REVIEW: SunbirdFX Forex Broker

SunbirdFX is a broker offering access to a wide range of forex and CFD markets. Powered by the MetaTrader platform in the main, Sunbird asserts its dedication to ensuring the best, most direct execution and ultimately meeting the needs of its trading community through the support services it provides. In this SunbirdFX review, we’re going to put these claims to the test through analysing how Sunbird compares to the market standard across account opening, platform, spreads and markets and client money protection grounds respectively.

SUNBIRDFX REVIEW: ACCOUNT OPENING

The process of opening a trading account with SunbirdFX is easy enough, and for those that are itching to get started there is nothing beyond a basic registration form in terms of generating your account. Of course, because SunbirdFX requires MetaTrader trading software for its account access, there may be some degree of trader involvement in terms of downloading and running the installation process on the MetaTrader software. Fortunately, all the relevant download links are provided directly from creating your account on the SunbirdFX website, and traders can use this to begin the process of setting up their MetaTrader access. Even with installation, the process for getting started with Sunbird is smooth and relatively hassle free – and for those that do have difficulties, the customer support team can assist right from the point of account creation in getting you up and running.

SUNBIRDFX REVIEW: PLATFORM

The Sunbird FX platform can vary depending on the needs and preferences of the individual trader, but by far the most popular applications used would be MetaTrader 4 and MetaTrader 5. These industry-leading platforms allow for the most effective execution and trading analysis, according to the marketing spiel, and as far as most advanced traders are concerned this is a platform that would be hard to beat. Developed by software company MetaQuotes, MetaTrader is compatible with a large number of forex brokers, and as a result of its popularity even those brokers that offer their own proprietary trading platforms also support MetaTrader to help meet the needs of their traders.

Aside from its considerable potential for automation and customisation, MetaTrader is famous for its involved technical analysis functions, and traders will not be disappointed to learn this lies at the heart of Sunbird’s decision to allow traders access to their accounts via MetaTrader. The main trading screen, while highly customisable depending on the preferences of the trader, presents a multi-paned technical analysis overview by default, accounting for the majority of the screen space available. Traders can choose how to lay out their screen, and can vary the types of charts and the markets displayed. From this initial view, traders will quickly realise this platform is all about putting technical analysis at the heart of trading.

To the left hand side of the screen is the market watch panel, which provides overviews of the leading currency pairs and their prices on the bid and ask side. Traders can use this to keep an eye on the main currency markets and their prices, and the colours flick blue or red depending on whether a market is moving up or down at the time. Double clicking on any individual market in the market watch panel will bring up a more in-depth technical analysis screen, which traders can use to scrutinise trends and pricing data more closely. Beneath the market watch panel, traders will find the Navigator which helps move between different areas of the account. This is the main way of accessing indicators, Expert Advisors and the many scripts that can be used to help drawn technical conclusions about the best positions to trade.

Traders can execute an order in a number of ways on the MetaTrader platform, most notably through the New Order button on the top screen menu or by clicking on either the bid or ask price in the market watch panel. This brings up the order dialogue box, where traders input the amount and other relevant details for the trade before executing on either the buy or sell side. In this screen traders can also choose the type of order, and can customise with clear instructions the nature of the interaction they are having with the market. As a result, trading can be conducted swiftly and efficiently through the platform to take account of market opportunities as they arise.

MetaTrader is renowned for its power-user features, and traders can benefit from the many in-built functions that most platforms can only dream of including. The range of indicators and advisors, which overlay price charts, is second to none and traders can even automate much of the trading process thanks to the MetaTrader system. MetaTrader even works on its own coding language, such that traders can introduce indicators and scripts of their own making to entirely reflect their wider analysis strategy.

SUNBIRDFX REVIEW: SPREADS & MARKETS

SunbirdFX performs strongly in terms of the range of markets it has to offer, and its spreads are always kept as competitive as possible to ensure it remains in line with the cheapest providers in the industry. This means that traders can benefit from a wider network of markets and potential investments versus the average, and in the process save on the costs of trading in their chosen currency pairs. With dozens of currency pairs and a broad palette of potential orders, forex traders can exercise total control over their positions with a SunbirdFX account.

SUNBIRDFX REVIEW: CLIENT MONEY PROTECTION

SunbirdFX is based in the Seychelles, and as a result is subject to an alternative regulatory framework to the majority of brokers. Nevertheless, traders with a SunbirdFX account can take comfort from the client money protection programmes to which it is committed as a broker, designed to protect the interests of customers and ensure their money is safe in the event of financial difficulties with the broker. Following notable recent collapses of brokers, this issue has never been more prominent for new traders looking for a safe, honest and above all protected place to trade.