FRXE Review Is frxe.com A Scam Or Legit Broker

Best Binary Options Brokers 2020:
  • BINARIUM
    BINARIUM

    Top Binary Options Broker 2020!
    Best For Beginners!
    Free Trading Education!
    Free Demo Account!
    Get Your Sign-Up Bonus Now:

  • BINOMO
    BINOMO

    Only For Experienced Traders.

Checking your browser before accessing scamrecovery.net.

This process is automatic. Your browser will redirect to your requested content shortly.

FRXE Review: Is frxe.com A Scam Or Legit Broker?

FRXE.com Review: this is a broker that is registered in Marshall Islands, an offshore location. Can you trust frxe.com with your funds?

Going through the official page of FRXE, we found no address there other than the fact that it is based in the Marshall Islands.

HAVE YOU BEEN SCAMMED? If you have lost your money to online scammers, there is an opportunity you could get back your money.

Click HERE to start the recovery process

This broker starts its sales pitch from the very first by offering clients a chance to win an iPhone Xs when they open an ECN account. A standard account gives the opportunity of winning a free T-shirt.

It offers a demo account for clients to test trading with the broker. Other offers include 21 timeframes, 38 technical indicators, unlimited charts and 44 analytical tools.

A leverage of up to 1:500 is given to clients who trade with up to $1000. FRXE has a blog where clients can get the latest happenings in the Forex world.

FRXE Trading Platform

The broker gives clients the avenue to trade with the latest trading platform, the MetaTrader 5.

This platform is a very good sign along with MT4, as they have become some of the most widely used by experienced traders. They are found to be compatible with various devices’ operating system. All can be used on desktops, windows, iOS and Android.

Tools that comes with these trading platforms are also found to be useful for traders. It has proven to be user friendly as well and helps traders in analyzing the market easily.

Formerly the leverages used to be 1:100 and higher if the trader is dealing in precious metals. But like was mentioned above a leverage of up to 1:500 is given to clients who trade with up to $1000. Spreads are fixed at an average of 1.2 pips.

Spreads of 1.5 pips or below are what is obtainable in the forex industry and traders are asked to look out for this. Leverages of between 1:30, 1:50 and 1:25 are also common among regulated brokers.

Deposit and Withdrawal Method on FRXE

It is not stated how clients can make both deposits and withdrawals on FRXE and this is a cause of concern.

Best Binary Options Brokers 2020:
  • BINARIUM
    BINARIUM

    Top Binary Options Broker 2020!
    Best For Beginners!
    Free Trading Education!
    Free Demo Account!
    Get Your Sign-Up Bonus Now:

  • BINOMO
    BINOMO

    Only For Experienced Traders.

Standard and legit brokers make deposit and withdrawals available via Visa, MasterCard and Wire Transfer. Many offer e-wallets like: Skrill, Neteller, UnionPay, FasaPay, and so on. It is not so for FRXE and this is a good sign.

Deposits minimums depend on the type of account a client is running. There are three types offered by FRXE and the minimum deposit requirement ranges from $100 to $25,000. It does not give information on withdrawal duration and charges or fees.

This information is important so that clients can invest any little amount they can spare. In order to be able to first watch the working of the brokerage. If then they are satisfied with what they see, they can determine when to withdraw their money.

Is FRXE Licensed?

No! FRXE does not hold a license. There is a general lack of proper corporate information on the website but it is mentioned that it is located on the Marshall Islands.

This is an offshore location that have become known for harboring many con artists and scam brokerages. Forex transactions are not licensed in such places and they are not under any jurisdiction.

Support

Clients are not given any means of communicating with a representative of this brokerage.

Conclusion

Apart from the trading platform offered and the strong leverages and good spreads, FRXE has no strong points. It lacks many information that are expected of a legit broker and it is not licensed.

COMPARE WITH A TRUSTED BROKER

Fortrade

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

FRXE Review – is frxe.com scam or a good forex broker?

Trading Accounts and Conditions

Trading account Min. deposit Max. leverage Avg. Spread
Micro $100 1:100 1.2 pips
Standard $2000 1:100 1.2 pips
Institutions $25,000 1:100 1.2 pips + commission

FRXE is a MT5 forex broker that offers three account types, however the trading conditions seem almost the same. It also offers swap-free accounts and provides a number of educational sources for beginner traders.

Apart from their account type and trading conditions, we have serious concerns about this broker and the details will be highlighted below in this review.

FRXE Advantages

Seemingly good spreads, solid leverage

As announced on the broker’s website, the spreads of FRXE seem quite attractive – averaged 1.2 pips on EUR/USD. Such trading costs are in line with the average in the sector. That being said, a number of legitimate financial services providers offer similar or better spreads, so check them out.

Furthermore, FRXE offers leverage of up to 1:100 for forex trading, and even higher for dealing in precious metals. This is a bit odd, but nonetheless, such leverage ratios are considered and advantage, because they will suit the needs of most traders.

As most of you probably know, a number of jurisdictions have capped the leverage available to retail clients at significantly lower levels due to investor protection concerns – 1:30 in the EU, 1:50 in the USA, 1:25 in Japan.

Another undisputable advantage of FRXE, although the broker has a rather low level of credibility, is the fact that it offers its services on the latest MetaQuotes’ software, the MetaTrader5. The MT5 has kept most of the features of its predecessor, the MetaTrader4: the top-notch charting, the support of automated trading strategies, the easy customization and more.

FRXE Disadvantages

No address, no number

The corporate information on FRXE’s website is rather scarce. It only features the supposed name of the company behind the brand, FRXE (Trading) Limited.

Click on the image to zoom in.

There is no contact number, no address, only a mention of registration on the Marshall Islands. This is a major red flag. All the more so, considering that the Terms and Conditions uploaded on the broker’s website refer to the Saint Vincent and the Grenadines (SVG) in the Section “Governing law”.

When we googled the company name, the only results we got were from FRXE’s website, so we are not sure whether such a company even exists.

Whether FRXE is registered in the Marshall Islands, the SVG, or nowhere at all, is of less importance. What matters is that the broker does not hold a legit license, as forex brokers in such offshore zones are not subjected to a licensing regime, nor monitored by the authorities.

The lack of regulation brings together with it uncertainty regarding the most crucial aspect of a brokerage – the safety of the clients’ funds. Also, brokers that don’t hold a legit forex license are not entitled to operate on any regulated financial market, such as the EU, US, Canada, Japan, etc.

Conclusion

Although we listed a few advantages of FRXE, they are definitely overshadowed by the fact that the broker is not regulated and has not shared with potential clients important details such as the company’s address and contact number.

Basically, when trading with such a broker, your entire investment is at risk and it is very likely that you won’t be able to withdraw anything. In contrast, when dealing with a licensed broker, you will be assured a certain level of protection.

For example, when you invest with a brokerage regulated by a prestigious regulatory agency such as the UK’s FCA or CySEC in Cyprus, you may trade with the ease of mind that their funds are safe and sound and that there is an authority they can turn to in case something goes wrong.

These regulatory agencies work closely with the law, enforce it when called for, and have strict requirement for those under their gaze. Besides, brokers licensed in the UK and Cyprus are members of compensation funds that cover victimized clients’ losses of up to £85 000 (FCA) and €20 000 (CySEC).

And finally, here are the highlights of the present review of FRXE:

Pros Cons
Seemingly good spreads No address, no number
Access to the MT5 Registered offshore
Solid leverage
Broker Advantages

FXTM a regulated forex broker (regulated by CySEC, FCA and FSC), offering ECN trading on MT4 an MT5 platforms. Traders can start trading with as little as $10 and take advantage of tight fixed and variable spreads, flexible leverage and swap-free accounts.

Trading212 is a European broker with an excellent proprietary trading platform, which is now available as an iPhone app as well (we tried it out and we loved it). Trading 212’s customers enjoy fast execution a vast selection of trading instruments.

XM is broker with great bonuses and promotions. Currently we are loving its $30 no deposit bonus and deposit bonus up to $5000. Add to this the fact that it’s EU-regulated and there’s nothing more you can ask for.

FXCM is one of the biggest forex brokers in the world, licensed and regulated on four continents. FXCM wins our admirations with its over 200,000 active live accounts and daily trading volumes of over $10 billion.

FxPro is a broker we are particularly keen on: it’s regulated in the UK, offers Metatrader 4 (MT4) and cTrader – where the spreads start at 0 pips, Level II Pricing and Full Market Depth. And the best part? With FxPro you get negative balance protection.

FBS is a broker with cool marketing and promotions. It runs an loyalty program, offers a $100 no-deposit bonus for all new clients outside EU willing to try out its services, and an FBS MasterCard is also available for faster deposits and withdrawals.

FxChoice is a IFSC regulated forex broker, serving clients from all over the world. It offers premium trading conditions, including high leverage, low spreads and no hedging, scalping and FIFO restrictions.

HotForex is a EU Regulated broker, offering wide variety of trading accounts, including Auto, Social and Zero spread accounts. The minimum intial deposit for a Micro account is only $50 and is combined with 1000:1 leverage – one of the highest in the industry.

Best Binary Options Brokers 2020:
  • BINARIUM
    BINARIUM

    Top Binary Options Broker 2020!
    Best For Beginners!
    Free Trading Education!
    Free Demo Account!
    Get Your Sign-Up Bonus Now:

  • BINOMO
    BINOMO

    Only For Experienced Traders.

Like this post? Please share to your friends:
Binary Options Theory and Practice
Leave a Reply

;-) :| :x :twisted: :smile: :shock: :sad: :roll: :razz: :oops: :o :mrgreen: :lol: :idea: :grin: :evil: :cry: :cool: :arrow: :???: :?: :!: