RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
Our first impression of Price Markets is that the website is abundant with all sorts of information pertinent to forex trade which potentially will be useful to the clients. However, as is our duty, we are going to find out how safe it is to trade with this broker.
Price Markets Regulation and safety of funds
Price Markets UK Ltd is the company that owns and operates the website and supposedly, it is registered with the Financial Conduct Authority (FCA), the official body regulating forex brokers in the UK. We check the FCA register to verify this information. From the image below, you can see that the name of the company does exist in the register and this broker is registered and regulated.
Clients who chose to trade with licensed UK brokers enjoy peace of mind that their precious funds are protected thanks to the strict regulations exercised by FCA and imposed by ESMA. As per these regulations, UK brokers are required to invest no less than 730,000 EUR in the form of an investment capital. In addition to that, they must keep their clients’ funds segregated from their own, provide negative balance protection, report transactions on a regular basis, allow external audits and keep low leverage which for forex currencies cannot exceed 1:30.
One of the biggest perks in trading with UK brokers is that they must participate and deduct funds towards the local Financial Services Compensation Scheme from which in case of bankruptcy, the clients can be repaid up to 85,000 GBP per client.
If you want to extend the scope of your search to the EU, we must tell you that the trading conditions there are quite similar to those in the UK. The major difference is in the amount of the compensation that clients can get in case of broker’s bankruptcy which is up to 20,000 EUR per client. Otherwise, EU brokers must abide by the same ESMA regulations.
Price Markets Trading software
Price Markets trades in forex, indices and commodities and it takes pride in the NeroEx technology which according to this broker can optimise the trading tools. The registration of a trading account is a lengthy process and potential clients must answer questions regarding their income, savings, trading experience, as well as provide verification documents. For this reason, we chose not to open a trading account. Instead, we tried to open a demo account but there was some problem with the demo account server, as you can see from the image below. Nevertheless, the image can give you a good idea about what the MetaTrader 4 trading platform look like. On the left-hand side of the screen is the menu with the trading products with their bid/ask price and beneath is the navigator that opens the accounts, indicators, expert advisors and scripts. In the middle of the screen are displayed the charts of various trading product with the fluctuation in price in a given time frame. The number of charts can vary as per the need of the trader. In the top horizontal bar, are the buttons for the charting options, auto trading and placing orders. In the bottom horizontal bar are located tha buttons for the code base with customs scripts and the app market.
From the bid/ask price of the EUR/USD currency pair, we find out that the spread is 2 pips which is above the industry average of 1.5 pips. When the spread is wider than the industry average, it means that the cost of transactions will be high and traders won’t be able to make a sustainable profit.
On the other hand, from the information available on the company’s website, shows that the leverage is 1:30 which is in accordance with ESMA regulations.
We must say that the MetaTrader 4 is an excellent choice of trading software. Despite being launched 15 years ago, this platform is still one of the most popular in the forex market, thanks to the excellent package of trading tools and instruments. We can mention the auto trading option, the code base with customs scripts, the trading signals, the app market, the VPS, etc. However, what makes MT4 stand out among other trading platforms is its charting options that contain a plethora of charts, time frames, colours and even the option of creating customised templates. Worth mentioning are the technical analysis indicators, such as fibonacci retracement, moving averages, Bollinger Bands, etc., that help traders predict the future direction of exchange rates and make a profit.
Price Markets Deposit/Withdrawal methods and fees
From the image below, you can see for yourself that there are 2 trading accounts – Standard and Fix API. The minimum initial deposit for the Standard account is $5,000. In our opinion, this initial deposit is too high. Other legit brokers would normally ask for as little as $1-5. The initial deposit for the Fix API account is $50,000.
The payment methods include Skrill, bank wire and credit card. The deposit fee via Skrill is 4% and the minimum deposit amount is 100 EUR. The deposit fee for payments made via bank wire are 15 GBP/ 20 EUR / 25 USD. For those who choose to make payments via credit card, the deposit fee is 3.5% and those who wish to file for a chargeback will have to pay 50 EUR.
It takes up to 1 business day to process a withdrawal request. For withdrawals made via credit card or bank wire, there are no withdrawal fees. On the other hand, those who use Skrill as a payment method will have to pay 4% on the withdrawal amount if it is in EUR or 7% if it is in other currencies.
Any trading account that stays inactive for a period of 6 months, will be charged a 5 GBP dormant fee.