Amenda 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 AmendaMarkets Review.
Amenda Markets Review
Amenda Markets Trade with Pure – DMA (Amenda Markets) basically offers a single account with variable spreads and leverage up to 1:100 on the industry`s standard MetaTrader 4 platform. It comes with the promise of pure DMA (direct market access), spreads sometimes even plunging into the negative range, and 0.02 sec execution speed.
There are two options available: individual or corporate account, depending on whether a client is a natural or legal person. Besides, this broker also offers solutions for money managers and clients (investors) to manage their funds efficiently via Managed accounts.
The Company. Security of Funds
Amenda Markets is a newly-established Latvian NDD forex broker which offers its services through the popular Metatrder 4 platform.
Amenda Markets Trade with Pure – DMA is a trademark of Amenda Markets AS IBS, which is licensed and regulated by the Financial and Capital Market Commission of Latvia (FCMC).
FCMC is a EU regulator, applying certain requirements to financial providers within its jurisdiction. Licensed brokerages must keep client funds in segregated accounts and regularly report to the commission. Besides, financial providers must maintain net tangible assets of at least EUR 730 000, much like UK and Cyprus-based ones.
What is more, all licensed brokers are members of the Investor Compensation Scheme (ICS), which covers investments of clients of regulated entities up to EUR 20 000.
Besides, Amenda Markets AS IBS, is MiFID compliant under the Law on the Financial Instruments Market of Latvia and is entitled to provide the investment services of agency only execution in all Member States.
Minimum Initial Deposit
In order to open an account with Amenda Markets, traders have to invest a minimum of $500, which a bit too high minimum initial amount. Other EU brokers require considerably lower initial deposits. For instance, CySEC regulated FXTM demands just $5 from its clients as a start, and Dukascopy Europe, which is also based in Latvia – $100.
Spreads & Commissions
As a NDD broker Amenda Markets offers tight variable spreads and cites as a typical a spread of 0.1 pips for the EUR/USD pair, plus a commission of to $ 7 per standard lot (round turn). So average trading costs per standard lot for this pair are below 1 pips, which is a really good offer.
In comparison, Dukascopy Europe offers spreads from 0.1 pips, involving a commission from $1 to $3.5, depending on the volume traded. For more information, you may look up real-time spreads of 15 leading brokers here.
The maximum leverage level offered by Amenda Markets is just 1:100, while most FX brokers provide at least 1:200 and many offer leverage levels equal to or exceeding 1:500. Dukascopy Europe, for example, provides leverage up to 1:300.
Nonetheless, we advise traders to exercise caution when trading on margin, as higher leverage involves greater risks.
As most brokers, this one also supports the renown MetaTrader 4 (MT4), desktop, and mobile versions available.
MT4 is an internationally acclaimed trading terminal, offering a full spectrum of trading tools and resources. Amenda Markets` MT4 is equipped with 30 built-in indicators, and there are over 2 000 free custom indicators and many paid downloadable ones, allowing you to analyze the market of any level of complexity.
The platform provides 24 analytical objects, such as lines, channels, the Gann and Fibonacci tools, shapes and arrows, with which you can forecast the future price dynamics. What is more, MT4 is equipped with a wide range of Expert Advisors (EAs) and extensive back-testing environment, so Traders can download ready-made or create their own EAs and let the program do all the work.
Methods of Payment
The following payment methods are available to Amenda Markets clients: credit/debit cards, bank wire transfer, and e-wallet payment systems, such as Skrill, Neteller, China UNionPay and PayPal.
Accepted currencies: USD, EUR, JPY.
Amenda Markets is a well-regulated EU broker that offers forex trading on the ever popular MT4, utilizing an agency model, and offering really tight spreads. Maybe due to the fact that it is a relatively young broker, its product portfolio is quite limited at the moment.
Instead of the forex broker you can use Plus500, XM, eToro, Fxpro or AvaTrade forex brokers.
Amenda Markets Review Conclusion
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