RedMars Broker Review For Nigeria In 2024

About RedMars

RedMars is a new, regulated forex broker. It offers excellent account options, great trading conditions, and powerful trading platforms. It also offers generous welcome bonuses, helpful trading tools, and outstanding customer support.

Regulation

RedMars is a licensed forex broker. It is regulated by the Cyprus Securities and Exchange Commission (CySEC). It is also registered in Saint Vincent and The Grenadines.

Trading Platforms

RedMars offers trading on both MetaTrader4 and MetaTrader5. These are two of the best, most robust online trading platforms available on the market.

MetaTrader4

MetaTrader4 (MT4) is a good choice for beginner traders. It has a simple design and it comes with many helpful trading tools. You can use it to trade all the top markets including forex, crypto and stocks. It also has advanced charting tools, 4 order execution types, 30 technical indicators and 23 analytical objects. You can use these to do technical analysis and implement your trading strategies.

MetaTrader5

MetaTrader5 (MT5) is another great options for new forex traders in Nigeria. It has a convenient setup with many useful tools. You can use it to access all the popular trading instruments. It has a simple, but modern interface. It also has a wide selection of trading tools including 6 order execution types, 38 indicators, and 37 analytical objects. As such, it has more better functionality.

Trading Instruments

RedMars offers 300+ trading instruments. You can choose from currency pairs, commodities, metals, indices, cryptocurrencies, and shares.

• Forex: RedMars provides access to all the most popular major, minor, and exotic currency pairs. The maximum leverage on these instruments is 1:500.
• Commodities: They offer trading on Gold and Silver. They also offer trading on crude oil and natural gas. The maximum leverage on most commodities is 1:100.
• Shares: RedMars offers trading on US, UK, and EU shares. You can trade popular stocks including Apple, Alphabet, and Amazon. The maximum leverage on shares is 1:20.
• Indices: They offer trading on all major indices including the S&P500, the DAX30, the Nikkei Nikkei 225, and the FTSE 100. The maximum leverage on most indices is 1:100.
• Cryptocurrencies: RedMars offers trading on Bitcoin, BitcoinCash, Ethereum, Ripple, and Litecoin. The maximum leverage on cryptocurrencies is 1:10.

RedMars Forex Bonuses

RedMars has a special promotion for new clients. It offers a 25% margin bonus to all new traders. It also runs seasonal promotions including credit bonuses.

RedMars Account Types

It has three main account types: the Standard Account, the Zero Account, and the VIP account. They all come with fast trade execution, tight spreads, and high leverage.

Standard Account

This is their best option when it comes to low-cost trading accounts. As such, it is a great choice for new traders who are just starting out. It comes with an average spread of 1.4 pips. It also comes with high leverage of up to 1:500 on forex instruments. The RedMars minimum deposit for this account is $100 and the best base currency is USD.

Zero Account

This is their best option when it comes to trading with tight spreads. As such, it is a great choice for intermediate traders who are looking for better trading conditions. It comes with an average spread of 0.0 pips. It also comes with high leverage of up to 1:500 on forex instruments. The RedMars minimum deposit for this account is $1000 and the base currency is USD.

VIP Account

This is their best option when it comes to trading with low commissions. As such, it is a great choice for experienced traders who are looking for better trading conditions. It comes with an average spread of 0.0 pips. It also comes with high leverage lower commissions and a maximum leverage of up to 1:500 on forex instruments. The RedMars minimum deposit for this account is $25000.

Demo Account

The RedMars demo account is great for beginners who need to time to learn about the market and master some basic forex trading skills. It has similar trading conditions to their Standard Account – with leverage of up to 1:500. There is no minimum deposit as the trading is done with virtual capital.

Deposits & Withdrawals

RedMars offers many convenient payment methods including debit card, credit card, bank wire, Sticpay, Crypto, Neteller, and Skrill.

Fund Safety

RedMars takes client fund safety very seriously. It only works with Tier 1 banks. It also keeps client funds separate from its own funds, in segregated accounts. This ensures that RedMars cannot use client funds for operational purposes.

Trading Tools

RedMars offers a free trading calculator, a free economic calendar, and VPS services. Other trading tools are also available on request.

Economic Calendars

The free economic calendar helps you stay on top of market news. It covers all of the most important economic data releases from around the world. It also provides detailed explanations and forecasts of each data release. As such, it makes tracking news and predicting price movements easier.

VPS Services

A VPS service is ideal for forex traders who want better trading conditions. This because it enables you to trade with optimum technical conditions and consistent connectivity. You can use VPS services to run automated algorithmic strategies, including Expert Advisors, on a virtual machine. You can also use it to minimize the risk of system downtime due to unexpected power failures, Internet cuts, physical difficulties, and computer shutdowns.

Documents

Opening an account with RedMars is easy. During the registration process, you will need to send them a proof of ID and a proof of address. They will accept copies of your passport, driver’s licence, recent utility bills, or recent bank account statements.

RedMars Customer Support

RedMars has a friendly, helpful customer support team. They are available Monday to Friday, during trading hours. You can contact them via email, phone, and live chat.

Conclusion

RedMars is a reliable, trustworthy forex broker. It has great account options, excellent trading conditions, and a safe trading environment. It also has great bonuses and excellent customer support.

Ready to sign up? Register for an online trading account with RedMars here.