Category: Brokers

There are a large number of brokers who offer different conditions to their clients. Therefore, when choosing, it is important to study information about the company. It is especially important that the broker has a good reputation. To determine this, you can get acquainted with the rating of various forex brokers on the website forexxx4all.ru. Thus, it will be much easier to make a choice. Indeed, thanks to the rating, you can quickly select a broker, taking into account your preferences.

What to consider when choosing a forex broker?

It is important to decide which parameters are required. You should also consider the needs and style of trading. You need to carefully study what opportunities the chosen broker can provide. To determine the right broker, you need to compare different companies.

A reliable broker should have a portfolio of successful deals, as well as a lot of reviews from real clients. You also need to pay attention to how the registration process and deposits and withdrawals of funds with a particular broker are carried out.

Criteria of choice

To make the right choice, you need to consider the following:

• the direction of activity;
• the level of reliability of the trading platform;
• availability of customer support;
• account types;
• broker terms.

It is also important to clarify whether a particular broker offers additional services. In addition, you need to pay attention to the structure of payments and commissions.

First of all, the company must be reliable. She must have a license and a long term of work. Each broker offers a different initial deposit amount and account types. Therefore, it is important to pay attention to this criterion.

When choosing, it is important to consider what tools are offered for trading on Forex. If there is a wide range of different opportunities, then the trader will receive more income.

Be sure to pay attention to what methods of input and output are used by the brokerage company. After all, there are organizations that impose restrictions on the ability to withdraw a certain amount to the card. Therefore, you should ask the manager how best to withdraw funds and how long it will take for this procedure.

If all the criteria are taken into account when choosing a broker, then the trader will be able to achieve successful results. But for this, the conditions of the brokerage company must be suitable for him. Therefore, it is important to familiarize yourself with various brokers before choosing.

London headquartered international forex brand VARIANSE recently launched cTrader for its clients worldwide. The company has spent the previous few years building on its UK FCA foundation by obtaining authorisations in Asia and the MENA regions. Launching cTrader is another step in the brand’s evolution.

VARIANSE first launched in 2015 as a MetaTrader 4 focused broker licensed and authorised by the UK’s Financial Conduct Authority. In recent years the company’s group gained additional licenses from the FSC in Mauritius, and the LFSA in Malaysia, to provide global client coverage across Europe, the Middle East, Africa and Asia. cTrader is now available to all VARIANSE clients throughout the world.

On the VARIANSE cTrader platform, you can trade dozens of forex pairs and CFDs on indices, precious metals, energy products, and over 100 Nasdaq listed stocks.

Traders already using VARIANSE MT4 can seamlessly transfer funds to a cTrader account and continue to hold accounts on both platforms concurrently. If you’re new to cTrader, we always recommend starting with a demo account first and give yourself time to familiarise yourself with the interface and features before trading with a live account.

Commenting on the development, Rohit Mirpuri, director of VARIANSE UK, said, “Launching cTrader aligns perfectly with our business model and growth objectives by offering a multi-device cross-asset platform. cTrader has enabled us to offer an enhanced transparent trading experience. Clients can instantly assess our multiple liquidity streams via the inbuilt market depth panels and access key trading metrics such as execution speed and latency, which provides a real advantage to algorithmic traders and asset managers where performance and cost-efficiency matter.”

Alex Geralis, the Business Development Manager at Spotware Systems, the developer behind the cTrader platform, expressed his thoughts on the collaboration, “VARIANSE offers traders with cost-efficient, low latency, and access to deep and dynamic liquidity for active trading strategies; these are precisely the conditions cTrader was built to thrive. The cTrader community stands to gain a lot from having another FCA regulated broker, especially one that understands traders’ fundamental needs.

Traders looking to learn more about VARIANSE and the exciting trading conditions offered by the brokerage can read our in-depth review of the company or visit the website.

Frequently asked questions about VARIANSE

Is VARIANSE a market-maker?

No. VARIANSE is not a market maker. The UK company is an IFPRU 125K firm, which means it is prohibited from dealing on its own account. Therefore, requiring the company to execute clients’ orders on a matched principal basis, also known as back-to-back-trading. As the company’s FCA license prohibits it from market-making activities; therefore, all orders are executed using straight-through-processing (STP) methodology. Similarly, VARIANSE Mauritius is licensed as an Investment Dealer (Broker), which permits only agency dealing. It does not allow the company to issue or underwrite securities or take on any market risk.  

I am not from the UK. Can I still open an account with Varianse?

Yes, VARIANSE welcomes clients from all countries except for the USA and sanctioned countries.

Can I buy stocks with VARIANSE?

You can trade stocks with Varianse, but you cannot buy or invest in shares. All products offered by VARIANSE are contracts-for-difference (CFDs), meaning all trades are settled in cash according to the difference between the opening and close prices of a position.

The advantage of trading the Stock CFD is that you can go both long and short and increase your buying power with up to 5 times leverage.

How long can I keep my VARIANSE demo account?

Demo accounts will only expire if you do not log in within 180 days to keep your VARIANSE demo account active for an extended period; just log in within the required time or keep a position open. 

Can I open an MT4 account and cTrader account at the same time?

Yes. VARIANSE allows you to trade on both platforms at the same time. You’re also able to transfer funds between your trading accounts. Providing both accounts have the same base currency, you won’t be charged when transferring funds.

Why does VARIANSE charge for deposits and withdrawals when other brokers don’t?

VARIANSE does not charge for deposits via Bank Wire; however, it does for alternate payment methods.

Forex brokers are considered high-risk clients by the banking and payments industry. Due to the compliance burden, many banks and payment processing companies (PSPs) avoid cooperating with brokers. The banks and PSPs that do cooperate with FX brokers want to be compensated nicely for their efforts. Many brokers operate a market-making business model, allowing them to earn on average US$15 per lot, whereas STP brokers like VARIANSE earn just US$3.50 per lot. 

What’s the difference between VARIANSE in the UK and VARIANSE in Mauritius?

When trading with either company, clients will benefit from the same trading technology, platforms, and low-cost, low latency trading. Similarly, the liquidity and trade execution is the same and impressive. Client fund safety is essential, and it’s good to know that both companies safeguard and segregate clients’ money with Barclays Bank in London. This is very important for a trader to have that peace of mind.

Clients of VARIANSE Mauritius have access to leverage of up to 1:400, whereas clients of VARIANSE UK have access to leverage of 1:30 (or 1:400 if you qualify as a Professional) 

Does VARIANSE offer cTrader Copy?

Yes, you can access all of the available strategies on cTrader Copy via your web browser or mobile with a VARIANSE cTrader account.

About OM Financial

OMF is an abbreviation for OM Financial, which appears to be derived from the former name of Ord Minnett Group. The company, which has changed several names and management changes, has existed since 1987. OMF is very active in the New Zealand market, where they were the first NZX accredited NZX-accredited New Zealand futures and options market in 2004 and have since been licensed. to provide many other New Zealand Exchange products and services.

As a registered financial services provider in New Zealand, OMF is regulated by the Financial Markets Authority (“FMA”), which monitors companies’ compliance with New Zealand laws, regulations and best practice standards.

OMF cTrader Review

On the OMF cTrader platform, you can trade over 30 currency pairs, as well as gold and silver. Interestingly, they offer gold versus JPY available on their cTrader platform, which is not common. Regarding trading conditions; OMF is one of the most expensive cTrader brokers we have reviewed. The company charges $ 100 for $ 1mil. traded. The minimum trade size for all FX symbols is 10,000 units, which is 0.1 lots. Most brokers allow trading in micro lots, i.e. 0.01 lots.

Conclusion on the OMF review

While OM Financial is an accredited New Zealand broker, we believe their high fees can be a hindrance for the average forex trader, especially when neighboring Australian brokers such as IC Markets and Pepperstone charge around $ 30 per $ 1 million. On the other hand, it seems clear that their clientele is somewhere closer to institutional traders, and investors expect very solid support from their customer service team. If you are a New Zealand investor, it is definitely worth looking into OMF, the company has many merits and fits the description “trustworthy” perfectly. However, if your trading style is high turnover and location is not an issue, it may be worth looking into other cTrader brokers.

The 31FX website is very well done and offers a lot of useful information. There are many legal texts on the website such as AML Policy, KYC Policy, Terms and Conditions, but it is difficult to say who these contracts are concluded with as the counterparty is just a trademark that is not associated with any legal entity or individual …

About 31FX

There is not a lot of relevant information about this forex broker. While the company does offer a cTrader platform, we don’t know anything else.

31FX offers several trading accounts with up to 1: 1000 leverage. The highest leverage, known as the Diamond account, is only available with a € 150,000 deposit, which is an odd requirement considering that most brokers offer lower leverage. for accounts with a higher balance due to the higher risk they pose.

Depending on the size of your account, the company offers various benefits such as structuring your financial portfolio, zero management fees, VIP services and other features. These benefits are features that we have not seen in advertisements from other brokers, and it is not clear what they are.

31FX – scam

The Financial Conduct Authority (FCA) has issued a warning 31FX inform investors that they are not eligible to offer financial services or products in the UK. The FCA warning says some firms are acting without permission and some are knowingly engaging in investment fraud. While the regulator has not concluded whether the company is engaged in fraudulent activities or not, they stated that based on the information available, they believe that 31FX is carrying out regulated activities that require authorization.

Other scam Forex Broker sites have highlighted 31FX due to a number of alarms and complaints from traders.

Conclusion on the 31FX review

The company is really active and posts regularly on their social media. Compared to other brokers, it is unclear what the benefits of 31FX are, especially considering the risk of trading with an unregulated broker.

In general, we do not condemn all unregulated brokers as scams. Regulation is complex, expensive and overwhelming for brokers. It is very difficult to tell the difference, however, and unregulated companies always run the risk of losing bank accounts, payment methods, or being completely closed. If you decide to open an account with 31FX, we always recommend caution and do not recommend using this broker.

What makes Forex trading popular in Nigeria?

Forex trading is popular with Nigerians for many reasons. First, the youth unemployment rate is almost 20%, which is incredibly high. Secondly, Nigeria ranks 6th in terms of the number of Internet users. Finally, the English literacy rate among Nigerians in developing countries is above average. These reasons make the country a popular destination for forex brokers.

Is it legal to trade Forex in Nigeria?

Although there is no formal regulation of FX and CFD trading, it is not illegal. Since trading with foreign brokers is not illegal, this opens the door to a variety of options. This variety even allows you to choose the regulator structure of the broker you will trade with.

The downside to choosing a foreign broker is that their investor protection schemes can only cover domestic clients. However, it is probably best to choose an international broker who has their own rule book rather than a local Nigerian forex broker who is completely free of supervision.

It is worth noting that the Central Bank of Nigeria, also known as CBN, regulates the country’s foreign exchange market. However, this provision applies to the services of the physical interbank foreign exchange market and exchange offices.

Forex trading is a derivative, which means a separate framework is required to regulate the business. The Central Bank’s regulations do not cover the type of trading you do on cTrader or MetaTrader

4. While some international forex brokers may accept Naira for making deposits to your trading account most will convert that deposit into USD or another popular instrument and also won’t offer Nigerian Naira trading pairs.

cTrader Forex Brokers in Nigeria

We have reviewed several cTrader brokers based in Nigeria in the past. These reviews include HAXI Capital and Fintec Global Markets… However, we have come to the conclusion that these two brokers are not a reliable investment for your money.

The vast majority of international forex brokers accept clients from Nigeria, so there is little reason to look for a brokerage company based in Nigeria.