It is fascinating to see how the online trading industry has evolved over the years. Every couple of years there have been several momentum swings that turn many people to the idea of investing. As silly as it may sound, COVID-19 outbreak has done wonders for this industry. In times when more and more countries have adopted the police curfews, and many have lost their jobs, it is becoming increasingly attractive to be able to earn money from the comfort of one’s home.
As a result, we have witnessed an influx of people with no prior experience taking their first steps in the world of online trading. A common mistake for many novice traders is not given enough thought when choosing a brokerage. This step is crucial in a long run, so it is definitely worth careful consideration. We have taken upon us to highlight some of the best choices out there for beginners and veterans alike. This CV Markets review will breakdown all its features and determine whether is worth considering.
If you spend some time doing research, you will start noticing how most brokerages look and feel the same. CV Markets takes a different approach, and this is exactly why they caught our eye. Its sleek design will instantly grab your attention. It’s fascinating how most of the industry pays little attention to their visual presentation, as we are bound to be attracted by it. However, the big question is whether CV markets has enough under the surface to deserve a repeat visit. We have traded with the brokerage in the past weeks and here is our full rundown of its benefits and drawbacks.
Quality of service
The first thing that CV Markets does right is flexibility. They aim to attract a wide variety of traders, regardless of their prior experience. People who are attracted to the idea of online trading but have never done so in the past need not worry. CV Markets offers its Education Centre with an abundance of educational resources. It is divided into several categories for easier access.
The glossary should probably be your first goal. If you ever felt intimidated by the sheer amount of new terminology in the online trading industry, the Glossary is the right tool for you. In it, there is an alphabetised breakdown of all jargon you might encounter in your new career. You can now easily understand and implement concepts like pips, bull markets, CFDs and many more.
A more experienced trader can skip this step entirely and head directly to the eBooks page. Great thing is that you do not need to open an account to access this section. All eBooks are available to any non-registered users, and that is a great practice we would love to see implemented in the rest of the industry. Learning without committing is a great way to attract many new traders. In addition, all eBooks contain vital information on how to create a successful portfolio. Topics range from Capital Management to Advanced Strategies.
To further increase user experience, CV Markets has created six different account types that can cater to a wide range of traders. We have to praise the low entry barrier since you can access the “Self-Manage” account type for just $250. If you have higher ambitions and budget, you can climb the ladder even higher to the “Diamond” tier that is the best CM Markets has to offer and it starts with just $50,000. With such a widespread of account types, we have no doubt, that everyone can easily find exactly what they need.
Speed of response
Customer is always right. This is the famous saying that is rarely followed through in the online trading industry. On countless occasion, we were disappointed because all our complains and questions fell on deaf ears. A good support system must offer several communication channels that are run by polite people who know what they are doing. CV Markets managed to exceed our expectations in this department.
Traders can address their issues in a number of ways. In recent years, by far the most popular solution is the live-chat option. On CV Markets it is run by professionals, as they were able to answer all our questions a matter of seconds while being good-mannered all the way. If you are in need of a quick solution but prefer to talk to someone, there are two active phone lines to choose from. There is a team in the United Kingdom and Australia, and both are well equipped for any kind of emergency. Finally, you can get a response from CV Markets via email or the on-page form on the “Contact Us” page. In most circumstances, you can expect a reply within 24hours which is better than the industry standard.
A lot of traders would argue that having a good trading platform is the most important feature a brokerage can offer. For a long time, we have seen the rise of the Meta Trader platform and the increase of its adoption rate in the industry. However, in recent years, more and more of its flaws have begun surfacing. A lot of brokerages started to prioritize functionality over complexity and therefore started to offer simple and effective solutions.
CV Markets offers a web-based trading platform that is easy to navigate. It is designed so that you can get to anywhere you like in just a single click. Middle of the screen is reserved for tradable financial instruments. They are several categories to choose from including Forex, Crypto, Stock, Indices and Commodities. Once you select your preferred asset, on the right-hand side you can monitor the real-time performance. You can additionally use a range of tools to analyse and predict trends. Finally, on the left, there are several shortcuts that allow you to quickly view your opened and closed positions, fund your account or make a withdrawal, or even get in touch with support with a single click.
Some people still might be hesitant to enter the world of online trading because of the bad reputation some brokerages have received lately. The biggest issues came from a lack of transparency. CV Markets does a great job here. By going through the terms and conditions, you’ll get a pretty clear picture of all costs you might encounter during trading.
There are three types of fees every trader can be charged with. Withdrawal fees are enforced any time a trader wishes to transfer funds from his account to his wallet. Dormant account fees can occur if a trader keeps his account open and yet has no trading activity for more than 30 days. Finally, there are Overnight fees. These can be charger when there a trader keeps open positions at the closing times of the company’s trading day.
Another potential point of contempt for some newbies might be the absence of regulation. While having a regulatory body overlooking a brokerage is generally a positive thing, the absence of it shouldn’t immediately be a red flag. As we have witnessed many times in the past, there are many legit brokerages that operate without a licence.
While CV Markets hasn’t obtained a trading licence, they have ensured to follow in the path of many in the industry by obtaining and practising many policies such as KYC, AML and compliance. These are set in place to ensure the client’s fund safety at all times. Ensuring the client’s identity and eligibility is very important for securing fund safety. AML policy, on the other hand, is designed to prevent money laundering. Any type of suspicious activity, the attempt of fraud, or any other prohibited activity seems to be met with an immediate penalty from CV Markets. Despite the absence of a licence, these policies are enough to satisfy most traders, and in practice, these are more than enough to discourage any type of fraudulent activity.
During our time trading with CV Markets, we have never encountered any issues that would lead us to believe there is any mischief behind the scenes. All of their operations seem to be above board, so there should be no reason for concern.
Variety of Payment Methods
When it comes to funding your account, you will have plenty of options at CV Markets. Withdrawals of funds from your account is available through these methods:
- Credit Card
- Bank Wire Transfer
- Bitcoin Transfer
Regardless of your choice, your request will be processed within several minutes. With Bitcoin, the transfer will be instant, but if you are using your credit card or a bank wire, you will depend on your bank. In these cases, you might have to wait up to several working days, but this is not due to CV Market policies.
At the end of our CV Markets review, we have to conclude we were dealing with a young, but competent brokerage. A new trading platform and a comprehensive set of tools have enabled a new generation of investors to step into the world of online trading. With a strong support system, there is no doubt that CV Markets has a bright future in this industry. By continuing to innovate and improve current systems, this brokerage will most likely overtake the biggest names in the industry in the foreseeable future.