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4xbankers Review - is it scam or safe?

4xbankers Review - Is 4xbankers.com scam or good forex broker?

RATING: 1 / 0 REVIEWS
4xbankers is an offshore broker. Your money is not safe.

Trading Accounts & Conditions

 

Account type Minimum deposit Maximum leverage
Spread
Micro $250 1:500 From 1 pip
Standard $2,500 1:300 From 1 pip
Premium $50,000 1:100 From 0.6 pips +$6 per lot
VIP $100,000 1:100 From 0.2 pips +$6 per lot


4xbankers is a broker which provides access to the global financial markets. The company appears to be connected with several others, which we have reviewed in the past. While the offer is slightly different, we don’t like either of them.


4xbankers Advantages


MT4 trading platform
One of the few positives we could find about 4xbankers is the fact they offer a popular and very good trading platform. The advantages of trading with MetaTrader4 are its excellent charting, ease on the hardware and the top tier mobile app version. That being said, the most unique thing about the platform is the support for automated trading systems and custom technical indicators. This is done via the MQL marketplace, an online shop where one can obtain such tools, regardless of his broker. Here is a screenshot of the platform provided by 4xbankers:



The MT4 platform at 4xbankers (click to zoom-in)


>>Other MT4 brokers<<


CFDs on many assets
4xbankers offers a variety of trading assets. While their offer is not extensively advertised on the website, Forex pairs, Indices, Commodities and a few stock-specific CFDs are available.


High leverage available
We know this is a controversial topic, as multiple experts have stated high leverage is the main reason for the losses experienced by beginners. Still some traders like having the ability to place larger trades, when they see an opportunity. All the levels provided for the different account types at this broker are nice.


4xbankers Disadvantages


Not regulated
This broker claims to be “fully licensed”, while not being associated with any regulatory agency. This looks dubious enough, but furthermore the company is based in a popular offshore destination (St. Vincent and the Grenadines) and is apparently connected to several other brokers.


>>Why are offshore brokers not trustworthy?<<


Connected to Easy FX Solutions

Easy FX Solutions is an entity which is in one way or another connected to quite a few trading intermediaries. They include brands which we have previously covered, like 4xbrands and Trade2U. The more curious readers, who zoomed in on the MT4 screenshot may have noted the main service is provided by the main company. Furthermore the presentation 4xbankers describes itself, in exactly the same way as the other brokers.


Misleading spreads on the website

One of the main selling points of all the spinoffs of Easy Fx Solutions is the tight spreads. That being said, they are slightly misleading, as we saw when testing the platform at 4xbankers. The EUR/USD spread was quite a ways off the target level, during the most liquid time of the day, at around 1.6 pips. While this is technically “from 1 pip”, it’s off by 60%. That being said, this isn’t as big of a concern as the previous points.


Few payment methods

4xbankers only accepts deposits via Bank Transfer, Credit Card and i-Payments. While an e-wallet is a available, it’s not as popular as some other solutions, like Skrill and Neteller.


High deposit requirements

While this is a minor issue, when compared to the rest, 4xbankers has set a relatively high entry bar for new traders at $250. The better account types (which we aren’t sure are actually that good) have very significant requirements.


Conclusion


4xbankers is an unregulated, offshore forex and CFD broker, which is associated with a group of similar companies. At this point, the entire strategy of the main company behind this project seems apparent – create multiple brands, which offer virtually the same service. As far as the actually offer goes, while having a low spread MT4 brokers is nice, we have some issues with the reliability of this one.


Still, the biggest concern when it comes to 4xbankers is the lack of regulatory oversight. This basically means, you are not guaranteed to ever see your investment (or a portion of it), when you decide to withdraw. In order to tackle this issue, most countries have a special agency, which monitors the financial sector. In the UK this is the Financial Conduct Authority (FCA).


 >>A list of FCA brokers<<


All FCA regulated brokers will send a transfer, whenever you demand a payment. Furthermore, they have to follow tough rules. Those who are the most important for the security of your funds are the principle of segregated accounts and the Financial Services Compensation Scheme (FSCS). The former implies your money has be deposited in a special bank account, which can’t be accessed at will by the broker. On the other hand the FSCS acts like an insurance company, which protects your investment in case your broker goes bankrupt (limited to £50,000 per client).


To summarize this broker:

Pros Cons
MT4 trading platform Not regulated
CFDs on many assets Connected to Easy FX Solutions
High leverage available Misleading spreads on the website
  Few payment methods
  High deposit requirements

 

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Traders` reviews for 4xbankers

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