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AmigaFX Review - Is it scam or safe?

AmigaFX Review - is amigafx.com a scam or safe forex broker?

RATING: 3 / 0 REVIEWS AmigaFX
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Trading Accounts

 

Account type Minimum deposit  Minimum trade size Maximum leverage Average Spreads
Standard  $50 0.01 1:400 3 pips on EUR/USD, fixed 

 

AmigaFX offers its clients a single account type with leverage up to 1:400 and fixed spreads, and the option to trade in micro lots.

 

Besides, an Islamic account that is interest-free and adheres to Islamic Sharia Laws is available with this broker. It requires a minimum deposit of $1,000.

 

For those willing to deposit more, AmigaFX offers some extra services, such as faster withdrawals, access to Forex e-Course and Trading Signals.

 

The Company. Security of Funds

 

AmigaFX is a brand of eToro (Europe) Limited, which is a part of the eToro group – the one that introduced the concept of social trading to the world in 2010.

 

Apart from eToro (Europe) Limited, the group comprises eToro (UK) Limited, which is authorized and regulated by the UK’s FCA, and eToro Group Limited, that is regulated offshore (Belize).

 

Cyprus is becoming more and more popular destination for forex and binary options brokers, as it offers good quality business environment. CySEC applies certain rules and requirements to Cyprus Investment Firms and sees to their compliance. First of all, brokers must hold at least €730,000 in order to prove their good financial standing. In addition, they must regularly report to the commission and keep customer funds in segregated accounts, separated from the company’s operating funds.

 

As a further guarantee to clients’ funds, all CySEC-regulated companies are members of the Investor Compensation Fund, which is able to pay compensation up to 20,000 EUR, If the company is in default.

 

Additionally, every CySEC- regulated investment company is also MiFID compliant and therefore entitled to offer cross-border services within the EU.

 

Trading Conditions

 

Minimum Initial Deposit

In order to open an account with AmigaFX, traders have to invest a minimum of $50. Such minimum initial amount relatively low. Yet other Cyprus-based brokers require even less - FXTM, for instance, demands just $5 from its clients as a start.

 

Spreads & Commissions

This broker offers fixed spreads only, amounting to 3 pips for the EUR/USD pair, which is above average (2 pips). As most fixed-spread brokers, AmigaFX does not charge commission, it gets its remuneration through the spread.

 

For purposes of comparison, FXTM provides fixed spreads of 1.5 pips on EUR/on its Standard commission-free accounts. For further information, you may look up real-time spreads of 15 leading brokers here.

 

Leverage

The maximum leverage level offered by AmigaFX is 1:400, which is considered high. Nonetheless, many Cyprus-based brokers offer similar or even higher leverage levels - for example, FXTM provides leverage up to 1:1000. You may check out a list of brokers, providing leverage equal to or exceeding 1:500 here.

 

Do keep in mind, however, that higher leverage also means higher risk of losses, which may exceed initial investments. That is why CySEC proposed the default leverage to be 1:50, in line with the recommendations of the European Securities and Markets Authority. 

 

Trading Platforms

 

The most popular trading platform, MetaTrader 4 (MT4) is not available with this broker. Instead, AmigaFX offers its clients a set of in-house platforms: eToro WebTrader, eToro OpenBook and eToro Mobile Trader.

AmigaFX WebTrader is a web-based platform with clean & simple design. It offers a full set of easy-to-use trading tools.

 

 

As one of the eToro group advantages, AmigaFX traders can enjoy advanced social trading system. Traders publish their real forex, commodities and indices trades and other users can view their trading history, choose to follow them and do the same trades with just one click.

 

Methods of Payment

 

AmigaFX supports the following payment methods: credit/debit cards, bank wire transfer, PayPal, Monay Gram, Western Union Skrill, Neteller, and WebMoney.

 

Conclusion

 

AmigaFX is a non-MetaTrader fixed-spread broker, that is a part of the eToro group. To cut things short, here are the advantages and drawbacks with regards to this broker:

 

Pros

 Cons

Well-regulated, part or eToro group

High spreads

Advanced copy trading options

MT4 not available

Commission-free trading

No demo account, no ECN trading

 

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Traders` reviews for AmigaFX

Spread

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Slippage

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Requotes

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Price feed

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Platform

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Deposit/Withdraw

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Customer service

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