Milton Prime ReviewCategory: Reviews | Author: Trading Brokers | Date: November 17, 2022
Milton Prime is a CFD broker that offers a large range of financial instruments across different asset classes for trading online via intuitive and user-friendly trading platforms for multiple devices. You can trade Forex and CFD instruments via an individual trading account whilst the broker also offers copy trading services for those who prefer a more hands-off approach. I appreciate that they deliver a convenient and innovative trading environment to help ensure a seamless trading experience, with something for everyone to trade. The minimum deposit of $300 is not the lowest you will find, but they do provide free demo accounts if you want to give them a try before making a financial commitment. I think they can be worth consideration for anyone who is looking for simple market access to trade manually or copy signals from fellow traders.
Pros & Cons
- User-friendly yet powerful trading platforms
- Hundreds of trading instruments across different asset classes
- Spreads from 0.8 pips and no commission fees
- No-dealing desk with rapid execution speeds
- Copy trading solutions for money managers and investors (PAMM/MAM)
- Vast range of educational resources for beginners
- Quick KYC and onboarding process
- Excellent multilingual client support
- $300 minimum deposit is not the lowest
- No FIX API connectivity for institutional trading
- Not the best spreads for scalping
- Could add some more standalone trading tools
- Cannot accept clients from some countries
Founded in 2015, Milton Prime is a CFD brokerage firm that provides a good range of trading and investing services to a global client base. They have easy to use yet powerful trading platforms for desktop, web and mobile devices. Whatever your trading experience level, the broker welcomes clients from all different backgrounds. For beginners, they provide an excellent range of educational resources including trading guides and videos to bring you up to speed with the markets.
I like how they have very competitive trading conditions when compared to other industry leading brokers, this includes low spreads, zero commission fees, quick execution speeds, around the clock support and variable leverage. They typically execute 99.9% of trades without compromising on margin requirements and trading fees, so you never miss the right opportunity.
Milton Prime have hundreds of CFD trading instruments to choose from, this includes Forex, Stocks, Indices, Commodities and Cryptocurrencies. In addition to individual trading accounts, the broker also has an investor account where you can copy trades from other traders. This could be a good solution for anyone who doesn’t have the time or knowledge to trade manually.
When it comes to choosing a broker, regulation is one of the first things that I look for. I would always prefer to use a regulated broker as this gives me the peace of mind that they will operate in a fair manner. However, it is also important to remember that not all regulators are the same. Some are considered to be more stringent than others. Milton Prime is regulated by the Seychelles Financial Services Authority (FSA) and committed to creating a secure and fair-trading environment. They have a cutting-edge platform which aims to provide the highest levels of transparency and protection with advanced technology that helps to safeguard the privacy and safety of client funds and creates a reliable trading environment that traders know they can trust. Whilst some people may not feel this is top-tier regulation, I personally wouldn’t have any problems entrusting the broker for my day trading activities.
Whilst the broker welcomes traders from all over the globe, some features and products mentioned within this Milton Prime review may not be available to traders from specific countries due to legal restrictions. If your country is not accepted by them for whatever reason, I recommend checking out our broker comparison tool for some possible alternatives.
Milton Prime offer you the popular MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platforms from MetaQuotes. I am a huge fan of these platforms and have used them myself for many years. They have everything you need to access and trade the global markets with relative ease. There is a good reason they are the industry standard platforms that are used by millions of traders all over the globe. Both platforms are well known for being user-friendly making them a popular choice for beginner traders whilst they also have plenty of advanced trading tools to satisfy the needs of the more experienced users. I like how they are fully customisable so that you can organise the platform layout and charts to suit your own needs and goals. There are plenty of tools available so you can analyse the charts in as much detail as you like to help you make informed trading decisions. There is also the MetaEditor which is a modern trading strategy development environment integrated with MetaTrader platform. It allows creating programs for algorithmic trading on MQL4 and MQL5 languages: trading robots, technical indicators, scripts, graphical control panels and much more. The marketplace contains plenty of add-ons to further enhance the platforms already abundant capabilities.
The MetaTrader platforms are free to download and available for desktop, web and mobile devices. The MetaTrader web platform runs directly in the web browser so that you do not need to download or install any additional software. This is great if you don’t have your own device to hand and ensures that the platform is always up to date. I think that the MetaTrader mobile app can be very useful for those of you who need to access your account, analyse the markets, place and manage trades, all whilst on the go. In terms of features and functionality, the desktop platform is the leader. It is capable of the most complex market analysis and running automated systems around the clock. It is worth noting that Milton Prime is also one of the few brokers that offers native macOS MetaTrader support and Managed Account Trading via PAMM/MAM.
The MetaTrader 4 (MT4) platform is perhaps the more widely used of the MetaTrader platforms. It was developed by MetaQuotes many years ago and has since gone on to become the industry standard platform when it comes to forex trading. I have used MT4 since I first started trading many years ago and have never felt the need to switch over to any other platform. It can do everything that I need it to and much more. The layout is clean and easy to navigate, with everything just a few clicks away at most. You can load indicators on your charts to identify trade setups and choose from instant, pending or limit orders. If you don’t want to watch charts all day long, there is a handy alert feature that will let you know when your target price or indicator value has been reached. It doesn’t matter if you just want to follow prices for basic trading or conduct in-depth analysis across multiple chart types and timeframes, MetaTrader 4 can do it all.
Some of the key features of the Milton Prime MT4 platform include:
- Fully customisable user-friendly interface
- Create and save chart templates
- Analyse markets with technical indicators & drawing tools
- Get real time price quotes for hundreds of symbols
- Place different order types including instant, pending & limit orders
- View different chart types in multiple timeframes
- Set price alert notifications via SMS, email & platform pop-ups
- Create custom indicators, scripts & EAs
- Automated trading with expert advisors (EAs)
- MQL market place to get more trading tools & signals
- Large online community to share ideas with
- Available for desktop, web & mobile
- Free to use
The MetaTrader 5 platform is the follow up to the MT4 platform, with some additional features and functionalities. It has everything that MT4 does but can do more with additional timeframes, extended order types, level 2 depth of market pricing (DOM), multi-currency EA strategy tester, implemented economic calendar, extra technical indicators and more. I have dabbled with MT5 but never made the full switch over to it. It is so similar to MT4 in many aspects that I didn’t really feel the need to. However, I do like the multi-currency strategy tester that uses tick data as this means it is better for back testing my automated strategies compared to MT4 which has some limitation in that respect. Never the less, I don’t think you can really go wrong with either of the MetaTrader platforms if you are looking for an easy way to trade online with plenty of tools at your fingertips. Another key advantage of the MetaTrader platforms is that you can find them with many brokers. On the other hand, a proprietary platform could leave you needing to start from scratch should you decide to change brokers at a later date.
Whilst the MetaTrader platforms should have more than enough tools for the average retail trader, you should know that Milton Prime does offer some additional tools to assist you with daily trading activities, including trading calculators. It is always nice to see a broker give free access to some standalone tools but you can also find an almost limitless supply of add-ons for MetaTrader in the MQL marketplace. As mentioned earlier, you can even develop your own or hire a freelancer to do it for you. I have built some unique tools over the years customised to my own trading strategies that I still use to this day. However, I do think the broker could improve by integrating third-party software to assist with your market analysis, including Trading Central or Autochartist. These are both excellent trading tools which you can get through other brokers including Forex.com.
Milton Prime show that they care about you making informed trading decisions as they offer you an abundance of educational materials to help you improve your trading skills and knowledge. I really appreciate how most of the educational content is provided free of charge without an account, but opening a Milton Prime account gains you access to some of the premium educational materials. This is great as I have seen such material being sold for hundreds of not thousands on other websites. I think it is always important for a broker to provide the relevant resources for traders to be able to learn how to trade online safely.
Milton Prime have a team of professional traders that deliver in-depth market analysis which can be used to help inspire potential trading opportunities. I like how each of the market insights include a detailed look at the price action along with technical/fundamental analysis and an annotated chart for a visual overview. I was actually made aware of some market moves that I may have otherwise overlooked.
The Milton Prime education section has a plethora of trader’s educational resources ranging from trading guides to video tutorials. I like how they cover everything from the very basics of trading online with a trading platform to market analysis, trading strategies, money management and more.
There is a selection of trading webinars provided by Milton Prime which can be very useful for improving your market knowledge at a time that works best for you. However, it seems as though they aren’t being updates that frequently, but this isn’t really a deal breaker considering the vast amount of educational content available for free online.
You will find hundreds of trading instruments available to trade online with Milton Prime. They have a vast number of CFDs across different asset classes. The financial markets that you can trade includes Forex, Indices, Stocks, Commodities and Cryptocurrencies.
A contract for differences (CFD) is an arrangement made in financial derivatives trading where the differences in the settlement between the open and closing trade prices are cash-settled. I like how there is no delivery of physical goods or securities with CFDs. This means you can go short (sell) or long (buy) on hundreds of contracts for difference (CFD) instruments without needing to own the underlying asset.
I always like it when a broker has a good variety of account types to choose from. Not all traders are the same, each has their own unique goals and preferred trading style. It is therefore good to see that there are 3 main account types offered by Milton Prime, the Trader Account, Investor Account and Demo account.
The Milton Prime trade account is for those of you who want to trade Forex & CFD instruments by yourself. It provides access to all platforms and available instruments. I like how trades are executed with No Dealing Desk (NDD) intervention, so there shouldn’t be any conflict of interest between you and the broker. It also means that trades should be executed quickly at the best possible market prices with minimal slippage. This can be important especially if you are using scalping strategies or automated systems that rely need superior pricing.
Spreads are not that tight with this broker, starting from 0.8 pips on the EUR/USD. However, it is worth considering that there is no commission fee added. This means that the overall cost could work out more or less the same than if you had access to 0.0 pip spreads. If you are insistent on the tightest spreads possible, IC Markets would be one of my top choices.
The minimum account deposit required is not the lowest at $300 whereas there is leverage of up to 1:500 available, depending on your location and asset class being traded. Leverage varies depending on the instrument being traded and is as follows:
- 1:5 for stock CFDs
- 1:500 for forex
- 1:20 for stock index CFDs
If you are looking for a hands-off approach to trading online, the Milton Prime investor account gives you access to signals providers whose trades you can choose to copy and therefore create your own trading portfolio. Any profits are shared with the broker and you can change signals at any time. Of course, you should keep in mind that there can be no guarantee on the results of signal copying. Past performance is by no means an indication of what will happen moving forward. I actually prefer to maintain control over my own trading as I feel this is the best way to learn from your mistakes and to develop a system that works for you. There really isn’t no shortcut in trading from my experience.
As with most brokers, Milton Prime provide free demo accounts which let you trade online using virtual funds. I like demo accounts as they can be a good way to familiarise yourself with the broker’s trading platforms and practice your trading strategies risk free. Once you have built up enough confidence and are having some success, you may then consider making the switch over to a live account.
You can contact the Milton Prime customer support team view phone, live chat, email and various social media channels. They are available during normal working hours though I would’ve liked to see them offer their services 24/7 in case of emergencies. For 24/7 customer support, I recommend checking out Plus500. I really appreciate how the team is multi-lingual, speaking Japanese, English, Russian, Spanish & Chinese. They have always been quick and helpful to respond to all of my questions.
It is good to see that Milton Prime accept a nice variety of deposit and withdrawal options, including credit/debit cards, digital wallets and cryptos. The time taken for funds to reach the account can depend on the method used. Generally, I found them to have quick account funding without compromising on security and comfort. They do not charge additional fees directly, but, for some payment methods, the fees go directly to the third-party providers. The minimum deposit and withdrawals may depend on the particular payment method provider. At the moment, the minimum deposit is $300 and $500 for alternative payment methods and wire transfers respectively.
Putting it all together, I believe Milton Prime has a very competitive offering when it comes to trading Forex & CFDs online. There are sophisticated and easy to use trading platforms with hundreds of trading instruments to choose from across different financial markets. I like how there is something for everyone to trade, regardless of their experience level. You can trade manually or invest with copy trading solutions available. In addition to industry leading platforms, Milton Prime also have reasonable spreads when you consider there is no commission fee. Trades are executed straight through to the market without interference from the broker. It’s nice to see that there are plenty of educational materials provided whilst excellent customer support is on hand to assist as and when needed. Overall, I think they can be a decent choice for anyone looking to access the markets with relative ease.