Overview of Paramount FX Trade
Paramount FX Trade, founded in 2015 and based in the United States, is a trading company that offers a range of financial products including Forex, energies, metals, cryptocurrencies, commodities, and shares.
The company operates under the suspicion of being a clone with regulations purportedly from the FCA, BaFin, and AMF. They offer several account types such as Standard, ECN, PRO, and Copy Trade, and provide a trading platform compatible with Android, PC, and iOS through Meta Trader 5.
Clients can start trading with a minimum deposit of $100, and the company supports deposits and withdrawals via wire transfer and cryptocurrency, with a $50 fee for wire transfer withdrawals.
Paramount FX Trade also offers educational resources on Forex trading, commodities, market news, and maintains an economic calendar. Customer support is accessible through phone and email.
Regulatory Status
Paramount FX Trade operates under the suspicion of being a clone with regulations purportedly from the FCA, BaFin, and AMF.
Financial Conduct Authority (FCA) - United Kingdom
Paramount FX Trade claims to hold a European Authorized Representative (EEA) license, regulated by the Financial Conduct Authority (FCA) of the United Kingdom with license number 595195.
However, the status of this license is marked as a “Suspicious Clone,” suggesting that the legitimacy of the license could be questionable or that the company will be impersonating a legitimately licensed entity.
Federal Financial Supervisory Authority (BaFin) - Germany
In Germany, Paramount FX Trade purports to operate under a Common Financial Service License issued by the Federal Financial Supervisory Authority (BaFin). The license number provided is 131055.
Similar to the FCA license, this one is also flagged as a “Suspicious Clone,” indicating potential issues with authenticity or the misuse of a genuine license number.
Autorité des Marchés Financiers (AMF) - France
The company also claims to be regulated in France with a Common Financial Service License from the Autorité des Marchés Financiers (AMF). The stated license number is 74397.
Again, this license is classified as a “Suspicious Clone.” This classification raises worries about whether the license is genuinely held by Paramount FX Trade or if it is being falsely used to mislead or defraud investors.
Pros and Cons
Pros
Variety of Financial Products: Paramount FX Trade offers a diverse range of trading options, including Forex, energies, metals, cryptocurrencies, commodities, and shares, providing numerous opportunities for traders to diversify their portfolios.
Flexible Account Types: The broker provides various account types including Standard, ECN, PRO, and Copy Trade, catering to different trading strategies and experience levels.
High Leverage: Offers leverage up to 1:1000, which can significantly amplify potential returns, though it also increases risk exposure.
Educational Resources and Support: The company provides educational materials such as an introduction to Forex and commodities, news updates, and an economic calendar, aiding traders in making informed decisions.
Low Spreads: Competitive spreads ranging from 0 to 1.6 pips can reduce transaction costs for traders, enhancing profitability potential.
Cons
Suspicious Regulatory Status: Despite being regulated by FCA, BaFin, and AMF, the company is flagged as a suspicious clone, which raises concerns about its legitimacy and the safety of trader's funds.
No Live Chat: The absence of 24/7 live chat support could hinder effective communication, especially for users seeking immediate assistance.
Individual Accounts Charge Commissions: While standard and copy trade accounts might not carry a commission, ECN and PRO accounts do, which could increase trading costs for those account holders.
High Withdrawal Fees: A $50 fee for wire transfer withdrawals can be considered steep, potentially deterring traders from withdrawing funds frequently.
Products & Services
FOREX: Paramount Markets Limited offers a robust Forex trading platform, providing traders the opportunity to trade over 45 currency pairs including major, minor, and exotic currencies. The platform boasts ultra-low spreads, which can significantly enhance trading efficiency and cost-effectiveness, making it attractive for both new and experienced Forex traders.
ENERGIES: The company provides trading opportunities in the energy sector with Contracts for Difference (CFDs) on various energy resources. Traders can engage in transactions involving crude oil, natural gas, and other energy commodities. This segment meet traders interested in the dynamics of global energy markets and looking to diversify their portfolios beyond traditional financial instruments.
METALS: Trading in precious metals is facilitated through CFDs on metals like gold and silver. These commodities are often sought after as safe-haven assets and can serve as a hedge against inflation and currency devaluation. Paramount's trading platform allows traders to capitalize on price movements of these valuable commodities without the need to physically own them.
CRYPTOCURRENCIES: Paramount Markets also taps into the digital currency space by offering CFD trading on popular cryptocurrencies such as Bitcoin (BTCUSD) and Ethereum (ETHUSD). This allows traders to speculate on the price movements of these digital assets without owning the underlying cryptocurrencies, which can be appealing given the volatility and potential profitability of the crypto market.
COMMODITIES: The platform extends its trading services to include CFDs on a variety of other commodities such as coffee and soybeans. This commodity trading option is ideal for traders who wish to explore agricultural products and their market movements, providing a diversified investment portfolio that includes more than just financial securities and metals.
SHARES: Lastly, Paramount Markets provides the opportunity to trade share CFDs of some of the largest global corporations. This allows traders to speculate on the stock prices of major companies without needing to purchase the actual stocks, offering a flexible and accessible means of engaging with the global equity markets.
Account Types
Here's a more concise overview of each account type offered by Paramount Markets Limited:
1. Standard Account:
Requires a minimum deposit of $10 and offers high leverage up to 1000. Features include no commission charges, swap-free trading, and spreads starting from 1.6 pips. Ideal for beginners looking to enter the market with a low investment.
2. ECN Account:
This account requires a $100 minimum deposit and offers leverage up to 500. It includes raw spreads starting from 0.6 pips and a $4 commission per lot. Suitable for experienced traders who prefer a more direct market access environment.
3. Pro Account:
Targeted at professional traders with a minimum deposit of $5000, this account offers leverage up to 100, zero pip spreads, and a $7 commission per lot. Includes VPS services and swap charges, with a higher stop-out level at 50%.
4. Copy Trade Account:
Designed for those interested in copy trading, this account has a $300 minimum deposit and offers leverage up to 500. It features no commission, swap-free trading, and spreads from 1.2 pips.
How To Open An Account？
Opening an account with Paramount Markets Limited can be a straightforward process. Heres how you can do it in three simple steps:
Visit the Website and Choose Account Type:
Start by navigating to the official Paramount Markets Limited website. Once there, explore the different account types available under the “Account Types” section. Review the features and requirements of each account type (Standard, ECN, Pro, Copy Trade) to determine which one best suits your trading needs and financial circumstances.
Complete the Registration Form:
Click on the “Open Account” button associated with your chosen account type. Fill out the registration form with your personal information, such as your name, address, email, and phone number. You will also be required to provide financial information and your trading experience to comply with regulatory requirements. Ensure all information is accurate to avoid any issues with account verification.
Verify Your Account and Deposit Funds:
After submitting the registration form, you will need to verify your identity and residence. This typically involves uploading a government-issued ID (like a passport or drivers license) and a recent utility bill or bank statement. Once your account is verified, you can proceed to deposit funds using one of the accepted payment methods. Ensure you meet the minimum deposit requirement for your chosen account type.
Leverage
At Paramount Markets Limited, the leverage options vary across different account types to suit various trading strategies and risk appetites.
The Standard Account offers the highest leverage of up to 1000, allowing traders to maximize their market exposure with a relatively low capital investment.
Both the ECN and Copy Trade accounts provide leverage up to 500, meeting traders who seek a balance between significant market access and risk management.
The Pro Account, designed for more experienced traders, offers the lowest leverage of up to 100, focusing on providing a safer trading environment for large volume trading.
Commissions & Spreads
At Paramount Markets Limited, commissions vary by account type. The Standard and Copy Trade accounts offer the benefit of free commissions, making them attractive options for traders who prefer cost-effective trading. In contrast, the ECN account charges a commission of $4 per lot, and the Pro account, targeted at more experienced traders, has a higher commission rate of $7 per lot.
Spreads also differ across the various account types at Paramount Markets Limited. The Pro account offers the tightest spreads starting from 0.0 pip, appealing to professional traders looking for precision and low-cost trading. The ECN account provides competitive spreads starting from 0.6 pip, suitable for those engaging in high-volume, high-frequency trading. The Standard account has spreads beginning at 1.6 pips, while the Copy Trade account features spreads from 1.2 pips, balancing cost and accessibility for traders replicating the positions of others.
Trading Platform
Paramount Markets Limited utilizes the MetaTrader 5 (MT5) trading platform, which is available across multiple devices including Android, PC, and iOS.
MT5 is well-regarded for its advanced trading features, various analysis tools, and ability to support trading in forex, commodities, stocks, and other financial markets.
This platform attracts traders of all experience levels, providing robust charting capabilities, multiple order types, and algorithmic trading support through trading robots and signals..
Deposit & Withdrawal
Paramount FX provides 2 ways for its users to deposit and withdraw.
Wire Transfer:
At Paramount Markets Limited, wire transfer is a secure method for both depositing and withdrawing funds.
The minimum deposit amount for using wire transfer is $100, and there is no maximum limit set for withdrawals, allowing significant flexibility for traders.
Deposits via wire transfer are processed instantly, meaning the funds should be reflected in the trading account almost immediately.
Withdrawals, however, take up to 24 hours to process. While there are no fees for depositing funds via wire transfer, a fee of $50 is applied to each withdrawal, which could be a consideration for traders managing their transaction costs.
Cryptocurencies:
Cryptocurrency transactions are another option offered by Paramount Markets Limited, supporting modern financial trends.
The minimum deposit required for transactions using cryptocurrencies is also $100, with a maximum withdrawal limit of $100,000 per transaction or per day.
Both deposits and withdrawals are processed instantly, aligning with the fast-paced nature of cryptocurrency exchanges. One of the major benefits of using cryptocurrencies for transactions is the absence of any commission fees, making it a cost-effective choice for traders.
Customer Support
Paramount Markets Limited provides customer support through multiple channels to assist their clients.
Clients can reach out to their support team via phone at +97 14 5752 325 for direct communication and immediate assistance.
Additionally, for more detailed inquiries or issues that require documentation, clients can contact the support team through email at info@fx-paramount.com.
The company is registered at Ground Floor, The Sotheby Building, Rodney Village, Gros-Islet, Saint Lucia, and also maintains a presence at 1709, Clover Bay, Business Bay, Dubai, UAE, offering a robust support structure for its global clientele.
Educational Resources
Paramount Markets Limited offers various educational sections on their website designed to enlighten both new and experienced traders about various aspects of forex trading. This educational resource covers essential forex concepts, trading practices, and detailed explanations of market mechanisms.
Introduction to Forex: Paramount Markets Limited provides an educational overview of Forex trading, explaining it as the global decentralized market for currency trading. This section helps new traders understand the basics of Forex transactions, including how currencies are traded and valued against each other in pairs. It's designed to equip traders with essential knowledge about the world's largest and most liquid financial market.
News: Paramount Markets Limited offers updates and news related to the financial markets, providing traders with the latest information and developments. This resource is crucial for traders who rely on up-to-date information to make informed trading decisions, particularly those who engage in short-term trading strategies that are sensitive to market news.
Economic Calendar: The economic calendar is a vital tool provided by Paramount Markets Limited, listing upcoming economic events and indicators that are important to the financial markets. This calendar helps traders anticipate market movements based on economic announcements such as interest rate decisions, employment figures, and GDP data, thereby planning their trades accordingly.
Conclusion
Paramount Markets Limited offers a large suite of trading options, educational resources, and customer support to attract a wide range of traders, from beginners to seasoned professionals.
With a focus on Forex trading, the platform also provides opportunities in commodities, cryptocurrencies, and shares, backed by detailed educational content to enhance traders understanding of the market dynamics.
The inclusion of advanced trading tools like economic calendars and real-time news updates supports informed trading decisions, making it a robust platform for pursuing diverse trading strategies.
FAQs
Question: What types of trading accounts does Paramount Markets Limited offer？
Answer: Paramount Markets Limited offers several account types, including Standard, ECN, Pro, and Copy Trade accounts, each designed to meet different trader needs based on trading style, experience, and capital investment.
Question: What are the deposit and withdrawal options at Paramount Markets Limited？
Answer: The platform accepts deposits and withdrawals via wire transfer and cryptocurrencies. Wire transfers have a $50 withdrawal fee, while cryptocurrency transactions are free of commission.
Question: What trading platforms are available at Paramount Markets Limited？
Answer: Paramount Markets Limited utilizes the MetaTrader 5 (MT5) platform, which is compatible with Android, PC, and iOS devices, providing versatile trading capabilities across different operating systems.
Question: Does Paramount Markets Limited offer educational resources？
Answer: Yes, the broker provides a range of educational resources including an introduction to Forex, detailed guides on commodities trading, updates on financial news, and an economic calendar to help traders plan their trading activities based on market events.
Question: What are the customer support options at Paramount Markets Limited？
Answer: Paramount Markets Limited offers customer support via phone and email. Traders can contact the support team for assistance with their trading accounts or for resolving any queries related to trading conditions and account management.
