My Experience Opening a Forex Account with Markets.com

After researching a number of forex brokers, I decided upon Markets.com a few days ago. Even though I’m confident in my decision, going forward and opening my first account was a little nerve-wracking. However, the staff at Markets.com was incredibly helpful and made it pretty easy for me.

Open Account

Account Application

Applying for a Markets.com account was a breeze since everything could be done through their website. This feature wasn’t entirely shocking to me since I was aware that almost all other brokers provide the same option of opening an account online. I clicked on the “Start Trading Now” button, which was at the center of the main page.

The application just requires some basic personal information you would provide when opening any type of account online.

Required Documentation

For the purpose of verifying my identity and eligibility for an account, I had to upload a couple of documents to Markets.com’s website. This included a copy of a government issued ID and proof of address. I sent a copy of my driver ‘s license and cellphone bill. I was a bit skeptic about uploading this type of personal information online but after reading several reviews I figured they wouldn’t rip me off. I got confirmation shortly after I sent the documents. I also discovered after the fact that I could use their mobile app to upload my documents as well, a pretty convenient feature.

Deposit

Markets.com minimum deposit amount for their classic account is $100. However, I’m pretty committed to learning forex trading and have put some cash aside from my part time job and so I decided to deposit $500. This certainly puts a dent in my pub and pizza funds but it will be worth it in the long term.

Ideally, I’d like to add another $2,000 so I can be upgraded to a standard account. As a standard account holder, I was given some freebies, most notable of which is access to the company’s News To Mobile service. For those who don’t have student loans to worry about, it’s worth noting that the company also offers a VIP account, which gives you many benefits like a generous welcome bonus and complimentary forex signals.

Although Markets.com accepts payments via credit card, I decided to make my deposit via bank wire. Tempting as it is to have a bigger account, I prefer to trade with my own money. I don ‘t want to get sucked into a cycle of borrowing money on my credit card to fund my trading endeavors. Happily, Markets.com didn’t charge any extra deposit fees like some other brokers, just as advertised.

Customer Service

Markets.com customer service was all that I was hoping for. My rep, Monika, was very patient with my lack of forex trading knowledge and was able to answer my questions in a clear and polite manner. Although most brokers would pitch the same marketing boost for their customer service, I doubt everyone can live up to their promises. I loved the fact that I could connect to a customer support rep 24/5, which is about the same times the market is open. It ‘s a nice for a student like me who has study schedules during the early morning and afternoon hours.

Trading Platform

As I previously mentioned, I was a little intimidated by metatrader. It seems very powerful and sophisticated with advanced charting and automated trading options. However, I decided to start with Sirix Web Trader since it allowed me to meet and connect with other forex traders. It ‘s really neat to get to see what other people are trading and have the option of copying their trades. It ‘s really for seeing how some of the forex trading theory I’ve been ready about is actually used in practice.

How Easy Was It?

Since the time I submitted my application, it took less than a week to get my live trading account activated. It wasn’t really a much wait for me since I also had some papers and projects to finish. As a pointer, I advise future applicants to double check the documents they send to the company as a prerequisite for a trading account.

Summary

Overall, Markets.com is a stalwart companion for forex trading. Opening the account was a relatively painless process. In any case, I’m happy that done and I can move onto trading. I have a bunch of articles I want to read and videos to watch on Markets.com ‘s website before putting on some real trades however.

Why I Chose Markets.com as my Forex Broker

I’ve spent the last few weeks researching forex brokers. With so many new ones popping up here and there, I can probably continue do this for years. It’s high time to make a decision, open an account, and get on with forex trading.

Decisions

One resource that really helped me make up my mind was this review of Markets.com review by ConnectFX – it’s very a balanced and comprehensive review clearly written by an expert. The comparison chart and wizard on that website also helped me weigh my options and come to a decision.

Trader Education and Market Analysis

As a new trader, I know I have a steep learning curve to climb. I will be trading against market veterans with a lot more experience and capital at their disposal. It would be best if I can learn the lessons of the market without making costly mistakes in the process.

While there are many forex trading courses for sale, I’d prefer to save some money upfront and get as much good training I can from my broker first. Markets.com really stands out to me in terms of what they offer. They have introductory articles, ebooks, more than 5 webinars a month, live seminars and also offer 1 to 1 training.

Customer Support

Another especially important consideration for me is customer support. Time is money in the capital markets and I don’t want to be stuck on hold for hours with technical problems while the market moves.

Markets.com has won multiple awards for customer service including the London Investor Show Forex Best Customer Service 2012 award and The Global Banking & Finance Review, Best Broker in Customer Service Europe 2012 award.  They also assign a personal account manager to all of their clients (not just VIPs) so I’ll have a single point of contact for any issues that arise.

While I speak fluent English, I was impressed by the fact that Markets.com offers customer support in other languages as well. As a matter of fact, the company has more than 24 local numbers for traders in different countries. Moreover, they’ve got several email addresses that you can write to for prompt response. If you prefer a live chat with one of their support representatives, it’s also an option.

Trading Costs

While Markets.com doesn’t have the lowest spreads amongst the four brokers I’ve research, it doesn’t charge a lot of miscellaneous fees. Avatrade will charge a $25 monthly inactivity fee and Forex.com will charge a $40 international wire fee.

I’ve read controlling costs is a key factor in long term trading success. As a newbie trader with a small account, I would rather than slightly higher per trade costs than have my funds bled away slowly by administrative fees.

Product Coverage

While I plan to focus initially on forex trading, I would like the ability to branch out into commodities, indicies, stocks, bonds, bitcoin etc… in the future. Markets.com and Avatrade have pretty comprehensive coverage. However, HotForex and Forex.com don’t cover bonds, ETFs and bitcoin. Furthermore, Forex.com doesn’t even cover single stocks.

Trading Platforms

All four brokers I looked at offer Metatrader. However it seems a bit complicated and not too user friendly to. It also requires you to download software to use it which might not be convenient if I’m working in the library or computer lab on a school computer. I think I’ll probably start with one of the browser platforms when I trade on a laptop.

I leaning towards using Sirix Webtrader available via Markets.com. It’s a social trading platform and so I’ll be able to see what trades other traders are putting on and have the option of copying them. This will be a good way of getting educated in forex trading. HotForex and Forex.com don’t have social trading platforms. Avatrade has one called Zulutrade but Sirix from Markets.com seems more friendly to me.

Account Types

Of the four brokers I researched, HotForex has the lowest minimum deposit of only $5. However, there’s not much you can do such a small amount of capital even if I used leverage. After all, it does takes money to make money. The $100 minimum deposit required by Markets.com is certainly affordable, even on my tight student’s budget.

Summary

Overall, the main selling points for me was Markets.com’s depth educational resources, excellent customer service, no miscellaneous fees and broad product coverage. While its true that many forex brokers offer similar services, there are still some that try to differentiate themselves. And Markets.com strengths are the most important qualities for me in a forex broker at this time.

I’m going to wrap it up and open an account with Markets tomorrow. Wish me luck! Will write about how it goes.

Forex Broker Review #3: Markets.com

While doing some further reading on Avatrade, I discovered that they were in the process of being acquired by Playtech. Playtech is a FTSE listed gaming company who is also the parent company of Markets.com, a competing forex broker. While the merger was aborted due to some regulatory issues, it made me think about how strong Market.com’s business must be that Playtech would be looking to takeover yet another forex broker. And so, I decided to a little further research on Markets.

Markets.com Overview

Markets.com is growing fast globally in the forex market as a reputable broker. It offers various trading platforms including web based and easy to use ones for beginners. A cool aspect of trading with Markets.com is the mobile feature. I can trade on a regular web browser for my computer, and I also have the option of trading via apps on one of my mobile devices like my tablet or cell phone. This brokerage firm is ranked as one of the fastest growing providers in the forex market area.

Markets.com

Markets.com Team

The people behind Markets.com’s software, trading platforms and customer service are supposed to be some of the very best in the world. Their employees are highly experienced and educated in currency trading to begin with, and they are also put through the firm’s rigorous service training program and forex market education course.

Customer Support

The support is trained well enough for Markets.com to conduct business with people in over a hundred countries and in 25 languages. If I become a client of this broker, then I will get 24 hours a day assistance and tech support for 5 days out of every week of the year.

Demo Account

There are some things regarding the features I happen to like. The first thing is being able to have a free practice account and trading with live prices and data from the market.

Account Opening Bonus

I’ll also get $25 bonus if I sign up to trade with this broker without having to deposit any money. Although, it is not large amount of money, getting free money along no account opening fees is pretty cool, unlike a lot of other places.

Trading Platforms

The interface looked pretty solid and intuitive. It has a variety of simple to advanced charts to analyze the currency market in the past or present to help determine the future of a currency. I could make a dozen trades at once if I wanted to, and this broker makes it easier with the stop-loss and take-profit features on the interface.

Leverage

The final thing I liked the was the high leverage of up to 200:1. Although HotForex and Avatrade offer higher maximum leverage, I doubt I will make use of that.

With 200:1 leverage, I could put on trades of up to $40,000 with just $200. I doubt I’ll max out when I begin trading but it’s good to have the option available.

Summary

Overall, I get a pretty good feeling about Markets.com. They have been around a long time and seem to have a solid business. It’s also comforting to see they have such attentive customer support. It will especially come in handy for a newbie trader like me.

It’s also pretty cool that they sponsor my favorite football club, Arsenal. But anyways, I’ll try to keep my football loyalties out of my forex broker selection. LOL