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General Information

Broker Name:FX Trading
Broker Type:Forex
Country:Australia
Operating since year:2014
Regulation:CySEC, MiFID
Address:Level 27, 25 Bligh Street Sydney NSW 2000 Australia
Broker status:Regulated
Customer Service
Phone:+61 (0) 2 8039 7366
Email:[email protected]
Languages:English, Chinese
Availability:Monday to Friday, 09:00-18:00
Trading
Trading Platforms:MetaTrader 4
Demo Account:Yes
Mobile trading:Yes
Web based trading:Yes
Other trading instruments:currencies, CFD indices, and commodities.
Account
Minimum deposit ($)$200
Maximal leverage (1:?)1:400

FX Trading Review 2020 — Purchased Ratings and Nothing New to Offer

FX Trading is an Australian broker registered under the name Gleneagle Markets Pty Ltd. It has been operating since 2014 under the name of RubixFx. So far, they have not been part of any news or scams, which is reassuring. Though, some broker review websites have mentioned a high amount of positive reviews posted simultaneously. This makes us think that FX Trading purchases their ratings, which is not trustworthy.

In this FX Trading review, we will discuss the pros and cons. The goal is to inform you of the maximum. We want to help you choose the right broker for your trading, so please read this review to the fullest.

In summary, the trading elements offered by FX Trading are not vast or fully disclosed. The trading conditions are average in the industry and do not offer any specs. The regulation does exist, but it is not under the name of the broker but the corporation. The website is full of bugs, and the customer service is not too great. There is no educational content on the FX Trading platform and the broker is not suitable for novices. The payment options are also quite limited.

Trading Accounts at FX Trading

FX Trading has two trading account types available, standard, and ECN. Neither of the accounts is suitable for beginner forex traders since they have high minimum deposits, spreads and leverage. It is unfortunate to see such a big corporation not include novice traders in their selections.

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 offered accounts are very basic and offer minimum information on the website. The minimum deposits are high, though the standard account requires less it offers a much higher spread. As discussed, we do not think these accounts are suitable for beginners. Additionally, there is a 30-day demo account offered at FX Trading.

FX Trading Review, FX Trading Review

Overall, we are not happy with the options offered at FX Trading. They are limiting and do not have great features. All accounts trade on the MT4 platform.

 

Trading Conditions at FX Trading

When trading with FX Trading, you will be using the MT4 platform. MetaTrader 4 provides all of the needed tools and features, such as advanced charting packages, expert advisors, several technical indicators, extensive backtesting, and more. FX Trading also provides VPS (virtual private server) which allows you to use expert advisors 24 hours a day. Though there will be additional charges with the use of VPS, depending on the trading volume. It could range from $29 to $98 per month.

FX Trading Review, FX Trading Review

FX TRADING Clients have a chance to take advantage of copy trading with MyFXBook’s AutoTrade. AutoTrade connects to the MT4 platform and operates easily. The goal is to copy trades of the investor of your choice and make your wins and losses accordingly.

As discussed in the accounts section, the minimum deposit is $200, which is the average in the industry. The spreads offered by FX Trading on Standard account vary from 1.0-1.5 pips. The ECN spreads though, are quite good. They average at 0.3 pips on EUR/USD, which are followed by a $2.5 fee per lot. But ECN requires a minimum of $1000 to register.

The maximum leverage of 1:400 is quite high, but the standard is set to 1:100. You have an option to choose the leverage of your choice, depending on how much you are willing to risk your assets. The higher the leverage, the higher the risk. Obviously, it applies to the opposite as well. The higher the leverage, the higher the profits.

Trading Elements at FX Trading

At FX Trading, you have an option to trade Forex, CFD indices, and commodities. They provide detailed information regarding all of the financial elements on their website.

FX Trading Review, FX Trading Review

Their forex tab discusses the advantages of trading forex but does not list the currencies they offer. FX Trading only tells us they offer 70 currency pairs, which probably include major, minor and exotic pairs.

The same applies to CFD indices. FX Trading explains what CFDs are and what advantages come with trading CFDs. They say they offer 11 major international equity indices on MT4.

The commodities are listed on the website: gold, silver, and oil. They offer spot gold and spot silver, UK and US crude oil. They are discussed on the website, but the options are quite limited.

Overall, we are not very satisfied with the elements offered at FX Trading. This is mainly since the financial instruments are not disclosed, and traders have to hope to find what they are looking for. The options of commodities are limiting and can not compare with other brokers. The amount of offered currencies is average, but we do not know the spreads for each pair. We also could not find the list of offered CFDs on the website.

Safety of Funds, Regulations, and Licenses

Though the regulation at FX Trading does exist, it is quite stretched over. FX Trading is registered under the name Gleneagle Markets Pty Ltd which is regulated by ASIC. We prefer for the brokers themselves to have regulations under their name since it provides tighter control. When a corporation is regulated rather than the broker, there are many leeways and loopholes left.

Additional Information about FX Trading

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 website 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.

Everyone knows that users should have all the options to get in touch with FX Trading digitally. The “contact us” page is clickable.

FX Trading Review, FX Trading Review

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

FX Trading Review, FX Trading Review

Though FX Trading does not charge any extra fees for deposit 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 website. 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. The “contact us” page is clickable but does not load. We are quite unhappy with the web development of FX Trading.

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.

  • 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 deposit 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 it on their website. In fact this may be a signal of high risk.

FX Trading Review, FX Trading Review

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.

 

Overall
4
  • Support
    (4)
  • Platform
    (4.5)
  • Spread
    (4)
  • Trading Instrument
    (4.5)

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70 Comments

  1. Henry Swayne May 29, 2020
  2. Timothy Bibb May 27, 2020
  3. Fletcher Cousteau May 20, 2020
  4. Terri B. Greene May 15, 2020
  5. Angela J. Goodwin May 13, 2020
  6. Michael Weber May 8, 2020
  7. Huon Denis May 6, 2020
  8. Erik Urner May 1, 2020
  9. Benjamin Kastner April 29, 2020
  10. Karin Durr April 24, 2020

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