Is This Forex Broker Worth It?
Description: Is This Broker Legit?
Platform Price: 0.0
Platform Category: Trading Platform
Author: Jeffrey Taylor
In addition to licenses and regulations, other aspects that you should consider to determine if a broker is reliable are its advantages and disadvantages. Check them out here!
- Does not charge additional fees for withdrawals
- Offer multiple payment options
- Has a mobile app
- Promises high levels of leverage
- Offer multiple bonuses
- Allows users to open a demo account
- Is not regulated by the FCA in the UK or ASIC in Australia
- Is restricted in some countries
- There’s no way to verify that it meets security standards
- High levels of minimum deposits
- Not suitable for newbies
- There is no information about the methods it uses to classify managers
- Does not state how reliable the statistics provided are
When it comes to forex brokers, you can find many options on the internet! However, since they can do so many scams, finding a reliable one can be tricky and overwhelming.
If you want to buy or sell foreign currencies or other financial instruments, the broker you choose must be trustworthy and offer the basic services you need to trade, right?
Is AMarkers the right one? If you want to find an honest answer, read on!
In this review, you can find the information you need to discover if this broker is worth considering!
What Is AMarkets?
According to the information on its website, AMarkets is a forex and CFDs broker that allows customers to trade through the MT4 and MT5 trading platforms.
AMarkets promises clients profitable trading conditions, including a diverse catalog of trading instruments, professional support, and order execution in less than a second.
This broker has been operating since 2007, offering comprehensive services to clients and partners in various countries in Europe, Asia, and the CIE.
How Does AMarkets Work?
After creating an account on its website, AMarkets offers you various financial instruments that you can trade on numerous global markets, such as commodities, precious metals, and currencies.
You can also trade cryptocurrencies, stocks, and indices! Therefore, it could be a great choice if you are looking for diversity.
Its website provides information on the number of financial assets available in each market once you register. During this process, you must select the type of account you wish to open.
AMarkets does not have a defined account type for traders who want to operate there.
Instead, customers can choose the type of account of their preference based on the options available in each country and its regulatory authorities.
However, you should know that you can choose between three forex accounts (standard, ECN, and fixed) or create an Islamic account.
As mentioned, AMarkets offers a wide range of trading instruments to all of its clients, including:
- Forex: EURUSD, AUDCAD, EURCAD, EURNZD, GBPAUD, USCAD, USDCHF, USDNOK, USDRUB, and more.
- Metals: Aluminum, Copper, Platinum, Nickel, XAGUSD, XAUUSD, and Zinc.
- Cryptocurrencies: BNBUSD, BTCUSD, ALGUSD, DSHUSD, ETHUSD, LTCUSD, TRXUSD, XRPUSD, BHCUSD, and more!
- Bonds: BUND10Y and TNOTE.
- Commodities: Brent Oil, Cocoa, Corn, Coffee, Cotton, Greenhouse Gas Emissions Index, Soybean, Natural Gas, Sugar, Wheat, and Oil WTI.
- Indices: China50, DXY, IBEX35, EuroStoxx50, VIX, Nikkey225, RTS, and more.
- Stocks: AAPL.US (Apple Inc), AMZN.US (Amazon.com Inc), EA.US (Electronic Arts Inc), GOOG.US (Google Inc), KO.US (Coca-Cola Co), PYPL.US (PayPal Holdings Inc), and more!
Is AMarkets Reliable?
Do you want to know if a forex broker is reliable? One of the first things you should do is find information about its licenses and the authorities that regulate its operations.
Discover more about what AMakerts say about those aspects here!
AMarkets Regulations and License
On its website, AMarkets claims to be part of the Financial Commission, an independent external institution tasked with resolving disputes between traders and brokers.
The Financial Commission promises compensation funds of 20,000 euros per case. However, although the institution is highly respected in the forex world, it is self-regulated and does not guarantee security in the trading environment or daily operations.
AMarkets also claims to be registered with the Financial Services Authority (FSA) of Saint Vincent. However, this institution is offshore and requires companies to meet only a few requirements to be authorized to operate.
Therefore, it does not comply with strict international standards or always guarantees customers’ safety.
Where Does AMarkets Operate
AMarkets offers its financial services and instruments in Africa, Asia, Europe, and the Middle East in more than 16 languages.
Although it operates in India, this Forex broker does not provide information about its compliance with local regulations on its website. In addition, the country prohibits currency trading.
Since it is not legally licensed to operate there, traders in India could put their operations at risk.
Also, AMarkets is not accepted in the United States, as US law notes that only brokers regulated by the CFTC can operate in the country.
In other words, one of the largest markets in the world determined that AMarkets is not properly regulated or completely safe for users.
AMarkets Deposits and Withdrawals
The minimum deposit to start trading at AMarkets is 100 dollars or euros. All customers must complete an identity verification process before depositing and trading.
Also, this broker does not charge additional fees for withdrawals. If you use AMarkets and plan to withdraw funds from your account, you only need to pay the transaction fees or fixed commission set by the payment system.
AMarkets supports several payment platforms, including bank transfer, VISA, MasterCard, Skrill, ADVcash, FasaPay, Perfect Money, TopChange, and Neteller.
Besides having different fees and commissions, each method sets different deposit minimums or processing times.
AMarkets’ spreads start from 0.0 pips on EURUSD, often reaching 1.3 pips on standard accounts and 3 pips on fixed accounts.
The spreads you can expect for ECN accounts are 1.3 pips, but the commissions are $2.5 euros or dollars per lot.
AMarkets often offers promotions and discount coupons to its customers to increase business profitability. Some are:
- Cashback of part of spreads depending on trading volume
- Exclusive 20% deposit bonus and better trading conditions to those who switch their broker to AMarkets
- 20% trading bonus when transferring affiliate reward to trading account
- 100% income to traders, as there’s no feed when withdrawing funds
- $10 for each referral
- Refund of deposit fees or commissions charged by payment systems without restrictions
- More attractive trading terms for those who have open positions with other brokers and transfer them to AMarkets
App and Mobile Trading
This broker also offers a mobile app for clients who want to trade from their Android and iOS devices.
AMarkets promises forex traders a smooth experience without having to spend hours in front of their desks or looking at their screens.
Fortunately, the app accomplishes both goals. Its mobile interface is simple and easy to use, allowing users to access current price quotes in only minutes.
Plus, you can analyze data and graphs with the push of a button. There are also some customizable options worth checking.
Final Thoughts: Is It Legit?
AMarkets has many advantages, such as a wide variety of financial instruments for traders who hope to diversify their operations and a functional and intuitive app that can make everything easier.
Unlike similar companies, AMarkets offers attractive promotions, bonuses, and discount coupons for all traders.
However, there are some red flags related to this broker. Having an offshore status does not guarantee that the services meet the standards to protect clients and their funds.
Also, although the website is well-designed and intuitive, there’s a lack of information there. AMarkets does not disclose details about the authorities that regulate its operations in key markets such as India.
While the Financial Commission is respectable when it comes to forex trading and offers high insurance, this body does not guarantee that the broker will actually protect the client or provide high levels of trading security.
Therefore, if you want to avoid getting into disputes with AMarkets or don’t want to risk your money on trades that might be a bit unsafe you should consider other options.
Companies accredited by organizations such as the FAC or ASIC in Australia are the best options if you want peace of mind when trading.
Finally, if you are a novice trader, AMarkets is not the best alternative unless you use the demo account, as it requires high minimum deposits.