Blaze Markets Review 2023
It can be hard to choose the right forex broker in today’s competitive landscape. Most brokers offer similar terms and have the same offerings: competitive costs, good account varieties, and decent educational resources. Yet, some brokers choose to niche down by only focusing on some aspects of trading at the expense of others. BlazeMarkets is such a trader.
BlazeMarkets focuses mostly on providing traders with fast withdrawals and competitive commissions, and the broker is genuinely good in these two aspects. Unfortunately, it lacks in most of everything else, including customer service, leverages, and supported platforms. For that reason, BlazeMarkets is only a good choice for people who want fast withdrawals and low costs.
Regulation and Security
BlazeMarkets is officially regulated under the Financial Services Authority (FSA) of St. Vincent and the Grenadines where the company has the status of an International Business Company. The FSA is a highly reputed international financial body that provides strict regulation according to international standards.
So, Blazemarkets is officially regulated, but the broker is only regulated by only the FSA. Most other brokers are regulated by multiple other entities, which Blazemarkets does not fall under. For that reason, BlazeMarkets is one of the less-regulated firms in the industry.
So, this broker is not a good choice for traders who want to work with the most highly regulated entities.
Guaranteed Stop Loss
Guaranteed stop loss is also a customer protection feature that allows traders to exit at the exact prices they specify regardless of market conditions. Unfortunately, BlazeMarkets does not provide its customers with guaranteed stop loss features. So, it’s not the safest broker, especially for new traders.
Negative Balance Protection
Negative balance protection is a customer-protection feature that prevents your account from going negative despite market conditions. Essentially, it’s a safety feature that prevents you from falling into debt while trading.
Unfortunately, BlazeMarkets does not offer negative balance protections, so the broker is not a good choice for new trades or traders who want to avoid debt traps.
Risk Warning
The forex market can be risky, and you experience high exposure depending on your leverage, creditworthiness, and regulatory protection. BlazeMarkets have heat maps and analysis tools that provide risk warnings if you participate in potentially risky trades. The broker was amongst the first trading firms to introduce heat maps to trading, and it has been vital for traders in generating reliable profits.
Overall, BlazeMarkets is not a well-regulated firm, and the broker does not offer most forms of customer protection, so the broker is not a good choice for people who care about regulation.
Is Blaze Markets available worldwide?
BlazeMarkets is a relatively new broker that operates in only a few countries, including Australia, UK, West Indies, and a few others. BlazeMarkets is not available in the United States. There are several other countries and regions; you can view the complete list of eligible countries by clicking here.
Supported platforms
Like many other brokers, BlazeMarkets uses third-party platforms, like MT4, instead of providing its own proprietary trading software.
Mobile App
BlazeMarkets is officially available on the MetaTrader 4(MT4) mobile app. MT4’s mobile app is a beginner-friendly platform that offers a copy trading system and automated Expert Advisors. MT4 also has an excellent suite of advanced analytics features, including multiple charts–you can even design your own market indicators.
The mobile app also lets you perform instant trades by requests or market triggers, and it even offers you the same level of customizability as the desktop app. Overall, the MT4 app is one of the best for trading because of how diverse and comprehensive its content is. The MT4 app is considered one of the industry’s best, so it’s great that BlazeMarkets chose to launch its service on the app.
Desktop App
Meta Trader 4(MT4) has a brilliant desktop app, and it’s where this broker truly shines, and the MT4 desktop app is considered one of the industry’s best for that reason. MT4 is thankfully available on both Windows and Mac computers. MT4 provides you with a secure and stable working environment where you can easily trade and perform algorithmic trading.
The best feature is a complete technical analysis package that comes with the best inbuilt indicators and charting tools. You can also easily access financial information, including fees and other reports. All these strengths cumulatively make MT4 the industry’s standard platform and an overall excellent choice for any trader.
Unfortunately, BlazeMarkets is only available on the older MT4 and not the latest MT5, which is a more advanced version of MT4. This is especially disappointing since most other large brokers have expanded to MetaTrader 5(MT5).
Web Terminal
MetaTrader 4 is also available on a web terminal application you can use on any browser. The MT4 web terminal works on any operating system, and it provides most of the features on the desktop and mobile app versions of MT4. You get reliable data protection, one-click trading, and over 30 different indicators for technical analysis.
The web terminal also provides you with a history of trading operations and real quotes, too. Overall, it’s a functional web terminal application that’s a great choice for anyone who wants to trade on the web.
So, while BlazeMarkets is available on mobile, web, and desktop via MT4, it’s very disappointing that the broker hasn’t expanded to MT5 as well.
Account types
BlazeMarkets offers two main accounts, the Standard and Pro, along with a third Cent account. All accounts are competitive, offer low spreads, and are known for having generally fast and efficient service.
All accounts also come with expert advisors(EAs) and are considered to be high quality overall.
Standard Account
The Standard account is for experienced traders, and it’s designed for use for all trading that doesn’t need tight spreads. The Standard account has a minimum deposit of $100. You also receive a pip spread of 1 on your trades along with 0 commission on most trades.
Pro Account
The Pro Account is for veteran traders who want tight spreads for scalping or want to make short-term trades. The Pro account has a $250 minimum deposit, offers zero spreads, and a variable commission rate between 0.2-8% trades depending on its lot, volume, and trade type.
Cent Account
The Cent account is for beginners who want to trade with small investments, or for those who lack the large funds needed for trading systems that need large accounts.
Signing Up
You can sign up at BlazeMarkets by clicking on the ‘sign-up’ button on its website and enter your personal information. BlazeMarkets has a minimal sign-up process that only needs you to provide and verify your email address during registration. If you open a hard currency account, you’ll also have to verify your identity and address using your ID and a utility bill or bank statement respectively.
Overall, BlazeMarkets has one of the fastest sign-up processes of any broker, which is highly appreciated by traders. You can access the registration form from their official website or by clicking here.
Deposit and withdrawals
BlazeMarkets has a minimum $10 deposit for Bitcoin payments, and a $100 minimum deposit for both wire transfers and bank cards. These minimum deposit requirements are relatively average for the industry. Unfortunately, bitcoin, wire transfers, and bank cards are the only payment methods accepted by Blazemarkets. Having only three deposit methods is restrictive compared to most other brokers which also support e-wallets.
Bitcoin
Bitcoin payments are processed quickly and involve low costs.
Wire transfers
Wire transfers are the most popular payment method for most brokers. The benefit of wire transfers is that it can be done between any banks in the world.
Bank Cards
BlazeMarkets accept bank cards( Credit and Debit cards) like most brokers. Bank cards are a fast and easy way to deposit money in the broker.
Commissions and fees
BlazeMarkets has low to no commissions on its accounts. It has no commissions on its Standard accounts except for a 0.2% commission on crypto-currency accounts. The Pro accounts have variable commissions between 2 to 8%. These commissions are generally competitive for the industry, so BlazeMarkets is generally a low-cost broker.
Spreads
A forex spread is the difference between a broker’s selling and buying rate when trading currencies. Depending on different factors, like the economic conditions of trade, spreads can be narrower or wider.
BlazeMarkets offer a surprisingly high spread of 1.7 pips on its Micro accounts while most brokers would only keep it at 1 pip or lower. However, their low commission spreads covers up for the slightly higher spreads, and traders have a higher chance of profiting.
Available leverage
In forex, leverage refers to the degree of market exposure traders can receive beyond its deposits. The higher leverage a broker offers, the more potential risk and reward a trader experiences.
BlazeMarkets offers a maximum leverage of 1:200, which is on the low side compared to other major players in the industry. Both the Pro and Standard accounts have the same leverage.
Analysis and Education
BlazeMarkets has a disappointing set of educational resources–it doesn’t even offer any beginner-friendly guides on its website, which is an industry standard practice. it doesn’t provide you with any resources even after you start your account. In fact, the only guide document you receive is the risk assessment and terms and conditions document you get after signing up.
The analysis tools are a little better. It has a useful Forex Market Hours that shows a map for examining current trading hours in different markets. BlazeMarkets also provides a helpful Economic calendar that marks new events for you.
BlazeMarkets have also provided multiple calculator tools for calculating margins, profits, and other financial data. The other analytical tools, including the chart analysis tools, are moderately useful at almost. We’d recommend using the built-in analytical tools on MT4 instead of those offered by BlazeMarkets.
As a result, BlazeMarkets is not a good choice for anyone who wants a resource-rich or helpful broker. It only provides you with the bare minimum in the educational resources and does only slightly better in its analytical resources. BlazeMarkets is not a good choice for anyone who wants the best educational tools or analytical resources.
Customer service
BlazeMarket’s customer service is somewhat poor. It only offers a support email for traders to contact them, which is highly disappointing in an age where most brokers also offer live chats and phone helplines.
Thankfully, most traders at least agree that BlazeMarkets only takes a few hours to respond to email requests even though its website asks you to wait an entire business day. Despite that fast response time, BlazeMarkets has an overall poor customer service that’s not acceptable in today’s age.
Reputation amongst Traders
Despite its multiple issues, most traders still positively rank BlazeMarkets. Specifically, traders agree that BlazeMarkets is a fast-working platform with quick withdrawals and competitive commissions. For instance, traders rated BlazeMarkets 4.3 out of 5 on Trustpilot.
Can beginners trade with Blaze Markets?
BlazeMarkets is not recommended for beginners since its service isn’t designed for beginners, nor does it provide good learning resources. So, beginners would have a difficult time trading on BlazeMarkets given the broker’s lack of support for beginners. This issue is further compounded by its lack of good customer service.
Summing Up
BlazeMarkets is a genuinely well-regarded broker that has a fast-paced withdrawal process and competitive commissions and costs. BlazeMarkets is available on the popular MT4, but unfortunately, it hasn’t expanded to MT5 yet. This broker also offers relatively low leverage, which is another downer. But, the worst aspect of BlazeMarkets is its lack of educational resources, which doesn’t compensate for its okay analytical resources.
BlazeMarkets is also not a beginner-friendly platform, but that isn’t necessarily a problem because few brokers are. BlazeMarkets biggest strengths are its fast withdrawal speeds and low commissions, so it’s a good choice if you prioritize those two aspects of trading.
