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FASTFX Review - is it scam or safe?

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

RATING: 1 / 0 REVIEWS FASTFX
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
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Traders` reviews for FASTFX

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