Accumarkets Review - Can US Traders Trade on This Platform? - WikiFX

Accumarkets was registered in 2022 in South Africa, which focuses on forex, indices, and metals trading. It provides three types of accounts, with a minimum deposit of R50 and the leverage can be up to 1:1000. Accumarkets was regulated by FSCA, but its license was exceeded. Apart from that, it does not provide services to US residents.

Pros and Cons

Is Accumarkets Legit?

No, it was regulated by the Financial Sector Conduct Authority (FSCA) in South Africa, but its license was exceeded, and the effective date is 14 October 2022.

What Can I Trade on Accumarkets?

Accumarkets offers three types of assets, including forex, indices, and metals.

Account Type

Accumarkets provides three types of accounts: Standard Account, 100% Bonus Account, and Cent Account. However, it does not mention whether a demo account is available or not.

Leverage

Accumarkets does not specify the leverage ratio of different account types, and it only prensents a “comming soon 1 k leverage” plan, which shows the leverage can be 1:1000. Traders need to consider carefully before investing, since high leverage is likely to bring high potential risks.

Trading Platform

Accumarkets uses MT5 as its trading platform, which is a commonly used platform and is suitable for experienced traders.

Deposit and Withdrawal

Accumarkets accepts several types of payment methods: Ozow, Virtual pay, Paystack, DusuPay, and Match2Pay. Depositing is instant, and the processing time for withdrawal is generally within 24 hours. However, other details such as the accepted currencies and commission fees are not clear.