Provident Capital Spreads, leverage, minimum deposit Revealed

WikiFX | 2022-07-07 09:56

Abstract：Provident Capital, a trading name of Provident Capital Limited, is allegedly a UK-based multi-asset brokerage company offering forex and CFD investment services. It was founded in 2017 and claims to provide its clients with leverage up to 1:500, variable spreads from 0.1 pips on various tradable assets, as well as a choice of three different account types.

　　Note: Since Provident Capitals official site (https://providentcapitaluk.com/) is not accessible while writing this introduction, only a cursory understanding can be obtained from the Internet.

　　General Information & Regulation

　　Provident Capital, a trading name of Provident Capital Limited, is allegedly a UK-based multi-asset brokerage company offering forex and CFD investment services. It was founded in 2017 and claims to provide its clients with leverage up to 1:500, variable spreads from 0.1 pips on various tradable assets, as well as a choice of three different account types.

　　Market Instruments

　　Provident Capital advertises that it is a multi-asset platform with a variety of trading instruments in financial markets, including cryptocurrency indexes, forex, stocks and commodities.

　　Account Types

　　There are three live trading accounts offered by Provident Capital, namely Normal, VIP and Premium. Opening a Normal account requires the minimum initial deposit amount of $100, while the other two account types with the much higher minimum initial capital requirements of $3,000 and $10,000 respectively. The minimum position is $2 on the Normal account and $4 on the Premium account.

　　Leverage

　　The maximum leverage ratio provided by Provident Capital is much higher than most brokers, up to 1:500. Bear in mind that leverage can magnify gains as well as losses, inexperienced traders are not advised to use too high leverage.

　　Spreads

　　Spreads are influenced by what type of accounts traders are holding. Provident Capital reveals that the spread on the Normal account starts from 1.5 pips, the clients on the VIP account can experience spreads from 0.8 pips, while the Premium account can enjoy the lowest spreads from 0.1 pips.

　　Customer Support

　　Provident Capital‘s headquarters: 37th Floor 1, Canada Square, London, E14 5AB, United Kingdom. However, we didn’t find other more direct contact information like telephone numbers, email or the company address that most brokers offer.