EQ Markets Review
EQ Markets Review
EQ Markets basically offers a single commission-free NDD account with fixed spreads and leverage up to 1:400 on industry`s standard MetaTrader 4 platform. Keep in mind that micro lots are not available for trade.
Clients with deposits of $100,000 are eligible for Premium status and are offered better trading conditions. VIP & Corporate statuses are also available. On VIP & Corporate accounts are allowed any kinds of scalping strategies and no transaction fees apply. Besides, VIP status holders may benefit from higher leverage – up to 1: 500.
The Company. Security of Funds
EQ Markets operates on a STP (Straight Through Processing) model, offering access to trading in forex, commodities, indices and bonds on the MT4 platform. The brand is operated by Infinity Trade Ltd., which was regulated by the Financial Commission (FinaCom), a Hong Kong-based external dispute resolution (EDR) organization. EQ Markets holded a B-Category license (compensation of up to $5000), but got expelled as a member of FinaCom for failing to uphold its obligations and reimburse clients as ruled by the EDR.
The FinaCom is an EDR organization which acts as a neutral third party in disputes in the forex and binary options markets between its members and their clients. Its compensation fund covers judgments up to $5,000 or $20,000 per client, depending on the regulated company’s type of license.
Minimum Initial Deposit
In order to open an account with EQ Markets, traders have to invest a minimum of $10 000, which is a pretty high minimum initial amount. Obviously, this broker`s target group is institutional and high-volume traders, taking into account that the minimum trade size is 0.1 (mini lots).
In comparison, Grand Capital, another FinaCom-licensed broker, requires just $10 from traders as a start.
Spreads & Commissions
EQ Markets`s sole account provides fixed spreads, amounting to 1.8 pips on EUR/USD, which is slightly below average. As most fixed-spread brokers, this one also does not charge commission, as it gets its remuneration through the spread.
For purposes of comparison, Grand Capital offers variable spreads, averaged of 1.7 pips on EUR/USD on its ECN accounts. For more information, you may look up real-time spreads of 15 leading brokers here.
The default leverage level offered by EQ Markets is 1:100 and the maximum – 1:500, which is considered a high ratio, yet there are many brokers offering leverage equal to or exceeding 1:500. Grand Capital, for instance, offers leverage up to 1:2000 – one of the highest in the industry.
Keep in mind, however, that the higher the leverage, the greater the risk.
EQ Markets supports the renown MetaTrader 4 (MT4), available in all forms & shapes – desktop, web, and mobile apps.
The MT4 is highly regarded by the online trading community mostly because it allows users to fully automate their trades by choosing from a wide range of EAs. What is more, it offers a number of technical indicators, extensive back-testing environment and advanced charting package. Here is a list of more forex brokers offering MT4 platform.
EQ Markets’ web MT4. Click to enlarge.
In fact, we find that the information on this broker’s website is rather scarce. Nothing is mentioned about account management services or VPS hosting, used mostly by algo traders.
Methods of Payment
The following payment methods are available to clients of EQ Markets: credit/debit cards, bank wire transfer, and e-wallet payment systems, such as WebMoney, Яндекс and Qiwi.
EQ Markets is a relatively young Forex and CFD broker, which is no longer regulated by the Hong Kong Financial Commission. It targets mainly institutional and high-volume traders.
EQ Markets Review Conclusion
For more information about currency trading brokers visit TopForexBrokers.com forex brokers comparison website, Tip ForexSQ.com foreign exchange trading experts please by share this article about EQ Markets Review.