PaperBids Review

Overall Score: 93 Points

BrokerAware Rank: #4

Min. Deposit: $250
Max. Leverage: 1:30
Trading Platforms: WebTrader

Paperbids is an online trading platform with 4 offices in different localities worldwide. According to the official website, the broker is not new to the business as they have 9+ years of business experience. The broker operates in more than 150 locations worldwide, with a few exceptions like the US, Afghanistan, Japan, and Hong Kong. Paperbids offers a wide range of trading instruments, including forex, stocks, crypto, metals, indices, commodities, and NFTs. The broker gets its regulation license in 2022 from the Autonomous Island of Mwali Comoros Union.

Trading Platform

Paperbids provides a user-friendly in-house Web Trading platform for the instant execution of orders. They also offer a state-of-the-art mobile app for android and iOS.
On the downside, the broker does not offer well-known platforms such as MetaTrader 4 and cTrader.

Paperbids Web Trading Platform
Paperbids provides instant access to the Web Trading platform; you only need an internet connection to get started (for a demo account). Before opening an account, you need to submit basic credentials such as your name, email address, and phone number, following a window that appears on your computer screen, enabling you to view live charts of currencies and stocks instantly.
Paperbids allow you to trade currencies, stocks, indices, commodities, and cryptocurrencies in a single setup. Beginners may experience live price movement and can do comprehended instant order placements. All popular cryptos, such as BTC, ETH, and XRP, are available, giving convenient access to a highly volatile market.
A trader may open three types of positions and check them out with a single click at the bottom of the screen using the Web Trader.
The Web Trading platform provides a plethora of drawing tools that may be used to create and implement trading strategies. Here is a list of drawing tools to assist you in building a strategy.
Positions including long positions, short positions, and forecast.
Lines including trend line, ray parallel channel, and disjoint angle.
Text including anchored note, balloon, and price label.
Tools including a pitchfork, fib retracement, gann square, and gann fan.
Brushes including polyline, curve, and double cure.
Patterns include xabcd patterns, three drive patterns, cypher patterns, and head & shoulder pattern.

Platforms:
-MetaTrader 4 (MT4) X
-MetaTrader 5 (MT5) X
-cTrader X
-Proprietary (Web) ✓
-Desktop X
-Web X
-Mobile ✓
-Social Trading ✓
-TradingView ✓

Fees

Here is the structure of trading and non-trading fees of Paperbids.
Commission and Spreads
Paperbids charges different spreads depending on your account type, while it does not charge any commission fees on any account. The lowest spreads are charged on VIP accounts. However, the criteria to be a VIP account holder is strict and needs to comply with many requirements. On top of that, the customer can enjoy maximum leverage of 1:400.
Here is the summary of account types Paperbids offer:
Main Account: Deposit Ranges from $250-$2500.
Bronze Account: Deposit Ranges from $2500-$10,000.
Silver Account: Deposit Ranges from $10,000-$50,000.
Gold Account: Deposit Ranges from $50,000-$100,000.
Platinum Account: Deposit Ranges from $100,000-$500,000.
VIP Account: Only for special customers who meet certain requirements.

Deposit and Withdrawal Fees:
Paperbids provides a variety of payment options. Clients can deposit and withdraw funds through bank (wire) transfers, debit/credit cards, and cryptocurrencies.
The broker does not charge any deposit and withdrawal fees that add more badges to its shoulders. However, it would be best if you verify with your service providers to see whether any transaction fees are required or not.
Withdrawal has no limits. You can always request that any remaining funds on your trading account be withdrawn. The exception is bank wire (the minimum withdrawal amount is $300). The minimum withdrawal amount for wallets, electronic payment systems, and bank cards is 1 USD, including commission. Also, keep in mind that a bank might charge a commission of up to 30 USD for an operation.
The broker requires a minimum deposit of 250$ in their basic account type, while there is no minimum withdrawal limit with the broker. It is generally set at $100 to compensate for the cost of intermediaries involved in the process.
The broker lets you open an account with currencies like USD, AUD, EUR, and GBP. Besides this, the broker provides BTC, ETH, and PLN as deposit currencies.

Inactivity Fees
Paperbids does not charge any account inactivity fees. You can sign off and won’t have to deposit above the basic deposit requirement ($250) whenever you re-join.
Trading Instruments
Paperbids is keenly offering services in crypto assets, forex, stocks, indices, and commodities. Cumulatively there are more than 200 assets to trade with the platform.
When writing the article, the broker offered 39 forex pairs, 46 cryptos, 9 commodities, 13 indices, 5 metals, and 126 stocks for trading.
Yet, financial assets, including bonds and options, are not available with Paperbids.

Instruments Availability:
Forex ✓
Stocks ✓
Indices ✓
Commodities ✓
Cryptos ✓
Options x
Bonds x
ETFs x
CFDs ✓

Customer Service

Paperbids provides 24/7 email and contact form support to clients worldwide. The support is satisfactory as you will get the response from the support team within 24 hours of the ticket generation. Any account opening, deposit, and withdrawal issues are resolved within an hour or two. There is a complete FAQ section on the website where are generic queries are addressed, so it is recommended to consult the FAQ section before generating the ticket.
On the downside, the broker does not provide WhatsApp, Live Chat and Viber support.

Usability

Paperbids has developed a web trading platform for traders of various experience levels. The platform’s usability is the broker’s initial impression; if they fail to offer simple menus for all users, they will fail to convince the audience to develop long-term commercial connections.
The web trading platform supports the following order types:
• Stop-loss / Take-profit
• Pending Order
Look and feel
The trading platform at Paperbids is one of the most user-intuitive and well-designed web trading platforms we’ve encountered.
It is easily customizable, and the flexible design allows you to reposition windows and store layouts. You may use the watchlists to observe the live activity of assets and use the one-click trading feature.
Search functions:
You may search for products on the left-hand sidebar. It functions as expected. You may search for available investment options by typing or browsing the asset class categories.
Portfolio and fee reports:
Paperbids provides clear portfolio and fee reports. The dashboard of your live account displays the primary performance and status of your account. You can access the ‘History’ tab by opening the menu, where you can see all the costs and returns on your previous trades.

Research and Education

Paperbids offers a variety of free educational tools for rookie and experienced traders. These training tools will help you enhance your trading abilities and financial market understanding.
Furthermore, Paperbids provides textual content on trading, CFD trading, fundamental & technical analysis, and risk management. On the trading platform, you will get the market watch, trading history, economic calendar, and market news on the left panel.

Fundamental & Technical Analysis:
Fundamental analysis measures the intrinsic value of a security by examining related economic and financial factors. Fundamental analysts study everything that can affect the value of a security, from macroeconomic factors like the state of the economy and industry conditions to microeconomic factors like the effectiveness of the company’s management.
The end goal is to arrive at a number that an investor may compare to the current price of a security to determine whether it is undervalued or overvalued.
This method of stock analysis is said to be in contrast to technical analysis, which forecasts price direction based on historical market data such as price and volume.
Professional analysts use technical analysis in conjunction with other sorts of studies. Retail traders may make their conclusions simply on price charts and comparable figures for security, but skilled stock analysts rarely limit their study to fundamental or technical analysis alone.
Technical analysis may be used for any security that has past trading data. Examples include stocks, futures, commodities, fixed-income securities, currencies, and other financial instruments. Technical analysis is more popular in commodities and FX markets, where traders are more concerned with short-term price changes.
Paperbids provides all traders with the tools they need to do fundamental & technical analyses. Aside from that, the sensible traders’ staff always examines essential financial assets.

Trading Strategies:
Paperbids offers its clients a library of trading strategies for education. All trading strategies, including day trading, are thoroughly discussed to benefit everyone equally. Asset-specific strategies, such as digital currency strategy, are also shared in detail.
A trading strategy is a well-organized process trader use to acquire and sell securities in the financial markets. Trading strategies may be broken into several sub-strategies. Several factors are considered while developing a trading strategy. Fundamental and technical analysis, investment style, market capitalization, portfolio diversification, timeframe, risk tolerance, leverage, tax considerations, and other factors are among them.
Traders construct a trading strategy based on precise data and in-depth market analysis; once formed, they stick to it religiously. However, given the volatility of the financial market and the fact that traders’ objectives may change over time, they must be evaluated and updated regularly.

Economic Calendar:
When it comes to trading financial assets, the importance of an economic calendar cannot be denied. By default, the economic calendar will let you know about all future economic events that will occur worldwide. You may change the period by selecting ‘Today,’ ‘Tomorrow,’ ‘This Week,’ or ‘Next Week,’ or by using the calendar button to enter a custom date range.
If you scroll down the calendar, you’ll see the name of each event and the date and time in GMT. When you click on an event in the calendar table, you will receive economic data charts for the actual deviation, true range, and volatility ratio.

Resources:
Market Analysis ✓
Guides ✓
Videos X
Webinars X
Autochartist X
Trading Central X
Economic Calendar ✓

Regulation and Safety

Since its inception in 2022 (having more than 9 years of industry experience), we have not observed any negative reviews about the broker or any scam reported, making it one of the credible brokers for trading.
As far as the website is concerned, the broker has an SSL certificate which gives it a badge making it impossible to break in by the hackers. Besides that, users can activate the 2FA on their accounts to make their funds more secure.
The broker gets its regulatory license in 2022 from the Autonomous Island of Mwali Comoros Union but does not have any banking license. Besides this, the broker is not backed by any bank or listed on any stock exchange. Additionally, the financials of the company are not publicly available.
Further, the broker is not regulated by top-tier financial authorities, like the CySEC in Europe, UK’s FCA, the Australian ASIC, FSC in South Africa, or the US’s CFTC.

Pros & Cons

Pros:
The facility of demo accounts
Multiple payment methods
Free deposit and withdrawal
Wide range of accounts for all types of traders
Availability of Islamic accounts
Tight spreads
No account inactivity fees
Commissions free trading
Instant order execution
24/7 customer support
Multi-currency deposit options
Availability of copy trading

Cons:
No MetaTrader platforms
Not a listed company
Financial information is not public
US, Japan, Afghanistan, and certain regions are not accepted
The minimum deposit of $250 is on a higher side

Conclusion

Paperbids has been extending its financial brokerage services since 2013. The trading assets offered by the broker are enough as they cover forex, indices, stocks, crypto, NFTs, and commodities. Paperbids offers tight market spreads and commission-free trading. The only point of concern could be its regulations. Paperbids are is regulated, but it is not from any tier-1 jurisdictions. The broker gets a sound customer base of over 4000 and has opened for 150+ locations worldwide (with just a few exceptions). All these make it one of the finest brokers for trading in the world.