|Account type||Minimum deposit||Minimum trade size||Maximum leverage||Spreads||Trading platform|
|Standard||$100||0.01 lot (micro lot)||1:400 (1:200 by dafault)||From 0.8 pips on EUR/USD||MT4|
Unlike most forex brokers, who provide their clients with several different account types, PipIndex offers a single Straight-Through-Processing (STP) account on the world renown MT4 platform with variable spreads starting from 0.8 pips on EUR/USD. Micro lots are available for trade and the broker says it doesn`t charge any commission.
Traders who deposit funds in excess of $100,000 get Platinum status and are entitled to dedicated senior market analyst additional markets, additional trading instruments as well as lucrative rebates.
This broker, however, does not provide managed account solutions, such as PAMM/MAM accounts, nor Islamic (swap-free) service to Muslim clients, who would not earn or pay interest for religious reasons.
Also, we should warn traders that unlike many other FX brokers, PipIndex does not tolerate scalping strategies.
PipIndex Capital Markets (PipIndex) is a relatively young London-based brokerage offering trading in a wide range of instruments, including numerous currency pairs, CFDs on major indices, bonds, commodities and precious metals, as well as major ETFs on the industry’s standard MetaTrader 4 (MT4). Apart from London, PipIndex runs offices in several other key European cities: Paris, Madrid and Frankfurt.
PipIndex is the trading name of PipIndex Capital Markets Limited, an appointed representative of Finsa Europe Ltd., which is authorised and regulated by the UK`s Financial Conduct Authority (FCA).
FCA regulation its famous for being among the strictest in the EU. To acquire a license from the UK financial watchdog, UK-based brokerages must prove their financial stability and to meet various requirements. For example, clients` funds shall be kept in segregated bank accounts, separated from the company operating funds. Moreover, brokers must hold a minimum of €730 000 net tangible assets in order to operate legitimately.
Probably the most important thing in relation to FCA regulation is the fact that it involves a compensation scheme in the event that a licensed broker becomes insolvent or ceases trading. The Financial Services Compensation Scheme (FSCS) provides a maximum compensation cover of £50,000 per person.
Minimum Initial deposit
The minimum initial deposit with PipIndex is $100, which is a reasonable to start with. In comparison, Trading 212, another FCA-regulated brokerage, also requires $100 from clients in order to start trading, and leading EU broker FxPro - $500.
Spreads & Commissions
As a STP broker, PipIndex offers variable spreads, starting from 0.8 pips on EUR/USD. Its clients also benefit from commission-free trading, as the broker gets remuneration for its services through the spread, the typical one for the EUR/USD pair amounting around 1.0 pips. Such spread is on the lower end of average, so we can conclude that the pricing of PipIndex is pretty competitive.
The default leverage with PipIndex is 1:200, however it may be changed upon client request to a maximum of 1:400. A leverage ratio of 1:400 is considered comparatively high, nonetheless many other UK-based brokers offer similar or higher levels. FxPro, for example, provides leverage up to 1:500. More forex brokers offering leverage equal to or exceeding 1:500 can be viewed here.
We would like to remind traders that high leverage levels involve greater risk, not only the probability of multiplied profits earned on a small deposit.
Clients of PipIndex are offered access to the most commonly used forex trading platform, Metatrader 4 (MT4). It is available for Windows, Mac, iOS and Android devices.
MT4 is globally popular due to it being incredibly reliable, adaptive, and quite easy to use. It is equipped with advanced charting package, a wide range with built-in technical indicators, automated trade options with Expert Advisor strategies (EA) and extensive back-testing environment. Here is a list of more forex brokers offering MT4 platform.
At the time of writing the present review PipIndex offers the following promotions:
- Welcome on-deposit bonus from $100 to $7.500, depending on the deposit amount. It is available for deposits over $300 and may be withdrawn after certain trading volume is reached.
- Rebates amounting to 20% of the total transactional costs – available only to Platinum status account holders.
- £50 Referral bonus for both the referral and the referred person.
Clients of PipIndex can make deposits to and withdrawals from their accounts via bank wire and credit/debit card. The accepted currencies are: USD, GBP, EUR.
PipIndex is a relatively young broker with strong regulation, whose offerings under the STP model seem quite decent. Yet there aren`t many options in respect of trading accounts, platforms, payment methods, etc. To sum up the above, here are the Pros and Cons with regards to this broker:
|FCA-regulated||No choice of trading platforms & accounts, no web-based platform available|
|MT4 available||Scalping is not allowed|
|STP model||No managed account solutions|
|Attractive promotions available|
FXTM is a EU regulated forex broker, offering ECN trading on MT4 an MT5 platforms. Traders can start trading with as little as $1 and take advantage of tight fixed and variable spreads, 1:1000 leverage and swap-free accounts.
FXCM is one of the biggest forex brokers in the world, licensed and regulated on four continents. FXCM wins our admirations with its over 200,000 active live accounts and daily trading volumes of over $10 billion.
HY Markets is global forex broker with more than 30 years of operational experience, regulated by FCA in the UK. Trade Forex with spreads as low as 1.8 pip
XM is broker with great bonuses and promotions. Currently we are loving its $30 no deposit bonus and deposit bonus up to $5000. Add to this the fact that it’s EU-regulated and there’s nothing more you can ask for.
easyMarkets is a CySEC and ASIC regulated broker offering access to over 300 trading instruments, tight fixed spreads, no slippage and a 50% deposit bonus.
FxPro is a broker we are particularly keen on: it’s regulated in the UK, offers Metatrader 4 (MT4) and cTrader – where the spreads start at 0 pips, Level II Pricing and Full Market Depth. And the best part? With FxPro you get negative balance protection.
FxChoice is a IFSC regulated forex broker, serving clients from all over the world. It offers premium trading conditions, including high leverage, low spreads and no hedging, scalping and FIFO restrictions.
Trading212 is a European broker with an excellent proprietary trading platform, which is now available as an iPhone app as well (we tried it out and we loved it). Trading 212’s customers enjoy fast execution a vast selection of trading instruments.
Grand Capital is a MT4 forex broker, offering $500 no deposit bonus and 40% bonus on all deposits.
|Cyprus||CySec||MT4, MT5, Web||$5||Review Website|
|US, UK, Australia||CFTC/NFA, FCA, ASIC||MT4, Web,
|UK, Cyprus, Hong Kong||FCA, CySEC, SFC||MT4, Web,
|UK, Australia, Singapore||FCA||MT4, Web,
|UK, Cyprus||FCA, CySec||MT4, MT5||$5||Review Website|
|UK, Cyprus||FCA, CySEC||MT4, MT5, Web,
|Cyprus||CySEC||MT4, MT5||$300||Review Website|
|Belize||IFSC||MT4, MT5||$100||Review Website|
|UK, Cyprus, Bulgaria||FCA, CySec, FSC||Web||$150||Review Website|
|Belize||IFSC||MT4, Web||$500||Review Website|
|New Zealand||FMA||MT4||$1000||Review Website|