Top Options
79/ 100
Regulated: Regulated by BaFin and the FSSA (Germany)
Min Deposit: $2500
Min Trade Amount: 0.1 Lot
US Clients:
Bonus: N/A
Free Demo Account:
Trading Platform: MT4, MT4 Mobile, Zulutrade and FXSTAT
Payment METHOD NAME Charge Time


Full Review

About Varengold Bank FX

Varengold Bank FX is a forex brokerage brand that operates out of Hamburg, Germany. The company is owned by Varengold Bank AG, and this company belongs to the Compensatory Fund of German banks (EdB). Varengold Bank AG is registered at the Federal Financial Supervisory Authority under no. license number 109520/100. Varengold Bank FX started operations in 1995.


 Special Offers and Bonuses

An affiliate to Varengold Bank FX named Tradimo used to be able to negotiate a no-deposit bonus of 100 Euros to those who open accounts on Varengold Bank FX through Tradimo’s affiliate link. This promotion is now over however.


Types of Trading Accounts

The live accounts on Varengold Bank FX are of two types. Access to the account types depends on the size of the initial deposit.

a)    Varengold Premium Account: The Premium account is for traders who can deposit at least $25,000 minimum as the initial deposit.

b)    Varengold Classic Account: Any amount less than $25,000 is automatically opened as a Classic account. The leverage used is 200:1.


Trading Platform Features

Several trading platforms are available on Varengold Bank FX. These are the various forms of the MT4 platform.

a)    MetaTrader 4: Several forex pairs can be traded on the downloadable version of the MT4 platform from Varengold Bank FX. This is the new version of the software (Build 600 and above) which also encompasses the new MT5. This replaces the previously available MT4 and MT5 platforms.

b)    MT4 Mobile App: These are the mobile versions of the MT4 platform that have been designed for the iPhone/iPad and Android devices. The software is downloadable from the respective app stores.

c)     Social Trading Platforms: These include the social trading platforms from Zulutrade and FXSTAT.

Commissions and Spreads

The following are the spreads and commissions that traders can get on Varengold Bank FX:

Varengold Premium Account Varengold Classic Account
EURUSD 1.48 2.48
USDJPY 1.67 2.67
GBPUSD 2.05 3.05
EURJPY 2.27 3.27
AUDUSD 2.40 3.40
USDCAD 2.34 3.34
AUDJPY 3.03 4.03
NZDUSD 3.21 4.21
GBPJPY 2.92 3.92
USDCHF 2.19 3.19
EURCHF 2.54 3.54
EURGBP 2.10 3.10
AUDCAD 3.54 4.54
CHFJPY 2.84 3.84
GBPAUD 3.92 4.92
EURAUD 3.07 4.07
AUDNZD 4.74 5.74
GBPCHF 3.73 4.73
EURCAD 2.97 3.97
NZDJPY 3.10 4.10
GBPCAD 4.20 5.20
AUDCHF 3.70 4.70
CADJPY 2.80 3.80
GBPNZD 8.10 9.10
USDSEK 29.40 30.40
EURNZD 5.50 6.50
USDHUF 31.60 32.60
CADCHF 3.70 4.70
EURHUF 33.50 34.50
EURPLN 43.30 44.30
EURCZK 32.50 33.50
USDZAR 36.00 37.00
EURSEK 20.50 21.50
EURNOK 25.50 26.50
NOKSEK 23.50 24.50
USDNOK 27.60 28.60
USDCZK 34.50 35.50
USDPLN 44.30 45.30
EURTRY 44.00 45.00
USDTRY 14.00 15.00
USDRUB 149.00 150.00
USDCNH 34.00 35.00

Charting Packages

In addition to the charting tools available on the MT4 platforms, there are certain charting add-ons available on the Varengold Bank FX platform. These are:

a)    Molanis Charting Package used to create indicators and expert advisors.

b)    Autochartist MT4 plug-in.

c)     SmartPattern indicator which is essentially a chart pattern recognition tool which can be added to the charts to scan chart patterns and obtain historical data for this purpose.

d)    SmartLines: This is a tool which automatically executes trade orders based on defined trend lines. Useful for traders who love to trade off trend lines.

e)    SmartForecaster: This indicator brings together chart retracements and market trend analysis provide a simple overview of markets.

f)     SmartForecast automatically calculates both short and long-term resistance and support. It also indicates volatility levels and market trends. Particularly important, however, is that it gives you a price evolution scenario with three targets which change in real time.

g)    SmartOrder: This is a tool which is used to increase trading speed and improve the process of managing positions.


Education and Demo Accounts

Educational materials on the subject of forex trading are provided by Varengold Bank FX. These are as follows:

a)    Varengold Knowledge Base: Presents articles on the first steps to take as a trader as well as the seven common mistakes that forex traders make.

b)    A forex glossary.

c)     A Frequently Asked Questions (FAQ) column.

d)    A forex learning section which shows forex and CFD training videos.

e)    An economic calendar.

Traders also receive a free and unlimited MT4 demo account.


Customer Service

The customer service desk on Varengold Bank FX can be reached via any of contact options shown:

a)    Germany Headquarters

Varengold Bank AG

Grosse Elbstrasse 27

22767 Hamburg


T: +49.40. 66 86 49 96

F: +49.40. 66 86 49 49


b)    UAE Office

Varengold Bank AG

The Gate Village 4

DIFC Dubai

United Arab Emirates

Phone: +971.4 40 1957 5

Fax: +971.4 40 1957 8


c)     UK Office

Varengold Bank AG

Brookfield House

44 Davies Street

London W1K 5JA

United Kingdom

+44.203.696 48 30

The online email form and online call back forms are also available, as well as a live chat facility.


Deposit and Withdrawals

Deposits and withdrawal options on Varengold Bank FX are:

a)    Bank Wire: This can be done in USD, GBP, Euros and Swiss Francs.

b)    Credit Card/ Debit Card: This is the fastest method and requires verification of the user’s identity. Accepted cards are those of VISA and MasterCard.

c)     Skrill

d)    PayPal


Deposit Limits

All transaction methods will attract fees on deposits as follows:

PayPal only attracts fees of 0.35 EUR/USD + 1.2% (EU traders) or + 3.2% (non-EU traders) if the amount deposited exceeds $5,000. Deposits below $5000 are not charged.

Credit cards attract a minimum deposit of $250 and a maximum deposit of $25,000/25,000 EUR. Fees are not charged for deposits less than $5,000. Deposits above $5,000 attract fees of 1.85% of deposit amount. Cardholder verification must be performed before the trader can transact with credit/debit cards. 

Skrill deposits are charged at the rate of 2.1% + 0.25 USD for USD deposits, and 1.9% + 0.25 EUR for Euro deposits.


Withdrawal Limits

The same fees charged for PayPal deposits also apply to withdrawals. For Skrill, the withdrawal fee is 1%.  Bank wires also attract fees, based on the currency of transaction.

There are no minimum or maximum withdrawal limits. Withdrawals to credit cards however cannot exceed the deposit amount made from the card. If the account was funded with a card and also via bank wire, then the withdrawal to the card will match the deposit amount from the card, before subsequent withdrawals are made to the bank account.



Varengold Bank FX has had a well rounded forex offering which provides all that the trader will need to succeed in the forex trading business.  Traders can choose between any of the two account types based on their financial standing.