Accumarkets Forex Broker

AccumarketsReview SummaryFounded2022Registered Country/RegionSouth AfricaRegulationFSCA (Exceeded)Market InstrumentsForex, indices, metalsDemo Account❌LeverageUp to 1:1000SpreadFrom 1 pipTrading PlatformMT5Minimum DepositR50Customer SupportContact form, live chatTel: +27 66 052 8229Email: support@accumarkets.co.zaPhysical address: 51 Shannon Road Noordheawel Krugersdorp Gauteng 1739Operating address: Accumarkets 36 Wierda Road Wierda Valley JohannesburgSocial media: Instagram, Facebook, TikTokRegional RestrictionUS Accumarkets was registered in 2022 in South Africa, which focuses on forex, indices, and metals trading. It provides three types of accounts, with a minimum deposit of R50 and the leverage can be up to 1:1000. Accumarkets was regulated by FSCA, but its license was exceeded. Apart from that, it does not provide services to US residents.Pros and ConsPros Cons Low minimum depositHigh leverage ratioMT5 supportedNo demo accountsMultiple channels for customer supportExceeded FSCA licenseLimited types of assetsRegional restrictionsNo popular payment optionsIs Accumarkets Legit? No, it was regulated by the Financial Sector Conduct Authority (FSCA) in South Africa, but its license was exceeded, and the effective date is 14 October 2022.Regulated AuthorityCurrent StatusLicensed EntityRegulated CountryLicense TypeLicense No.Financial Sector Conduct Authority (FSCA)ExceededElite Financial Services (Pty) LtdSouth AfricaFinancial Service Corporate52677What Can I Trade on Accumarkets? Accumarkets offers three types of assets, including forex, indices, and metals.Tradable Instruments Supported Forex✔Metals✔Indices✔Stocks❌Cryptos❌Bonds❌Options❌ETFs❌Account Type Accumarkets provides three types of accounts: Standard Account, 100% Bonus Account, and Cent Account. However, it does not mention whether a demo account is available or not.Account TypeMinimum DepositSpreadStandard AccountR50From 1 pip100% Bonus AccountR50From 1 pipCent AccountR50From 1 pipLeverage Accumarkets does not specify the leverage ratio of different account types, and it only prensents a “comming soon 1 k leverage” plan, which shows the leverage can be 1:1000. Traders need to consider carefully before investing, since high leverage is likely to bring high potential risks.Trading Platform Accumarkets uses MT5 as its trading platform, which is a commonly used platform and is suitable for experienced traders.Trading PlatformSupported Available Devices Suitable forMT5✔PC, web, mobile, macExperienced tradersMT4❌/BeginnersDeposit and Withdrawal Accumarkets accepts several types of payment methods: Ozow, Virtual pay, Paystack, DusuPay, and Match2Pay. Depositing is instant, and the processing time for withdrawal is generally within 24 hours. However, other details such as the accepted currencies and commission fees are not clear.