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BlitzBrokers Review - Is it scam or safe?

BlitzBrokers Review - Is it scam or safe?

RATING: 3 / 0 REVIEWS BlitzBrokers
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Trading Accounts

 

Account type Minimum deposit Minimum trade size Maximum leverage Spreads 
Standard  $1 0.01 1:400 from 1.0 pips on EUR/USD (0.2 pips rebates available)
MT4 Pro  $1 0.01 1:400 from 0 pips on EUR/USD + commission $3.50 per standard lot ($2.50 with rebates)

 

BlitzBrokers offers two account types – Standard & MT4 Pro. Accessible with just $1 initial deposit, both accounts offer trading in more than 80 currency pairs and various CFDs with leverage up to 1:400. The only difference between the two is that MT4 Pro account offers lower spreads (the difference being around 1 pip), but involves a commission of $7.00 per standard lot round trip.


The Company. Security of Funds


BlitzBrokers is an introducing broker of AxiTrader, specializing in automated trading. BlitzBrokers offers its clients programming, testing and installing of Expert Advisors (a.k.a. Forex Robots) on MetaTrader 4 platform (MT4).


Blitzbrokers Ltd. is registered in England and Wales and is regulated by the Financial Conduct Authority as an Appointed Representative of AxiCorp Ltd.


The UK watchdog is famous for applying certain rules and standards to license holders, the most important being the minimum capital requirements and clients’ money rule. FCA-regulated brokers must keep client funds in segregated accounts, separated from the companies operating funds. In order to prove their good financial standing, UK-based brokerages must hold net tangible assets amounting to at least €730 000.


What is more, clients of UK brokers are covered the Financial Services Compensation Scheme (FSCS) coverage. In the event of a company insolvency, FSCS is able pay compensation up to a maximum of £50,000 per person per regulated entity.


Trading Conditions


Minimum Initial Deposit

Like its partner AxiTrader, BlitzBrokers has set no minimum for opening an account, so clients may sign up with as little as $1. This is an attractive offer, as most brokers usually require traders to deposit a certain amount of money as a start.


Average spreads & Commissions
BlitzBrokers offers floating spreads, which vary by account category. The typical ones on the Standard commission-free account amount to around 1.2 pips on EUR/USD, which is on the upper end of average, while the ones on the MT4 Pro account are averaged 0.2 pips on EUR/USD. The MT4 Pro account, however, involves a commission of $7 round turn, so trading costs amount to around 0.9 pips for this pair, commission included, which is a really good offer. Trading costs with BlitzBrokers may get even lower, if you benefit from their rebates offering (check out the Promotions section below).


In comparison, FXCM Ausrtralia provides variable spreads averaged 1.4 on its commission-free accounts, and quotes as typical spreads of 0.4 plus on its Standard account type, where a commission of $4 applies. For further information, you may look up and compare real-time spreads of 15 leading brokers here


Leverage
The maximum leverage levels provided by BlitzBrokers are quite high, reaching 1:400. Nonetheless, many other FCA- regulated brokers offer similar or higher leverage rates. For instance, FXCM AU also offers leverage 1:400. More forex brokers offering leverage equal to or exceeding 1:500 can be found here.


Keep in mind that investing in over-the-counter derivatives with high leverage carries significant risks of loss.


Trading Platforms


Like most forex brokers, BlitzBrokers supports the popular MetaTrader4 (MT4) platform. It is preferred by most traders, because it is user-friendly and is equipped with an advanced charting package, a number of technical indicators, extensive back-testing environment and a variety of Expert Advisors (EAs). What is more, this brokerage provides free of charge EA programming.


Apart from the desktop and mobile versions of MT4, BlitzBrokers offer their AxiTrader’s customized version of MT4, called MT4 NexGen. It is equipped with advanced features for professional traders, such as:
- Automated trade journal, which provides better analysis and reporting through automatic recording of trade activity;
- Sentiment Indicator, which enables you to gain insights into live market trends by viewing how others are trading;
- Session Map – an Interactive map that shows the world’s market opening and closing times;
- Forex news, which allows you not only to Import your favorite news feeds, but also follow traders on social networks.


MT4 NexGen is free to all traders who open live trading account with a minimum deposit of $1,000.

 

Promotion
BlitzBrokers offers its clients attractive rebates:
- 0.2 pips on EUR/USD per trade for Standard account holders;
- $1 per side for MT4 Pro account holders.


Methods of Payment


Clients of BlitzBrokers can make deposits to and withdrawals from their accounts via credit/debit cards, (Visa, Visa Electron, MasterCard, Maestro), bank wire, and popular e-wallets Skrill & Neteller.


BlitzBrokers enables clients to open accounts and deposit funds in various currencies: AUD, EUR, GBP, NZD, SGD, USD, CHF, JPY, HKD, CAD.


Conclusion


An introducing broker of AxiTrader, BlitzBrokers is a reliable choice of a brokerage. It offers trading in various currency pairs and CFDs with attractive trading conditions and lucrative rebates. In a nutshell, here are the advantages and disadvantages with regards to this broker:

 

Pros  Cons
Competitive spreads An Introducing broker
Advanced tools on MT4 NexGen No Islamic accounts
No minimum initial deposit required  
High leverage and rebates available  

 

Latest news about BlitzBrokers
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Traders` reviews for BlitzBrokers

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Requotes

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Price feed

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Platform

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