrader Withdrawal Review

Axi processes client withdrawals via most of the payment methods available for deposit making it convenient for its clients to withdraw their funds.

However, you cannot withdraw funds back to a credit/debit card even if you funded your account using this method.

Axi Deposit Methods
Axi Deposit and Withdrawal Methods

Traders should bear in mind that credit card deposits can only be withdrawn via bank transfers.

Payment MethodSubmitted DateFunds Released DateFunds Arrived DateWithdrawal TimeFee
Skrill8 Jan 20228 Jan 20228 Jan 2022Same dayzero
Neteller9 Jan 2022NANANAzero
Neteller11 Jan 2022NANANAzero
Bank Transfer12 Jan 202212 Jan 202213 Jan 20221 dayzero

We encountered a hitch as our two Neteller withdrawal requests were declined. Axi’s customer service reps told us that our first Neteller withdrawal was cancelled due to a technical error, while the second withdrawal was cancelled because we had made our last deposit via credit card.

We were advised to initiate our next withdrawal via bank transfer, which we did, and the funds arrived on the next day.

Markets and Products

At Axi, you can trade CFDs on Forex pairs, stock indices, commodities, and cryptocurrencies.

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

MarketsInstruments
Forex75
Indices31
Commodities20
Cryptocurrencies6

Bitcoin

Axi offers several cryptocurrency products including Bitcoin, which is the most popular and largest crypto by market capitalization. Axi offers a small number of Cryptocurrencies to traders, just 6 instruments. We found the costs of trading Bitcoin at Axi were much lower than industry averages. The average Bitcoin spread in our trades was just 14.4 versus the industry average of 45.

Trading Conditions

The trading conditions at Axi are good. You can run most types of trading strategies as the broker allows high-risk strategies such as hedging and scalping.

There are no time limitations for keeping your hedging positions open. Axi also allows the use of Expert Advisors (EAs).

Trading MethodAllowed
HedgingYes
ScalpingYes
Change LeverageNo

Leverage

Axi offers different leverage levels to its clients depending on the entity under which they registered their accounts.

Traders can also change the leverage level of their accounts after registration.

The table below outlines the various leverage levels available to clients:

MarketsAxiCorp LimitedAxiCorp Financial Services Pty LtdAxiCorp Financial Services Pty Ltd AxiTrader Ltd
Currency pairs30:1400:1400:1400:1
Gold20:1100:1100:1100:1
Other Commodities (except gold)10:150:150:150:1
Indices10:1200:1200:1200:1
Cryptocurrencies2:15:15:15:1

Trading Platform

AxiTrader offers the popular app MetaTrader 4 (MT4 platform) to its clients and 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 available via Axitrader download.

AxiTrader MT4

Axi MT4 Trading Platform
Axi MT4 Trading Platform

The lack of a proprietary trading platform may dissuade traders who do not like the popular MT4 platform. However, traders who prefer the MT4 platform will be right at home with AxiTrader.

The MT4 platform can be customized to a great extent, but is a bit dated and Axi’s web platform can be slow at times.

Research and Tools

Axi provides research tools via the MetaTrader 4 platform’s in-built features. However, the platform does not provide trade ideas or fundamental reports that could affect certain instruments.

The broker provides some market analysis on its blog, but the information is not frequently updated to keep up with market events.

We found the PsyQuation tracking tool to be very useful for tracking our trading performance and setting trade alerts.

Axi Analytics Tool
Axi PsyQuation Analytics Tool

Education

AxiTrader offers in-depth articles on many trading topics to help traders improve their trading results.

AxiTrader also provided video tutorials on how to navigate their platform. The broker could provide more video tutorials covering other topics.

Axi’s educational articles are grouped according to the relevant trading topics making it easy for traders to find information on specific topics.

Axi Educational Material
Axi Video Tutorials

Customer Service

AxiTrader’s customer support team was helpful and provided direct and relevant answers to our questions, but not at all times. On our first interaction with the customer service team via live chat we received an inaccurate answer to our question.

Axi Customer Support
Axi Customer Service

You can contact AxiTrader via email, and live chat. We waited for 1-8 minutes before being connected to the customer service team via the live chat function.

Axi outsources its live chat customer support to specialised agencies. The first agency we dealt with told us that our Neteller withdrawal was cancelled due to a technical issue. We repeated the transaction and it was declined a second time.

We reached out via the live chat function and the second agency gave us the correct reason why our Neteller withdrawals were cancelled. They recommended we do a bank transfer, which we did and were successful.

Our email queries were answered within the same day, which was quite fast, and we got very accurate answers.

See the results of our test below:

QuestionResponse TimeQuality of reply
Live chatAbout withdrawalWe were connected to an agency about 45 seconds. We waited about 2-8 mins between responses.It was direct but it was not accurate.
Live chatAbout withdrawalWe were connected to an agency about 5 seconds. We waited about 1-7 mins between responses.It was direct and accurate
EmailAbout scalpingSame dayIt was direct and accurate

Conclusion

Overall, our experience with AxiTrader was smooth from opening our account, to the deposit, trading and withdrawal processes.

A major pro was that Axi has low spreads across all the instruments we traded with Bitcoin spreads being very low. The broker also offers fast deposits and withdrawals.

However, Axi offers a small number of tradable instruments, about 130, and does not offer ETFs and stocks, which is a drawback.

We recommend that traders open account with the UK, Australia or Dubai entities if it is available to you.

We recommend Axi for traders who are

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

Axi might not be a fit if you are

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

Categories
Uncategorized

Plus500 Review 2022

For this Plus500 review, we have opened an account with the broker and deposited over €6,000.

We traded the popular instrument in each market to get the real spreads and placed a total of 18 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 Plus500?

Plus500 was founded in 2008 and is headquartered in Israel. It is a public company listed on the London Stock Exchange.

The broker has a presence in the United Kingdom, Cyprus, Seychelles, Singapore, and Australia and holds licenses in all of these jurisdictions.

Plus500 offers trading services with forex pairs and CFDs of stocks, indices, cryptocurrencies, ETFs, and options. It targets both retail and professional traders.

Some of the highlights of Plus500 are:

🗺️ Authorised & Regulated inUK, Cyprus, Australia, South Africa, Seychelles, Singapore
🛡️ Is Plus500 safeYes
💰 EUR/USD Spread0.8
💳 Minimum depositUS$100
💰 Withdrawal feeUS$0
🖥️ Trading PlatformPlus500’s proprietary trading platform
📈 Markets offeredForex, Stocks, Indices, Commodities, Cryptocurrencies, ETFs, Options
📉 Number of Products2400

Licenses and Regulations

Plus500 holds 6 regulatory licenses from several top regulators, like the United Kingdom’s FCA, Singapore’s MAS, and Australia’s ASIC.

The full list of all Plus500 licenses is below:

Legal entityRegistered inRegulatorLicense NumberAccepting clients fromCompensation Scheme Amount
Plus500UK LtdUnited KingdomFinancial Conduct Authority (FCA)509909United Kingdom£85,000
Plus500CY LtdCyprusCyprus Securities and Exchange Commission (CySEC)250/14EU€20,000
Plus500AU Pty Ltd
Australia
Australian Securities and Investments Commission (ASIC)417727AustraliaNo compensation scheme
Plus500AU Pty LtdSouth AfricaFinancial Sector Conduct Authority (FSCA)47546South AfricaNo compensation scheme
Plus500SEY LtdSeychellesSeychelles Financial Services AuthoritySD039Globally many countriesNo compensation scheme
Plus500SG Pte LtdSingaporeMonetary Authority of Singapore (MAS)CMS100648-1SingaporeNo compensation scheme

Plus500’s Australian entity holds licenses from the regulators in Australia and South Africa.

Plus500 FCA (Financial Conduct Authority) registration
Plus500 FCA registration

Is Plus500 Safe?

Yes, Plus500 is safe to trade.

Plus500 is a publically listed company. It has to publish its financial details every quarter to comply with UK regulations.

Plus500 clients’ funds are protected with compensation schemes of Â£85,000 and €20,000 under the FCA and CySEC, respectively. 

Plus500 Australia Review

For this review, we opened an account with Plus500AU Pty Ltd, which is one of the ASIC regulated brokers in Australia. We deposited money, placed trades, and withdrew deposits for our tests.

We recommend you to register your account with the United Kingdom or Australian or Singapore entity if they are available in your jurisdiction.

Plus500 Fees and Commissions

Plus500 fees are built into the spreads.

In our tests, spreads for forex and ETFs were much lower than the average industry benchmark. However, spreads were higher than the benchmark for indices, commodities, stocks, and cryptocurrencies.

Spread Charged in Our Trades

For our tests, we have chosen popular instruments in each market offered by Plus500. We placed 3 trades for each instrument to get a picture of the average spread.

Spreads in all the markets, except commodities, remained too consistent for all our trades. It seems the broker is charging fixed spreads instead of floating spreads.

Details of our trades are shown below the table.

MarketsInstruments1st trade2nd trade3rd tradeAvg. spread
IndicesFTSE1002222
ForexEUR/USD0.80.80.80.8
CommoditiesGold4.443.64
StocksApple1.91.921.93
CryptocurrenciesBitcoin49.0249.0249.0249.02
ETFsQQQ0.170.170.170.17

Our testing finds that Plus500 spreads for forex and ETFs are much lower than the industry averageSpreads on indices, commodities, stocks, and cryptocurrencies, on the other hand, are on the higher side.

After trading US stocks and ETFs, Plus500 asked us to fill in the US W-8BEN form.

For Bitcoin CFDs trading, our contract size was limited to 0.03 BTC. We tried to change it to 0.5 BTC or 1 BTC, but it was automatically brought back to 0.03 BTC. We approached the broker’s customer service regarding the limitation on Bitcoin CFDs.

MarketsInstrumentsAvg. spread charged in our tradesIndustry avg. spread
IndicesFTSE10021.65
ForexEUR/USD0.81.16
CommoditiesGold43.53
StocksApple1.931.75
CryptocurrenciesBitcoin49.0272.81
ETFsQQQ0.170.45

Other Fees

Plus500 does not charge any deposit or withdrawal fee. 

The broker, however, charges a monthly fee of $10 after 3 months of inactivity. A simple login to the account waves off the inactivity fee.

Account Types

Plus500 offers a single account type to traders.

Account Opening

Opening a new account with Plus500 is simple and fast.

Registration of a new Plus500 account:

  1. Enter your email and password (New traders can also register using existing Google, Facebook, or Apple account)

We had to go to the “account” section from the “menu” to complete the registration and verify the account.

  1. Enter the first name, middle name (optional), last name, and date of birth.
  2. Select country of residence (you have to declare non-US citizenship)
  3. Enter the residential address.
  4. Provide national registration card number.
  5. Provide economic profile (employment status and field of work).
  6. Provide financial details (annual income; savings and investments; source of funds).
  7. Answer some “knowledge assessment” questions.
  8. Accept terms and conditions, and risk disclosure.

Plus500 sends a letter at the residential address with a 3 digital code for address validation.

Traders have to make a minimum deposit via credit/debit card, PayPal, or bank transfer to activate their account.

We submitted the following documents to verify our Plus500 account:

  1. Copy of national identification (both front and back)
  2. Copy of passport
  3. Copy of Bank statement as address proof

The registration process took merely 16 minutesOur account was verified the same day.

Our account was registered and verified on January 17, 2022.

Overall, our account opening experience was smooth.

Plus500 Account Opening
Plus500 Account Verification Page

We had to open a second Plus500 account for our tests because of some verification issues with the first one.

For our first account, we had to verify our debit card after making the first deposit. We provided a photocopy of our debit card, where the name, last four digits of the card number, issue/expiry date, and the logo of the issuer are visible.

Our verification was not successful even after 20 back and forth emails and submitting 5 different photos and a video recording of the card over a couple of months. We finally withdrew our funds and closed the account.

For our second account, the experience was completely the opposite (in a good way).

Before making any deposits this time, we approved our bank account and debit card, and it was done in minutes.

Plus500 Web Trading Platform Testing
Issue with Our First Account

Deposit and Withdrawal

Both deposits and withdrawals on Plus500 are fast, easy, and without any fees. All our funding and withdrawal requests were smooth.

Plus500 Minimum Deposit

Plus500 requires a minimum deposit of $100 with a credit/debit card, ApplePay, and PayPal, while it’s $300 for bank transfers.

You have to make a minimum deposit each time you fund your account, not just for the first time.

Deposit

Deposit methods on Plus500 are limited to credit/debit cards, bank transfers, and two popular electronic wallets, PayPal and Skrill.

We tested the deposit process on Plus500 using multiple payment modes.

There was no deposit fee and the fundings were instant.

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

Payment MethodSubmitted DateFunded Account DateFunding TimeFee
Credit/Debit card2022-01-17 2022-01 -17Instantzero
PayPal 2022-01 -17 2022-01 -17Instantzero
Skrill 2022-01 -18 2022-01 -18Instantzero

You have to verify your credit/debit card or bank account when making the first deposit.

Plus500 Deposit Methods
Plus500 Deposit Page

Withdrawal

Plus500 allows withdrawals via credit/debit cards, bank transfers, PayPal, and Skrill.

Overall, our experience with Plus500’s withdrawal process was positive.

However, the broker credited our funds to credit/debit card when we requested withdrawal on PayPal.

Details of our withdrawal requests are in the table below.

Payment MethodSubmitted DateFund Released DateFund Arrived DateWithdrawal TimeFee
Credit/Debit card 2022-01 -20 2022-01 -21 2022-01 -211 working dayzero
PayPal 2022-01 -21 2022-01 -21 2022-01 -21same day (on credit/debit card)zero
Skrill 2022-01 -21 2022-01 -22 2022-01 -221 working dayzero

Markets and Products

Plus500 offers CFDs trading services in many popular markets, including forex, indices, commodities, stocks, cryptocurrencies, ETFs, and options

The number of instruments in each market is also good.

The complete list of Plus500 offerings are:

MarketsInstruments
Indices29
Forex71
Commodities22
Stocks1737
Cryptocurrency14
ETFs94
Options433

Crypto

Plus500 is a popular broker for cryptocurrency CFDs trading.

It offers contracts with popular digital currencies and a crypto index. All Plus500 crypto CFDs are:

  • Bitcoin 
  • Ethereum/Bitcoin
  • Ethereum 
  • Crypto 10 Index
  • Litecoin 
  • NEO 
  • IOTA
  • Stellar

The offered leverage on such contracts is decent and in compliance with regulators. We have elaborated on Plus500 leverages here.

Trading Conditions

Plus500 does not allow hedging or scalping. It does not even allow traders to change leverage levels.

Plus500 defines scalping as a trading strategy based on which traders open and close numerous transactions within two minutes to accumulate quick profits from small price changes. This strategy is not allowed.

Trading MethodAllowed
HedgingNo
ScalpingNo
Change LeverageNo

Leverage

Leverages offered by Plus500 on various asset class on all its platforms are detailed below:

MarketsPlus500UK LtdPlus500CY LtdPlus500AU Pty LtdPlus500SEY LtdPlus500SG Pte Ltd
Major Currency Pairs30:130:1300:1300:120:1
Minor Currency Pairs20:120:1200:1200:120:1
Exotics Currency Pairs20:120:130:130:120:1
Gold20:120:1150:1150:15:1
Other Commodities (except Gold)10:110:1100:1100:15:1
Indices20:120:1100:1100:120:1
Stocks5:15:15:15:15:1
ETFs5:15:150:150:15:1
Options5:15:15:15:15:1
Cryptocurrencies2:12:120:120:12:1

Plus500 Bonus

Plus500 offers bonuses on the first deposits to traders on its Australia and South Africa-regulated platform.

The details of the bonus program are below:

Minimum DepositBonus AmountRequired TPointsBonus Code
AU$300AU$8080Welcome
AU$400AU$10075NEWYEAR21ID
AU$750AU$200150BRONZE
AU$1,500AU$300200SILVER
AU$6,000AU$1,5001000GOLD
AU$15,000AU$3,0002500PLATINUM
AU$75,000AU$15,00010000DIAMOND
AU$400AU$12075Special bonus promotion

Pus500 Trader Points

Plus500 rewards traders with Trader Points or TPoints for open positions. These points can be redeemed while claiming bonuses.

Trading Platform

Plus500 offers its own trading platform. The platform is user-friendly, but cannot be customized.

The broker offers its trading platform on web and mobile, there is no desktop-specific client.

We executed our trades on Plus500 web client.

Plus500 Web Trading Platform
Plus500 Web Trading Platform

Research and Tools

Plus500 offers not so great market research tools. It offers some excellent charting tools.

Some of the tools offered by the broker are:

  • Economic calendar
  • Trading indicators and charting tools
  • Price alerts
  • Analysis of major economic events
  • Good risk management tools

The broker does not offer fundamental market data or trading signals.

Plus500 Economic Calendar
Plus500 Economic Calendar

Education

Plus500 offers only a few basic videos to educate novice traders. It also provides demo trading accounts.

Plus500 Educational Material
Plus500 Educational Videos

Customer Service

Plus500 has decent customer support.

Traders can contact the broker via:

  • Live chat 
  • email

Our experience with Plus500 customer support was mixed. Though the broker representatives were quick to answer, all of our issues were not resolved.

QuestionResponse TimeQuality of reply
Live ChatChanging account currency to USDInstantClear and direct
EmailBitcoin contract size limitation
1 working dayIt was okay, but a standard scripted answer
EmailDebit card verification1 working dayAnswer was okay but problem was not solved.

We exchanged over 20 emails with Plus500 support throughout our test. Most of them are related to card verification. We are getting an answer the same day or the next working day.

The issue was not resolved and we ended up opening a second account.

Email to Plus500 Customer Support
Our Email to Plus500 Customer Support

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

Plus500 Customer Support
Plus500 Customer Support Live Chat

Conclusion

Our experience with Plus500 was mixed.

There was a stark difference in experience between our first and second accounts. Our card verification failed even after exchanging over 20 emails with our first account, but we did not face any such issue with the second account; we opened both accounts with the Australian entity.

Plus500 lacks decent educational material and has no account manager to support traders. It does not allow hedging or scalping as trading strategies.

On the positive side, the broker holds six regulatory licenses. It is also listed on London Stock Exchange and is a constituent of the FTSE 250 Index.

It also offers a huge list of CFD instruments across several markets with attractive spreads on forex pairs.

We recommend Plus500 for traders who are

  • Experienced traders
  • Trading CFD

Plus500 might not be a fit if you are

  • Scalping trader
  • Hedging trader
  • EA trader
  • Trading through MT4/MT5 platform
  • Commission based trading

Categories
Uncategorized

Malaysia Best No Deposit Bonus Forex 2022

For this list, we have searched and tested several No Deposit Forex brokers Malaysia that offer no deposit bonus.

We opened real accounts and deposited between $4,000 and $8,000 with each of the brokers. We placed real trades in each popular market to get the real spreads.

We also contacted the customer support, as it was essential to find out if they would be able to solve the issues we had encountered. Finally, we tested the withdrawal process, by withdrawing our funds. This helped us to find out the possible issues the traders may face.

Based on our trading data and experience as a trader, we handpick the best no deposit bonus forex brokers.

Malaysia Forex Promotion Free Deposit Bonus

Forex no deposit bonus is the free credit offered by the forex brokers upon the opening of a new trading account. 

Though the brokers run many promotional schemes, no deposit bonus forex allows traders to receive real account credit without making any initial deposits. Brokers often use these tactics to attract new traders, the main types of forex free deposit bonuses remain the following:

  • No Deposit Bonus: For no deposit bonus program, the traders do not need to make first deposit with the broker. As soon as they open an account with the broker, they get free credit. However, at present only a few well-reputed brokers offer no deposit bonuses.
  • Deposit Bonus: In the retail trading industry a deposit bonus is very common and has its solid place. Brokers credit a certain percentage of the deposit to the traders’ accounts after deposits are made. Usually, brokers run a tired program under which various sums are credited after a certain deposit amount with a cap on the maximum bonus.

What is Forex Non Deposit Bonus in Malaysia?

Brokers usually run many promotional offers for distributing bonuses, yet, many regulators prohibit promotions that use any kind of bonus. Leading financial market regulators, such as the FCA, ASIC etc do not allow brokers to offer bonuses to traders.

However, there are still some reputed regulators that allow promotions with bonuses including Brokers in Malaysia. And there are Brokers with Bonuses in Malaysia, either regulated by local SCM or are international brokers accepting Malaysian clients.

  • Important to note, usually No Deposit Bonuses are offered with terms and conditions, means brokers transfer no deposit bonus forex to the new traders’ accounts with certain conditions. 
  • Most usual Terms for Bonuses is the traders cannot just withdraw the bonus credit to their bank account. This money are solely provided for trading purposes, and only gains from the Bonus account can be withdrawn. Besides, most of brokers allow withdrawals only with initial deposit done. However, every broker prorvide its own conditions.

Best Malaysia No Deposit Bonus Broker

All the brokers operating in Malaysia are regulated by the Securities Commission of Malaysia (SCM). It also allows foreign brokers to take Malaysian clients. Some of the brokers that offer both no deposit bonus forex and a deposit bonus in Malaysia are:

  • XM
  • AvaTrade
  • Tickmill

The best no deposit bonus forex broker in Malaysia is considered XM Group. This is due to its long-running $30 account opening bonus. Traders are entitled for the bonus as soon as they open their accounts.

Malaysia Best Forex Broker With No Deposit Bonus

To select the best forex broker with no deposit bonus in Malaysia, we tested and reviewed several forex brokers. We opened live accounts and depositing real money with each selected broker.

Also, we placed real trades in popular markets to get the real idea of the spread and commission, trading platform, deposits and withdrawals conditions, education, and customer service.

  • Tickmill â€“ Best Overall No Deposit Bonus Forex Broker
  • XM – Forex Broker with Both Deposit and No Deposit Bonus
  • FBS – Forex Broker with Highest No Deposit Bonus

Best Overall No Deposit Bonus Forex Broker Malaysia

We have picked Tickmill as the best overall no deposit bonus forex broker in Malaysia.

Tickmill is one of the very few brokers that offer a no deposit bonus forex. Only clients under its Seychelles-regulated entity can get a $30 no deposit bonus. Tickmill is regulated in the UK, Cyprus, South Africa, Seychelles and Malaysia. However, most jurisdictions prohibit brokers from offering any kind of bonus.

Besides, Tickmill offers forex and CFD trading services on MT4 platforms. Moreover, it offers a good number of deposit and withdrawal methods. The support team of Tickmill is also very helpful to traders.

What Makes Good Free No Deposit Bonus Broker?

Actually, there are 4 main points that make No Deposit Forex brokers a good one, including Malaysia Brokers. So, here are the points you should pay attention to:

  • The broker must be licensed by a respected authority, for insuring the traders’ safety and transparent trading
  • Provide No Deposit Bonus account and offer account types suitable for beginners
  • Offer easy to use trading platform with good charting and research tools for easy navigation and trading 
  • Provide quality Education materials and customer support

Malaysia No Deposit Bonus Forex Brokers List

Here you can see the complete list of brokers in Malaysia that offer no deposit bonus or deposit bonus to traders:

Forex BrokerDeposit BonusDetailsNo Deposit BonusDetails
TickmillNoUS$30Bonus Details
XM100%Bonus DetailsUS$30Bonus Details
FBS100%Bonus DetailsUS$140Bonus Details
EightcapUS$50 – US$1,000Bonus Details
AvaTradeUS$200 – US$10,000Bonus Details
Amana CapitalUS$200 – US$1,000Bonus Details
ADSSUS$100 – US$800Bonus Details
Plus500S$70 – S$13,000Bonus Details
Capital.com$50Bonus Details
FXCM$25Bonus Details
City Index20%Bonus Details
Roboforex120%Bonus Details
Libertex100%Bonus Details
Admiral Markets100%Bonus Details
HotForex100%Bonus Details
GKFX55%Bonus Details
XTB50%Bonus Details
Vantage FX50%Bonus Details
Moneta Markets50%Bonus Details
FXTM30%Bonus Details
BDSwiss30%Bonus Details
Markets.com20%Bonus Details
GO Markets20%Bonus Details
Forex.com20%Bonus Details
Blueberry Markets20%Bonus Details
Dukascopy10%Bonus Details
HYCM10%Bonus Details
Exness10%Bonus Details
ICM Capital10%Bonus Details

FAQ and More on Forex Trading Bonus in Malaysia

Traders usually have many questions related to trading-related queries. To be helpful, we tried to pick and answer some of the most important and frequent queries related to no deposit bonus forex Malaysia brokers.

Welcome Bonus Forex $50 Malaysia

We have tested and verified dozens of forex brokers and Malaysia Brokers. Unfortunately, none of them offer welcome bonus forex $50. However, there are still some forex brokers that offer no deposit bonuses in Malaysia, and they are:

  • Tickmill
  • XM
  • FBS

Malaysia Welcome Bonus Forex $100 No Deposit Bonus

There is only one broker that offers no deposit bonus around this mark in Malaysia. FBS clients can receive up to $140 in no deposit bonus. The bonus is split into two: they receive $70 immediately after verification and another $70 after they download the forex broker app.

No Deposit Bonus Forex $200 Malay

At present, there is no forex broker that offers a no deposit bonus in Malaysia as high as $200. FBS remains the only broker offering a no deposit bonus forex of around $170.

Malaysia MT4 Forex No Deposit Brokers

The most popular electronic platform to trade forex and CFDs is MT4 worldwide and Malaysia respectiveley. According to our testing and verifications, all the three forex brokers that offer no deposit bonus provide trading services on MT4. These brokers are:

  • Tickmill
  • XM
  • FBS