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4xbanks Review - is it scam or safe?

4xbanks Review - is 4xbanks.com scam or a good forex broker?

RATING: 1 / 2 REVIEWS 4xbanks
4xbanks is an offshore broker. Your money is not safe.

RECOMMENDED FOREX BROKERS


 

Trading Accounts and Conditions

 

Account type

Min. deposit

Min. trade size

Max. leverage

Spread (commission*)

Micro

$100.00

0.01

1:500

From 1 pip

Standard

$500.00

0.01

1:300

From 1 pip

Premium

$25 000

0.1

1:100

From 0.6 pips + $6 / lot

VIP

$100 000

0.1

1:100

From 0.2 pips + $6 / lot


*The commission is per standard lot round-turn.

 

4xbanks is a forex broker that offers 4 account types: Micro, Standard, Premium, and VIP. In addition Islamic (swap-free) accounts are also available.  

 

 

4xbanks Advantages:

 

- (Seemingly) good spreads

As you can see from the table above, the spreads announced by this broker seem competitive, falling in the average range of 1.0 - 1.5 pips for the EUR/USD pair. When we tested the demo MT4 available for download on 4xbanks’ website, things seem even better:

 

 

A spread of 0.3 pips with no commission applicable is too god to be true. If the trading conditions are the same for live account holders, there is no way for 4xbanks to be profitable. Besides, such trading conditions do not match with any of the above account types.

 

- MT4 platform offered

The broker offers its services on the popular MetaTrader 4 platform. This trading software hardly needs a presentation. The MT4 is highly praised by the forex community due to its advanced charting, numerous indicators and Expert Advisors available, as well as customization options and ease of use.

  

- High leverage levels provided

The maximum leverage offered by 4xbanks is up to 1:500, which is a high ratio. Many traders appreciate the opportunity to use high leverage levels, but experienced ones are careful when trading with such, as the risks of losses are multiplied.

 

- Rich product portfolio, crypto CFDs available

This broker offers trading in wide range of financial instruments: forex and various CFDs, including such on cryptocurrencies. 4xbanks has added Bitcoin, Ethereum and Litecoin to its product portfolio, one of the most popular digital assets.

 

If you are keen on trading in Bitcoin, you’d better choose a brokers that is duly licensed and reliable, as 4xbanks is not.



>>Trade Bitcoin with a trusted forex broker<<

 

 

4xbanks Disadvantages:

 

- Another brand of the company behind Up4x 

The company that operates 4xbanks, Up4x limited, is not regulated. It has another brokerage brand, Up4x, which seems like a scam broker.  What is more, the Italian regulator Commissione Nazionale per le Società e la Borsa (CONSOB) has issued a warning against it and advises investors not to dealing with UP4X.

 

-Demo MT4 provided by Fxbrands and powered by PHP Financial Solutions

The downloadable MT4 platform available on 4xbanks’s website is in fact provided by another brokerage brand, Fxbrands, and is powered by PHP Financial Solutions. This is yet another red flag.

 

>> Find a better MT4 broker <<

 

-Unrealistic spreads

As we have already mentioned in the Advantages section, the spreads on 4xbanks’ demo accounts are too good to be true. We suppose that the spreads on live accounts are higher, or commission applies. Yet another possible explanation of these unrealistic trading conditions is that this broker is simply a scam.

 

 

Conclusion

 

4xbanks offers trading in forex, and various CFDs, including such on cryptocurrencies, on the great MT4 platform. Its spreads seem competitive and the ones on demo accounts are even better. Nonetheless, we would not recommend investing with this broker.

 

We have reviewed a couple of brokers that seem related to the Up4x group. These are Tradeu2 and Fxbrands. If you take a look at the websites of 4xbanks, Tradeu2 and Fxbrands, you will immediately spot that their structure is identical. The content on the three websites is almost the same. It really feels like a multiplied scam scheme, so you’d better stay away and find a trusted and licensed broker instead.

 

That being said, one of the most reliable financial regulators in the world of forex is UK’s FCA. They impose strict rules upon licensed entities, such as for minimum capital adequacy, client fund segregation, transaction reporting, etc. On top of that, all UK forex brokers are forced to participate in the Financial Services Compensation Scheme (FSCS). As a result, if your FCA-regulated broker becomes insolvent, you could claim compensation equal to your account value, but no more than £50,000

 

 

>>Forex brokers licensed by UK’s FCA<<

 

 

Pros

Cons

(Seemingly) good spreads

Not regulated

MT4 available

Demo MT4 powered by another company

High leverage levels

Another brand of the company behind Up4x 

Rich product portfolio, crypto CFDs available

Unrealistic spreads

 

Latest news about 4xbanks
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Traders` reviews for 4xbanks

Spread

Pros

Cons

 

 

Slippage

Pros

Cons

 

 

Requotes

Pros

Cons

 

 

Price feed

Pros

Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

Cons

 

 

Summary

Pros

Cons

 

 

Mi hanno truffato!!!

Sono dei grandissimi TRUFFATORI PROFESSIONISTI

Translated by Google:

They are of the greatest scammers PROFESSIONALS

Anonimo 05/03/2018

double my money???

These guys just called and told me if I invest a thousand, they will match it, not only that I can draw down the cash tomorrow no problem!!!

Something smells!

Jamie Oliver 04/19/2018
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