AGM Markets Review by professional Forex trading experts the “ForexSQ” FX trading team, Finding out everything you need to know about the broker is in this AGMMarkets Review.
AGM Markets Review
There are two basic accounts with this broker: Mini & Standard. Basically the cost of trading on the two accounts is similar, however, there is a significant difference in the minimum initial requirements set.
Keep in mind that micro lots are available for trade on the Mini account only, and CFDs can be traded solely on the Standard account type.
The Company. Security of Funds
AGM Markets is the trading name of AGM Markets Ltd., a CySEC-regulated company, offering trading in forex, CFDs, and metals through the popular MT4.
Since 2011, AGM Markets serves retail and institutional customers from over 140 countries worldwide, offering trading in forex, index & energy CFDs, as well as precious metals.
AGM Markets Ltd., doing business as AGM Markets, is licensed and regulated by the Cyprus Securities and Exchange Commission (CySEC). Accordingly, it is authorized to provide its services across the EU under the MiFID regulations.
CySEC applies certain rules to license holders, one of them being the requirement to hold a minimum of €730 000 in order to prove their financial stability. Furthermore, the commission requires client funds to be kept separately from the company’s operational assets, and licensed companies should regularly report to the regulator.
In addition, the Cypriot financial watchdog applies a compensation scheme as additional guarantee to clients’ funds. All CySEC-regulated companies are members of the Investor Compensation Fund, where customers of authorized financial services firms may receive a compensation, amounting to a maximum of 20,000 EUR, in the event that the brokerage becomes insolvent or ceases trading.
Minimum Initial Deposit
AGM Markets accounts require a minimum deposit of $250, which is average. In comparison, leading EU broker XM requires only $5 from traders to start with.
Average Spreads & Commissions
This broker offers variable spreads, which differ by account category, however the cost of trading on both accounts appears to be the same. Spreads on Mini account starts from 1.7 pips on EUR/USD, while the ones on the Standard account starts from 1.1 pips and involves a commission of $6 (round turn). So, the pricing offered by AGM Markets is not very competitive, as spreads above 1.5 pips for the EUR/USD pair are considered high.
In comparison, XM offers average spread of 0.1 pips on EUR/USD + commission $5 per standard lot (per side) on its Zero account, accessible with just $100. You may look up and compare real-time spreads of 15 leading brokers here.
The maximum leverage with this broker is offered on the MT4 platform and is 1:200, which is average, yet most broker offer more. Higher leverage levels may not only multiply traders` earnings on a small deposit, but also lead to heavy losses in excess of the initial deposit. Nonetheless, if you are willing to take the risk, many Cyprus-based brokers offer higher leverage than AGM Markets : XM – up to 1:888, FXTM and – up to 1:1000. More forex brokers offering leverage equal to or exceeding 1:500 can be viewed here.
Like most forex brokers, AGM Markets provides its services through the industry’s standard MetaTrader 4. It used to offer MetaTrader 5 too, but discontinued its support in February 2015.
Most experienced traders prefer the MT4 and usually newbies also find their way quite quickly around it. This platform offers a number of technical indicators, advanced charting package, numerous Expert Advisors (EAs) and extensive back-testing environment. Users are able to download ready-made or create their own EAs (if they have some coding skills), and can fully automate their trades.
Methods of Payment
AGM Markets offers its clients the following payment modes: bank wire, credit/debit cards and a number of e-wallets – Skrill, Sofort, Neosurf, cashU, POLi, QIWI, WebMoney.
AGM Markets is a well-regulated broker, offering a wide range of financial products on the MT4, however we find the spreads too high and leverage levels mediocre.
Instead of the forex broker you can use Plus500, XM, eToro, Fxpro or AvaTrade forex brokers.
AGM Markets Review Conclusion
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