Looking for a Forex Broker Based in New Zealand? Read our FXMISO Review
When it comes to writing reviews, sometimes it is very difficult to find out some of the important details. For example, where the broker is based and whether it is licensed and regulated by its local regulatory body. We just this kind of problem when it came to writing about FXMISO. Click on the contact us page and you are faced with a Google maps page that shows an address in New Zealand. But there is no specific address, no telephone number and no instant chat option. The only way to get in touch is to complete the online contact form and wait for an answer. There is no mention of any kind of license or regulations. And we received no reply to our request for this information. Which of course leads us to give this broker a bit of a thumbs down, as we’re not all that keen on brokers who don’t reply to a simple request or brokers who are unregulated.
However, in the interest of being fair and honest, we’ll continue with this review and let you know about some of this broker’s features.
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The advantages of choosing FXMISO
- It uses a trading platform that has more than 10 years of history, as in the popular MetaTrader 4
- Leverage options are from 1:1 to 1:100
- There is no dealing desk instead this broker uses Straight Through Processing (STP)
- 1/10th of a pip are offered in the quotes
- Traders who want to hone their skills can take advantage of a free demo account
- Deep liquidity is offered with prices and feeds taken from a selection of major banks and counterparties from around the world
FXMISO isn’t running any promotions at present so we’ll start with introducing the different instruments you can trade in.
FXMISO offers Forex trading and a whole lot more
Many of you reading this will of course be interested in Forex trading, but FXMISO offers more than just that. Choose FXMISO as your trading partner and you’ll also be able to trade binary options, precious metals or open a PAMM account. It’s possible to trade all major currencies, indices and ETFs and spot gold and silver as binary options. There are a number of reasons why you might choose to trade this type of asset. The initial cost of the investment is generally very low. You are able to enjoy much more control over your risk. You can lock in your profits as you will always know what your profit and loss will be before taking a trade. And the markets are open 24 hours a day, 5 days a week. And what about a PAMM account? Do you know what one is and the advantages of trading in such a way?
A PAMM account gives you the chance to make money without having to make the trades yourself. Instead control of your investment is handed over to a manager who can earn additional income for managing client funds. A PAMM account is opened by a manager into which he deposits a certain amount of his initial investment as the Manager’s Capital. The manager then designs a proposal in which all his terms will be listed for potential investors. Investors who look at the manager’s portfolio and like what they see can choose to make an investment. The manager makes trades using his own and investors capital and profit and losses are divided out based on their share of the account.
What resources does FXMISO provide for its clients?
There is a fair amount of resource material available for FXMISO clients but it is on the whole pretty basic, and tends to be rather general. For example, the sections that provide information relating to the variety of assets provides no specifics only a general explanation of what the type of asset is. There are forex articles available for reading covering subjects such as basic technical analysis, advanced technical analysis, and fundamental analysis.
At FXMISO there are two different accounts to choose from
If you’re considering choosing FXMISO as your broker you might be disappointed to learn there are only two accounts to choose from. A real money and a demo account are the only options as far as we could tell. A demo account is a great way to get a feel for a broker as well as learn about the market and get to grips with the platform. Although, the trading platform shouldn’t be a problem as it is the popular and very user-friendly MetaTrader 4. You’re given $100,000 in virtual cash and the demo account is designed for novices who are new to trading. The other option is a live account, but we were unable to find out any specifics.
When it comes to making payments the usual selection of acceptable methods aren’t mentioned apart from wire transfers. It also mentions that a minimal fee of up to $40 will be charged by the bank.
Overall, there doesn’t appear to be very much that would cause us to recommend FXMISO. We’ve already mentioned the lack of tangible information, the fact it is unregulated and there are no contact methods apart from the online contact form. One further feature that really does it no favors is the fact that the terms and conditions are all in Chinese.