Overview of Paramount
Paramount, based in the United Arab Emirates, provides trading services across a wide array of financial instruments, including FX pairs, metals, cryptocurrencies, indexes, commodities, and stocks. However, it's important to note that Paramount currently operates without valid regulation, which introduces potential risks for prospective traders.
Paramount offers two distinct account types, PARAMOUNT PRO and PARAMOUNT ECN, both featuring swap options and floating spreads. These accounts differ in terms of maximum leverage, commission fees, stop-out levels, and minimum deposit requirements. PARAMOUNT PRO allows for hedging and EA trading with a maximum leverage of 1:500, while PARAMOUNT ECN offers a maximum leverage of 1:200.
To open an account with Paramount, interested individuals can visit the company's website and complete a registration form, providing essential personal details. The minimum deposit requirement for a PARAMOUNT trading account is $100 USD. Paramount also offers a range of educational tools, including an economic calendar, Forex trading fundamentals, and market-related news updates. Customer support is available through email and phone, along with a presence on various social media platforms. However, it's crucial to exercise caution due to the absence of valid regulation when considering Paramount as a trading platform.
Pros and Cons
Paramount offers several advantages, including a diverse range of market instruments, high leverage of up to 1:500, multiple payment methods, accessible trading platforms, educational resources, and an economic calendar. However, it also faces drawbacks such as the lack of valid regulation, higher commissions for PARAMOUNT ECN accounts, limited information on trading platforms, restricted maximum leverage for PARAMOUNT ECN, limited cryptocurrency leverage, limited stock leverage, and commission fees for trading.
Is Paramount Legit？
Paramount lacks valid regulation at the moment. Caution is advised due to potential risks associated with this broker.
Market Instruments
1. FX PAIRS:
Paramount provides a range of currency pairs for trading, including GBPUSD, USDCHF, USDJPY, USDCAD, AUDUSD, AUDNZD, AUDCAD, and more. These FX pairs offer a maximum leverage of 1:500, with a standard contract size of 100,000 units, and a commission of $35 per 1 million traded volume.
2. METALS:
Metals trading is available, with instruments like XAUUSD (Gold) and XAGUSD (Silver). These metals have a maximum leverage of 1:100 and varying contract sizes. The commission for trading metals is $35 per 1 million traded volume.
3. CRYPTOS:
Paramount offers cryptocurrency trading with pairs such as BTCEUR, LTCEUR, DASHUSD, DOGEUSD, EOSUSD, ETCUSD, ETHUSD, and BTCUSD. The maximum leverage for crypto trading is 1:3, with contract sizes differing among the cryptocurrencies. The commission rate for most crypto pairs is 0.10%.
4. INDEXES:
For index trading, Paramount provides options like FCH140, GDAXIm, HSI50, AUS200, ND100m, UK100, NI225, SP500m, and STOX50. These indexes offer a maximum leverage of 1:33 and a standard contract size of 10. The commission for trading indexes is $35 per 1 million traded volume.
5. COMMODITIES:
Commodities available for trading include Brent, Crude, and NatGas. These commodities offer a maximum leverage of 1:100 and varying contract sizes. The commission for trading commodities is $35 per 1 million traded volume.
6. STOCKS:
Paramount offers trading in various stocks, such as ADBR, AMZN, AXP, BA, BABA, CSCO, EBAY, FB, GE, GOOGL, GS, IBM, INTC, and more. Stock trading comes with a maximum leverage of 1:3, with contract sizes varying for individual stocks. The commission rate for most stock trades is 0.50%.
Account Types
PARAMOUNT PRO offers a swap option and features a floating spread. It charges a commission of $35 per 1 million traded volume, and it also offers trading contests. The maximum leverage available is 1:500, allowing for hedging and EA trading. The stop-out level is set at 30%, and the minimum deposit requirement is $100 USD. Paramount PRO operates with a market execution type.
On the other hand, PARAMOUNT ECN also provides a swap option with a floating spread. It has a higher commission of $40 per 1 million traded volume but does not offer trading contests. The maximum leverage is capped at 1:200, and it allows hedging and EA trading. PARAMOUNT ECN has a stop-out level of 50% and requires a significantly higher minimum deposit of $25,000 USD. It, too, operates with a market execution type.
How to Open an Account？
To open an account with Paramount, follow these steps:
Visit the Paramount website and click on the “Register” button.
Fill out the registration form with the following details:
First Name
Last Name
Country (Select your country from the provided options)
Phone Number (Include the country code)
Email
Password
Confirm Password
After entering all the required information, click the “Register” button to complete the registration process.
Leverage
PARAMOUNT PRO offers a maximum leverage of 1:500, while PARAMOUNT ECN provides a maximum leverage of 1:200.
Spreads & Commissions
PARAMOUNT offers spreads starting at 0.6 pips and charges commissions of $35 per 1 million traded volume for PARAMOUNT PRO and $40 per 1 million traded volume for PARAMOUNT ECN.
Minimum Deposit
The minimum deposit requirement for a PARAMOUNT trading account is $100 USD.
Deposit & Withdrawal
PARAMOUNT offers multiple payment methods for deposits and withdrawals. Wire transfers have no deposit fees and a $50 wire fee for withdrawals, with instant deposit processing and up to 24 hours for withdrawals. Cryptocurrency transactions have no commissions, a minimum deposit and withdrawal amount of $100, and a maximum limit of $100,000, with withdrawals taking up to 24 hours. Withdrawals must usually go to the same account used for deposits, and processing times can change without notice. Transactions should be done via the client panel, not third parties, to comply with AML rules.
Trading Platforms
Paramount offers trading platforms accessible on various devices and operating systems. These platforms include Google Play for Android users. Additionally, Paramount's trading software is compatible with Linux, iOS, and Windows operating systems, allowing traders to access their accounts from different devices and environments.
Educational Tools
1. ECONOMIC CALENDAR:
Paramount offers an economic calendar that displays important financial events and their impact on the market. Users can access real-time information about economic events, including their actual, forecasted, and previous values. This tool allows traders to stay informed about market-moving events and make informed trading decisions.
2. EDUCATION:
Paramount offers educational resources to help traders understand the fundamentals of Forex trading. These resources include information on what Forex is, how the currency market operates, and the importance of currency exchange in international trade. This educational content is designed to provide traders with a foundational understanding of the Forex market.
3. NEWS:
Paramount provides news updates related to the Forex market. This includes coverage of significant events like U.S. presidential elections, economic indicators, and central bank meetings. Traders can use this information to stay updated on market developments and potential factors influencing currency exchange rates. The broker also shares announcements and updates relevant to its services. This can include information about changes in trading hours during holidays, risk warnings related to market volatility, and the introduction of new trading instruments, such as cryptocurrencies.
Customer Support
PARAMOUNT provides customer support through various channels. You can reach them via email at Info@fx-paramount.com or by phone at +97 14 3232 183. Additionally, they maintain a presence on social media platforms like Twitter, Facebook, and Instagram, where you can stay updated on their latest news and announcements.
Conclusion
Paramount presents a mixed picture in terms of its offerings. On one hand, it provides a variety of market instruments, including currency pairs, metals, cryptocurrencies, indexes, commodities, and stocks, with different levels of leverage and commission rates. However, it lacks clear regulatory oversight, which raises concerns about the safety of trading with this broker. The account types, PARAMOUNT PRO and PARAMOUNT ECN, come with their own advantages and disadvantages, such as varying commission fees and minimum deposit requirements. While Paramount offers op in terms of trading platforms and provides educational tools like an economic calendar and educational content, potential users should exercise caution due to the absence of robust regulation and the associated risks.
FAQs
Q: Is Paramount a legitimate broker？
A: Paramount currently lacks proper regulation, so caution is advised due to potential risks associated with this broker.
Q: What market instruments does Paramount offer？
A: Paramount offers FX pairs, metals, cryptocurrencies, indexes, commodities, and stocks for trading.
Q: What are the account types offered by Paramount？
A: Paramount offers PARAMOUNT PRO and PARAMOUNT ECN accounts, each with different features, commissions, and minimum deposit requirements.
Q: How can I open an account with Paramount？
A: To open an account with Paramount, visit their website, fill out the registration form, and complete the registration process.
Q: What are the leverage, spreads, and commissions at Paramount？
A: PARAMOUNT PRO offers a maximum leverage of 1:500, spreads starting at 0.6 pips, and a $35 commission per 1 million traded volume. PARAMOUNT ECN offers a maximum leverage of 1:200 and charges a $40 commission per 1 million traded volume.
2023-02-24 13:53
2022-12-08 15:56
