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FxFlame Review - Is it scam or safe?

FxFlame Review - is fxflame.com scam or good forex broker?

RATING: 2 / 1 REVIEWS ForexBrokerz FxFlame
FxFlame is an offshore broker. Your money is not safe.

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Trading Accounts & Conditions

 

Account type  Minimum deposit  Minimum trade size Maximum leverage Spreads (& Commission)
Standard $50 0.01 1:500 From 1.2 pips
Swap-Free $50 0.01 1:500 From 1.9 pips
ECN $200 0.01 1:500 From 0.5 pips + $3.5 / lot
ECN Pro $5 000 0.01   From 0.0 pips + $3 / lot

 

FxFlame offers 4 account types: two commission-free accounts (including Islamic) and 2 ECN ones with tighter spreads with commission applicable. Micro tradable lots for those unwilling to trade in large volumes are available on all accounts.

 

In our opinion, FxFlame’s trading conditions seem attractive: high leverage levels, low initial deposits required (including for ECN account). The broker’s spreads are competitive too – average trading costs on both Standard and ECN accounts are around 1.5 pips (typical spread of 0.8 pips for EUR/USD + commission of $7 per standard lot round trip).

 

For further information, you may look up and compare real-time spreads of 15 leading brokers here.

 

The Company. Security of Funds

 

Company

Country

Regulation

FxFlame Limited

St. Vincent and the Grenadines

N/A

 

FxFlame is an offshore broker offering trading in over 25 currency pairs, precious metals and CFDs via the most widely used MT4 platform.

 

FxFlame operates under the St. Vincent and the Grenadines (SVG) jurisdiction. SVG-based International Business Companies (IBC) provide financial brokerage services under the local regulatory regime, which is one of the most liberal ones. Registration procedure is easy and low-cost and companies face little regulatory supervision, if any. This means that doing business with such a company is risky, as clients have no protection if something goes wrong.

 

That is why, if you plan to invest a large amount of money, we would advise you to select among brokers regulated in the EU or Australia, or another jurisdiction, where the respective financial watchdogs are on alert and your money will be safe.

 

Trading Platform

 

FxFlame supports the widely used MetaTrader 4 (MT4), available as a desktop download and mobile trading apps.

 

MT4 is the preferred trading software of most traders and that is why it is offered by the majority of brokerages. The platform provides all the necessary tools and resources for traders to analyze price dynamics of financial instruments (advance charting tools, built-in indicators, back-testing options), execute trade transactions and create & use automated strategies (Expert Advisors).

 

What is more, FxFlame provides VPS (Virtual Private Server.

 

Promotion

FxFlame offers various attractive promotions:

- Rebates: you can get 50% of all of your commissions from trading refunded for the 1st 30 days (up to $10,000);

- On-deposit welcome bonus 25% up to $500;

- Refer-a-Friend bonus of $100 or Zero Commission For 14 Days.

 

Methods of Payment

 

FxFlame offers its clients numerous payment options: via credit/debit card, wire transfer, and various e-wallets Neteller, Skrill, and FasaPay.

 

Conclusion

 

FxFlame is an offshore forex and CFD broker that claims to offer pure No-Dealing-Desk execution on the MT4. Its offerings seem reasonable and it provides attractive bonuses, however, it is not properly regulated. To sum things up, here are the advantages and drawbacks with regards to FxFlame:

 

Pros Cons
Competitive spreads Not regulated
Low initial deposit required, high leverage levels provided No choice of trading platforms
ECN environment offered  
MT4 available       

Bonuses and rebates

 

 

Latest news about FxFlame
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Traders` reviews for FxFlame

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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