MarketsCG Forex Broker Review 2021
MarketsCG is a broker registered in the capital of Saint Vincent and the Grenadines, Kingstown. When we visited the website for the first time, we were surprised to see how many claims there are. From high levels of security, reliable customer support to deep liquidity, and tight spreads. We won’t rush into conclusions, but if all of this is really provided, we found one excellent broker.
Tradable assets at MarketsCG
This broker offers an incredible amount of trading assets. They are divided into classes, and once you visit the trading platform, you can switch between Forex, Commodities, Crypto, Stocks, and Indices. It’s up to you to choose the asset you want to trade and if you wish, you can combine them from different asset classes. We are satisfied with the selection and as a nice addition MarketsCG provided an Asset Index, so if you are not familiar with a specific company, all information is here alongside the trading hours.
Overall, this is an excellent start and we are eager to see what else this broker prepared because it seems like there will be a lot of great surprises.
MarketsCG trading platform features
Since the selection of assets is incredible, it’s time to see if the platform for trading is good enough. First of all, don’t expect to see a famous MetaTrader. Here, you will have a unique, web-based, platform with different features.
At the first glance, we liked it because it gives a lot of space for customisation. You can arrange things according to your needs and preferences, which is great. Also, it’s neatly done which means that everything is visible and organised and you won’t have a single problem with navigation. If you are used to trading on your mobile, that won’t be a problem. It works impeccably on every device and all errors are avoided.
The best thing of all is that you can test it before you open an account. Simply visit the Trading Platform page, choose an asset and start customising the chart. You will see if it fits your taste or not, but we are sure you won’t have any objections.
Account types offered at MarketsCG
This broker understands how important it is that clients have different options. This reflects the most in the account types segment since there are five of them. The main difference is the level of experience a trader has, so if you are a beginner, we advise you to start with the Silver account. Although this is the smallest one, it offers excellent conditions. The minimum deposit goes from €10,001 to €20,000 but you can get up to 20% of welcome credit. The leverage is 1:20 and the maximum monthly exposure is $20,000. This is all you need for a perfect start.
If you have a little bit of experience and you want to skip the Silver account, Gold is the perfect choice for you. The minimum deposit requirement is from €20,001 to €100,000 but the welcome credit is up to 40% and the leverage is 1:40. Of course, the maximum monthly exposure is bigger ($50,000) and you will have 1 on 1 educational course and weekly managed sessions.
After the Gold one, there is a Platinum with the minimum deposit requirement from €100,001 to €200,000. Since you need to deposit more, it’s expected that you will get better conditions such as quarterly dividends, access to premium trading rooms, up to 60% of welcome credit, and $300,000 maximum monthly exposure.
The last two are Diamond and VIP accounts. They are created for professional traders who are ready to deposit from €200,001 to €499,999 (for Diamond) or more than that for VIP accounts. Welcome credits, leverage and quarterly dividends are excellent but you will also get a VIP mentorship program, access to premium trading rooms, trading alerts and events and many other benefits. That said, these two accounts are a full package and an excellent choice if you ask us.
Withdrawal and deposit methods at MarketsCG
We are already used to the fact that MarketsCG offers different choices for clients. That said, you can choose one of the three payment methods and the one you choose for deposit needs to be the one for withdrawal. So, if you want you can go with Credit Cards, Bank Transfer, or Bitcoin Transfers.
There are no deposit fees, and you can use multiple Credit Cards if you have a need. If you do so, equal amounts of money will be transferred to those cards and any additional profit will be sent to your account with Bank Wire, that is the only requirement.
If you go with the Bitcoin method, MarketsCG determines the exchange rate at the time the transfer is processed and they even pointed out a website where they determine the rates. Transparency is a big part of this broker and that’s a good thing.
If you are wondering when you will receive the money, we have good news. Transaction speed is excellent here. Deposits are instant, and withdrawals take up to seven business days depending on the account. Of course, all information is available and it’s not a secret that with the Silver account you have to wait for the longest (up to seven business days), with Gold that time is five business days, with Platinum it’s three days and with Diamond, it’s only two business days. Withdrawals can be instant, too and that will happen if you choose a VIP account.
The last part about withdrawals that might be a big concern is fees. Oftentimes, they are omitted from the website and you have no idea if someone will charge you additionally. Well, MarketsCG has a list of commissions on the website, so you can familiarize with all of them in advance.
There is an Overnight Fee and it may apply to each Forex or CFDs open position at the closing of the trading day. Aside from that, you have to pay a withdrawal fee and we are surprised to see it’s only 1% (the minimum is 30 USD/GBP/EUR and the maximum is 300 USD/GBP/EUR).
Does MarketsCG offer any educational material?
We almost came to the end of this MarketsCG review and it’s time to see if you can improve trading skills with this broker or not. The only way to improve them is through good education. Luckily, we were able to find numerous eBooks that are located in the Education Center. You can learn about basic trading analysis, advanced strategies and many other things. All of that for free.
Since the whole team of MarketsCG are professional brokers, they created a free educational material for every visitor. So, even if you do not open an account, we advise you to stay on the website for a little bit and read everything, it will mean a lot in the future.
Aside from that, each registered client can count on additional educational material depending on the account type. Based on those free eBooks, we can say that people behind this broker know exactly what they are doing since the articles are concise and full of details. We cannot say we are surprised to see all of this, because we expected it, but we can give additional pulses to MarketsCG for this effort and good care for clients.
Is the MarketsCG support team helpful?
To complete this review, there is one last thing we have to test, the quality of customer service. In this part, we will see if it satisfies the needs even of the most complicated clients. To be precise, there are three things we want to see — responsiveness, politeness and the level of education.
In the next period, you won’t be able to contact them on the phone. That’s more than fine and it’s all for the precaution measures due to pandemic. So, we are left with email, online form and Live Chat.
We knew that with Live Chats you always get instant answers (if the broker is professional), so we wanted to see how responsive the support is when you use an online form. Since our question was about the trading platform, we chose that department and sent our message. Their working hours are from Monday to Friday 7:00 – 14:00 GMT and we sent a message past 14:00 we didn’t expect an immediate reply. But, the next morning message awaited us in the inbox.
The representative was more than courteous and he knew the answer to the question. This means that all the requirements we had at the beginning were fulfilled and we can say the customer service is on a satisfying level.
Shall I trade with MarketsCG?
The shortest answer possible would be yes. We are satisfied with the service quality, it’s more than evident that this broker takes good care of clients and most importantly, security is on the highest levels. So, if you are still wondering whether you should open an account or not, we advise you to do so.