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Consorsbank Review

CONSORSBANK Review

 

Overall, Consorsbank offers investors the opportunity to take control of their finances by buying shares and trading in a secure environment. Consorsbank implies that its customers can choose between several trading platforms to trade with and that trading is possible through both the website itself and using a specific app.

 

Consorsbank at a Glance

 

📅 Year Founded2014
📍 Head Office
Nuremberg, Germany
⚖️ Financial Regulatory Bodies
BaFin
📈 Managed accounts
No information is available on the website.
📊 Institutional accounts
No information is available on the website.
☪️ Islamic AccountNo
💰 Minimum Deposit
No information is available on the website.
👍 Demo Trading Account available
No
🌐 Countries not accepted for tradeNo information is available on the website.
💰 Withdrawal options
No information is available on the website.
📒 Deposit optionsNo information is available on the website.
💻Platform(s) provided

Active Trader

Active Trader Pro

Future Trader

Premium Trader
🖥️ OS compatibility
No information is available on the website.
📈 Tradable assets
Shares, Bonds, CFDs, ETCs, ETFs, Funds, Futures, Options, and Warrants
📓 Languages supported on the websiteGerman
📓  Customer support languagesNo information is available on the website.
☎️ Customer service hoursMon-Sun: 07:00 to 22:30.
Maximum Leverage1:50
👉 Open a account👉 Click Here

 

Overall Rating

4.3/5

Rated #359 of
Recommended FX Brokers

💰Minimum Deposit

USD 200

🌐 Regulators

BaFin

📱 Trading Desk

Crypto

Yes

📈 Total Pairs

☪️ Islamic Account

No

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

Consorsbank Review – 18 key points quick overview:

 

Finding a reputable Consorsbank review local or worldwide can be a difficult process, especially finding a complete list from a trustworthy reputable source.

 

Below is an in-depth review regarding Consorsbank to help you make an informed decision before opening your account or trading on their platform.

 

Consorsbank is a forex broker company in Germany.

 

A Forex broker like CONSORSBANK provides traders with access to one or more platforms that will allow them to buy and sell foreign currencies. Forex brokers are also known as retail or currency trading brokers. Retail currency traders in turn use these broker companies to gain access to the 24-hour currency market for speculation purposes.

 

Forex broker services can also be provided for institutional clients and large companies such as investment banks.

 

CONSORSBANK was originally established in 1994 as a discount broker called Consors. In 2002 the company was taken over by the French BNP Paribas and operated as Cortal Consors until 2014 when it started trading as CONSORSBANK.

 

Today CONSORSBANK is still part of BNP Paribas and its German headquarters are in Nuremberg. CONSORSBANK offers comprehensive financial services and also acts as an online broker.

 

CONSORSBANK is seen as one of the leading direct banks in Europe and as an online broker, it now serves more than 600 000 customers globally from its base in Germany.

 

It is a market maker type broker which means also that no deposit is required to open an account and accounts have variable spreads.

 

Consorsbank Awards and Recognition

 

Consorsbank Awards

 

In the world of forex broker companies being honored with awards from esteemed organizations or publications, count much for the company’s reputation.

 

Although CONSORSBANK is rated highly by some customers in personal reviews on review websites, there is no information available on the CONSORSBANK homepage or elsewhere about any awards received.

 

Consorsbank Accounts

 

Consorsbank Accounts

 

A forex account is a trading account held by a trader with a company like CONSORSBANK, that is issued with the primary purpose of trading through its platforms. Usually, the number and type of accounts that a trader can open with a broker company differ according to the country in which the brokerage operates, the country of residence of the trader, and the regulatory authorities under whose jurisdiction it operates.

 

Overall Rating

4.3/5

Rated #359 of
Recommended FX Brokers

💰Minimum Deposit

USD 200

🌐 Regulators

BaFin

📱 Trading Desk

Crypto

Yes

📈 Total Pairs

☪️ Islamic Account

No

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

Consorsbank Types of Accounts and Their Features

 

📍 CONSORSBANK does not offer a demo account with which new customers can practice trading, but the company offers the following other types of accounts:

 

CFD Accounts

The website does not give any more information regarding this type of account and its possible features. There is also a demo account only for CFD trading, with maximum leverage that can be set up to 1:50.

 

Foreign Currency Accounts.

Except for the fact that the naming of these accounts suggests that they can be held in foreign currencies, there is no more information available on the website itself.

 

Overall Rating

4.3/5

Rated #359 of
Recommended FX Brokers

💰Minimum Deposit

USD 200

🌐 Regulators

BaFin

📱 Trading Desk

Crypto

Yes

📈 Total Pairs

☪️ Islamic Account

No

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

Consorsbank Deposits and Withdrawals

 

Consorsbank Deposit and Withdrawal

 

Accounts usually require a certain minimum initial deposit, which can be paid in several ways. Withdrawals can usually be done in the same ways, but sometimes differ.

 

CONSORSBANK does not require any minimum amounts to be deposited to open an account and apart from the ordinary wire or bank transfers, it is also not clear what kind of payment methods are allowed to fund accounts or make withdrawals.

 

Consorsbank Cost and Fees, Commissions, and Spreads

 

Consorsbank Fees

 

The cost of trading depends on different factors like commissions, spread, and margins.

 

The spread of a currency pair is the difference between the bid and the asking rate. A pip represents the smallest increment that an exchange rate can move. One pip is 0.01 for currency pairs with JPY as the term currency and 0.0001 for all other pairs.

 

The amount of money required in your account to open a position is called the margin and is calculated according to the current price of the base currency against USD, the size (volume) of the position, and the leverage applied to your account.

 

Commissions are the charges imposed by an investment broker on a trader for making trades on the trader’s behalf. The level of commissions depends on the asset being traded and the type of service offered by the broker.

 

Execution-only brokers, which do not involve in personal investment advice and give traders complete control over how they trade the markets, usually charge lower commissions.

 

While the contract for differences (CFDs) trading is a form of derivative trading that enables traders to speculate on the rising or falling prices of fast-moving global financial markets, its trading on shares will incur a commission. CFD trades on other markets have no commission but do wrap a spread around the market price of a certain instrument.

 

📍CONSORSBANK accounts may incur the following costs,regarding general fees, CONSORSBANK offers:

➡️ A free custody account or account management

➡️ Free order limits

➡️ Free partial executions (if executed on the same day)

➡️ Free orders

➡️ Free cancellation

➡️ Free dividend payments (if applicable, minus third-party expenses)

 

📍 When trading German shares, CONSORSBANK charges the following fees:

➡️ Base commission of EUR 4.95

➡️ Plus 0.25% of the transaction volume (at least EUR 5.00, maximum EUR 69.00) plus a trading-based fee

➡️ Plus, an offline processing fee of EUR 14.95 (for when placing an order by fax, phone, or letter)

 

📍 When trading foreign shares, CONSORSBANK charges the following volume-based fees:

➡️ Fixed fee depending on the stock exchange.

➡️ Plus 0.25% of the transaction volume

➡️ Plus, any applicable external fees (e.g. stamp duty, also known as stamp duty or certificate tax)

➡️ Plus, an offline processing fee of 14.95 euros (when placing an order by fax, telephone, or letter)

 

When trading funds, CONSORSBANK customers receive up to a 100% discount on the front-end load. Trading on the stock exchanges, the fee is the same as for buying shares.

 

When trading warrants and certificates, the CONSORSBANK charges the same fees as when buying shares.

 

Consorsbank Leverage

 

Consorsbank Leverage

 

Leveraged product trading magnifies a trader’s potential profit – but of course, also increases the potential loss. This facility that enables traders to get a larger exposure to the market than the amount they deposited to open a trade, is called leverage.

 

The amount of leverage is expressed as a ratio, for instance, 50:1, 100:1, or 500:1. Assuming that a trader has $1 000 in a trading account and is trading ticket sizes of 100 000 USD/JPY, that leverage will equate to 100:1.

 

CONSORSBANK allows its traders to use a maximum leverage ratio of up to 1:50

 

Consorsbank Bonuses

 

Consorsbank Bonuses

Forex brokers often lure new traders with offers of deposit bonuses. This can be useful, but it is essential to discern what the conditions are to really benefit from a bonus.

 

The bonus usually compensates traders for choosing a certain broker, since once the account is active, the trader will have the same expenses as any other. The bonus usually only starts giving some expenses back to the trader, once the person has proved himself as an active trader.

 

Hence, although no deposit bonuses are a great way to help you start trading, the terms to benefit from it often require trading with such a high volume before you can withdraw profits, which may not be worthwhile.

 

The European Securities and Markets Authority (ESMA) has also recently placed investor protection measures on the marketing, distribution, or sale of CFDs which prevent brokers from providing the retail client with a payment, monetary or excluded non-monetary benefit about the marketing, distribution, or sale of a CFD, thus ruling out the offering of such bonuses.

 

No reference to any bonuses or promotions could be found on the websites CONSORSBANK itself, or other sources or reviews.

 

Consorsbank Trading Platforms, Software, and its Features

 

Consorsbank Trading Platforms

 

The forex trading software, also called the platform, provided by a broker company to its clients to carry out their trades can be a multi-asset one that allows clients to trade forex as well as other asset classes like CFDs on stocks, stock indices, precious metals, and cryptocurrencies.

 

Some companies provide their own proprietary platform, while others prefer well-known platforms. If there is a choice, the trader should keep in mind what he would like to trade.

 

CONSORSBANK implies that its customers can choose between several trading platforms to trade with and that trading is possible through both the website itself and using a specific app.

 

📍 The app for mobile banking and trading is available free of charge for both iOS or Android, on smartphone or tablet, and has the following features:

➡️ Search and trade securities on the go

➡️ Courses, charts, tops, and flops are always in view

➡️ Watch securities on your personal watchlist

➡️ High-security standard thanks to mobile TAN and TAN generator

➡️ Keep an eye on markets and prices flexibly via the smartwatch

 

The other trading platforms include Active Trader and Active Trader Pro as well as Future Trader and Premium Trader as stand-alone trading software.

 

📍 The Active Trader offers all the basics of trading software and is free. The costs of the Pro version depend on a customer’s status:

Customers pay 119 EUR per month, a CONSORSBANK “Star Trader” pays only 39 euros per month and it is free of charge for CONSORSBANK “Platinum Stars”.

 

Consorsbank Markets, Products, and Instruments

 

Consorsbank Market Instruments

 

📍 Most brokers offer all or some of the following market instruments for trading:

 

Forex:

Forex trading, or currency or FX trading, involves the currency exchange market where individuals, companies, and financial institutions exchange currencies for one another at floating rates.

 

Commodities:

As with currency exchange markets, commodity markets offer trading in contract-based tradable goods.

 

Indices:

Equity or stock indices can represent a specific set of the largest companies of a nation or they can represent a specific stock market. It is actual stock market indexes that measure the value of a specific section of a stock market.

 

Precious metals:

This involves the trading of gold, silver, and other precious metals as hard commodities that are contract-based tradable.

 

Energy:

The high volatility of energy prices due to political, environmental, and several other factors, is a typical feature of this product, making it a popular trading choice.

 

Cryptocurrencies:

📍 Tradable cryptocurrencies include the following:

Bitcoin (BTC) is the digital currency with the largest market capitalization and price levels and dominates 50% of the total crypto market cap.

Litecoin (LTC) is similar to Bitcoin but differs in terms of scalability.

Ethereum (ETH) is the second-largest cryptocurrency after Bitcoin and allows developers to create smart contracts on a platform.

Ripple (RPL) is popular among big banks with the Ripple network a next-generation real-time gross settlement system.

Bitcoin Cash (BCH) was created as a new version of the blockchain with different rules.

CONSORSBANK offers Shares, Bonds, CFDs, ETCs, ETFs, Funds, Futures, Options, and Warrants as tradable assets. Forex trading is not possible with CONSORSBANK.

Trading CFDs is possible as a customer of the CONSORSBANK. As a special feature, CONSORSBANK quotes CFD trading without the obligation to make additional contributions.

CONSORSBANK offers around 4 500 funds with discounts of between 50 and 100% discount on the front-end load. Investors can trade funds on a stock exchange or directly with the capital investment company.

CONSORSBANK customers can also purchase changing offers with a 100% discount on the premium.

 

Overall Rating

4.3/5

Rated #359 of
Recommended FX Brokers

💰Minimum Deposit

USD 200

🌐 Regulators

BaFin

📱 Trading Desk

Crypto

Yes

📈 Total Pairs

☪️ Islamic Account

No

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

Consorsbank Safety and Regulation

 

Consorsbank Safety and Security

 

Before deciding to join a brokerage company to start trading, a potential trader needs to establish whether a broker like CONSORSBANK is safe and secure to trade with. One of the most reliable benchmarks to measure the safety of a brokerage is to establish which regulating authorities are watching and overseeing its actions and whether the company complies with those regulations.

 

CONSORSBANK is subject to the strict regulation of the Federal Financial Supervisory Authority (BaFin) and is a member of the compensation scheme of German banks and a deposit guarantee fund.

 

Customer deposits at CONSORSBANK are thus protected up to an amount of EUR 100 000 and through the German Deposit Protection Fund, customer deposits are secured with 120 million EUR per customer.

 

Consorsbank Customer Support

 

Consorsbank Customer Support

 

Potential traders need to be assured that the broker company they chose can offer the necessary support and help whenever they may need it.

 

The customer support team of CONSORSBANK can be reached at the office address at Bahnhofstrasse 55, Nuremberg, or by post or email.

 

Investors can also find more information and answers to questions in a comprehensive FAQ list on the website.

 

Consorsbank Education and Training

 

Consorsbank Education and Training

 

Before starting to trade, potential CONSORSBANK clients should arm themselves with all possible information and trading skills needed to be successful in the world of forex and commodity trading. If CONSORSBANK ’s website itself does not provide enough means, a trader should explore other information sources to obtain that skills and knowledge.

 

CONSORSBANK does offer CONSORSBANK offers regular webinars and seminars for beginners and advanced traders. All these options are provided free of charge to traders.

 

Consorsbank Research

 

Consorsbank Research

 

Potential traders need to be enabled to do as much as possible research about speculative trading before commencing to do it and while trading with a specific brokerage. Trading successfully relies heavily on knowledge and understanding of the markets and the platforms offered by a broker, therefore research options offered by brokers form an integral part of its features when choosing the right company to trade with.

 

There is no clear information regarding research resources on the CONSORSBANK website.

 

Conclusion

Overall, Consorsbank offers investors the opportunity to take control of their finances by buying shares and trading in a secure environment. Consorsbank implies that its customers can choose between several trading platforms to trade with and that trading is possible through both the website itself and using a specific app.

 

Disclaimer

 

CONSORSBANK warns potential traders that Forex and CFDs trading always carries a high level of risk, therefore may not be suitable for all investors.

Before clients decide to trade the products offered by CONSORSBANK, they are advised to contemplate their investment objectives, financial situation, needs, and level of experience carefully before investing money that they cannot afford to lose.

Especially when traders use CONSORSBANK ’s leveraged accounts, they should make sure to maintain a sufficient level of margin to sustain their positions, since trading Forex/CFD and Options on margin and using a higher than necessary leverage can be either beneficial or detrimental to a trader. It is always possible to sustain a loss of some or all of an initial investment.

While CONSORSBANK promises to make all efforts to fill a trade at the requested price, trading online does not necessarily reduce risks associated with currency trading, therefore quotes and trades are usually subject to the terms and conditions of a Client Agreement, which is accessible through the broker’s website.

Potential traders should first acquaint themselves with all these associated risks and seek advice from an independent financial advisor.

 

Overall Rating

4.3/5

Rated #359 of
Recommended FX Brokers

💰Minimum Deposit

USD 200

🌐 Regulators

BaFin

📱 Trading Desk

Crypto

Yes

📈 Total Pairs

☪️ Islamic Account

No

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

Frequently Asked Questions

Trading Environment

 

How many instruments can I trade with CONSORSBANK?

You can trade several different instruments with CONSORSBANK, which include the following:

  • Shares,
  • Bonds,
  • CFDs,
  • ETCs,
  • ETFs,
  • Funds,
  • Futures,
  • Options,

 

Which platforms are supported by CONSORSBANK?

CONSORSBANK provides the following popular trading platforms:

  • Active Trader
  • Active Trader Pro
  • Future Trader
  • Premium Trader

 

Does CONSORSBANK offer leverage?

Yes, CONSORSBANK offers maximum leverage of up to 1: 50

 

What spreads can I expect with CONSORSBANK?

CONSORSBANK offers different spreads on its various accounts. If details on the website are not comprehensive, more information can be obtained from the customer support service.

 

Does CONSORSBANK charge a commission?

Yes, more information on commissions can be obtained from the customer support service.

 

Is CONSORSBANK regulated and by whom?

CONSORSBANK is regulated by BaFin.

 

Is CONSORSBANK a recommended forex trading broker for experts and beginners?

CONSORSBANK offers a fair trading environment for most types of traders.

 

What is the overall rating out of 10 for CONSORSBANK?

6/10

 

Accounts

 

What is the difference between a demo and a live trading account?

A demo account as is offered by broker companies like CONSORSBANK is usually funded with virtual money. It allows a prospective customer to experiment with the company’s trading platforms and its features, before setting up a real account that needs to be funded with the customer’s own real money.

 

Does CONSORSBANK offer a demo account?

No

 

Can I convert my demo account to a live trading account with CONSORSBANK?

Not applicable.

 

Which live trading accounts does CONSORSBANK offer?

  • CFD accounts and
  • Foreign currency accounts.

 

What are the available deposit currencies for a live trading account?

No clear information is available on the website.

 

Deposits and Withdrawals

 

What is the minimum deposit required to open an account with CONSORSBANK?

No minimum deposit is prescribed.

 

How do you make a deposit and withdraw money with CONSORSBANK?

No information is available on the website.

The same method that was used to fund an account must normally be used to withdraw money. Also, monies will usually only be refunded to accounts in the same name as the trading account.

 

Does CONSORSBANK charge withdrawal fees?

More information about the amounts can be obtained from the company’s customer service team.

 

How long does it take to make a withdrawal?

Withdrawals using certain methods may be processed within a shorter period than others. Usually, withdrawals take a few days but depending on bank services it may take several days longer for the money to be available in a customer’s bank account.

 

Author Details

Louis Schoeman

Louis Schoeman

Featured Forex and Stocks writer

Table of Contents

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