The Forex industry became well-known for offshore companies who offer their services from exotic destinations. Many traders are skeptic to such brokerage companies and prefer trading with local brokers. There are also some destinations which are somewhere in-between being an offshore location and a Forex center. This review concerns a broker who is located in Cyprus which is both, a vivid Forex center, and for some, an offshore destination. The AGM review will break down what the broker offers and what it is like to trade with them. Read the following review to get a whole picture about one of the biggest brokers in Cyprus.
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Background Info
AGM Markets was established in 2011, and if the broker continues to do business like this for the next five years, it will easily earn the title of an experienced broker. The broker offers its services in more than 140 countries. The broker is under the regulation of CySEC which is one of the more desirable licenses in the market lately. The CySEC license can be called an international universal license since it covers and legalizes business activities in all countries of the European Union. Under the license, the broker has to comply with the MiFD Directive which dictates the conditions and rights in the capital markets of the EU. Therefore, AGM Markets can be considered a reliable and trustworthy company that follows the highest standards and criteria. Many other Forex companies find their home in Cyprus under this regulation and expand from there. Besides tax benefits, Cyprus also provides geographical advantages since it is between the Asian and European market enabling brokers to access both of them.
Trading Platform
The main trading platform of AGM Markets is the Meta Trader 4. This comes as no surprise since almost every broker offers the universal MT4. AGM Markets also offered the MT5 which is suitable for American markets, so we can only guess whether the broker was trying to expand far west or was it just meant for its existent customers. Nevertheless, the broker revoked the MT5 and does not offer it anymore. Mobile trading has become essential in the business with the high-tech revolution, so the broker, like every other broker who cares about its business, also offers the appropriate AGM mobile app to its appreciated customers who cannot resist taking a look at their trades in the middle of a busy work day.
Account Types
Maybe the broker offers just one platform, but AGM Markets surely makes up for that by offering four account type:
- Mini account
- Standard account
- Premium account
- Standard ECN account
The Mini account is the most affordable starting at a $250 minimum deposit. The account comes with no commission, and the minimum trade size is 0.01 with floating spreads starting from already 1 pip. The Standard account requires a $1000 deposit offering floating spreads from 0.90 pips. Minimum trade size is 0.1 lot, and both of the accounts come with leverage up to 1:500. The Premium account offers more conveniences with spreads from 0.60 pips and leverage 1:200. To register with this account, you have to deposit $5000. The Standard ECN account is also $250, but it comes with a commission of $6 per lot trade as usual for ECN accounts. All accounts offer personal manager options, auto trading, fast market execution, as well as educational resources.
AGM Markets Bonus Types
The broker has different promotions to reward its customers once in a while. For example, if you register with the Premium account you get a 50% deposit bonus on the deposited $5000. There are no hidden requirements, and the money is automatically accredited to your trading account. The AGM Markets Personalized Bonus includes a welcome bonus but only to those who deposit $10,000. The bonuses are usually time-limited, and the broker runs them seasonally.
Funding Options
For a broker who operates in more than 140 countries, it is no surprise that the broker offers a very long list of payment methods. Besides the usual wire transfer and credit cards, the broker also accepts: Sofort, Neteller, Skrill, NeoSurf, BankLink, Nordea, CashU, Qiwi, WebMoney, and Poli. Requested withdrawals will be handled within one work day. Credit cards and wire transfers take up to 3 days, whereas e-wallet payments usually appear in your account the same day.
Customer Support
The AGM Markets customer support, as every decent customer support, is open 24 hours 5 days in a week and can be contacted via phone, e-mail or live chat. Nevertheless, customers should be aware that many information can be gathered from the FAQ section and the useful educational resources which are available on the broker’s website. The customer support is multi-lingual to serve a wide range of international clients. The support team is very dedicated, and many customers reported back that the customer support helped them with different issues.