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Edeal Markets Review - is it scam or safe?

Edeal Markets Review - Is edealfx.com scam or good forex broker?

RATING: 1.3 / 1 REVIEWS ForexBrokerz Edeal Markets
Edeal Markets is an offshore broker. Your money is not safe.

RECOMMENDED FOREX BROKERS


Edeal Markets is a  St. Vincent & the Grenadine based forex and CFD broker, offering good variety of forex pairs and crypto CFDs on the MetaTrader4 platform. If you are considering opening an account with them be sure to read this review first.

 

Account type Min. deposit Max. leverage Spreads
Ultimate Account n/a 1:100 0,5 pips
Advanced Account n/a 1:300 1,2 pips
Professional Account n/a 1:500 1,4 pips
Extreme Account n/a 1:100 1,8 pips
Islamic Account n/a 1:100 1,8 pips

 

Edeal Market Advantages:

 

Great variety of forex pairs, including all major crypto coins

 

Edeal Markets offers a great variety of forex pairs – 61, including exotic currencies like Israeli Shekel,  Czech Krona, Hungarian Forint, Polish Zloti, Mexican Peso, Danish Krone, Norwegian Krone, Swedish Krone, Turkish Lira, Hong Kong Dollar, Singapore Dollar, South African Rand, Chinese Yuan, Thai Baht and Russian Rubla. 

 

The broker also trades with CFDs on spot metals, indices, oil and natural gas, as well as crypto currencies, including Bitcoin, Ethereum, Litecoin, Ripple, Bitcoin Cash, Tron,  Dash, Eidoo, EOS, IOTA, Neo, Monero, Santiment, OmiseGO and Zcash. Still, here you can check our list of brokers also trading with Bitcoin CFDs:

 

>>Bitcoin Forex Brokers<<

 

Competitive spreads

 

Spreads, as advertised on Edeal Markets website, start from 0,5 pips for the Ultimate Account, from 1,2 pips for the Advanced Account, from 1,4 pips for the Professional Account, and from 1,8 pips for the Extreme and the Islamic accounts.

 

As tested with a Demo Account the EURUSD spread was as low as 0,3 – 0,4 pips, without a commission on the trade – conditions even better than the ones advertised on the website for the  Ultimate Account. 

 

We should note that spreads starting between 1 and 1,5 pips with a standard account are considered normal. Here you can check our list of brokers, offering similar competitive spreads:

 

>> Lowest spread forex brokers<<

 

Five different accounts, including a swap-free Islamic Account

 

Edeal Markets offers its clients a choice of five account types -  Ultimate, Advanced, Professional, Extreme and Islamic, where the minimum trading volume with the Professional and the Islamic accounts is 0,01 standard lot or 1000 base currency units, while with the Ultimate, the  Advanced and the Extreme accounts you can trade with no less than 0,1 lot. 

 

The presence of a swap-free, Islamic Account is a definite advantage for Edeal Markets as it is especially designed to accommodate Muslim traders, who under the Sharia Law, are forbidden to take or receive interest. 

 

With swap-free accounts you do not pay interest on positions left open over night. Here, you can check our list of brokers also offering swap-free, Islamic accounts:

 

>>Brokers offering swap-free accounts<<

 

Lavish leverage

 

With a Professional Account traders get leverage as high as 1:500, which is definitely enough to satisfy even the most aggressive trading strategies. With an Advanced Account the maximum leverage is set at 1:300, while with the Ultimate, the Extreme and the Islamic accounts the maximum leverage is 1:100. Still, having in mind that higher leverage means higher risk, here you may check our list of brokers also offering leverage of up to 1:500 and above:

 

>> Brokers offering at least 1:500 in leverage <<

 

MetaTrader4 available

 

 

 

 

 

MetaTrader4 is a classic platform appreciated by experienced and beginner traders alike. The platform has intuitive charting tools and more than 50 in-build market indicators. Best known feature however is the automated trading option via Expert Advisor trading algorithms, which you can even compile your self on a propriety scripting language – the MQL4. 

 

 

Here you can check our list of brokers, also offering the MetaTrader4:

 

>>Find other MT4 brokers here<<

 

Edeal Markets Disadvantages:

 

Lack of regulation

 

Edeal Markets Limited says it is regulated by the Financial Services Authority (FSA) of St Vincent and the Grenadines and the Securities and Futures Commission (SFC) in Honk Kong, but we were unable to find the brokers name in the registers of those institutions.

 

And while the SFC in Hong Kong do regulate companies offering forex and CFD trade, (the Commission has a minimum operational capital requirement of roughly 640 000 USD for all licensed brokers) the FSA of St Vincent and the Grenadines does not offer such services at all.

 

In a statement, published on its web page, FSA says it “does not issue any licenses for forex trading or brokerage or binary options trading nor does it regulate, monitor, supervise or license international companies, which engage in such activities“. In addition the FSA warns that there are financial institutions that falsely claim they are registered or licensed by the institution and that “their purpose for doing this is more than likely for illicit reasons“.

 

That is why for the purpose of this review we will treat Edeal Markets as an unregulated, offshore broker.

 

Trading with a properly licensed broker is crucial for the safety of any investment. Brokers, supervised by well respected regulators, such as the Cyprus Securities and Exchange Commission (CySEC), the Financial Conduct Authority (FCA) and the Australian Securities and Investments Commission (ASIC) have to abide by strict financial and ethical rules, among which to maintain good fiscal adequacy ratio and to keep all clients funds in a segregated, protected from creditors account.

 

In addition FCA and CySEC regulated brokers have to participate in traders compensation schemes. The FCA backed Financial Services Compensation Scheme for example guarantees that traders can receive back up to 50 000 GBP of their capital in case the broker goes insolvent. A similar scheme with CySEC insures up to 20 000 EUR. Here you can check our list of CySEC regulated brokers:

 

>>CySEC regulated broker<<

 

No information on the minimum deposit requirements

 

Edeal Markets offers five account types with different trading conditions, but says nothing about the minimum deposit requirements to open one account or another. Have in mind that with most brokers you can open an account with 100 USD or less, while with some big names such as XM and FXTM you can open an account with just 5 USD.

 

No information about payment methods

 

Most brokers offer a variety of payment methods, including major credit or debit cards, bank wire and e-wallets, such as Neteller, Skrill and PayPal. Some accept even Bitcoins. Edeal Markets has no information about payment methods on its website whatsoever, so here you can check our list of brokers, accepting Bitcoins as payment:

 

>>Forex Brokers Accepting Bitcoin<<

 

Conclusion:

 

Despite the relatively attractive trading conditions offered, potential traders should have in mind that Edeal Markets is an unregulated, offshore broker with low credibility and that any investment with such companies comes with significant risk.

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Traders` reviews for Edeal Markets

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