Harvest Markets Review by professional Forex trading experts the “ForexSQ” FX trading team, Finding out everything you need to know about the broker is in this Harvest Markets Review.
Harvest Markets Review
Harvest Markets is a forex broker, which offers multiple account types. What is more curious, is that all of them are swap-free. The company appears to focus on the Malaysian market, which would explain that.
The Company. Security of Funds
Company Country Regulation
Harvest Group Limited St. Vincent and the Grenadines FSA of SVG
Harvest Markets is owned by Harvest Group Limited, a company registered in St. Vincent and the Grenadines. The company is under the regulatory zeal of the local FSA, but this does not give them a lot of credibility. The risks involved with all off-shore brokers are still very prominent, even if they are regulated by such an agency. You can read more about the dangers here.
More reputable regulatory agencies, like the Australian Securities and Investments Commission (ASIC), for instance, take severe measures to protect customers. One of the major ways to prevent potential scammers from registering is setting a high capital requirement level. ASIC demands AUD 1 million (among other things) from companies wanting to obtain its license. Furthermore segregation of client accounts is also in place. This rule is very important as it doesn’t allow the most brutal scam to occur – a broker claiming to allow access to the markers, but simply taking your money and letting you trade on a “glorified demo account”.
Harvest Markets also offers a copy-trading service, similar to the one provided by eToto, the world’s largest social trading network. At the time of writing of this review, most of the traders listed at Harvest Markets were new and hence didn’t provide much information.
Trading Conditions
Minimum Initial Deposit
Harvest Markets have set the minimum initial deposit to $10. This is a level which allows for everybody to experience real-money trading. While some brokers offer even lower deposit levels, like FXTM, who accept cent-account traders with only $5, comparing these kinds of levels becomes meaningless.
The entry barrier is important only for those who can’t afford risking much, as it has no correlation with the level of services provided by the broker.
Average spreads & Commissions
Spreads Harvest Markets are quite different for the different account types. To give you a reference point, most brokers offer spreads around 1.0-1.5 pips for EUR/USD, so the first two account types at Harvest Markets aren’t very competitive. The ECN one on the other hand, presuming the feed is stable, is very good. You can always visit our spread comparison platform, to view the current offers provided by some of the world’s leading forex brokers.
Leverage
The maximum leverage at Harvest Markets is 1:500. While this level is very high, quite a few other brokers also offer such ratios.
That being said, always take caution when trading on margin. A higher leverage only allows one to take bigger risks, which can often lead to big losses. Be sure to fully understand the importance of position sizing, before you start trading.
Trading Platforms
Harvest Markets gives its clients the ability to trade with MetaTrader4 (MT4). This is the current industry Standard, provided by many companies. The platform does everything you would expect it to with excellence. It can handle a lot of instruments, without over-burdening the hardware. On top of that charting is pretty solid, especially with the lots of custom tools which are available through the broker-independent MQL marketplace. This is a store where developers sell (and give for free) their custom technical indicators, screening tools and automated trading systems.
Methods of Payment
Harvest Markets accepts payments through a lot of methods: Bank Transfer, Skrill, Neteller, FasaPay and China Union Pay. While the number of on-line solutions is substantial, the lack of Credit Card support is a bit strange.
Harvest Markets is an off-shore broker, which focuses heavily on the Malaysian market. While the company offers swap-free accounts, the trading conditions for the first two account types are nothing special. The company also offers a copy-trading system, which wasn’t very popular at the time of writing of this review.
The Broker is not a safe forex broker, Instead you can use Plus500, XM, eToro, Fxpro or AvaTrade forex brokers.
Harvest Markets Review Conclusion
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