Numerous Forex broker companies are swimming in the Forex market so it sometimes appears that the market is overcrowded with the various service providers. It is sometimes hard for people and traders to make a distinction between a professional and a scamming broker. This is not surprising since the Forex companies’ websites are sugar coated and one does not know either to trust them or not. Luckily, the Internet is also loaded with different reviews about the brokers and help traders with differentiating between reliable and unreliable brokers. This Atom 8 review is also such a review where this particular broker is put under our microscope analysis. Let us see what this broker has to offer to its clients.
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Background Information
Atom 8 was founded by a former JP Morgan’s lawyer who wanted to create a modern-day Forex company but only for those with loads of cash. The company was established in 2013 in London and caters only the wealthy elite. This might be a setback for all those who do not have the needed cash to join the broker. The broker is an FCA-licensed broker which is certainly an advantage. The traders can be assured that their funds are safe and kept apart from the company’s funds. The FCA guarantees legal protection to every trader in case their broker misuses their funds. In the Forex world, it is a big deal to be under the strict control of one of the most reputable regulators the FCA in the UK. Under the FCA, besides providing $1 million of substantial capital, the broker has also to join the Financial Services Compensation Scheme, insuring all clients up to additional £50,000 in the case of insolvency. The funds of clients are also kept in Barclay’s Bank one of the most prominent UK banks. Atom 8 is focused on providing ECN rather than market making services, which is one of the reasons why the broker is targeting clients with deep pockets. ECN accounts are normally for those who trade big lots.
Atom 8 Platforms
This broker offers several platforms to meet the demands of its rich clients. The broker offers several self-developed platforms and, of course, the standard Meta Trader 4. The in-house platforms: Atom 8 Web Trader and Atom 8 Trader Pro are more intuitive and have an advanced graphic interface with charting software, educational resources, and analytical tools. Atom 8 Trader Pro is aimed at algorithmic and automated trading, while the Atom 8 Web Trader is operated manually. Atom 8 traders enjoy fuzz-free trading since the platforms are supported by high-speed software. Mobile trading has become an integral part of every platform, so Atom 8 made sure to ensure the corresponding Atom 8 mobile apps for both of its own independent platform and the MT4. The Atom 8 mobile apps are adjusted to both, iOS and Android devices to reach a wider range of users.
What Accounts Do Traders Get?
As we said, this broker offers only ECN services and provides two ECN accounts for this purpose. The accounts are more or less the same, except that one is commission-based and the other is commission-free. This is rarely seen in the industry that an ECN account comes with no additional payment. Nevertheless, the Commission-free account comes with wider spreads, while the Raw Spreads + Commission account offers truly competitive and narrow spreads, but on the other hand, traders pay the commission. Average commission is £2.80 per lot. A total of 52 currency pairs, precious metals, and commodities are available to both account users. The entry ticket (also known as minimum required deposit) is $5,000. The entrance deposit clearly indicates that this is not a broker for everyone since retail traders cannot afford to trade with this ECN hotshot.
Atom 8 Bonus Policy
Unfortunately, Atom 8 does not offer any welcome, deposit or no deposit bonuses. Currently, there is no running promotion either which could stimulate your trading account.
Deposits and Withdrawals
When it comes to the deposit and withdrawal policy, Atom 8 is more complicated than one would have expected. The broker does not offer e-wallets, just wire transfer. They used to offer credit and debit card payments but currently this payment method is not active. Also, they cannot accept payments from a variety of countries mostly Asian, but neither from the USA. It seems that the broker is very limited in terms of its clientele and it is obvious that the many restrictions and limitations will keep away many potential traders.
Customer Support
At least when it comes to the customer support, Atom 8 offers what the majority of brokers offer. They are available around the clock via phone, e-mail, and live chat which can be opened via the Online Help button found on the Atom 8 website.
The Verdict
Atom 8 might befit a certain target group of traders, but it is definitely not for everyone. Offering an ECN commission-free account is truly innovative and probably attracts many ECN traders. The fact that there is no bonus is also tolerable to a certain extent, but the banking options are more than limited and probably divert many clients.