How Good Is One Financial Markets? Learn More In Our Detailed Review
One Financial Markets is another Forex broker in the UK that dedicates it efforts towards acquiring clients from the rich and affluent community of investors from the Middle East, Asia, and South America. One Financial Markets has its representative branches, affiliates, and white label subsidiaries in countries such as China, Hong Kong, Saudi Arabia, Kuwait, and Dubai, signaling the company’s affinity towards wealthy traders from these regions.
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Trading instruments, or securities, are the various market types you can trade. Examples include CFDs, stocks, currencies, metals, and commodity futures.
Type of Brokers
Platform for trading Forex, analysing financial markets and using expert advisors.
The company introduced its services to the world in 2007, and quickly expanded to different locations worldwide as early as 2010. Since the USA requires all brokers to adhere to strict regulatory guidelines and significant capital requirements to be able to operate in the country, One Financial Markets has simply chosen to ignore the US market by setting up its headquarters in London. As a result, US traders are not allowed to open a trading account at One Financial Markets. Brokers from the UK are regulated by the Financial Conduct Authority (FCA), which not only provides access to the entire European markets but also helps in reassuring clients about the authenticity and reliability of the company due to the FCA regulation. We have created this One Financial Markets review to offer you the best information about the Forex broker in relation to opening an FX trading account and trading the markets with the company in a safe and controlled manner.
How Much Do You Need For A One Financial Markets Account?
One Financial Markets has two different account offerings, which are primarily aimed at serving two distinct categories of traders. The primary account is a Standard account that offers market maker conditions, where orders are passed around internally. Market maker accounts have a moderate amount of risk and conflict of interest with the broker, especially if the broker chooses to take the opposite end of a trader’s position. The Standard account is a $250 account, which offers a high leverage of 1:400 and One Financial Markets spreads starting from 2 pips. The Standard account will induce a margin call at 100% of the account, which positions being liquidated at 10% if the price moves in the opposite direction from a trader’s position. Islamic traders can also take advantage of an SWAP-free account, which is only offered for the Standard account. The second and more advanced type of account is the ECN account, which as the name suggests, connects traders directly to a liquidity provider. The ECN account has some of the most unfavorable trading conditions when compared to other competing ECN brokers, which is certainly not a sign of a customer-oriented broker approach. The minimum deposit for an ECN account is $5,000, which has a maximum One Financial Markets leverage of 1:50. It is not clear why the broker has limited the margin requirements for an ECN account, especially since the ECN account has other leverage limiting factors such as 175% margin call and positions being liquidated when the account equity reaches 125%. Nevertheless, traders are severely restricted in their freedom to invest more money in the markets, even if there is an inherent risk to leveraged trading. The ECN spreads are quoted at interbank market rates, and the broker charges a commission for each order opened through their ECN account. There are a few positives of opening a One Financial Markets trading account, in particular, the broad range of financial instruments offered to traders. Apart from the usual FX currency pairs and commodities that most brokers provide, One Financial Markets also grants access to some of the other lucrative markets that include Bullion, Indices, Treasures, and Energy Futures. However, there is a catch, as all of these assets are only available with a Standard account, and cannot be traded on the ECN platform. Once again, the broker has failed to live up to its immense promises, which can only be seen as a lack of competitiveness from the company. The broker has also decided to offer its trading products under the MT4 license, which is the only One Financial Markets trading platform provided to traders in its different versions. Standard account holders can use the MT4 terminal through the desktop, the web, and a mobile device, which is a great convenience for traders who like to trade on different devices and at times that are convenient for them. On the contrary, the ECN account only allows trading through the MT4 desktop interface. The absence of a mobile trading platform one of the most immediate drawbacks of the broker, as there isn’t a dedicated One Financial Market mobile app available for ECN traders. Maybe the company has gone overboard with its strategy for offering a safe trading environment for ECN account holders, which is achieved through lowered leverage, better market access through MT4 ECN Bridge on the desktop platform, and higher margin requirements.
So, I Presume They Have Good Customer Support?
Brokers in the UK that are regulated by the FCA are required to offer the best customer support for their traders. The FCA guidelines clearly stipulate that all clients should get the same preference when it comes to dispute resolution, which is backed by the Financial Services Compensation Scheme for compensating traders if a broker is declared insolvent. Traders can contact the broker through their live chat feature for immediate support, but official correspondence about any trading or brokerage issues can be sent through email or the web contact form. Traders from the Middle East, Asia, and South America can get in touch with the broker directly by calling the local helpline numbers displayed on their website. As far as promotions are concerned, there is no One Financial Markets bonus on any deposits, as promotions are restricted to clients that bring in referral traders. The Refer-A-Friend program can earn some bonus according to the deposits made by the referral, but they might not be as significant as the bonuses offered by other leading Forex brokers. Overall, the harsher trading conditions and a lack of bonus can be a deal breaker for many retail traders in the market. If you are looking for some of the best ECN conditions and an overall secure trading environment, browse through other recommended brokers in our list and get your money’s worth.