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ArgusFX Review - Is it scam or safe?

ArgusFX Review - is argusfx.com scam or good forex broker?

RATING: 3 / 1 REVIEWS ArgusFX
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 Trading Accounts

 

Account type  Minimum deposit  Minimum trade size Maximum leverage Average Spreads
Standard STP $1 0.01 1:500 1.8 pips
Pro STP $200 0.01 1:500 0.3 pips + commission $15 per round lot

 

ArgusFX is operating under pure STP execution model and its clients may opt for two STP account types – a Standard commission-free one and Pro STP account with tighter spreads, which involves a commission. Otherwise, both accounts provide market execution with leverage up to 1:500 and the option to trade in micro lots.

 

Swap-free accounts are only eligible for clients of Islamic faith, proven by their Identification documents. 

 

The Company. Security of Funds

 

Established in 2000, ArgusFX is a STP broker, offering forex, commodities & indices CFDs, as well as precious metals on the popular MetaTrader 4 platform.

 

This is the brand name of Argus Stockbrokers Ltd., a Cypriot Investment Firm (CIF), licensed by Cyprus Securities and Exchange Commission (CySEC) since 2003. Besides, the company is a member of the CSE, ASE, and ADEX.

 

CySEC is a reputable EU regulator with strict rules and oversight.  Cyprus Investment Firms are required to hold at least €730,000 in order to prove their good financial standing, and to 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 company licensed in Cyprus is also entitled to offer cross-border services within the EU under the MiFID Passporting Regime.

 

Besides, ArgusFX provides Negative Balance Protection - any negative balances in client accounts are covered by the company.

 

Trading Conditions

 

Minimum Initial Deposit

ArgusFX has set no minimum initial deposit amount, which is quite an attractive offer.

 

Spreads & Commissions

ArgusFX offers variable spreads, the typical ones for the EUR/USD pair amounting to around 1.8 pips on the commission-free account type which above the average for the forex market.  Meanwhile, trading costs on the Pro STP account are similar: spread from 0.3 pips + commission $15 per round lot.

 

Discounts on commission fees are available to clients who deposit more than $2000.

 

 

In comparison, XM’s typical spreads on the Zero accounts (accessible with $100) amount to 0.1 pips on EUR/USD and a commission a $10 per standard lot traded (round turn) applies. For further information and comparison, you may check out real-time spreads of 15 leading brokers here.

 

Leverage

The maximum leverage level offered by ArgusFX is 1:500, which is deemed as high in the industry. Nonetheless, many Cyprus-based brokers offer similar or even higher leverage rates - for example, XM provides leverage up to 1:888. You may also take a look at a list of brokers, providing leverage equal to or exceeding 1:500 here.

 

Keep in mind that higher leverage involves greater risk. That is why the CySEC has proposed default leverage to be set to 1:50.

 

Trading Platform

 

This broker supports the standard forex market trading platform MetaTrader4 (MT4).  MT4 is an internationally acclaimed trading terminal, offering a full range of trading tools and features: user-friendly interface, a number of built-in technical indicators, advanced charting package, a wide range of Expert Advisors (EAs) and extensive back-testing options. Traders can download ready-made or create their own EAs and let the program do all the work.

 

MetaTrader 4 is available to clients of ArgusFX as desktop and mobile versions. More brokers using the MT4 can be viewed here.

 

Like most brokers, this one also offers VPS services, mostly used by algo-traders. Free VPS hosting is available to the clients who deposit a minimum of $ 2000 or equivalent.

 

Methods of Payment

 

ArgusFX supports the following payment methods: credit/debit cards, bank wire transfer and e-wallet payment systems Skrill, Neteller, Qiwi, Sofort, China UnionPay, Yandex Money, WebMoney.

 

ArgusFX does not charge any fees for deposits or withdrawals.

 

Clients can deposit funds in 3 base currencies: USD, EUR, PLN.

 

Conclusion

 

ArgusFX is a reliable STP broker that offers online trading in more than 50 currency pairs, as well as various CFDs and precious metals through the robust MT4. Its spreads appear to be above average, but the good news is that it provides negative balance protection, so with this broker you may not lose more than you deposit. To sum up the above, here are the advantages and drawbacks with regards to this broker:

 

Pros Cons
Well-regulated    No choice of trading platforms
MT4 available  Comparatively high spreads 
Negative Balance Protection  
Pure STP model  

                                                                              

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Traders` reviews for ArgusFX

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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Summary

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Scam

ArgusFx are common thiefs. At 12.00 in midnight are closing or buying with 50 and 60 pips above from your buy or sell orders. Avoid them in every way

Dimitris antonopoulos 08/03/2017
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