FX Trade Review (fxtrade.service)

Review of FX Trade (fxtrade.service)

　　FX Trading is a Gleneagle Markets Pty Ltd-registered Australian broker. It has been in business since 2014 under the brand RubixFx. So far, they have not been involved in any news stories or frauds, which is encouraging. However, other broker review websites have reported a large number of favorable ratings filed at the same time. This leads us to believe that FX Trading buys their ratings, which is untrustworthy.

　　In this FX Trading review, we will go through the benefits and drawbacks. The objective is to provide you with as much information as possible. We want to assist you in selecting the best broker for your trade, so please read this evaluation thoroughly.

　　In conclusion, the trading features provided by FX Trading are neither extensive nor completely stated. The trading conditions are standard for the industry and do not provide any specifications. There is a rule, but it is not in the name of the broker, but of the company. The website is riddled with issues, and the customer support is mediocre at best. The FX Trading interface has no instructional information, and the broker is not ideal for beginners. Payment alternatives are likewise restricted.

FX Trade Trading Account

　　FX Trading offers two types of trading accounts: standard and ECN. Because of the hefty minimum deposits, spreads, and leverage, neither account is suited for new forex traders. Sadly, such a large organization doesn't involve new traders in their picks.

Standard Account

• 　　Minimum deposit: $200

• 　　Minimum trade size: 0.01 lots

• 　　Maximum leverage: 1:400

• 　　Average spreads: 1.3 pips

• 　　Commission: none

ECN Account

• 　　Minimum deposit: $100

• 　　Minimum trade size: 0.01 lots

• 　　Maximum leverage: 1:400

• 　　Average spreads:0.3 pips

• 　　Commission: $5 per lot

　　The accounts available are quite basic and provide very little information on the website. The minimum deposits are large; however, the basic account needs a lower deposit and has a substantially bigger spread. As previously said, we do not believe these accounts are appropriate for novices. In addition, FX Trading provides a 30-day sample account.

　　Overall, we are dissatisfied with the alternatives available at FX Trading. They are limited in functionality and do not provide many options. All accounts use the MT4 platform to trade.

FX Trade Trading Conditions

　　The MT4 platform will be used while trading with FX Trading. MetaTrader 4 has all of the necessary tools and features, including powerful charting packages, expert advisors, a variety of technical indicators, thorough backtesting, and more. FX Trading also offers VPS (virtual private server) services, which enable you to engage skilled advisers 24 hours a day, seven days a week. However, depending on the trade volume, there will be extra costs for using a VPS. It might cost between $29 and $98 per month.

　　TRADING IN FOREX Clients may use MyFXBook's AutoTrade to benefit from copy trading. AutoTrade is simple to use and links to the MT4 platform. The idea is to replicate the transactions of your chosen investor and adjust your profits and losses appropriately.

　　As mentioned in the accounts section, the minimum deposit is $200, which is industry standard. FX Trading's standard account spreads range from 1.0 to 1.5 pips. The ECN spreads, on the other hand, are fairly excellent. On EUR/USD, they average 0.3 pips, followed by a $2.5 charge for each lot. ECN, on the other hand, demands a minimum of $1000 to register.

　　The maximum leverage is 1:400, however, the standard is set at 1:100. You may choose the leverage of your choosing based on how much you are willing to risk your assets. The more the leverage, the greater the danger. It also applies to the inverse. The greater the leverage, the greater the profit.

Trading Elements in FX Trade

　　You may trade Forex, CFD indices, and commodities at FX Trading. On their website, they give thorough information on all financial aspects.

　　Their forex page promotes the benefits of forex trading but does not identify the currencies they provide. FX Trading merely states that they provide 70 currency pairings, which most likely comprise major, minor, and exotic currency pairs.

　　The same is true for CFD indices. FX Trading outlines what CFDs are and the benefits of trading CFDs. On MT4, they claim to provide 11 important international stock indexes.

　　Gold, silver, and oil are among the commodities offered on the website. They provide spot gold and silver, as well as crude oil from the United Kingdom and the United States. They are described on the internet, but the choices are restricted.

　　Overall, we are dissatisfied with the materials provided by FX Trading. This is mostly because financial instruments are not disclosed, and traders must rely on luck to locate what they are searching for. Commodity choices are limited and cannot be compared to other brokers. The number of currencies available is typical, however, we do not know the spreads for each pair. We also couldn't discover a list of available CFDs on the website.

Funds Security, Regulations, and Licenses

　　Though there is regulation at FX Trading, it is fairly stretched. FX Trading is registered as Gleneagle Markets Pty Ltd, which is governed by ASIC. We prefer that the brokers have their own rules because it enables tighter control. There are various leeways and loopholes allowed when a business is regulated rather than the broker.

More Information about Forex Trading

　　The FX Trading website often slows and does not show the text with the photos appropriately. Though it is simple to use, the website does not make a lasting impression. It seems hurried and unpolished, which causes the graphics and text to show incorrectly. There are just two languages available: Chinese and English. This is a significant disadvantage when compared to other brokers. Typically, brokers provide at least five options for their website. The Asian version of the website is substantially different from the English one and far more difficult to browse.

　　On FX Trading, customer care is provided by chat, phone, or fax. The website's live chat also lags and often does not show at all. We had to reload the website a few times before we could access the conversation area.

　　Everyone knows that users should have all the options to get in touch with FX Trading digitally.

　　Also, our team did not find them anywhere on social media and we did not find any education materials on FX Trading.

Payment and Withdrawal Options

　　The payment options offered by FX Trading are also quite narrow. The currencies vary with the method of payment as well.

• 　　Credit/Debit cards: AUD, USD, EUR, SGD

• 　　Bank wire: AUD, USD, EUR, CAD, GBP, SGD

• 　　Neteller

• 　　China UnionPay: USD

　　Though FX Trading does not charge any extra fees for deposits and withdrawals with bank wires, they do with cards. Many charges come with the use of cards with the brokers. Especially that international payments usually come with their charges as well. FX Trading only offers one e-Wallet, and though it is quite popular, it is not enough. The currencies offered are quite popular, but the fact they differ amount transaction methods is disheartening.

　　According to ASIC, clients？ funds are to be segregated from the company's. Other criteria that must be met by Australian brokers are also met, according to FX Trading. ASIC requires Australian forex brokers to hold at least $1 million to operate. Though keep in mind that there is no compensation scheme provided by the regulator.

　　Overall, we are not fully satisfied with the regulations and safety, and there is no regulation number on the website, no link to their licenses, or any details openly discussed regarding safety. We do not fully trust the broker and advise you not to either.

Additional Information on the Broker

　　The website for FX Trading often lags and does not display the text with the images correctly. Though it is quite easy to navigate, the website does not leave a very impressive feeling. It seems rushed and unfinished, due to which the images and text do not display right. Only two languages are available: Chinese and English. We consider this a huge minus among other brokers. Usually, brokers provide at least five choices for their websites. The Asian version of the website completely differs from English and is much harder to navigate.

　　The customer service is available via chat, phone, or fax on FX Trading. The live chat also lags on the website and often does not appear at all. We had to refresh the page several times before we were able to open the chat tab. The fact that the website provides no emails is not good. Users should have all the options to get in touch with FX Trading digitally.

　　Unfortunately, our team did not find them anywhere on social media. Also, we did not find any education materials on FX Trading.

　　The payment options offered by FX Trading are also quite narrow. The currencies vary with the method of payment as well.

　　Though FX Trading does not charge any extra fees for deposits and withdrawals with bank wires, they do with cards. Many charges come with the use of cards with the brokers. Especially that international payments usually come with their charges as well.

FX Trading Review Conclusion？ Unsatisfied With the Information and Possible Scams

　　The main question remains: why would FX Trading need to purchase their ratings？ Well, because they do not have anything new to offer to the industry. They do not disclose much information about their company, regulations, or trading elements. We have only to assume what they have to offer. The regulations are impossible to find via google, as FX Trading does not list them on their website. This may be a signal of high risk.

Final Thoughts

　　Overall, we do not advise you to trade with FX Trading. It is better to find a less secretive broker who also offers a global website. Of course, if you still choose to trade with FX Trading, you will receive the basic packages for a higher price. If you have had any experience with the broker, please leave your comments and ratings below. We hope this FX Trading review informed you fully and helped you make a decision. We wish you the best of luck in trading.