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Forex Ltd Review - Is it scam or safe?

Forex Ltd Review - is forexltd.co.uk scam or good forex broker?

RATING: 1.5 / 0 REVIEWS
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Trading Accounts & Conditions

 

Account type Minimum deposit Minimum trade size Maximum leverage Spreads
Standard $200 0.1 1:100 3 pips, fixed

 

Clients of Forex Ltd. are offered a single account type, with fixed spreads , commission-free trading, instant execution and leverage up to 1:100 on both MetaTrader 4 and MetaTrader 5. There is no option to trade in micro lots and to better manage the risk associated with margin trading.

 

With this account, you can trade in 24 currency pairs, indices USDX & EURX, as well as precious metals (Gold & Silver). If you wish to have access to more CFDs (including such on exchange traded funds), you have to deposit at least $20 000.

 

Smells like another unregulated market maker here – fixed spread only, no ECN technology, no license whatsoever. What is worse, we find Forex Ltd.’s spreads too high – most fixed spread brokers offer 2 pips spread for the EUR/USD pair. Unlike most unregulated/offshore brokerages, this one provides mediocre leverage – up to 1:100.

 

The Company. Security of Funds

 

Company

Country

Regulation

Forex Ltd.

UK

N/A

 

On-line since 2002, Forex Ltd claims to be based in the UK. Although some may be misled by its domain (www.forexltd.co.uk), this broker is not regulated by the competent UK authority.

 

The lack of FCA or any other regulation, however, means that even though Forex Ltd may be a UK-based forex broker, investing in such a company is as risky as dealing with an average offshore brokerage.

 

We don’t recommend unregulated forex brokerages (nor offshore ones) and generally advise traders to choose among companies licensed in reputable jurisdictions where financial watchdogs are on alert and where consumer protection rules apply – for instance FCA-regulated brokers or companies licensed by ASIC.

 

Trading Platforms

 

The broker supports both MetaQuotes’ trading platforms: MetaTrader 4 & MetaTrader 5. They are available as desktop and mobile versions with Forex Ltd.

 

MetaTrader 4 (MT4) offers a number of technical analisys indicators, extensive back-testing environment, advanced charting package and is equipped with the most commonly used trading robots, as well as with options to add new ones (Expert Advisers).

 

The MT5 was developed and promoted as an upgrading on MT4, yet many brokers still prefer the earlier technology, since MT4’s indicators and Expert Advisors (EA) are not supported on the MT5 platform. Recently the MetaTrader 5 gains a momentum, with the hedging option finally added to it and a number of other enhancements. Besides, MetaQuotes said it will no longer issue updates for the MT4.

 

More brokers using the MT5 can be viewed here.

 

Methods of Payment

 

Forex Ltd. offers a large number of payments methods to accommodate all our clients: bank wire transfer, credit/debit cards and e-wallets Skrill, PayPall, and WebMoney.

 

Conclusion

 

Although it operates for 15 years and offers 2 trading platforms, according to us Forex Ltd. is not a good choice of a forex broker: it is not regulated by any authority, offers high fixed spreads and no ECN environment.  Here are, in a nutshell, the advantages and disadvantages of this broker:

 

Pros Cons
15 years of experience Not regulated
Commission-free trading High spreads
Both MT4 and MT5 available MM model
   Limited CFD offering on basic account
  No micro tradeable lots

                                                                                                     

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Spread

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Price feed

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Deposit/Withdraw

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Customer service

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Summary

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Traders` reviews for Forex Ltd

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