AMarkets review 2024
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AMarkets review 2024: A comprehensive analysis
Meta: Explore the features, safety, and services of AMarkets, a leading online trading platform. Learn about its regulations, account types, fees, and customer support in this detailed review.
Google Answer: AMarkets offers diverse features tailored to meet the requirements of online traders. The platform provides three distinct account types: Standard, Fixed, and ECN, catering to varying levels of expertise. It supports MetaTrader 4 and MetaTrader 5 for desktop use, along with a user-friendly web-based platform. AMarkets maintains competitive leverage and spreads, contributing to a comprehensive trading environment. Notable functionalities include a Copy Trading service, enabling automatic replication of successful strategies. The platform's multilingual support enhances accessibility for a global user base.
Popular user questions about AMarkets
Is AMarkets a good broker?
AMarkets is generally considered a reputable broker with positive reviews and a strong presence in the Forex and CFD industry. However, individual experiences may vary owing to various reasons including different expectations and lack of due diligence.
What is the minimum deposit for AMarkets broker?
The minimum deposit requirement for AMarkets varies based on the type of account, and it ranges from $100 for a Fixed account to $200 for an ECN account.
What is the leverage of AMarkets?
AMarkets offers different leverage levels depending on the account type and the financial instrument traded. The maximum leverage can be as high as 1:3000, but it's crucial to understand and manage leverage risks.
Where is AMarkets based?
AMarkets is registered and operates internationally. It is registered in the Island of Mwali (Comoros), the Cook Islands, and Saint Vincent and the Grenadines. The broker has a global presence with offices in various regions.
In our review of AMarkets in 2024, the experts at TU take a close look at this online trading platform to help you understand its features and services. They explore its strengths, weaknesses, and various aspects that make it unique in the world of Forex and CFD trading.
What is AMarkets?
Established in 2007, AMarkets stands as a seasoned participant in the Forex and CFD sector. Operating with registration and licensing from the island of Mwali in Comoros, it facilitates trading in a diverse range of financial instruments, including currency pairs, commodities, indices, shares, ETFs, bonds, futures, and cryptocurrencies. The company, initially known as AForex, has evolved over the years, earning recognition for its reliability and commitment to European service standards. Today, as a modern ECN broker, AMarkets caters to both novice traders and professionals engaged in algorithmic trading.
With a global presence across Europe, Asia, Latin America, and the CIS, the broker offers a variety of account types, including the ECN account featuring floating spreads from 0 pips. Traders can access three powerful platforms, namely MetaTrader 4, MetaTrader 5, and a user-friendly web-based platform. AMarkets further enhances its offerings with a proprietary copy trading platform and supplementary tools like AutoChartist.
Pros and cons of using AMarkets
Pros
Attractive promotions
Traders benefit from regular bonus offers and promotions, enhancing the overall trading experience with added incentives.
Effortless deposits
Amarkets has instant and commission-free deposit methods, ensuring quick and hassle-free financial transactions.
High leverage
Access a substantial leverage of up to 1:3000, providing traders with increased flexibility in managing their positions and potential profits.
Diverse deposit options
AMarkets supports multiple deposit methods, including cryptocurrency, offering users a range of choices for funding their accounts.
Low spreads
Particularly on ECN accounts, traders can take advantage of ultra-low spreads, as minimal as 0 pips, contributing to cost efficiency.
Cons
High ECN account minimum deposit
The ECN account requires a comparatively high initial deposit, potentially limiting accessibility for some traders.
Geographical restrictions
AMarkets' services are not available to retail clients in the UK and US, limiting access for traders in these regions.
Limited educational resources
The platform's educational resources are somewhat restricted, which may pose a challenge for users seeking comprehensive learning materials.
AMarkets account types
AMarkets caters to a diverse range of traders with three distinct account types, each tailored to specific trading preferences and experience levels.
Standard account
Ideal for beginners and those new to trading, the standard account offers swift order execution with tight floating spreads starting at 1.3 pips. This account type provides high leverage and operates without any commission fees, making it accessible with a minimum deposit of $100.
Fixed account
Geared towards experienced traders, the Fixed account mirrors the features of the standard account but distinguishes itself with fixed spreads of 3.0 pips. This stable price movement can be advantageous, especially for traders well-versed in market conditions.
ECN account
Considered the most professional among Forex brokers, the ECN account utilizes Electronic Communication Networks for direct market access. Targeting significant investors and long-term traders, the ECN account demands a higher initial deposit of $200. It also has the fastest market execution, with commission rates set at $2.5 per lot per side and spreads as low as 0 pips.
In addition to these, AMarkets offers an Islamic account option, providing a swap-free environment without additional fees, catering specifically to Muslim users.
AMarkets fees and commission
ECN account
The ECN account requires a minimum deposit of $200 or €200, offers a flexible leverage of up to 1:3,000, and employs a floating spread that starts from 0.0 pips. In addition to the spread, a commission of $2.5 or €2.5 per lot is charged. The minimum trade size is 0.01, and the execution type is market. The Stop Out level is set at 40%, and the account is available as a swap-free option.
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Standard account
The Standard account requires a minimum deposit of $100 or €100 and offers a maximum leverage of 1:3,000. The spread is floating, starting from 1.3 pips, and there is no commission applied. The minimum trade size is 0.01, with an execution type of instant or market. The Stop Out level is set at 20%, and like the ECN account, the Standard account also offers a swap-free option.
Fixed account
The Fixed account has a minimum deposit requirement of $100 or €100 and a maximum leverage of 1:3,000. It features a fixed spread starting from 3 pips and does not charge any commission. The minimum trade size is 0.01, and the execution type is instant or market. The Stop Out level is set at 20%, and a swap-free option is available for this account as well.
AMarkets withdrawal and deposits
Depositing and withdrawing funds with AMarkets is a straightforward process, offering a variety of options for users. The brokerage supports deposits in USD, EUR, or RUB currencies, and while deposits incur no fees, withdrawals are subject to different fees, minimum amounts, and processing times. Multiple methods are available for both deposits and withdrawals, including plastic cards like Visa, MasterCard, and Prepaid Cards. Deposits through these cards are commission-free with instant availability, while withdrawals carry a 2.5% + $5 USD fee and take 1–3 hours to process. Bank wire transfers, conducted through SWIFT, have fees and processing times determined by the respective banks, typically taking 3–5 business days. Electronic payment systems such as Perfect Money, WebMoney, FasaPay, Union Pay, and Skrill offer free and instant deposits, each with its own withdrawal fees and processing times ranging from 1–3 hours to up to 3 business days.
AMarkets regulation and licensing
AMarkets operates under various registrations and licenses, positioning itself as an international brokerage and clearing company. The company, registered as AMarkets LTD, holds a license (T2023284) from the Mwali International Services Authority (MISA) in the Island of Mwali (Comoros), with MISA rated as a Tier-3 regulator. Additionally, AMarkets LLC is registered in the Cook Islands (LLC14486/2023) and falls under the supervision of the Financial Supervisory Commission (FSC), which is also classified as a Tier-3 regulator.
Another registration for AMarkets LTD is in Saint Vincent and the Grenadines (22567BC2015), with oversight by the Financial Services Authority (FSA). However, it's important to note that brokers registered in Saint Vincent and the Grenadines are generally considered unregulated and regulatory due diligence becomes a subjective matter depending on which country you belong to.
AMarkets safety and security
Pros
Provision of compensation funds
AMarkets is a certified member of The Financial Commission, ensuring a Compensation Fund of up to €20,000 per client, enhancing financial protection.
Member of the Financial Commission
As a member, AMarkets aligns with an independent mediator that upholds transparency and integrity in the financial services industry.
Order execution verified
The broker's order execution is verified by an independent third party, assuring clients of a reliable and trustworthy trading environment.
Registered by the Financial Services Authority
AMarkets is registered by the Financial Services Authority, further solidifying its commitment to regulatory standards.
Cons
Limited application of Financial Commission license
It's noteworthy that the license of the Financial Commission Authority is not applied to all account types, indicating certain limitations in the coverage of this regulatory aspect.
Offshore regulation
While AMarkets is registered with the Financial Services Authority, its offshore regulation may pose considerations for traders in terms of regulatory jurisdiction.
AMarkets trading features
AMarkets offers a diverse range of trading features to cater to various preferences:
Copy trading service
AMarkets introduces a Copy Trading service, enabling clients to choose strategies based on profitability, number of investors, and strategy age. Traders can mitigate risk by setting loss limits. This web-based platform automates trade copying without the need for additional software installations, and traders pay a set percentage of profits for copying a strategy.
MetaTrader 5 (MT5) Desktop platform
AMarkets provides the powerful MT5 platform for desktops, incorporating advanced functions like copy and automated trading. Available in 52 languages, MT5 includes features such as alerts, watchlists, one-click trading for faster execution, trading directly from the chart, and a selection of Expert Advisors designed for optimal settings.
Useful tools
AMarkets enhances the trading experience with useful tools like an economic calendar, providing insights into news that can impact asset values. The Trader's calculator calculates margin, pip value, spread, and swap, while Autochartist offers trading signals and additional chart indicators.
Market insights
AMarkets delivers market-moving stories through the FXStreet Newswire, focusing on major economic releases and key price levels from respected sources like SocGen. For in-depth analysis, the Main Trade Ideas section on the website, covered by in-house analysts, provides trade ideas with a fundamental perspective, including suggested take profit and stop loss levels.
Autochartist
AMarkets' Autochartist feature is a powerful pattern-recognition tool that automatically monitors the markets and identifies trading opportunities in real time. It offers easy-to-understand, powerful market-scanning tools that highlight the best trading opportunities, helping traders to decide. This feature is designed to identify chart patterns using technical indicators and constantly scans the markets on behalf of the trader, providing real-time insights and price alerts whenever a new opportunity presents itself.
AMarkets education
AMarkets presents an array of educational resources aimed at enhancing traders' knowledge
Educational materials
The AMarkets blog features insightful articles, offering practical insights into topics such as optimizing the MT4 platform and understanding indicators like MACD. These articles are concise, providing traders with actionable concepts for swift application in the market.
AMarkets knowledge base
The Knowledge Base, inclusive of an extensive FAQ section, delves into intricate subjects like copy trading and expert advisors. Beginners can find answers to questions concerning CFD markets, MetaTrader fundamentals, and general trading inquiries.
While the blog content is commendable for its quality and relevance, there is room for improvement in the educational offerings. A structured, step-by-step trading course is notably absent, leaving a gap in covering fundamental topics and guiding beginners on initiating their journey into Forex trading. The focus on trading strategies is beneficial, yet there is a need for more comprehensive educational material to cater to a broader audience.
AMarkets customer support
AMarkets distinguishes itself with an exceptional level of customer support, underscoring their commitment to client success. Accessible through various channels like email, Skype, live chat, Telegram, and telephone, the support representatives are diligently available 24/7. Clients attest to the helpfulness and promptness of the support team, contributing to AMarkets receiving accolades for its exemplary customer service. Noteworthy is the multilingual support, adding to the accessibility of assistance. However, it's important to note that customer support does not operate during weekends, and clients can engage with them through phone calls, email, live chat on the website, and instant messengers, ensuring a range of options for user convenience.
How to open an account in AMarkets?
Opening an account with AMarkets is a straightforward process, ensuring a swift and user-friendly experience. Here are the steps to guide you through:
It's important to highlight that account verification is a mandatory step at AMarkets, aligning with global AML/KYC requirements. Traders typically fulfill this requirement by uploading a copy of their government-issued ID and a proof of residency document. While this process ensures compliance, AMarkets may request additional information on a case-by-case basis.