Heard of FxEx.net forex broker? Uncertain if the broker is a scam or genuine platform? We know trading good amounts of money on a safe and licensed brokerage is one of the crucial indicators that cross the mind of every trader or client. That being said.
This content promises to share helpful FxEx review to support clients/traders in making the right decision. Kindly read to the end and make your verdict.
FxEx: What is it?
FxEx otherwise known as FxEx.net is an offshore brokerage with a lot of promises for forex traders. The forex company claims to offer crypto investment services to their clients.
What’s more, the brokerage promises different instruments like forex, stocks, commodities, crypto, bonds and indices.
Is FxEx.net a Scam Forex Broker?
First of, FxEx claims to be registered address in Auckland, New Zealand.
As far as we’re concerned, this is the one of the most ambiguous yet common remarks made by scammer entities, helping them become as vague as possible but yet retaining the illusion of being legit.
To clear the doubts, we checked the register of e New Zealand Financial Markets Authority (FMA) and it turned out that this broker is not authorized or licensed to render financial services.
Regrettably, this broker has no specify its Customer Agreement and other legal documents.
Next, FxEx does not offer money back guarantee which means trading on such platform is clearly a risk as your money cannot be refunded.
These drawbacks are for forex traders/ clients to avoid losing money with scam brokers lurking online. It is always advisable you check for regulated and licensed broker on financial authorities websites before depositing fund for trading.
Does FxEx Have Account Types?
FxEx offers variety of trading account for clients. According to the account description, the broker’s leverage is capped 1:1000 and a spread of 2 pips.
According to the individual account, FxEx minimum deposit is $50. This may be a fair starting deposit if the broker is a licensed platform.
Considering safety and regulation, you should better stay with a legitimate broker that clearly spells out its regulation and license credibility with no string of fraud, and clients can start trading as low as $100 with the assurance of their trading funds.
Again, the broker advertises well-known payment methods like Credit/debit cards, e-wallets and Cryptocurrencies.
Just so you know, offshore brokers are commonly known for accepting crypto currencies. For this purpose, payments made through this method are anonymous and can only be traced to a wallet address and not to a specific person. So beware!
FxEx Withdrawal process And Trading Software
FxEx withdrawal leaves us with no specific information on withdrawal fee nor processing days on withdrawal request. The broker provides no clear description on trade requirements that must be met before a withdrawal.
The broker offers popular trading platform MetaTrader 4 (MT4) and MT5. The presence of these traders is not a guarantee that the broker is genuine.
Why use forex brokers with advanced trader like MT4/MT5? You are certain to have the best features of real-time quotes, financial news and various FX and stock charts, as well as algorithmic trading sessions with the help of specially designed trading bots, called Expert Advisors.
Honestly, we say don’t consider doing that with an unregulated forex broker like this one because you stand the chance of losing your money.
Argument Against Trading With An Unlicensed and Unregulated Broker ( FxEx.net)
Like in any corporation, integrity is a key to uphold these days. It doesn’t matter if you make a lot of money but you can’t take it out. That is to say, exactly what is happening with non-licensed companies.
Having said that, it is not far from believing that FxEx.net is not a licensed brokerage firm. It is not under any financial regulation which means wiring your money for trading is risky. Its unlicensed and unregulated activities are truly a red flag and must be avoided.
COMPARE WITH A TRUSTED BROKER
Fortrade is a UK-based broker with address at Michelin House, 81 Fulham Road London, SW3 6RD, United Kingdom. They are among the best brokers in the industry offering trades in numerous assets including stocks, commodities, currencies, indices, and cryptocurrencies. Fortrade is regulated and licensed by the FCA(Financial Conduct Authority) in the UK well as ASIC in Australia which makes client funds safe. They accept traders worldwide..visit their official website
FxEx located at FxEx.net appears like a trustworthy trading broker, however, you should not take the words they say and the attractive website layout. By all appearances, we would advise traders to steer clear from unlicensed forex broker as it likely a platform run by scammers. Thus, we urge our readers to rely on regulated brokers like this or any licensed entity.
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