AlgoTraders-The overview of minimum deposit, leverage, spreads

General Information

AlgoTraders says it is a broker based in United Kingdom that has been operating in the financial market for 11 years, providing its clients with the world most powerful trading platform, diverse tradable assets with up to 1:100 leverage, variable spreads and commissions, as well as a choice of three different account types.

Market Instruments

AlgoTraders advertises that it mainly offers five different classes of trading instruments, including forex, commodities, shares, indices and digital currency.

Account Types

There are three trading accounts offered by AlgoTraders, namely Standard, Pro and Expert. The minimum initial deposit to open a Standard account is $250, while the other two accounts require much higher initial capital, $2,500 and $25,000 respectively.

Leverage

When it comes to trading leverage, the maximum leverage ratio varies depending on different account types. Traders on the Standard account enjoy the maximum leverage up to 1:30, while the Pro account with the choice of 1:30 or 1:50, and the Expert account with the leverage of 1:50 or 1:100. Keep in mind that leverage can magnify gains as well as losses, inexperienced traders are not advised to use too high leverage.

Spreads & Commissions

Spreads and commissions are significantly affected by what type of accounts you are holding. The spreads in the Standard account starts from 1.1 pips with no commission, the Pro account from 0.5 pips with no commission, and the Expert account from 0.0 pips with commission of $25 per micro lot.

Trading Platform Available

In terms of trading platforms available,AlgoTraders gives traders two choices: AlgoTraders Webtrader Desktop and AlgoTraders WebTrader. AlgoTraders Webtrader is accessible on desktop, web and mobile devices like android app and iOS app, providing traders with 50 technical indicators and a stable, safe and secure trading environment, available anytime and anywhere. By contrast, as the world most powerful trading platform, AlgoTraders WebTrader is equipped with a user-friendly interface and a wide range of assets available, tools, indicators, graphs, advanced charts for any assets traders need, making traders stay updated with the latest news, events on financial markets and make well informed trading decisions

Tools

According to AlgoTraders official website, we found it also gives traders four different kinds of tools, containing real time forex prices, national holidays calendar, market signals and technical indicators.

Deposit & Withdrawal

AlgoTraders accepts deposit and withdrawal via wire transfers, credit cards and ePayments. There are no obvious options for using popular online payment platforms such as PayPal, Skrill, or Neteller. Also, withdrawal will be charged a transaction fee. Withdrawal via wire transfers will be charged with 50 USD/GBP/EUR, while withdrawal via credit cards with 25 USD/GBP/EUR and a processing fee of 10 USD/5 GBP/7 EUR, and withdrawal via ePayments with 25 USD/GBP/EUR. Note that it will charge a levy of 10% of the withdrawal amount to any withdrawal from an account that has not executed more than 200 in turnover or from accounts that have been verified.

Fees

Apart from fees for withdrawal, AlgoTraders also charges inactivity fee. To be more specific, if you did not login and traded from your account in 6 months, your account will become Dormant and it will be charged a deduction of 10% per month.

Customer Support

AlgoTraderss customer support can be reached through email: support@algotraders.io or fill in the form online for quick contact. Company address: 3 Thomas More Square, London, E1W 1YN.