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Ideal Global Trading Review - is it scam or safe?

Ideal Global Trading Review - Is fxideal.com scam or good forex broker?

RATING: 1.4 / 1 REVIEWS ForexBrokerz Ideal Global Trading
Ideal Global Trading is an offshore broker. Your money is not safe.

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IDEAL GLOBAL TRADING is a forex and CFD broker offering two account types on the MetaTrader4 platform. If you are about to open an account with them be sure to read the following review first.

 

Account type Min. deposit Max. leverage Spreads
STP Account n/a 1:400 1,9 pips, floating
ECN Account n/a 1:100 n/a

 

IDEAL GLOBAL TRADING Advantages:

 

Multiple payment methods 

 

With IDEAL GLOBAL TRADING you can deposit or withdraw funds via bank transfers, credit or debit card, Skrill, Poll, and China UnionPay. Other popular e-wallets like Neteller and PayPal however are missing. Here you can check our list of brokers, offering PayPal as a payment method:

 

>>PayPal Forex Brokers<<

 

MetaTrader4 available

 

The presence of MetaTrader4 has always been a good news. The platform is popular among brokers for its functionality and lightness. It has excellent charting tools, with which you can explore market data with ease. The most prominent MT4 feature however is the automated trading option. There you can create or customize your own market indicators and trading bots with a specially designed scripting language – the MQL4. In addition you can even test the efficiency of your indicators, running simulations on historical periods of time. Here you can check our list of brokers, also offering the MetaTrader4 platform: 

 

>>Find other MT4 brokers here<<

 

Good leverage

 

IDEAL GLOBAL TRADING is offering maximum leverage of up to 1:400 on its STP Account and 1:100 on its ECN Account. Having in mind that higher leverage means higher risk, those levels are basically enough to accommodate most trader strategies. Still here you can check our list of brokers, offering leverage levels of up to 1:500 and above:

 

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

 

IDEAL GLOBAL TRADING Disadvantages:

 

Lack of regulation

 

IDEAL GLOBAL TRADING, which is owned and operated by IDEAL GLOBAL TRADING LIMITED has a US address and says it is regulated by the National Futures Association (NFA). 

 

We are always suspicious when a broker says it is regulated by the NFA, because of their excessively tough financial requirements. All NFA licensed brokers have to maintain a net capital of at least 20 million USD to guarantee their customers’ positions. That is the main reason there are only four brokers – OANDA, Forex.com, TD Ameritrade and Interactive Brokers, which are currently regulated by NFA and are operating on the American market.

 

When checked on the NFA website, it turned out that IDEAL GLOBAL TRADING LIMITED have a registration with NFA, but as an EXEMPT COMMODITY POOL OPERATOR and a EXEMPT COMMODITY TRADING ADVISOR, which in no way gives them the status of a licensed NFA broker.

 

 

The license status of big names such as OANDA and Forex.com is completely different. For example the two US licensed brokers have the following statuses with the NFA: FOREX FIRM APPROVED; RETAIL FOREIGN EXCHANGE DEALER REGISTERED; FOREX DEALER MEMBER APPROVED; NFA MEMBER APPROVED and FUTURES COMMISSION MERCHANT REGISTERED.

 

Here you can check the OANDA registration for comparison:

 

 

In recent years because of the excessive fiscal requirements in the US, most forex brokers flocked to the UK, Cyprus and Australia, where the regulatory regimes are more balanced – giving both security to traders and operational flexibility to the brokers.

 

Well respected financial authorities such as the Cyprus Securities and Exchange Commission (CySEC), the Financial Conduct Authority (FCA) and the Australian Securities and Investments Commission (ASIC) also have a minimum operational capital requirement and oblige licensed brokers to keep clients funds in a special segregated account. 

 

Further more CySEC and FCA regulated brokers are obliged to participate in client money insurance schemes, ensuring traders can be compensated in case the broker goes insolvent. The insured amount with FCA brokers is up to 50 000 GBP, while with CySEC brokers you can get back up to 20 000 EUR of your trading capital. Here you can check our list of FCA regulated brokers:

 

>>Find FCA regulated Brokers here<<

 

Few trading instruments

 

With IDEAL GLOBAL TRADING you can trade 27 forex pairs with the Hong Kong Dollar, the Singaporean Dollar and the Chinese Yuan the only exotic currencies in the list. The broker also offers CFDs on gold, silver and oil, but there are no indices, stocks, other commodities and crypto currencies. Here you can check our list of brokers, offering CFD trade with Bitcoin and other crypto currencies:

 

>>Bitcoin Forex Brokers<<

 

Uncompetitive spreads

 

When tested with a Demo Account the EURUSD spread was between 1,8 and 2 pips, with no commission on the trade. This is above the spread levels, which traders usually expect to see with a standard account. Here you can check our list of brokers, offering tighter spreads:

 

>> Lowest spread forex brokers<<

 

No information on the minimum deposit for opening an accounting

 

There is no information on the IDEAL GLOBAL TRADING website about the minimum deposit for opening a trading account and that is confusing for the potential clients. If they do not have such a requirement, they should have said so. With most brokers you can open a standard account with a 100 USD or less, while with some big name like XM and FXTM, you can open an account with just 5 USD.

 

Conclusion:

 

IDEAL GLOBAL TRADING is an unregulated forex broker and that significantly lowers its credibility. As far as the trading conditions are concerned, apart form the good leverage, the broker offers neither competitive spreads, nor enough trading instruments.

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Traders` reviews for Ideal Global Trading

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