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4xNetworks Review - Is it scam or safe?

4xNetworks Review - is 4xnetworks.com scam or good forex broker?

RATING: 1.9 / 1 REVIEWS ForexBrokerz 4xNetworks
4xNetworks is an offshore broker. Your money is not safe.

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Trading Accounts & Conditions

 

Account type Minimum deposit  Minimum trade size Maximum leverage Spreads (Commission)   
Micro $1 0.1 1:1000 2 pips, fixed
Standard $1 0.1 1:1000 2 pips, fixed
ECN $1 0.1 1:200 0.3 pips + $1.8 base currency / lot per side

 

4xNetworks offers its clients three basic forex trading account types. All of them offer mini tradeable lots, and access to the MetaTrader 4, without any minimum initial deposit required. Micro and Standard account types offer commission-free trading with fixed spreads and high leverage levels, reaching 1:100. The ECN account, on the other hand, provides tight variable spreads with small commission and leverage up to 1:200.

 

Besides, there is a special account for CFD trading and another one, specialized for trading in binary options. Swap-free services are also available with 4xNetworks.

 

Actually, this broker’s fixed spreads are average – 2 pips on EUR/USD, while the ECN ones are really low, as the broker cites as typical a spread of 0.3 pips on EUR/USD. Even if we add the commission applicable ($3.6), the average cost of trading per lot is around 0.7 pips.  For further information and comparison, you may look up the real-time spreads of 15 leading brokers here.

 

As regards margin requirements, MFX Broker is one of those brokers offering high leverage levels, above 1:500. We advise traders to be extremely careful when using high leverage ratios, for they involve greater risk and you may lose more than you have deposited.

 

The Company. Security of Funds

 

4xNetworks is an introducing broker of MFX Broker. It hasn’t got a license of its own and there is’t any information about the company operating the brand on its website.

 

As regards MFX Broker, it is owned and operated by Master Services Inc., a company registered in Belize and headquartered in Russia. Although it is registered offshore, MFX Broker has 10 years of experience in the business.

 

When operating with offshore and/or unregulated brokerages, traders will be receiving very limited regulatory protection and oversight, if any. That is why we advise those who intend to invest larger amounts of money, to turn to brokers with better regulation, such as companies licensed in the UK, Cyprus, or Australia.

 

Trading Platforms

 

4xNetworks offers its clients the most popular forex trading platform, MetaTrader 4 (MT4). It is easy to use and offers all a trader needs: a number of built-in indicators, extensive back-testing options, advanced charting tools, and wide range of Expert Advisors (EA), allowing clients to fully automate their trades. It comes in desktop, and mobile versions with this broker.

 

Methods of Payment

 

4xNetworks offers its clients wide range of payment modes: credit/debit card, bank wire transfer, MoneyGram, Western Union and e-wallets Neteller, RBKMoney, WebMoney, Perfect Money, OKPay, FasaPay, Yandex, Qiwi, DixiPay China UnionPay and Intellect Money.

 

Conclusion

 

4xNetworks is an introducing broker of offshore-registered MFX Broker that uses the standard MT4. In our view, the main problem with this broker is that it doesn’t have a license of its own, and even does not provide information about the company behind the brand. Here are, in a nutshell, the pros and cons of 4xNetworks:

 

Pros  Cons
Competitive spreads Not regulated  
ECN environment available Introducing broker of an offshore company
MT4 available  No choice of trading platforms, no micro trafeable lots
No initial deposit required No information about the company

 

Latest news about 4xNetworks
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Traders` reviews for 4xNetworks

Spread

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Slippage

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Requotes

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Price feed

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Deposit/Withdraw

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Customer service

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