Overview of GREATACY
GREATACY is a forex broker founded in 2017 and headquartered in the United Kingdom. The company offers a range of trading platforms, including MT4 and MT5, and tradable assets including forex, stocks, and cryptocurrencies. GREATACY offers a minimum deposit of $250 and a maximum leverage of 1:500. The company also offers a demo account, 24/7 live chat, email, and phone customer support, and deposit and withdrawal options including credit/debit cards, bank transfers, and cryptocurrencies.
Pros and Cons
Pros
Competitive Spreads: GREATACY offers competitive spreads starting from 0.0 pips, which can help you to save money on your trading costs.
Versatile Trading Platforms: GREATACY supports two popular and well-regarded trading platforms, MT4 and MT5, which give you access to a wide range of trading tools and features.
Broad Range of Tradable Assets: GREATACY allows you to trade a variety of assets, including forex, stocks, and cryptocurrencies, giving you more opportunities to diversify your portfolio.
Flexible Account Types: GREATACY offers three account types: Standard, ECN, and Islamic, catering to different trading styles and preferences.
Demo Account: GREATACY provides a demo account that allows you to test the platform and trading conditions without risking real money.
Extensive Customer Support: GREATACY offers 24/7 live chat, email, and phone support, ensuring you have access to assistance whenever you need it.
Convenient Deposit and Withdrawal Methods: GREATACY supports a variety of deposit and withdrawal methods, including credit/debit cards, bank transfers, and cryptocurrencies, making it convenient to fund and withdraw your account.
Good Range of Educational Resources: GREATACY provides video tutorials, webinars, and trading articles to help you enhance your trading knowledge and skills.
Cons
Lack of Regulation: GREATACY is not regulated by any major financial regulator, which raises concerns about the company's transparency and accountability.
Relatively High Minimum Deposit: The minimum deposit of $250 is relatively high compared to some other non-regulated brokers.
High Leverage: GREATACY offers a maximum leverage of 1:500, which can magnify your profits but also your losses. This level of leverage is suitable for experienced traders only.
Uncertainty Regarding Future Operations: Without regulatory oversight, there is a degree of uncertainty about GREATACY's future operations, which could affect the stability of your trading account.
Regulatory Status
GREATACY is a forex broker that is not regulated by any major financial regulator. This means that the company is not subject to the same level of scrutiny and oversight as regulated brokers. As a result, there is a higher level of risk associated with trading with GREATACY. Clients who engage with unlicensed brokers are also at risk of financial harm, fraud, and lack of recourse in case of disputes.
Market Instruments
GREATACY offers a variety of products to cater to the needs of different traders.
GREATACY offers a comprehensive range of forex pairs, including major, minor, and exotic currency pairs. The company also offers a variety of forex trading tools and indicators to help you make informed trading decisions.
Additionaly, GREATACY allows you to trade stocks from a variety of global markets, including the United States, Europe, and Asia. The company also offers real-time stock quotes and market data to help you stay up-to-date on the latest market movements.
Lastly, GREATACY offers a growing selection of cryptocurrencies to trade, including Bitcoin, Ethereum, and Ripple. The company also offers advanced cryptocurrency trading tools and indicators to help you navigate the volatile cryptocurrency market.
Account Types
GREATACY offers three distinct account types tailored to cater to the diverse needs of traders, each with its unique features and advantages.
The Standard Account is the most basic, providing an ideal starting point for those new to forex trading or with a lower trading volume. With competitive spreads starting from 0.0 pips, access to both MT4 and MT5 trading platforms, and a reasonable minimum deposit of $250, it offers a comprehensive package that includes a variety of trading tools and indicators.
For more seasoned traders seeking optimal trading conditions, the ECN Account stands out. Geared towards experienced individuals, this account type boasts ultra-low spreads starting from 0.0 pips and grants direct access to the interbank market. With a minimum deposit requirement of $500, it ensures fast execution speeds and eliminates issues such as requotes or trade rejections.
Recognizing the diverse preferences of its clientele, GREATACY also provides an Islamic Account compliant with Islamic Sharia law. This account type is tailored for Muslim traders who adhere to Sharia principles, ensuring that no swap fees or rollovers are charged. With the same trading conditions as the Standard Account, including a minimum deposit of $250, this account aligns with the ethical considerations of Islamic finance.
How to Open an Account？
Step 1: Visit the GREATACY website
The first step is to visit the GREATACY website and click on the “Open Account” button. You will be taken to a page where you can select the type of account you want to open.
Step 2: Fill out the registration form
Once you have selected the type of account you want to open, you will need to fill out a registration form. This form will ask for your personal information, such as your name, address, and contact details. You will also need to create a username and password.
Step 3: Verify your identity
GREATACY requires all new traders to verify their identity. This is done to comply with anti-money laundering (AML) regulations. You will need to upload copies of your passport or driver's license and a utility bill.
Step 4: Make a deposit
Once your identity has been verified, you will need to make a deposit to your trading account. GREATACY accepts a variety of deposit methods, including credit/debit cards, bank transfers, and cryptocurrencies.
Step 5: Start trading
Once your deposit has been credited to your account, you can start trading. You can access the GREATACY platform through a web browser or download the MT4 or MT5 trading platform.
Leverage
GREATACY offers a maximum leverage of 1:500, which is considered to be a high level of leverage. This means that you can control a position with a value of up to 500 times your own deposit. However, it is important to note that high leverage can also magnify your losses. If you are a beginner trader, it is important to use caution when using high leverage.
Spreads & Commissions
GREATACY offers a variety of spreads, depending on the account type and trading instrument. The Standard Account offers spreads starting from 0.9 pips, while the ECN Account offers ultra-low spreads starting from 0.0 pips.
Here is a table of the spreads offered by GREATACY:
GREATACY does not charge commissions on standard trading transactions. However, there are some exceptions, such as trading on exotic pairs or using margin accounts.
Here is a table of the commissions charged by GREATACY:
Trading Platform
GREATACY provides a robust and versatile trading experience through its support for two widely acclaimed platforms in the industry: MetaTrader 4 (MT4) and MetaTrader 5 (MT5). Recognized as industry standards, MT4 and MT5 cater to millions of traders globally, offering extensive features and high customizability. These platforms furnish a diverse range of trading tools, including various charting options such as candlestick charts, line charts, and bar charts. Traders can apply technical indicators and draw trendlines directly on these charts for comprehensive market analysis.
Additionally, MT4 and MT5 offer trading signals derived from technical analysis, empowering users to identify potential trading opportunities. One notable feature is the support for Expert Advisors (EAs) on both platforms, allowing for automated trading. EAs, as automated trading programs, can execute predefined trading strategies, manage positions, and place trades based on real-time market data.
Deposit & Withdrawal
GREATACY offers a diverse array of payment methods for the convenience of its users, allowing flexibility in funding their trading accounts. The platform accommodates major credit cards, including Visa, Mastercard, Discover, and American Express, each incurring a fee of 2.9% plus $0.30 for transactions. Debit card payments, also accepted through Visa, Mastercard, and Discover, carry the same fee structure. For those opting for ACH transfers from U.S. bank accounts, GREATACY imposes a minimal fee of $0.25. It's important to note that while the platform supports various conventional payment methods, it does not currently accept PayPal or other online payment processors.
Customer Support
GREATACY demonstrates a commitment to responsive and accessible customer support, ensuring that users have multiple channels through which they can seek assistance. One avenue is through email communication, with users encouraged to reach out to Support@Greatacy.com for any inquiries or issues they may encounter.
Additionally, GREATACY provides around-the-clock live chat support, offering real-time assistance to address immediate concerns and queries. This 24/7 live chat service enhances accessibility, allowing users to receive timely responses regardless of their geographical location or time zone.
For those who prefer more direct communication, GREATACY also offers phone support, enabling users to speak with customer service representatives to receive personalized assistance.
Educational Resources
GREATACY offers a comprehensive suite of educational resources to help traders of all levels develop their skills and knowledge.
Video Tutorials:
GREATACY provides a library of video tutorials that cover a wide range of topics, from basic trading concepts to advanced strategies. These tutorials are taught by experienced traders who use clear and concise language to make complex subjects easy to understand.
Webinars:
GREATACY hosts regular webinars with industry experts who share their insights on current market trends and trading strategies. These webinars are a great way to stay up-to-date on the latest developments in the trading world and learn from some of the best minds in the industry.
Trading Articles:
GREATACY publishes a regular blog with informative articles on a variety of trading topics. These articles cover everything from fundamental analysis to technical analysis, and they provide traders with the knowledge they need to make informed trading decisions.
Conclusion
In conclusion, GREATACY offers a comprehensive trading experience with its range of account types, diverse tradable assets, and support for popular platforms like MT4 and MT5. The broker's competitive spreads, versatile trading tools, and educational resources contribute to a user-friendly environment. However, potential users should be mindful of the lack of regulation, a relatively high minimum deposit of $250, and the high leverage of 1:500, which may pose risks, especially for less experienced traders.
The uncertainty regarding the company's future operations without regulatory oversight adds an element of caution. On the positive side, GREATACY's extensive customer support through 24/7 live chat, email, and phone, as well as its diverse deposit and withdrawal methods, enhance accessibility and convenience for traders. It remains crucial for prospective clients to carefully weigh the advantages and disadvantages before engaging with GREATACY.
FAQs
Q: What trading platforms does GREATACY support？
A: GREATACY supports the widely recognized MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platforms, offering traders a diverse set of tools and features for an enhanced trading experience.
Q: Can I trade cryptocurrencies on GREATACY's platform？
A: Yes, GREATACY provides the opportunity to trade a variety of cryptocurrencies, including Bitcoin, Ethereum, and Ripple, allowing users to diversify their portfolios in the volatile cryptocurrency market.
Q: How does GREATACY ensure customer support accessibility？
A: GREATACY offers around-the-clock customer support through 24/7 live chat, email (Support@Greatacy.com), and phone channels.
Q: Is there a demo account available for testing the trading platform？
A: GREATACY offers a demo account that enables users to test the platform and trading conditions without risking real money, allowing for a risk-free exploration of the features.
Q: What is the minimum deposit required to open an account with GREATACY？
A: GREATACY has a minimum deposit requirement of $250 for its Standard Account, providing an accessible entry point for those new to forex trading or with lower trading volumes.
