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4xincome Review - is it scam or safe?

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

RATING: 1.5 / 3 REVIEWS 4xincome
4xincome is an offshore broker. Your money is not safe.

RECOMMENDED FOREX BROKERS


Trading Accounts & Conditions

  

Account type Minimum deposit Maximum leverage Spread
Micro $100 1:500 From 1 pip
Standard $500 1:300 From 1 pip
Premium $25,000 1:100 From 0.6 pips
VIP $100,000 1:100 From 0.2 pips


4xincome is a rather new forex broker. While their offer seems impressive on paper, some of the details are not refined to the standard of established brokers. Hopefully, these are only growing pains, which will be resolved in the future.



4xincome Advantages



Very competitive spreads (on paper)
Possibly the biggest advantage of this broker are the low costs of trading. That being said, we must mention the fact the demo platform was slightly off, with different spreads at the “instrument list” and “one click trading” section. For a comparison of the real offers, given by some of the industry-leading brokers click the link below.


>>Real-time spreads<<


MT4 (allegedly) available

4xincome allegedly offers the well-renowned platform Meta Trader 4. It has a great charting package, utilizes relatively low hardware resources and most impressively offers access to the MQL marketplace. This is an online shop where developers sell their custom technical indicators and automated trading systems.


That being said, we were unable to download MT4 from the broker’s website. We then decided to try out the web based iteration of the platform and we saw something else. While the company claims to offer the web-based version of the same platform, this was not it. Instead we saw a different solution, with charting provided by TradingView. Here is a snapshot (click to zoom):

 

>>Brokers really offering MT4<<


Multiple CFDs
There are over 150 trading instruments at 4xincome. This includes 55 currency pairs and a variety of CFDs on indices, stocks and commodities. While crypto is not included, this is a decent offering.


Decent minimum deposit

The $100 requirement, makes this broker accessible for most traders. This is the same level as demanded by some of the industry leaders, like the FCA-regulated veterans at HYCM.




4xincome Disadvantages



 
Regulatory concerns
4xincome claims to be associate with another “fully licensed”, Dubai based broker. The second company is not associated with the UAE authorities, while 4xincome is based St.Vincent, and the Grenadines. In essence, the broker appears to be unregulated, which is a huge concern for us.



Issues with the platform
We mentioned this above, but we feel the need to reiterate this, as the trouble with the currently available platform goes beyond the spread. First of all, EUR/USD (as you can see from the screenshot in the previous section) is trading at a very different rate in the “one click” section in comparison to the real one.


Additionally the instrument list only included a few of the major currency pairs, which contradicts the website’s presentation quite significantly.


Few payment options

4xincome only accepts deposits via Bank Transfer and Credit card. This will probably suffice most clients, but nowadays brokers frequently support e-wallets, like Neteller and Skrill (not to mention the even more alternative methods, like Bitcoin).


Big requirement for the Premium account

In comparison to the other issues, this may seem like a very minor one, but it is slightly annoying nonetheless. Jumping from $500 to $25,000 (for moving from the second to third account type) is simply too much. They could have added multiple levels in between.



Conclusion



4xincome is a forex and CFD broker, which has a lot of issues. First and foremost, we are not certain about the regulatory status of the company, as we mentioned above. While this uncertainty is enough for us to not recommend this broker, the things we saw, after registering an account differed a lot from what is mentioned at the website. This may be due to current technical issues or a sign of dishonesty. If we had to summarize this broker with one word it would be “unreliable”.


The most important thing, when comparing brokers – the security of your funds isn’t quite guaranteed with this broker. When trading with a highly regulated company, this will be something you don’t have to worry about. To illustrate, we will mention tow of the rules followed by brokers, registered with the UK’s Financial Conduct Authority (FCA).


>>FCA regulated brokers<<


First of all, clients’ funds are kept segregated from the company’s. This way the broker can’t steal your investment. Furthermore all FCA brokers participate in the Financial Services Compensation Scheme (FSCS). The easiest way to think about this is as an insurance company – brokers pay a “premium” to the Shcheme. This then insures traders’ accounts against their broker becoming insolvent. In that case you will be compensated for your investment, up to £50,000.

 
Here are the pros (which we aren’t that certain about) and cons of 4xincome::

Pros Cons
Very competitive spreads (on paper) Regulatory concerns
MT4 (allegedly) available Issues with the platform
Multiple CFDs Few payment options
Decent minimum deposit Big requirement for the Premium account

 

Latest news about 4xincome
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Traders` reviews for 4xincome

Spread

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Slippage

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Requotes

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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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Is a scam

My father lost almost everything, he got calls for a month, then they disappered with his money ... is a scam don't trust them and Michele Santangelo. Try to call them back they don't answer back.

Lorenzo 02/22/2019

Problem with 4xincome.com

Trading account opened at 4xincome.com
Metatrader 4 and Webtrader.
Account Manager: Mr. Roland
Allegedly Mr. Roland has his office in Berlin.
Phone number promised, but did not come.
E-Mail: [email protected]
My deposit: 250 EUR
Webtrader and Metatrader can not be activated.
Email sent to Mr. Roand: [email protected]
Mr. Roland does not answer.
Your information: 4xincome is Dubai based broker.
What can I do?

Konrad Maier 02/17/2019

4xincome: A scam

4xincome is a scam. I deposited 500 euros and since then, I’m not able to contact them. Hundreds of mails no answer even if you digit for the call back, it s impossible to go on on the process!!

Stefania Giamboni 06/20/2018
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