Amenda Forex Broker provides real users with * positive reviews, 1 neutral reviews and * exposure review!
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Haven’t heard of this broker before. The reasons that I wrote this review is a person from this company contacted me several days ago. He asked me if I want to make an investment, and he can help me. I checked this broker, ended up with obtaining limited information. Since its official website cannot even be opened for now, I decide to ignore him.
Amenda, a forex broker based in Latvia, has garnered mixed reviews from users and analysts alike. While some traders appreciate its low spreads and fast execution, others express concerns about customer service and withdrawal processes. This review synthesizes various sources to provide a comprehensive overview of Amenda's offerings, user experiences, and regulatory standing.
Note: It is essential to recognize that Amenda operates under different entities across various jurisdictions, which may affect user experiences and regulatory protections. This review aims for fairness and accuracy by compiling data from multiple sources.
| Category | Rating (out of 10) |
|---|---|
| Account Conditions | 6 |
| Tools and Resources | 4 |
| Customer Service & Support | 5 |
| Trading Setup/Experience | 7 |
| Trustworthiness | 5 |
| User Experience | 6 |
We rate brokers based on a comprehensive analysis of user reviews, expert opinions, and factual data.
Founded in 2018, Amenda operates as an independent forex broker and wealth management firm, primarily offering trading services for private and corporate clients. The broker is regulated by the Financial and Capital Market Commission (FCMC) of Latvia, ensuring compliance with EU standards. Amenda utilizes the popular MetaTrader 4 platform, allowing users to trade a limited selection of currency pairs and CFDs. The broker emphasizes a Direct Market Access (DMA) model, which is designed to provide transparency and fairness in trade execution.
Amenda is primarily regulated in Latvia, but it also claims to operate under various regulatory frameworks in other EU countries. While it adheres to EU regulations, some user reviews raise concerns about its operational transparency and the effectiveness of its regulatory oversight.
Deposits can be made in EUR, USD, GBP, and JPY, with a minimum deposit requirement of $500 for retail accounts. However, withdrawal methods are limited, currently only allowing bank wire transfers. Users have reported a €15 fee for withdrawals, which can be a drawback for many traders.
The minimum deposit for opening an account with Amenda is $500, which is relatively high compared to other brokers that allow lower initial investments. This could deter new traders who are looking to start with smaller amounts.
As of now, Amenda does not appear to offer any active promotions or bonuses, which is a common tactic among many brokers to attract new clients. This absence may be a disadvantage for traders seeking added value when opening accounts.
Amenda offers a limited range of tradable assets, primarily focusing on forex pairs and a few CFDs. Users have noted the lack of commodities and indices, which could limit diversification opportunities for traders.
Amenda claims to offer tight spreads starting from 0.1 pips for major currency pairs. However, traders should be aware of the commission structure, which charges $3.70 per lot on STP accounts. The overall trading costs can be competitive, but users have reported discrepancies between advertised and actual spreads.
The maximum leverage offered by Amenda is 1:125, which is relatively standard in the industry. However, retail clients are subject to ESMA regulations, limiting leverage to 1:30 for major currency pairs. This restriction may affect traders looking for higher risk-reward scenarios.
Traders can only access the MetaTrader 4 platform, which is widely used but lacks some modern features available in newer platforms. The absence of a proprietary trading platform may deter some users who prefer customized trading experiences.
Amenda does not accept clients from the United States, which is a common restriction among many forex brokers. This limitation may affect its potential client base, especially among traders from regions with strict regulatory environments.
Amenda provides customer service in multiple languages, including English, Latvian, German, Russian, and Japanese. However, user reviews indicate that response times can be slow, leading to frustration among traders seeking timely assistance.
| Category | Rating (out of 10) |
|---|---|
| Account Conditions | 6 |
| Tools and Resources | 4 |
| Customer Service & Support | 5 |
| Trading Setup/Experience | 7 |
| Trustworthiness | 5 |
| User Experience | 6 |
Amenda offers a straightforward account structure with limited options, which may not cater to all trader needs. The minimum deposit requirement is relatively high, and the lack of account types can be a disadvantage for traders seeking tailored solutions.
The broker falls short in offering educational resources or advanced trading tools. This lack of support may hinder novice traders looking to improve their skills and knowledge.
While Amenda provides support in several languages, user feedback indicates that the quality of service could be improved. Delays in response times and limited support channels can lead to dissatisfaction among clients.
The trading experience on the MetaTrader 4 platform is generally positive, with fast execution speeds reported by some users. However, the absence of a more modern platform may limit advanced traders' capabilities.
Amenda is regulated by the FCMC in Latvia, which provides a level of security for traders. However, mixed user reviews and concerns about transparency may affect its overall trustworthiness.
Overall user experience with Amenda is mixed. While some users appreciate the low spreads and efficient execution, others have expressed frustrations regarding customer service and withdrawal processes.
In conclusion, while Amenda presents a viable option for forex trading, potential clients should carefully weigh the pros and cons. The mixed reviews highlight the importance of thorough research before engaging with any broker, especially one like Amenda that has garnered both praise and criticism.
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