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FX District Review - is it scam or safe?

FX District Review - is fxdistrict.uk scam or good forex broker?

RATING: 2.8 / 0 REVIEWS FX District
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Trading Accounts and Conditions

 

Account type Minimum deposit Minimum trade size Maximum leverage* Average Spreads**
Basic $100 0.01 1:200 10.6 pips
Classic $500 0.01 1:200 5.6 pips
Classic Pro $1,000 0.01 1:200 1.2 pips

 

*1:100 on MT4 , 1:200 on Sirix.

**As announced on the broker's website.

 

FX District offers its clients three account types, all of which are said to offer variable spreads, a default leverage of 1:50, commission free trading and the option to use in micro lots on two trading platforms.

 

FX District Advantages

 

Solid regulation (CySEC)

The most obvious strong side of FX District is that it holds a license from the Cyprus Securities and Exchange Commission (CySEC). This means that the company complies with strict rules and is also authorized to operate in the UK.

 

>>Find a better CySEC-regulated broker<<

 

- Part of an international group

FX District is a brand operated by Leverate Financial Services Ltd. Judging by its website domain , the broker appears to target mainly UK residents.

 

Leverate is well-known name in the forex sector. It provides of software solutions, and also operates several brokerage brands: ApolloFXVinci Capital MarketsXbulls, and Direktbroker-fx (the latter targets mainly German investors).The company is headquartered in Cyprus, Limassol, and has offices in Berlin, Hong Kong, Kiev, Shanghai, and Tel Aviv.

 

- MT4 available, as well as Sirix

 

It is hardly a surprise that FX District supports Sirix web platform, which has been developed by its parent company, Leverate. It is also available as mobile apps and is very easy to use. The main advantage od Sirix is that it allows users to copy trades directly from the “Social Stream” section of the platform.


 


 

FX District’s demo Sirix web platform. Click on the image to zoom-in.

 

In addition to Sirix, FX District offers trading on the good old MetaTrader 4. In fact, many brokers, who have developed their in-house trading platforms do that, because this is the most popular forex platform among traders. Most of them are used to its top-notch charting, variety of indicators, EAs, etc.

 

>>Top MT4 brokers<<

 

FX District Disadvantages

 

- Announced spreads above the average

As you can see from the table above, the spreads offered by this broker on demo accounts are variable and averaged 10.6 pips on EUR/USD, as specified on its website. It must be pretty obvious for most of you that such spreads are very high. Most brokers offer spreads which are ten times lower than this. For example, FXTM, another Cypriot broker, provides spreads averaged 1.8 on its Standard accounts. For further information about the spreads, check out the link below:

 

>>Real-time spread comparison<<

 

-Spreads on paper differ from those on demo accounts

As we have already mentioned, FX District announces that it offers variable spreads (very high ones on all accounts but the Classic Pro). However, when we tried out the broker’s Sirix web platform in demo mode, we found that the spreads are actually fixed. To be more specific, spreads on EUR/USD are fixed at 2.4 pips, which is exactly the same value as on the Silver accounts of the group’s other brands xBulls, Vinci Capital Markets and ApolloFX.

 

 

FX District’s spreads on a pdf file uploaded on its website. Click to zoom-in.

 

Although a fixed spread of 2.4 pips is generally better than those of 10.6 pips, this difference is considered a disadvantage of FX District for obvious reasons. Such discrepancy means non-transparent pricingIn our view demo accounts should provide the same trading conditions as live ones, the only difference being that you don’t trade with real money.

 

Conclusion

 

FX District is one of the brands of CySEC-regulated company Leverate Financial Services Ltd. Although this is a well-known and licensed company, we are concerned mainly about its spreads. First, the announced variable ones are ten times higher then the average, and second, spreads on demo accounts are fixed at 2.4 pips on EUR/USD.

 

Other than that, its trading conditions seem reasonable and we like that clients of FX District are able to choose between two robust trading platforms. Considering the above, we recommend that you check out our list of brokers licensed in Cyprus and choose a better one.

 

>>Find a better Cypriot forex broker<<

 

Cyprus is currently one of the most popular forex hubs worldwide. One of the reasons for this is, of course, its EU membership, which allows companies to operate in all Member States. Besides, all client funds with CySEC-regulated brokers are held in segregated accounts. On top of this, in the event of broker insolvency, clients’ money are guaranteed up to a maximum of €20,000, as all brokers are mebers of the Investment compensation fund.


Here is a summary of the weak and stron sides of FX District:
 

 

 

Pros

Cons

CySEC license

High spreads

Part of an international group

Spreads specified on website differ from those on demo accounts

MT4 & Sirix offered

 

Reasonable leverage levels

 

 

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Traders` reviews for FX District

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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