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BlackBull Markets Review 2021

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/USD1.231.6
IndicesFTSE 1001.041.5
StocksApple0.401.5
CommoditiesGold2.373.8

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 April 2021, and it was approved on 19 April 2021.

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 April 202121 April 2021Instant2.5%
Neteller21 April 202121 April 2021Instant€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 April 202123 April 202124 April 20212 working days€5
Neteller22 April 202123 April 202123 April 20211 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

BlackBull Markets has 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.


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ActivTrades Review 2021

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

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

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

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

What is ActivTrades

ActivTrades is a global Forex and CFDs broker founded in 2001 with its headquarters in London, United Kingdom.

The broker is licensed in the United Kingdom, Luxembourg, and the Bahamas.

ActivTrades offers almost a thousand tradable instruments in the Forex, indices, stocks and commodities segments.

The broker offers a substantial number of tradable instruments as compared to industry leaders.

Here’s a summary of Activtrades’ main features:

🗺️ Authorised & Regulated inUK, Bahamas, Luxembourg
🛡️ Is ActivTrades safeYes
💰 EUR/USD Spread0.57
💳 Minimum depositUS$ 500
💰 Withdrawal feeBank Wire: $12.50; others are free
🖥️ Trading PlatformMT4, MT5, ActivTrader
📈 Markets offeredForex, Indices, Stocks, Commodities
📉 Number of Products999

Licenses and Regulations

ActivTrades is licensed by 3 global regulators, including the top-tier UK Financial Conduct Authority (FCA), the Securities Commission of the Bahamas (SCB), and Luxembourg’s Commission de Surveillance du Secteur Financier (CSSF).

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

Legal entityRegistered inRegulatorLicense NumberAccepting Clients FromCompensation Scheme Amount
ActivTrades PlcUnited KingdomFinancial Conduct Authority (FCA)434413United Kingdom£85,000
ActivTrades CorpBahamasSecurities Commission of the Bahamas (SCB)199667 BGlobally many countriesNo compensation scheme
ActivTrades Europe SALuxembourgCommission de Surveillance du Secteur Financier (CSSF)B232167EU€20,000
ActivTrades Plc*UAEDubai Financial Services Authority (DFSA)F003511UAENo compensation scheme

*ActivTrades Plc UAE license was recently revoked, leaving the broker with 3 global licenses.

ActivTrades FCA (Financial Conduct Authority) Registration
ActivTrades FCA License

Is ActivTrades Safe

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

The UK’s FCA guarantees investors’ deposit compensation of up to £85,000 if the broker declares bankruptcy. The broker also offers supplementary insurance up to $1,000,000 for qualified clients.

The broker is also licensed by Luxembourg’s CSSF and the Securities Commission of the Bahamas (SCB).

We had a smooth experience when trading with ActivTrades.

For this review, we opened an MT5 Individual account with ActivTrades Europe SA, regulated by the Commission de Surveillance du Secteur Financier (CSSF) in Luxembourg.

We recommend that you open your account with the UK or Luxembourg entity if it is available to you.

Fees and Commissions

ActivTrades charges low, average and high fees for trading the main assets on offer. The fees charged for trading Forex pairs, and stocks, are lower than industry benchmarks.

The broker charges average fees for trading commodities such as gold.

However, the average fees charged on indices such as the FTSE 100 are much higher than industry averages.

The two accounts offered by ActivTrades charge a spread on trades with zero commission.

Spread Charged in our Trades

For our tests, we traded the most popular instrument in each market. We placed 3 trades for each instrument to arrive at an accurate estimate of the average spread. We tested the MT5 Individual Account, which charges a spread on all instruments.

MarketsInstruments1st trade 2nd trade 3rd trade Avg. Spread
ForexEUR/USD0.60.550.550.57
IndicesFTSE 1003.173.112.672.98
StocksApple11.511.17
CommoditiesGold3.63.53.63.57

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

A closer look at the spreads charged in our trades shows that they were mixed. The spreads on Forex, stocks and commodities trades were lower than industry averages. However, the spreads charged on indices were much higher than industry averages, as shown below.

MarketsInstrumentsAvg. Spread ChargedIndustry Avg. Spread
ForexEUR/USD0.571.6
IndicesFTSE 1002.981.5
StocksApple1.171.5
CommoditiesGold3.573.8

Other fees

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

Account Types

ActivTrades offers 2 account types with slight differences. These are the Individual Account and the Islamic Account.

The differences are outlined below:

Individual AccountIslamic Account
Trading PlatformsMetaTrader 4 & 5, ActivTraderMetaTrader 4 & 5
Account CurrencyEUR/ USD/ CHFEUR/ USD/ CHF
Minimum Deposit$1,000$500
CommissionZeroZero
Order ExecutionMarket ExecutionMarket Execution
SpreadFrom 0.5From 0.5
Note

ActivTrades offers swap-free Islamic Accounts to Muslim clients only. Such accounts do not attract a swap fee for positions held overnight in line with Sharia Law.

For our tests, we chose to open the Individual MT5 Account.

Account Opening

ActivTrades account opening was quick and smooth. We went through the entire process and completed it digitally.

Here are the 5 steps to opening an ActivTrades account:

  1. Enter your country of residence, title, given name, last name, email, password, and phone number.
  2. Provide your date of birth, nationality, tax identification number, residential address, time at current address
  3. Enter your trading experience based on how long you have traded contracts for difference (CFDs).
  4. Provide your employment status, employer, industry, job title, annual income, the value of savings, intended deposits over the next 6 months, source of funds, and trading preferences.
  5. Lastly, choose your trading platform and your account currency.
ActivTrades Account Opening
ActivTrades Account Opening

The registration process took 6 minutes only, and our account was approved in 1 working day.

We opened the account on 26 March 2021, and it was approved on 29 March 2021.

We provided a copy of our ID and a bank statement to verify our account.

For this test, we opened an MT5 Individual account with ActivTrades Europe SA, regulated by Luxembourg’s Commission de Surveillance du Secteur Financier (CSSF).

Deposit and Withdrawal

ActivTrades offers free and fast deposits and withdrawals. Traders can deposit and withdraw from their accounts via bank transfers, credit and debit cards, and e-wallets such as Skrill, PayPal, and Neteller.

ActivTrades Deposit Methods
ActivTrades Deposit and Withdrawal

Minimum Deposit

ActivTrades has a minimum deposit requirement of US$500 on its Islamic accounts. The Standard account requires a minimum deposit of US$1,000.

Deposit

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

The table below shows the details of our deposits:

Payment MethodSubmitted DateFunded Account DateFunding TimeFee
Credit Card5 April 2021 5 April 202130 minutes€0.00
Skrill5 April 20215 April 20211 hour€0.00
Neteller5 April 20215 April 2021Instant€0.00
PayPal5 April 20215 April 20211 hour€0.00

The broker processed our deposits quickly and with zero fees. We did not test the bank wire option.

Withdrawal

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

ActivTrades does not charge a fee on withdrawals.

Payment MethodSubmitted DateFunds Released DateFunds Arrived DateWithdrawal TimeFee
Credit card06 April 202106 April 202107 April 20211 working dayzero
Neteller06 April 202106 April 202106 April 20214 hourszero
Skrill06 April 202106 April 202107 April 20211 working dayzero
PayPal06 April 202106 April 202106 April 2021half working dayzero

We did not face any challenges when withdrawing our funds.

Markets and Products

ActivTrades offers various tradable instruments in the Forex, indices, stocks, and commodities markets.

Here’s the complete list of ActivTrades’ product offering:

MarketsInstruments
Forex48
Indices35
Stocks898
Commodities18
CryptocurrenciesN/A

The broker’s collection of stock CFDs is quite impressive, placing it among the top brokers who offer a wide variety of tradable instruments.

Trading Conditions

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

ActivTrades also allows traders to run automated strategies powered by 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

ActivTrades offers its clients various leverage levels depending on the entity under which their account is registered.

Traders are allowed to change their account’s leverage levels after registration.

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

MarketsActivTrades Plc UKActivTrades Europe SAActivTrades Corp
Major Currency Pairs30:130:1200:1
Non-major Currency Pairs20:120:1200:1
Gold20:120:1200:1
Other Commodities (except gold)10:110:1200:1
Indices5:120:1200:1
Stocks5:15:125:1
CryptocurrenciesN/AN/AN/A

Bonus

ActivTrades does not offer bonuses to its clients.

Trading Platform

ActivTrades has a proprietary platform known as ActivTrader. We found the platform easy to use with an intuitive design. However, the platform does not support automated trading and is only available as a web trader.

The broker also offers the popular MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platforms. Clients can access the two platforms via the desktop and mobile MT4 and MT5 applications.

The broker’s SmartTools suite offered via the MT4 platform consist of seven unique add-ons that transform the MT4 platform into a superior platform. Retail individual traders should use this tool to get an edge in the markets.

ActivTrades Proprietary Trading Platform
ActivTrades Proprietary Trading Platform

The MetaTrader 4 (MT4) platform offers a suite of Smart Tools that drastically improves its functionality. Traders can also access third-party plugins that support automated trading, unlike with the proprietary ActivTrader platform. However, the MT4 platform does not have all the instruments offered by the broker.

We found the ActivTrader platform to be best suited to manual traders, while traders who use automated strategies might prefer the MetaTrader 4 & 5 platforms, which are a better fit.

Research and Tools

ActivTrades provides market research via the Smart Tools suite found on the MetaTrader platforms, which provides high-quality trading insights from analysts, pattern recognition indicators and much more.

Traders also have access to short market analysis pieces published by the broker’s in-house analysts, which could be more detailed and specific. The ideas lack the depth and research quality offered by top brokers.

The broker provides an economic calendar on its website under the ‘Markets’ tab but does not provide historical data. Traders can track various economic releases and plan their trading activities accordingly.

ActivTrades SmartTools Suite
ActivTrades SmartTools Suite

The broker’s research offering was a bit underwhelming.

Education

ActivTrades offers several learning resources to its clients. The broker provides one-to-one lessons to new traders that are quite helpful. This is a unique service that most brokers do not offer.

Traders have access to a video library with tutorials about how to use the MT4 platform and general educational videos.

The broker also hosts educational webinars to discuss advanced trading topics, which are recorded and available on the website. The broker used to host in-person seminars before the coronavirus pandemic struck.

Traders also have access to a demo account where they can practice trading and test their strategies.

ActivTrades Educational Material
ActivTrades One to One Training

Customer Service

ActivTrades’ customer service team was accommodating and gave us direct and accurate answers to our questions. We first contacted the team via live chat and asked them to approve our request to add extra instruments to our account.

We received a fast response from the agent, saying that they will approve the request soon and that the UK100 was closed from CET 2:00 – 22:00 on that day.

ActivTrades Customer Support
ActivTrades Customer Support Live Chat

You can also reach the ActivTrades customer service team via email. We sent the team an email asking whether they allow scalping and hedging strategies and how long they would take to process our withdrawals.

We got a response two working days later saying that they allow both scalping and hedging strategies. Also, withdrawal requests made before 12:30 PM UK time are processed on the same day, but one cannot withdraw intraday profits until the next business day.

Here are the results of our test below:

QuestionResponse TimeQuality of reply
Live chatWe asked if they can approve our request of adding shares instrument in our trading account and to confirm if UK100 is not able to trade2 minutes.It was direct, fast and accurate.
EmailWe asked if they allow scalping and hedging and how long time the withdrawal will be proceed2 working daysIt was direct and accurate.

Conclusion

Overall, we had a smooth experience with ActivTrades. However, we could not trade shortly after our initial deposit, but the issue was resolved quickly after contacting the support team.

We tested four deposit methods, all of which did not attract charges, but only the Neteller deposits were instant. The rest took a maximum of 1 hour to be credited to our account.

To trade Apple Inc CFDs, we had to request the broker to add stock instruments to our account, for which the broker charges a Market Data fee of 1 EUR/month.

The withdrawal process was seamless as the client only needs to indicate the amount they want to withdraw. The broker’s systems will automatically distribute the corresponding amounts via the different payment methods used.

We got fast responses to our queries via the live chat function, while email queries are answered within 1 working day, and traders should be aware of the same. We recommend traders use the live chat function to contact the broker.

We also recommend ActivTrades to all traders, from beginners to advanced traders. Traders who run scalping, hedging and automated strategies will also be at home with this broker.


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Darwinex Review 2021

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

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

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

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

What is Darwinex

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

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

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

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

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

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

Licenses and Regulations

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

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

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

Is Darwinex Safe

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

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

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

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

Fees and Commissions

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

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

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

Spread Charged in our Trades

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

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

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

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

MarketsInstrumentsAvg. Spread ChargedIndustry Avg. Spread
ForexEUR/USD0.321.6
IndicesFTSE 1000.701.5
StocksApple2.171.5
CommoditiesGold1.333.8

Other fees

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

Account Types

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

Here are its features:

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

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

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

Account Opening

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

Here are the 5 steps to opening a Darwinex account:

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

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

We registered the account on 26 March 2021, and it was approved on 29 March 2021.

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

Deposit and Withdrawal

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

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

Darwinex Deposit Methods
Darwinex Deposit and Withdrawal Methods

Minimum Deposit

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

Deposit

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

Skrill deposits attract a 0.5% fee.

The table below shows the details of our deposits:

Payment MethodSubmitted DateFunded Account DateFunding TimeFeeBank Fee
Credit Card01 April 202101 April 2021Instant€0.00Zero
Skrill01 April 202101 April 2021Instant0.5%Zero

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

Withdrawal

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

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

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

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

Payment MethodSubmitted DateFunds Released DateFunds Arrived DateWithdrawal TimeFeeNote
Credit card01 April 202101 April 202103 April 20212 working days1%32.41 EUR fee was charged
Credit Card04 April 202105 April 202106 April 20212 working days3.30%2 EUR fee was charged
Skrill04 April 202105 April 202105 April 20211 working day1%16.41 EUR fee was charged

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

Markets and Products

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

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

MarketsInstruments
Forex40
Indices10
Stocks233
Commodities4
Cryptocurrencies0

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

Trading Conditions

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

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

Trading MethodAllowed
HedgingYes
ScalpingYes
Change LeverageNo

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

Leverage

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

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

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

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

Bonus

Darwinex does not offer a bonus program to its clients.

Trading Platform

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

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

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

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

Darwinex Trading Platforms
Darwinex Trading Platforms

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

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

Research and Tools

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

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

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

Darwinex Trading Tools
Darwinex Trading Tools

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

Education

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

Darwinex Educational Material
Darwinex Video Tutorials

Customer Service

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

Darwinex Customer Support
Darwinex Customer Service

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

Here are the results of our test below:

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

Conclusion

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

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

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

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

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

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


Categories
Uncategorized

GKFX Review 2021

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

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

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

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

What is GKFX?

GKFX is a United Kingdom-headquartered forex and contracts for difference (CFDs) broker established in 2010.

The broker group runs three retail brands: GKFX, GKFX Prime, and GKFX Cambodia. It also runs the GKPro brand, which serves only professional traders.

Retail offers in the broker include contracts for differences (CFDs) trading with forex, indices, commodities, stocks, and cryptocurrencies.

GKFX is well-regulated with operating licenses from the financial regulators in the United Kingdom, Malta, the British Virgin Islands, Australia, and Cambodia.

Some of the highlights of GKFX are:

🗺️ Authorised & Regulated inUK, Malta, British Virgin Islands, Cambodia, Australia
🛡️ Is GKFX safeYes
💰 EUR/USD Spread0.67
💳 Minimum depositUS$0 or €200
💰 Withdrawal feeUS$0
🖥️ Trading PlatformMT4, MT5
📈 Markets offeredForex, Indices, Stocks, Commodities, Cryptocurrencies
📉 Number of Products282 (depends on the jurisdiction and account type)

Licenses and Regulations

GKFX holds licenses from regulators in 4 countries.

The broker is regulated in the UK, Malta, British Virgin Islands, and Cambodia. The UK’s FCA is considered as one of the top global financial regulators.

The full list of GKFX licenses is below:

Legal entityRegistered inRegulatorLicense numberAccepting clients fromCompensation scheme amount
GKFX Financial Services LtdUnited KingdomFinancial Conduct Authority (FCA)501320United Kingdom£85,000
AKFX Financial Services LtdMaltaMalta Financial Services Authority (MFSA)C60473European Union€20,000
International Finance House LtdBritish Virgin IslandsB.V.I Financial Services Commission (FSC)BVI SIBA/L/1066GlobalNo compensation scheme
GKFX Cambodia Co LtdCambodiaSecurities and Exchange Commission of Cambodia (SECC)026CambodiaNo compensation scheme
FairMarkets Trading Pty LtdAustraliaAustralian Securities and Investment Commission (ASIC)424122AustraliaNo compensation scheme
Global Kapital Investama BerjangkaIndonesiaCommodity Futures Trading Supervisory Agency (BAPPEBTI)824/BAPPEBTI/SI/11/2005IndonesiaNo compensation scheme

The Malta-regulated entity operates with the tradename GKFX, the British Virgin Islands entity with GKFX Prime, the Cambodian entity with GKFX Cambodia, the Australian entity operates under FairMarkets, and the Indonesian entity operates with GKInvest.

UK regulated broker GKFX Financial Services Ltd only offers services to professional and institutional clients with the tradename GKPro.

GKFX MFSA (Malta Financial Services Authority) License
GKFX MFSA License

Is GKFX Safe?

Yes, GKFX is a safe broker from a regulatory perspective.

The broker is well-regulated with a total of 4 licenses. It is also overseen by the UK’s FCA, which is a well-reputed financial market regulator and offers a compensation scheme of £85,000 to protect clients’ funds. Malta’s MFSA also offers a compensation scheme of €20,000.

For our tests, we opened an MT5 Standard account with AKFX Financial Services Ltd, which is regulated by Malta Financial Services Authority (MFSA) in Malta.

Fees and Commissions

Trading fees on GKFX are mostly built into spreads. The broker, however, charges commission on its higher-tier accounts with low spreads.

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

Spread Charged in Our Trades

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

Our test is based on GKFX’s Standard account. Spreads for our trades with forex, indices, stocks, and commodities remained stable with minor deflections for all asset classes.

Details of our trades are shown below the table.

MarketsInstruments1st trade2nd trade3rd tradeAvg. spread
ForexEUR/USD0.750.650.60.67
IndicesFTSE 1000.850.850.80.83
StocksApple3.73.73.73.7
CommoditiesGold2222
CryptocurrencyBitcoin38.242546.6136.62

Our testing finds that spreads on forex, indices, commodities, and cryptocurrency CFDs are lower than the industry average. Spreads on share CFDs are, however, on the higher side.

MarketsInstrumentsAvg. spread charged in our tradesIndustry avg. spread
ForexEUR/USD0.671.6
IndicesFTSE 1000.831.5
StocksApple3.71.5
CommoditiesGold23.8
CryptocurrencyBitcoin36.6245

Other Fees

GKFX does not have any prominent non-trading fees. The broker does not charge any deposit or withdrawal fees, and there are no maintenance or inactivity fees either.

Account Types

The retail account types offered by GKFX vary with each regulated entity.

Details of all account types under AKFX Financial Services Ltd (regulated in Malta) are:

Standard AccountPremium Account
Trading PlatformsMetaTrader 4, MetaTrader 5MetaTrader 4, MetaTrader 5
Account CurrencyUSD, GBP, EURUSD, GBP, EUR
Minimum deposit€200€25,000
CommissionNone€6/lot
Order executionInstant ExecutionInstant Execution
SpreadFrom 0.6From 0.1

Details of all account types under International Finance House Ltd (regulated in the British Virgin Islands) are:

Standard Fixed AccountStandard Variable AccountVIP Variable AccountECN Zero Account
Trading PlatformsMetaTrader 4, MetaTrader 5MetaTrader 4, MetaTrader 5MetaTrader 4, MetaTrader 5MetaTrader 4, MetaTrader 5
Account CurrencyUSD, GBP, EURUSD, GBP, EURUSD, GBP, EURUSD, GBP, EUR
Minimum depositNoneNone$5,000None
CommissionNoneNoneNone$10/lot
Order executionInstant ExecutionInstant ExecutionInstant ExecutionInstant Execution
SpreadFrom 1.8From 1.2From 0.6From 0

Details of all account types under GKFX Cambodia Co Ltd (regulated in Cambodia) are:

Standard AccountECN Zero AccountVIP Variable Account
Trading PlatformsMetaTrader 4MetaTrader 4MetaTrader 4
Account CurrencyUSDUSDUSD
CommissionNone$15 per round lotNone
Order executionInstant ExecutionInstant ExecutionInstant Execution
SpreadFrom 1.2From 0From 0.6

FairMarkets Trading Pty Ltd (Australian regulated broker) offers only one account type:

Real Account
Trading PlatformsMetaTrader 5
Account CurrencyUSD, AUD
CommissionNone
Order executionInstant Execution
SpreadFrom 1.2

Details of account types offered by Global Kapital Investama Berjangka (regulated in Indonesia):

Standard Fixed AccountSilver Fixed AccountGold Fixed AccountPlatinum Fixed AccountStandard Variable AccountECN Zero Account
Trading PlatformsMetaTrader 5MetaTrader 5MetaTrader 5MetaTrader 5MetaTrader 5MetaTrader 5
Account CurrencyUSD, IDRUSD, IDRUSD, IDRUSD, IDRUSD, IDRUSD, IDR
Commission$2 per lot$2 per lot$2 per lot$2 per lot$2 per lot$10 per lot
Order executionInstant ExecutionInstant ExecutionInstant ExecutionInstant ExecutionInstant ExecutionInstant Execution
Spread1.61.210.8From 1.2From 0

The Indonesian entity also offers a Multilateral account for commodities trading.

Account Opening

Our overall experience of opening a new account with GKFX was smooth and fast.

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

The process of registration of a new GKFX account:

  1. Enter personal details like the first name, last name, country of residence, phone number, email, and declaration of non-US nationality.
  2. Prove more personal details like date of birth, place of birth, residential address, nationality, and passport number.
  3. Provide professional and financial information: employment status, annual income, total assets, liquid assets, source of assets, expected annual deposit amount and expected trading frequency.
  4. Answer some questionnaires on trading knowledge and experience.

We submitted the following documents to verify our GKFX account:

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

The registration process took around 12 minutesOur account was verified in 1 working day.

Our account was registered on March 26, 2021, and approved on March 29, 2021.

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

GKFX Account Opening
GKFX Account Opening

Deposit and Withdrawal

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

The broker does not charge any fees for deposits and withdrawals.

Minimum Deposit

The minimum deposit on GKFX varies with the account types.

For Malta-registered entity operating as GKFX:

  • Standard account: €200
  • Premium account: €25,000

For the British Virgin Islands-registered GKFX Prime:

  • Standard Fixed account: $0
  • Standard Variable account: $0
  • VIP Variable account: $5,000
  • ECN Zero account: $0

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

Deposit

GKFX supports deposits with bank transferscredit and debit cards, two online wallets, Neteller and Skrill. There are no deposit fees.

The deposit methods also depend on the account jurisdiction.

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

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

Payment MethodSubmitted DateFunded Account DateFunding TimeFee
Credit card2021-04-062021-04-06Instant0
Neteller2021-04-062021-04-06Instant0
Skrill2021-04-062021-04-06Instant0
GKFX Deposit Methods
GKFX Deposits and Withdrawals

Withdrawal

GKFX allows withdrawals with bank transfers, credit and debit cards, and online wallets like Neteller and Skrill. It does not charge any withdrawal fee.

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

Details of our withdrawal requests are in the table below.

Payment MethodSubmitted DateFund Released DateFund Arrived DateWithdrawal TimeFee
Credit card2021-04-062021-04-072021-04-082 working day0
Neteller2021-04-062021-04-072021-04-071 working day0
Skrill2021-04-062021-04-072021-04-071 working day0

Markets and Products

GKFX offers CFDs trading services with forex, indices, stocks, commodities, and cryptocurrencies instruments.

The complete list of GKFX’s offerings are:

MarketsInstruments
Forex47
Indices20
Stocks and ETFs198
Commodities14
Cryptocurrency3

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

Trading Conditions

Trading conditions on GKFX are bad. The broker does not allow hedging and scalping strategies. Retail traders cannot even change leverage levels.

Only professional traders can change leverage levels.

Trading MethodAllowed
HedgingNo
ScalpingNo
Change LeverageNo (only professional clients can change leverage levels)

Leverage

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

MarketsGKFX Financial Services LtdInternational Finance House LtdAKFX Financial Services LtdGKFX Cambodia Co LtdFairMarkets Trading Pty LtdGlobal Kapital Investama Berjangka
Major Currency Pairs30:1400:130:1400:130:1400:1
Non-Major Currency Pairs20:1400:130:1400:120:1400:1
Gold20:1200:120:1400:120:1400:1
Other Commodities (except Gold)10:150:120:1400:110:1100:1
Indices5:1200:120:1NA20:1100:1
Stocks5:110:120:1NANANA
CryptocurrenciesNA20:12:1NA2:1NA

Copy Trading

The British Virgin Islands-registered GKFX Prime offers services with two third party copy trading platforms:

GKFX Copy Trading
GKFX Copy Trading

Trading Platform

GKFX offers trading services on MetaTrader 4 and MetaTrader 5 platforms. These are industry standard third-party platforms developed by the company MetaQuotes Software.

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

GKFX Trading Platforms
GKFX Trading Platforms

We executed all our trades on MetaTrader 5 platform.

Research and Tools

GKFX offers excellent market research and analysis tools.

Tools offered by the broker include:

  • Good charting tools
  • Trading signals using Autochartist and Trading Central
  • Economic calendar
  • Forex VPS
  • Trading automation with Tradeworks
  • Market research articles and weekly videos
  • Newsfeed
GKFX Trading Tools
GKFX Trading Tools

Education

GKFX offers good educational resources.

The broker’s educational materials include:

  • Video tutorials for beginners and expert traders
  • Details guides on trading and platforms
  • Ebooks
  • Webinars
  • Demo account
GKFX Educational Material
GKFX Webinar

Customer Service

GKFX has good customer support.

Traders can contact the broker via:

  • Live chat 
  • email
  • Phone

The support staff is available only on weekdays and takes questions in 14 languages.

Our experience with GKFX customer support was very good.

The support staff on both live chat and email was quick enough to answer our query accurately and in detail.

QuestionResponse TimeQuality of reply
Live ChatAsked questions on hedging and scalping1 minuteClear and accurate
EmailAsked about the number of trading instruments30 minutesClear and accurate
EmailAsked about releasing our withdrawal fund8 hoursClear and direct instructions
GKFX Customer Support
GKFX Customer Support

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

Conclusion

Our overall experience with GKFX was decent.

The broker offers attractive spreads on forex with fast execution. Commodity spreads also remained stable.

Account opening, deposits, and withdrawals are also smooth and fast on the broker. Our experience with customer support was again excellent as the responses were fast, clear, and detailed.

On the negative side, GKFX does not allow traders to run hedging and scalping.

We recommend GKFX to forex traders who run EA.


Categories
Uncategorized

Fortrade Review 2021

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

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

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

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

What is Fortrade?

Fortrade is a London-headquartered forex and CFD (contracts for difference) broker brand and was established in 2013.

The broker carries multiple licenses from regulators in the United Kingdom, Cyprus, Australia, Canada, and Belarus, and has operations globally.

Fortrade’s offerings include forex, indices, commodities, stocks and cryptocurrency CFDs.

Some of the highlights of Fortrade are:

🗺️ Authorised & Regulated inUK, Cyprus, Belarus, Australia, Canada
🛡️ Is Fortrade safeYes
💰 EUR/USD Spread1.83
💳 Minimum deposit€100
💰 Withdrawal fee0
🖥️ Trading PlatformMT4, Fortrade Platform
📈 Markets offeredForex, Indices, Stocks, Commodities, ETFs, US Treasuries, Cryptocurrenies
📉 Number of Products303 (depends on the jurisdiction)

Licenses and Regulations

Fortrade holds licenses from regulators in 5 countries.

The broker is regulated in United Kingdom, Cyprus, Australia, Canada, and Belarus. The UK’s FCA, Australia’s ASIC, and Canada’s IIROC are deemed as top global financial regulators.

The full list of Fortrade licenses is below:

Legal entityRegistered inRegulatorLicense numberAccepting clients fromCompensation scheme amount
Fortrade LtdUnited KingdomFinancial Conduct Authority (FCA)609970United Kingdom£85,000
Fortrade Cyprus LtdCyprusCyprus Securities and Exchange Commission (CySEC)385/20European Union€20,000
Fort Securities Australia Pty LtdAustraliaAustralian Securities and Investments Commission (ASIC)493520AustraliaNo compensation scheme
Fortrade Canada LimitedCanadaInvestment Industry Regulatory Organization of Canada (IIROC)BC1148613CanadaNo compensation scheme
LLC “Fort Securities BLR”BelarusNational Bank of the Republic of Belarus (NBRB)193075810GlobalNo compensation scheme
Fortrade ASIC (Australian Securities and Investments Commission) Registration
Fortrade ASIC Registration

Is Fortrade Safe?

Yes, Fortrade is a safe broker for trading.

The broker is well-regulated with a total of 5 licenses. Additionally, the clients under the FCA and CySEC also receive a compensation scheme of £85,000 and €20,000, respectively, for the protection of their funds.

For our tests, we opened an account with Fortrade Cyprus Ltd which is regulated by Cyprus Securities and Exchange Commission (CySEC) in Cyprus.

Fees and Commissions

Trading fees on Fortrade are built into spreads.

Spreads on all of our trades were higher than the industry average benchmark.

Spread Charged in Our Trades

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

Spreads for our trades in all asset classes remained stable with minor variations.

Details of our trades are shown below the table.

MarketsInstruments1st trade2nd trade3rd tradeAvg. spread
ForexEUR/USD1.5221.83
IndicesFTSE 1002.12.42.32.27
StocksApple2.62.62.62.6
CommoditiesGold4.54.54.54.5

Our testing finds that Fortrade spreads on forex, indices, stocks, and commodities CFDs are higher than the industry average.

MarketsInstrumentsAvg. spread charged in our tradesIndustry avg. spread
ForexEUR/USD1.831.6
IndicesFTSE 1002.271.5
StocksApple2.61.5
CommoditiesGold4.53.8

Other Fees

Fortrade does not charge any deposit and withdrawal fees.

The broker also charges a $10 monthly inactivity fee after a dormancy period of180 days. There is no maintenance fee.

Account Types

Fortrade offers only one account type.

Fortrade Account
Trading PlatformsMetaTrader 4, Fortrade Platform
Account CurrencyUSD, GBP, EUR, TRY
Minimum deposit€100
CommissionNone
Order executionInstant Execution
SpreadFrom 0.02

Fortrade also offers a swap-free Islamic account.

Account Opening

Our overall experience of opening a new account with Fortrade was smooth and fast.

We opened a Fortrade Account for our tests under the Cyprus-regulated entity.

The process of registration of a new Fortrade account:

  1. Enter first name, last name, email, and mobile number on the initial registration page.
  2. Enter the country of residence, account currency, password, date of birth, and address.
  3. Provide details like country of citizenship, place of birth, employment status, the reason for trading, annual income, source of funds, and a few other fields.
  4. Answer a quick questionnaire on trading knowledge and experience.

We submitted the following documents to verify our Fortrade account:

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

The registration process took around 6 minutesOur account was verified on the same day, in fact, it was done in 10 minutes.

Our account was registered on April 9, 2021, and approved on the same day.

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

Fortrade Account Opening
Fortrade Account Opening Page

Deposit and Withdrawal

Deposits on Fortrade are easy and fast, but withdrawal requests took more time than usual to complete.

The broker does not charge any fees for most of the deposit and withdrawal methods, with only the exception of wire transfers.

Minimum Deposit

Fortrade requires a minimum deposit of €100 or equivalent in other base currencies.

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

Deposit

Fortrade supports deposits with bank transfers, credit and debit cards, and popular e-wallets like Neteller, and Skrill.

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

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

Payment MethodSubmitted DateFunded Account DateFunding TimeFee
Credit card2021-04-142021-04-148 hours0
Skrill2021-04-142021-04-144 hours0
Neteller2021-04-142021-04-144 hours0

Fortrade required a transaction confirmation from our side when you made the deposit using Skrill.

PayPal funding option wasn’t available as the broker don’t provide a “continue” button to proceed with the transaction.

Fortrade Deposit Methods
Fortrade Deposit Page

Withdrawal

Fortrade allows withdrawals with bank transfers, credit and debit cards, and online wallets like Neteller and Skrill, same as deposits.

Overall, our experience with the Fortrade withdrawal process was okay, but the process took longer than usual.

Details of our withdrawal requests are in the table below.

Payment MethodSubmitted DateFund Released DateFund Arrived DateWithdrawal TimeFee
Credit card2021-04-142021-04-202021-04-216 working day0
Neteller2021-04-142021-04-202021-04-205 working day0
Skrill2021-04-142021-04-202021-04-205 working day0

For withdrawals, we requested €3,000 to credit card, €1,950 to Skrill, and €50 to Neteller. The broker, however, transferred €3,000 to credit card, €1020.78 to Skrill, and €900 to Neteller.

Markets and Products

Fortrade offers CFDs trading services with forex, indices, stocks, commodities, and cryptocurrency instruments.

The complete list of Fortrade offerings are:

MarketsInstruments
Forex54
Indices17
Stocks200
Commodities25
ETFs3
US Treasuries3
Cryptocurrencies4

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

Cryptocurrency CFDs are only available under the ASIC and CySEC-regulated entities.

Trading Conditions

Trading conditions on Fortrade are decent. The broker allows hedging and scalping strategies but traders cannot change leverage levels.

Trading MethodAllowed
HedgingYes
ScalpingYes
Change LeverageNo

Changing of leverage on Fortrade depends on market conditions. Though it is closed now, it might be opened in the future.

Leverage

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

MarketsFortrade LtdFortrade Cyprus LtdFort Securities Australia Pty LtdFortrade Canada LimitedLLC “Fort Securities BLR”
Major Currency Pairs30:130:130:134.4:1100:1
Non-Major Currency Pairs20:120:120:134.4:1100:1
Gold20:120:120:138:1100:1
Other Commodities (except Gold)10:110:110:138:1100:1
Indices5:15:120:118:1100:1
Stocks5:15:15:16:15:1
CryptocurrenciesNA2:15:1NANA

Trading Platform

Fortrade offers trading services on its proprietary platform and also on industry-standard MetaTrader 4, which is developed by MetaQuotes Software.

Fortrade Trading Platform
Fortrade Trading Platform

We executed all our trades on the MetaTrader 4 trading platform.

Research and Tools

Fortrade offers decent market research and analysis tools.

Tools offered by the broker include:

  • Good charting tools
  • Economic calendar
  • Signals using Trading Central
  • Market analysis
Fortrade Market Analysis
Fortrade Market Analysis

Education

Fortrade offers excellent educational resources to beginner traders.

The broker’s educational materials only include:

  • Webinars
  • eBooks
  • Tutorial videos
  • Courses for both beginner and advanced traders
  • Glossary
  • Demo account
Fortrade Educational Material
Fortrade Educational Resource

Customer Service

Fortrade offers excellent customer support.

Traders can contact the broker via:

  • Live chat 
  • email
  • Phone

The support staff is available only on weekdays.

Our experience with Fortrade customer support was excellent.

The support staff on both live chat and email was prompt with the response and provided accurate and detailed answers.

QuestionResponse TimeQuality of reply
Live ChatAsked if Fortrade require any docs after the trader submitting a withdrawal request1 minuteClear and accurate
EmailAsked several questions about their trading account, spread, and commissions1 hourClear and very detailed

A Fortrade account service manager contacted us once our trading account was opened successfully. We asked several questions about Fortrade in general and questions about trading to the service manager.

The service of the account service manager is better than the broker’s Live Chat as the Live Chat support staff has limited access to customer accounts. When we asked some trading account questions to Fortrade Live Chat support staff, the team said they will ask our account service manager to contact us and answer our questions.

We recommend traders contact the account service manager rather than Live Chat.

Fortrade Customer Support
Fortrade Customer Support

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

Conclusion

Our overall experience with Fortrade was positive.

The spreads charged by the broker are on the higher side, but the trade execution speed was fast.

Our account opening experience was smooth and the broker does not charge fees for deposits and withdrawals. However, we are a bit disappointed with the speed of the withdrawals.

The customer support was also excellent, especially the account service manager.

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


Categories
Uncategorized

FBS Review 2021

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

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

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

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

What is FBS?

FBS is a forex and contracts for differences (CFDs) broker with bases in Belize and Cyprus. It was founded in 2009.

The broker has operations in many countries across the globe and is regulated in Belize, Cyprus, and Australia. The offerings of the broker include trading services with forex, indices, commodities, and stocks, and cryptocurrency CFDs.

Some of the highlights of FBS are:

🗺️ Authorised & Regulated inCyprus, Belize, Australia
🛡️ Is FBS safeYes
💰 EUR/USD Spread1.13
💳 Minimum deposit$10
💰 Withdrawal fee0 (with exceptions)
🖥️ Trading PlatformMT4, MT5, FBS Trader
📈 Markets offeredForex, Indices, Stocks, Commodities, Cryptocurrencies
📉 Number of Products107(depends on the jurisdiction)

Licenses and Regulations

FBS holds 3 regulatory licenses.

The broker is regulated in Cyprus, Beliz, and Australia.

The full list of FBS’s licenses is below:

Legal entityRegistered inRegulatorLicense numberAccepting clients fromCompensation scheme amount
Tradestone LtdCyprusCyprus Securities and Exchange Commission (CySEC)331/17European Union€20,000
FBS Markets IncBelizeInternational Financial Services Commission (IFSC)IFSC/60/230/TS/17GlobalNo compensation scheme
Intelligent Financial Markets Pty LtdAustraliaAustralian Securities and Investments Commission (ASIC)426359AustraliaNo compensation scheme
FBS CySEC (Cyprus Securities and Exchange Commission) Registration
FBS CySEC License

Is FBS Safe?

Yes, FBS is a safe broker for trading from a regulatory standpoint.

The broker is regulated in 3 jurisdictions. Additionally, the clients under the CySEC-regulated entity receive a compensation scheme of €20,000 for the protection of their funds.

For our tests, we opened a Standard account on the MT5 platform with Tradestone Ltd which is regulated by Cyprus Securities and Exchange Commission (CySEC) in Cyprus.

Fees and Commissions

FBS fees are mostly built into spreads. The broker also charges commission on trades with some asset class and account tiers.

Spreads on our trades were lower than the industry average benchmark for most of the asset classes.

Spread Charged in Our Trades

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

Spreads for our trades in all asset classes remained stable with minor variations.

Details of our trades are shown below the table.

MarketsInstruments1st trade2nd trade3rd tradeAvg. spread
ForexEUR/USD1.151.151.11.13
IndicesFTSE 1001.351.31.41.35
StocksApple1111
CommoditiesGold4.74.84.34.6

Our testing finds that FBS spreads on forex, indices, and stocks CFDs are much lower than the industry average. Spreads on commodities are on the higher side.

MarketsInstrumentsAvg. spread charged in our tradesIndustry avg. spread
ForexEUR/USD1.131.6
IndicesFTSE 1001.351.5
StocksApple11.5
CommoditiesGold4.63.8

Other Fees

FBS does not charge deposit or withdrawal fees to traders under the Cyprus entity. Belize and Australian entities mostly do not charge any deposit fees, but there are some withdrawal fees.

Details on FBS deposit and withdrawal fees:

MethodDeposit Fees (Cyprus)Withdrawal Fees (Cyprus)Deposit Fees (Belize)Withdrawal Fees (Belize)Deposit Fees (Australia)Withdrawal Fees (Australia)
Credit/Debit Card000$1NANA
Bank Transfer00NANA00
Neteller000Min 2% or $1, Max $3004.99%, Min $1
SticpayNANA2.5% + $0.32.5% + $0.3NANA
Skrill0001% + $0.3203.99% to 4.99%
Perfect MoneyNANA00.5%NANA

Some payment methods under the Cyprus entity require a transaction fee when traders withdraw funds without trading. The broker reserves the right to impose a 5% fee on any payment method, if necessary.

FBS does not have any account maintenance or inactivity fees.

Account Types

FBS offers a few account types, but it varies with the entity.

Trading accounts under Tradestone Ltd (Cyprus):

Standard AccountCent Account
Trading PlatformsMetaTrader 4, MetaTrader 5, FBS TraderMetaTrader 4, MetaTrader 5, FBS Trader
Account CurrencyUSD, EURUSD, EUR
Minimum deposit$100$10
CommissionCommission fee on FX and metal, commission charged on Indices and EnergiesCommission fee on FX and metal, commission charged on Indices and Energies
Order executionMarket ExecutionMarket Execution
SpreadFrom 1From 1

Trading accounts under FBS Markets Inc (Belize):

Standard AccountCent AccountMicro AccountZero Spread AccountECN Account
Trading PlatformsMetaTrader 4, MetaTrader 5, FBS TraderMetaTrader 4, MetaTrader 5, FBS TraderMetaTrader 4, MetaTrader 5, FBS TraderMetaTrader 4, MetaTrader 5, FBS TraderMetaTrader 4, MetaTrader 5, FBS Trader
Account CurrencyUSD, EURUSD, EURUSD, EURUSD, EURUSD, EUR
Minimum deposit$100$1$5$500$1,000
CommissionNoneNoneNoneFrom $20/lot$6
Order executionMarket ExecutionMarket ExecutionMarket ExecutionMarket ExecutionMarket Execution
SpreadFrom 0.5From 1From 3From 0From -1

Trading accounts under Intelligent Financial Markets Pty Ltd (Australia):

Standard AccountCent AccountUltra Account
Trading PlatformsMetaTrader 4, MetaTrader 5MetaTrader 4, MetaTrader 5MetaTrader 4, MetaTrader 5
Account CurrencyUSD, EUR, AUDUSD, EUR, AUDUSD, EUR, AUD
Minimum deposit$50$50$50
CommissionNoneNoneAUD 8.12/USD 6/EUR 5
for one lot
Order executionMarket ExecutionMarket ExecutionMarket Execution
SpreadFrom 0.7From 0.6From 0

FBS also offers a swap-free Islamic account.

Account Opening

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

We opened an FBS Standard Account for our tests under the Cyprus-regulated entity.

The process of registration of a new FBS account:

  1. Enter email and full name on the initial registration page (traders can also register using Facebook, Google, and Apple account).
  2. Choose the trading platform and account currency.
  3. Enter name, date of birth, gender, country of citizenship.
  4. Provide personal details like address and phone number.
  5. Enter details on origin and destination country of funds and tax declarations.
  6. Answer questionnaires on trading knowledge and experience.

We submitted the following documents to verify our FBS account:

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

The registration process took around 10 minutesOur account was verified in 7 working days.

Our account was registered on April 2, 2021, and approved on April 12, 2021.

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

FBS Account Opening
FBS Account Opening

Deposit and Withdrawal

Both deposits and withdrawals on FBS are easy and fast.

The broker mostly does not charge any fees on deposit, but some traders can face withdrawal charges on certain methods.

Minimum Deposit

Minimum deposits on FBS varies with account type and entity under which the trader opened the account.

The minimum deposit for traders under Tradestone Ltd (Cyprus):

The minimum deposit for traders under FBS Markets Inc (Belize):

The minimum deposit for traders under Intelligent Financial Markets Pty Ltd (Australia):

  • Standard account: $50
  • Cent account: $50
  • Ultra account: $50

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

Deposit

FBS supports deposits with bank transfers, credit and debit cards, and popular e-wallets like Neteller, and Skrill.

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

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

Payment MethodSubmitted DateFunded Account DateFunding TimeFee
Credit card2021-04-212021-04-21Instant0
Neteller2021-04-152021-04-15Instant0
Skrill2021-04-152021-04-15Instant0
FBS Deposit Methods
FBS Deposit Methods

Withdrawal

FBS allows withdrawals with bank transfers, credit and debit cards, and online wallets like Neteller and Skrill.

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

The broker charged an unnecessary 5% fee on our Neteller withdrawal. Though not usual, the broker already notified that it might charge this 5% fee in some withdrawal methods.

Details of our withdrawal requests are in the table below.

Payment MethodSubmitted DateFund Released DateFund Arrived DateWithdrawal TimeFee
Credit card2021-04-212021-04-212021-04-215 hours0
Neteller2021-04-212021-04-212021-04-211 hours5%
Skrill2021-04-212021-04-212021-04-212 hours0
Skrill2021-04-212021-04-212021-04-211 hours0

To process withdrawal requests, FBS requires the submission of a verification code, which the broker sends to the registered email.

When we initiated the withdrawal request on the credit card, the broker asked us to provide a copy of our bank card (both sides) for verification.

We tried to withdraw 50 EUR to our Neteller account but it was rejected. We received an email saying we need to withdraw most of the amount first to the Skrill account and then the rest to the Neteller account.

Markets and Products

FBS offers CFDs trading services with forex, indices, stocks, and commodities instruments. Only the Australian entity offers cryptocurrency CFDs trading.

The complete list of FBS offerings are:

MarketsInstruments
Forex43
Indices11
Stocks39
Commodities9
Cryptocurrencies5

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

Trading Conditions

FBS offers are decent trading conditions. The broker allows hedging and scalping strategies but retail traders cannot change leverage levels.

Trading MethodAllowed
HedgingYes
ScalpingYes
Change LeverageNo (only professional traders can change leverage levels)

Leverage

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

MarketsTradestone LtdFBS Markets IncIntelligent Financial Markets Pty Ltd
Major Currency Pairs30:1888:130:1
Non-Major Currency Pairs20:1200:120:1
Gold20:1888:120:1
Other Commodities (except Gold)10:125:110:1
Indices5:1100:120:1
Stocks5:110:15:1
CryptocurrenciesNANA2:1

Trading Platform

FBS offers the following forex trading platforms:

  • MetaTrader 4 (Desktop, web, and mobile)
  • MetaTrader 5 (Desktop, web, and mobile)
  • FBS Trader (Only on mobile)

FBS Trader is the proprietary trading platform of the broker, while both the MetaTrader platforms are developed by a third-party company named MetaQuotes Software.

We executed all our trades on the MetaTrader 5 trading platform.

FBS Trading Platforms
FBS Trading Platforms

Copy Trading

FBS offers copy-trading services under FBS Markets Inc, which is regulated in Belize. The service is available to traders with standard and micro accounts.

FBS Copy-Trading
FBS Copy-Trading

Bonus

FBS offers several deposit bonus programs for new traders under the Belize-authorized entity.

Quick Start Bonus

FBS traders can receive a $100 no-deposit bonus. Traders need to complete a 7-step tutorial and trading with this amount to the profits generated from the bonus.

Maximum payout$100
Minimum depositNA
Available instrumentAll instruments

Level-Up Bonus

Traders need to open a Level Up Bonus account to get this bonus. Traders need to open login from both web and mobile devices to get the full $140 bonus.

Profits generated from the bonus amount can be withdrawn only after trading for 20 days.

Maximum payout$140
Minimum depositNA
Available instrumentAll instruments

Cashback

Both new and existing FBS traders can receive 20% cashback on the trading spreads.

Maximum payout$120
Minimum depositNA
Available instrumentAll instruments
Trading RequirementMin. 5 lots or max. 60 lots have to be traded in 30 days
FBS Bonus
FBS Bonus Program

Research and Tools

FBS offers various tools and features for market research and analysis.

Tools offered by the broker include:

  • Charting tools
  • Economic calendar
  • Signals and indicators
  • Trading ideas
  • Expert analysis
  • Sentiment charts
  • Newsfeed
FBS Market Analysis
FBS Market Analysis

Education

FBS offers extensive educational resources to the traders.

The broker’s educational materials only include:

FBS Educational Material
FBS Webinars

Customer Service

FBS offers excellent customer support.

Traders can contact the broker via:

  • Live chat (also available on Facebook, Telegram, and WeChat)
  • email
  • Scheduled phone call

The support staff is available 24/7.

Our experience with FBS customer support was good.

The support staff on both live chat and email was quick to respond and provided accurate and detailed answers.

QuestionResponse TimeQuality of reply
Live ChatAsked why our credit card deposit was declined1 minuteClear and accurate
EmailAsked several questions about their withdrawal fees, trading commissions, and trading conditions2 hoursClear and very detailed
FBS Customer Support
FBS Customer Support

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

Conclusion

Our overall experience with FBS was positive.

The spreads charged on our forex, stocks, and indices trades were much lower than the industry average. And the onboarding experience was also smooth.

FBS allows hedging and scalping, but leverage change is not allowed to retail traders.

The broker does not usually charge fees for deposits but we were charged with an unusual $5 fee on Neteller deposits. We recommend traders use a credit card for deposits and withdrawals.

The customer support was also excellent and the answers provided to us were clear and detailed.

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


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GO Markets Review 2021

For this GO Markets review, we opened a live account and deposited over €4,500.

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

We reached out to 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 GO Markets

GO Markets is a global forex broker founded in 2009 with its headquarters located in Australia.

The broker is licensed in Australia, Cyprus, the UAE and Seychelles.

GO Markets offers hundreds of tradable instruments in the following categories, Forex pairs, indices, metals, commodities and shares.

The broker offers a limited number of tradable instruments as compared to industry leaders.

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

🗺️ Authorised & Regulated inCyprus, Australia, UAE, Seychelles
🛡️ Is GO Markets safeYes
💰 EUR/USD Spread1.02
💳 Minimum depositAUD$ 200
💰 Withdrawal fee$0
🖥️ Trading PlatformMT4, MT5
📈 Markets offeredForex, Indices, Metals, Commodities, Shares
📉 Number of Products378

Licenses and Regulations

Go Markets is licensed by 4 global regulators, including the top-tier Australian Securities and Investments Commission (ASIC), the Cyprus Securities and Exchange Commission (CySEC), the UAE Securities & Commodities Authority (SCA) and Seychelles’ Financial Services Authority (FSA).

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

Legal entityRegistered inRegulatorLicense NumberAccepting Clients FromCompensation Scheme Amount
GO Markets LtdCyprusCyprus Securities & Exchange Commission (CySEC)322/17EU€20,000
GO Markets Pty LtdAustraliaAustralian Financial Services License (AFSL)254963Australia, Globally many countriesNo compensation scheme
GO Markets MENA DMCCUAEUAE Securities & Commodities Authority (SCA)Middle EastNo compensation scheme
GO Markets International LtdSeychellesSeychelles Financial Services Authority (FSA)SD043SeychellesNo compensation scheme
GO Markets ASIC (Australian Securities and Investments Commission) Registration
GO Markets ASIC License

Is GO Markets Safe

Yes, GO Markets is safe to trade. The broker is regulated by the top-tier Australian Securities and Investments Commission (ASIC), which has strict rules and enforcement procedures.

The broker is also licensed by Cyprus’ CySEC, the UAE’s SCA and Seychelles’ FSA. The CySEC guarantees investors’ deposit compensation of up to €20,000 if the broker goes bankrupt.

We had a smooth experience when trading with GO Markets.

For this review, we opened an MT4 standard account with GO Markets Limited, licensed by the Cyprus Securities and Exchange Commission (CySEC). We deposited money into the account, placed trades, and later withdrew our funds.

We recommend that you open your account with the Australian or Cypriot entities if they are available to you. Australia’s ASIC does not offer deposit compensation but is regarded as a tier 1 regulator because of its strict rules.

Meanwhile, the CySEC offers deposit protection of up to €20,000 if the broker becomes insolvent.

Fees and Commissions

GO Markets charges both low and high fees for trading the main assets on offer. The fees charged for trading Forex pairs, and commodities, are lower than industry benchmarks.

However, the average fees charged on indices such as the FTSE 100 are much higher than industry averages.

Two of the three accounts offered by GO Markets charge both a commission and a spread on trades. Only the Standard MT4 account charges a spread only with zero commissions.

Spread Charged in our Trades

For our tests, we traded the most popular instrument in each market. We placed 3 trades per instrument to get an accurate estimate of the average spread. We tested GO Markets’ Standard Account on the MT4 platform, which charges a spread on all instruments.

MarketsInstruments1st trade 2nd trade 3rd trade Avg. Spread
ForexEUR/USD11.0511.02
IndicesFTSE 1004444.00
CommoditiesGold2.42.552.352.43

We executed all our trades via the MetaTrader 4 mobile app on our iPhone.

A deeper look at the spreads charged in our trades revealed that they were mixed. The spreads on Forex and commodity trades were lower than industry averages. However, the spreads on indices were much higher than industry benchmarks, as shown below.

MarketsInstrumentsAvg. Spread ChargedIndustry Avg. Spread
ForexEUR/USD1.021.6
IndicesFTSE 1004.001.5
CommoditiesGold2.433.8

Other fees

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

Account Types

GO Markets offers 3 account types with slight differences. The accounts are known as the Standard account, the GO Plus+ account and the Pro account.

Here are the differences outlined below:

GO Plus+ AccountStandard AccountPro Account
Trading PlatformsMetaTrader 4 & 5MetaTrader 4 & 5, CTraderMetaTrader 4 & 5
Account CurrencyAUD/ USD/ EUR/ GBP/ NZD/ CAD/ SGD/ CHF/
HKD
AUD/ USD/ EUR/ GBP/ NZD/ CAD/ SGD/ CHF/
HKD
AUD/ USD/ EUR/ GBP/ NZD/ CAD/ SGD/ CHF/
HKD
Minimum DepositA$200A$200US$3,000
CommissionA$3.00 per side on standard lotsZero
US$3.5 per side on standard lots
Order ExecutionMarket ExecutionMarket ExecutionMarket Execution
SpreadFrom 0From 1From 0
Note

GO Markets offers swap-free Islamic Accounts to Muslim clients only. These accounts do not attract a swap fee for positions held overnight but charge an administration fee for trades held for more than 3 nights.

For our tests, we chose to open the Standard MT4 Account.

Account Opening

GO Markets account opening is quick and seamless. We went through the entire process and completed it digitally.

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

  1. Enter your country, first and last name, email, referrer ID, promo code, and phone number.
  2. Provide your date of birth and tax details, including clarifying if you are a US citizen or a politically exposed individual.
  3. Enter your education level, employment status, and the nature of your business.
  4. Answer detailed questions about your trading experience covering topics such as different order types, the margin required for different lot sizes, and the impact of market moves on profits and losses.*
  5. Enter your income sources, estimated annual income, net worth, the purpose of your trading, how much money you intend to invest.
  6. Verify your account.
GO Markets Account Opening
GO Markets Account Opening

The registration process took 27 minutes, and our account was approved in 2 hours.

GO Markets is the only broker we have found asking detailed trading questions to verify your trading experience.

We provided our ID and a bank statement to verify our account.

For this test, we opened the Standard MT4 Account with GO Markets Limited, which the CySEC regulates.

Deposit and Withdrawal

GO Markets offers free and fast deposits and withdrawals. Traders can deposit and withdraw from their accounts via bank transfers, credit and debit cards, and e-wallets such as Skrill, PayPal, and Neteller.

GO Markets Deposit Methods
GO Markets Credit Card Deposit

Minimum Deposit

GO Markets has a minimum deposit requirement of A$200 on its GO Plus+ and Standard accounts. The Pro account has requires a minimum deposit of US$3,000.

Deposit

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

The table below shows the details of our deposits:

Payment MethodSubmitted DateFunded Account DateFunding TimeFee
Skrill19 March 2021 19 March 2021Instant€0.00
Credit Card19 March 202119 March 2021Instant€0.00
NetellerN/AN/AN/A€0.00

We were unable to fund our account using Neteller as our deposit attempt failed. We got the following error message from Neteller: “Unfortunately, we could not process the payment.”

Withdrawal

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

GO Markets does not charge a fee on withdrawals.

Payment MethodSubmitted DateFunds Released DateFunds Arrived DateWithdrawal TimeFee
Credit card22 March 202124 March 202124 March 20212 working dayszero
Skrill19 March 202126 March 202129 March 20217 working dayszero
NoteOur 1800 EUR Skrill withdrawal was on hold for many days and we had to send an email to follow up.

We had a few challenges while withdrawing our funds. We made an 1800 EUR withdrawal via Skrill and a 3030.25 EUR withdrawal via credit card. We received EUR 3,000 to our credit card and EUR 30.25 to our Skrill account.

However, our EUR 1800 was pending for several days until we sent a follow-up email, and the broker released the funds on the same day.

Markets and Products

GO Markets offers various tradable instruments in the Forex, indices, stocks, and commodities markets.

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

MarketsInstruments
Forex52
Indices14
Stocks306
Commodities6
Cryptocurrencies0

The broker’s collection of stock CFDs is adequate, but some competitors offer thousands of tradable instruments. However, traders located in the European Union do not have access to stock CFDs.

Trading Conditions

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

GO Markets also allows traders to run automated strategies powered by Expert Advisors (EAs). Traders can use the VPS service to run non-stop automated strategies remotely.

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

Trading MethodAllowed
HedgingYes
ScalpingYes*
Change LeverageYes

*Traders registered under GO Markets International Ltd cannot deploy scalping strategies as the strategy is not allowed.

Leverage

GO Markets offers its clients various leverage levels based on the entity under which their account is registered.

Traders are also allowed to change their account’s leverage levels after registration.

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

MarketsGO Markets LtdGO Markets Pty LtdGO Markets International Ltd
Major Currency Pairs30:130:1300:1
Non-major Currency Pairs20:120:1200:1
Gold20:120:1150:1
Other Commodities (except gold)10:110:1100:1
Indices5:120:1100:1
Stocks5:15:15:1
Cryptocurrencies1:12:120:1

Bonus

GO Markets does not offer bonuses to its clients.

Trading Platform

GO 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.

GO Markets MT4 Trading Platform
GO Markets MT4 Platform

The broker’s WebTrader platform offers the premium MT4 and MT5 Genesis advanced plugins available only on Windows computers. Clients also have access to social trading features via the Myfxbook integration.

We found the MT5 platform to be a bit more modern than the MT4 trading platform, which feels a bit dated.

Research and Tools

GO Markets provides market research via the features found on the MetaTrader platforms such as Trading Central., which provides trade insights from analysts, pattern recognition indicators and much more.

Traders also have access to Autochartist for real-time trading alerts and volatility analysis on both the MT4 and MT5 web platforms. Algorithmic traders also get access to a Virtual Private Server (VPS) and a-Quant daily trading signals based on machine learning/artificial intelligence.

The broker also provides the advanced MT4 and MT5 Genesis add-ons, a series of expert advisors (EAs) that can be easily added to a live trading account. The add-on helps traders who are not coders to use automated strategies.

MetaTrader’s charting resources are okay, but the platform’s design and functionality are a bit outdated.

Go Markets Analytics Tools
Go Markets MT4 VPS

The broker also provides news, podcasts, an economic calendar and much more.

Education

GO Markets offers several learning resources within its education centre. The broker provides over a Forex Trading Handbook that offers an introduction to the Forex markets for beginner traders.

The broker also offers a series of MT4 tutorials that explains all the platforms features helping new traders understand how to use the platform.

Traders also have access to a series of free Forex education courses split into two tracks, with the ‘First Steps in Forex’ course catering to beginner traders. The ‘Next Steps in Forex’ course caters to intermediate traders.

GO Markets Educational Material
GO Markets Webinars

Customer Service

GO Markets’ customer service team was very helpful and gave us direct and accurate answers to our questions. Our first contact with the team was via live chat, where we asked about the 30% bonus, the order execution types and withdrawal fees.

We received a fast response from the agent, who clarified that there was no ongoing promotion. The order execution type is market execution, and the brokers do not charge a fee on deposits and withdrawals.

GO Markets Customer Support
GO Markets Customer Support Live Chat

You can reach the GO Markets customer support team via email and live chat. We asked our second query via email to know how long it would take to receive our Skrill and credit card withdrawals.

We got a response in four hours saying that Skrill and Neteller withdrawals are instant and should take a maximum of 10 minutes, while credit cards withdrawals are processed within 24 hours and should reflect in our account within three days.

Here are the results of our test below:

QuestionResponse TimeQuality of reply
Live chatWe asked if the 30% bonus still live? What’s the order execution type? Do you charge any withdrawal fees?We reached a support agent within 2 minutes.It was direct, fast and accurate.
EmailHow long time it will take to receive fund withdrawn via Skrill and Credit card?We received feedback within 4 hours. It was direct and accurate.

Conclusion

Overall, our experience with GO Markets was good, from the account opening to the deposit and trading process.

The broker doesn’t charge a deposit or withdrawal fee, but we could not use Neteller as a payment method despite the broker offering it as an option. Our Skrill withdrawal was delayed due to technical issues.

The broker’s customer support team was accommodating and responsive, as evidenced by the swift live chat responses. The email response times were average.

We recommend the broker for traders who run scalping, hedging, and automated trading strategies.

We also recommend GO Markets to all traders from beginners, intermediate and advanced traders who can all benefit from its services.


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Amana Capital Review 2021

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

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

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

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

What is Amana Capital?

Amana Capital is well-known forex and contracts for difference (CFDs) broker with offices in Dubai, London, Limassol, and Beirut.

The broker was founded in 2010 and operates globally. It is regulated in countries like the United Kingdom, the United Arab Emirates, Cyprus, Malaysia, and Mauritius.

The offerings of Amana Capital include trading with forex, indices, commodities, cryptocurrencies, and shares CFDs.

Some of the highlights of Amana Capital are:

🗺️ Authorised & Regulated inUK, Cyprus, UAE, Lebanon, Malaysia, Mauritius
🛡️ Is Amana Capital safeYes
💰 EUR/USD Spread1.43
💳 Minimum depositUS$50
💰 Withdrawal feeUS$0 (with many exceptions)
🖥️ Trading PlatformMT4, MT5
📈 Markets offeredForex, Indices, Stocks, Commodities, Cryptocurrencies
📉 Number of Products392 (depends on the jurisdiction)

Licenses and Regulations

Amana Capital holds licenses from 6 regulators. 

The broker is regulated in the UK, the UAE, Cyprus, Lebanon, Malaysia, and Mauritius. The UK’s FCA and the UAE’s DFSA are considered as two of the top global financial regulators.

The full list of Amana Capital licenses is below:

Legal entityRegistered inRegulatorLicense numberAccepting clients fromCompensation scheme amount
Amana Financial Services UK LimitedUnited KingdomFinancial Conduct Authority (FCA)605070United Kingdom, Global£85,000
Amana Financial Services (Dubai) LimitedUnited Arab EmiratesDubai Financial Services Authority (DFSA)F003269Middle EastNo compensation scheme
Amana Capital Ltd
Cyprus
Cyprus Securities and Exchange Commission (CySEC)155/11European Union€20,000
Amana Capital SALLebanonLebanese Capital Markets Authority (CMA)26NANo compensation scheme
AFS GlobalMalaysiaLabuan Financial Services Authority (LFSA)MB/18/0025GlobalNo compensation scheme
ACG International LimitedMauritiusFinancial Services Commission – Mauritius (FSC)C118023192GlobalNo compensation scheme

Amana Capital is not accepting accounts through Amana Capital SAL anymore due to the banking crisis in Lebanon and the very tough rules of the central bank of Lebanon.

Amana Capital DFSA (Dubai Financial Services Authority) Registration
Amana Capital DFSA License

Is Amana Capital Safe?

Yes, Amana Capital is a safe broker.

The broker is well-regulated with a total of 6 licenses. It is also overseen by the UK’s FCA and the UAE’s DFSA, two well-reputed financial market regulators. 

The FCA and the CySEC also offer compensation schemes of £85,000 and €20,000, respectively, to protect clients’ funds. 

For our tests, we opened an MT5 Amana Classic account with Amana Financial Services UK Limited, which is regulated by Financial Conduct Authority (FCA) in the UK.

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

Fees and Commissions

Amana Capital’s trading fees are mostly built into spreads. The broker charges commission on share CFDs trading and for all asset classes on its top-tier accounts.

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

Spread Charged in Our Trades

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

Our test is based on Amana Capital’s Amana Classic account. Spreads for our trades remained stable with minor deflections for all asset classes.

Details of our trades are shown below the table.

MarketsInstruments1st trade2nd trade3rd tradeAvg. spread
ForexEUR/USD1.451.451.41.43
IndicesFTSE 1001.81.81.81.8
StocksApple0.450.40.40.42
CommoditiesGold4.554.154.354.35

Our testing finds that spreads on forex and share CFDs are lower than the industry average. Spreads on indices and commodities are, however, on the higher side.

MarketsInstrumentsAvg. spread charged in our tradesIndustry avg. spread
ForexEUR/USD1.431.6
IndicesFTSE 1001.81.5
StocksApple0.421.5
CommoditiesGold4.353.8

Other Fees

Amana Capital charges deposit and withdrawal fees on most of the methods. It does not have any account maintenance or inactivity fees.

Withdrawal and deposit fees on Amana Capital are detailed below:

Deposit feeWithdrawal fee
Wire Transfer£6None
Amana Prepaid Cards$31.5%
Credit/debit card
(Visa, Mastercard, Maestro)
1.5%None
Debit Card (Union Pay)None0.5%
Neteller3.9% + $0.292% Capped at $30
Skrill3.9% + $0.291%
E PayNoneNone
Perfect Money, Payeer, AdvCash5%None
WebMoney2.8%2.8%
Moneta4.95%4.9%
Qiwi6.5%2%
Fast Bank Transfer2.5% or €1 or €2None
FasaPayFree0.5% capped at $5

Account Types

Amana Capital offers four account types: Amana Classic, Amana Active, Shares Account, and Amana Elite.

Amana Active account is eligible to clients with a minimum funding of $25,000 and $100 million of volume per calendar month.

Details of all Amana Capital accounts are:

Amana ClassicAmana ActiveShares AccountAmana Elite
Trading PlatformsMetaTrader 4, MetaTrader 5MetaTrader 4, MetaTrader 5MetaTrader 5MetaTrader 5
Account CurrencyUSD, GBP, EURUSD, GBP, EURUSD, EURUSD, GBP, EUR
Minimum deposit$50$25,000NA$250,000
Commission0 Commission on FX,0 Commission on Cash CFDs,$10 / lot on Futures CFDs,0.02$ / Share on Share CFDs (min 15$/tx)$30 per 1M on FX, $0 on Cash CFDs, $5 per lot on Future CFDs0.02$ / Share ($15 minimum/transaction)Raw spread + 4 to 6 $ commission round trip
Order executionMarket ExecutionMarket ExecutionInstant ExecutionMarket Execution
SpreadFrom 1.4From 0.1From 0From 0

Amana Capital also offers swap-free Islamic accounts, joint accounts, and corporate accounts.

Account Opening

Our overall experience of opening a new account with Amana Capital was smooth and fast.

We opened a MetaTrader 5 Amana Classic account for our tests under the FCA-regulated entity.

The process of registration of a new Amana Capital account:

  1. Fill the initial registration form with details like account type, first name, last name, email, mobile number, and the preferred Amana entity. 
  2. Click on the link sent to the registered email to proceed with the registration process.
  3. Enter trading platform, base currency, nationality, passport number (optional), date of birth, address, employment type, and educational level.
  4. Answer questionnaires on trading knowledge and experience.
  5. Provide details on the source of funds, intended initial investment, funding method, estimated annual income, estimated net worth, TIN number.

We submitted the following documents to verify our Amana Capital account:

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

The registration process took around 14 minutesOur account was verified on the same working day, within 6 hours.

Our account was registered on March 25, 2021, and approved on the same day.

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

Amana Capital Account Opening
Amana Capital Account Opening

Deposit and Withdrawal

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

However, the broker charges high deposit and withdrawal fees on most of the methods.

Minimum Deposit

The minimum deposit on Amana Capital varies with the account types.

  • Amana Classic account: $50
  • Amana Active account: $25,000
  • Shares account: None
  • Amana Elite account: $250,000

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

Deposit

Amana Capital supports deposits with bank transferscredit and debit cards, online wallets like Neteller and Skrill, and many other popular regional methods.

The broker charges heavy fees on deposits.

The deposit methods also depend on the account jurisdiction.

We tested the deposit process on Amana Capital using a credit card, Neteller, and Skrill.

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

Payment MethodSubmitted DateFunded Account DateFunding TimeFee
Credit card2021-03-312021-03-311 hour1.5%
Neteller2021-03-312021-03-315 minutes3.9% + $0.29
Skrill2021-03-312021-03-316 minutes3.9% + $0.29
Amana Capital Deposit Methods
Amana Capital Deposit

Withdrawal

Amana Capital allows withdrawals with bank transfers, credit and debit cards, online wallets like Neteller and Skrill, and many other popular regional methods, same as the deposit methods.

Though a few key withdrawal methods are free, the broker charges fees for most of the methods.

Overall, our experience with the Amana Capital withdrawal process was positive, except for the fees.

Details of our withdrawal requests are in the table below.

Payment MethodSubmitted DateFund Released DateFund Arrived DateWithdrawal TimeFee
Credit card2021-04-012021-04-012021-04-021 working dayzero
Neteller2021-04-012021-04-012021-04-014 hous2%
Skrill2021-04-012021-04-012021-04-012 hours1%

Markets and Products

Amana Capital offers CFDs trading services with forex, indices, stocks, commodities, and cryptocurrencies instruments.

The complete list of Amana Capital’s offerings are:

MarketsInstruments
Forex64
Indices20
Stocks and ETFs286
Commodities18
Cryptocurrency4

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

Trading Conditions

Amana Capital offers excellent trading conditions, allowing both hedging and scalping strategies. Traders can change leverage levels as well.

Trading MethodAllowed
HedgingYes
ScalpingYes
Change LeverageYes

Leverage

Leverages offered by Amana Capital on various asset class are standard, as per the regulatory requirements, and are detailed below:

MarketsAmana Financial Services UK LimitedAmana Capital LtdAmana Financial Services (Dubai) LimitedAFS GlobalACG International Limited
Major Currency Pairs30:130:1400:1500:12000:1
Non-Major Currency Pairs20:120:1400:1100:1500:1
Gold20:120:1200:1100:1500:1
Other Commodities (except Gold)10:110:150:1100:1200:1
Indices5:15:1200:1100:12000:1
Stocks5:15:110:110:110:1
CryptocurrenciesNA2:120:12:1100:1

Bonus

Amana Capital offers three promotional offers to traders under its Malaysia-regulated entity.

  1. Bonus of $200 on deposits of $1,000
Maximum payout$1000
Minimum deposit$1000
Available instrumentAll CFDs (excluding CFDs on shares, cryptocurrencies and cash indices), forex, precious metals, and commodity futures

Requirements for the bonus:

DepositBonusMinimum lots required
$1,000$20014
$2,000$40028
$3,000$60042
$4,000$80056
$5,000$1,00070

2. Rebate Bonus

Maximum payout$1000
Minimum deposit$1000
Available instrumentAll CFDs (excluding CFDs on shares, cryptocurrencies and cash indices), forex, precious metals, and commodity futures

Details on the rebate:

Consecutive trading days30 days (Tier 1)60 days (Tier 2)90+ days (Tier 3)
Rebates per lot$1 per lot$1.5 per lot$2 per lot
Max cap payout$500$750$1,000

Amana Capital clients are entitled to a rebate bonus once and it is applicable to all tiers.

3. 50% money back on lossing trades

Amana Capital clients are entitled to receive a 50% of their losses, up to $1,000, for the first month of trading, which starts from the date of the initial deposit.

Amana Capital Bonus
Amana Capital Promotions

Copy Trading

Amana Capital offers copy trading services with ZuluTrade, which is a third-party platform.

Amana Capital Copy Trading
Amana Capital Copy Trading

Trading Platform

Amana Capital offers MetaTrader 4 and MetaTrader 5 platforms to the traders. These are industry standard third-party platforms developed by the company MetaQuotes Software.

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

Amana Capital Trading Platforms
Amana Capital Trading Platforms

We executed all our trades on MetaTrader 5 platform.

Research and Tools

Amana Capital offers some excellent market research and analysis tools.

Tools offered by the broker include:

  • Impressive charting tools
  • Market research using RiskPulse
  • Trading signals using Autochartist and Trade Captain
  • Economic calendar
  • Forex VPS
  • Newsfeed
Amana Capital Analytics Tools
Amana Capital VPS

Education

Amana Capital offers decent educational resources.

The broker’s educational materials include:

Amana Capital Educational Material
Amana Capital Educational Material

Customer Service

Amana Capital has excellent customer support.

Traders can contact the broker via:

  • Live chat 
  • email
  • Phone

The support staff is available only on weekdays.

Our experience with Amana Capital customer support was very good.

The support staff on both live chat and email was quick enough to answer our query accurately and in detail.

QuestionResponse TimeQuality of reply
Live ChatAsked questions on withdrawal priority1 minuteClear and accurate
EmailAsked several questions on the trading account, spread, leverage, and their entities2 hoursClear and accurate
Amana Capital Customer Support
Amana Capital Customer Support Live Chat

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

Conclusion

Our overall experience with Amana Capital was positive.

The broker offers attractive spreads on forex and stock CFDs with fast execution.

Account opening, deposits, and withdrawals are also smooth and fast on Amana Capital. However, we did not like the fees on deposits and withdrawals. We recommend traders to use credit cards for deposits and withdrawals as the fees with this are the lowest.

Our experience with customer support was again excellent as the responses were fast, clear, and detailed.

We recommend Amana Capital to forex traders who run EA and follow strategies like scalping and hedging.


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ThinkMarkets Review 2021

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

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

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

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

What is ThinkMarkets?

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

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

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

Some of the highlights of ThinkMarkets are:

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

Licenses and Regulations

ThinkMarkets holds 4 regulatory licenses. 

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

The full list of ThinkMarkets’ licenses is below:

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

Is ThinkMarkets Safe?

Yes, ThinkMarkets is a safe broker

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

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

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

Fees and Commissions

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

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

Spread Charged in Our Trades

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

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

Details of our trades are shown below the table.

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

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

MarketsInstrumentsAvg. spread charged in our tradesIndustry avg. spread
ForexEUR/USD1.31.6
IndicesFTSE 1000.71.5
StocksApple31.5
CommoditiesGold3.933.8
CryptocurrenciesBitcoin30.0845

Other Fees

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

Account Types

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

Details of the two ThinkMarkets accounts are:

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

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

Account Opening

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

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

The process of registration of a new ThinkMarkets account:

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

We submitted the following documents to verify our ThinkMarkets account:

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

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

Our account was registered on March 26, 2021, and approved on March 29, 2021.

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

ThinkMarkets Account Opening
ThinkMarkets Account Opening

Deposit and Withdrawal

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

Minimum Deposit

The minimum deposit on ThinkMarkets varies with the account types.

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

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

Deposit

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

The broker does not charge any fees for deposits.

Some of the deposit methods also vary with the jurisdiction.

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

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

Payment MethodSubmitted DateFunded Account DateFunding TimeFee
Credit card2021-03-292021-03-29Instantzero
PayPal2021-03-292021-03-29Instantzero
ThinkMarkets Deposit Methods
ThinkMarkets Deposit Methods

Withdrawal

ThinkMarkets allows withdrawals via bank transfer, credit/debit card, and online wallets. There are no fees for withdrawal requests.

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

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

Details of our withdrawal requests are in the table below.

Payment MethodSubmitted DateFund Released DateFund Arrived DateWithdrawal TimeFee
Credit card2021-03-302021-03-312021-03-311 working dayzero
PayPal2021-03-312021-03-312021-03-311 hourzero

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

Markets and Products

ThinkMarkets offers CFDs trading services with forex, indices, stocks, commodities, and cryptocurrencies instruments. The broker also offers stock trading with physical delivery in Australia.

The complete list of ThinkMarkets offerings are:

MarketsInstruments
Forex40
Indices22
Stocks and ETFs1552
Commodities10
Cryptocurrency4

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

Trading Conditions

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

Trading MethodAllowed
HedgingYes
ScalpingYes
Change LeverageYes

Leverage

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

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

Copy Trading

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

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

Trading Platform

ThinkMarkets offers the following trading platforms:

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

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

ThinkMarkets Trading Platforms
ThinkMarkets Trading Platforms

Research and Tools

ThinkMarkets offers good market research and analysis tools.

Some of the key tools offered by the broker are: 

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

Education

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

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

ThinkMarkets Educational Material
ThinkMarkets Webinars

Customer Service

ThinkMarkets has excellent customer support.

Traders can contact the broker via:

  • Live chat 
  • email
  • Phone

The support staff is available 24/7.

Our experience with ThinkMarkets customer support was excellent.

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

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

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

Conclusion

Our overall experience with ThinkMarkets was good.

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

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

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

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


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Vantage FX Review 2021

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

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

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

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

What is Vantage FX?

Vantage FX is a forex and contract for difference (CFDs) broker, known for offering forex ECN pricing.

The broker was founded in 2009 and is headquartered in Sydney, Australia.

Vantage FX is regulated in the United Kingdom, Australia, Vanuatu, and The Cayman Islands. Its offerings include trading with forex, indices, commodities, cryptocurrencies, and shares CFDs.

Some of the highlights of Vantage FX are:

🗺️ Authorised & Regulated inUK, Australia, Vanuatu, Cayman Islands
🛡️ Is Vantage FX safeYes
💰 EUR/USD Spread1.15
💳 Minimum depositUS$200
💰 Withdrawal feeUS$0 (with some exceptions)
🖥️ Trading PlatformMT4, MT5
📈 Markets offeredForex, Indices, Stocks, Commodities, Cryptocurrencies
📉 Number of Products310 (depends on the jurisdiction)

Licenses and Regulations

Vantage FX holds 4 regulatory licenses. 

The broker is regulated by Australia’s ASIC and the UK’s FCA, both regarded as reputed financial regulators. The other two licenses are from the regulators in Vanuatu and The Cayman Islands.

The full list of Vantage FX licenses is below:

Legal entityRegistered inRegulatorLicense numberAccepting clients fromCompensation scheme amount
Vantage International Group LimitedThe Cayman Islands Cayman Islands Monetary Authority (CIMA)1383491GlobalNo compensation scheme
Vantage Services LimitedVanuatuVanuatu Financial Services Commission (VFSC)700271GlobalNo compensation scheme
Vantage Global Prime Pty Ltd
Australia
Australian Securities and Investments Commission (ASIC)428901AustraliaNo compensation scheme
Vantage Global Prime LLPUnited KingdomFinancial Conduct Authority (FCA)590299United Kingdom, Global£85,000

Apart from the Vantage FX brand, the group also runs another forex and CFDs broker brand, Moneta Markets. This review is only for the Vantage FX brand.

Vantage FX VFSC (Vanuatu Financial Services Commission) Registration
Vantage FX VFSC License Page

Is Vantage FX Safe?

Yes, Vantage FX is a safe broker

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

For our tests, an MT5 Standard STP account with Vantage Services Limited, which is regulated by Vanuatu Financial Services Commission (VFSC).

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

Fees and Commissions

Vantage FX fees depend on the account type. Its fees are built into spreads for Standard STP account. For Raw and Pro ECN accounts, the broker charges commission along with zero spreads or low spreads.

Spreads for our trades were much below the average industry benchmark for all asset classes we traded.

Raw ECN account commissions table:

Trading Account
Currency
Commission per 0.01 LOTS
(1000 base currency)
Commission per 1 LOT
(100,000 base currency)
AUDAUD $0.03
(round turn $0.06)
AUD $3
(round turn $6)
USDUSD $0.03
(round turn $0.06)
USD $3
(round turn $6)
GBPGBP £0.02
(round turn £0.04)
GBP £2
(round turn £4)
EUREUR €0.025
(round turn €0.05)
EUR €2.5
(round turn €5)
SGDSGD $0.035
(round turn $0.07)
SGD $3.50
(round turn $7)
JPYJPY ¥2.75
(round turn ¥5.50)
JPY ¥275
(round turn ¥ 550)
NZDNZD $0.0325
(round turn $0.065)
NZD $3.25
(round turn $6.50
CADCAD $0.03
(round turn $0.06)
CAD $3
(round turn $6)

Pro ECN account commission charges:

Trading Account
Currency
Commission per 0.01 LOTS
(1000 base currency)
Commission per 1 LOT
(100,000 base currency)
AUDAUD $0.02
(round turn $0.04)
AUD $2
(round turn $4)
USDUSD $0.0175
(round turn $0.035)
USD $1.75
(round turn $3.5)
GBPGBP £0.0125
(round turn £0.025)
GBP £1.25
(round turn £2.5)
EUREUR €0.015
(round turn €0.03)
EUR €1.5
(round turn €3)
CADCAD $0.02
(round turn $0.04)
CAD $2
(round turn $4)
JPYJPY ¥1.75
(Round turn ¥3.50)
JPY ¥175
(Round turn ¥350)

Spread Charged in Our Trades

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

Our test is based on Vantage FX’s Standard STP account. The spreads for our trades fluctuated but remained much lower than the average industry benchmark for all asset classes.

Details of our trades are shown below the table.

MarketsInstruments1st trade2nd trade3rd tradeAvg. spread
ForexEUR/USD1.151.11.21.15
IndicesFTSE 1001.050.80.80.88
StocksApple11.511.17
CommoditiesGold2.852.252.152.42
CryptocurrenciesBitcoin18.118.122.8919.70

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

MarketsInstrumentsAvg. spread charged in our tradesIndustry avg. spread
ForexEUR/USD1.151.6
IndicesFTSE 1000.881.5
StocksApple1.171.5
CommoditiesGold2.423.8
CryptocurrenciesBitcoin19.7045

Other Fees

Vantage FX does not have any prominent non-trading fees. The broker offers free deposits and does not have any account maintenance or inactivity fees.

Though withdrawal is free, the broker charges 20 units of the base currency for processing international bank transfers.

Account Types

Vantage FX offers three types of accounts: Raw ECN account, Standard STP account, and Pro ECN account.

Details of all Vantage FX accounts are:

Raw ECN AccountStandard STP AccountPro ECN Account
Trading PlatformsMetaTrader 4, MetaTrader 5MetaTrader 4, MetaTrader 5MetaTrader 4, MetaTrader 5
Account CurrencyAUD, USD, GBP, EUR, SGD, CAD, NZD, JPY, HKDAUD, USD, GBP, EUR, SGD, CAD, NZD, JPY, HKDAUD, USD, GBP, EUR, SGD, CAD, NZD, JPY, HKD
Minimum deposit$500$200$20,000
Commission$3 commissions per standard lotNil$2 commission per standard FX lot
Order executionMarket ExecutionMarket ExecutionMarket Execution
SpreadFrom 0From 1.4From 0

Vantage FX also offers swap-free Islamic accounts and corporate accounts.

Account Opening

Our overall experience of opening a new account with Vantage FX was smooth and fast.

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

The process of registration of a new Vantage FX account:

  1. Enter first name, last name, country, phone, email, and account type (individual, company, or professional).
  2. Provide personal details like date of birth, place of birth, and identification (type and number).
  3. Enter national insurance number, address, taxation country, and declare non-US citizenship.
  4. Provide employment and financial details like employment status, occupation, employment sector, annual income, and estimated size of the investment portfolio.
  5. Provide details on trading knowledge and experience.
  6. Configure the trading account: choose the trading platform, account type, and account currency.

We submitted the following documents to verify our Vantage FX account:

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

The registration process took around 7 minutesOur account was verified on the same working day, in fact, it was verified within 2 hours.

Our account was registered on March 24, 2021, and approved on the same day.

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

Vantage FX Account Opening
Vantage FX Account Opening

Deposit and Withdrawal

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

Minimum Deposit

The minimum deposit on Vantage FX varies with the account types.

  • Standard STP Account: $200
  • Raw ECN Account: $500
  • Pro ECN Account: $20,000

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

Deposit

Vantage FX supports deposits with bank transferscredit and debit cards, and several top online wallets like PayPal, Neteller, and Skrill. The brand also supports broker-to-broker transfer and cryptocurrency deposits with Bitcoin and Tether.

Though deposits are mostly free, China Union Pay transfers might attract a fee of 1.30% to 2.50%.

The deposit methods also depend on the account jurisdiction.

We tested the deposit process on Vantage FX using a credit card, Neteller, and Skrill.

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

Payment MethodSubmitted DateFunded Account DateFunding TimeFee
Credit card2021-03-242021-03-24Instantzero
Neteller2021-03-242021-03-24Instantzero
Skrill2021-03-242021-03-24Instantzero
Vantage FX Deposit Methods
Vantage FX Deposit and Withdrawal

Withdrawal

Vantage FX allows withdrawals via bank transfer, credit/debit card, and online wallets, mostly similar to deposit methods.

Withdrawals are mostly free. For international bank transfers, the broker will charge 20 units of the account base currency, let it be USD, EUR, or AUD. 

Overall, our experience with the Vantage FX withdrawal process was positive. However, the broker charged a 1% fee for our Skrill withdrawal, so we do not recommend you using that method.

Details of our withdrawal requests are in the table below.

Payment MethodSubmitted DateFund Released DateFund Arrived DateWithdrawal TimeFee
Credit card2021-03-242021-03-252021-03-262 working dayzero
Neteller2021-03-252021-03-262021-03-261 working dayzero
Skrill2021-03-262021-03-262021-03-26Few hours1%

Markets and Products

Vantage FX offers CFD trading services with forex, indices, stocks, commodities, and cryptocurrencies instruments.

The complete list of Vantage FX offerings are:

MarketsInstruments
Forex44
Indices16
Stocks and ETFs226
Commodities19
Cryptocurrency5

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

Trading Conditions

Vantage FX offers excellent trading conditions. It allows both hedging and scalping strategies and traders can change leverage levels too.

Trading MethodAllowed
HedgingYes
ScalpingYes
Change LeverageYes

Leverage

Leverages offered by Vantage FX on various asset class are standard, as per the regulatory requirements, and are detailed below:

MarketsVantage Global Prime LLPVantage Global Prime Pty LtdVantage Services LimitedVantage International Group Limited
Major Currency Pairs30:130:1500:1500:1
Non-Major Currency Pairs30:130:1500:1500:1
Gold20:120:1500:1500:1
Other Commodities (except Gold)20:120:1200:1200:1
Indices20:120:1200:1200:1
Stocks5:15:1200:1200:1
CryptocurrenciesNA2:1500:1500:1

Bonus

Vantage FX’s Vanuatu and The Cayman Islands-registered entities offer several promotional schemes to both new and existing global traders.

The 50% deposit bonus promotion under Vantage Services Limited (Vanuatu):

Account typesMT4 STP, MT4 ECN and MT5 accounts
Maximum payoutUp to $250 bonus credits
Minimum deposit$200 and up to $500
EntityVantage Services Limited
RequirementA minimum $100 balance is needed for eligibility

The 10% rebate program under Vantage Global Limited (The Cayman Islands):

Account typesMT4 STP accounts
Maximum payout$20,000
Minimum deposit$1,000 and up to $20,000
EntityVantage Global Limited
RequirementA minimum $100 balance is needed for eligibility

The broker also offers rebates on trading fees to active traders (with an account balance of at least $10,000).

Active Traders promotion structure for new traders:

Minimum DepositRebate amount per 1 standard FX lotRebate amount
$10,000$2$1,000
$30,000$4$3,000
$100,000$6$10,000
$300,000$8$30,000

Active Traders promotion structure for existing traders:

Minimum DepositRebate amount per 1 standard FX lotRebate amount
$10,000$230% redeposit bonus
$30,000$430% redeposit bonus
$100,000$630% redeposit bonus
$300,000$830% redeposit bonus

Vantage FX also runs a referral program, offering $150 for each referral and an additional $100 to the new client joined with the referral link.

Vantage FX Bonus
Vantage FX Bonus

Copy Trading

Vantage FX provides its copy trading platform with three third-party service providers:

  • ZuluTrade
  • MyFXBook Autotrade
  • DupliTrade

Trading Platform

Vantage FX offers MetaTrader 4 and MetaTrader 5 platforms to the traders. These are industry standard third-party platforms developed by the company MetaQuotes Software.

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

Vantage FX Trading Platforms
Vantage FX Trading Platforms

Research and Tools

Vantage FX offers some excellent market research and analysis tools. Most of the tools, however, can only be unlocked after depositing over $1,000.

Tools offered by Vantage FX are:

  • Good charting tools
  • Macroeconomic fundamental data
  • Economic calendar
  • Trading Ideas
  • Forex VPS
  • Forex Sentiment Indicator
  • Newsfeed (Including an AI-driven market news coverage)
Vantage FX Pro Trader Tools
Vantage FX Pro Trader Tools

Education

Vantage FX offers some good quality educational resources. It offers tutorials on forex trading, as well as guides on trading platforms. 

  • Tutorials on forex trading
  • Details manuals and video guides on MetaTrader platforms
  • Demo account
Vantage FX Educational Material
Vantage FX Video Tutorials

Customer Service

Vantage FX has decent customer support.

Traders can contact the broker via:

  • Live chat 
  • email
  • Phone

The support staff is available only on weekdays.

Our experience with Vantage FX customer support was mostly positive.

The support staff on live chat was quick enough to answer our query accurately. However, we received an indirect response on another issue raised by email.

QuestionResponse TimeQuality of reply
Live ChatAsked if Vantage FX change any deposit or withdrawal fee10 secondsClear and accurate
EmailAsked about the regulated entity of Cypriot traders15 minutesIndirect answer
Vantage FX Customer Support
Vantage FX Customer Support Live Chat

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

Conclusion

Our overall experience with Vantage FX was positive.

The forex broker offers a good number of currency pairs, with forex spreads below the average industry benchmark.

Account opening, deposits, and withdrawals are also smooth and fast on Vantage FX.

Our experience with customer support, however, remained mixed as an email response we received provided us with an indirect answer.

We recommend Vantage FX to forex traders who follow strategies like scalping and hedging.