AGEA Review

AGEA is an online forex and CFD broker whose mission is to provide professional and ethical online trading services to its clients. Its parent company; AGEA International AD is a global fintech firm that was founded in 2005. It is currently listed and traded as AGEA on the Montenegro Stock Exchange (MNSE). Its head office is located in Podgorica, Montenegro but it offers its service across the world. AGEA boasts of a team of dedicated financial experts as well as computer technology professionals.

AGEA states clearly in its ‘best execution policy’ document that it acts as a counterparty to every trade and executes every client order. The broker is compensated through commissions and by marking up the ask-bid spreads presented on its platforms.

Pros

• Multiple payment options.
• Minimum deposit of $1
• Access to trade on its proprietary Streamster platform as well as the MT4.
• No swap charges on the Streamster platform.

Cons

• Less than 100 trading instruments as opposed to other top brokers that offer much more tradable assets.
• No trading academy, training videos, and eBooks.
• No in-depth market analysis or trading signals.
• No social trading or managed accounts.
• Only regulated in Montenegro; the regulatory authority is largely obscure.

AGEA Security and Regulation

AGEA International AD is authorized and regulated by the Commission for Capital Markets of Montenegro which was formerly the Securities and Exchange Commission of Montenegro.

In compliance with the regulatory rules; clients’ funds are banked separately from that of AGEA International AD. It is held in segregated accounts which can only be used by the broker to fund clients’ positions and cannot be used to solve the broker’s internal financial obligations no matter its gravity. The accounts are held with the big international banks that are well established. Its platforms and websites are protected with Secure Socket Layer (SSL) technology which encrypts all transactions to the servers making it almost impossible for hackers to steal clients’ sensitive data such as credit card details, login details, etc.

Trading instruments

The following assets are available for trading on the MT4 platform

• 40 forex pairs
• 6 indices
• 2 spot commodities
• 2 commodity futures

On the Streamster Platform, you can trade the following instruments

• 17 forex pairs
• 6 indices
• 5 crypto assets

Account opening

You need to create and maintain an active account with AGEA in order to trade forex and CFDs with the broker. Click on the ‘open account’ button from any page on the website. Fill the form that displays. Enter your personal details, on the second page; input your trading knowledge, trading experience, source of funds, etc. When completed, you are automatically logged onto the AGEA Streamster trading platform. From there, you can verify your account, make deposits and commence trading.

AGEA Deposits and Withdrawals

AGEA states that it credits all deposits with the same amount received, but for withdrawals, some charges apply. If you make the first withdrawal without using a wire transfer, AGEA will charge a one-off fee of $7.00.

Below are the payment options available:

Credit/Debit card: There are no deposit fees but card withdrawals are charged 2.5% + $7.50. If the payment is in EUR, then the charges become 2.5% + €6.50. The maximum deposit amount is $5,000.00. Deposits are very fast, in most cases, the accounts are credited in a matter of minutes.

Global Wire transfers: This method is best for deposit and withdrawals of large amounts of money. A withdrawal fee of $10 is charged for each transaction. The major snag here is that it takes 2-7 days to complete a wire transfer.

Local transfer: This is available for residents in South-eastern Europe.

PayTrust88: This is a local bank transfer service available to residents of Malaysia, Indonesia, Vietnam, and Thailand. Payment is made in local currency. Deposits are free but 1.6% of the transaction amount is charged on withdrawals.

Skrill: This e-wallet method can be used for free deposits but withdrawals are charged at 1%.

Neteller: There are no withdrawal or deposit charges on Neteller.

Perfect Money: This payment system facilitates secure money transfers. Deposits are free while withdrawal fee is 0.5%.

WebMoney: This system enables funds transfer between users. Deposit fee is 2% while withdrawal fee is 1.5%.

QIWI Wallet: There are no deposit fees but withdrawal fee is 1%.

FasaPay: With this e-wallet payment option, there are no deposit and withdrawal fees.

Fees and account types

AGEA is not explicit about its fees but it states that it charges from the spread as well as commissions. If you prefer fixed spreads, you can request it after creating a cent or standard account. Before creating an MT4 account, you must first own a Streamster account. For all platforms, the maximum leverage is 1:100. The account currencies available are USD, EUR, GBP, CAD, AUD, JPY, and CHF.

Cent account

This account is only available on the MT4 platform. The minimum deposit is $6 while the maximum account balance is $5,000.

Standard account

Also available on the MT4 platform, this is the primary account designed for experienced traders. The minimum deposit is $100.

Streamster account

This is the default account that is automatic with registration. Clients can complete their account registrations, upload KYC documents, and fund their accounts on the Streamster platform. $1 is the minimum deposit on this platform.

Demo account

AGEA offers a demo account for practice purposes. Traders can practice with the $10,000 virtual funds that come with the account. There are no limitations with the demo account.

The minimum spread for the benchmark EURUSD is 1.2 pips which is rather high, when compared with the top rated brokers.

AGEA has a Zero-Interest policy on all positions opened on the web-based Streamster trading platform. This means those swap fees are not charged on these platforms. However, swap fees are charged on the MT4 platform.                       

Inactivity fees of $20.00 are charged yearly from accounts that have remained dormant for a 12 month period. Yearly payment is rather low when compared to competitors that charge monthly payments once the account becomes dormant.

The following platforms are provided by AGEA to all its clients.

AGEA Trading platforms

The following platforms are provided by AGEA to all its clients.

Streamster platform

This is a proprietary online trading platform from AGEA. It is the default platform that is available to all traders. The platform is preloaded with tools for account management as well as technical and fundamental analysis tools. It is available in over 90 languages and can be customized using layouts. You can fund your account, open and close trade positions, manage your trades, read the market news, etc.

The Streamster platform comes with 4 chart styles that can be displayed over 8-time frames; from 5 minutes to 1 month. It comes with about 35 technical indicators used for technical analysis.

MT4

This popular trading platform is available for all clients who prefer to use the platform. AGEA offers more currency pairs on the MT4, but swap fees are charged on overnight positions, unlike the Streamster where swap fees are not charged. The MT4 comes preloaded with a charting package and up to 30 technical indicators which can still be extended through plugin apps. With the inbuilt MQL4 programming language, clients can design their own robots, indicators, and other apps that will run on the platform. It features charting on 9 timeframes, order management, and risk management tools. AGEA provides the web version and windows desktop version of the MT4 to all clients.

Research and Education

AGEA does not have a comprehensive trading academy or structured training program like some brokers. There are only a few short articles on some topics like; orders, buying and selling, profit calculations, technical and fundamental analysis, risk management, trading terminologies, margin and overnight interest fees.

AGEA does not provide daily technical analysis, webinars and trading insights. There are no platform tools like Autochartist or partnership with fintech research firms like TradingView, Claws & Horns, etc.

Customer Support

AGEA support team speaks several languages. According to the website, the fastest way of reaching the support team is to initiate a live chat by clicking on the ‘Live Support’ button located at the right-hand bottom of every page. You can also fill the ‘Contact us form on the ‘contact page’ of the website. To reach the support team on phone, call their number from 8:00 am to 4:00 pm (CEST) Monday to Friday. There are also FAQs to help newbies understand some basic services rendered by AGEA.

On social media, you can follow AGEA on Twitter, Instagram, Facebook, YouTube and LinkedIn.

Bonus and Promotions

To welcome its new clients, AGEA offers a $5 gift to all registered and verified trading accounts.

Summary

AGEA is an established CFD broker that has been in operation for over 15 years. In addition to the widely used MT4, AGEA also offers its proprietary platform known as Streamster. The platform has a simple interface, standard technical analysis tools as well as news, account, and risk management tools. Several payment options are available and you can commence trading with as little as $1.

However, the assets index is small and beginner traders are not offered much training. Only a few training articles are provided. No daily analysis, signals or expert insights are provided. There are no provisions for forex market investors as there are no social trading platform or managed accounts. Though a regulated broker, but the regulatory authority is not as popular as CySEC, FCA, ASIC or other standard regulators widely known among forex traders and analysts.

Summarily, AGEA is an experienced broker still has to do a lot if it wants to become a top rated broker.