RedMars Review 2024

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Written By
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Written By
Christian Harris
Christian is a seasoned journalist with decades of experience. He transitioned from tech journalism to finance to follow his interest in investing. He has been trading stocks, futures, forex, and cryptocurrencies for more than 5 years, becoming an eToro Popular Investor. With hands-on expertise across various assets, he offers valuable trading insights.
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James Barra
James is an investment writer with a background in financial services. He has worked as a management consultant, where he delivered large-scale operational transformational programmes at some of Europe's biggest banks. James authors, edits and fact-checks content for a series of investing websites.
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Jemma Grist
Jemma is a writer, editor and fact-checker focused on retail trading and investing. Jemma brings a unique perspective to the forex, stock, and cryptocurrency markets and works across several investment websites as a researcher and broker analyst.

3.8 / 5
RedMars is #4 in our CFD broker rankings.
CFDs, Forex, Stocks, Indices, Commodities, Cryptos
Credit Card, Wire Transfer, Debit Card, Sticpay, FasaPay, Bitcoin Payments, Trustly, PayPal, Skrill, Neteller, Klarna, Mastercard, Visa


  • The broker supports a range of flexible payment methods, including wire transfers, credit cards, e-wallets, and notably cryptocurrencies
  • RedMars offers one of the best platforms for day trading, MT5, hosting 21 timeframes, dozens of analytical tools, flexible templates and algo trading
  • Getting started on RedMars is incredibly easy - you can be up and running in just a few minutes based on tests


  • With just 300 instruments, RedMars offers a narrow trading environment, particularly compared to category leaders like BlackBull Markets which offers 26,000 assets
  • RedMars falls short for newer traders, with little in the way of education, no beginner-friendly platform, a steep minimum deposit, and inadequate support during testing
  • While RedMars' spreads are within industry averages, they don't offer a significant edge over the cheapest day trading brokers we've personally used, notably IC Markets

RedMars Review

This RedMars review delves into the day trading experience on their platform. Our analysis combines firsthand testing with insights from a vast database of around 500 online brokers.

Regulation & Trust

3.3 / 5

RedMars is a somewhat trusted broker. It’s a registered trade name of Red Mars Capital Ltd., a Cyprus Investment Firm (CIF), authorized by the Cyprus Securities and Exchange Commission (CySEC), under license number 396/21 and registration No.HE399243 – a ‘green-tier’ regulator.

RedMars segregates client money from company funds. These segregated accounts are held with ‘reputable’ European credit institutions, adding another layer of protection.

RedMars also emphasizes regular account reconciliations, both internally and with external parties. This practice should ensure transparency and the accuracy of client funds.

As a safety net, RedMars clients are covered by Cyprus’s Investor Compensation Fund (ICF). The ICF is a government-backed program that can compensate eligible clients up to €20,000 per claim if RedMars defaults on its financial obligations.

On the downside, RedMars lacks the multi-regulated status of our most trusted brokers. Its track record is also fairly limited, having launched in 2020, and it’s not listed on a stock exchange, which would bolster its financial transparency.

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RedMars IG Interactive Brokers
Regulation & Trust Rating
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Accounts & Banking

3.5 / 5

Live Accounts

RedMars offers three account types, all providing access to the MetaTrader 5 platform and catering to day traders at all levels and budgets. They differ in terms of spreads, leverage, and commission.

  1. Most traders will choose the Standard account, which can be opened with a minimum deposit of €250. The average spread is 1.2 pips, and the maximum leverage is 1:30.
  2. The Pro account is more suitable for higher-volume traders but requires a minimum deposit of €5,000. This account reduces spreads to zero for some instruments, and the maximum leverage is 1:500, appealing to active traders.
  3. The VIP account is a tailor-made service reserved only for the broker’s ‘most valued customers’ who deposit at least €50,000. With You get a dedicated account manager, a ‘premium’ customer support team contact, and special invitations to global sports and entertainment events.

All accounts support expert advisors, scalping, hedging, and VPS (enables algorithmic trading strategies to run autonomously, independent of the trader’s device or Internet connection).

I found it easy to open a new RedMars account through the client dashboard — except for the VIP account, which can’t be opened manually.

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Christian Harris

Demo Accounts

RedMars offers demo accounts that work with MT5.

These accounts provided the ideal environment for testing day trading strategies using different instruments and leverage, building confidence in the platform and broker before trading in the live market with real money.

Demo leverage options up to 1:100 at RedMars

Deposits & Withdrawals

RedMars offers a variety of deposit and withdrawal methods. You can transfer funds via bank transfers, which typically take 3-5 business days to appear in my account.

While RedMars doesn’t charge fees for this option, intermediary banks may impose charges. For added convenience, credit and debit card deposits using Visa and Mastercard are accepted.

For those who prefer e-wallets, popular options like SticPay and FasaPay are also supported, though availability depends on your location.

If you want to leverage cryptocurrency, RedMars also allows deposits using that method. However, it’s important to note that these crypto deposits are automatically converted to USD or EUR upon entering your account.

This applies to withdrawals, too, where funds are returned to the original deposit method in the same currency. Keep in mind that RedMars currently only supports USD and EUR base currencies.

Comparison of similar brokers 2024
RedMars IG Interactive Brokers
Accounts & Banking Rating
Payment Methods Bitcoin Payments, Credit Card, Debit Card, FasaPay, Klarna, Mastercard, Neteller, PayPal, Skrill, Sticpay, Trustly, Visa, Wire Transfer Credit Card, Debit Card, Mastercard, PayPal, Visa, Wire Transfer ACH Transfer, Automated Customer Account Transfer Service, Cheque, Debit Card, TransferWise, Wire Transfer
Minimum Deposit €250 $0 $0
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Assets & Markets

3.8 / 5

RedMars caters primarily to forex and CFD traders, with a narrow selection of tradable instruments covering currency pairs, stocks, indices, commodities and cryptos.

RedMars offers around 50 currency pairs, a reasonable selection though it trails the top forex brokers like CMC Markets (300 forex pairs), IG (100 forex pairs), or XTB (70 forex pairs). This focus on forex also comes at the expense of popular asset classes like real stocks, real ETFs, options, and even a more comprehensive range of cryptocurrencies.

While RedMars allows trading in 13 cryptocurrencies through CFDs, you won’t own the underlying assets. If you prioritize a broader crypto selection, platforms like DNA Markets, with over 120 crypto offerings, might be a better fit.

One red flag is the broker’s promise to pay you 3.5% to 4% daily on the invested cash in your account, which you can withdraw anytime. If these guaranteed returns were accurate, there would be little point in trading.
Comparison of similar brokers 2024
RedMars IG Interactive Brokers
Assets & Markets Rating
Trading Instruments CFDs, Forex, Stocks, Indices, Commodities, Cryptos CFDs, Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, Crypto, Spread Betting Stocks, Options, Futures, Forex, Funds, Bonds, ETFs, Mutual Funds, CFDs, Cryptocurrencies
Margin Trading Yes Yes Yes
Leverage 1:30 (Retail), 1:500 (Pro) 1:30 (Retail), 1:250 (Pro) 1:50
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Fees & Costs

3.5 / 5

The spreads offered by RedMars vary depending on your account type. For major currency pairs like EUR/USD and USD/JPY, spreads can start from 1.2 pips with the Standard account, and there are no commissions.

While this may be fine for swing traders, day traders and scalpers aiming to capitalize on every pip may find brokers like IC Markets, which offers zero spread accounts (albeit with small commissions), more appealing.

The Pro account reduces spreads, but there’s €3.5/lot-per-side commission.

I discovered while using RedMars that if my trading account is dormant (inactive) for only two months, I will be charged a one-off fee of €20 (or equivalent) and €10 (or equivalent) per month after that.

However, if I have more than one trading account and at least one of my trading accounts is active, then no inactivity fee will be deducted, even if one or more of my trading accounts is deemed inactive.

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Christian Harris

These costs fall within the ballpark of industry averages but don’t necessarily stand out as the most competitive, as you can see from our analysis below.

Comparison of similar brokers 2024
RedMars IG Interactive Brokers
Fees & Costs Rating
EUR/USD Spread 0.7 0.8 0.08-0.20 bps x trade value
FTSE Spread 15 1.0 0.005% (£1 Min)
Oil Spread 15 2.8 0.25-0.85
Stock Spread Variable 0.02 0.003
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Platforms & Tools

3.8 / 5

RedMars doesn’t offer day traders flexibility with its selection of trading platforms, limiting choice to either desktop, web, or mobile version of MetaTrader 5 (MT5) – MT4 isn’t even offered.

It’s disappointing that MT4 isn’t supported because it boasts a more straightforward interface suited for beginners and still provides advanced charting and analysis tools for more experienced traders.

Conversely, MT5 has more comprehensive charting and analysis tools, better caters to traders across multiple financial markets, and offers hedging capabilities.

MT5 platform at RedMars, showing EURUSD trading chart
MetaTrader 5
Day traders who rely on specific charting platforms like TradingView or cTrader will find RedMars limiting. These popular platforms offer a range of features and functionalities that RedMars doesn’t integrate with. This lack of compatibility seriously hindered my preferred workflow and analysis style.
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Christian Harris
Comparison of similar brokers 2024
RedMars IG Interactive Brokers
Platforms & Tools Rating
Platforms MT5 Web, ProRealTime, L2 Dealer, MT4, AutoChartist, TradingCentral Trader Workstation (TWS), IBKR Desktop, GlobalTrader, Mobile, Client Portal, AlgoTrader, OmniTrader, eSignal, TradingCentral
Mobile App iOS & Android iOS & Android iOS & Android
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Review Review Review Review


2.8 / 5

While some brokers offer educational resources by licensing high-quality analysis tools from established providers like Trading Central or Autochartist, RedMars falls short in this crucial aspect.

This lack of readily available research material is just one of the shortcomings that make RedMars an unsuitable platform for new traders.

While MT5 includes a primary and non-filterable economic calendar, RedMars doesn’t provide in-house blog content or webinars, leaving new traders ill-equipped for the market’s challenges, especially compared to category leaders like IG.

Comparison of similar brokers 2024
RedMars IG Interactive Brokers
Research Rating
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Review Review Review Review


3 / 5

Unlike leading brokers prioritizing trader education, RedMars offers scant resources for new traders. This lack of educational tools will force beginner traders to find knowledge elsewhere.

RedMars doesn’t even have a dedicated Education section on its website, highlighting its disregard for providing the kind of trading tutorials, webinars, and other prominent resources on platforms like eToro.

Comparison of similar brokers 2024
RedMars IG Interactive Brokers
Education Rating
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Review Review Review Review

Customer Support

4 / 5

RedMars’ contact options are limited and include a support email address and ticket system within the client area. There’s no phone number or live chat.

Another concern is that none of the social media links on the broker’s website worked during our latest testing.

This lack of readily available support options was a concerning aspect of my RedMars trading experience. I found that emailing customer support every time I had a question – and waiting at least 24 hours for a reply – was extremely frustrating.

And crucially, it falls way below the quality of assistance I get at alternative platforms, notably IC Markets.

author image
Christian Harris
Comparison of similar brokers 2024
RedMars IG Interactive Brokers
Customer Support Rating
Visit Visit Visit Visit
Review Review Review Review

Should You Trade With RedMars?

While RedMars offers competitive spreads and commission-free trades and supports the popular MT5 platform, its newness shows.

The website could be more precise (broken links), there are no educational or research tools, and customer support is way below the standard we consistently get at leading brokers. And while it’s regulated in Europe, many traders based elsewhere can find more established, locally regulated trading platforms.

Ultimately, RedMars is fine, but it’s not great.


Is RedMars Legit Or A Scam?

RedMars, a relative recent entrant to the brokerage market with headquarters in Cyprus, has a limited track record. While it is regulated by one ‘green-tier’ regulator, suggesting it’s a legitimate trading firm, it’s not as credible as the best day trading brokers.

Is RedMars A Regulated Broker?

Red Mars Capital Ltd is regulated by CySEC, the financial regulator of the Republic of Cyprus. CySEC aims to facilitate the sound development of the securities market and safeguard investor protection through efficient supervision.

Is RedMars Suitable For Beginners?

While RedMars may appeal to some traders, the need for a proprietary trading platform and educational resources could be a hurdle for beginners. New traders might find established platforms like eToro and Plus500 more user-friendly, as they offer intuitive platforms and fantastic educational materials.

Does RedMars Offer Low Fees?

RedMars keeps fees competitive by offering commission-free trading on the Standard account. While they may not boast the tightest spreads across all instruments, their overall pricing structure might still be attractive to some traders, especially if you can afford the minimum deposit for a Pro or VIP account.

Is RedMars A Good Broker For Day Trading?

RedMars’ competitive pricing, fast execution speeds, and compatibility with MT5 for scalping might appeal to day traders. However, short-term trading using the popular TradingView and cTrader charting platforms is not supported.

Does RedMars Have A Mobile App?

The MT5 mobile app, supported by RedMars, offers several benefits for traders, including the ability to trade on the go with real-time access to market data and charts. The app supports a wide range of trading instruments. It offers various technical analysis tools, push notifications for price alerts, and trading signals, ensuring that day traders can always stay connected to the markets.

Top 3 Alternatives to RedMars

Compare RedMars 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.

  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.

  3. Plexytrade – Established in 2024 and headquartered in Saint Lucia, Plexytrade is an ECN/STP broker. Geared towards active traders, it supports four account options, crypto deposits and withdrawals, plus very high leverage up to 1:2000 made possible by its unregulated status.

RedMars Comparison Table

Compare RedMars With Similar Brokers
RedMars IG Interactive Brokers Plexytrade
Rating 3.8 4.4 4.3 2.5
Markets CFDs, Forex, Stocks, Indices, Commodities, Cryptos CFDs, Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, Crypto, Spread Betting Stocks, Options, Futures, Forex, Funds, Bonds, ETFs, Mutual Funds, CFDs, Cryptocurrencies CFDs, Forex, Indices, Stocks, Commodities, Crypto
Demo Account Yes Yes Yes Yes
Minimum Deposit €250 $0 $0 $50
Minimum Trade 0.01 Lots 0.01 Lots $100 0.01
Bonus 120% Cash Welcome Bonus
Education No Yes Yes No
Platforms MT5 Web, ProRealTime, L2 Dealer, MT4, AutoChartist, TradingCentral Trader Workstation (TWS), IBKR Desktop, GlobalTrader, Mobile, Client Portal, AlgoTrader, OmniTrader, eSignal, TradingCentral MT4, MT5
Leverage 1:30 (Retail), 1:500 (Pro) 1:30 (Retail), 1:250 (Pro) 1:50 1:2000
Payment Methods 13 6 6 2
Visit Visit Visit Visit Visit
Review IG
Interactive Brokers

Compare Trading Instruments

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

Compare RedMars Trading Instruments
RedMars IG Interactive Brokers Plexytrade
CFD Yes Yes Yes Yes
Forex Yes Yes Yes Yes
Stocks Yes Yes Yes Yes
Commodities Yes Yes Yes Yes
Oil Yes Yes No Yes
Gold Yes 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

RedMars vs Other Brokers

Compare RedMars with any other broker by selecting the other broker below.


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