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Sheer Markets Review 2024

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Written By
Tobias Robinson
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Written By
Tobias Robinson
Tobias is a partner at DayTrading.com, director of a UK limited company and active trader. He has over 25 years of experience in the financial industry and contributed via CySec to the regulatory response to digital options and CFD trading in Europe. Toby’s expertise and dedication to financial education make him a trusted voice in the industry, including a BBC investigation into digital options.
» Tobias Robinson Profile Page
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Fact Checked By
William Berg
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Fact Checked By
William Berg
William contributes to several investment websites, leveraging his experience as a consultant for IPOs in the Nordic market and background providing localization for forex trading software. William has worked as a writer and fact-checker for a long row of financial publications.
» William Berg Profile Page
Updated
Jun 28, 2024

2.8 / 5
Sheer Markets is #99 in our CFD broker rankings.
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Customer Reviews
$200
MT4, MT5
CFDs, Forex, Stocks, Cryptos, Commodities
CySEC
USD, EUR
Visa, Mastercard, Skrill, Neteller, Wire Transfer

Pros

  • Automated portfolio diversification available to retail traders with minimum deposits of €3000
  • Supports end of month or spot CFDs on Non-Deliverable Forwards (NDFs) including USD/BRL and USD/TWD
  • Competitive pricing model with commission-free trading on 'Classic' accounts with average 1 pip spreads

Cons

  • Subpar market research and additional tools
  • Weak education compared to alternatives
  • Only USD or EUR accounts support
Go to Sheer Markets

Sheer Markets Review

Sheer Markets (Cyprus) Ltd. is a forex and CFD broker registered with the Cyprus Securities and Exchange Commission (CySEC) and Labuan Financial Services Authority (LFSA), offering a range of financial instruments and markets for traders to speculate upon. This review will explain the key features of Sheer Markets, the available account types, how to get started and how secure the broker is.

Sheer Markets Headlines

Established in 2019, Sheer Markets is a relatively new entry into the online trading platform market. The broker is based in Limassol, Cyprus. The CEO and chief commercial officer are Howard Carr and Gareth Thomas, respectively.

In Sheer Market’s quest to stand out from its rivals, the Cyprus-based broker offers a competitive product range that includes foreign exchange, commodities CFDs, stocks, indices and cryptocurrencies markets.

The headline products offered by Sheer Markets are non-deliverable forwards (NDFs) and emerging markets forex (EMFX) CFDs, which extend its appeal beyond traditional currency pairs.

Trading Platforms

Sheer Markets uses the MT4 and MT5 trading platforms to allow users to open and close positions, access the latest financial news, manage their accounts and exposure and much more. These platforms are available on Windows, Mac and as a mobile app for iOS and Android (APK) devices.

MetaTrader 4

MetaTrader 5

MetaTrader 5 Web Platform

Sheer Markets clients that do not want to download a dedicated client can access their account and trade through the MT5 web platform. This option maintains most of the functionality of the desktop platform, though losing some of the advanced customisation and algorithmic trading support.

Products

Sheer Markets clients can trade more than 1,000 financial instruments:

Spreads & Fees

Sheer Markets accounts have two pricing structures. Classic accounts have no commissions and primarily charge spreads, whereas Prime accounts show raw spreads but will charge commissions.

Sheer Classic

Sheer Classic Plus

Sheer Prime

Sheer Prime Plus

Be aware of ‘per side’ fees; these are charged for both opening and closing trade, so the stated fee may not represent the true total cost.

The competitiveness of Sheer Markets’ fees relative to other brokers depends on which account traders choose. The Prime accounts offer competitive, ECN-style spreads but those for the Classic accounts are not as competitive. On balance, most commission rates and spreads appear to not be markedly dissimilar from other brokers.

Other Fees

Stocks trading with Sheer Markets is handled slightly differently. Positions in European and UK equities markets carry a 15 basis point execution fee, while US instruments have a USD 0.05 per share commission (USD 10 minimum).

Cryptocurrency CFDs are charged a variety of financing fees. Long positions on Bitcoin and Ethereum CFDs require a 45% finance to be paid, while Litecoin and Bitcoin Cash only require 37.5%. Short positions on Ethereum receive 12.5% finance, though the other three currencies receive 0%.

Sheer Markets also charges a EUR 10 inactivity fee for accounts that lie dormant for six months or more. Clients looking to leave their capital in the hands of the broker’s diversification portfolios must pay a 30% performance fee on any profits.

Leverage

Leverage on Sheer Markets varies considerably depending on whether traders are investing in shares, cryptocurrencies, major currencies or NDFs. Per European regulation, the maximum leverage rate available is 1:30. A full breakdown of maximum rates is provided below:

Professional clients are not so limited by government regulation and can access higher rates, up to 1:100.Sheer Markets forex, cryptos & CFDs on MT4 and MT5

Mobile App

The MetaTrader 4 & 5 platforms are available on iOS and Android as mobile apps, allowing investors to trade flexibly and on the move by simply connecting to the broker on their phones. The app includes features that allow traders to review their trading history, make use of interactive charts, get financial news and more.

Payment Methods

Deposits

Sheer Markets requires a minimum first deposit of EUR/USD 200 for its Classic and Prime accounts and EUR/USD 10,000 for its Classic Plus and Prime Plus accounts. This can be made using a range of payment methods, including Visa, Mastercard and bank wire transfer, as well as Neteller and Skrill. Sheer Markets does not impose its own fees for deposits.

Processing times range from instant for Neteller and Skrill up to 2 hours for Visa and Mastercard and 2-5 working days for wire transfers.

Withdrawals

Withdrawal requests can be made from the “Transfers” section in the client portal. Sheer Markets will process withdrawal requests within 24 hours (Monday to Friday, excluding public holidays), followed by additional processing time depending on the payment option chosen.

For example, withdrawals using Visa, Mastercard and wire transfer take 2-5 business days, while Skrill and Neteller are instant. As with deposits, Sheer Markets does not impose its own withdrawals fees, though fees may be imposed by the payment processor.

Demo Account

Sheer Markets does offer a demo account for its existing and prospective clients, though access to this is dependent on the jurisdiction the user is in. Demo accounts are a great way to trial a new broker, explore new markets and practise different strategies in a realistic environment without risking real money.

Deals & Promotions

CySEC regulation prohibits brokers from offering financial incentives and promotional deals like cash rewards.

Regulation & Licensing

Sheer Markets is regulated by the Cyprus Securities and Exchange Commission (CySEC) under license number 395/20. The broker also complies with the EU’s Markets in Financial Instruments Directive II (MiFID II).

Sheer Markets client funds are held in separate accounts to reduce risk. Retail clients are also protected by the Investor Compensation Fund scheme, which insures clients against broker insolvency or malpractice.

It is also licenced by the Labuan Financial Services Authority (LFSA) for global clients.

Additional Features

Account Types

Sheer Markets clients can open one of four trading accounts:

Sheer Classic

Sheer Classic Plus

Sheer Prime

Sheer Prime Plus

Professional-grade clients can open dedicated accounts with higher leverage limits (1:100), though minimum deposits are USD/EUR 500,000. Corporate trading accounts are also available.

How To Get Started

Accounts can only be opened in USD or EUR.

Sheer Markets beginner's guide and professional trading features
Sheer Markets Economic Calendar

Trading Hours

Trading hours vary depending on the market. For example, the hours for the UK equities market are Monday 09:01 – Friday 17:25 (GMT+2), while cryptocurrencies can be traded 24/7.

Customer Support

Sheer Markets clients can contact the customer service team via email, phone number and online form. The broker also has social media presence on Facebook, Twitter and LinkedIn.

Security

Sheer Markets is regulated by CySEC, a reputable financial watchdog, which means that it must uphold strong security standards. Moreover, the MetaTrader 4 & 5 trading platforms are quite secure, encrypting all data and supporting two-factor authentication (2FA) logins. Sheer Markets also takes measures to protect personal data using encryption and access management procedures.

Sheer Markets Verdict

Sheer Markets (Cyprus) Ltd offers a wide range of financial instruments in various capital markets, from mainstream stocks to exotic currency pairs, as well as DNFs and emerging markets forex. The scale of the broker’s product range provides exciting opportunities for traders, though some of its products will be more appropriate for professional traders than amateur ones and some of the deposit requirements may put off more casual traders.

FAQs

Who Regulates Sheer Markets?

Sheer Markets is regulated by the Cyprus Securities and Exchange Commission (CySEC), a reputable EU broker. Plus, for global clients, it is licenced by the Labuan Financial Services Authority (LFSA).

What Is A CFD?

A CFD is a contract for difference, which is an agreement between an investor and a broker to exchange the difference in the value of an asset between the time of a contract opening and closing, without the investor owning the underlying asset. CFDs are banned in some countries, including in the US.

What Is An NDF?

NDF is an abbreviation for non-deliverable forward and refers to two parties contractually agreeing to exchange the difference in currency between the agreed-upon rate and the spot rate. The notional amount is never exchanged. They are a useful financial instrument to speculate upon illiquid currencies.

What Are Sheer Markets' Initial Deposit Requirements?

These depend on the account you choose. For the Sheer Classic and Sheer Prime accounts, the minimum deposit is a relatively modest EUR/USD 200. However, for the Sheer Classic Plus and Sheer Prime Plus account, the deposit requirement is a more sizeable EUR/USD 10,000.

Is Sheer Markets Commission-Based?

Sheer Markets clients can either pick a spread-based or commission-based account type, with the pricing structure varying amongst asset classifications.

Top 3 Alternatives to Sheer Markets

Compare Sheer Markets with the top 3 similar brokers that accept traders from your location.

  1. IG – Founded in 1974, IG is part of IG Group Holdings Plc, a publicly traded (LSE: IGG) brokerage. The brand-US offers spread betting, CFD and forex trading across an almost unrivalled selection of 17,000+ markets, with a range of user-friendly platforms and investing apps. For 50 years, IG has maintained its position as an industry leader, excelling in all key areas for traders.

    Go to IG
  2. Interactive Brokers – Interactive Brokers (IBKR) is a premier brokerage, providing access to 150 markets in 33 countries, along with a suite of comprehensive investment services. With over 40 years of experience, this Nasdaq-listed firm adheres to stringent regulations by the SEC, FCA, CIRO, and SFC, amongst others, and is one of the most trusted brokers for trading around the globe.

    Go to Interactive Brokers
  3. World Forex – World Forex is an offshore broker registered in St Vincent and the Grenadines, offering commission-free trading with a $1 minimum deposit and 1:1000 leverage. Digital contracts are also available, offering beginners a straightforward way to speculate on popular financial markets.

    Go to World Forex

Sheer Markets Comparison Table

Compare Sheer Markets With Similar Brokers
Sheer Markets IG Interactive Brokers World Forex
Rating 2.8 4.7 4.3 4
Markets CFDs, Forex, Stocks, Cryptos, Commodities CFDs, Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, Crypto, Spread Betting Stocks, Options, Futures, Forex, Funds, Bonds, ETFs, Mutual Funds, CFDs, Cryptocurrencies Forex, CFD Stocks, Metals, Energies, Cryptos, Digital Contracts
Demo Account Yes Yes Yes Yes
Minimum Deposit $200 $0 $0 $1
Minimum Trade 0.01 Lots 0.01 Lots $100 0.01 Lots
Regulators CySEC FCA, ASIC, NFA, CFTC, DFSA, BaFin, MAS, FSCA, FINMA, CONSOB, AFM FCA, SEC, FINRA, CFTC, CBI, CIRO, SFC, MAS, MNB, FINMA, AFM SVGFSA
Bonus – – – 100% Deposit Bonus
Education No Yes Yes No
Platforms MT4, MT5 Web, ProRealTime, L2 Dealer, MT4, TradingView, AutoChartist, TradingCentral Trader Workstation (TWS), IBKR Desktop, GlobalTrader, Mobile, Client Portal, AlgoTrader, OmniTrader, eSignal, TradingCentral MT4, MT5
Leverage 1:30 (EU), 1:100 (Pro) 1:30 (Retail), 1:250 (Pro) 1:50 1:1000
Payment Methods 5 6 6 10
Visit – Visit Visit Visit
Review – IG
Review		 Interactive Brokers
Review		 World Forex
Review

Compare Trading Instruments

Compare the markets and instruments offered by Sheer Markets and its competitors. Please note, some markets may only be available via CFDs or other derivatives.

Compare Sheer Markets Trading Instruments
Sheer Markets IG Interactive Brokers World Forex
CFD Yes Yes Yes Yes
Forex Yes Yes Yes Yes
Stocks Yes Yes Yes Yes
Commodities Yes Yes Yes Yes
Oil No Yes No Yes
Gold No Yes Yes Yes
Copper No Yes No No
Silver Yes Yes No Yes
Corn No No No No
Crypto Yes Yes Yes Yes
Futures No Yes Yes No
Options No Yes Yes No
ETFs No Yes Yes No
Bonds No Yes Yes No
Warrants No Yes Yes No
Spreadbetting No Yes No No
Volatility Index No Yes No No

Sheer Markets vs Other Brokers

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