AGM Markets Scam or Not?

Forex trading has been booming constantly, thanks to better internet accessibility that has significantly reduced the cost of trading. Since it only requires you to have an internet-enabled device and a small deposit to begin, this market witnesses entry of more traders/investors per year as compared to the traditional stock market.

While it is easy to enter the Forex market on your own, it is always prudent to find a broker who can guide you, especially if you are an amateur trader. There are various online brokers that offer a plethora of benefits to their clients. It can be daunting to find your best match in the sea of brokers. The best way to deal with this is to educate yourself. There are many global players but not everyone will fit the bill. Therefore, read as many reviews as you can before finalizing the one. Here, we will review one of the most famous global forex brokers, AGM Markets. We will break down all the pros and cons to make everything easier for you.

What is AGM Markets?

Founded in 2011, AGM Markets is an online Forex broker. Its services are not limited to just currencies as it also trades various other instruments and commodities like CFDs. Its head office is in Cyprus and it extends its services globally. It is regulated by the Cyprus Securities and Exchange Commission (CySEC). 

It has an entourage of over 10,000 traders. The minimum deposit required is $250. While you can trade most of the big currencies with AGM Markets, it does not offer the U.S. dollar and Japanese yen.

Below, we have broken down how AGM Markets works in as many details as possible.

Positives

Let us begin with the positives of AGM Markets:

1. Demo account

It is always better to try before you can buy it. AGM Markets does offer demo accounts to its clients. You can try its trading platform and judge all the parameters before you put in any real funds.

2. It is regulated

One of the main concerns that traders and investors have while selecting an online broker is safety and rightly so because there’s always a risk involved when you are dealing with real money. The risk becomes slender when your broker is regulated. AGM Markets comes under the regulations of the Cyprus Securities and Exchange Commission (CySEC). 

Regulated brokers cannot manipulate market prices to trick the traders and investors. This can be a game-changer as it affects the final profits.  It also uses only those banks which have strong financial health. This means that all the banks have to be Tier 1 banks.

3. There is segregation of clients’ funds

This is an extension of the previous point. When a broker is regulated, not only is it prohibited to influence market prices, it is instructed to keep its funds and the clients’ funds separately. As we are aware that the Forex market can be unpredictable. In case if the broker goes bankrupt, it won’t be able to use the clients’ deposits to deal with the situation because it is regulated. Since AGM Markets is also regulated, your funds will be kept separately.

4. Easy execution of trades

You can do a minimum trade of 0.01 Lot with AGM Markets. Although this is not fixed as it depends on the kind of account that you are operating and the instrument that you are trading. AGM Markets can give you tighter spreads with more transparency regarding the instrument price as it offers STP (Straight Through Processing).

Additionally, there are lower entry requirements as compared to the counterparts of AGM Markets. Executing trades is easier on AGM Markets because:

• There is a small deposit requirement.
• There is no additional commission or fee on trades.
• There are no requotes which eliminates the problem of slippage. 
• There are a number of risk management features, like stop losses, negative balance protection, etc.,  that you can use on this platform.
• Scalping and hedging are allowed.
• Along with a demo account, AGM Markets also offers micro accounts, mini accounts, standard accounts, and Islamic accounts. 
• There is easy funding as you can use your credit card or bank transfer to do it.
• There is no charge for withdrawal, deposit, and inactivity.

5. User-friendly platforms

One of the winning points of using AGM Markets is that it is among the few brokers who offer both MT4 and MT5 Meta Trader platforms. You truly need just an internet-enabled device with AGM Markets as you can download its apps from Apple Store and Google Play. You can monitor your account while you are on the go.

6. Good customer support services

Good customer support is imperative if you want your trades to happen smoothly. As trades happen in different time zones and countries, time and language differences can make things complicated. BrokerNotes has given AGM Markets an AAA rating because it offers a number of support options in the following languages:

• Russian
• English
• Italian
• Polish
• Turkish
• Arabic
• Spanish

Negatives

AGM Markets has a few negatives as well. They are listed down below:

1. Limited instruments are available for trading 

While AGM Markets does offer a wide range of instruments that you can trade and over 45 pairs of currency, it is still not enough. It can be a downside for many, especially veteran traders and the ones who hold an institutional trading account. Another major setback that Forex traders get on this platform is that they don’t get to trade USD and JPY. These are two major currencies and not having these on the platform is a huge disappointment.

2. AGM Markets is not regulated by the FCA 

AGM Markets has its head office in Cyprus and it is regulated by the Cyprus Securities and Exchange Commission (CySEC) regulatory bodies, which provides a certain level of protection to the traders and investors, but it is not regulated by the Financial Conduct Authority (FCA).

FCA is a regulatory body of the UK and obtaining its license is considered to be a benchmark. This is because the FCA is very stringent in handing out its license. You need to have certain minimum capital and fulfill other criteria as well. If a broker has an FCA license, they are given more preference as they will be more stable and transparent with their clients. FCA license reduces risk to a great level.

3. You will not get an EA?

Traders and investors believe in working with brokers who use the latest technology. This is done to close trade faster, make minimum errors, and not miss any major trend or opportunity. Expert Advisor or the EA is a software that advises you on when to make a trade. You can even set it to make a trade automatically on your behalf. It makes trading smoother and quicker. This is an important tool that is offered on the MetaTrader platforms. While AGM Markets does offer Meta 4 and Meta 5 trading platforms, it does not offer EA.

Opening an Account with AGM Markets

AGM Markets offers a demo account that will help you in understanding the platform before you invest your money. To open a real account with AGM Markets, you need to visit its website and sign-up for the account. You will be required to provide a lot of information. You have to submit for identification and financial documents for validation. Along with the minimum deposit, you will need the following:

• A color copy of your passport
• Driving license or a valid national ID
• Bank statement for the past three months with your address on it or a utility bill. 

Make sure that every document that you provide has a validity of atleast six more months past the submission date. Once you receive your login details, you can download the app of your choice provided by AGM Markets.

The Final Verdict

There has been a lot of speculations regarding the credibility of AGM Markets. Is AGM Markets scam true? Well, we are not certain about that but we will answer most of the questions about this online trader that will help you in making the final decision.

Q1. Is AGM Markets legal?

Since the online broker is regulated by the Cyprus Securities and Exchange Commission (CySEC) regulatory bodies, it is safe to say that it is a legal entity.

Q2. Is AGM Markets safe?

It is always suggested to work with a broker who has been in the business for atleast 2 years to be on the safer side. Since AGM Markets has been operating since 2011, we can say that it is a safer option. Your deposit will be kept separately and the market prices will not be manipulated. However, it needs to be addressed that it does not have an FCA license.

Q3. Is AGM Markets a good online broker?

AGM Markets has over 10,000 active traders. It has gained a global reputation for itself. It is considered one of the best online brokers.

Q4. Is there a minimum deposit?

Yes, every broker will ask you for a minimum deposit which varies. Here, you have to deposit a minimum of $250.

Q5 How is money deposited and withdrawn?

This question is subject to your resident country. AGM Markets does accept a lot of payment methods, including credit cards, wire transfer, and money transfer. The withdrawal time is 2-5 days.

Q6. Is there an additional fee?

AGM Markets does not charge fees on inactivity, withdrawal, deposit, and various other things. You will get more details on its official website.

Q7. How is the customer support at AGM Markets?

AGM Markets has an AAA ranking from BrokerNotes and provides customer care services in eight different languages. You can say that it has good customer support. 

Conclusion

To find a broker that meets your needs and is safe is a combination that is difficult to find in the trading business. Before you come to any conclusion, read as many reviews as you can. Perspective is important and will help you in finding your perfect match.