WikiFX Broker Assessment Series | AMarkets: Is It Trustworthy?

In this article, we'll look in-depth at AMarkets, examining its key features, fees, safety measures, deposit and withdrawal options, trading platform, and customer service. WikiFX aims to equip you with the information necessary to make an informed decision about utilizing this platform.

Background:

AMarkets LLC (AMarkets) is officially registered as a limited liability company in accordance with Cook Islands laws, with company number LLC 14486/2023, operating from T&F Chambers, Main Road, Rarotonga.

Founded in 2007 under the name AForex, the company has undergone significant structural changes. Presently, AMarkets positions itself as a modern ECN broker, serving both novice and professional algorithmic traders through fast order execution and tight spreads.

AMarkets offers 500 trading instruments, including currency pairs, shares, metals, indices, and bonds. The broker provides accounts denominated in EUR, RUB, and USD, allowing users to top up accounts while minimizing conversion fees conveniently.

Types of Accounts:

AMarkets' official website lacks a detailed breakdown of offered account types, presenting information only on live and demo accounts.

According to the broker, the live account features order execution speeds as fast as 30 ms, significantly outperforming the industry average of 500 ms. Additionally, spreads for the live account start from as low as 0.2 pips, contrasting with the industry average of 0.31 pips.

Deposit and Withdrawals:

AMarkets supports various deposit and withdrawal methods, including VISA, Mastercard, Neteller, WebMoney, Fasapay, Perfectmoney, Swift, and Skrill. Users can choose account options in EUR, RUB, or USD, providing flexibility and the opportunity to minimize conversion fees. However, detailed information regarding processing time, minimum amounts, and terms and conditions is not currently available.

Trading Platforms:

AMarkets provides traders with the MetaTrader 5 (MT5) platform, known for its versatility and advanced features. MT5 offers a user-friendly interface and supports trading across various asset classes, making it suitable for both novice and experienced traders on the AMarkets platform. MT5 is available in different versions, including the WebVersion, Desktop Platform, and Apps, providing flexibility for traders.

Research & Education:

AMarkets' official website does not offer information on research and educational resources.

Customer Service:

AMarkets provides limited social media channels, including Telegram, Facebook, Instagram, LinkedIn, and YouTube. Notably, the broker does not offer a live chat service, email contact, or a designated contact number on its platform.

The absence of direct communication channels, like live chat, email, or a contact number, increases the risk for users. Without these avenues, users may face delays in issue resolution, experience frustration, and lack confidence in the broker's customer support, amplifying the overall risk in their trading experience.

Conclusion:

In summary, WikiFX's final verdict is as follows:

WikiFX, a global forex broker regulatory platform, assigns AMarkets a low WikiScore of 1.24 out of 10, indicating a broker with a high level of underlying risk within the online trading industry.

While AMarkets showcases certain strengths, such as providing negative balance protection, adhering to Verify My Trades execution standards, and receiving a positive audit from Ernst&Young, these factors do not fully mitigate the significant concern surrounding the absence of a regulatory license. Despite assurances from entities like the Financial Commission, which offers compensation of up to €20,000 per claim, the lack of a regulatory framework raises considerable red flags. Regulatory oversight is a crucial element in ensuring transparency, accountability, and safeguarding the interests of traders.

Therefore, WikiFX advises caution to users, emphasizing that the mentioned positive aspects should not overshadow the paramount importance of a regulatory license in the evaluation of a broker's reliability and trustworthiness. Users are strongly encouraged to explore alternative brokers with a proven regulatory status from WikiFX's extensive database.