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168FX Review - Is it scam or safe?

168FX Review - is 168fx.com scam or good forex broker?

RATING: 1.5 / 0 REVIEWS
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Trading Accounts & Conditions

 

Account type   Minimum deposit  Minimum trade size Maximum leverage Spreads
Mini $100 0.01 0.01 from 1.5 pips
Standard $500 0.01 0.01 from 1.2 pips
Pro $1000 0.1 0.01  

 

168FX offers its clients several commission-free account types with variable spreads and leverage up to 1:100. Micro tradeable lots can be used on Mini & Standard accounts.  It offers its proprietary Copy trading platform, to which you link your MetaTrader 4 account.

 

The Information on this website is poor and looks like it is still unfinished. There is no real-time spread, account type comparison, no details on trading conditions and most links redirect to homepage. We found more information on demotraderroom.com website, that is available in English and Thai. It looks like 168FX solicits mainly clients from Thailand.

 

The trading conditions of 168FX appear average, however the spreads on Mini accounts are a bit high. Nonetheless, we do not recommend this broker, as the shortage of information always raises a red flag, and more importantly – it is not authorized to provide financial services by any authority.

 

The Company. Security of Funds

 

Company

Country

Regulation

168 Financial Technology Co. Ltd.

Hong Kong

N/A

 

According to its 168fx.com website, 168FX is a Chinese finance broker operated by 168 Financial Technology Co. Ltd. that provides forex, gold transactions and investment consultant services to Asian customers.

 

As we have mentioned, there are no details about headquarters, regulation, etc., on the broker’s website. Our company search revealed that 168 Financial Technology Co. Ltd. is incorporated in Hong Kong.

 

The regulatory body responsible for the licensing and supervision of forex brokers in Hong Kong is the local Securities and Futures Commission (SFC). However, our search in the online register of the commission returned no results for 168FX, so it is not regulated.

 

Besides, traders that have tried out 168FX’s services complain in the Forex Peace Army (FPA) forum about low-quality support, withdrawal problems, etc. 

 

Considering the above said, we do not recommend doing business with this broker. You’d better select a broker with decent regulation, such as those licensed by the UK’s FCA or Australia’s ASIC, for example.

 

Trading Platforms

 

Like most brokers, this one also supports the MetaTrader 4 (MT4) platform, as well as its in-house copy trading platform.

 

MT4 is a professional Forex trading software which is preferred by most traders and supported by the majority of brokerages. It is equipped with advanced charts and technical analysis indicators so that traders can make appropriate decisions. The platform also offers a wide range of Expert Advisors (EA), allowing clients to fully automate their trades.

 

168FX’s copy trading platform is web-based and easy to use. Users just link their MT4 account to it and choose among the top-ranked traders after looking at their commission fees, performance rate, profit, etc.

 

168FX’s copy trading service. Click to see larger image

 

Methods of Payment

 

According to its website, 168FX offers its clients only credit cards, bank transfers, Skrill, Paypall and Bitcoin as a payment methods. However, on the copy trading platform we found only Bitcoin available.

 

Conclusion

 

168FX is an non-regulated brokerage, that may be engaged in fraudulent practices.

 

Pros Cons
MT4 and copy-trading platform available Not regulated
Commission-free trading Limited & inconsistent info on website
  Only Bitcoins accepted?

 

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Price feed

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Platform

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Deposit/Withdraw

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Customer service

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Summary

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Traders` reviews for 168FX

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