Ranking of brokers are subject to change. Elements that impact our ranking include general Broker Information, such as regulation, year estableshed, avaliable languages, trading platform features, ease of use and customer service. Additional elements that effect the ranking too are the number of consumer visits, percentage of sign ups and purchased services, the user device, operating system, location, the day of the week and time of day.
Noor Capital Markets, founded in 2009 and headquartered in Kuwait City, is subsidiary and service provider of Amwal International Investment Company KSCC. Amwal specializes in private equity, financial services and development projects in the MENA region. Amwal is a public listed company on the Kuwait Stock Exchange and is licensed by the Central Bank of Kuwait.
Traders don’t have to be located in the Middle East to take advantage of NoorCM. It provides top notch retail Forex trading services, CFDs, OTC futures, commodities, metals, currency pairs and other tradable assets to traders all over the world.
Unlike other brokers that offer multiple account types such as mini accounts, micro accounts, standard and institutional accounts, NoorCM caters to the knowledgeable trader by providing a single account that can be opened by individuals or jointly between two traders. Though a $1000 minimum deposit may deter some traders, there’s no question that this broker is looking for only serious traders who know how to navigate a trade.
The minimum lot size is 10,000 for a mini account and 1,000 for a MetaTrader4 account. Spreads are fixed.
It was nice, however, to see when doing this review that a practice account available, as even professional traders sometimes want to test out new trading methods.
As would be expected, NoorCM offers an Islamic account for traders who follow Sharia laws and are not allowed to receive interest on overnight trades.
NoorCM offers a wide range of useful services in both English and Arabic.
Their economic calendar, an absolute must for every top brokerage, is very handy, their market analysis is updated and timely and their trading seminars are interesting and educational.
As far as trading conditions are concerned, NoorCM offers competitive conditions including low fixed spreads (EUR/USD is 2 pips, for example), and a sufficient number of popular currency pairs. Though they don’t provide the bountiful list of pairs offered by some other brokers, this did not seem to be an obstacle and it is sometimes safer for most traders to stick with the majors rather than testing out exotic currency pairs.
Besides the seminars, NoorCM offers several additional educational features. Traders can benefit from a host of different videos that are divided into beginner courses, MT4 tutorials, Forex ECN and all about social trading.
A 3D interactive ebook can be read online by flipping the pages which is fun to do.
The news and analysis appear almost daily and the list according to date remain posted on the landing page for several weeks.
I missed reading a FAQ section and indeed found that there was quite a bit of information that would have been uncovered in question-answer format. There was also no glossary. The Press releases were also rather old and no updated ones were posted on the site.
It was interesting to note, however, that there is a special section about upcoming events posted on the site. The last event, the 7th Saudi Money Expo, took place in November 2014.
There was a special promotion going on when I did this review and it was certainly a generous one. Anyone opening a trading account with NoorCM can register to win a 1-kilogram bullion of gold. Registration for this competition ends on May 31st, 2015 and the contest runs from June 1st to June 15th, 2015.
I was surprised to see there were no deposit or welcome bonuses.
Deposits can be made to the NoorCM account via credit cards and wire transfers.
Withdrawals are made the same way.
The NoorCM team can be reached via phone or email. We contacted the representative by phone and were treated professionally. Emails can be directed to different departments, making it easy to reach exactly whom you wish to speak to.
I was quite surprised to see that they have stopped their Chat service as it was very useful when they offered it.
Although NoorCM is not flush with many different features, what they do offer is certainly sufficient to accommodate both beginner traders and those with years of experience under their belt. It is strange that they are not regulated as they cater to investors from all over the world and should have had at least one regulatory license. Be that as it may, NoorCM is user-friendly and easy to navigate.
NoorCM uses the respected MetaTrader 4 trading platform to serve the needs of its traders. The platform offers real-time quotes and the superior charting tools that many traders need to succeed, as well as other features. When testing the platform during this NoorCM review, we especially appreciated the company’s fast execution and the real-time profit and loss tracking.
When testing the platform, we did not experience any of the slippage or requotes that we’ve seen among some lesser quality Forex brokers. As always, there is room for expert advisors in the platform, and some of the most critical technical indicators which traders should have access to at all times, even if they don’t trade the charts regularly.
Traders can practice on a demo platform which can be easily upgraded into a live account once the trader feels confident enough to invest his or her funds.
Mobile trading is also available for both Androids and iPhones, though we did not test that service. Based on what we saw from the desktop application, however, we would expect nothing short of reliable service in the mobile platform.
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Review info: Noor CM
Review Date: 2016-10-15
Rating : 4
Reviewed By : Sara Patterson (Google+)