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Overview

Varengold Bank FX started its operations in 1995, and mainly focused on the provision of banking services to various segments of the population. But during its development and growth, it has opened new directions, one of which is an Internet trading. This German bank has proven itself to be very good broker. It was even rewarded with several prestigious awards for the provision of high-quality services.

Currently Varengold Bank FX is headquartered in the German city of Hamburg, and two of its representative offices are located in Dubai (the United Arab Emirates) and in London (the UK).

Varengold Bank FX offers its clients a comprehensive training of Internet trading, favorable conditions for trading futures, indices, commodities and currency pairs.

Bonuses

Varengold Bank FX does not provide its customers with Forex bonuses for making a deposit. On its official website contests for novice traders with prize pools from the broker are not held. The only contest, which is held regularly in Varengold Bank FX, is called Looking for Talents.

The contest Looking for Talents is primarily intended for professional traders or the whole group, who are able to develop independently a profitable strategy for trading on the foreign exchange market with minimal risks. Before submitting an application for participation in the contest, traders have to test their own trading strategies on various conditions, and only after that contact specialists of the broker. Further stages of selection will start from a demo account, and end on real accounts. Traders whose strategy will be recognized as the best one in the contest are able to get huge sums for work on the currency market using their own system, and they will have a real opportunity to become employees of the company in the future, and to ascend the career ladder.

Training

Various materials about Internet trading, including articles, e-book, and video tutorials, giving the possibility for traders to study trading rules of the global financial markets, are available on the site of the Varengold Bank FX.

Learning materials about trading on the global financial markets.

1. First steps on the currency market:

- basics of Forex trading

- how to open a demo account

- transfer from demo trading to real currency pairs trading.

2. Main mistakes, made by novice traders:

- absence of discipline

- absence of patience

- withdrawal of stop losses without any reason

- trading using all funds that are present on the account

- incorrect money management

- absence of knowledge of market rules and trading on it

- ignoring the monitoring of the currency market.

3. E-book about the foreign exchange market (available for downloading after registration):

- what is the international Forex market

- how Forex attracts traders

- how to trade effectively currency pairs, receiving profits

- how to calculate risks and to minimize them

- brief overview of Forex strategies, which bring profits

- basics of technical analysis

- advices for novice traders.

4. Video tutorials:

- introduction (overview of the Varengold Bank FX)

- Forex terminology (basic terms, risk calculation)

- introduction to CFD trading (terms, difference, chances, risks, profit)

- introduction to indices trading (what are indices, profit generation)

- margin (what is margin, and how to use it)

- short and long positions (differences and advantages)

- risks in trading on the currency market (position size, money management, price breakout risks, trading psychology)

- how to open in account in the broker

- trading platform MT 4 (charts, market monitoring, orders)

- Forex market analysis (technical and fundamental analysis)

- Meta Trader 4 (interface, platform features)

- Meta Trader 4 (order execution)

- Meta Trader 4 (order placing).

5. Demo account.

Demo account allows customers, who have just started to learn how to trade currency pairs, to test their skills and abilities in practice, as it provides the opportunity to trade with virtual money on the Forex market using real foreign exchange rates. Demo accounts give traders the opportunity not only to improve their skills in trading without any risk, but also to check the profitability of new expert advisors and Forex trading systems.

Terms of trading

Varengold Bank FX offers the following trading conditions for traders:

- the foreign currency account (the base currency)

- the minimum deposit is $100

- the leverage is 1:200

- a large number of currency pairs, securities, gold, silver, futures

- spread is floating from 1 point

- no commission fee

- no requotes.

MetaTrader 4

- multi-language support

- order execution - Instant Execution

- a large number of embedded Forex indicators

- addition of new technical indicators

- creation and installation of new Forex expert advisors MetaQuotes Language 4

- export and import of quotes

- chart printing.

Varengold Bank FX offers two types of accounts for trading on the highly liquid Forex market:

- Varengold Classic

- Varengold Premium.

Trading account Varengold Classic:

- deposit is from 25,000 dollars

- spread is floating from 2 points

- annual interest rate on idle funds is 1.6%

- account analysis and data of market investigation from the broker are not available.

Trading account Varengold Premium:

- deposit is from 25,000 dollars

- spread is floating from 1 point

- annual interest rate on idle funds is 3.1%

- account analysis and data of market investigation from the broker are available.

Forex indicators (recommended)

- Standard Deviation

- DeMarker

- Detrended Price Oscillator

- Parabolic SAR

- Alligator.

Forex expert advisors (recommended)

- FX Nostradamus (an automated Forex expert advisor that uses the technical indicator Parabolic while trading currency pairs on the market, and has received rave reviews from traders operating at short-term distances on major currency pairs)

- Goodwine (an automated Forex expert advisor that operates with the help of the scalping, giving good profits while trading different currency pairs on the foreign exchange market with the help of the indicator WATR)

- BasketFX (an automated Forex expert advisor that operates using technical indicators, as its main tool is mathematical analysis, allowing it to make quite good profits in trading on the highly liquid currency market).

Investments

Unlike many other brokers Varengold Bank FX offers to invest finances not in PAMM-accounts, but in automated trading by using special platforms FXStat and ZuluTrade.

FXStat is an automated service for mirror trading. It allows customers, who have decided to invest in automated trading, to choose the most profitable traders among a huge number of them. Customers should add them to the personal accounts for further trading that occurs in automatic mode by copying the actions of selected traders. In addition, it is possible to view and use for trading various diagrams, charts and statistical documents in FXStat.

ZuluTrade is a platform for automated trading using subscription to the trading signals of leading traders, who have been showing stable and profitable trading for a long time. It is enough to subscribe to trading signals of one or more traders in order to begin automated trading. After turning on the subscription trading will occur in automatic mode, taking signals and copying them instantly.

It should not be forgotten that automated trading on the Forex market is a risky business, and copying transactions of traders who have shown a good profitable work in the past does not guarantee the same high income, and may result in loss of part or entire sum of money on the account.

Unique features

Varengold Bank FX is ready to provide its customers with a way to make extra money on the currency market, which lacks any risk of loss of their own finances. Additional income is provided by an affiliate program and it consists in attraction of new customers by traders of the broker for trading on the global financial markets through Varengold Bank FX. As soon as new customers, attracted by partners, begin to trade on the foreign exchange or any other market, the broker will be willing to pay commission fees. The partner's commission fee depends mainly on the total trade turnover of clients, whom he has invited, and the higher it is, the higher is the fee that he receives from the broker.

Add/withdraw funds

Varengold Bank FX offers the following ways to deposit and withdraw funds: MasterCard, Visa and bank transfers.

Contacts

Varengold Bank FX provides its clients with support concerning all questions. Traders can use the feedback form that is available on the website of the broker to contact its employees. It is also possible to call +49 40 66 86 49 96 (international number) or request a callback using a special application form.

Cons and pros

+ the famous broker in Europe

+ the minimum deposit is $100

+ small spread

+ learning materials about the currency markets

- low leverage

- no Forex bonuses

- no contests

- few ways for depositing funds on the account.

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