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Mohicans Markets, a relatively new broker, has caught the eye of many investors. They offer a wide range of trading instruments, different types of trading accounts, and even a demo account. Their spreads start from an impressive 0.0 pips. While this suggests a promising trading environment, it's important to verify if this is indeed the case with Mohicans Markets. Let's dive in and learn more.
What is Mohicans Markets？
Founded in 2021, Mohicans Markets is a foreign exchange and CFD broker providing trading services in foreign exchange, precious metals energy, indices, cryptocurrencies to its clients in 150 countries around the world.
Pros and Cons
Mohicans Markets, though relatively new, provides an extensive selection of trading instruments and supports the MT5 platform. While it offers a friendly minimum deposit for the Standard account, its regulatory framework is weak, and there's room for improvement in providing deposit and withdrawal details. Nevertheless, the broker compensates with advanced trading tools like Copytrade, PAMM, and VPS services to elevate the trading experience.
Is Mohicans Markets legit？
Mohicans Markets is registered with the ASIC in Australia under regulatory number 659247177, holding a license of Common Business Registration. The Common Business Registration (CBR) is a single registration that allows businesses to comply with multiple regulatory requirements in Australia.
Mohicans Markets Minimum Deposit
When it comes to opening a real trading account on the Mohicans Markets platform, like the standard account, only requires $50 minimum deposit. This is quite appealing because many reputable brokers typically require around $100 to begin your real trading journey. Therefore, this broker's lower minimum deposit can certainly catch the attention of investors.
Here's a comparison table of Mohicans Markets' minimum deposit with other brokers:
Market Instruments
With Mohicans Markets, traders can get access to a wide range of trading instruments, including forex pairs, indices, energy, precious metals, index CFDs, digital currencies.
Account Types
There are three trading accounts on offer: Standard, STP, and ECN account, with the minimum initial deposit for each account at $50, $100 and $1,000 respectively.
Mohicans Markets Demo Account
Certainly, Mohicans Markets recognizes the importance of providing accessible opportunities for traders at all levels of experience. To this end, the platform offers demo accounts that mirror the conditions of their live counterparts across various account types, allowing beginners to practice trading with virtual money in a realistic market setting, improving their trading skills.
How to open an account？
Opening an account with Mohicans Markets is simple：
Go to the Mohicans Markets website at https://www.mohawksmarkets.com/, then, click on the “Register” button.
2. You will be asked to provide some basic information, such as your name, email address, phone number, and country of residence.
You will also be asked to create a username and password.
Once you have submitted your information, your account will be created.
You will then be able to fund your account and start trading.
Leverage
With Mohicans Markets, traders can enjoy the maximum leverage up to 1:400. Although traders can have the chance to make a fortune in the forex market thanks to leverage, it can also cause serious losses, especially to inexperienced traders.
Spreads & Commissions
Spreads differ based on the type of account you have. The STD account has the widest spreads, starting at 11 pips for the EUR/USD pair. Meanwhile, the STP account provides narrower spreads, beginning at 11 pips, and the ECN account offers the tightest spreads, starting from 0 pips.
Trading Platform
Mohicans Markets provides its clients with access to popular trading platforms, MetaTrader5 and MetaTrader5 Web. These platforms are versatile, allowing you to download them on various devices like PCs, Apple computers, mobile phones, and tablets, enabling you to trade whenever and wherever you prefer. MT5 supports more than 30 languages for your convenience.
Trading Tools
In addition to MT5 trading platform, Mohicans Markets provides a range of helpful trading tools to help traders get comfortable with forex trading quickly. These tools include Copytrade, PAMM, VPS Dedicated Server, and an Economic Calendar.
Customer Support
Mohicans Markets offers 7/24 customer support and they can be reached through three global offices in the United Kingdom, Australia and Dubai respectively. Mohicans Markets client service team supports multiple languages, and you can talk to them directly online. You can also follow this broker on some social media platforms including Facebook, Twitter, Instagram, Linkedin, Youtube.
Conclusion
In conclusion, Mohicans Markets offers traders a wide array of trading instruments, bolstered by the support of the MT5 platform, although it's important to note that this broker is relatively new to the market. Notably, they extend a welcoming minimum deposit option for their Standard account, yet the absence of detailed deposit and withdrawal information is a concern. On a positive front, they provide access to demo accounts for skill honing, coupled with an arsenal of advanced trading tools like Copytrade, PAMM, and VPS services to enhance the overall trading experience. However, it's worth mentioning that the broker falls short in providing strongly regulated trading environment, as its regulatory oversight is comparably weaker.
FAQs
Q: What is the maximum leverage offered by Mohicans Markets？
A: Mohicans Markets offers leverage of of up to 1:400
Q: What live accounts can I choose from with the Mohicans Markets platform？
A: Mohicans Markets makes three real trading accounts available, STD, STP and ECN accounts.
Q: What does Mohicans Markets have on offer？
A: Mohicans Markets provides access to forex pairs, indices, energy, precious metals, index CFDs, digital currencies.
Q: What trading platfrom does Mohicans Markets offer？
A: Mohicans Markets provides both MT4 & MT5 trading platforms.
Q: Does Mohicans Markets provide traders with educational resources？
A: Unfortunately, Mohicans Markets does not provide any educational and research tools for its clients.
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