ArgusFX Forex Broker
Basic Information
Cyprus
5-10 years Suspicious Regulatory License Suspicious Scope of Business High potential riskCompany profile
Rating Index
ArgusFX Forex Broker - Comprehensive Information Guide
1. Broker Overview
ArgusFX, officially known as Argus Stockbrokers Ltd., was established in 2000 and is headquartered in Nicosia, Cyprus. The company operates as a private entity and primarily serves retail clients in the forex trading market. Over the years, ArgusFX has developed a reputation for providing access to a diverse range of financial instruments, including forex, commodities, and indices.
Initially, the firm was founded to cater to the growing demand for online trading, and it has since evolved to incorporate advanced trading technologies and platforms. In 2003, ArgusFX became regulated by the Cyprus Securities and Exchange Commission (CySEC), marking a significant milestone in its history. This regulatory approval allowed the broker to operate under strict guidelines, ensuring a level of security and transparency for its clients.
ArgusFX operates on a Straight Through Processing (STP) model, which enables direct access to the interbank market, ensuring that trades are executed without dealer intervention. This model is designed to provide clients with better pricing and faster execution speeds, enhancing their trading experience.
2. Regulatory and Compliance Information
ArgusFX is regulated by the Cyprus Securities and Exchange Commission (CySEC) under license number 334/17. This regulatory oversight is crucial for ensuring that the broker adheres to stringent financial standards and practices. The license is valid for providing cross-border services within the European Economic Area (EEA).
The broker's operations are compliant with the Markets in Financial Instruments Directive (MiFID), which offers protection to investors and ensures that the broker maintains a high level of transparency. Client funds are held in segregated accounts, providing an additional layer of security. Furthermore, ArgusFX is a member of the Investor Compensation Fund, which offers compensation of up to €20,000 per client in the event of the broker's insolvency.
ArgusFX also adheres to Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations, ensuring that all clients undergo proper identification and verification processes before trading.
3. Trading Products and Services
ArgusFX offers a wide array of trading products, primarily focusing on forex trading. The broker provides access to over 50 currency pairs, including major, minor, and exotic pairs. This variety allows traders to diversify their portfolios and capitalize on various market opportunities.
In addition to forex, ArgusFX offers Contracts for Difference (CFDs) across multiple asset classes, including:
- Indices: Major global indices such as the S&P 500 and DAX 30.
- Commodities: Precious metals like gold and silver, as well as energy products such as oil and gas.
- Stocks: CFDs on popular stocks, although direct stock trading is not available.
- Futures: Various futures contracts for commodities and indices.
However, it is notable that cryptocurrency trading is not supported by ArgusFX, limiting options for traders interested in digital assets. The broker regularly updates its product offerings to reflect market trends and client demands.
4. Trading Platforms and Technology
ArgusFX primarily utilizes the MetaTrader 4 (MT4) platform, which is widely regarded as one of the best trading platforms available. MT4 is known for its user-friendly interface, advanced charting capabilities, and extensive range of technical analysis tools. The platform supports automated trading through Expert Advisors (EAs), allowing traders to implement algorithmic strategies.
In addition to MT4, ArgusFX also offers the MetaTrader 5 (MT5) platform, which provides enhanced features for multi-asset trading, including stocks and futures. Both platforms are compatible with desktop, web, and mobile devices, ensuring that traders can access their accounts and execute trades from anywhere.
ArgusFX operates on an STP execution model, ensuring that client orders are processed directly in the market without interference from dealing desks. The broker's servers are strategically located to enhance execution speeds and minimize latency.
5. Account Types and Trading Conditions
ArgusFX offers several account types to cater to different trading needs:
- Standard STP Account: This account type requires a minimum deposit of $0, with average spreads starting from 1.8 pips. There are no commissions associated with this account.
- Pro STP Account: Designed for more experienced traders, this account requires a minimum deposit of $200. It offers tighter spreads from 0.3 pips, but commissions are charged based on trading volume.
ArgusFX also provides Islamic accounts that comply with Sharia law, ensuring that no interest accumulates on trades. The leverage offered by ArgusFX varies, with a maximum of 1:500 available for professional clients, while retail clients are limited to 1:30.
The broker allows a minimum trade size of 0.01 lots, providing flexibility for traders to manage their risk effectively. Overnight fees may apply, depending on the positions held.
6. Funds Management
ArgusFX supports a variety of deposit methods, including:
- Bank transfers
- Credit and debit cards
- E-wallets such as Skrill, Neteller, Qiwi, and Yandex Money
The minimum deposit requirement varies by account type, with the Standard STP account having no minimum deposit and the Pro STP account requiring $200. Deposits are typically processed within 1 business day, with no fees charged for most methods. However, there may be a 1.8% fee on withdrawals made via credit cards and certain e-wallets.
Withdrawals can be initiated through the same methods used for deposits, and processing times generally range from 1 to 3 business days, depending on the method selected.
7. Customer Support and Educational Resources
ArgusFX offers multiple support channels, including:
- Email: support@argusfx.com
- Live chat: available on the website
- Phone support: +357 22059059
Customer support is available 24/5, providing assistance in multiple languages, including English and German. The broker also offers educational resources, such as webinars, tutorials, and market analysis tools, to help traders enhance their skills and knowledge.
8. Regional Coverage and Restrictions
ArgusFX primarily serves clients from various regions, including Europe and Asia. However, it does not accept clients from the United States, Iran, Cuba, Sudan, Syria, North Korea, Belgium, Canada, and Japan. The broker has regional offices in Cyprus and Germany, ensuring a broad market presence while adhering to local regulatory requirements.
In summary, ArgusFX is a regulated broker that provides a comprehensive trading environment with a variety of financial instruments, competitive trading conditions, and robust customer support. While it has certain limitations, such as the lack of cryptocurrency trading, it remains a viable option for traders looking to engage in the forex and CFD markets. The ArgusFX broker continues to adapt to market trends and client needs, making it a relevant player in the online trading space.