By Franklin Smith
Firmon Review
The diversity and versatility of the financial markets have made them a hotspot, as many who are looking to earn higher returns on their investment are stepping into this space. There are thousands of instruments that people can trade and can make profits, depending on how much they are willing to invest and the risks they are ready to take.
To be able to access these, they require a broker, as they provide the platforms, tools and everything else to start trading. Brokers have been part of the financial markets from the beginning and this hasn’t changed with technological advancement. But, why is Firmon review important?
The fact is that online trading has gained significant popularity in the last decade or so. With the world going digital, it has become easy for people to venture into the financial markets, so there has been an influx of traffic. In order to accommodate the greater number of people, numerous online brokerages have been established.
This should be an advantage, considering that more variety means increased competition and this results in better choices for people. While this has happened to some extent, there have been different types of problems as well.
As the internet is a hotbed for scammers and other cybercriminals, they have set up their own brokerage websites to lure people in. Those who are new to the space or don’t take a close look end up falling for these ‘fake’ brokers and have to suffer from losses at the end of the day.
Even if the company is not a scam, there are some shady ones that make big claims to convince people to sign up on their platform and then can make trading a very difficult and complicated experience. Would you want to go through that?
When you have decided to trade in the financial markets, you want to keep the entire procedure as simple as possible. In your eagerness to get started, you don’t want to opt for a company that doesn’t provide the features you need or is not legitimate at all.
So, how can you make sure that doesn’t happen to you? This is where reviews can prove to be helpful because they will evaluate the offerings of the broker in question and enable you to decide if you are making the right choice or not. This also applies in the case of Firmon.
In your quest for a good broker to help you start trading in the financial markets, you will come across this name. IBZ Holdings Ltd. established Firmon in 2018 and it is based in St. Vincent and the Grenadines. They have not been around for a long time in the financial markets, but it appears that they have made up for their lack of experience with great trading services.
This is evident from the excellent reputation that the company is currently enjoying in the market. They are catering to global customers and their website is available in both English and German in order to do so.
Nonetheless, you still need to take a close look at their offerings to determine whether they are the right broker for you or not. Let’s get started:
The Trading Instruments
To begin evaluating the offerings of a broker, you should first focus on the trading instruments they are offering. The whole purpose of starting your trading journey is to trade financial instruments in order to make profits and the returns you make will depend on the instruments you trade.
Plus, there are some people who solely decide to venture into the markets for trading a specific asset. In either scenario, you want to make sure that the broker you are considering is capable of fulfilling your requirements. If they don’t have the instruments that can generate the kind of returns you want, you need to look for alternatives.
Likewise, if they don’t have the specific instrument you are interested in, you shouldn’t sign up with them. Evaluating their asset offerings beforehand ensures that you don’t have to go through the entire sign up procedure again with another company.
So, where does Firmon fall in this regard? They are offering a total of 200 trading instruments on their platform, which belong to some of the leading global financial markets. The company deals in CFDs (Contract for Difference), which allows them to offer such a variety to their clients. Some of the top instruments you can trade are:
Forex: Known as the largest financial market in the world, the forex currency market is brimming with opportunities for people to make money. Firmon offers its clients the chance to trade some of the most profitable currency pairs, including EUR/USD, GBP/USD, AUD/NZD, GBP/CAD, USD/CHF and EUR/GBP.
Stocks: This market provides you the chance to invest in some of the biggest companies around the world and this can result in substantial returns. You can opt for Amazon, PayPal, IBM, Apple, Microsoft, Tesla and many other firms.
Indices: Another lucrative option that traders can explore is the indices market and Firmon has added some of the top indices, including NASDAQ 100, FTSE 100, S&P 500 and Nikkei 225.
Commodities: If you prefer some instruments that have low volatility, the commodity market is right up your alley. You can find different types of commodities, which include precious metals like gold, silver, copper and platinum, agricultural items like flour, wheat, rice and sugar and even energies like oil and natural gas.
Cryptocurrencies: Perhaps, one of the most renowned markets these days is the cryptocurrency market and Firmon has kept up with the trend by adding some of the most profitable choices. These include Bitcoin, Litecoin, Ethereum, Ripple and Monero, amongst others.
The availability of these options ensure that you will be able to diversify your investment portfolio easily and enjoy high returns, just as you want to do from your trading journey.
The Trading Platforms
If you have ever thought about how brokers can help you in executing trades in the financial markets, then you should know that this is what trading platforms are for. Every company offers their clients a trading platform that can be used for keeping up with the financial markets and opening and closing positions as per their preference.
There are different types of platforms that exist; some brokers offer existing solutions, while there are also those that develop their own. Firmon has opted to go with the former route, as they are offering the MT4 suite of platforms to their clients.
The MetaTrader 4 is the most popular trading platform that exists in the market and it has gained recognition due to its powerful technology and feature-rich environment that’s second to none. The unique thing about Firmon is that rather than offering just one version of the MT4, they have chosen to offer the different types available.
This means that you will be able to choose between the MT4 desktop client, the MT4 Webtrader and the MT4 mobile apps. The availability of more than one option is definitely an advantage because it allows traders to choose the kind of platform they are comfortable with.
The MT4 desktop client is undoubtedly a sophisticated trading platform, but it has to be downloaded and installed and not every trader may want that. Therefore, Firmon has also added the MT4 Webtrader, which is accessed through the browser, so it doesn’t have to be downloaded. This can eliminate some hassle for traders.
However, there are also people who prefer trading on the go these days and the availability of mobile devices has made it immensely easy. That’s where MT4 mobile apps for both iOS and Android devices are for. These can be downloaded on your smartphone or tablet and used for trading from anywhere.
Hence, traders are able to enjoy a great deal of flexibility when it comes to choosing a trading platform. What about features? Since it is the MT4 trading platform, you can enjoy superior trade execution, regardless of which option you are using. Trades are made quickly and in real-time, allowing you to take full advantage of all opportunities.
One-click trading is available for your ease and the highly intuitive user-interface ensures that you don’t have a problem in figuring out how to use the platform. There are various other tools that can also be found, such as trading indicators, price alerts and the latest market news is also available.
Currency converter, fundamental and technical analysis tools, along with various order types like stop loss and take profit are available for risk management. The platform works smoothly and is also secured, so you don’t have to worry about any information being compromised.
The Registration Process
Before you move forward to sign up with any broker, it is better to look at their registration process as well. If you have talked to some traders, they will tell you that some companies tend to have complicated registration requirements, which can take up a lot of time, or are just too much trouble.
Many people even become frustrated and switch to a different option because they want to start trading right away and don’t want to have to go through unnecessary steps just to register. Looking at the requirements beforehand ensures that you know what you are getting into.
When you check out the registration process at Firmon, you will find it quite straightforward. You need to go to their website and then click on the Register option you will see on the top right, just after Partners and before Login.
Clicking on it opens up a registration form that you have to fill out. You will be pleased to see that it takes you only a couple of minutes to fill it out. This is because the form only asks for basic details from you, which include your first and last name, an email address and a password, country and your phone number.
You have to confirm that you are at least 18 years old and agree to the Trading Terms & Conditions that Firmon has outlined on their website. It is best to go over them first and then agree, so you will be fully aware of all the rules.
The last step is to confirm that you are not a US citizen and then click on Create Account. Your account will be instantly created and there are no other steps that you have to take. You don’t have to wait for any approvals either, which is also an advantage.
The Account Options
After you have completed the registration process, nearly every broker will present you with a list of account options to choose from. It has become the norm for companies to offer several options to their clients because every trader has a different trading style, risk tolerance and capital.
Thus, it is a given that they wouldn’t be comfortable with the same account option and would require different features that are better suited to their needs. In order to facilitate them, numerous options were created and when you check out Firmon, you will find that they have also followed this approach.
They have created a total of four account options for catering to traders of all levels and backgrounds. Their aim is to ensure that everyone can find an account they will be comfortable with and it will provide them with the features they need to trade easily. Let’s take a look at the four choices:
Standard: The first account that traders will find at Firmon is known as Standard and it requires a minimum deposit of $10,000. This account has been created primarily for newcomers and beginners in the financial markets, so it provides them with limited trading signals, a free consultation with a personal account manager, and a one-on-one trading session with a market analyst and a 20% welcome bonus.
Bronze: The second account that you will come across is referred to as Bronze and this one has been created for intermediate traders. Therefore, the deposit requirement for this account is fixed at $25,000. Traders are now able to enjoy full trading signals, the expertise of an executive account manager and 5 sessions with a market analyst. Furthermore, they are also granted a 50% welcome bonus.
Silver: The third account available is known as the Silver account and Firmon has created this one for experienced and advanced traders who have knowledge of the market. Traders are asked to deposit a minimum of $50,000 to open this account and they can enjoy all of the features of the above mentioned accounts. The upgrades that have been made include a welcome bonus and unlimited sessions with a market analyst for better understanding.
Gold: The last account option that you will find at your disposal is referred to as Diamond and it is aimed at skilled and professional traders in the financial markets. The deposit needed for opening this account is set at $100,000 and traders are provided with every feature offered by the broker, along with a big welcome bonus.
Other than these account options, you will also come to know that Firmon has also created a demo account for its clients. The purpose of this account is to assist potential clients in trying out their platform to see if they are comfortable with it or not.
Moreover, it can also come in handy if they want to practice trading in the markets before they invest their hard-earned money. Apart from that, another impressive feature of the platform is that they have investment accounts also available for their clients.
These are meant for those people who prefer to just invest their money and allow others to trade on their behalf. They earn profits in the form of interest. Similar to brokerage accounts, there are four investment accounts on Firmon and they have the same names. These accounts can be distinguished on the basis of their minimum investment, interest percentage and the frequency of withdrawals. The choices are:
VIP: This investment account requires a higher deposit of $250,000, but it also requires a reduced commitment of just 6 months. Plus, it comes with a higher interest per month and people are permitted to withdraw it once a month.
Pro: This is the last investment account offered by Firmon and it asks for $1,000,000. The commitment required for this account is for 6 months as well and the same interest rate and withdrawal frequency as the last account is provided.
Deposits and Withdrawals
Now that you have gone through the account options and chosen one that suits your requirements, it is time to look at the deposits and withdrawal methods that are supported by the broker.
After all, you have to meet the initial deposit requirements in order to open an account. The good thing about Firmon is that they have added a combination of methods to their platform. The goal is to ensure that traders can find an option that’s convenient for them.
A combination of modern and traditional solutions have been added and these include wire transfers, debit and credit cards, including both Visa and MasterCard and BTC Wallet. There are no deposit fees charged by Firmon, but withdrawal charges may be applicable and they vary from method to method.
Customer Support
One of the most important aspects of a broker that needs to be evaluated before you commit to their platform is their customer support. If they do not offer support, it can create a lot of problems for you because you will not be able to get assistance when you need it.
If you are facing a technical problem, you may not be able to execute trades in a timely manner and this can result in hefty losses. Obviously, you don’t want to deal with any such scenario and the best way to prevent is by ensuring that your selected broker offers you the right support.
In this area, Firmon has done an outstanding job because they provide 24/7 customer support to their clients via multiple channels. You have the choice of reaching out to their team through the live chat option, which ensures a quick and prompt response.
You can also give them a call, or even schedule a callback at your convenience by filling up the contact form on their website. Furthermore, they have also provided a number of email addresses that can be used for sending in your queries and concerns.
Final Thoughts
When you have completed your evaluation of the offerings by Firmon, it becomes apparent that they have done a good job and can be a smart choice for you.