The Forex industry has witnessed many changes and reforms, and yet it seems that the market is entering another trend, whereby many bigger financial services companies open their daughter and branch companies with the sole aim of providing Forex services. This might be a good idea, because the big companies have usually been in the business for a long time and have the needed experience in the capital market which is required to last in the Forex industry. This review will give you an insight into the dealings of the PipTrade broker company which recently joined the market under the auspices of the Heynep Capital group, a company that has been around for decades.
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PipTrade Background
PipTrade is a UK-based broker which was established under the global giant company Henyep Capital Market Ltd., which is engaged in different financial and capital market activities. The broker is also known under the name HY markets and present in over 20 countries on three different continents. Of course, if you want to operate in the British capital market and run an office in the exquisite neighborhoods of London, then you first need the blessing of the Financial Conduct Authority. The blessing takes the form of an operating FCA license and is the only way to make it in the FCA register which lists all legal and reliable companies. Of course, PipTrade has got its FCA license and offers Forex and CFD services to its individual and institutional customers.
PipTrade Platforms
The broker has two platforms for its active traders. The first is, of course, the Meta Trader 4 platform and is often the only choice of brokers. Sometimes it seems that nothing would be the same without this highly sophisticated platform which offers so many trading conveniences. The platform speaks to masses and meets the needs of both, newbies and professional traders. Still, there is also a group of traders who want to try new things and prefer in-house built intuitive platforms which were designed with a focus on traders. Such a platform is the Primetrader, offered by PipTrade. This platform also offers multi-asset trading, multiple pricing views, and options such as the guaranteed stop loss option, which reduces the trading risk. This platform offers also improved charting with graphically advanced graphs. Besides the desktop downloadable and web-based platforms, the broker offers its HYCM mobile app enabling easy access full profile and account management, and live stream. Mobile trading became as important as desktop trading, so it represents an integral part of the business.
Account Types
In order to match trader experience with the right features, brokers have to provide a variety of accounts. PipTrade offers three account types, which is considered the golden standard in the industry and majority of the brokers offer three types of accounts. The first one is the Micro account with only a $100 deposit requirement. The account enables access to 50 assets and products. It is always good when big brokers offer affordable account types for the ones who look for a quality broker for little money. For the more wealthy ones, there is the standard account available at a $1,000 deposit. This account lets you choose from 120 tradable assets. The account gives more options than the Micro account, as lower fixed spreads (1.8) and trading signals. The VIP account is reserved for devoted traders who can simply put aside $10,000 for trading purposes. If you deposit this kind of money, you will be rewarded by your broker, e.g. account management, personal approach, tighter spreads, fast execution, etc. VIP account holders have the luxury to trade with 1.5 pip spreads which are also fixed. All of the three accounts share the same leverage limit of 1:400 and a 0.01 minimum trading size.
PipTrade Bonus
The bonus choice is not great, but at least the broker offers one as opposed to many brokers who offer nothing lately. If you sign up with the broker, you will be pleasantly surprised by a PipTrade 15% welcome bonus. An additional bonus for loyal traders would also not harm the broker who is loaded with money and can certainly afford it.
Payment Options
The broker offers several different methods for you to deposit and withdraw your funds, including:
- Wire transfer
- Credit cards
- WebMoney
- UnionPay
The minimum withdrawal requirement depends on the payment method and starts at $250 with wire transfers, $20 with credit cards, UnionPay, and WebMoney. The processing might take somewhat longer than usually. The processing period lasts for 7 days which might be a little too much.
Customer Support
The broker has a very neat and organized website and a customer support which is more than competent and efficient. You can reach the support team via e-mail, phone line, and live chat.