Trading currencies is appealing because it sounds easy to make random guesses about price movements and play financial specialists once in a while. The not so fun part is that it costs money, usually large stacks of money, and therefore it can be stressful for those who invest large amounts. The risky business certainly takes its toll on traders no matter how much entertaining it appears. Once in the business, traders try to crack the secret codes to successful trading. They know that it exists but yet it is hard to find the right path. Most traders experience losses as well as lucky streaks, so we could say that there is no clear-cut formula for solely winning trades. Maybe we cannot help you with your trading decisions, but we certainly can help you with your broker selection. We dug under the surface for this Price Markets review to find out more about Price Markets who recently joined the crazy Forex market, a market which perfectly fits the saying “Sometimes you’re flush, and sometimes you’re bust.”
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Background Check
The company was established in 2013 and is also known under the name of Velocity Trade International Ltd. As every ambitious broker, Price Markets also joined the global scene and meanwhile offers services in Montreal, Toronto, Auckland, Cape Town, Sydney, and New York. We see that this broker focused only on English-speaking regions so far, but who knows; they might expand to Asia soon. The broker is regulated by the mighty UK FCA which does not tolerate any form of deviation from the defined rules such as fair trading, customer protection, separate funds, qualified staff, and plenty of substantial capital to sustain real and potential business risks. All of the FCA criteria were met by Price Markets who are proud holders of an FCA license. The broker offers trading in commodities, indices, and of course, currency pairs. They accept retail and institutional customers as well.
Platforms
This broker offers the mainstream platform Meta Trader 4. Traders and brokers cannot simply get bored with this platform, which offers its Expert Advisor options which enable robots to trade instead of traders. Moreover, many technical indicators, analyses of the market by observation of the history of the market and price behavior, and advanced charts are all part of the MT4.
The broker also offers true ECN platforms as follows:
- Hotspot FX ECN
- Currenex FX ECN
- Integral FX
- Liquid-X
Do not miss out on the Price Markets mobile app which provides for a unique trading experience on the move.
Account Types
The broker offers a universal account based on the chosen platform. The minimum deposit with Price Markets starts at $500. The broker, since being an ECN provider, offers very tight and competitive variable spreads which start as low as 0.2 pips with major currency pairs like the USA/EUR or GBP/USD. In dependence of the volume traded, the broker charges a commission in the range of $1.25- 3.5 per trade size. The pips start really low in comparison to other brokers who sometimes charge the double. This lets us conclude that the broker offers a fair deal. Leverage with Price Markets is usually 1:100 or 1:200, but on demand, it can be extended to maximum 1:400. In recent years, many governments have introduced new leverage rules, e.g. the USA does not allow a bigger leverage than 1:50. This is a measure that protects the traders from themselves since high leverage can drive them into debt. Many traders do not know to handle the leverage and spend more than they can afford which leads to serious financial problems, so it is always good to use leverage rationally. Therefore it is good that brokers do not let traders use high leverage anymore (at least not too high).
Price Markets Bonus
Unfortunately, this broker does not offer any kind of bonus, not even a welcome bonus for newcomers. Many brokers shifted lately to the no-bonus policy, even if it is one of the favorite parts of traders. On the other hand, brokers can be sneaky and offer unrealistic bonuses which seem lucrative, but until traders fulfill the different trading requirements they often lose more than they gain in bonus money. Bonus policies can be ruthless with all the consequent requirements which are impossible to fulfill. Speaking from that point of view, maybe it is better to offer no bonus than a bonus like that.
Funding Options
The broker accepts payments and withdrawals via wire transfers, credit cards, local payment methods, and a number of e-wallets. There are no hidden fees, and withdrawals and deposits are free of charge, except for withdrawals lower than $20.
Customer Support
The customer support of Price Markets is efficient and possesses the needed knowledge to answer any kind of inquiry you might have. You can either call, e-mail or chat with the Price Market Support Team which is available around the clock.