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FX Energy Review - is it scam or safe?

FX Energy review - Is fxenergytrade.com scam or good forex broker?

RATING: 1 / 1 REVIEWS ForexBrokerz FX Energy
FX Energy is an offshore broker. Your money is not safe.

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FX Energy is a forex and CFD broker, offering over 40 currency pairs, as well as crypto CFDs. If you are considering opening an account with them be sure to read this review first.

 

Account type Min. deposit Max. leverage Spreads
Bronze Account $500 1:200 3 pips, fixed
Silver Account $3000 1:200 n/a
Gold Account $15 000 1:200 n/a
Platinum Account $30 000 1:400 n/a
VIP Account $50 000 1:400 n/a

 

FX Energy Advantages:

 

Over 40 currency pairs, as well as a variety of crypto CFDs and spot metals

 

FX Energy offers 49 forex pairs with all major currencies as well as some exotic ones like Israeli Shekel, Indian Rupee, South African Rand, Turkish Lira, Singapore Dollar, Swedish Krona, Russian Rubla, Polish Zloty, Norwegian Krone, Mexican Peso, Hungarian Forint, Honk Kong Dollar and Danish Krone.

 

As for the CFD options, apart form spot metals, like silver, gold, platinum, palladium and copper, and the various energy and agricultural commodities like oil, natural gas, sugar, orange juice, cotton, corn, soybean, wheat, cocoa and coffee, the broker also offers crypto CFDs. Here is the list of coins we found on their platform: Bitcoin, Litecoin, Dash, Ethereum, Ripple, Bitcoin Cash, Ethereum Classic, Monero, USD Tether, Verge, Swisscoin, Cardano, Stellar, NEM, Qtum, Lisk, BitConnect, NEO, SaluS, OmiseGO, Zclassic, Bitcoin Gold, Byteball Bytes, ZenCash, CloakCoin, Zcoin,  Numeraire, Decred, Augur, Blocknet, Particl, Factom, Storjcoin, SALT, Monaco Coin, Zcash, Waves, PayCoin, BlockMason Credit Protocol, RLC, Golem, Tron and Wavecoin. Still here you may also check our list of brokers offering Bitcoin CFDs:

 

>>Bitcoin Forex Brokers<<

 

Leverage of up to 1:400

 

Leverage of up to 1:400 as offered by FX Energy is more than enough to accommodate any trading strategy. Keep in mind that while higher leverage may help you make a good profit with a relatively small deposit, it may also deplete your funds in a matter of minutes, if the market moves in the wrong direction.

 

Islamic Account available

 

The broker also offers an Islamic or swap-free account, where you do not have to pay interest for positions left open overnight. Islamic accounts were initially created to benefit the Muslim trading community, as under the Sharia Law Muslims are not allowed to take or receive interest. Swap-free accounts, however, can also be useful for a variety of trading strategies. For the option to trade swap-free you usually pay with an additional fee, commission or just higher spreads. Here you may want to check our list of brokers, also offering Islamic or swap-free accounts: 

 

>>Islamic Forex Broker<<

 

MetaTrader4 supported

 

FX Energy offers a choice between a web based trading platform and the MetaTrader4. Here you may take a look at their web based platform:

 

 

The presence of MetaTrader4 is always a good news as the platform is well known among traders. It has light and intuitive interface and an option to run automated trading sessions with the help of specially designed trading bots – Expert Advisors, which by the way, you can easily modify to better fit your trading style. Here you may also want to check our list of brokers, offering MT4:

 

>>MT4 Brokers<<

 

FX Energy Disadvantages:

 

No license

 

FX Energy is owned by S.r.Capital Group Ltd. - a company registered in St. Vincent and the Grenadines. S.r.Capital Group Ltd. is also a shareholder in A.M.I. Solutions Ltd., which is based in Bulgaria and which turned out to be operating the website. 

 

According the Bulgarian law all companies offering financial services should be licensed by the local Financial Supervision Commission (FSC) or a similar institution from another EU country. So we diligently checked the registers of  FSC, but we were unable to find A.M.I. Solutions Ltd., S.r.Capital Group Ltd., or FX Energy.

 

As far as the registration from St. Vincent and the Grenadines – an offshore territory, in the Caribbean - we will quote the local Financial Services Authority (FSA), which recently warned in a statement that it “does not issue any licenses for forex trading or brokerage or binary options trading nor does it regulate, monitor, supervise or license international companies, which engage in such activities“.

 

In addition the FSA of St. Vincent and the Grenadines warns that there are financial institutions that falsely claim they are registered or licensed by the institution and that “their purpose for doing this is more than likely for illicit reasons“. 

 

That leads us to the conclusion that FX Energy is an unregulated offshore broker with very limited credibility. Have in mind that proper regulation is crucial for the safety of any investment. Brokers, regulated by well respected financial authorities such as Cyprus Securities and Exchange Commission (CySEC), the Financial Conduct Authority (FCA) in the UK and the Australian Securities and Investments Commission (ASIC) are obliged to follow strict fiscal and ethical rules, including to maintain a minimum capital adequacy ratio, to keep all clients money in protected, segregated accounts and in some cases even to insure traders capital. 

 

With the FCA backed Financial Services Compensation Scheme for example, if the broker goes insolvent, traders can receive back up to 50 000 GBP. Similar compensation scheme with the CySEC guarantees traders up to 20 000 EUR of their investment. Here you may check our list of brokers licensed by FCA:

 

>>FCA Regulated Forex Brokers<<

 

Excessive minimum deposit requirement

 

To open a starting account with FX Energy you will have to invest at least 500 USD and that in our view is excessive as with most brokers you can start trading with less than 250 USD. We should also note that with some big well established brokers, like FBS and IG you can open a trading account with just 5 USD or even less.

 

Just for the record, to trade with one of the premium account with FX Energy, the required investment is as high as 50 000 USD, which is simply absurd. 

 

Uncompetitive spreads

 

As tested with a Demo account the EURUSD spread was fixed at 3 pips, which is about two times as high as the spread, traders usually expect with a starting account. So here you may also want to check our list of brokers, offering tighter spreads:

 

>> Lowest spread forex brokers<<

 

Major e-wallets not accepted as payment methods

 

You can fund your account with  FX Energy using major credit or debit cards like VISA and MasterCard, bank wire or CashU. However, we do not see any of the popular e-wallets like NetellerSkrill and PayPal and we do not see an option to pay with crypto coins. So here you may check our list of brokers accepting Bitcoins as payment:

 

>>Forex Brokers Accepting Bitcoin<<

 

Conclusion:

 

FX Energy is an unregulated, offshore broker and that is unfortunate, as regulation is the single most important factor for the safety of any investment. As we already discussed traders can trust only properly regulated brokers, because otherwise risk loosing their money to scammers.

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Traders` reviews for FX Energy

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