Read This AGM Markets Review & Consider Your Options Carefully Before Trading Forex
Forex brokers in the Cyprus have come a long way into establishing themselves as serious market players, and AGM Markets is one of the leading Cypriot financial companies that have become incredibly popular among the retail trading clients. Although AGM Markets tries to simplify its services for traders, there are also a few negatives that have prevented the company from achieving its full potential. In this AGM Markets Review, we deliver our verdict on whether you should choose the broker for all of your Forex trading needs.
Best and most trusted forex brokers in July 2020
All the brokers below are available in:
Trading instruments, or securities, are the various market types you can trade. Examples include CFDs, stocks, currencies, metals, and commodity futures.
Type of Brokers
Market Maker, DMA
Platform for trading Forex, analysing financial markets and using expert advisors.
Multi-asset platform for trading Forex and CFDs.
Trade online without downloading any software.
Wire Transfer, Bank Transfer, Credit or Debit Cards, PayPal
AGM Markets is based in Cyprus, which naturally brings the company under the regulatory framework formulated by the Cyprus Securities and Exchange Commission (CySEC). Cyprus was initially known as a tax haven that did not have a sound regulatory structure; however, once the country was formally inducted into the European Union, the MiFID played a significant role in modifying the CySEC to ensure that the organization conforms to the stringent European regulatory standards. The MiFID, along with other leading regulators in Europe, started helping CySEC to create new policies, rules, guidelines, and operational frameworks to ensure that all financial companies regulated by the CySEC are eligible to provide their services to the entire European Union under the EEA agreement. CySEC has been adding new regulatory principles and implementing new investor-protection laws to reinforce a sense of trust and confidence among traders. Nowadays, Forex brokers from Cyprus are considered to be among the most reliable and trusted entities in the entire Forex trading market. CySEC has directed all member companies to keep their clients’ money in a segregated account, which is kept away from the broker’s funds. All trading funds are held in top-tier banks of Europe and are protected by the Investor Compensation Fund (ICF), which provides compensation to investors if a broker is unable to settle its debts with its customer due to reasons such as bankruptcy, insolvency, or other legal hassles.
How About The AGM Markets Platforms?
AGM Markets offers two different versions of the MetaTrader terminal, namely the MT4 and the MT5 interfaces. Even though the MT5 terminal has more advanced features when compared to the MT4 terminal, the MT5 does have definite drawbacks regarding trading conditions. The MT5 restricts a trader from hedging, and all orders are compiled according to the First In First Out trading rule. These trading rules are expressly reserved for the US markets as per the trading restrictions enforced by the CFTC, which makes MT4 the popular choice of platform among retail traders. Both MetaTrader platforms are available for AGM Markets mobile trading through the dedicated MT4 and MT5 apps designed for iOS and Android devices. The MetaTrader continues to be popular due to its advanced features, EA capability, and an extensive database of EAs and charting tools through the open MQL community. Nevertheless, with the arrival of the MT5, traders are switching back to the MT4 or are looking for alternative platforms.
The Options For An AGM Markets Trading Account
AGM Markets has gone ahead with providing two types of trading accounts, which have a lot of differences to satisfy different trader requirements. The primary type of account is the Mini account, which is aimed at smaller traders by offering a minimum deposit option of $250. The Mini account allows trading in mini lots, as trades are allowed in increments of 0.01 of mini lots. $250 is the average minimum deposit for Mini accounts at most competing brokers, but we would have liked to see the availability of a Micro account that offered even lower minimum deposit requirements. The Mini account provides a maximum AGM Markets leverage of 1:200, which is once again on the lower side. Regardless, using a lower leverage can help in reducing the risk to the market, but we are sorely disappointed that the broker enforces a 120% margin call and a 100% stop out level, which prevents traders from taking complete advantage of the 1:200 leverage. The broker also specifies margin changes over weekends or during volatile market events. Traders may receive updates about the change in margin requirements, but an increased margin requirement can be consequential for existing positions, especially when traders have used the maximum margin on their account. As for the second type of account, the Standard account, the broker further reduces the leverage to 1:100, which sees further reduction during weekends and during times of high volatility. The minimum deposit requirement for the Standard account is $1000, with minimum lot sizes starting from 0.1 standard lots. The AGM Markets spreads are different for both types of accounts, with the Mini account quoting 1.7 pips on major currency pairs and a minimum of 1.1 pips on the Standard account. The Standard account also attracts further trading fees in the form of commission of $6 per round lot traded. If you are thinking about switching to AGM Markets to save your trading costs, you should certainly consider other brokers, as the spreads are on the higher side. Regardless, for a market maker account; the AGM Markets spread, commission, and leverage may be considered to be highly competitive.
The Customer Service Experience
AGM Markets displays a professional attitude towards their clients by offering excellent support through live chat, email support, and hotline access. Traders can also utilize the call-back feature to receive a call from the broker to address any account issues, or for general assistance regarding their accounts. You can also get some quick information by reading through FAQ page, which is pretty detailed and self-explanatory. Each account holder, immaterial of the type of account, gets access to comprehensive training materials, live analysis of the markets, automated dealing desk, and a personal account manager with no extra costs.