The different types of forex brokers
There are many different types of forex brokers that cater to a wide variety of traders, from those who are just starting out to experienced professionals. Here is a look at some of the most common types of forex brokers:
-Market Maker Brokers: Market maker brokers provide liquidity to the market by quoting prices and making two-sided markets. They make their money from the spread between the bid and ask price.
-ECN (Electronic Communications Network) Brokers: ECN brokers connect traders with multiple liquidity providers, allowing them to trade directly on the interbank market. ECN brokers typically charge a commission, but offer tight spreads and lower trading costs.
-STP (Straight Through Processing) Brokers: STP brokers route orders directly to liquidity providers, without dealing desk intervention. Like ECN brokers, STP brokers typically charge a commission, but offer competitive spreads and low trading costs.
-Dealing Desk Brokers (DD): Dealing desk brokers are market makers that take the other side of your trade. They make money from the spread and by scalping small profits from each trade.
The Pros and Cons of Clever Pips
There are a lot of things to like about Clever Pips, but there are also some potential drawbacks that you should be aware of before deciding whether or not to open an account with this broker.
On the plus side, Clever Pips is a true ECN broker, which means that they don’t take the other side of your trades. They simply provide liquidity and facilitate trade execution. This is the ideal situation for traders because it eliminates any possible conflict of interest between the broker and its clients.
Clever Pips is also very well regulated by both the FCA in the UK and CySEC in Cyprus. This provides a high level of protection for your funds and ensures that the broker is operating legally and ethically.
Another advantage of Clever Pips is their extremely low minimum deposit requirement of just $100. This makes them accessible to a wide range of traders, even those with limited capital.
Finally, Clever Pips offers extremely tight spreads on major currency pairs, starting at just 0.1 pips. This is significantly lower than what most other brokers are offering, making Clever Pips a very competitive option.
However, there are also some potential downsides to consider before opening an account with Clever Pips. Firstly, their customer service department is not available 24/7, which could be problematic if you need assistance outside of normal business hours. Secondly, their withdrawal process can be slow and painful, with some clients reporting wait times of several
What is the minimum deposit for Clever Pips?
The minimum deposit for Clever Pips is $250. This is a relatively low minimum deposit compared to other forex brokers, which can require a minimum deposit of $1,000 or more. With a lower minimum deposit, it is easier to start trading with Clever Pips and to try out their platform and services. However, it is important to remember that a lower minimum deposit also means that you will have less money to trade with and may be more likely to lose all of your investment than with a larger broker.
How to withdraw money from Clever Pips
In order to withdraw money from your Clever Pips account, you will need to log in to your account and click on the “Withdraw” tab located at the top of the page. From there, you will be able to enter the amount of money you would like to withdraw and select a withdrawal method. Once you have submitted your withdrawal request, it will be processed by the Clever Pips team and the funds should be transferred to your account within 3-5 business days.
Is Clever Pips regulated?
Yes, Clever Pips is a regulated forex broker. The company is registered with the Cyprus Securities and Exchange Commission (CySEC) and is compliant with MiFID II regulations. This means that Clever Pips is a safe and reliable broker for forex trading.
Conclusion
It is difficult to say definitively whether Clever Pips is a legit or scam forex broker. However, there are some things that you can consider when making your decision. First, the company is not regulated by any major financial regulatory body, which may make it more risky. Second, the company has been accused of being a pyramid scheme by some customers. Finally, the company does not have a very good reputation in the forex trading community. Overall, you should be cautious if you decide to use Clever Pips for your forex trading needs.