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FRXE Review - is it scam or safe?

FRXE Review - is frxe.com scam or a good forex broker?

RATING: 1.2 / 0 REVIEWS FRXE
FRXE is an offshore broker. Your money is not safe.

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Trading Accounts and Conditions

 

Trading account Min. deposit  Max. leverage  Avg. Spread
Micro  $100 1:100 1.2 pips
Standard  $2000 1:100 1.2 pips
Institutions  $25,000  1:100 1.2 pips + commission

 

FRXE is a MT5 forex broker that offers three account types, however the trading conditions seem almost the same. It also offers swap-free accounts and provides a number of educational sources for beginner traders.

 

Apart from their account type and trading conditions, we have serious concerns about this broker and the details will be highlighted below in this review.

 

 

FRXE Advantages

 

Seemingly good spreads, solid leverage

As announced on the broker’s website, the spreads of FRXE seem quite attractive – averaged 1.2 pips on EUR/USD. Such trading costs are in line with the average in the sector. That being said, a number of legitimate financial services providers offer similar or better spreads, so check them out.

 

 

>> Compare the spreads of top forex brokers <<

 

 

Furthermore, FRXE offers leverage of up to 1:100 for forex trading, and even higher for dealing in precious metals. This is a bit odd, but nonetheless, such leverage ratios are considered and advantage, because they will suit the needs of most traders.

 

As most of you probably know, a number of jurisdictions have capped the leverage available to retail clients at significantly lower levels due to investor protection concerns – 1:30 in the EU, 1:50 in the USA, 1:25 in Japan.

 

Trading on MT5

Another undisputable advantage of FRXE, although the broker has a rather low level of credibility, is the fact that it offers its services on the latest MetaQuotes’ software, the MetaTrader5. The MT5 has kept most of the features of its predecessor, the MetaTrader4: the top-notch charting, the support of automated trading strategies, the easy customization and more.

 

 

>> The best MT5 brokers <<

 

 

FRXE Disadvantages

 

No address, no number

The corporate information on FRXE’s website is rather scarce. It only features the supposed name of the company behind the brand, FRXE (Trading) Limited.

 

 

Click on the image to zoom in.

 

There is no contact number, no address, only a mention of registration on the Marshall Islands. This is a major red flag. All the more so, considering that the Terms and Conditions uploaded on the broker’s website refer to the Saint Vincent and the Grenadines (SVG) in the Section “Governing law”.

 

When we googled the company name, the only results we got were from FRXE’s website, so we are not sure whether such a company even exists.

 

Registered offshore

Whether FRXE is registered in the Marshall Islands, the SVG, or nowhere at all, is of less importance. What matters is that the broker does not hold a legit license, as forex brokers in such offshore zones are not subjected to a licensing regime, nor monitored by the authorities.

 

The lack of regulation brings together with it uncertainty regarding the most crucial aspect of a brokerage – the safety of the clients’ funds. Also, brokers that don’t hold a legit forex license are not entitled to operate on any regulated financial market, such as the EU, US, Canada, Japan, etc.

 

 

Conclusion

 

Although we listed a few advantages of FRXE, they are definitely overshadowed by the fact that the broker is not regulated and has not shared with potential clients important details such as the company’s address and contact number.

 

Basically, when trading with such a broker, your entire investment is at risk and it is very likely that you won’t be able to withdraw anything. In contrast, when dealing with a licensed broker, you will be assured a certain level of protection.

 

For example, when you invest with a brokerage regulated by a prestigious regulatory agency such as the UK’s FCA or CySEC in Cyprus, you may trade with the ease of mind that their funds are safe and sound and that there is an authority they can turn to in case something goes wrong.

 

 

>> Wanna trade with a broker licensed in the UK? <<

 

 

These regulatory agencies work closely with the law, enforce it when called for, and have strict requirement for those under their gaze. Besides, brokers licensed in the UK and Cyprus are members of compensation funds that cover victimized clients’ losses of up to £85 000 (FCA) and €20 000 (CySEC).

 

And finally, here are the highlights of the present review of FRXE:

 

Pros Cons
Seemingly good spreads No address, no number
Access to the MT5 Registered offshore
Solid leverage  

 

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Traders` reviews for FRXE

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

 

 

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