BlitzBrokers offers trading on the MetaTrader 4 platform, with tight spreads and competitive commissions. However, the broker leaves much to be desired in terms of its trading features, customer support, and regulatory status.
BlitzBrokers at a glance
| 🔍 Broker's Name | BlitzBrokers |
| 📍 Headquartered | Australia |
| 📅 Year Founded | 2016 |
| ⚖️ Regulating Authorities | Not directly regulated |
| 🌐 Countries not accepted for trade | Not indicated |
| ☪️ Islamic account (swap-free) | No |
| 📒 Demo Account | Yes |
| 🏛 Institutional Accounts | No |
| 💼 Managed Accounts | Yes |
| 📊 Maximum Leverage | 1:500 |
| 💰 Minimum Deposit | $1 |
| 💳 Deposit Options | · Skrill · JCB · MasterCard · Bank Transfer |
| 💳 Withdrawal Options | · Skrill · Visa · Bank Transfer |
| 💻 Platform Types | MetaTrader 4 |
| 📱 OS Compatibility | Windows, Linux, MacOS, Android, iOS |
| 📈 Tradable assets offered | · Forex · Commodities · Indices · Shares |
| 👨💼 Languages supported on Website | English only |
| 👥 Customer Support Languages | English only |
| 📆 Customer Service | 24 hours a day, 5 days a week. |
| 📌 Open an account | 👉 Click Here |
|---|
Min Deposit
USD 1
Regulators
ASIC
Trading Platform
MT4
Crypto
No
Total Pairs
75+
Islamic Account
No
Trading Fees
Low
Account Activation
24 Hours
Choose your quick section of our BlitzBrokers review below.
A Quick Overview of our BlitzBrokers Review – 21 Key Points
- ✅BlitzBrokers at a glance
- ✅Who is BlitzBrokers?
- ✅BlitzBrokers Safe or a Scam?
- BlitzBrokers Pros and cons
- BlitzBrokers Leverage
- BlitzBrokers Minimum Deposit
- BlitzBrokers Introducing Broker (IB) Program
- BlitzBrokers Accounts
- How to open a BlitzBrokers account
- BlitzBrokers Market instruments
- Blitzbrokers Fees
- BlitzBrokers Deposit and withdrawal
- BlitzBrokers Trading platforms
- BlitzBrokers Customer support
- Education
- Research
- Awards
- BlitzBrokers Customer Reviews
- Conclusion
- Disclaimer
- Frequently Asked Questions
Who is BlitzBrokers?
According to research in South Africa, BlitzBrokers was established in 2016 in Australia, and operates as a partner broker, or introducing broker, for Axi.
BlitzBrokers is a forex broker. Blitz Brokers offers the MT4 and TM Mobile forex trading top platforms. BlitzBrokers.com offers over 75 forex currency pairs, indices, oil, commodities, CFDs, gold and silver for your personal investment and trading options.
BlitzBrokers offers some compelling incentives to trade with them, which are primarily access to tight spreads and advanced trading on the MetaTrader 4 platform.
BlitzBrokers Safe or a Scam?
When traders evaluate brokers, regulation is one of the most crucial components that must be considered. Regulated brokers are required to comply with stringent rules and regulations set by regulatory entities and through this, client fund security can be ensured.
The activities of regulated brokers are also overseen by such entities to ensure that there is no fraud or foul play and that traders are always protected against such activities. BlitzBrokers claims that its partner broker, Axi, is regulated by the Australian Securities and Investments Commission (ASIC). One of the most reputable regulatory bodies in the industry.
BlitzBrokers operates as an introducing broker for Axi, but it is not evident that the latter entity’s regulatory status will fully apply to the operations of BlitzBrokers. Traders would be advised to take this into consideration before signing up with the broker.
BlitzBrokers Pros and cons
| ✔️ Pros | ❌ Cons |
| Competitive commissions | Limited assets |
| MetaTrader 4 available | A limited selection of trading platforms |
| Tight spreads | Poor customer support |
| Wide selection of deposit currencies | Questionable regulatory status |
BlitzBrokers Leverage
When traders apply leverage, the margin requirement is reduced, and the trader can open larger positions. BlitzBrokers offers maximum leverage of 1:500, which, though not the highest in the industry, is certainly higher than that offered by brokers regulated in the EEA, where leverage has been capped at 1:30. Still, traders should proceed with caution when using high leverage with this broker, considering its unclear regulatory status.
Leverage is a tool that is offered by numerous brokers to traders. With leverage, traders can open larger positions, allowing traders more exposure to the market in which they are trading despite their initial deposit. However, as beneficial as leverage may be, it can also be detrimental when used incorrectly or abused. Leverage increases a trader’s chance of gains and thus, it also increases the risk of losses.
Traders are at risk of incurring losses that may exceed their initial deposit, leading to a negative balance on their trading account if the trader does not have the benefit of negative balance protection. Leverage is expressed as a ratio, for instance, 1:1, 1:50, 1:100, 1:500, and even up to 1:3000. Leverage and margin go together, with the margin being the amount required from the trader at the start of the trade. This amount serves as collateral for any credit risks which may arise.
BlitzBrokers Minimum Deposit
BlitzBrokers holds tight spreads on their trades from 0.0 spread and $1 per lot per side in a True ECN environment.
| 💳 BlitzBrokers Minimum Deposit | No Minimum Deposit |
| Recommend $1 per lot side |
BlitzBrokers Introducing Broker (IB) Program
| ▶ Lowest trading fees |
| ▶ Rebates offered |
| ▶ Save on trading costs |
BlitzBrokers offers traders the opportunity to earn through low fees that are the easiest way to become profitable. If you open an account through Blitzbrokers whereby you can earn money if you trade (rebates). You will be paid back the biggest part of these rebates each beginning of the next month. This service will cost you nothing and simply means that you can save money on your trading costs. Your trading conditions (including spreads) remain exactly the same as if you had opened the account directly with our prime broker.
BlitzBrokers Accounts
A Forex account is a trading account that traders hold with a specific broker for the purpose of trading financial instruments. Brokers may offer traders either a variety of accounts, with each catering to varying levels of skill, knowledge, and experience, or a single account that can be used.
| 🌐 MT4 Standard |
| 🌐 MT4 Pro |
The number of accounts and features offered will vary from one broker to the next. For this reason, it is imperative that traders evaluate brokers and make use of the demo accounts offered to explore the broker’s offering. BlitzBrokers offers two account types centered around the MetaTrader 4 platform, namely the MT4 Standard and MT4 Pro accounts.
MT4 Standard Account
The MT4 Standard Account provides spreads from 1 pip upward, with no commission or minimum deposit. It features 5-digit pricing, margins up to 400:1, and is available in EUR, GBP, ZAR and USD.
MT4 Pro Account
On the MT4 Pro, Account traders get extremely competitive spreads from 0.0 pips, with the commission of $7 per round trip. Pro Account holders gain access to margins up to 400:1 and the same markets as Standard Account holders.
BlitzBrokers Demo Account
A free demo account can be opened with BlitzBrokers, which allows new traders to test out the broker’s features in a risk-free environment. The demo account is also an excellent training ground for beginner traders and comes funded with virtual currency.
Islamic Account Option
Unfortunately, BlitzBrokers does not appear to offer an Islamic Account, which is a pity, as such an account is designed to allow Muslim traders to avoid swap fees, a type of interest that is prohibited by Sharia law.
How to open a BlitzBrokers account
Opening an account with BlitzBrokers is an easy, straightforward process that consists of the following steps:
- Step 1 – Complete your application: fill in your details using the form on the application page. The website is encrypted to secure your personal information.
- Step 2 – Confirm your ID
To meet the broker’s obligations, BlitzBrokers needs to confirm your identity. This is done electronically.
- Step 3 – Fund your account
Use one of the provided payment methods to deposit funds into your trading account.
BlitzBrokers Market instruments
BlitzBrokers provides access to the following asset classes:
📊 Forex
📊 Commodities
📊 Indices
📊 Shares
Blitzbrokers Fees
Another crucial factor that traders must consider when evaluating a broker is the fees they will incur. These fees relate to both trading and non-trading activities and actions.
Trading Fees
One of the first fees that traders will encounter is a minimum deposit fee which is paid after the trader has completed account registration. Next, traders must consider the spreads, commissions, and margin requirements. As already noted, BlitzBrokers offers variable spreads and commissions depending on the account types.
Non-trading fees
Where non-trading fees are considered, traders must consider fees relating to account inactivity, deposit and withdrawal fees, account management and maintenance fees, currency conversion fees, and others.
BlitzBrokers will charge swap fees on positions held overnight, which is interest charged on these positions at the prevailing rate. Unfortunately, the broker does not offer swap-free accounts for Muslim traders.
Min Deposit
USD 1
Regulators
ASIC
Trading Platform
MT4
Crypto
No
Total Pairs
75+
Islamic Account
No
Trading Fees
Low
Account Activation
24 Hours
BlitzBrokers Deposit and withdrawal
When evaluating brokers, the ease with which deposits and withdrawals can be made is a factor to consider. BlitzBrokers offers a variety of popular deposit and withdrawal methods, which include the following:
💳 Skrill
💳 Visa
💳 Visa Electron
💳 JCB
💳 MasterCard
💳 Maestro
💳 Bank Transfer
The broker likewise has a varied selection of deposit currencies, minimizing the probability of conversion fees for many traders. These currencies include CAD, CHF, EUR, GBP, HKD, JPY, NZD, SGD, and USD.
BlitzBrokers Trading platforms
The trading platform is the software that traders use to execute their trades. Each broker reserves the right to offer their own preferred trading platform. Where some brokers offer a variety of third-party platforms, others prefer offering their own proprietary platforms, if they have one.
BlitzBrokers provides access to the highly popular MetaTrader 4 platform through AXI, which will provide traders with access to the following features:
BlitzBrokers Customer support
BlitzBrokers lacks severely in terms of its customer support offering. At the time of writing, all support channels remained unresponsive, while several reviews reported similar issues. This, combined with the broker’s questionable regulatory status, is a troubling sign, as all traders need to be able to contact the broker to resolve technical and account issues.
Education
BlitzBrokers does not provide any educational resources on its websites, such as training manuals, webinars, academic courses, or even a glossary. Such tools, resources, and materials prove helpful especially for beginner traders who do not yet know how to navigate trading or the markets.
Research
Research tools help traders in their activities in addition to helping them hone their skills in making informed trading decisions. Apart from the analytical tools built into the MetaTrader 4 platform, the broker does not offer any independent research or charting tools on its website.
Awards
Awards serve to instill confidence in a broker as it reflects the level of service the broker offers. However, BlitzBrokers does not list any awards on its website to date.
BlitzBrokers vs BitMEX vs BMFN - A Comparison Table
| 🥇 BlitzBrokers | 🥇 BitMEX | 🥇 BMFN | |
| 💳 Minimum Deposit | No Minimum | 0.001 BTC | $50 |
| 🎉 Affiliate Programs | ☑ | ☑ | ☑ |
| 💻 MetaTrader4 | ☑ | ❌ | ☑ |
| ☪️️ Swap Free | ❌ | ❌ | ❌ |
| 📌 Open an Account | 👉 Click Here | 👉 Click Here | 👉 Click Here |
|---|
Min Deposit
USD 1
Regulators
ASIC
Trading Platform
MT4
Crypto
No
Total Pairs
75+
Islamic Account
No
Trading Fees
Low
Account Activation
24 Hours
BlitzBrokers Customer Reviews
BlitzBrokers
I am trading with this broker for a few weeks now and indeed what they state on their website is true, being the cheapest broker out there. from a semi-professional EUR/USD trader, I get executed .6 spread, really fair I might say so. Don’t expect to get top-notch support, since this broker stripped everything in their business model to be the cheapest offer you can find. But then, why would I need anything more than execution only as I use my own resources
Must Join
I have had a great experience with BlitzBrokers customer service only through email – Nota
BlitzBrokers IB Program
I enjoy the opportunities to earn an income through IB programs offered, Check it out! – Ameez
Conclusion
However, the broker’s site is lacking in many features, including education and research, which other brokers offering similar trading conditions also provide. Additionally, the broker’s severe lack of adequate customer support, coupled with its questionable regulatory status, means that traders should proceed with caution when signing up.
Disclaimer
BlitzBrokers warns potential customers that Forex and CFDs trading carries a substantial risk and may not be suitable for all investors. Before deciding to trade with BlitzBrokers, potential traders are advised to carefully consider their investment objectives, financial situation, needs, and level of experience before investing money they cannot afford to lose.
BlitzBrokers warns that margin trading involves the potential for profit as well as the risk of loss. Movements in the price of foreign exchange and commodities are very unpredictable, hence BlitzBrokers cannot guarantee a maximum loss that a trader may suffer, according to research in South Africa.
Frequently Asked Questions
Is BlitzBrokers suitable for beginner traders?
BlitzBrokers is better suited for advanced traders with a high-risk appetite.
What is the overall rating out of 10 for BlitzBrokers?
BlitzBrokers holds an overall rating of 6/10.
What type of broker is BlitzBroker?
BlitzBroker is a ECN broker.
Which platforms are supported by BlitzBrokers?
BlitzBrokers supports MetaTrader 4 and Algorithmic trading.
Is BlitzBrokers a fake or a scam broker?
The broker is not directly regulated. Its partner broker, Axi, is regulated by ASIC.
Top 4 Brokers
