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Forex

FXCortex Review – is it scam or safe?

FXCortex Review  – is fxcortex.com scam or good forex broker?

RATING: 2 / 0 REVIEWS
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 Trading accounts and conditions

 

Account type Minimum deposit Minimum trade size Maximum leverage Average spreads
Mini $500 0.01 lot 1:500 4 pips
Standard $1000 0.01 lot 1:500 4 pips
Gold $5000 0.01 lot 1:500 3 pips

FXCortex has three types of live trading accounts. There are also swap-free Islamic account with a leverage of up to 1:500 and fixed spread, a VIP account with special conditions and a free demo account.

 

The broker offers trading in around 50 forex pairs, Bitcoin and CFDs on several major indices.

 

 

The Company. Security of Funds

 

Company Country Regulation
 FXCortex Technology Limited SVG  None

 

FXCortex is owned by the offshore company FXCortex Technology Limited. The broker claims it is a licensed and regulated FSP with the offshore Financial Service Provider Commission (FSPC), but this entity does not provide any serious client protection and does not have much of requirements for its charges.

 

As a general rule, we advise our readers to avoid unregulated offshore brokers, as many of them are a scam. Not that dealing with the properly regulated brokers is without any risk, but at least the regulators provide some level of client protection and make sure their charges stick to their rules and requirements. Of course, some regulators are better than others, with UK's FCA and the Australian Securities and Investment Commission (ASIC) among the best.

 

 

Trading platform

 

FXCortex offers MetaTrader 4 as a trading platform, despite calling it FxCortex. The broker provides the desktop and mobile applications of the platform.

 

Unfortunately, the broker does not offer the browser version, which can be used for trading without downloading and installing any software.

 

MT4 has been around for over 10 years and it seems its popularity is not waning, at least for the time being. It is user friendly, has many options, charting and analysis tools and allows hedging and automated trading. Perhaps eventually its successor MetaTrader 5 will replace it, as the developer MetaQuotes Software said it is stopping support for MT4 in order to focus its resources on MT5.

 

 

Payment methods

 

FXCortex accepts client payments through bank transfer, credit and debit cards and CashU. There are no other funding methods like PayPal or Skrill.

 

 

Conclusion

 

FXCortex is just another offshore unregulated forex broker. There are hundreds like it and they are neither better, nor worse than it. The broker's trading conditions are not very impressive. First off, the deposit is rather high and then there are the spreads, which are wider than the industry average of 2 pips. Frankly, we could not find a single reason to recommend FXCortex.

 

Pros Cons
  High deposits
  Wide spreads

 

 

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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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Cons

 

 

Traders` reviews for FXCortex

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