Top Options
70/ 100
Min Deposit: $100
Min Trade Amount: 0.01 Micro Lots
US Clients:
Bonus: $50 Deposit Bonus + Demo Contests
Leverage: 500:1
Fees: $2 per Lot Traded
Free Demo Account:
Trading Platform: MT4, MT4 Mobile, Armada Markets App
Payment METHOD NAME Charge Time

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Full Review

About Armada Markets

Armada Markets is a global spot FX and precious metals broker serving both institutional and retail clients from all over the world. Armada is registered as a spot forex broker by the Ministry of Economic Affairs (registration nr VVT000289, FRA000029) in Estonia. The company has submitted an application for a MiFID license and this is awaiting approval. Armada Markets has been in operation since 2011.

 

Special Offers and Bonuses

There are two bonuses and two trading contests up for grabs on Armada Markets. A breakdown of these is given below:

a)    There is a general bonus of $25 which is given to traders that open accounts with at least $500. The same amount is paid out if the account is denominated in other currencies. A similar bonus worth $50 is given for account deposits of at least $1000.

b)    There is a Refer-a-Friend bonus in which traders who refer their friends that eventually open and fund live accounts will benefit from a $25 payout.

c)     The 10 most profitable traders in a particular month will also get a doubling of their profits up to a maximum of $500.

d)    The Armada Demo Cup is a demo trading contest where the best traders share a pool of $20,000 prize money.

e)    Each month Armada Markets gives out a 500 USD prize to the Trader of the Month who shows not only good profits, but also excellent risk and money management skills.

 

Types of Trading Accounts

What account types are available on Armada Markets? Account types can be broadly classified into four types:

a)    Classic Account: No commissions are paid on trades, and the minimum deposit is $100. Maximum leverage is set at 500:1 and the minimum trade size is 0.01 lots.

b)    Exchange Account: The only differences between this account type and the Classic account is that the minimum deposit is $300 and commissions of $2 per standard lot are charged for trades.

These accounts can be traded with expert advisors, and hedging strategies are allowed.

 

Trading Platform Features

Armada Markets traders can choose to trade on any of these platforms:

a)    MetaTrader4 for PC: Armada Markets offers its clients this platform for Windows PC users, and also for MAC users who have the Windows emulator software installed.

b)    Mobile Platforms: Trading can also be done on the various mobile devices. The platforms used are the Armada Markets app for the iPhone and iPad, and the app for Android devices. There is also an MT4 Smartphone Edition (SE) for Windows smartphone users as well as MT4 Mobile for Pocket PC (PDA) users.

 

Commissions and Spreads

The commissions and spreads obtainable on Armada Markets are spelt out below.

INSTRUMENT FIXED SPREAD (PIPS)*
EURUSD 1
USDJPY 1
AUDUSD 1
GBPUSD 2
USDCAD 2
USDCHF 2
NZDUSD 3
AUDCAD 5
AUDCHF 5
AUDJPY 2
AUDNZD 7
CADCHF 5
CADJPY 4
CHFJPY 3
EURAUD 4
EURCAD 5
EURCHF 2
EURGBP 2
EURJPY 2
EURNZD 8
EURPLN 60
GBPAUD 7
GBPCAD 8
GBPCHF 7
GBPJPY 4
GBPNZD 10
NZDCAD 10
NZDCHF 10
NZDJPY 4
USDPLN 60
Gold (XAUUSD) 30
Silver (XAGUSD) 50

 

Charting Packages

Charts on Armada Markets are available on the respective platforms. In addition, traders who want to conduct backtests on their EAs and indicators can download historical data from the Armada Markets platform.

 

Education and Demo Accounts

Armada Markets’ educational suite has two main components: These are:

a)    A section on forex strategies

b)    Forex video tutorials.

 

Customer Service

Armada Markets customer support is available using the following means of communication:

a)        Phone: +3726863163

b)        Email: [email protected]

c)     Live chat support service

d)    Online contact form

e)    Skype: armadamarkets

 

Deposits and Withdrawals

Deposits can be made on Armada Markets as follows:

a)    Credit cards: This is a convenient option for making deposits with MasterCard or VISA brand of cards.

b)    Electronic payments can also be made using Skrill (Moneybookers), Neteller and Fasapay.

c)     Bank wires are also used for depositing and withdrawing funds.

Deposit Limits

The minimum deposit requirement depends on account type, with that for Classic account being set at $100 and the Exchange account minimum set at $300. Deposits must be sent using the account name on the trading account. Credit card payments are only accepted after verification of the ownership of the card.

There are no maximum withdrawal limits on Armada Markets.

Withdrawal Limits

The minimum withdrawal limits are the same as the deposit limits. Withdrawals do not incur fees on Armada Markets, excep that which the broker’s bank charges for back wires. There are no maximum withdrawal limits. Skrill, Perfect Money, PayWeb, Neteller and WebMoney come with instant withdrawals.

 

Conclusion

Armada Markets caters for all types of traders with their multiple account types, trading platforms and trade conditions. However, the lack of solid and more comprehensive educational content on their size seems to suggest that traders who sign up with them must have obtained some practical experience. In our opinion, a lot more educational content needs to be put up to make the site all encompassing.