Table of contents
Argomarkets FX present us with a simple but efficient website that translates directly to the services it provides, not giving too much but also not keeping it to a shallow level. Read on to find out what this broker is made of.
Argomarkets Ltd is the parent company of ArgoMarkets FX. Argomarkets Ltd is a Corporate Authorized Representative of Notesco Pty Limited. Notesco Pty Limited are regulated by ASIC,
This regulatory body acts directly in favor of the traders of Australia, helping them bypass any irregularities and malpractices, and drives good investor/trader outcomes via administering the law when called for. Nevertheless, ASIC doesn’t not include a client reimbursement policy.
In Australia, a financial services licensee (in this case Notesco Pty Limited) may appoint representatives to provide certain financial services. One such representative is ArgoMarkets Ltd.
So as not to confuse readers, from now on we shall call the broker at hand ArgoMarkets.
We opened a demo account with the MT4 trading platform, and the spread we got for the EUR/USD spread was 2 pips.
As Australia is outside the jurisdiction of ESMA, the leverage offered here reaches a maximum value of 1:500. This presents traders with many lucrative opportunities, yet it opens them to an equal amount of risk.
The brokerage offers the following assets for trade: Forex Pairs, Spot Metals, Indices, Commodities, and Cryptocurrencies.
Oddly enough, we could not change from the default English language.
The only platform that has been integrated is the ever-welcomed MT4.
As one of the leading platforms in the world, even surpassing its successor at times, MetaTrader4 offers its full services to the traders who have chosen ArgoMarkets as their broker. MetaTrader 4’s design and interface is by now well known. The platform is abundant in trading options and possibilities, and attractive to users both rookie and pro. The platform also allows for VPS’s hosted by ArgoMarkets. The point of the VPS is to let the auto trading bots trade, without worrying that his job will be interrupted by a power failure or net crash.
The leverage can go as high as 1:500, while the cost of spread for the EUR/USD currency pair is 1.7-2 pips on the demo account we logged in with. We were also using the Standard Account. For the Pro account the spreads start from 0.3 pips. Pro Account holder are also taxed with a commission.
However, the website offers no information on the commission. A Live Chat agent told us that the commission is $15 round turn per 1 standard lot. This increases the Pro Account cost of trading by 1.5 pips.
The Metatrader 4 is made available to users as a desktop trader, and on Apple and Android devices. One drawback is the lack of a browser based terminal.
ARGOMARKETS MINIMUM DEPOSIT
There is no minimum deposit for Standard Account holders. The Pro Account requires a $200 minimum. This no minimum deposit deal is always fresh to come by and is more and more used by leading brokers like IG.
Funding methods are: VISA, MasterCard, Maestro, Bank Wire, Skrill, Neteller, FasaPay and Dot Pay. This is a sufficient amount of funding methods.
Traders can fund their account in USD, GBP and EUR.
There are no depositing fees, and processing times can reach up to 24 hours, and 3 days for Wire Transfers.
ARGOMARKETS WITHDRAWAL TIME AND FEES
The methods of withdrawing do not differentiate from the depositing ones: VISA, MasterCard, Maestro, Bank Wire, Skrill, Neteller, FasaPay and Dot Pay.
Withdrawals, as is expected are fined. Credit/Debit Card transactions are charged with $1.6 (€1.5). Skrill charges 1% of your overall withdrawal request. Neteller raises this to 2% (min. $1). FasaPay fees 0.5% per transaction. For Wire Transfers and DotPay the broker has not indicated any fees, but traders are to expect fees from the payment systems:
Processing times have not been indicated, so once again we had to rely on the chat support for information. Our agent claimed that all withdrawal processes took up to 24 hours from their side. The time it takes for the money to arrive into a trader’s personal account depends entirely on the payment system.
There is no minimum withdrawal amount no matter which account you choose to use.
ArgoMarkets is most easily defined by its pure simplicity. This broker ticks all the boxes but does nothing to flip the page. We recommend it to those who do not wish to burden themselves.
ArgoMarkets compared to other brands
United Kingdom, Cyprus, South Africa, Mauritius
Cyprus, Saint Vincent and the Grenadines