Sheer Markets

Basic Information

• Registered Region
  

  Cyprus
• Operation Status
  Normal
• Operating Period
  2019-11-29
• Deposit Methods
  Bank wire transfer
• Website
  https://www.sheermarkets.com,https://www.sheermarkets.io/
• Market Type
  Foreign exchange
• Support Languges
  

  English
• Main Business
  Forex, commodities, digital assets, stocks, indices, CFDs
• Business Type
  FX broker
• Social Media
• Contact Details
  support@sheermarkets.com

  +357 25861400
• Type of Accounts
  Classic, Classic Plus, Prime, Prime Plus
• Trading Platforms
  MT5
• Withdraw Methods
  Not disclosed
• Auto Trading
  EA supported

Pros and Cons

Pros of Sheer Markets include being regulated by CySEC, offering a variety of trading instruments, and the availability of demo accounts for practice. The platform provides several account types catering to different trading styles. On the downside, the minimum deposit is relatively high at $200, and there is no support for popular e-wallets or credit card payments. Additionally, an inactivity fee applies after six months of no trading activity.

Company Background

Sheer Markets is a Cyprus-based forex broker established in November 2019. It operates under the regulations of the Cyprus Securities and Exchange Commission (CySEC) and offers a range of trading instruments across forex and CFDs. The broker caters to different trading preferences with multiple account types designed for both retail and professional clients. As a market maker, Sheer Markets aims to provide liquidity and price stability in the trading environment.

Fund Security

Client funds at Sheer Markets are held in segregated accounts in reputable banks, offering a measure of security against financial instability. As a regulated entity, Sheer Markets adheres to CySEC guidelines, which enhance the safety of clients' deposits. However, the broker does charge an inactivity fee, which could detract from overall fund security for inactive traders.

Account Opening

Opening an account with Sheer Markets involves a simple process with options for Classic and Prime accounts, each designed to meet different trading needs. Retail accounts require a minimum deposit of $200, while professional accounts allow higher leverage options. The broker supports onboarding in multiple languages, though detailed information on onboarding requirements is not disclosed.

Trading Fees

Sheer Markets has variable trading fees depending on the account type. Classic accounts incur no commission but have spreads starting from 1.2 pips, while Prime accounts offer lower spreads starting from 0.0 pips but include commissions of $3.5 to $4 per lot per side for forex trades. Additionally, a monthly inactivity fee of €10 is charged on dormant accounts.

Trading Instruments

Sheer Markets supports a diverse range of trading instruments, including forex pairs, CFDs on commodities, stocks, indices, and cryptocurrencies. However, it does not offer bonds or options, which may limit investment strategies for some traders.

Trading Technology

The broker provides access to the MT5 trading platform, known for its advanced trading tools and interfaces. Available on desktop and mobile devices, the MT5 platform supports automated trading strategies through EAs, suitable for both novice and experienced traders.

Research and Education

Educational resources provided by Sheer Markets are somewhat limited and not explicitly mentioned on their website. There are no readily available insights on research tools or market analysis, potentially making it difficult for traders seeking comprehensive educational materials.

Customer Support

Customer support at Sheer Markets is available via phone and email. The response rate is reportedly prompt, and users can contact the support team for trading-related inquiries or concerns. However, the lack of additional support channels and languages may limit assistance options for some clients.