Beware! Fxtradingx is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
It would be a mistake to believe Fxtradingx’s assurances that it is a regulated and award winning forex broker. Even a basic fact check reveals that this is a low-effort scam targeting people without sufficient experience and knowledge of the financial markets. In this review, we will show you how to identify such scams and how you could find a trustworthy forex broker.
Fxtradingx Regulation and safety of funds
|Guaranteed Funds||Segregated Accounts||Negative balance protection|
|UK regulated brokers||£85 000||Yes||Yes|
|EU regulated brokers||€20 000||Yes||Yes|
|AU regulated brokers||No||Yes||Yes|
|US regulted brokers||Yes||Yes||No|
If a financial services provider is legitimate, you will find on its website clear and detailed information about the company that owns and operates it, where it is based, and what licences it has. Genuine brokers also provide access to a comprehensive set of legal documentation. The availability of such information does not guarantee that it is not false or misleading. But the absence of these elements is very indicative that in all likelihood you are dealing with scammers.
Fxtradingx is completely anonymous. Even in the text of the Terms and Conditions no company name is mentioned. The same goes for the obviously fake images of supposed certificates to operate in the United States.
The fake licences are not even from the institutions that authorise forex brokers in that jurisdiction.
To operate as a forex broker in the United States, a company must be registered as a futures commission merchant and foreign exchange dealer with the Commodity Futures Trading Commission (CFTC) and to be a member of the National Futures Association (NFA).
Financial authorities in another jurisdiction, the United Kingdom, have taken notice of the fraudulent activities of Fxtradingx and have issued a warning to investors.
Before investing your money in financial instruments, it is imperative to make sure you do so through a licensed intermediary and not one of the many scammers lurking online.
Depending on your location, it is advisable to choose a company that is regulated by an institution such as Commodity Futures Trading Commission (CFTC) in the US, Australian Securities and Exchanges Commission (ASIC), UK’s Financial Conduct Authority (FCA) or some EU regulator like Cyprus Securities and Exchange Commission (CySEC).
Clients of these brokers receive protections such as negative balance protection and segregation of the client’s funds from the broker’s funds. In the EU and the UK, brokers must also participate in guarantee schemes that cover a certain amount of the trader’s investment if the broker becomes insolvent. These guarantees amount to up to 20 000 EUR in the EU and 85 000 GBP in the UK. However, the likelihood of such a bankruptcy is low because regulators also have significant net capital requirements that companies must maintain – EUR 730 000 in UK and Cyprus, AUD 1000 000 in Australia and at least 20 million USD in the United States.
Fxtradingx Trading software
|Analytical tools||Auto trading||Custom indicators||Mobile apps|
|MT4||30+ indicators||✅||✅||Android and iOS|
|MT5||50+ indicators||✅||✅||Android and iOS|
|cTrader||40+ indicators||✅||✅||Android and iOS|
Fxtradingx advertises high-tech solutions, but after signing up for an account we only get access to a poor imitation of trading software, lacking even basic order placement functionality.
But even if Fxtradingx had a more convincing platform, that would not make this website credible. Fake brokers use rigged trading software to mislead their victims that their money is really being invested. But this trade is entirely sham.
Legitimate brokers offer clients a wide selection of trading software, including desktop, mobile apps and web-based platforms. The most widely used platforms in the industry are MetaTrader 4 (MT4) and MetaTrader 5 (MT5). These platforms have established themselves as industry standard because they offer a wide range of features, including a variety of options for customization, multiple account usage, designing and implementing custom scripts for automated trading and backtesting trade strategies.
Fxtradingx Trading instruments
Fxtradingx advertises trading in all major asset classes. But as has been demonstrated, this website has neither the legal authorization nor the technological capacity to facilitate trading in financial instruments.
Fxtradingx Spreads and cost of trading
The descriptions of the types of trading accounts on the Fxtradingx website lack information on the underlying trading parameters.
It is stated that Fxtradingx offers bonuses, which is further evidence that we are dealing with a scam. Regulated brokers are prohibited from offering bonuses and promotions. Scammers often use promises of supposedly generous bonuses to tie their potential victims to extortionate terms. Fxtradingx does not provide clear information about the conditions attached to bonuses.
Fxtradingx Maximum leverage
|UK regulated brokers||30:1||5:1||❌||10:1||10:1|
|EU regulated brokers||30:1||5:1||2:1||10:1||10:1|
|AU regulated brokers||30:1||5:1||2:1||10:1||10:1|
|US regulated brokers||50:1||❌||❌||❌||❌|
High leverage creates the opportunity for more significant profit, but correspondingly increases the risk of sudden and excessive losses. All leading regulators therefore restrict leverage for retail traders.
Fxtradingx Deposit and withdrawal methods
|Deposit time||Withdrawal time||Price|
|Bank wire||2-5 business days||2-5 business days||$25+|
|Crypto||24 hours||24 hours||Fee depends on crypto|
In the Fxtradingx deposit menu, the choice is between cryptocurrency and bank transfer – two methods that do not allow you to request a refund or chargeback.
If you’re interested in legitimate brokers that accept digital currency payments alongside conventional methods, check out this list.
Fxtradingx Minimum deposit
The minimum deposit required by Fxtradingx is 500 USD. For as little as 50 or even 5 USD you could become a client of a truly regulated and award winning forex broker.
Fxtradingx Withdrawal requirements
|Trading volume||Fee/Tax on withdrawal||Minimum withdrawal|
|Fxtradingx||Not specified||Not specified||Not specified|
|UK regulated brokers||No||No||No|
|EU regulated brokers||No||No||No|
|AU regulated brokers||No||No||No|
|US regulated brokers||No||No||No|
Fxtradingx does not specify extraordinary conditions for withdrawal. But these types of scams always surprise you with hidden fees and other tricks that prevent you from withdrawing your money back.