Review for Siauliu Bankas Security Trading Platform
Team of STO Investment Platforms Reviewers
This security trading platform appears to be one of the most popular in Lithuania, and there is a lot for investors to like about it. It has an excellent trading platform which combines all the functionality you could need within a single straightforward interface, large selection of instruments available with instant execution and average spreads which are competitive even against those offered by its best competitors.
Today we are pleased to provide you with a detailed review for Lithuanian brokerage firm Šiaulių Bankas.
Who is Šiaulių Bankas?
Šiaulių Bankas is the second largest bank in Lithuania, established in 1922. Šiauliai Bank AB has been providing financial services to both corporate and retail customers since 1993, with traditional banking taking only a small piece of their overall business.
As one of the largest banks in the Baltic States, Šiaulių Bankas operates throughout Lithuania and is also present in Latvia, Estonia and Poland.
What can you trade with Siauliu Bankas?
If you are looking to invest as a small retail trader, then this Lithuanian brokerage firm will be ideal for you as it offers a really good choice of tradable instruments.
The most popular products available at Šiaulių Bankas are cash CFDs on equity indices, commodity CFDs and currency pairs, however this broker also offer shares, ETFs and warrants trading as well.
What type of account do you need to trade with Siauliu Bankas?
To make it possible for you to trade with Šiaulių Bankas, you need to open either an individual account or a nominee account. The minimum deposit required is 10 EUR, while the leverage varies depending on your chosen product. You can check the exact detail in the table below:
The overall experience of using the site was smooth and easy. Finding the product you wish to trade with is very straightforward, while executing any order works flawlessly no matter whether you are trading simple CFDs or complex options.
The Šiaulių Bankas website looks quite fresh and modern nowadays, however it could have been a bit more informative as the main page is very basic and doesn’t provide much information at all.
As expected from a leading forex broker, Šiaulių Bankas offers the MT4 trading platform to its clients. The good thing is that it can be used by both novice and advanced traders due to its easy-to-use strategy tester, powerful analytical tools and wide selection of customizable indicators.
The trading platform has a serious design and a nice variety of tools, but it also lacks some useful features that are offered by other brokers in the field. We have tested this broker with our standard desktop PC without any issues or slowdowns, which is one major plus for Šiaulių Bankas when compared to similar services provided by brokers located in developing countries.
The trading platform has a nice balance between real-time data and the space it provides for customizing all of its panels. Although it is quite easy to use, some traders will not like that there is only one available position per order.
The customer support was professional and knowledgeable, with all of our questions being answered in less than 10 minutes. The broker also provides a number of educational resources that are easy to understand, however the copy-paste strategy was not that good which is why you should be very careful when using it.
The bonus system at Šiaulių Bankas is quite simple and only requires active trading during the first three months to get your profits paid out. The best thing about this broker is that it doesn’t charge any commissions at all, which you will not find with other Lithuanian brokers operating in this market.
The overall cost of trading with Siauliu Bankas was very competitive despite the fact that they don’t offer any educational resources. However, you can buy most of the information from other brokers so it shouldn’t be a problem at all.
Some of the most important features offered by Siauliu Bankas to its clients include:
– 24/5 trading;
– No commissions;
– One type of account;
– MT4 platform.
Šiaulių Bankas offers a really good choice of tradable instruments, but its trading platform misses some key features that are offered by its competitors.
– Excellent range of products to trade with
– Professional customer service
– Fast order execution
– Values/ Mission statement
– Lacks educational resources for new traders
– Difficult to use bonus system
-Boring website design
The Siauliu Bankas brokerage service is very good for anyone looking to trade CFDs on cash indices, commodities and currency pairs. This broker offers an easy-to-use MT4 platform, a competitive deposit bonus and a great selection of tradable assets.
However, it lacks some important features that are offered by other brokers in the field, such as demo accounts and educational resources for new traders. The lack of commissions also makes it a very cost-effective choice if you want to start trading with Lithuanian brokers.
Overall we give this brokerage a 7.5/10 and we recommend you to try it if you want to save money when trading online.