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eMarketsTrade is an unregulated forex brokers that is focused on cryptocurrencies. Cryptocurrency trading is promoted all over their website which can make traders think that they will enjoy an impressive trading experience. Considering that cryptocurrencies are quite popular at the moment, we wanted to do a eMarketsTrade review in order to help traders make the decision whether or not this broker is suitable for them.
eMarketsTrade promises a lot, so we have great expectations from this forex broker.
When it comes to account selection, eMarketsTrade users can select one of five accounts or ‘chains’ as they call them. Even though we always appreciate a variety of trading accounts, we must mention that the price tag on these accounts is quite high.
eMarkets Trade advertised several attractive promotions and bonuses that traders will definitely find interesting. During the writing of this eMarketsTrade review, traders were able to win one out of fine Ethereum coins. In promotional terms and conditions, we found several interesting points:
We consider these points to be quite unreasonable and not very user-friendly. Make sure to decline any promotions you don’t want to be a part of and inform customer support about it.
Unfortunately, bonus terms and conditions are not listed in the document called ‘Terms and Conditions’ but in a special bonus policy document. Considering the complicated nature of the eMarketsTrade bonuses and numerous types of bonuses they are offering, we recommend you read the Bonus Policy on their website before accepting any sort of bonus or risk-free trades that are also affected by this documents, as all bonuses are final and cannot be removed once on the account.
During the writing of eMarketsTrade review, we opened a trading account in order to see how the platform looks like. They are using Tradologic Krypton trading platform.
We couldn’t find any information on the underlying assets offered by the broker. The broker heavily advertises different cryptocurrencies such as Dash, Ethereum, Litecoin, Monero and Bitcoin. Once we entered the trading room, we noticed that it is primarily focused on cryptocurrencies trading.
There are also two different trading modes advertised – CryptoFX and SimplexCrypto
CryptoFX is advertised as a forex trading interface where you can combine cryptocurrencies with traditional currencies for more exciting trading experience. Basically, this is traditional forex trading platform with cryptos added as an underlying asset.
SimplexCrypto offers additional 2,000 instruments. Considering that you can’t take a look prior to depositing, we can only presume these are CFD instruments.
eMarketsTrade doesn’t offer a smartphone app for mobile trading, but the trading interface can be accessed via your mobile browser. The mobile version of the webpage has not impressed us with a design and is basically a simplified version of the desktop website.
Unfortunately, eMarketsTrade does not offer a demo account that traders could use to practice and polish their skills. Most forex brokers nowadays consider a demo account to be one of the most important things they can offer so this is quite surprising revelation.
Testing the customer support is one of the most important elements of our reviews. eMarketsTrade is no exception. Traders must always understand how good customer support can help them understand the trading conditions better.
eMarketsTrade has a live chat that is positioned in the lower right corner of the screen. If you want to ask a question, you will have to provide your name and email. Once we filled that out, we asked our question, but we must admit – agents could be a bit faster. We were transferred between agents all the time.
Besides live chat, there are also an online form you can fill out, email, and phone numbers for UK, Germany, Australia, Switzerland and, Italy. The website is available in English, German, and Italian language.
eMarketsTrade doesn’t offer a demo but provides many educational materials that are organized in the Academy section and divided by topics. You can read an eBook, or simply watch short videos on different topics. Make sure to do your research prior to trading with eMarketsTrade broker. Unfortunately, we were not able to find the FAQ section that always comes in handy, but there is a Glossary where you can look up frequently used trading terms.
While minimum deposit limit with eMarketsTrade is quite high, the minimum withdrawal limit is quite reasonable – $25. Bank wire withdrawals are limited to the minimum of $100. There are several methods you can use to make a deposit or withdrawal, but two are main and most preferred:
Before making a withdrawal, traders are obliged to verify their identity. This step is necessary so the broker is sure the money isn’t going to the wrong hands. In order to verify the account, you will have to provide:
The broker does not promise how long will it take for your withdrawal to be processed, but bear in mind they are not processing them on weekends and are doing it only during working hours. Also, it may take longer for your withdrawal to be visible on your bank account due to different AML policies. eMarketsTrade promises not to charge any fees, except in case a bonus has been excepted. In that case, they charge a Handling fee in the amount of 30%. Make sure to check out the Bonus policy for a specific calculation.
eMarketsTrade is an unregulated broker.