Updated Review of Varengold Forex Broker
Varengold Bank FX stopped all trading services on October 14, 2016. The broker transferred clients to Prime Brokerage.
Varengold has been established in 1995 as a German Investment Bank aiming its services on Managed Futures, Hedge Funds, Foreign Exchange and Alternative Investments for mid-sized institutions and individual investors.
The bank has its Headquarters in Hamburg (Germany) and a representative office in Dubai (UAE). Since its foundation, Varengold has been an inventive force in the German Financial Industry.
Although the broker received impressive awards back in 2007-2009 in Germany, today due to intense competition between newly emerging brokers, Varengold hardly reaches the hearts of the new individual investors. Currently the broker provides its services to 7,000 clients globally. Unfortunately US traders are not accepted.
Varengold web-based platform can be accessed via computer or smartphone without the need of download and installation. With years of experience, the broker offers security and professional expertise with 100 million euros in daily transactions.
The broker also offers MetaTrader 4 platform and ZuluTrade for automatic trading solutions.
The maximum available leverage is 1:200. Minimum order volume is 0.01. The price is shown in 5 digits format.
The spreads are floating with lowest spreads on major currency pairs starting from 2.5 pips.
Scalping, hedging and Expert Advisors are welcomed.
Demo trading account is available for free only for 14 days. This is a big issue in today’s forex industry where most brokers started to adopt unlimited practice account option.
Swap-free accounts are available for traders with Islamic beliefs.
Minimum deposit requirement is very high compared to other top forex brokers - $2,500. Deposits and withdrawals are processed via Paypal, Skrill, Bank Wire, Credit Cards.
Varengold website is available in Arabic, Chinese, English, Estonian, German, Russian, Spanish, Turkish and Dutch.