Independent rating of Forex broker Blazemarkets

About company

Blaze Markets has been providing brokerage services since 2020. The company has offices in Australia, St. Vincent and the Grenadines, and the UK.

Blaze Markets is one of the brokers that enable clients to trade CFDs, currency pairs, commodities, indices, cryptocurrencies, as well as other assets.

As indicated on the company’s website, Blaze Markets Ltd. is licensed by the Financial Services Authority (FSA) of Saint Vincent and the Grenadines. However, there is no evidence of this fact in the public domain. Indeed, the information about companies under the jurisdiction of Saint Vincent and the Grenadines is not available on the Web. Notably, this island state in the southern Caribbean does not impose strict requirements on legal entities that are subject to licensing. This means that almost anyone can register a company there. The only thing that matters to the country’s government is the stable inflow of money to the local budget.

Blaze Markets notes on its website that all client funds are held in secure segregated bank accounts, separate from those used by the company.

Trading conditions

The first thing you can notice while browsing the official website is that Blaze Markets promises clients ultra-low spreads.

The trading platform is MetaTrader 4.

Trading accounts are as follows:

• 1. STANDARD: min deposit - $100, spreads - 1 pip, min trade size - 0.01 lot, leverage - 1:200, stop out - 30%. Scalping and hedging are allowed.
• 2. PRO: min deposit - $250, spreads - 0.0 pip, min trade size - 0.01 lot, leverage - 1:200, stop out - 30%. Scalping and hedging are also allowed.

In addition, there is a CENT account, which is suitable for beginners or those who are not ready to invest large amounts. However, the website features little information about this account type.

If you choose a Standard account, you will be charged a commission of 0.2% (per lot per side). As for a PRO account, the size of a commission depends on a trading instrument: when trading currency pairs, you will have to pay $4, metals and CFDs - $8, cryptocurrencies - 0.2%.

To replenish and withdraw funds, the broker’s clients can use bitcoin wallets, wire transfers, or credit cards.

Support service

Clients can contact company representatives using a feedback form. It looks as follows: a client fills out a short questionnaire, enters some personal data, and explains in detail what the problem is. Then the client submits a request to the company's office and waits for a response. Obviously, this type of communication with the broker is the most inconvenient and perhaps the least effective one for addressing the issue. Also, the company’s website features a registered address (in St. Vincent and the Grenadines), a UK phone number, and an email address.

Feedback from traders

As expected, there are a lot of negative reviews about the company's activity. Its clients complain that funds have vanished from their accounts, without any clear explanation of the reasons by company representatives. Some traders even report that the broker has blocked access to their accounts full of funds.

Pros and cons

Advantages:

• ultra-low spreads
• scalping and hedging allowed
• wide range of deposit and withdrawal methods

Disadvantages:

• inconvenient way to contact company representatives
• broker registered in offshore zone
• plenty of negative reviews