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An Introduction to FX Paramount
Headquartered in Dubai, FX Paramount is a recognized forex and CFD broker, offering its clients a choice of three distinct account types coupled with the convenience of the Metatrader4 platform. If you're contemplating setting up an account with them, this detailed review is a must-read. Situated in the United Arab Emirates, an emerging global powerhouse in international economics and finance, Paramount FZ LLE began its operations in Dubai in 2014. After several years of productive engagement in the country's economy, it expanded its forex services portfolio, catering not only to the Persian Gulf States but also the broader Middle East.
Understanding FX Paramount's Account Types
FX Paramount extends three unique account options to its clients - Silver, Gold, and Platinum. All account types come with a minimum order size of 0.1 lot. However, the broker defines 10 lots as 100,000 units of the base currency, where the base currency is the first currency listed in a pair (for instance, in the EUR/USD pair, 10 lots equate to 100,000 EUR). This might be perplexing to some traders since 1 lot is typically interpreted as 100,000 currency units. Given this, the minimum order size with FX Paramount translates to 1,000 currency units or 0.01 standard lots. The broker advertises all accounts as ECN, but this claim couldn't be independently confirmed.
FX Paramount's Spreads and Leverage
The spreads reportedly start from 1.8 pips for the Silver Account, 1.2 pips for the Gold Account, and 0.7 pips for the Platinum Account. While 1.8 pips for a standard account may seem somewhat elevated, during our demo account testing, the EUR/USD spread oscillated between 1.3 and 1.5 pips sans any commission charges, aligning with the industry average. FX Paramount offers leverage of up to 1:400 for forex trades and a consistent leverage of 1:100 on commodities and financial indices CFDs. Although high leverage carries increased risk, it may be worth considering brokers offering higher leverage.
FX Paramount's Trading Platform and Instruments
The broker provides a seamless download of the MetaTrader4 platform for various operating systems such as Windows, Linux, Mac, and Android. The platform stands out for its superior charting and analytical tools for examining historical data and the potential for automated, algorithmic trading via the Expert Adviser application. It allows users to craft and modify their custom indicators.
FX Paramount operates from Dubai, United Arab Emirates, but lacks regulation by the UAE Central Bank or other credible financial authorities, raising questions about its trustworthiness. It offers trades with 26 currency pairs with the Mexican Peso being the only exotic currency on offer. Apart from this, it provides CFDs for eight primary indices, crude oil, gold, silver, and platinum. Notably, FX Paramount doesn't disclose any information about accepted payment methods on its website, although most brokers typically accept credit cards, bank transfers, and e-wallet payments.
In conclusion, FX Paramount, a Dubai-based forex and CFD broker, offers a range of services across various account types. While it boasts an inclusive trading platform and competitive spreads, the lack of clear regulation raises some concerns. Furthermore, the lack of transparency regarding payment methods is a drawback. Therefore, traders should exercise caution and perform due diligence before investing with FX Paramount.
