Circle Markets Review 2020
Circle Markets offer tight spreads, fast execution speeds, competitive fees and FIX API trading. There are a range of flexible trading accounts and platforms to choose from. Trading instruments include 140+ FX currency pairs.
Circle Markets Review 2020, Pros & Cons
- Commission free accounts
- FIX API trading
- Electronic Communication Network (ECN)
- No-Dealing Desk (NDD)
- Prime liquidity providers
- Global Equinix servers
- Multiple trading platforms
- No US clients
- No fixed spread accounts
- Limited educational material
In this detailed Circle Markets review, our online broker research team have covered some of the most important aspects for you to consider when choosing the best broker for your online trading needs.
Circle Markets is not ranked in our best forex brokers, best stock brokers, best cfd brokers, best crypto brokers or best online brokers categories. You can use our free broker comparison tool to compare online brokers including Circle Markets.
Circle Markets Review: Summary
Circle Markets are an online trading broker founded in 2016 in New Zealand that was created by traders for traders after the owners realised that there was a short supply of reliable brokers. Starting out with quantitative trading systems, they have first-hand experience and thus understand what the most important aspects of a broker are to most traders.
They offer access to trade a wide range of instruments across multiple markets including Forex, Commodities, Cryptocurrency, Stocks, Shares, Indices, Metals, Energies & CFDs.
Circle Markets aim to provide a transparent trading experience by offering deep liquidity via an advanced aggregation system that combines multiple pools of liquidity for the best possible prices and tight spreads. This aggregation system is able to switch between different liquidity providers (LPs) for improved trade execution on uninterrupted feeds with access to the best bid and ask prices.
As each source of liquidity has a limit on the amount of orders that can be placed at a specific price, the aggregation system can replace expended liquidity sources with another liquidity stream, thus enabling traders to fill high volume orders faster and with less slippage. Liquidity providers include top tier banks such as BNP Paribas, UBS, Credit Suisse, Barclays, and JPMC.
Circle Markets use a no dealing desk model with an Electronic Communications Networks (ECN) for fast trade execution speeds and minimal slippage. Their trade servers are located in the same data centre as their liquidity providers (Equinix LD4 in London & Equinix NY4 in New York) to help ensure superior trading conditions.
Circle Markets do not take any risk on clients trades thus avoiding a conflict of interest. They instead charge very competitive fees with client profitability being the primary focus. The top-quality trading environment they provide includes a FIX API trading solution that can facilitate 4,500 traders per second over cross-connect.
The popular MetaTrader 4 and cTrader trading platforms are available for desktop, web and mobile, including a vast array of trading tools to assist with your technical and fundamental analysis.
Whatever your level of trading experience, Circle Markets aim to simplify the trading process by offering industry leading products and services to help make it easier to achieve your goals.
Circle Markets Review: Regulation
Circle Markets is the trading name for a related group of companies that offer trading services to clients across the globe including Circle Markets Ltd (NZ) who are located in New Zealand and registered with the Financial Service Providers Register (FSPR) and Circle Markets VU Ltd (VU) who are located in the Republic of Vanuatu and registered by the Vanuatu Financial Services Commission (VFSC).
Circle Markets keep client funds in segregated accounts, seperate from the company’s funds. This helps to give clients peace of mind that their funds are secured and not used for any other purpose such as hedging or running costs.
Circle Markets Review: Countries
Circle Markets provides services to traders from across the globe although there are some restrictions for citizens/residents of certain regions, such as Canada, Cuba, Iran, Iraq, Myanmar, North Korea, Sudan, Syria and The United States.
Some Circle Markets broker features and products mentioned within this Circle Markets review may not be available to traders from specific countries due to legal restrictions.
Circle Markets Review: Trading Platforms
Circle Markets offer a selection of trading platforms suited to different trader’s needs, including the very popular MetaTrader 4 (MT4) platform. They also offer cTrader, FIX API and MT4 to FIX API.
MT4 and cTrader are available on desktop (Windows / Mac), web and mobile (iPhone / iPad / Android / Tablet).
MT4 is a powerful, fully customisable and user-friendly trading platform, popular amongst all levels and expertise of traders. It is developed by MetaQuotes and includes a wide range of features such as multiple order types (market, pending, etc), instant trade execution, multiple chart types (tick, minutes, hour, weeks, etc), technical indicators for chart analysis, automated trading and much more.
MetaTrader 4 Analytics
MT4 has a great selection of analytical tools for assisting traders. It receives real time quotes with interactive charts over 9 different time frames. There are multiple built-in analytical objects and technical indicators for making market analysis more efficient.
The MQL4 online community share additional technical indicators and expert advisors (EAs) whilst there is the possibility of creating your own indicators and EAs from within the platform. The strategy tester allows you to back test EAs over historical data.
Trading Signals & Copy Trading
MT4 has the capabilities to automatically copy signals from other traders directly into the platform. This allows users to subscribe to a choice of thousands of free and paid trading signals from signal providers with various different strategies.
MT4 has a built-in market where users who are subscribed to the MQL community can find free or commercial expert advisors for automated trading and additional technical indicators for chart analysis. There is a huge selection to choose from that can be purchased directly through the platform.
MT4 has the option to create your own fully automated trading strategy or custom indicator from the MetaEditor within the platform. You can develop, test and optimise the programs that you develop to use in your own trading or offer through the MT4 market.
MT4 mobile makes it possible to trade on the go when you are away from your computer. The mobile trading platform maintains the same trading functions and analysis tools. You can place orders, manage orders, close orders, keep up to date with real-time market movements and set alerts. It is available for download on both Android and iOS from the relevant app store.
Alerts & Financial News
You can set alerts from within MT4 to send you notifications via SMS, email or the platform. Alerts can signal you when a predefined event that you have specified occurs. E.g. If you set a level of resistance, you may wish to be alerted when price reaches that level.
Receiving the latest financial news helps you to stay up to date with real-time news events that can affect the markets. This can be used to assist with your trading decisions.
cTrader is another leading multi asset trading platform usually used by the more experienced traders. It has advanced trading capabilities and charting tools to improve the overall trading experience. There are exclusive features and tools with the ability to connect to traders, apps and resources. Level II pricing is supported and it is known for having fast trade execution speeds.
Fast Entry & Execution
cTrader orders are filled within milliseconds with support for simultaneous order processing and no order queue so that multiple orders can be filled at the same time.
cTrader copy allows traders to share their trading strategies for a commission or fee. Traders can also search for and copy signals from other strategy providers with their own customised risk management settings.
cTrader includes an integrated development environment where you can develop and test your own automated trading systems and custom indicators in a modern C# API.
cTrader Open API
cTrader have a free and secure open API where you can take advantage of their technology to build your very own applications for web, mobile or desktop. These applications can be used to connect and trade with cTrader accounts.
cTrader FIX API
cTrader have a FIX API trading interface to trade via your cTrader account. The FIX API is offered to all accounts with no extra cost or commitments. A FIX API trading interface is ideal for institutional, professional and high-frequency retail traders, as it can further increase trading capabilities.
The cTrader web platform offers the same features and capabilities as the desktop platform without needing to install the software. It is compatible with multiple browsers and operating systems including Windows, Mac and Linux.
The cTrader mobile application is available for iOS and Android from the relevant app stores. It is optimised for display on mobile devices and includes the key features required for convenient and efficient trading whilst on the go from anywhere in the world with an internet connection.
FIX API Trader
The Circle Markets FIX API Trader is built for those who need extra fast trading conditions. It utilises a light weight design in order to maximise trade speed as much as possible.
FIX API platforms are commonly used by news traders, scalpers and high frequency traders. It is possible to connect the FIX API to MT4 so that an automated system running on MT4 can trade on the FIX API price feed with direct market access. Many traders consider the MT4 to FIX API as a way of removing the limitations of MT4.
Whilst the FIX API retails at $1,800, a free copy is offered to all clients with a FIX API account. If you do not have the knowledge or skills to use the FIX API solution, the support team are on hand to help.
Circle Markets Review: Trading Tools
Circle Markets have a few useful tools to assist traders. These include a calculator, currency convertor, economic calendar and VPS.
The economic calendar displays real time economic news releases to help you stay informed with the latest market news. You can see the date/time and name of the news release, the expected volatility and the actual/consensus/previous results.
The currency converter simply allows you to convert a specified amount from one currency into another using daily exchange rates.
The compounding calculator can calculate monthly interest earnings based on user specified starting balance, monthly percent gain and number of months. It will output the result both as a chart and a table.
Virtual Private Server
Circle Markets offer clients 2 different free virtual private server (VPS) options. A VPS is useful if you need to have your trading platform running 24/7. They can help to improve execution speeds due to low latency connections and remote locations that are near to trade servers.
Commercial Network Services VPS
Clients can get a free VPS through Commercial Network Services if they trade at least 20 lots per month with Circle Markets.
Trading FX VPS
Clients can get a free VPS through Trading FX VPS if they trade at least 5 lots per month with a standard/Raw ECN account or trade at least 15 lots with a Raw ECN Pro or FIX API Pro account.
Circle Markets Review: Education
Circle Markets have a few easily accessible trading guides on their websites which can help increase your trading knowledge.
There is a thorough guide on contract for differences (CFDs) that covers the different CFD options in detail and is a good place to start for those looking to find out more about CFD trading.
There is a collection of online trading guides available on the Circle Markets website blog suitable for all levels of traders. These include tutorials and cover a range of topics from technical analysis, general trading education, cryptocurrencies and more.
Frequently Asked Questions
There is an FAQ section on the Circle Markets website that covers a range of different topics and commonly asked questions. Subjects include general market info, company info, accounts and trading.
Circle Markets Review: Trading Instruments
Circle Markets offer a wide selection of trading instruments across multiple markets including Forex, Commodities, Cryptocurrency, Stocks, Shares, Indices, Metals, Energies & CFDs.
They have one of the largest selections of currency pairs from an online broker with 140+ major, minor and exotic FX currency pairs to choose from. Currency pairs include the popular EURSD and GBPUSD.
Traders have the option to trade from 7 different commodity markets including gold, silver, oil and gas.
Trades can choose from 14 leading world stock market indices including NAS100, US30, SPX500, GER_30, EUR_50 and more.
There is a selection of Cryptocurrency pairs to trade including BTCUSD, BTCEUR and ETHUSD.
Circle Markets Review: Trading Accounts & Fees
Circle Markets offer a range of flexible trading accounts for each individual trader needs. The accounts are platform specific. Thus, if you wanted to use the MT4 platform you would need to open an MT4 account whereas you would need a cTrader or FIX API account to use those platforms.
There is a user-friendly account management dashboard where you can easily fund or manage multiple accounts. If there is not an account that meets your requirements, the support team are happy to discuss a customised solution.
cTrader Raw ECN
The cTrader Raw ECN account requires a minimum deposit of just $100 with spreads starting from 0 pips, a commission fee of $3.5 and flexible leverage of up to 1:500.
This cTrader PRO account requires a minimum deposit of $1,000 with spreads starting from 0 pips, a commission fee of $2.5 and flexible leverage of up to 1:500. The main advantage of this account over the Raw ECN is the commission charge is less.
MetaTrader 4 Accounts
The Standard account is the basic entry level account for all levels of traders. It charges no commission for trading forex and CFDs with a minimum deposit requirement of just $50, spreads from 0 pips and flexible leverage of up to 1:500. This account offers institutional grade spreads.
Swap Free Account
The Swap Free account is the same as the standard account and operates in full compliance with Sharia Law. These accounts are Islamic friendly and may be suitable for longer term traders.
Raw ECN Pro Account
The Raw ECN Pro account has the lowest fees overall with ECN trading conditions and therefore may be ideal for the more professional traders and fund managers. It charges a $3 commission fee for trading forex and CFDs with a minimum deposit requirement of $2,000, spreads from just 0 pips and flexible leverage of up to 1:500.
FIX API Accounts
FIX API Starter
The FIX API Starter account requires a minimum deposit of just $100 with spreads starting from 0 pips, a commission fee of $3.5 and flexible leverage of up to 1:500.
FIX API Pro
The FIX API Starter account requires a minimum deposit of just $1,000 with spreads starting from 0 pips, a commission fee of $2.5 and flexible leverage of up to 1:500. The main advantage of this account over the FIX API Starter is the commission charge is less.
Circle Markets offer percentage allocation management module (PAMM) accounts for money managers and traders who wish to invest with them. PAMM managers charge a success fee and share profits with investors. Past PAMM performances are no guarantee of future success.
As broker fees can vary and change, there may be additional fees that are not listed in this Circle Markets review. It is imperative to ensure that you check and understand all of the latest information before you open a Circle Markets broker account for online trading.
Circle Markets Review: Customer Service
Circle Markets customer support is available 24/6 via online chat, telephone and email. There is a designated telephone number if you need to call the trading desk directly.
Circle Markets Review: Deposit & Withdrawal
Circle Markets have implemented a wide range of convenient deposit and withdrawal methods for clients. You can deposit and withdraw from the client’s area using options including bank transfer, credit card and online payment processors such as PayPal, Neteller and Skrill. Bitcoin funding is also available. Customer service is on hand 24/6 to assist you if required.
There may be fees charged when using certain payment methods. Bank transfers can take a few business days to clear. Accounts can be opened in USD, EUR, GBP, AUD, RUB, JPY, Bitcoin. The different account currency options are beneficial as currency conversion fees do not apply when using an account in your own currency.
Circle Markets Review: Account Opening
It is a smooth process opening an account. You just need to complete the online registration form that will require you to answer a few simple questions. Following on from that, you will need to verify your email then upload a form of identification and proof of address. Once verified, you can fund your account and begin trading.
Circle Markets Review: Conclusion
Circle Markets is an online broker focused on providing traders across the globe with industry leading trading conditions. They offer very low spreads and fast order execution, especially on the FIX API offering. Commission charges are very competitive whilst commission free accounts are also available. They offer the top trading platforms and have a very large selection of FX currency pairs. There are a variety of flexible trading accounts to choose from and multiple funding options.
Risk Warning: Trading leveraged products such as CFDs involves substantial risk of loss and may not be suitable for all investors. Trading such products is risky and your losses may exceed your invested capital. Please read and ensure you fully understand our Risk Disclosure. We recommend that you only trade with amounts on which you are willing to accept the risk of losses. Past returns are no guarantee of future returns.