Fullerton Markets Review – Is it scam or safe? explained by professional Forex trading experts the “ForexSQ” FX trading team
Fullerton Markets Review – Is it scam or safe?
Fullerton Markets is a straight-through processing (STP) broker that was recently launched by its CEO Mario Singh – a forex analyst and coach who is popular particularly in the Far East. The broker offers trading in currency pairs and CFDs on indices, crude oil and indices.
Fullerton Markets Limited, trading under the Fullerton Markets brand, is a Registered Financial Services Provider under the New Zealand’s Financial Markets Conduct Act 2013 and as such is regulated by the Financial Markets Authority (FMA).
NZ Forex brokers must adhere to a certain set of rules: they are required to segregate all retail client funds from their operational ones and to report to the FMA. What is more, a minimum capital requirement for forex brokers is about to be introduced in 2016 and they will be required to hold net tangible assets amounting to a minimum of $1,000,000. Currently, however, such requirement does not apply in New Zealand, while it does in most famous FX jurisdictions. Australian forex brokers, for instance, are required to hold a minimum of $1,000,000, and those based in the US – $20 million.
Minimum Initial Deposit
The minimum initial deposit required by Fullerton Markets is $200, which is an average amount to start trading with, however other brokerages licensed in NZ, like CMC Markets, do not require any minimum deposit.
Commission & Spreads
Fullerton Markets offers two types of floating spreads on its single account type: variable spreads, starting from 0.5 pips on EUR/USD, which is a competitive value, and ECN spreads, starting from 0 pips on EUR/USD, which incur a commission of $10 per standard lot. So trading costs for this pair would be around 1 pips as a minimum (ECN spread + commission), which is average for the forex market.
In comparison, In comparison, andother NZ broker, Key To Markets offers spreads starting from 1.0 pips on EUR/USD on its commission-free account, and Pro account holders may trade with spreads as low as 0.0 pips on EUR/USD with a commission of $8. You may check out and compare real-time spreads of 15 leading brokers here.
The maximum leverage level offered by Fullerton Markets is 1:500, which is comparatively high, since most brokers usually offer leverage up to 1:200 or 1:400. CMC Markets also provides leverage up to 1:500, although in some jurisdictions there are set limitations on leverage, which are considerably lower – for example, in USA the maximum leverage allowed is 1:50.
You may look up a list of more FX brokers offering leverage up to 1:500 or higher here.
Fullerton Markets offers its clients the industry’s standard platform, MetaTrader 4 (MT4), available as desktop and mobile versions.
MT4 4, developed by Russian software company MetaQuotes, is preferred by most traders, because it is equipped with an advanced charting tools, more than 50 built-in indicators, a wide range of Expert Advisors (EAs) and extensive back-testing environment for them. Traders can download ready-made or create their own trading robots (EAs), scripts and custom indicators in the MQL programming language. What is more, MT4 offers user-friendly customizable interface and even newbies traders can easily find their way around it.
What is more, Fullerton Markets has collaborated with financial technology provider Tradency and the broker’s clients can now use advanced copy trading options via accessing Mirror Trader Platform and Tradency’s latest offering, RoboX.
At the time of writing this review Fullerton Markets offers 50% Credit Bonus (up to USD500) for deposits of a minimum of $500 and also runs a trading competition with $6,000 cash pool prize.
Methods of Payment
Fullerton Markets’ clients are offered the following modes of payment: Wire Transfer, Credit Card or Digital Wallets such as Skrill, Neteller and FasaPay.
There are 4 deposit currencies for clients to choose from: USD, EUR, NZD and SGD.
Fullerton Markets Review – Is it scam or safe? Conclusion
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