FASTFX Review - is it scam or safe?

FASTFX review - Is myfastfx.com scam or good forex broker?

RATING: 1 / 0 REVIEWS

FASTFX is an offshore broker. Your money is not safe.

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FASTFX is a unregulated forex broker, offering several account types with the MetaTarder5 platform and leverage of up to 1:500. Unfortunately we have some serious doubts about the legitimacy of the broker, so if you are planning to open an account with them be sure to read this review first.

Account type	Min. deposit	Max. leverage	Spreads
Mini Account	$100	1:500	2,5 pips
Classic Account	$1000	1:500	2,2 pips
Standard Account	$5 000	1:500	1,5 pips
Pro Account	$10 000	1:500	1 pip

FASTFX Advantages:

60 forex pairs

Talking about advantages, that is one for sure – on their trading platform we counted some 60 currency pairs, many of which exotic or minor like USDGEL, USDSGD, USDCNH, USDRUB, USDSEK, USDHKD, USDMXN, USDNOK, USDDKK, USDTRY, USDZAR, USDCZK, USDHUF and USDPLN. Still, as no other asset classes are available, here you may check our list of brokers, offering Botcoin CFDs:

>>Bitcoin Forex Brokers<<

Leverage as high as 1:500

Such leverage levels are rarely seen those days, after the European Securities and Markets Authority (ESMA) capped the maximum leverage allowed with forex transactions on the European market to 1:30, following similar moves by the regulatory authorities in the USA and Japan. Still, if you wan to enjoy higher leverage you can always choose form our list of brokers, regulated in Australia, where there are no such restrictions yet:

>>Brokers regulated in Australia<<

You can start trading with 100 USD

That is another positive point. Have in mind that most brokers require an initial deposit between 100 USD and 250 USD, but some well established names like FBS and IG do not have a minimum deposit requirement at all.

MetaTrader5 supported

Along with MetaTrader4, MetaTrader5 is one of the most reliable trading platforms, featuring advanced charting tools, numerous market indicators and customizable trading bots, with which you can easily run automated trading sessions. Besides, here you may also check our list of brokers, offering the MetaTrader5:

>>MT5 brokers<

FASTFX Disadvantages:

No regulation

Unfortunately we are not quite sure, which is the company behind FASTFX. In their Terms and Conditions we came across FASTFX LTD and FASTFX LLP – the latter said to be incorporated in South Africa, while in their contact section they say the website is owned by Fast FX Trading Technologies Limited, with head quarters on the British Virginia Islands.

That, however is not all. Actually FASTFX claims to be registered in Dubai, Saudi Arabia and that honestly confuses us.

In any case we diligently checked both the registers of the Central Bank of United Arab Emirates and the Financial Services Conduct Authority in South Africa and we were unable to find the company there.

That is why we have no choice but to review FASTFX as a unregulated, that lacks credibility whatsoever.

Bear in mind that the security of your funds can be guaranteed only with brokers, regulated by official institutions, such as the the Financial Conduct Authority (FCA) in the UK, the Australian Securities and Investments Commission (ASIC) or the Cyprus Securities and Exchange Commission (CySEC).

Besides, if you are trading with an EU regulated broker like CySEC your account will be insured for at least 20 000 EUR, while with FCA brokers the insurance goes up to 50 000 GBP. Here, actually you may take a look of our list of FCA regulated brokers:

>>FCA Regulated Forex Brokers<<

Uncompetitive spreads with the starting accounts

Spreads as advertised with the FASTFX opening account start at 2,5 pips and that is at least a pip higher than the levels, accepted as normal with such an account. So here you may also check our list of brokers, offering tighter spreads:

>> Lowest spread forex brokers<<

No information about the payment methods

That is another negative point - FASTFX does not bother to tell us what payment methods do they accept. Just have in mind that most brokers accept payments with bank transfers and credit cards like VISA and MasterCard, as well as e-wallets like Neteller and Skrill. Some even accept Bitcoins, so here you may check our list of brokers accepting bitcoins as payment:

>>Forex Brokers Accepting Bitcoin<<

Conclusion:

FASTFX is a unregulated broker offering rather confusing information about its corporate and legal background. As always in such cases we will repeat our usual advise – trade only with brokers regulated by respectable financial authorities such as FCA, CySEC or ASIC.

Latest news about FASTFX

No news about FASTFX. Check back later.

Broker	Advantages
	FXTM a regulated forex broker (regulated by CySEC, FCA and FSC), offering ECN trading on MT4 an MT5 platforms. Traders can start trading with as little as $10 and take advantage of tight fixed and variable spreads, flexible leverage and swap-free accounts.
	Trading212 is a European broker with an excellent proprietary trading platform, which is now available as an iPhone app as well (we tried it out and we loved it). Trading 212’s customers enjoy fast execution a vast selection of trading instruments.

	XM is broker with great bonuses and promotions. Currently we are loving its $30 no deposit bonus and deposit bonus up to $5000. Add to this the fact that it’s EU-regulated and there’s nothing more you can ask for.
	FXCM is one of the biggest forex brokers in the world, licensed and regulated on four continents. FXCM wins our admirations with its over 200,000 active live accounts and daily trading volumes of over $10 billion.
	FxPro is a broker we are particularly keen on: it’s regulated in the UK, offers Metatrader 4 (MT4) and cTrader – where the spreads start at 0 pips, Level II Pricing and Full Market Depth. And the best part? With FxPro you get negative balance protection.
	FBS is a broker with cool marketing and promotions. It runs an ongoing monthly $999 forex contest, offers a $5 no-deposit bonus for anyone willing to try out its services, and an FBS MasterCard is also available for faster deposits and withdrawals.
	FxChoice is a IFSC regulated forex broker, serving clients from all over the world. It offers premium trading conditions, including high leverage, low spreads and no hedging, scalping and FIFO restrictions.
	HotForex is a EU Regulated broker, offering wide variety of trading accounts, including Auto, Social and Zero spread accounts. The minimum intial deposit for a Micro account is only $50 and is combined with 1000:1 leverage - one of the highest in the industry.
	Exness is a leading forex broker, offering MT4 and MT5 platforms. Traders can take advantage from a true ECN environment and trade on ultra tight spreads, starting from 0 pips.

Broker	Country	Regulation	Platform	Min Deposit	Review
	Cyprus, UK, Mauritius	CySec, FCA, FSC	MT4, MT5, Web	$10	Review Website
	UK, Bulgaria	FCA, FSC	Web	€29	Review Website
	Australia	ASIC	MT4, MT5, IRESSTrader	$100	Review Website
	Cyprus, Australia	CySec, ASIC	MT4, MT5	$5	Review Website
	UK, Australia, South Africa	FCA, ASIC, FSCA	MT4, Trading Station, NinjaTrader	$50	Review Website
	UK, Cyprus, UAE, South Africa	FCA, CySEC, DFSA, FSB	MT4, MT5, FxPro Markets, cTrader	$100	Review Website
	Cyprus	CySEC	MT4, MT5, Web	$1	Review Website
	Belize	IFSC	MT4, MT5	$100	Review Website
	Cyprus, UK, South Africa, UAE	CySec, FCA, FSCA, DFSA	MT4, MT5, Web	$5	Review Website
	Cyprus, UK	CySEC, FCA	MT4, MT5	$1	Review Website
	UK	FCA	MT4, Web, MT4 for Mac	$100	Review Website
	Australia, UK	ASIC, FCA	MT4, MT5, cTrader	$200	Review Website

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