FX6 review – 5 things you should know about fx6.xyz

Beware! FX6 is an offshore broker! Your investment may be at risk.

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Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.

FX6’s assurances that it is a trusted and multi-awarded forex broker do not seem convincing. At the time of writing this review this website lacks even basic functionality and content that one would expect from a legitimate broker. Let’s take a detailed look at why it is in your best interest to stay away from FX6.

FX6 Regulation and safety of funds

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.

FX6 is completely anonymous – there is no company name, contact address, Customer Agreement or other documentation on this website. If you don’t know who you are dealing with and what the terms of the deal are, it would be an obvious mistake to put your money on the line.

Our suspicions about the FX6 have been confirmed by the Italian financial regulator, CONSOB, which has classified the FX6 as a scam.

If you have decided to invest in financial instruments you have a choice of much more trustworthy options.

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.

FX6 Trading software

The FX6  website has links to supposed mobile trading apps, but these links are blank. FX6 does not allow free account registration, so we were unable to determine if any trading software was available on the dashboard.

Financial scammers sometimes prefer to handpick their potential victims through social networks and online forums, which is why they do not allow free registration. Genuine brokers allow easy Demo account creation.

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).

FX6 Trading instruments

FX6 advertises trading in a large number of financial instruments, including currencies, indices, commodities and cryptocurrencies. But this website has neither the technological capacity nor the legal authorisation to offer financial trading.

FX6 Spreads and cost of trading

FX6 does not provide any information about the conditions of the trade it claims to offer.  Genuine forex brokers provide detailed information about the trading conditions. Legitimate companies also offer different account types to suit clients with different experience, capital and investment intentions.

FX6 Maximum leverage

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.

Regulated brokers offer higher leverage only to professional clients who must meet very high standards for capital and experience and forgo the guarantees enjoyed by retail traders.

If you don’t qualify as a professional trader but are willing to take the risk of high-leverage trading, the most viable option is to use the services of an offshore affiliate of an established brand.

FX6 Deposit and withdrawal methods

Due to our inability to register an account, we were unable to ascertain what payment methods FX6 uses. Experience has shown that fraudsters direct their potential victims to cryptocurrency transactions that do not allow refunds to be requested.

Legitimate brokers typically offer clients a wide choice of transparent payment methods, including bank transfer, credit/debit cards and established e-wallets such as PayPal, Skrill or Neteller.

FX6 Minimum deposit

The leading brands in the industry offer beginner traders starter accounts with a very low minimum deposit. You have no good reason to take chances with shady brokers like FX6.

FX6 Withdrawal requirements

The lack of a publicly available Terms and Conditions or Client Agreement means that scammers may have set many traps such as hidden fees and impossible-to-meet  withdrawal terms.