PCM Brokers Review by professional Forex trading experts the “ForexSQ” FX trading team, Finding out everything you need to know about the broker is in this PCMBrokers Review.
PCM Brokers Review
PCM Brokers offers its clients a wide range of account types. They are able to choose to trade with fixed or variable spreads, zero commission with wider spreads or zero spread with commission, leverage as high as 1:1000 or just 1:100 for those unwilling to risk much.
Besides, Islamic (swap-free) accounts are also available with this broker, allowing clients to hold their positions for an undetermined period of time without incurring any interest, however positions held for more than a week will be charged a maintenance fee of $4 (or equivalent) per lot per day.
The Company. Security of Funds
PCM Brokers DMCC
Headquartered in Dubai, PCM Brokers offers trading 58 currency pairs, more than 10 CFD instruments and precious metals on several trading platforms. It has offices in Canada, UK and Mauritius. The broker has set no trading restrictions (allows scalping, trading with Expert Advisors, news trading, hedging etc.) and claims to utilize a pure NDD execution model.
PCM Brokers DMCC, doing business as PCM Brokers, is licensed and regulated as a brokerage/clearing house since 2007 by the UAE Securities & Commodities Authority (SCA).
Besides, it is a member of the DGCX (Dubai Gold and Commodities Exchange) as well as Bourse Africa and provide a wide range of trading instruments including Spot, Futures, Options and CFDs.
According to the UAE regulations, brokers should maintain a minimum capital requirement of one million dirhams, two million dirhams or three million dirhams according to the scope of activities the intermediary intends to conduct.
Minimum initial deposit
Traders are required to deposit $100 in order to open an account with PCM Brokers, which is an average minimum initial amount. Leading Middle East brokerage ADS Securities requires the same minimum initial amount.
Average Spreads & Commissions
Typical variable spreads offered by this broker on Micro and 1000 Leverage commission-free account types are around 1.6 pips for EUR/USD, which is not bad, however such spreads are slightly above average. In fact, trading costs on Zero spread account are similar, if we add the commission applicable of $16 per standard lot round turn. On the other hand, Mini & Elite account types offer tighter spreads, but require higher initial investment.
By comparison, ADS Securities’ typical floating spreads amount to 1.6 pips on EUR/USD. For further information, you may also check out the real-time spreads of 15 major brokers here.
This broker offers very high leverage levels, reaching 1:1000 (on a special account). Leverage allows traders to gain large exposure to diversified markets with a relatively small amount of invested capital, but keep in mind that the higher the leverage level, the higher the risk. That is why leverage levels of 1:400 are considered high, and yet many forex brokers offer leverage equal to or exceeding 1:500.
PCM Brokers offer the following trading platforms: Currenex Classic, EOS Trader and the industry’s standard MetTrader4 (MT4).
EOS Trader is owned by Dubai Gold & Commodities Exchange (DGCX). With its state-of-the-art matching engine, EOS is geared to the needs of high-frequency traders, who require ultra-low latency platforms to trade productively and probably.
Offering Executable Streaming Prices (ESP™), Request for Streams (RFS), Benchmark Trading, Algorithmic Trading, and complete Prime Brokerage functionality with fully integrated Straight Through Processing (STP), Currenex connects more than 70 global banks to provide one of the deepest liquidity pools on the forex market.
MT4 is the most popular forex trading platform, because users are able to entirely automate their trades by choosing from a wide range of Expert Advisors (EA) and let the program do all the work. What is more, it offers a variety of technical analysis indicators, extensive back-testing environment and advanced charting package. Here is a list of more forex brokers offering MT4 platform.
PCM Brokers offers Get Cashback of up to 55% of the spreads, which is subject to certain trading volume requirements.
Methods of Payment
Clients of PCM Brokers are able to make deposits and withdrawals via credit or debit card payments, bank transfers, and e-wallets Skrill, Neteller, PayPal, WebMoney, Ukash, FasaPay, Yandex Money, China UnionPay.
PCM Brokers is a regulated UAE brokerage with 10 years of experience. It offers wide range of trading accounts and platforms under overall competitive conditions.
Instead of the forex broker you can use Plus500, XM, eToro, Fxpro or AvaTrade forex brokers.
PCM Brokers Review Conclusion
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