RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
M4Markets does not go over the bar, nor does it celebrate any kind of uniqueness, because there is nothing unique about it. That does not mean that M4Markets does anything wrong.
Yet, many of the features on there were blocked. In order to get access to them the user must provide proof of identity documents. Nevertheless, the dashboard area came with a hint of professionalism. It is neatly organized, with shortcuts to all important areas, and everything is to the point. This is definitely a solid user area.
It is only logical that we could not open a live account with the MT4 provided. That is why we opened a demo account. There we got a EUR/USD cost of trade of 1.1 pip, and this is a very good spread; it’s below average, and it can bring users profit. The leverage is the most typical offshore broker leverage value, 1:500. The MT4 revealed the available financial instruments: forex currency pairs, equities, cryptocurrencies, commodities, and indices.
The website is available in Italian, Chinese, and English.
M4MARKET REGULATION AND SAFETY OF FUNDS
M4Markets is regulated and located in Seychelles. There the Seychelles Financial Service Authority is the regulator. It’s good to know that the agency requires some things from all its brokers. For example, all brokers must be incorporated domestically, with 2 shareholders and 2 directors that must be in the country at all times. Another crucial prerequisite is a minimum capital of $50 000 for every wanna be regulated candidate. There are some drawbacks. The most crucial ones is that broker under this watchdog do not have to keep users’ money in segregated bank accounts.
M4MARKET TRADING SOFTWARE
The broker comes with the MT4, available as a mobile app but also a desktop trading terminal. However, there is no web trading terminal.
Consider the presence of the MT4 as one of the best features of the broker. In fact, the MT4 is always an element that increases a legit broker’s score. The reason for this is that this trading office has an incredible array of tools and features and is capable of keeping busy even the most advanced of users.
M4MARKET DEPOSIT/WITHDRAW METHODS AND FEES
All payment in the client portal is unavailable. Users who wish to proceed have to give their id docs. So, as we always proceed, the deposit and withdraw info will be taken from the website.
The minimum requirement for opening an account is $50. The range of deposit methods is impressive: Skrill, Neteller, Jeton, Jeton GO, Wire transfer, ChinaUnionPay, Local Wire Solution, AliPay, PayTah. We believe that the more options for payment, the more users can deposit. There are no depositing fees, and all deposits are processed immediately, aside from the bank transfers. They take 1 business day.
The minimum withdrawal amount is $10. The same methods that are used to deposit are used to withdraw. All processing times take 1 working day, and surprisingly there are no financial charges for withdrawing issued by the broker, according to the website. However, wire transfers can be issued fees by the payment providers themselves.
However, the terms and conditions reveal a very worrying contradiction. There is a clause claiming that not only are there applicable deposit and withdrawal fees but also third party imposed costs.
There are other classes similar to this one that confirm the presence of these fees. The difference is that they mention them in a different light. We guess this is what happens when you are regulated by an offshore licensed issuer; some things just slip out of sight. Furthermore, we were unable to find any numerical vale of these fee, nor were we able to locate what they actually were.
The only clearly disclosed fee is the dormant account charge. If a user has not been active for more than 12 months, the broker will issue an annual $10 fee, which is nothing to worry about.
Aside from the fees, we see nothing wrong with this broker. It is regulated, and even if the licensor is offshore, everything seems to be working right. What we recommend is to deposit the minimum amount and see where things go from there.