AMarkets Review 2023

Trust

In our trust category, we place the most importance on how a broker is regulated. This section will cover how the different entities of AMarkets are regulated and how this impacts you as a trader. We rate regulators on a scale of 1 to 3, with 1 reflecting the highest level of trust.

• AMarkets LTD is registered and licensed as an international brokerage and clearing company in the Island of Mwali (Comoros) with license number T2023284 and supervised by the Mwali International Services Authority (MlSA). We rate MISA as a Tier-3 regulator.
• AMarkets LLC is registered in the Cook Islands with registration number LLC14486/2023 and a relevant registry operated by the Financial Supervisory Commission (FSC). We rate FSC as a Tier-3 regulator.
• AMarkets LTD is registered in Saint Vincent and the Grenadines with registration number 22567BC2015 and the relevant registry is operated by the Financial Services Authority (FSA). We rate brokers registered in Saint Vincent and the Grenadines as unregulated.

Why is it important to know where your broker subsidiary (entity) is regulated?

Different regulators provide different levels of protection. The table below lists the protections and benefits by entity, regulator, and region.

AMarkets is a certified member of The Financial Commission, an independent mediator in the financial services industry that ensures the transparency and integrity of a broker and provides a Compensation Fund for up to €20,000 per client.

Stability and Transparency

In our tests for the Trust category, we also evaluate factors relating to stability and transparency. Here, we focus on the broker’s longevity in business, company size, and the level of transparency they provide with readily available information.

AMarkets has a long operating history of 16 years, placing it among the older forex and CFD brokers that give a positive signal. The three entities of AMarkets are listed in the website’s footer, with details such as registration and license numbers.

Spreads and swap fees are clearly detailed in the Trading Instruments section of the website. Prospective clients can review the Customer Agreement on the Documents page. The About page covers the company history, mission statement, how client funds are protected, and awards.

Overall, I judged that there is room for improvement in transparency. The AMarkets LinkedIn page could be improved by properly listing the company name. Although we can see where the offshore entities are registered and licensed, it is not clear where the company is headquartered.

Fees

Trading Fees

I tested the spreads at AMarkets across different asset classes using the MetaTrader 5 platform at 8:00 a.m. GMT and 4:00 p.m. GMT on 27 July 2023. I measured the spreads at two different times of day to allow for a greater perspective. 8:00 a.m. GMT is the London open when there is high liquidity in the forex market and tighter spreads in currency pairs. 4:00 p.m. GMT is during the New York trading session.

Swap Fees

Swap fees (the cost of holding a position overnight) were average at AMarkets.

In the table below, you can see the Swap Long (the cost/credit of holding a buy position overnight) and the Swap Short (the cost/credit of maintaining a sell position overnight) for one full-sized contract. A full-sized contract is 100,000 units of the base currency (the first currency quoted in the pair). I recorded the data on 27 July 2023.

Non-Trading Fees

AMarkets does not charge any account maintenance fees or inactivity fees.

Are Fees at AMarkets Competitive?

Via the Standard Account, the spreads at AMarkets could be more competitive. However, I also tested the ECN Account and recorded spreads of 0.4 pips in EUR/USD and 3.4 pips in spot gold. A commission of $2.5 per lot per side is added for all instruments. These trading costs are much more competitive.

Platforms and Tools

MetaTrader 5 Desktop

AMarkets offers MetaTrader 5 (MT5) for desktops, which includes advanced functions such as copy trading and automated trading. In the hands-on testing process, I used the MT5 platform.

MetaTrader 5 is available in 52 languages, from Arabic to Vietnamese. The platform provides popular features such as:

• Alerts. This feature updates traders when an instrument reaches a specific price level.
• Watchlists. Traders can create a list of their favorite instruments and follow live quotes in a market watch panel.
• One-Click Trading. This feature allows traders to execute orders with a single click and no secondary confirmation. This feature enables traders to operate faster and is especially useful for short-term traders.
• Trading from the Chart. MT5 also allows users the convenience of trading directly from the chart.

MetaTrader also delivers when it comes to the range of available order types. The platform offers the following order types:

• Market Order. Traders use market orders to buy or sell an instrument at the best current price.
• Limit Order. Traders use limit orders to buy or sell an instrument at a specified price or better.
• Stop Loss Order. Traders use stop-loss orders to buy or sell an instrument when its price reaches a specified level.
• Stop Limit Order. Traders can manage risk more precisely with stop limit orders, which combine the features of a stop-loss with those of a limit order.
• Trailing Stop Order. Traders use trailing stop-loss orders as a stop-loss order at a defined percentage or dollar amount away from an instrument’s current market price. This order type allows traders to secure profits when they are in a winning trade while not having to exit the position.

Charting features are robust. MetaTrader 5 offers:

• 38 Technical Indicators. These include classic trend indicators, volume indicators, and oscillators.
• 44 Analytical Objects. These include lines, channels, Gann, and Fibonacci tools.
• 21 Time Frames. Traders can choose from nine time frames, from one minute to one month.
• 3 Chart Types. Traders can use Bar Charts, Japanese Candlestick Charts, and Line Charts.

MetaTrader is also popular due to its copy trading and automated trading features.

• Trading Signals. Signals in MetaTrader 5 allow users to copy other traders’ activity in real time.
• Automated Trading. MetaTrader 5 allows users to develop, test, and apply Expert Advisors (EAs). EAs are programs that monitor and trade markets using algorithms.

The MetaTrader 5 desktop platform is one of the most feature-rich and popular trading platforms. However, it may present a steep learning curve for beginners.

MetaTrader 5 Mobile App

AMarkets offers the MetaTrader 5 mobile app for mobile trading, which is available for Android and iOS. The app offers popular features such as alerts, 1-click trading, and trading from the chart.

The MetaTrader 5 mobile app also provides many order types, including pending and stop orders. However, trailing stop-loss orders are only available from the desktop. To change the language of the MT5 app, you must change the language for your entire phone. As with the desktop and web platforms, the interface is not highly intuitive, but the MT5 app offers an above-average range of features.

Web Platform

The AMarkets web platform includes popular features like one-click trading, trading from the chart, and watchlists. In my experience, placing trades and managing open positions and pending orders from this platform is smooth and easy.

All standard order types are available, including market, limit, and stop-loss orders. Traders also have the option to apply time-in-force conditions such as Good-Til-Canceled (GTC).

The web platform uses market-leading TradingView charts featuring 11 time frames, 11 chart types, and over 100 technical indicators. Various drawing tools, from trend lines to Fibonacci retracements, are also available.

Copy Trading

The Copy Trading service at AMarkets allows clients to select strategies based on parameters such as profitability, number of investors, and age. Traders can set a loss limit to limit their risk. There is no need to download or install any software as trades are copied automatically in the web-based platform. Traders pay a set percentage of profits for the right to copy a strategy.

Tradable Instruments

CFDs (Contracts for Differences) are financial derivative products that allow traders to speculate in various markets without owning the underlying assets. I found the range of tradable instruments at AMarkets to be better than average. Here are the major categories of tradable assets available:

• 48 Currency Pairs. A currency pair combines two different currencies, with the value of one currency quoted against the other. For example, EUR/USD, which reflects the value of the euro measured in dollars.
• 18 Commodities. Commodities are raw products, such as gold and oil.
• 460 Global Stock CFDs. AMarkets offers trading in stock CFDs from US, UK, French, German and Italian exchanges. A stock is a security that represents partial ownership of a corporation.
• 2 Bond CFDs. CFDs on fixed income assets include the US Ten-Year Note and the German Bund.
• 16 Indices. Available instruments range from Japanese to UK stock indices. An index is a basket of trading instruments that are used to gauge a market sector, stocks within an exchange, or the economy of a country.
• 29 Cryptocurrency CFDs. Cryptocurrencies, such as Bitcoin, are digital currencies that are secured by cryptography.

Customer Support

Whether you are a new trader looking for basic guidance, or an experienced trader who needs to reach support fast in the event of technical failure, reliable customer support is one of the most essential qualities to look for in a broker.

AMarkets provides support 24/7 via email, live chat, and phone. While writing my review, I made dozens of inquiries covering fees, regulatory status, platforms, and account types. Responses were fast: same day for email and almost instantly via live chat. A phone operator answered within a couple of rings. Across all channels, I received thorough and satisfactory responses.

Overall, my experience with customer support at AMarkets was positive and better than average for the industry. Help is available in multiple languages to assist clients across various global regions.

Deposits & Withdrawals

AMarkets supports many payment providers, making depositing and withdrawing from your brokerage account a snap. While there are no deposit fees, withdrawals come with a charge and are the most costly via credit card. Deposits and withdrawals via bank wire are not available.

In the tables below I break down the fees and processing times for each deposit and withdrawal method.

Deposits

Withdrawals

Note: When you are making a withdrawal from AMarkets, it must be sent to the same payment method used for the deposit.

Account Types and Terms

Account Application

To open an individual account at the AMarkets LTD entity of AMarkets:

• Provide your personal information (name, email, phone number)
• Choose the platform (MT4 or MT5)
• Choose account base currency (USD, EUR or BTC)

Account Types

The table below breaks down the main features of each account type.

Demo Accounts

AMarkets offers demo accounts for MetaTrader 4 and MetaTrader 5. Demo accounts are especially important for beginners as they allow them to practice their strategies and get comfortable with the trading platform without risking real money. A demo account features live quotes and simulates live market conditions in assets such as forex and CFDs on commodities, indices, and stocks. Once users are up to speed on a demo account, they can easily switch to a live version.

Islamic Accounts

AMarkets offers a swap-free Islamic account that adheres to the principles of Sharia law.

Leverage

One of the reasons that traders are attracted to the forex and CFD markets is the high degree of available leverage. Leverage is the use of borrowed funds to increase the size of your trading positions beyond what would be possible using only the cash in your account.

The maximum leverage at AMarkets is 1:3000. This means that with an account of $1,000, you can control up to $3,000,000 worth of positions in the market. Leverage is often described as a ‘double-edged sword’ as it can hurt you as much as it helps you. Traders must remember that it can amplify both their profits and their losses.

Order Execution

AMarkets utilizes a hybrid model for order execution which involves two main components: Straight Through Processing (STP) and Market Maker (Dealing Desk) Execution.

Supported Countries

AMarkets takes clients from many countries globally. However, it does not provide services to citizens in the countries:

Angola, Armenia, Afghanistan, Benin, Botswana, Burundi, Cape Verde, Cambodia, Chad, Comoros, Ethiopia, Gabon, Gambia, Grenada, Guinea, Guinea-Bissau, Guyana, Haiti, Honduras, Jamaica, Japan, Kiribati, Kosovo, Laos, Lesotho, Liberia, Madagascar, Malawi, Maldives, Mauritania, Mongolia, Montenegro, Mozambique, Namibia, Nauru, Nepal, New Zealand, Nicaragua, Niger, North Korea, Palestine, Paraguay, Republic of the Congo, Senegal, Sierra Leone, Somalia, South Sudan, Sudan, Suriname, The United Kingdom, The United States of America, Zambia and Zimbabwe.

Services are also not available to the following EU/EEA/EFTA countries: Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Lithuania, Liechtenstein, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, Switzerland.

Research

AMarkets provides a steady flow of market-moving stories via the FXStreet Newswire published on the website. Reports are focused mainly on major economic releases but also include data on key price levels from respected sources such as SocGen.

More in-depth analysis is available in the Main Trade Ideas section of the website. Here, in-house analysts cover major markets from a mostly fundamental perspective. The content provides trade ideas with a long or short bias, along with suggested take profit and stop loss levels.

AMarkets has an active YouTube channel, providing video analysis to complement its written market commentary. The Analytics in 3 Minutes series focuses on the US dollar and covers major market themes such as central bank policy. Head of Analytics Tim Deev does a good job of explaining key economic data and major support and resistance levels.

AMarkets provides free trading signals from third-party Autochartist. Autochartist automatically identifies chart patterns and key price levels, using this information to predict the most likely direction of the trend.

The sentiment indicator uses data from the AMarkets client base to show the buyer-seller ratio for each trading instrument. A reading of less than 30 indicates that it is oversold, and one of over 70 suggests that it is overbought. Between 30-70, the instrument is in the neutral zone.

Education

There is some great educational content on the AMarkets blog, covering practical topics like how to set up your MT4 platform professionally and what the MACD indicator is. I assess the articles as concise, insightful, and providing traders with concepts that can be quickly applied in the market.

The FAQ, which forms part of the Knowledge Base, is in-depth and covers questions relating to complex topics like copy trading and expert advisors. Questions beginners may have relating to the CFD market, MetaTrader basics, and trading, in general, are also addressed.

The Bottom Line

Generally, I found that AMarkets is a broker with a client-centric approach. It has many positive qualities: above-average customer service, extensive research materials, access to a wide range of markets, and flexible account types. Copy trading, fast order execution, and innovative tools such as the sentiment indicator go beyond what the average CFD broker offers.

Based offshore, AMarkets offers the advantages of high leverage, a wide range of deposit and withdrawal methods, and an easy sign-up process. However, this comes with the risks of a lightly regulated broker. AMarkets could improve by offering private account insurance from Lloyds of London and cutting their withdrawal fees.

FAQ