AMARKETS REVIEW: PROS & CONS
Have you come across this financial app and wonder what it is all about? In this review, we will walk you through the key points to consider when evaluating its features and benefits.
Last Update:
28.6.24
BASIC INFO
AMarkets is an online Forex and CFD broker offering trading services in a variety of financial instruments. The platform is appreciated for its competitive spreads, high leverage options, and diverse trading accounts. AMarkets provides advanced trading tools and educational resources, focusing on enhancing the trading experience for its clients.
PROS & CONS
PROS
+20 Years in Business
This platform has been in business for over 20 years, demonstrating its experience and reliability. Users can trust the platform's long-standing presence in the industry.
Low spreads
This platform offers tight spreads, ensuring competitive pricing and cost-effective trading.
Fast Registration Process
This platform offers a simple and straightforward registration process, allowing users to quickly create an account and start trading without unnecessary complications.
PAMM Accounts
This platform supports PAMM accounts, allowing traders to allocate funds to professional traders and participate in their trading strategies for potential returns.
CONS
Unregulated
This platform is not regulated by any credible government agency, which means it may not operate in compliance with industry standards and regulations. The lack of regulation poses potential risks and uncertainties for traders, as there are no specific rules and guidelines in place to protect their interests.
Poor Customer Support
This trading platform offers limited customer support, leading to delays in resolving issues or inadequate assistance for traders. With subpar customer support, traders may face challenges in getting timely responses to their inquiries, resolving technical difficulties, or receiving necessary guidance.
Lack of Educational Resources
This trading platform lacks comprehensive educational resources, making it challenging for traders to access valuable learning materials and enhance their trading knowledge. Without access to educational resources, traders may struggle to understand complex trading concepts, strategies, or market analysis, limiting their ability to make informed trading decisions.
APPS
METATRADER 4
Widely-used platform for forex trading. Known for its Expert Advisors (EAs) and customizability.
AMARKETS APP
AMarkets' mobile platform for trading. Provides market data access on the go.
The screenshot of the MetaTrader 4 (MT4) platform features a dynamic user interface, equipped with multiple essential components for trading. The "Market Watch" window displays a list of the most traded currency pairs, showcasing market liquidity with real-time bid and ask prices. Concurrently, the EUR/USD candlestick chart offers a crisp visualization of market fluctuations over a one-hour period, accentuating bullish trends with green candles.
ACCOUNT OPENING
How to Open a Trading Account with Amarkets
Opening a trading account is a process that involves several key steps to ensure both your trading needs and the broker's regulatory requirements are met. Below, we describe the process in detailed steps:
Visit the Broker's Website: Access the official website (found in the index of this review). Look for the option to open a new trading account, which is usually clearly indicated on the main page.
Complete the Registration Form: Provide your personal details, such as name, address, email, and phone number. Depending on the broker's need to know you better as a client, additional information about your trading experience, employment, and financial situation may be requested.
Identity Verification: Upload documents to verify your identity and residence. This generally includes a photo ID (passport or identification document) and a proof of address (utility bill or bank statement).Set Up Your Trading Account: Configure aspects of your account, such as currency type, leverage, and, in some cases, trading preferences.
Deposit Funds: Make an initial deposit using one of the payment methods accepted by the broker (We detail the alternatives later).
Access the Trading Platform: Download and install the trading platform. Log in with your account details.
Practice with a Demo Account (Optional): Practicing trading with virtual funds before risking real money means you won't be surprised when using real money.
Start Trading: Once your account is set up and funded, you can start trading.
How to Deposit
Once you have decided how much to deposit and which method to use, making the deposit is simple and quick. Just follow these steps:
Log in to your newly created account.
Click on "Deposit Funds".
Enter the amount and select the currency.
Finally, select your chosen deposit method. Don't worry, it's a secure and private process. Transactions are communicated using Secure Socket Layer (SSL) technology.
Below we show you the available alternatives.
Deposit & Withdrawal Methods
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ASSETS & SERVICES
AMarkets is a solid choice for investors interested in FX (Forex) and CFD (Contract for Difference) trading. It offers a wide range of financial assets, including:
Currency Pairs (Forex): Currency pairs are one of the most popular assets in trading. Investors can speculate on the fluctuation of exchange rates between major currencies, such as EUR/USD, GBP/JPY, and USD/JPY.
Stocks: It allows the buying and selling of CFDs of stocks of companies listed on various stock exchanges worldwide. This provides investors with the opportunity to invest in leading companies like Apple, Amazon, Microsoft, and many others.
Stock Indices: Stock indices represent the performance of a group of stocks on a specific stock exchange. Investors can trade indices such as the S&P 500, FTSE 100, DAX, and more, allowing them to diversify their portfolios.
Commodities: Commodity assets include crude oil, gold, silver, natural gas, corn, coffee, and other basic commodities. Investors can speculate on the price movements of these commodities, which are often influenced by economic and geopolitical factors.
Cryptocurrencies: You can trade CFDs on a variety of cryptocurrencies, such as Bitcoin, Ethereum, Ripple, and Litecoin.
REGULATION
N/A
Unregulated
Selected Feedback of AMarkets on Trustpilot
Here is a detailed analysis of AMarkets based on user reviews on Trustpilot:
Overall Rating: AMarkets has a rating of 4.8 out of 5 on Trustpilot, indicating high customer satisfaction.
Positive Aspects: Users praise the excellent customer service, quick problem resolution, and ease of use of the platform. They also highlight the effectiveness of the support team and the variety of financial instruments available.
Technical Issues: Some users have mentioned problems with maximum leverage when achieving stable profits and difficulties with real-time technical issue resolution.
Fund Withdrawal: Generally, users report a positive experience with fund withdrawals, although there are occasional mentions of delays and difficulties with the documentation required for withdrawals.
Overall Conclusion: AMarkets is highly regarded for its customer service and the quality of its trading platform. Despite some reported issues, most users are satisfied with the services offered. Weighing these factors against personal trading needs is essential for an informed decision.