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Milton Markets Review - is it scam or safe?

Milton Markets Review - Is it scam or safe?

RATING: 1.5 / 0 REVIEWS Milton Markets
Milton Markets is an offshore broker. Your money is not safe.

RECOMMENDED FOREX BROKERS


Trading Accounts

 

Account type  

Minimum deposit 

Minimum trade size

Maximum leverage

Average Spreads           

Standard

$250

0.01 (micro lot)

1:800

1.5 pips on EUR/USD

Professional

$250

0.01 (micro lot)

1:800

0.2 pips on EUR/USD + 0.4 pip/Lot commission

           

 

There are two basic accounts available with Milton Markets: Standard account and Professional one. They both offer STP/DMA execution, variable spreads, leverage up to 1:800 and micro tradable lots. The only difference between the two is that the Standard account is commission-free, while the Professional one provides tighter spreads and involves a commission fee.

 

The Company. Security of Funds

 

Milton Markets offers trading 46 Currency Pairs, some Index & Energy CFDs, as well as precious metals on the most widely used trading platform, MetaTrader 4. Founded in 2014, Milton Markets is the trading name of WSM Invest Ltd., a New Zealand based company, which was registered in the Financial Service Provider Register (FSPR) and as such regulated by the Financial Markets Authority (FMA). However, it got deregistered in May, 2017 and currently is registered offshore, in Saint Vincent and the Grenadines. 

 

Besides, according to an Client announcement on the brokerage’s website, the Milton Markets brand is powered by Gallant Capital Markets – a provider of forex trading technologies and services, regulated by British Virgin Islands’ FSC, which filed for bankruptcy in April. 2017. Probably this is the reason why WSM Invest Ltd., which is obviously related to GCMFX. aslo got deredistered from NZ' FSRP.

 

According to the information that is presently on Milton Markets's website, it is operated by Milton Markets Ltd., a company registered in Saint Vincent and the grenadines. We don't recommend brokers registered offshore, as their clients have no protection whatsoever. Doing business with offshore brokers involves a lot of risks, the shortest possible explanation is that if you choose to invest with such, you will probably never see your money again, let alone potential profits.

 

Trading Conditions

 

Minimum Initial Deposit

The minimum initial deposit required by Milton Markets is $250, which is average for the forex market. However, a lot of popular NZ brokerages require less: leading global brokerage CMC Markets demands just $25 as a start and Mahi FX has set no requirement for minimum initial deposit.

 

Commission & Spreads

Being a STP/DMA broker, Milton Markets offers variable spreads. The typical ones on the commission-free account are on the upper end of average, amounting to 1.5 pips on EUR/USD, while those on the Professional accounts provide tighter spreads, averaged 0.2 pips on EUR.USD, however commission of 0.4 pip/lot (per side) applies. So, basically the trading costs on this account amount to an average of 1 pips (0.2+0.4+0.4 pips) per traded lot round turn.

 

In comparison, Mahi FX offers spreads averaged 1.0 pips on EUR/USD, and charges no commission. You may check out and compare real-time spreads of 15 leading brokers here

 

Leverage

The maximum leverage levels offered by Milton Markets reach 1:800, which is a very high rate, taking into account that most brokers usually offer leverage up to 1:400 or 1:500. CMC Markets, for instance, provides leverage up to 1:500. A list of more forex brokers offering leverage levels equal to or exceeding 1:500 may be viewed here

 

Trading on margin with higher leverage levels may lead to heavy losses exceeding their initial investments. That is why we advise traders to operate carefully with high leverage ratios.

 

Trading Platform

 

Like most FX brokers, Milton Markets supports the industry standard, MetaTrader 4, coming in desktop, web and mobile versions.

 

MT4 is globally recognized for its user-friendly interface, on the go trading capabilities, variety of built-in technical analysis indicators, advanced charting tools, automated trade options with Expert Advisor strategies (EA) and extensive back-testing environment. You can check out more forex brokers offering MT4 platform here.

 

Our free VPS service is the optimal environment for traders running MT4 EAs. In order to qualify for free VPS access, traders are required to maintain a minimum balance of $500 in their trading account. For continued access, traders must execute at least 1 standard lot or the equivalent per calendar month, while maintaining the minimum balance requirement. Accounts that do not meet the minimum requirement will be charged $25 USD per month.

 

Promotions

25% on deposit bonus up to $25 000, as well as 100% on deposit bonus up to $100 000, which can be withdrawn after certain volumes are traded.

 

Methods of Payment

 

Milton Markets’ clients are offered the following payment methods: Credit cards (Visa and MasterCard accepted), bank wire transfer, and e-wallets: Skrill & Neteller.

 

Account currencies: USD, EUR, JPY.

 

Conclusion

 

Milton Markets is a reliable FX and CFD broker operating under the licensing and regulation requirements of New Zealand. It utilizes STP/DMA technology, developed by is sister company Gallant Capital Markets.  Here are, in a nutshell, the Pros and Cons with regard to this broker:

 

Pros Cons
Competitive spreads No choice of trading platforms
STP/DMA model  
MT4 available  
High leverage levels offered  
Refer-aFriend bonus available  

 

 

Latest news about Milton Markets
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Traders` reviews for Milton Markets

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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Cons

 

 

Deposit/Withdraw

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Cons

 

 

Customer service

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Summary

Pros

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