AG Markets is an online forex broker that’s registered in New Zealand with offices open in Mexico. It is a brand of Advanced Global Markets Ltd. and was started by Carlos Ferrer in 2013 and offers online forex trading to its clients. If you have come across AG Markets and are wondering if AG Markets can be trusted then read our in-depth review to find out if trading with this broker will be to your benefit or detriment.
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AG Markets Regulation
As of the writing of this review, AG Markets’ parent company, Advanced Global Markets Ltd, is registered with Financial Service Provider Register (FSPR) and as such, AG Markets is regulated by the Financial Markets Authority. This means they are required to follow a code of conduct and rules to protect you from and your money. Fortunately with AG Markets fraud seems less likely thanks to regulation.
However, it should be noted that a broker can be deregistered from a regulatory body and regulatory bodies, such as FMA do release updates about deregistrations as well as unregistered brokers and other scams. If you are thinking of registering with AG Markets, make sure to double check its registration just to be safe.
AG Markets Customer Support
The AG Markets website is available in three different languages, English, Spanish, and Portuguese. You can also contact them either by visiting their offices in either Mexico or New Zealand, using their online form, live chat, email, or calling the number listed on their website.
While we like the many communication options. We would also like there to be quick responses. And this is not a unique situation. Our research revealed many AG Markets reviews with people sharing their experiences. Emails have gone unanswered for up to 22 days, calls not answered and live chat support being nothing but a waste of time. We hope the AG Markets customer support team undergoes some retraining and improves else their business will suffer and unfortunately, so will their clients.
AG Markets Accounts
There are currently, six different account options being offered by AG Markets. These are:
- Basic Account – $250 minimum deposit
- Standard Account – $500 minimum deposit
- Trading Account – $1000 minimum deposit
- AGM – Pro Account – $5000 minimum deposit
- Premium Account – $25,000 minimum deposit
- Platinum Account – $500,000 minimum deposit
All of these accounts have quite a lot in common despite the large differences in deposits. They are all available on the MT4 platform for desktop, mobile, tablets and WebTrader. Each has a minimum lot of 0.01 along with 1:1 support and daily reports. Frankly, it seems to AG Markets opinions do not matter else we are sure they would have restructured these account offerings. That being said, we have talked about the similarities, now let us look at the differences between these accounts.
First off, not all accounts have the same instruments available to trade. The Basic, Standard, and Trading Accounts only have Forex available for trading. The AGM – Pro Account has CFD’s, Forex, and Indices available while the Premium and Platinum accounts have CFD’s, Forex, Indices, and Stocks available for trading.
Risk free trading also differs as the Basic and Standard Accounts have no risk free trading while the Trading Account has 3 risk free trades, AGM – Pro has 5, Premium has 7, and the Platinum Account has 10.
Leverage also differs as well with the Platinum, Premium, and Pro Accounts having leverage from 1:100 – 1:400 while the Basic, Standard, and Trading Accounts have leverage from 1:200 – 1:400. We find it strange that the more basic accounts have the higher starting leverage while those for more seasoned traders offer low leverage. This is something we often see with scam brokers.
AG Markets Bonus
As of the writing of this review, AG Markets has ended their no deposit bonus. Only trading account bonuses are available. The Basic Account has a bonus of 20% for funds between $250 – 499. The Standard Account offers a 30% bonus for deposits of $500 – 1499 while the Trading Account has a bonus of 40% for deposits of $1500 – 4999. The highest visible bonus is the AGM or Pro Account bonus which is 50% of deposits $5000 – 9999. There is also a Personalized Welcome Bonus for deposits over $10,000, however, AG Markets does not specify how much you would receive.
AG Markets Platforms
The AG Markets forex broker only utilizes one platform and that is the renowned MT4 platform. We say renowned because this is by far the most popular online trading platform to date. It is easily accessible to both brokers which is brokers like AG Markets scam and fraud brokers often use this platform.
The MT4 platform is not without its faults, however, that has not stopped brokers and traders alike from using it. While the MT4 platform is great, it is limited and does not offer certain complex tools that are available with other platforms. Tools that may be needed by more seasoned traders. It would have been better if AG Markets used another platform along with the MT4 platform but unfortunately, they only offer one.
AG Markets Conclusion
When you came across this review, you wanted to know “is AG Markets legit?” Honestly, from what we can see, it is, for the most part. However, there are some serious issues with this broker that will affect your overall trading experience, from the lack of options when it comes to trading platforms to the poor customer support and strange account conditions, we believe you would be better off finding another broker.
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