What’s The Best Time to Trade Forex? – Beginner’s Guide
3 Best Forex Account Management Services 2021
Traders often turn to forex account management services to tend to their forex accounts and day to day trading decisions.
These accounts are called managed Forex accounts and they are managed by the firm’s well-qualified money managers who take charge of their assigned forex accounts of behalf of the client.
A money manager has many responsibilities such as:
Furthermore, the money manager handling his clients’ managed forex accounts can also collaborate with the client on all decisions if either party wishes to do so
Users have full control over their accounts and the account manager will only have limited access to that account.
These services offer complete security and control to the user which means they can choose to terminate their account and withdraw their funds whenever they feel like it.
Forex account management services or brokers also offer a variety of features to their clients such as a free demo account although the internal features of services may vary from broker to broker.
Now that you’ve become familiar with the terms forex account management services, managed accounts, and money managers, let us look at some of the best service providers in this field.
We start this list with ForexTime, an excellent managed account service provider that aims to give its clients the best money management service they can get.
ForexTime or often called FXTM for short was founded in 2011. It is a global Fx and CFD broker regulated by a handful of financial bodies and authorities.
Its headquarters is located in Limassol, Cyprus, and are regulated in their home country as well as in the UK and Mauritius financial authorities such as the FCA and the CYSE.
FXTM boasts of many features such as a demo account, live sessions, educational tools, etc.
FXTM offers its services on all platforms. MetaTrader 4 and MetaTrader 5 are both available for desktop users. However, MetaTrader 5 is not available on small-screened devices.
They also offer a plethora of trading opportunities to their users such as Forex, Cryptocurrencies, CDS, Precious metals, and shares in multinational companies.
ForexTime is considered a good option for traders who are looking for managed forex accounts as their commission percentages are comparatively lower than most of their competition.
Leverage set by FXTM on major forex pairs such as the EUR/USD pair is also at a decent ratio of 1:30 although it is 1:20 for pairs that are said to be less popular such as the AUD/CAD pair.
You can deposit or withdraw your funds very easily from your FXTM account as it supports all major payment methods such as Visa, Maestro, Mastercard, Skrill, etc.
Some of these modes are instantaneous while some may take at least two hours to clear.
As for the type of accounts you can open with FXTM, there are many choices such as the Standard, Cent, Shares, and the ECN accounts.
Feel free to go with FXTM as your forex account service provider as they are well equipped with trained and professional money managers to take care of your trading problems.
2. CentreForex: The Global Market Advisor
CentreForex employ tried and tested market strategies such as Break Out, Trend Following, and Trend Reversals among many others.
CentreForex’s main motto is to ensure the safety of their client’s hard-earned money which is precisely why they employ stop losses on every trade they do.
They also give their clients complete control of their managed accounts. Their money managers can only trade from the client’s terminal and they are not given access to the client’s money which is kept in a separate account.
Doing this ensures that your money is safe and in your control which means nothing illegal can ever happen to it.
CentreForex provides its customers with various account types to suit their needs such as the Gold Account, Platinum Account, etc which come with their special features.
Furthermore, CentreForex follows the high water-mark model that ensures that they only make a profit when you make a profit.
CentreForex also charges a very fair amount on all account investments. If the account investments are below $10,000 then 40% is charged every month as performance charge.
Account investments above $10,000 warrant a performance charge of 35% every month and all the above $50,000 has a performance charge of 35% every month.
As mentioned before, CentreForex will only charge their performance percentage on profits made by the account holder every month.
Their staff is at your service at every hour of the day 5 days of the week to ensure that you get the best service at all times.
You can expect a lot of things with your account at CentreForex which includes a team of experts in research analysis, relationship managers, all-time online and mail assistance, tech team, tie-ups with trustworthy brokers, and real-time reports among many others.
CentrForex provides its clients with absolute liquidity on their assets and over 29 different pairs to trade with.
ActivTrades was founded in the year 2001 in Switzerland but they later relocated to the UK in 2005. In 2021, ActivTrades has managed to expand its business to over 140 countries.
ActivTrades started as just a forex broker but these days it provides other features such as CFDs and many other instruments.
This forex account management company is regulated by the FCA and their office in Milan is regulated by the CONSOR which further attests to their legitimacy.
The main goal of ActivTrades is to provide genuine and secure trading experience to its clients.
Armed with the world’s finest money managers, forex strategists, and risk experts, ActivTrades provides the finest managed forex account services.
Currency prices at ActivTrades are commission-free. The EUR/USD is said to be carrying an average spread of 0.72 pips.
Traders should also take note that they will be charged a fee of €1 per month if they wish to be provided with refined market data.
Forex traders can choose from over 48 currency pairs to trade from and other basic features such as account types and demo account are also present.
The only downside to ActivTraders is that they are not available to US customers yet although that might get fixed soon depending on how fast they can expand.