Overview of Beinmarkets
Beinmarkets is a broker that operates in Kuwait and has been in the market for approximately 1-2 years. However, there are concerns about the broker's regulatory license, which is considered suspicious. It is crucial for potential users to exercise caution and thoroughly evaluate the associated risks before engaging in any financial activities with Beinmarkets.
Despite the regulatory concerns, Beinmarkets offers a range of market instruments for trading. Users can access major global indices, engage in forex trading with various currency pairs, trade top U.S. and EU share CFDs, invest in precious metals like gold and silver, participate in the dynamic oil market, and explore the world of cryptocurrencies. These instruments provide potential trading opportunities, but users should be aware of the risks involved.
Beinmarkets offers two main types of trading accounts: ZERO COMMISSION and ECN accounts. Each account type has three sub-account options with varying features and requirements. Traders can choose between different account types based on their individual needs, risk appetite, and trading preferences. The broker also provides various trading platforms, including METATRADER MT4 MultiTerminal and options for trading on different devices, such as PC, mobile, and Mac. Additionally, Beinmarkets offers trading tools like Trading Central, MT4 Accelerator Pack, VPS Hosting, an Economic Calendar, and a PIP Calculator to assist traders in their activities.
Pros and Cons
Beinmarkets presents a mix of pros and cons for traders to consider. On the positive side, the platform offers trading opportunities in a variety of global indices and facilitates cryptocurrency trading. It also provides different types of trading accounts, including a Zero Commission account and an ECN account, each with distinct features. Beinmarkets supports various payment methods and offers leverage up to 1:500. Additionally, the platform has a minimum deposit requirement of $50, a demo account for practice, and popular MT4 available for trading. Beinmarkets also provides customer support services, including an online presence on social media platforms. However, it's important to note that the platform lacks proper regulation, and specific market instruments are not mentioned. Additionally, there is limited information on trading conditions and potential withdrawal processing delays. The absence of educational resources and Islamic accounts may also be drawbacks for some traders.
Is Beinmarkets Legit？
Beinmarkets, a broker in question, is known to lack proper regulation. This fact has been duly verified, raising concerns about the level of risk associated with engaging in financial activities with this particular broker. It is important to exercise caution and be fully aware of the potential risks involved before considering any transactions or investments with Beinmarkets.
Market Instruments
INDICES:
Beinmarkets offers the opportunity to trade in a variety of major global indices. Investors can access prominent indices like the U.S. Wall Street 30 and UK 100, as well as select from a range of other indices representing the U.S., Europe, Asia, and Australia. By engaging in indices trading, users can potentially benefit from the performance of some of the world's most active markets.
Forex:
With Beinmarkets, traders can enter the vast forex market, which operates 24 hours a day, five days a week. The platform allows users to trade major, minor, and exotic forex pairs, offering exposure to the significant daily exchange volume of around $5 trillion. This market enables investors to take part in global currency fluctuations and explore diverse trading opportunities.
Shares:
Beinmarkets presents a wide array of top U.S. and EU Share CFDs for traders to diversify their portfolios. With the help of powerful online tools, investors can access real-time information and analysis on various stocks. By engaging in shares trading, users can explore opportunities in individual companies and potentially capitalize on market movements.
Metals:
The platform enables traders to engage in the trading of precious metals like gold and silver. These assets are often considered safe havens during times of financial uncertainty. Research suggests that spot metal trading gains popularity during such uncertain periods.
Oil:
Beinmarkets offers the opportunity to trade WTI and Brent oil, allowing investors to participate in one of the most dynamic markets. Oil, a crucial resource used in various products like basketballs and cosmetics, provides traders with opportunities to diversify their portfolios and potentially benefit from fluctuations in this commodity's price.
Crypto:
As a regulated and trusted broker, Beinmarkets facilitates cryptocurrency trading under some of the best available trading conditions. The platform boasts low crypto spreads. Engaging in crypto trading allows investors to access the fast-growing and volatile world of digital assets.
Pros and Cons
Account Types
Beinmarkets offers two main types of trading accounts: ZERO COMMISSION and ECN accounts. Each type comes with three sub-account options: Classic, Premium, and VIP, each with varying features and requirements.
ZERO COMMISSION Account:
Under this account type, no commission is charged on trades. There are three sub-accounts available: Classic, Premium, and VIP.
- Classic: Requires a minimum deposit of $50 to $9,999, with spreads as low as 1.9 PIP. Account currency options include USD, EUR, AUD, GBP, CAD, HKD, NZD, SGD, CHF, PLN, and LBP. Traders get access to MT4/Webtrader/Multi Terminal platforms and an account executive. However, Trading Central tools, live market updates, and access to social media competitions are not included.
- Premium: Requires a minimum deposit of $10,000 to $49,999, with spreads as low as 1.4 PIP. Account currency options are the same as the Classic account. Traders enjoy the same features as the Classic account but also get access to Trading Central tools, live market updates, and social media competitions.
- VIP: Requires a minimum deposit of $50,000 and offers spreads as low as 0.9 PIP. Account currency options are the same as the other two sub-accounts. Traders receive all the features of the Premium account, along with access to Trading on Steroids with MT4 Accelerator.
ECN Account:
This account type provides raw spreads with low pricing. The ECN account also has three sub-account options: Classic, Premium, and VIP.
- Classic: Requires a minimum deposit of $50 to $9,999, with a commission of $17. Account currency options are USD, EUR, AUD, GBP, CAD, HKD, NZD, SGD, CHF, PLN, and LBP. Traders get access to MT4/Webtrader/Multi Terminal platforms and an account executive. However, Trading Central tools and live market updates are not available.
- Premium: Requires a minimum deposit of $10,000 to $49,999, with a commission of $14. Account currency options are the same as the Classic account. Traders receive all the features of the Classic account, with the addition of access to Trading Central tools and social media competitions.
- VIP: Requires a minimum deposit of $50,000, with a commission of $9. Account currency options are the same as the other two sub-accounts. Traders receive all the features of the Premium account, along with access to Trading on Steroids with MT4 Accelerator.
Both account types offer traders the option to open a demo account for practice before engaging in live trading. Please note that choosing a trading account should be based on individual needs, risk appetite, and trading preferences.
Pros and Cons
How to Open an Account
To open an account with Beinmarkets, follow these steps:
Visit the Beinmarkets website and click on the “Open Live Account” or “Open Demo Account” option.
Provide your first name, last name, and email address.
For opening a live account, enter your mobile number along with the country code.
Select your country of residence from the provided options.
Choose the type of account you want: Individual, Joint, or Corporate.
If selecting the Individual account, confirm that you have read and agree to Beinmarkets' Terms & Conditions, Privacy & Cookies Policy, and other relevant information.
Review the account options and choose the desired one.
Tick the box to confirm that you are over 18 years old and agree to the terms and conditions.
Finally, click on the “Submit” button to complete the account opening process.
Leverage
Beinmarkets offers leverage of up to 1:500 to its traders for all account types.
Spreads & Commissions
Beinmarkets offers spreads and commissions on its trading accounts. The ZERO COMMISSION account provides spreads as low as 1.9 PIP for the Classic sub-account, 1.4 PIP for the Premium sub-account, and 0.9 PIP for the VIP sub-account. The ECN account charges a commission of $17 for the Classic sub-account, $14 for the Premium sub-account, and $9 for the VIP sub-account.
Minimum Deposit
Beinmarkets offers a minimum deposit requirement for traders looking to start trading with them. The lowest amount you can deposit to begin trading is 50 USD or the equivalent in your currency. This minimum deposit allows you to open a Beinmarkets Live Account and begin your trading activities.
Deposit & Withdrawal
Beinmarkets offers various options for depositing funds into your account. These include credit/debit cards, bank wire transfers, e-wallets, cheques, and cryptocurrencies. The accepted currencies for deposits are AUD, CAD, CHF, EUR, GBP, HKD, LBP, NZD, SGD, and USD. Beinmarkets covers the fees associated with these deposit methods.
For credit/debit card deposits, Beinmarkets supports Visa, Verified by Visa, MasterCard® SecureCode, and Mastercard. Bank wire transfers are also accepted as a deposit method. E-wallets such as Neteller, Skrill, and Fasapay can be used to deposit funds, with different currency options available for each. Cryptocurrency deposits are also supported, with Bitcoin (BTC) being the accepted currency. It's worth noting that a 1.8% fee applies to cryptocurrency deposits.
When it comes to withdrawals from your Beinmarkets account, similar methods are available. Credit/debit cards, bank wire transfers, e-wallets, cheques, and cryptocurrencies can be used for withdrawals. The accepted currencies for withdrawals are the same as for deposits. Beinmarkets covers the fees associated with these withdrawal methods.
However, it's important to be aware of the withdrawal processing times and fees imposed by certain e-wallets. Both Skrill and Neteller require a waiting period of 7 business days from the day of deposit before you can make a withdrawal. Additionally, withdrawals via Skrill and Neteller may attract up to a 2% processing fee.
Trading Platforms
METATRADER MT4 MultiTerminal:
The METATRADER MT4 MultiTerminal is a customizable trading platform offered by Beinmarkets. Traders can tailor their screens to suit their preferences, presenting favorite assets and choosing candlestick, bar, or line chart display options. The platform features one-click execution, providing easy access to advanced indicators and chart analysis. Additionally, traders can open different screens, such as trading, analysis, and news, simultaneously within the platform.
TRADE ON THE GO:
Beinmarkets caters to traders who prefer trading on different devices by offering various MT4 Trading Platform solutions. Traders can use MT4 PC for a traditional trading desk experience on their computers, MT4 Mobile for trading on smartphones or tablets, and MT4 Mac for those using Mac devices.
MAM
Beinmarkets offers the Multi-Account Manager (MAM) designed to cater to traders with multiple accounts or Money Managers handling client trades. MAM provides tools to allocate and manage funds under a master account. The platform allows for instant changes in allocation parameters, real-time monitoring of equity and profit/loss across accounts, group order execution, and centralized control of all managed accounts through a single interface. Traders can access historical reports, calculate commissions, and have real-time control over open positions in all accounts.
Trading Tools
Beinmarkets provides a range of trading tools to assist users in their trading activities. One of the prominent tools offered is Trading Central, which is widely recognized and utilized by traders. By partnering with Beinmarkets, traders gain access to the comprehensive suite of tools provided by Trading Central.
Another tool available is the MT4 Accelerator Pack, which enhances the capabilities of the MT4 platform. This pack maximizes the advantages and features of the MT4 platform, allowing traders to optimize their trading experience.
Beinmarkets also offers VPS Hosting, which offers advantages such as faster execution speed and ultra-low latency. This hosting service ensures that traders can execute their trades quickly, contributing to an improved trading experience.
Furthermore, Beinmarkets provides an Economic Calendar to keep traders informed about upcoming economic events and their potential impact on the market. This calendar assists traders in making well-informed trading decisions based on scheduled economic events.
In addition to these tools, Beinmarkets offers a PIP Calculator. This calculator enables traders to calculate the potential profits or losses based on the pip value and the position size. It serves as a handy tool for risk management and trade planning.
Customer Support
Beinmarkets offers customer support services to its clients. Their customer support team can be reached at their office located in Kuwait City, specifically at Pearl Tower 1, sixth floor, office No.2, on Ali Al Salem Street. To contact them, you can call the provided phone number: (+965)-222-88-314.
Additionally, Beinmarkets has advertising and marketing representative offices in Kyiv, Ukraine, with an address on Khreschatyk Street, 25. For inquiries related to these offices, you can call the phone number: (+380)-637-489790.
The company also provides one-to-one coaching sessions with their trainers and lecturers. If you are interested in this service, you can reach out to their customer service for more information and to book an appointment.
Beinmarkets maintains an online presence on various social media platforms such as Facebook, Youtube, Instagram, and Telegram, where clients and interested parties can stay updated with the latest news and information from the company.
Conclusion
In conclusion, Beinmarkets is a broker that raises concerns due to its lack of proper regulation and suspicious regulatory license. Engaging in financial activities with this broker carries a level of risk that should be carefully considered. However, Beinmarkets offers a variety of market instruments, including indices, forex, shares, metals, oil, and cryptocurrencies, allowing users to potentially benefit from global market movements. The broker provides two main types of trading accounts, ZERO COMMISSION and ECN accounts, each with sub-account options and varying features. Traders can access different trading platforms, including METATRADER MT4 MultiTerminal and mobile option. Beinmarkets offers trading tools such as Trading Central, MT4 Accelerator Pack, VPS Hosting, an Economic Calendar, and a PIP Calculator to assist users in their trading activities. Customer support is available through various channels, including office locations and social media platforms. It is important to exercise caution and conduct thorough research before engaging with Beinmarkets due to the aforementioned concerns surrounding its regulation.
FAQs
Q: Is Beinmarkets a legitimate broker？
A: Beinmarkets lacks proper regulation, raising concerns about the associated risks. Exercise caution before engaging in financial activities with this broker.
Q: What market instruments can I trade with Beinmarkets？
A: Beinmarkets offers trading opportunities in indices, forex, shares, metals, oil, and cryptocurrencies.
Q: What types of trading accounts does Beinmarkets offer？
A: Beinmarkets offers ZERO COMMISSION and ECN accounts, each with Classic, Premium, and VIP sub-account options.
Q: What is the minimum deposit required to open an account with Beinmarkets？
A: The minimum deposit is 50 USD or the equivalent in your currency.
Q: What are the deposit and withdrawal methods available？
A: Beinmarkets supports credit/debit cards, bank wire transfers, e-wallets, cheques, and cryptocurrencies for deposits and withdrawals.
Q: What are the available trading platforms？
A: Beinmarkets offers METATRADER MT4 MultiTerminal, MT4 PC, MT4 Mobile, MT4 Mac, and MAM (Multi-Account Manager).
Q: What trading tools are provided by Beinmarkets？
A: Beinmarkets offers Trading Central, MT4 Accelerator Pack, VPS Hosting, Economic Calendar, and PIP Calculator.
Q: How can I contact Beinmarkets' customer support？
A: You can contact Beinmarkets' customer support team by phone or visit their office in Kuwait City. They also have representative offices in Kyiv, Ukraine. Online support is available through social media platforms.
2024-01-09 01:19
2023-10-12 11:58
2023-10-11 11:18
