Circle Markets Review

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.

Pros / Cons
  • Powerful trading platforms
  • Range of trading instruments
  • Commission free accounts
  • Various funding options
  • FIX API trading
  • Electronic Communication Network (ECN)
  • No-Dealing Desk (NDD)
  • Prime liquidity providers
  • Global Equinix servers
  • Multiple trading platforms
  • No US clients
  • 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.

Our #1 Broker 2022

AvaTrade Logo
AvaTrade is an award-winning broker offering 1250+ instruments including Forex, Cryptos, Stocks & CFDs. They provide user-...
Terms & conditions apply
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Circle Markets Overview

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 Features Overview

Circle Markets Features Overview

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 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 Regulation

Circle Markets Regulation

Circle Markets 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 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).

MetaTrader 4

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.

Circle Markets MetaTrader 4 (MT4)

Circle Markets MetaTrader 4 (MT4)

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.

Circle Markets MetaTrader 4 (MT4) Analytics

Circle Markets MetaTrader 4 (MT4) Analytics

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.

Circle Markets MetaTrader 4 (MT4) Trading Signals & Copy Trading

Circle Markets MetaTrader 4 (MT4) Trading Signals & Copy Trading

MetaTrader Market

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.

Circle Markets MetaTrader 4 (MT4) Market

Circle Markets MetaTrader 4 (MT4) Market

Algorithmic Trading

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.

Circle Markets MetaTrader 4 (MT4) Algorithmic Trading

Circle Markets MetaTrader 4 (MT4) Algorithmic Trading

Mobile Trading

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.

Circle Markets MetaTrader 4 (MT4) Mobile Trading

Circle Markets MetaTrader 4 (MT4) Mobile Trading

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.

Circle Markets MetaTrader 4 (MT4) Alerts & Financial News

cTrader

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.

Circle Markets cTrader Platform

Circle Markets cTrader Platform

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.

Circle Markets cTrader Fast Entry & Execution

Circle Markets cTrader Fast Entry & Execution

cTrader Copy

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.

Circle Markets cTrader Copy

Circle Markets cTrader Copy

cTrader Automate

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.

Circle Markets cTrader Automate

Circle Markets cTrader Automate

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.

Circle Markets cTrader Open API

Circle Markets cTrader Open API

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.

Circle Markets cTrader FIX API

Circle Markets cTrader FIX API

cTrader Web

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.

Circle Markets cTrader Web

Circle Markets cTrader Web

cTrader Mobile

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.

Circle Markets cTrader Mobile

Circle Markets cTrader Mobile

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 FIX API Trader

Circle Markets FIX API Trader

Circle Markets Trading Tools

Circle Markets have a few useful tools to assist traders. These include a calculator, currency convertor, economic calendar and VPS.

Economic Calendar

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.

Circle Markets Economic Calendar

Circle Markets Economic Calendar

Currency Converter

The currency converter simply allows you to convert a specified amount from one currency into another using daily exchange rates.

Circle Markets Currency Converter

Compounding Calculator

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.

Circle Markets Compounding Calculator

Circle Markets Compounding Calculator

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.

Circle Markets VPS via Commercial Network Services

Circle Markets VPS via Commercial Network Services

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 VPS via Trading FX VPS

Circle Markets VPS via Trading FX VPS

Circle Markets Education

Circle Markets have a few easily accessible trading guides on their websites which can help increase your trading knowledge.

CFD Guide

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.

Trading Guides

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 Frequently Asked Questions

Circle Markets Frequently Asked Questions

Circle Markets Instruments

Circle Markets offer a wide selection of trading instruments across multiple markets including Forex, Commodities, Cryptocurrency, Stocks, Shares, Indices, Metals, Energies & CFDs.

Circle Markets Instruments

Circle Markets Instruments

Forex Trading

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.

Circle Markets Forex Trading

Circle Markets Forex Trading

Commodities Trading

Traders have the option to trade from 7 different commodity markets including gold, silver, oil and gas.

Circle Markets Commodities Trading

Circle Markets Commodities Trading

Indices Trading

Trades can choose from 14 leading world stock market indices including NAS100, US30, SPX500, GER_30, EUR_50 and more.

Circle Markets Indices Trading

Circle Markets Indices Trading

Cryptocurrency Trading

There is a selection of Cryptocurrency pairs to trade including BTCUSD, BTCEUR and ETHUSD.

Circle Markets Crypto Trading

Circle Markets Crypto Trading

Circle Markets 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 Accounts

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.

cTrader PRO

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.

Circle Markets cTrader Accounts

Circle Markets cTrader Accounts

MetaTrader 4 Accounts

Standard Account

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.

Circle Markets MT4 Accounts

Circle Markets MT4 Accounts

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 FIX API Accounts

Circle Markets FIX API Accounts

PAMM Accounts

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.

Circle Markets PAMM Account

Circle Markets PAMM Account

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 Support

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 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 Funding Options

Circle Markets Funding Options

Circle Markets 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 Registration Form

Circle Markets FAQ

What is the Circle Markets minimum deposit?

The Circle Markets minimum deposit amount is $50. This is simply the amount you need to start trading on the Standard account or Swap-Free account. If you want to use the ECN account, you will need to deposit at least $2,000. Once an account has been opened, the minimum deposit amount reduces down to $10, depending on the method you use to deposit with.

How do I deposit money into Circle Markets?

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.

Bank transfers can take a few business days to clear. Accounts can be opened in USD, EUR, GBP, AUD, RUB, JPY, Bitcoin.

What are Circle Markets’ deposit fees?

Circle Markets does not charge any deposit fees. But there may be fees charged when using certain payment methods.

How do I withdraw money from Circle Markets?

To make a withdrawal, you need to log in to your secure client portal and submit an online withdrawal request. While logged into the Secure Client Area, you should select your withdrawal method from the list of payment methods available — bank transfer, credit card, and online payment processors such as PayPal, Neteller, and Skrill.

What are Circle Markets withdrawal fees?

Circle Markets does not charge any withdrawal fees. But you should check with your bank or processor to see if they will add any incoming transfers and processing fees.

What is Circle Markets’ commission fee?

Circle Markets charges low commission fees of $5 per buy/sell or $6 per round turn on the ECN account. However, the Standard and Swap-Free accounts do not have any added commissions as they use a spread-based system.

Are there any Circle Markets inactivity fees?

The broker does not charge any inactivity fees on your account. Some brokers are known to deduct some funds from your account if you leave your account dormant for a prolonged period.

What are Circle Markets account types?

Circle Markets offers multiple trading account options. However, the account type that will be available to you is dependent on the trading platform you are using: the MT4 trading platform offers three account options, including Standard, Swap-Free, and ECN accounts; the cTrader platform has two account options — cTrader Raw ECN and cTrader Pro accounts; the FIX API platform offers the FIX API Starter account and the FIX API Pro accounts.

Is there a Circle Markets demo account?

Yes, you can open a Circle Markets demo account that offers a great way to practice trading online. You can familiarise yourself with the Circle Markets platform at your own pace and trade risk-free using virtual funds. Once you feel confident enough to trade with real money, you can move onto opening a live account.

Although the demo account has all of the same features and functions as a real account, it does not simulate the real trading market conditions.

Also, demo accounts do not take into consideration the psychological impact of trading with real money. So, your trading performance with a real account may not be comparable to that of trading with virtual funds.

What are Circle Markets spreads?

Circle Markets offers low spreads from 0.0 pips. The spreads are variable, which means they will be influenced and move with the markets.

The spread is the difference between the bid (buy) and asks (sell) prices of a particular asset. You enter a buy trade using the buy price quoted and exit using the sell price. The narrower the spread, the lesser the price needs to move in your favor before you start to make a profit

What is Circle Markets leverage?

The maximum leverage at Circle Markets is capped at 1:500.

What is Circle Markets margin & stop-out levels?

At Circle Markets, a margin call occurs at a margin level of 80%, while the Stop-Out is 40%.

Margin is the required amount in the trading account’s base currency needed to open or maintain a position. Margin is calculated as a percentage of the notional value of the CFD or a fixed monetary amount.

Do Circle Markets allow hedging, scalping & expert advisors?

Circle Markets supports all trading strategies, including hedging, scalping & expert advisors.

Is there a Circle Markets Islamic account?

Yes, Circle Markets offers a swap-free Islamic account.

These Islamic accounts without swaps are offered mainly to Muslim traders who, as per Islamic law, are prohibited from any form of usury, that is, making a profit without creating real wealth. Instead of a swap, only the broker’s commission is included on such accounts. Not only Muslims but also long-term and medium-term traders can use accounts without swaps.

What are Circle Markets trading instruments?

The broker offers the following financial assets: forex, commodities, cryptocurrency, stocks, shares, indices, metals, energies, and CFDs

How do I open a Circle Markets live account?

Opening a Circle Markets involves a simple process: complete the online application on the broker’s website by answering a few relevant questions, upload your verification documents and submit it

How do I verify my Circle Markets account?

To verify your Circle Markets account, you are required to verify your email then upload a form of identification and proof of address. Once verified, you can fund your account and start trading.

What is Circle Markets trading platform?

The following trading platforms are available at Circle Markets: MT4, cTrader, and FIX API Trader. The MT4 is a powerful, fully customizable, and user-friendly trading platform that MetaQuotes developed. It includes a wide range of features that ensures seamless trading of multiple financial markets.  cTrader is another leading multi-asset trading platform usually used by more experienced traders. It has advanced trading capabilities and charting tools to improve the overall trading experience. The Circle Markets FIX API Trader is built for those who need extra fast trading conditions. It utilizes a lightweight design to maximize trade speed as much as possible. These platforms are available in desktop, web, and mobile versions.

Where can I download the Circle Markets platform?

You can easily access the web platforms directly from the broker’s website without downloading any extra software. The desktop platforms can be downloaded from the broker’s website, while the mobile apps are available at the relevant app stores.

Where is Circle Markets located?

Circle Markets is Headquartered in New Zealand.

Is Circle Markets regulated?

Yes, Circle Markets is regulated by the Financial Service Providers Register (FSPR) and the Vanuatu Financial Services Commission (VFSC).

What countries do Circle Markets accept?

Circle Markets Ltd does not provide services for citizens/residents of certain regions, such as Canada, Cuba, Iran, Iraq, Myanmar, North Korea, Sudan, Syria, The United States. The broker only accepts New Zealand clients defined as ‘Wholesale Investor’ or ‘Eligible Investor’ as per New Zealand law for Financial Services Providers Act FSPA 2008.

Is Circle Markets a scam?

No, Circle Markets is not a scam. They are a registered and regulated brokerage firm offering trading products and services to traders across the globe.

How can I contact Circle Markets support?

You can contact the Circle Markets support team through the following contact channels: telephone, email, and Live Chat.

Circle Markets Summary

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.

Circle Markets Logo

Min $50 Deposit

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.