1 Pip Fix Forex Broker Review 2012 - Overview, Ratings, Likes, Dislikes, Comparison, News
1 Pip Fix is a forex broker offering you excellent spreads on over 50 FX currencies pairs, metals, futures. Their target spreads start at 1 PIP on majors.
1 Pip Fix Forex Broker Review
1 Pip Fix is mostly known as cheap currency trading provider, while not so competent on trading related services.
Very Positive - Spread on some major currency pairs indeed starts at 1 pip, but only on regular trading account (not on Mini).
Could do Better - Research, tools, education, customer support are just few of most important business segments where company can improve in the future.
Introduction
1 Pip Fix is a broker which offers its clients great spreads on over sixty pairs of Forex currencies. The reason why this company is so named is because its target spreads begin at 1 PIP and that is fixed. One of the main reasons as to why this company was founded was for the purpose of offering lower spreads to its clients as compared to other brokerages. People behind this company have no qualms to work on lower profits. When you trade with the company, you will be enjoying direct and fast execution and there is no question of involvement of dealing desk.
Investments Offered and Basic Conditions
Forex trading is definitely a number one investment offered by 1 Pip Fix to its clients. It offers low spread level, i.e. just 1 pip on Euros or US Dollars. You will find more than sixty currencies pairs being offered by the website. However, in order to trade with this online broker, you have to open an account with a minimum investment of USD 100 initially. With this kind of account, you will be getting the standard 3 pips spreads on two major currency pairs. If you were to deposit USD 2500 instead then you will be getting 1-2 pip spreads on seven major currency pairs with 0.1 lot sizes.
Types of Accounts
An aspiring customer can open three types of accounts with 1 Pip Fix. The first type of account is called a Mini Starter Account and this one requires a minimum deposit of USD 100 only. Pro Fixed Account is the second type of account and in order to open this kind of account one should deposit USD 2500. There is also another type of account available for those who would not like to open an actual account and risk losing their money in Forex trading, even though the initial deposit amounts of the two accounts are quite low. This type of account is called a Demo Account. It is free of cost and allows you to practice Forex trading. Registration is required for the purpose of operating such an account.
Opening an Account
If you want to open a demo account with 1 Pip Fix then you need to register for the same by providing your name and your email address. Once you are through with registering, you can directly create your demo account by downloading the demo version of the MetaTrader 4. A link to contact the company is also provided should you face some problem with opening your demo account.
The procedure for opening a live account isn't as simple as the procedure for opening a demo account as the application for this account comprises of six pages which need to be duly filled up and submitted for the live trading account to be created. The entire process of filling up the online application form takes only five minutes or so and thus worth all the trouble.
Software
The software provided by 1pipfix.com is called MetaTrader 4 and this software program is touted as 'state of the art' by the website. Likewise, the trading platform is equipped with hundreds of features and indicators that are designed to make the process of trading in Forex easy for the clients of the company. There is no need of going through the dealing desk as one would be able to get fast service and fast execution when one trades with 1pipfix.com. MetaTrader platform features more than fifty symbols for trading purposes and is provided to those who have opened a live trading account with the company. Additionally, the website also provides a web trader and a mobile trader.
For those who have opened a demo trading account, the free or demo version of MetaTrader is provided to them. They can use this version to practice on Forex trading until they feel they are ready to trade live with the full version of the software.
Trading Tools and Research
If you are looking for trading tools and research on 1 Pip Fix then you will be disappointed because the company does not provide any trading tools or research facilities. Therefore you will have to think of ways to obtain the same from other online brokers who provide free trading tools and research resources. However, this is not a big disadvantage or disappointing fact considering the fact that the 1pipfix.com offers a very low spread and hence their profit margin is not that high.
A lot of people are willing to sacrifice trading tools for low spreads because trading tools are easily obtainable free of cost from other websites online, but very few brokers offer spreads as low as the ones offered by 1pipfix.com.
Education
Since the website offers traders with the opportunity of trading in Forex with as little as USD 100 in their accounts as initial deposit, it is hugely popular amongst small and medium sized trading units. These traders still favor 1 pip fix even if it does not offer any type of research resources, trading tools or educational resources. Thus, you are not going to find any resources for educating yourself about Forex trading from the website.
As far as the education factor is concerned, this online broker does not offer any lessons, tutorials or guides for its clients. All that is available is the demo version of Meta Trader for one to play around with and therefore one can proudly claim that he/she is self-taught if he/she becomes successful at learning via the demo version of the software. As experts related to the field claim, self realization and self awareness are two extremely essential requisites for long-term success in the forex market.
Awards
Although this online broker may be offering one of the lowest spreads available in the market and it may have acquired a lot of clients, but as of now it hasn't received any specific awards. However this does not put a question mark on its credibility in any way. Going by the popularity of the website and the effectiveness of its services, this firm definitely deserves consideration.
Promotions, Challenges and Bonuses
At present 1 Pip Fix is offering a 10% bonus on deposit of USD 1000 into the live trading account. Therefore in order to get the 10% trading bonus you will have to deposit USD 1000 into your account.
What Makes 1 Pip Fix Different?
There are many factors that make this company different from the others, the foremost being that there is no charge for maintaining a live trading account with 1pipfix.com. In addition, the broker does not charge any commission fees if you are depositing funds into your account. It also allows hedging and individuals all over the world are welcome to open an account with them. Moreover, the wait time for withdrawals or deposits is just 3 hours on an average and the execution process of the company is extremely fast.
Customer Support
You can avail the customer support service of this website by contacting them via email or live chat service at any time. The 24x7 support service of the company is what makes its customer support service impressive as also approachable at all times by the client.
Compare 1 Pip Fix to Other Forex Brokers
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Written by: Goran Dolenc
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