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4xpremium Review - is it scam or safe?

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

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

RECOMMENDED FOREX BROKERS


Trading Accounts and Conditions

 

Trading account  Minimum deposit Min. trade size Maximum leverage Spread
Micro $/€ 250 0.01 1:500 From 1 pip
Standard               $/€ 2.500 0.01 1:300 From 1 pip
Premium              $/€ 25.000 0.1 1:100 From 0.6 pips
VIP                          $/€ 100.000 0.1 1:100 From 0.2 pips

 

4xpremium is an unregulated forex broker that seems to offer wide range of financial instruments for trade on the MetaTrader 4 platform. Its clients are offered a choice of four account types, as described above.

 

Despite the advantages of this broker we have listed below in an effort to be objective, we have a lot of concerns regarding 4xpremium and do not recommend it as an investment option. Read on to understand why.

 

 

4xpremium Advantages

 

Competitive spreads

A lot of traders see the cost per deal as the most important thing to look for in a forex broker. While the regulatory status of the company should take priority, this is still significant.

 

 

When we tried out the broker’s demo accounts, the spreads were floating around 1.4 – 1.6 pips on EUR/USD, with no commission fees (as indicated in the table above for Micro & Standard accounts). Such trading costs are considered average for the forex industry. Of course, a number of brokers that offer better spreads, and are far more reliable than 4xpremium.

 

 

>> Compare the real-time spreads of top forex brokers <<

 

 

MT4 platform offered

As we already mentioned, 4xpremium offers its services on the popular MetaTrader 4 platform. This piece of trading software hardly needs a presentation. The MT4 is highly praised by the forex community due to its reliability, ease of use, and advanced features. The latter include the superior charting, numerous indicators and Expert Advisors available, as well as customization options.

 

Besides, the MT4 brings effortless capability on the go with its mobile apps for Android & iOS.

 

Many financial instruments available

4xpremium seems to cover a lot of investment asset classes, which is generally a good thing. It offers trading in many currency pairs, as well as various CFDs, including on cryptocurrencies such as Bitcoin. 

 

 

4xpremium Disadvantages

 

Not regulated, possibly related to a group of shady brokers

4xpremium is allegedly owned and operated by Index Limited, however the website of 4xpremium does not share much information about the company with the public, as is often the case with unregulated brokers. The About us section on their website contains only vague thoughts on the broker’s mission, goals, as well as some promises about security, ECN execution, etc. 

 

Actually, we have reviewed a couple of brokers whose websites are almost identical to the one of4xpremium. Their names are also similar:  4xbanks, Fxbankers, Fxbrands, and others that seem related to that seem related to scam broker Up4x and to the notorious company 2 dots limited. Scammers often change their names, so you’d better avoid 4xpremium, and any of the above-mentioned brands.

 

FCA warning against this broker

Another major red flag with regards to 4xpremium is the fact that UK’s Financial Conduct Authority (FCA) has issued a warning against the broker. According to the regulator, this is clone firm that falsely claims to operate under a legit company, licensed by the regulator (Global Market Index Limited).

 

 

MT4 provided by a third party

4xpremium' platform is provided by Explore corp. limited, which is probably a third party. We couldn’t find any information about this company, and as there are too many red flags regarding 4xpremium, we suggest that you select another MT4 broker.

 

 

>> Find a better MT4 broker <<

 

 

Conclusion

 

The offerings of 4xpremium are nothing special in the forex world: a number of brokers offer spreads floating around 1.4 – 1.6 pips on EUR/USD, without commission fees; many of them also offer wide range of tradeable assets, including cryptocurrency and stock CFDs; the majority of brokers worldwide use the MT4 platform.

 

What matters most when choosing a forex broker is its reliability, and that’s what 4xpremium lacks most. It is not regulated, there are regulatory warnings against it, and we suspect it is one of the numerous brands used by scammers to swindle investors out of their money.

 

 

>> Looking for a broker regulated in the UK? <<

 

 

To sum up the positive and negative sides of 4xpremium:

 

Pros Cons
Seemingly good spreads Not regulated
MT4 supported FCA warning against it
Many financial instruments available Possibly related to a group of shady brokers
  MT4 provided by a third party

 

Latest news about 4xpremium
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Traders` reviews for 4xpremium

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

 

 

Index Limited and Global Markets

Index Limited and Global Markets have announced their separation. The Investing companies have announced the split on September 17,2018.

Index Limited, an online broker, providing trading services to all of its users, was forced to take a difficult decision due to the new market rules provided by the ESMA Regulation, in terms of leverage.

"It was a hard decision to take- states Ellion Blackmoore the CEO of Index Limited- we were forced to choose between the European License or our thousands of clients, who collaborate with us. A change in the European Regulation, would cost us hundreds of professional clients, leaving our platform and choose to trade with non-European brokers. This was a cost that we couldn't afford."

He further explained that all of the traders investing with 4xPremium, had agreed to certain Terms and Conditions, one of the most important being Leverage, so if the ESMA decided to reduce the leverage, the investors were to close their accounts with the company.

Being an ECN, 4xPremium is very affected by the leverage conditions, since it earns from the spread, a decreased spread means decreased earnings. This would cause a huge drop in the company's shares.

"These is why the company has decided to go with the investors demands, and choose to keep the same agreement with the same conditions leverage conditions. We are looking to build up a new vision of trading and investing ,Australia maybe be our new renaissance "- explained the company's CEO.

The company will remain to announce further updates of what this new improvement will bring.

Alexandre Duturier 10/22/2018
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