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AG Markets Broker Review
In our AGMarkets review, we examine this unlicensed broker in further detail. They provide access to both CFDs and forex for traders. Their New Zealand headquarters has been in operation since 2013. The company has not registered with the Financial Markets Authority despite being a New Zealand broker. The broker has really been condemned by the FMA.
AG Markets gives Regulation False Information
Financial authorities frequently find companies in trouble. Similar problems have arisen with AGMarkets and the FMA. The broker says they are qualified to provide financial services in New Zealand. They don’t, however, possess such a permit.
The FMA has only stated in a statement that AGMarkets does not hold a license with them. They caution investors that the broker lacks the necessary authority to provide their services domestically or abroad.
Bait for a trap with big bonuses
There are a few other warning signs in addition to this one. For new accounts, AGMarkets offers deposit bonuses. Most trustworthy brokers steer clear of this unethical ploy. In fact, the practice is forbidden in many places.
A 100% bonus is given to traders on their deposits, doubling their initial investment. They won’t ever see that money, though. It is nearly difficult to withdraw any bonus money before trading it away to nothing due to the broker’s terms and restrictions.
AG Markets Trading
Although the broker offers a free demo account, it isn’t really useful. They work with the common MetaTrader 4 platform. Since the platform is so widely used, traders are probably already aware with all of its features.
Up to 1:400, the broker has exceptionally high leverage. For new traders, this poses a significant risk since they can soon enter their comfort zone. For the benchmark EUR/USD pair, their spreads average roughly 2.2 pips, which is far too high. Anyone who looks at the broker more closely will undoubtedly be turned off.
Be cautious with your money and pay attention to regulators’ cautions. These institutions keep a close eye on brokers and issue warnings for good reason. Many traders believe they can profit greatly by using the absence of regulations imposed by an unregulated broker against them.
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