Online Broker Review: 121 Clearing
121 Clearing is a rapidly growing CFD and Forex provider which offers user-friendly, powerful trading platforms for both mobile and web which allows its clients to trade in today’s most popular assets including indices, commodities and currencies. This provider takes pride in offering its customers unrivalled service, training and customer assistance 5 days a week. One of Europe’s top brokers, 121 Clearing provides both institutional and retail traders with access to global markets. Safe and secure, this broker is regulated and authorised by the Financial Conduct Authority in the UK. 121 Clearing’s senior management team has more than 15 years of experience within the Forex brokerage industry and the team is made up of experts who are committed to innovating the trading experience through a dynamic approach.
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121 Clearing’s Trading Platform
121 Clearing know the importance of providing a reliable, fast and user friendly trading platform for its clients and therefore it has opted for the popular MetaTrader 4 platform which is one of the most commonly chosen platforms across the industry. Offering rapid trade execution without any dealer intervention, 121 Clearing’s MetaTrader 4 platform offers impressive spreads across all of the most popular currency pairs, with the EUR/USD pairing having a spread as low as 0.2 pips. All types of traders can use this platform, including scalpers, and there is unrestricted access to expert assistance. No re-quotes are ever given and the minimum contract size available is $1000, which is equivalent to 0.01 lot. MetaTrader 4 can be easily downloaded and comes with many excellent tools which are suitable for use by both novice and professional traders alike. With around 50 currency pairs to choose from, those who enjoy Forex trading will have plenty of choice of Major, Minor and Exotic pairs, while those who want to try their hand at investing in CFDs can choose between oil, metals or indices. One of the great advantages of 121 Clearing’s trading platform is that it can not only be accessed through a PC but it can also be accessed via Android and iOS devices which is ideal for those investors who want to check their assets and execute trades while on the go.
Does 121 Clearing Offer Different Types of Trading Account?
The best Forex brokers offer a selection of different trading accounts designed to accommodate the needs of a variety of investor types, from those who are brand new to the financial markets right up to those with considerable experience who consider themselves to be a professional trader. 121 Clearing have created three different account types to facilitate trading to suit different preferences. The options include:
The Retail account is 121 Clearing’s basic level account which is geared towards new investors and those who would prefer to trade in smaller volumes. The minimum deposit amount required to open this account is $500, with the maximum possible deposit being $4999. The maximum leverage available is 100:1.
The Standard account is for those who already have some financial market experience and who are ready to commit more funds to their trading experience. The Standard account also offers a maximum leverage of 100:1 and requires a minimum deposit of $5000, with the maximum deposit amount for this account type being $99,999.
For the most serious professional investors, 121 Clearing’s Pro account requires a minimum deposit of $100,000 and has a maximum leverage amount of 100:1.
Signing up for an account is very easy by completing an online form and depositing funds. For those who would prefer to try out the trading platform before making a final decision, there is also the possibility of opening a Demo account with virtual funds, allowing potential clients to experiment with different strategies and gain more experience before opening a live account.
How to Fund a 121 Clearing Account
121 Clearing accounts can be opened in either US Dollars, Euros or Pound Sterling and there are three main ways to pay a deposit into a 121 Clearing trading account:
- Union Pay
- Bank wire transfer
If you opt for SafeCharge you will be charged a transaction processing fee of 2.95% for amounts under $500,000 and 2.80% for transactions over $500,000. If you opt for UnionPay you will be charged a processing fee of 3.95% plus 35 cents as well as a withdrawal fee of 2% plus 20 Euros.
121 Clearing take the security of their client’s funds very seriously, holding all client money in segregated accounts as per the FCA regulations.
Withdrawals are made via the same method used to fund the account or, alternatively through a bank wire transfer by simply completing a withdrawal form. Withdrawal requests are usually processed with 24 hours, however clients may need to wait up to 3 working days before withdrawals are processed.
What are 121 Clearing’s Customer Service Options?
121 Clearing can be contacted in several ways in order to answer queries and resolve problems. The website has a convenient web form which can be filled in, or alternatively there are two email addresses which can be used by anyone who has a specific MT4 trading platform query or any trader who has a customer support enquiry. There is also a telephone number provided on the site. For those who want a rapid response to their question, there is a convenient live chat facility which can be easily accessed via the home page.
121 Clearing has plenty to offer potential clients who are interested in trading in CFDs or Forex. With a good range of instruments to choose from and a range of account types to suit the different needs of investors, one of the main advantages of this broker is that it is regulated and authorised by the FCA, ensuring that it is a reliable and trustworthy choice. There are, however, some downsides – there are limited options when it comes to deposit and withdrawal methods and those who would like to pay with a credit card will be disappointed.