Portex 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 Portex Markets Review.
Portex Markets Review
Portex Markets offers its clients a single account type with floating spreads, leverage up to 1:400 and no commission fees. Micro lots are available for trade and also, there is an option for swap-free trading for clients of Islamic belief.
The Company. Security of Funds
Portex Markets UK LTD
FCA (license holder – C B Financial Services Ltd)
London-based Portex Markets provides online financial trading in more than 60 currency pairs, various CFDs and exchange-traded futures on the most popular trading platform – MetaTrader 4.
In fact, Portex Markets UK LTD acts as an appointed representative of One Financial Markets. The trading name of C B Financial Services Ltd – a company authorised and regulated by the Financial Conduct Authority.
FCA is famous for the strict rules and supervision it applies to license holders. For example, UK-based brokers are obliged to hold at least €730 000 in order to prove their financial stability. What is more, they are subject to the client money rules set by UK’s financial watchdog and are required to keep all client money separated from the company`s own funds into segregated accounts. Licensed companies are also obliged to report to the commission on a regular basis and adhere to a number of standards.
What is probably most important with regard to safety of funds invested in FCA-regulated firms is the Financial Services Compensation Scheme (FSCS) coverage. In the event of company insolvency, FSCS is able to cover your investment loss up to a maximum of £50,000.
Minimum Initial Deposit
Portex Markets has set no minimum amount to open an account with it, so one may start with just $1, which is an attractive offer. However, for online payments with Skrill and Netteler is required a minimum of $50.
Average spreads & Commissions
Portex Markets offers floating spreads, starting from 1.2 pips for the EUR/USD pair. The typical ones amount to around 1.4 pips and involve no commission, which is a relatively good offer. Yet, other UK brokers offer tighter spreads. In comparison, FCA-regulated Trading212 cites as typical a spread of 0.9 pips on EUR/USD on its commission-free accounts. For further information, you may look up and compare real-time spreads of 15 leading brokers may be viewed here.
The maximum leverage rates at Portex Markets are up to 1:400. Such leverage is considered comparatively high, although most brokers usually offer similar or higher leverage rates. For instance, leading broker FxPro, holding licenses from both FCA and CySEC, provides leverage up to 1:500. You may look up more forex brokers offering leverage equal to or exceeding 1:500 here.
Keep in mind that higher leverage ratios involve greater risk of losses, which may even exceed initial deposits. That is why FCA plans to limit the maximum leverage offered by licensed brokers to 1:50.
When trading with Portex Markets, you will be offered the most popular front-end application in the industry – MT4. It is available in all forms and shapes – desktop, web mobile and versions. MT4 provides all the necessary tools and resources to analyze price dynamics of financial instruments, trade, or create and use automated trading strategies (EAs). Here is a list of more forex brokers offering MT4 platform.
Besides, all Portex Markets clients receive access to their daily trading signals. In conjunction with the live signals package, their analysts also provide daily, weekly and monthly insights across FX, Indices and commodities.
Methods of Payment
Clients of Portex Markets can make deposits to and withdrawals from their accounts via credit/debit cards, bank wire, Skrill, Neteller and FasaPay (available solely in Indonesia).
Portex Markets is an introducing broker of FCA-regulated One Financial Markets that offers trading in various currency pairs and CFDs and exchange-traded futures on MT4.
Instead of the forex broker you can use Plus500, XM, eToro, Fxpro or AvaTrade forex brokers.
Portex Markets Review Conclusion
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