MapsIG Review by professional Forex trading experts the “ForexSQ” FX trading team, Finding out everything you need to know about the broker is in this MapsIG Review.
MapsIG Review
MapsIG offers multiple account types as described in the table above. What you may notice is the relatively pricey difference between them. That being said there aren’t much differences in the trading conditions. Islamic (swap-free) accounts are also offered.
The Company. Security of Funds
Company Country Regulation
Maps Investment Group Seychelles FSA
MapsIG is short for Maps Investment Group, which is registered in the Seychelles. The company is under the regulatory oversight of the local FSA. Off-shore regulation is a thing which, in our opinion, lowers a broker’s credibility. Though it may be better than no regulation, we still feel dealing with a company, which operates from a more credible jurisdiction would be preferable.
Lots of countries have regulatory agencies with higher standards than those in off-shore zones. Lets take a look at Australia. The land down-under has attracted lots of brokers, who focus mainly on Asian clients, due to the reputation of its legal system. The Australian Securities and Investment Commission (ASIC) is a highly respected institution, which oversees, among other things, forex brokers. In order to register as a brokerage, a company must have capital holdings of at least AUD 1 million. Later, when the firm is up and running, it must keep client’s deposits in segregated accounts. In simple terms, the company can not access a trader’s funds, while he is not using them. This goes a long way to prevent fraud.
Trading Conditions
Minimum Initial Deposit
The minimum initial deposit at MapsIG is $100. This is a reasonable amount to require, although it is definitely not be sufficient for a long-term trading strategy. If you think one can have a serious approach to the market with such an account, you may be confusing trading with gambling.
On the other hand, if you have traded with demo accounts in the past and just want to see how risking some money would feel, you can find a broker with an even lower requirement. Some brokers, like IG for instance don’t even have one.
Average spreads & Commissions
MapsIG offers fixed spreads, starting from 2 pips on EUR/USD. This is close to what other fixed spread brokers are offering at the moment. That being said, variable spreads can go even lower. One broker which offers both types of spreads is FxPro, with their fixed spread on EUR/USD being 1.6 pips.
Leverage
The maximum leverage ratio at MapsIG is 1:500, for the smaller account types. Such an offer is more than enough for any trading strategy. In fact it can bee a bit too much for some traders, although this does not stop many brokers from offering similar levels.
Keep in mind, trading with higher leverage can be more risky. The ability to use less capital for a bigger position can tempt a non-disciplined trader into taking greater risks. The UK’s FCA is considering raising the maximum leverage, which brokers are allowed to offer to retail clients to 1:50. A similar rule currently exist in the US.
Trading Platforms
MapsIG offers the ever popular MetaTrader4 (MT4) platform. Its charting capabilities are pretty good, especially with the tons of custom indicators which are available. The relatively easy to learn programing language, combined with the massive popularity of the platform has also led to the development of many automated systems (or Expert Advisors).
Furthermore the platform has mobile versions in both major app-stores. They are quite useful for following recent market developments, when you are not in front of a PC.
Methods of Payment
MapsIG offers a few payment methods, which include: Bank Transfer, Credit/Debit Card and PayPal.
MapsIG is a forex broker, registered on the Seychelles. The company is regulated by the local FSA, which does raise its credibility, although it is still an off-shore company. Trading conditions at MAPSIG are not that attractive. A fixed spread of 2 pips on EUR/USD just isn’t that competitive in the current environment.
The Broker is not a safe forex broker, Instead you can use Plus500, XM, eToro, Fxpro or AvaTrade forex brokers.
MapsIG Review Conclusion
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