Guess what anxious readers :)…I’m back with a review of a popular FOREX trading platform. Forex? you say. Yes FOREX, or the foreign currency exchange market. If you absolutely do not know what I am talking about then I STRONGLY suggest you visit http://www.babypips.com and familiarize yourself with the basics of the FOREX market. Now, if you’ve read that site you should have by now the most basic knowledge necessary to become a FOREX trader, so I am dedicating this review to you; the beginning trader.
Ok, so first of all I must confess that I’ve only been using the Marketiva platform for about 3 days now. I’ve heard a lot of talking about it in various online investment and forex forums, and being the curious creature that I am, I decided to give it a try to see what all the fuss is about. Normally I trade using InterbankFX’s MT3 platform for my grid-trading and I use StrategyBuilder FX’s MT4 platform for a demo account where I test all my strategies, and I execute all my trades on InterbankFX’s MT4 platform. However, like I’ve said, I was curious to checkout the Marketiva platform.
The first time I ran the platform I was pleasantly surprised by its simplicity. It is by far less complicated than MT4, but it has all the tools a normal trader needs. Pretty much all the indicators you could possibly use are to be found readily accessible in this platform. Charting is at an acceptable level, but not as good as on the MT4 platform. Another feature lacking is a scripting language so you can run automated trading systems such as on Mt3/MT4, but realistically not every trader will use this feature; especially the beginners. Its simple and elegant interface is perfect for a beginning trader.
Another cool feature of Marketiva is that you can fund your account via e-gold and e-bullion!! Yes, I would say that feature is pretty cool mainly because it is so convenient and you avoid high wire-transfer fees. Of course you can still fund your account via wire-transfer, and I would advise you to do so if you plan on transferring astronomical sums into your trading account.
Some commonly asked questions:
1) How much money do I need to start?
They have no requirements for initial deposit. When you open an account you get real $5 reward and virtual $10000 for training (woohoo!). If you want to open an account please go to http://www.marketiva.com and fill out the form there.
2) Can I open two accounts?
NO! Marketiva is pretty strict about this. Besides, if you need to test a strategy, use the virtual account to demo your strategy, and when you’re sure it works simply use it on your live account.
3) Does funding via e-gold and e-bullion occur instantly?
Oh you betcha! That’s primarily the reason why I decided to use this platform. It is so convenient to just log into my e-gold account and blast some $ into my trading account, and off I
4) How can I withdraw my money?
Via wire-transfer, e-gold and e-bullion. Note that withdrawals are NOT automated like deposite via e-gold and e-bullion are!
5) Are there any fees to withdraw?
Yes, and they are the following:
Wire-transfer – $14
E-gold – $7 (once only!)
E-bullion – $7 (once only!)
6) Can I take a tour of the trading platform?
Absolutely yes, and I did and that’s how I decided to actually go through the process of opening an account. All you have to do is go to the main Marketiva homepage and click on the “Take a tour” link
7) How long does it take to open an account?
It took me 5 minutes. They don’t ask you for any proof of ID or anything like that. But, please provide real info when asked for you address. Overall the sign-up process is easy and painless. In 5 minutes I was up and running and placing trades!
Another really cool feature that I like a lot is the built in chat rooms. I can chat with my fellow traders and share strategies and information all within the trading platform, so I am never away from both my friends and the trading platform. There are numerous chat rooms, including one for just about every country out there. I usually hang around in the Romanian one with the nick “allinvain”, so if you’re there give me a shout 🙂
I think this should be the end of the review as I don’t want to rant on and on. Just give the platform a try and if you like it, good, if you don’t you still have nothing to lose – plus you’ll get $5 free to start.
To give Marketiva a try go to: http://www.marketiva.com and click on “Open account”
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6 thoughts on “Review of Marketiva FOREX trading platform”
Can you name me some good forex trading platforms suitable for use
by a common citizen who are not very rich? Something that
is suitable for a guy with, say, 2000 bucks to fool around with.
I think buying and selling of the most common pairs would be enough
for me. I don’t think I need any forex options. Low spreads would be nice.anything like oanda.com or forexfreedownload.com and yes I must be able to easily fund my account
with my credit card. Must also support margin calls.
Can you recommend any such platforms?
I do recommend Oanda. Oanda is very popular and reputable broker. Also checkout IBFX – they accept credit cards. Or FXCM as well.
Are you looking to do manual trading or automated trading (EAs with the MT4 platform)
Let me know if you want to sign-up for FXCM. I’m an introducing broker (yes cause I like them very much) with them and can offer you rebates on the cost of trading (spread)
FXCM is a no-dealing desk broker with variable spreads (ECN like). On average the spreads on eur/usd is below 2, typically 1 pip
I’m not sure I understand:
How can you support FXCM, when in your own Blog
(http://alansforexblog.com/2008/04/20/proof-that-forex-brokers-cheat-you/) you show that they have the ability to pull various tricks (http://alansforexblog.com/wp-content/uploads/2008/04/dealer.PNG).
So, basically what I’m asking is, are they good guys or not?
I know Tom. I still use them in spite of the possibility that they may actually use that plugin on their MT4 server. I trade using their TradeStation II platform which to my knowledge does not support such virtual dealing desk plugins. I’m still a little suspicious of this though as normally non dealing desk brokers charge a commission per trade.
There are quite a few confirmed pure ECN brokers like MBTrading, HotspotFX, Dukascopy that I also recommend.
I am planning on trying out MBTrading, but for now I’m happy with FXCM.
I been using FXCM Micro account for trading.
I am very interested to trade in MT4 platform because I want to use the automated trading system.
Can the automated trading system be used only with MT4?
Can you recommend me some of the online broker that is good to use MT4? And what is the minimum deposit?Can you recommend me some with low deposit?
Hmm, unfortunately when you go for MT4 brokers with low deposit you’re directly jumping into the “market maker” or “bucketshop” frying pan. With that in mind be aware that NON ECN MT4 brokers may do some funny business on your account (price spikes, server lag, platform freeze, price manipulation and other dirty tricks)
See this post:
The question I have for you is how low of a deposit are you looking for? I know of two ECN forex brokers that offer the MT4 platform but the account minimum deposit is around the $5000 region.
So like I said, let me know what deposit size you’re looking to start with.
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