Precise Forex

Precise Forex Advantages:

Various trading instruments

Precise Forex provides 48 forex pairs, with more exotic currencies like the Israeli Shekel and the Russian Rubla and the Czech Krona and the Hungarian Forint as well as the Romanian Leu as well as the Mexican Peso as well as the Turkish Lira as well as the Polish Zloti, and even The South African Rand. The broker also offers trading options that include CFDs on indexes, spot metals and commodities. The only drawback to both the Micro Account and the Islamic Account you’re only able to trade in 25 currency pairs.

Sirix trade platform is available online as well as for download

The major benefit that comes with this Sirix platform is that it has been designed to be user-friendly and easy to use. It is equipped with news and social trading capabilities and, due to its simplicity, it is certain to attract beginners to trading.

Sirix however, isn’t equipped with the features that are available on other platforms for trading such as MetaTrader4 which is the most popular trading platform. It has the most reliable market indicators, the most simple charts tools, and the option of automated trading using a custom-built software.

With Precise Currency Sirix is available as a web-based platform and as a download program for smartphones, computers, and tablets. You can still check our list of brokers which offer the well-known MT4 platform:

ECN trading services offered

With the Premium and Institutional Accounts traders have the option of ECN trading using smaller floating spreads for the payment of a commission. However , we’re a little doubtful regarding the ECN trading feature for Sirix. Sirix platform. The platforms that are commonly employed for ECN trading include Currenex along with the Interactive Brokers’ Workstation because they give real-time information on the market’s depth.

Islamic Account offered

Commissions are also incurred on an Islamic account, in which the possibility of holding the open market is restricted to an max of 14 days. You can look through the list of brokerages that offer the option of swap free Islamic account.

New account promotions

Precise Forex offers new account holders with free access to analysis of forex reports, trade signals and other information offered via PreciseTrader an FX research firm which is a partner of Precise Forex.

Precise Forex Disdvantages:

Insufficiency of regulation

Precise Forex Ltd. is managed and owned by Rajoo Investments & Trading Co. Pte. Ltd. located in Singapore. The company claims it is an STP (Straight Through Processing) broker. However, the broker isn’t controlled through any main financial authorities and this significantly reduces its credibility.

The Monetary Authority of Singapore (MAS) is Singapore’s central bank as well as the financial regulatory authority. It is among the most trusted regulatory authorities within the area. It is responsible for the administration of various laws related to banking, money as well as insurance, securities, the financial industry in general and also the issuance of currency. Precise Forex however isn’t controlled by the regulatory authorities.

Brokers who are authorized through one of the revered regulators, such as the Financial Conduct Authority (FCA) in the UK and The CySEC and the CySEC in Cyprus along with The Australian Securities and Investment Commission (ASIC) are required to follow strict rules of ethics and financial conduct.

FCA, CySEC and ASIC licensed brokers are required to maintain their client’s money in a segregated bank account that is protected from creditors in the event bankruptcy. Brokers who are licensed properly also have to maintain in the all times a minimum operational capital. This is for FCA or CySEC brokers , is set to 730000 EUR and ASIC brokers are required to keep operating at least 1 000 000 USD.

Additionally, FCA as well as CySEC brokers are required to take part in compensation schemes for clients under which , in the event that the broker declares bankruptcy, traders are entitled to a portion of their capital investment. With CySEC clients are able to receive the sum of 20 000 EUR in compensation, while with FCA the amount insured is 50 000 GBP.

Due to their prudent regulatory system that gives brokers the credibility and flexibility they require The last few years have seen these three countries UK, Cyprus and Australia have become the most sought-after destinations for the forex market across the globe. Below is a list of FCA accredited brokers:

Mediocre spreads

Precise Forex provides five distinct kinds of accounts: a Micro Account that has set spreads beginning at 3 pips and a trading volume of 0.1 lots or 1,000 currency units. Mini Accounts with fixed spreads that start at 2 pips , and a minimum trading volume of one lots or 10,000 currency units. the Premium Account that has fixed spreads that start at 2 pip and an initial minimum trading volume of 50000 currency units an Institutional Account with a fixed spreads starting from 1,5 pip, a minimum trading volume of one lot. It also comes with an Islamic Account that is swap-free which does not charge any interest for positions closed over the night, fixed spreads beginning at 2,5 pips, and a minimum trading volume of 0.01 lots.

A good minimal floating spread on a typical account is under 1,5 pips. for a fixed spread , it must not exceed 2 pips. Here’s the list we have of brokerages that have more favourable spreads.

Excessive minimum deposit requirements

To start a micro Account with Precise Foreign, you need to make a deposit of 1000 USD. For mini Account or the Islamic the amount amounts to 5000USD. If you want to open a Premium Account, then you need to deposit 10,000 USD and it is required for the Institutional Account over 50 000USD. These requirements are too high given that, with the majority of brokers, you can open an ordinary account for as little as 100 USD, and in certain instances you don’t have a minimum investment required at all. With brokers such as FXTM or XM that are both of which are regulated with CySEC the possibility of opening an account for only 5 USD

Conservative leverage

Investors who have Micro Accounts can enjoy the maximum leverage of 1200. In the Mini and Islamic accounts, the leverage is as high as 1:100. For those with the Premium Account it is set at 175 and on accounts with the Institutional Account it is just 1:50. However, traders must not forget that higher leverage comes with greater risk, it is important to take note that with the majority of brokers, the maximal leverage can be set to 1:500. You can look through the list of brokerages with more leverage.

Technical issue with demo account

Because of technical issues with the website, we were unable to create a demo account to test trading environment and live spreads. We will revisit the website again to see whether the issue has been resolved.

The Neteller, Skrill and PayPal accepted as payment methods.

Payment options include debit and credit cards, bank wire , and UKash. However, the most the most popular e-wallets such as Neteller, Skrill and PayPal aren’t available.

Conclusion:

While Precise Forex offers some interesting trading options as well as its user-friendly Sirix platform, we must remember that the broker isn’t licensed and regulated. Brokers that are not licensed are by definition untrustworthy since they aren’t legally bound to comply with any rules of ethics or financial. Additionally, deposits that are required to be made for Precise Forex are rather excessive and the trading conditions overall are not great.