RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
SuperTrader Markets is a Forex brokerage with ties to Australia. It provides the MetaTrader4 trading platform and supports a wide range of e-wallets as payment methods. Further trading conditions, however, remain unclear. Read the whole review to find out why!
SuperTrader Markets regulation & safety of funds
The company behind the brokerage – Supertrader Investment Pty Ltd – is registered in Australia. Here is a screenshot:
Furthermore, SuperTrader Markets is a broker brand of Supertrader Investment Pty Ltd which acts as a Corporate Authorised Representative of another company – Super Forex Financial Pty Ltd which is regulated and licensed by ASIC. After checking with the online registry of the Australian regulator we can confirm this to be true.
This is perhaps the biggest advantage of the brokerage – it operates legally in Australia and is a legitimate representative of an ASIC-regulated company. The Australian Securities and Investment Commission is among the foremost regulatory agencies in the world and traders may rest assured that there is sufficient guarantee for the safety of their funds. However, even though the brokerage purports to provide the MetaTrader 4 trading platform, we were unable to register for a demo account. This, on the other hand, is quite a disadvantage because we cannot get properly acquainted with the trading conditions of the brokerage. Furthermore, we find no information on the website of the brokerage about the trading conditions which leaves us quite in the dark as to what the brokerage is offering traders. Putting this aside – the brokerage is legitimate and clients may expect professional behavior both from the broker and the regulatory agency, there is no risk of fraud or foul play of any sort.
Traders needn’t have to worry themselves with such risk if they choose to trade with a brokerage regulated and authorized by a prestigious regulatory agency. Such agencies are the FCA in the UK or CySec in Cyprus which have been leading names in Forex trading for some time now. Their regulatory framework is composed of a number of strict rules which prevent clients from falling victims to fraud. Such rules include the segregation of accounts which assures that commingling with the client’s money is not possible. Furthermore, a license by such a regulatory body entails participation in a financial mechanism by which clients may be compensated if they suffer losses due to fraud or bankruptcy. With the FCA the compensation is up to 85 000 pounds, where as with CySEC it is up to 20 000 euro per person.
SuperTrader Markets deposit/withdrawal methods and fees
Potential clients of the brokerage may deposit or withdraw via VISA and MasterCard, as well as the popular e-wallets BPay, EFT and iPay. Here is a screenshot:
As you can see from the screenshot the brokerage itself provides information about the different withdrawal fees. There is a withdrawal fee of 1% to 2.8% for credit cards which isn’t very excessive. However, when dealing with unregulated brokerages, more often than not they do not share such information until they have received the initial deposit of the client. This is why we remind readers of all the ways a trader may test the brokerage’s intentions. Firstly, traders are advised to always put up only the required minimum deposit, instead of risking a bigger amount with no certainty. Afterwards, they may also try to withdraw a small amount in order to check for any unexpected fees or delays. Such fees and delays are usually the signs of a scammer.