Where Can You Find the Best PAMM Accounts? You don’t have to trade alone when you want to make money on Forex. Use a PAMM account and sit back and watch your money increase. However, to do this, you should only register a PAMM account with a reliable broker. Traders Union analysts revealed the best PAMM accounts Forex brokers with the best potential for 2023 through their research.
What are PAMM accounts, and how does it works
This unique type of trading setup allows investors to allocate funds to a qualified trader or money manager, who manages these pooled funds across multiple trading accounts.
The money manager will receive a performance for fee for this service, which is a fixed percentage calculated on trading profits. The remaining profit/loss is distributed to investors according to the allocation percentage each has in the total pool of funds.
There are two main participants in the PAMM investment – the investor and the manager. The management personally establishes an account and deposits a specified sum (manager’s capital) therein, sharing it equally with his investors. The manager drafts an offer in which he specifies the conditions of collaboration and includes a profit cut as compensation for handling accounting. Additionally, the investor selects a PAMM account and invests after researching manager performance using an independent rating. If the trade is successful, the investor will make money, and some of that money will be given to the manager as compensation for their hard work.
The Best Pamm Accounts
After a comprehensive analysis of hundreds of Pamm accounts, Trader Union experts reveal the top 5. These are:
- FxPro
- RoboForex
- IC Markets
- Pepperstone Pamm
- Pocket Options.
Other platforms provide the best PAMM accounts for both novice and experienced traders. For example, the LiteForex, now called Litefinance, ranks amongst the top 10 best PAMM accounts.
What is LiteForex?
The LiteForex (LiteFinance) was established in 2005 and has risen through the ranks to become the top 8 of the best Pamm account providers. It is one of the largest and leading brokers in Malaysia. High-tech firm LiteForex (LiteFinance) Broker consistently provides advanced active and passive trading options.
What are the features LiteForex?
- It has a minimum deposit of $50
- Cysec regulates it
- LiteForex offers two live account options
- It provides frequently updated educational and market analysis resources for novice and seasoned traders.
Pros and Cons of the LiteForex Account
The pros of a LiteForex account are:
- A variety of affiliate schemes with payouts and a multi-level system;
- Payment of commissions made during deposits and withdrawals is automatically reimbursed.
LiteForex also has some drawbacks, these include:
- Terms of withdrawal may not always match those stated;
- Due to the limited number of account currencies, some clients must pay for double conversion.
