Ettemad Review by professional Forex trading experts the “ForexSQ” FX trading team, Finding out everything you need to know about the broker is in this Ettemad Review.
Ettemad is a forex broker, which targets Arab-speaking speaking clients. Their entire offer seems poorly executed, but we will give them the benefit of the doubt and give them a full, honest review.
Sirix platform available
The trading platform offered by Ettemad is a fairly decent one. The charts are relatively decent, but a much bigger aspect is placed on the social trading aspect, with the column on the left. In case you aren’t familiar with this, it’s a system which allows experienced traders to share their activity. The rest can then choose who to follow and copy. That being said, we prefer eToro, the world’s largest social trading network, when it comes to this sort of investing.
While it does its job, there are more established solutions, like MetaTrader4 (MT4). The charting provided by it is even better, a lot of similar copy trading options are available as well as full support for automated trading bots or Expert Advisors. MT4 has a desktop, wed and mobile version.
The 1:500 ratio available at Ettemad is more than enough for a serious trader. Do keep in mind, this is a double-edged sword, as it can lead to bigger losses. Be sure to know the basics of position sizing before you start trading.
Lack of info on regulation
Ettemad does not tell potential clients much about the actual company. This does not inspire credibility. Even more importantly there is no mention of association with a financial regulatory agency.
By this we mean a lot of things. The entire website has a lot of missing or incomplete sections. To be completely honest, this may be a temporary situation, but it still leaves a negative impression.
No information on spreads
The low quality of Ettemad’s website also implies the costs of trading are not mentioned. In the current day and age, where everybody is skimming through websites as fast as possible, this isn’t acceptable. To compare the spreads provided by some of the most renowned brokers in the industry, check out our dedicated page.
Negative user reviews
We didn’t manage to find many user comments on this broker, but there were complaints. While one must always take anonymous online posts with a grain of salt we decided to include this here, because it sounds quite possible, given the overall impression left by this broker.
High deposit requirement
One would have to deposit a minimum of $500 to open an account at Ettemad. We understand how this may not sound like a lot to some, but it definitely is for others. Many brokerages have adopted lower levels, like FXCM, who have a $50 requirtrement.
Few payment methods (listed misleadingly)
There is some controversy even is the ways one can make payments to Ettemad. Their homepage mentions several of the most popular e-wallets like Neteller and Skrill. The dedicated page on the other hand only states Bank Transfer, Credit cards and Western Union are supported. We are not certain which is true, but we would presume the latte.
Ettemad is a forex broker which targets the Arab-speaking markets. The company is not regulated, which is enough for us to not recommend them. On top of that the entire presentation is done rather poorly.
Keep in mind, if you decide to trade with an unregulated broker, your only protection is their word. Such companies can be scammers, which don’t allow you to ever withdraw your money. This is why most countries have special institutions to monitor the financial services sector. In the United Kingdom this is the Financial Conduct Authority or FCA. We will like to mention some of the rules which they force brokers to follow.
In order to obtain the FCA license a company must follow strict procedures. One of them is the frequent reporting of client positions. Additionally all the traders’ funds must be kept in segregated bank accounts. The final layer of protection is the Financial Services Compensation Scheme (FSCS). In case your FCA regulated broke becomes insolvent, you can claim up to £50,000 in compensation from this fund.
Instead of the cryptocurrency broker you can use Plus500, XM, eToro, Fxpro or AvaTrade crypto currency brokers.
Ettemad Review Conclusion
For more information about currency trading brokers visit TopForexBrokers.com forex brokers comparison website, Tip ForexSQ.com foreign exchange trading experts please by share this article about Ettemad Review .