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TradeFX Broker Review
Despite not being registered with any relevant financial regulator, online forex and CFD broker TradeFX provides financial services.
Trade FX Pte Ltd, their parent company, is based in Singapore. They are registered as a business there, but this is separate from registration with the Singapore Monetary Authority. To legally provide their services, brokers must register with the MAS, but this broker isn’t registered.
Broker status: Unregulated
Regulated by: No regulation
Scammers Websites: https://www.tradeforex1.com/
Owned by: Trade FX PTE Ltd
Headquarters Country: Singapore
Foundation year: 2017
Supported Platforms: MT4
Minimum Deposit: $250
Cryptocurrencies: No
Types of Assets: Forex, commodities, indices, stocks, futures
Maximum Leverage: 1:200
Free Demo Account: Yes
Accepts US clients: No
The TradeFX Offerings
For their clients, the broker offers four different account types. Their Standard account comes first. To open this account, a $250 minimum deposit is required. Although the spreads are much higher in reality, the broker advertises spreads starting at 1 pip with this account.
The Premium account, which comes after the standard account, offers no distinguishing advantages. They have an ECN Pro account with spreads as low as pip and a $6 commission added for every lot.
TradeFX Trading Assets
An ordinary range of trading items was discovered throughout our TradeFX analysis. Their selection of currency pairs is normal, and they offer CFDs that are equivalent to those offered by other brokers.
The spreads that this broker actually offers are far worse than what they claim on their website. The EUR/USD spread for a Standard account is 2.8 pips, which is much greater than the 1 pip spread that is advertised. This is much more than traders would anticipate from an aggressive forex broker.
Trading Platform TradeFX
Customers of TradeFX get access to MetaTrader 4. The most professional trading feature an investor could ask for is available on the well-known trading platform. Allowing automated expert advisors to trade for their clients is a priority for the broker. To allow traders to run automated trading even when their computer isn’t running, they provide virtual private server access. There is a fee associated with this service, but customers who deposit $20,000 or more are exempt from paying.
With this broker, traders have access to leverage up to 1:200. Since this broker is not registered, there are no immediate repercussions for them for breaching the 1:30 leverage regulatory limit set by ESMA. Unskilled traders could lose their entire investment with this level of leverage before they realize what has happened.
Problems with money withdrawals
We were not surprised to discover that many customers had withdrawal troubles because TradeFx does not have any regulations governing the provision of financial services. Reviews of TradeFX claim that after you request a withdrawal of funds, this broker suspends your account.
The first thing we looked at were the withdrawal requirements, including minimum amounts, charges, and commissions. And, as might be expected from a shady broker, we discovered nothing. File a complaint against the broker right away if you had any difficulties when withdrawing your money. Do not hesitate; denounce the TradeFX scam and demand the return of your money.
TradeFX is not a registered broker even if they are a registered firm. Consumer protections are not as strong for unregistered brokers as they are for registered ones. Trading with them carries a very high risk of total loss.
Are you having trouble successfully requesting a withdrawal from your broker? Tell us about it and add a comment.[/vc_column_text][/vc_column][/vc_row]
