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FX INDEX Review - is it scam or safe?

FX INDEX Review - Is x-fx.com scam or good forex broker?

RATING: 2.1 / 1 REVIEWS ForexBrokerz FX INDEX
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FX INDEX is an Australian broker, offering a wide variety of currency pairs and CFDs on indices, spot metals and stocks. If you are about to open an account with them be sure to read this review first.

 

Account type Min. deposit Max. leverage Spreads
Standard account n/a 1:400 1,6 pips, flexible

 

FX INDEX Advantages:

 

A wide variety of trading instruments

 

FX INDEX offers trade with 69 forex pairs, including exotic currencies such as Czech Krona, Polish Zloti, Hungarian Forint, Turkish Lira, Mexican Pesso, Chinese Renminbi, South African Rand, Swedish Krone, Norwegian Krone, Danish Krone, Russian Rubla, Israeli Shekel, Singapore Dollar and Hong Kong Dollar. The broker also offers more than a 100 CFDs on indices, spot metals, stocks and commodities.

 

Generous Leverage

 

The maximum leverage offered by FX INDEX is 1:400, which gives investors enough room to implement their trading strategies. And while you should keep in mind that higher leverage means higher risk, here you can check our list of brokers offering maximum leverage of up to 1:500 and above:

 

>> Brokers offering at least 1:500 in leverage <<

 

Competitive spreads with no commission on the trade

 

When tested with a Demo account the EURUSD spread was in the 1,6 - 1,8 pips range, which although slightly higher, is more or less in line with what traders usually expect to see with a standard account. Still here you may check our list of brokers offering even tighter spreads.

 

 >> Lowest spread forex brokers<<

 

MetaTrader4 offered

 

FX INDEX offers its clients the popular MetaTrader4 – trading platform with just the right balance between functionality and lightness. And that is precisely why so many traders love it. Besides the in-depth charting and analytical tools, with which you can explore historical data with ease, MT4 allows you to create your own custom indicators and to use an automated trading option for your strategy. Here you can check our list of brokers, who also offer the MetaTrader4 platform:

 

>>Find other MT4 brokers here<<

 

Various payment methods

 

With FX INDEX you can deposit and withdraw funds via credit or debit cards - VISA, MasterCard and Maestro, e-wallets like Skrill and ChinaPay and wire transfers. And while FX INDEX does not charge any fees for their deposit and withdrawal options, you should keep in mind that for deposits or withdrawals via bank wire transfer for less than 1000 USD the broker does not cover the transfer fees imposed by the banks.

 

Support in multiple languages

 

The web page of  FX INDEX is supported in English, Mandarin, Vietnamese, Deutsch, Spanish and Russian.

 

FX INDEX Disadvantages:

  

FX INDEX is no longer regulated by ASIC

 

On its web page FX INDEX PTY Ltd., formerly known as Australia INDEX derivatives trading co. Ltd. (FIEX), says it is authorized and regulated by the Australian Securities and Investment Commission (ASIC). 

 

 

We have found however that in August 2017 the company has filed an Application for Voluntary Deregistration and since October 11th the same year it is no longer regulated by ASIC.

 

As we are not acquainted with the concrete circumstances, we will visit the broker latter to see if it has renewed its license with ASIC or another respected financial authority such as CySEC in Cyprus and  the Financial Conduct Authority (FCA) in the UK. Until then however we have label FX INDEX as an unregulated broker and that considerably lowers its credibility. Here you can check our list of ASIC regulated brokers:

 

>>ASIC regulated brokers<<

 

Brokers, licensed by well established regulators, such as FCA, CySEC and  ASIC are obliged to follow strict financial and ethical rules among which the requirement to maintain a certain level of operational capital, while keeping all their clients' money in a segregated trust account.

 

As an additional insurance to clients FCA and CySEC even require their brokers to participate in compensation schemes under which traders with FCA brokers can receive up to 50 000 GBP of their trading capital back, while traders with CySEC brokers can receive up to 20 000 EUR. Here you can check out list of FCA regulated brokers:

 

>>Find FCA regulated Brokers here<<

 

After the financial regulations in US and Japan got much tougher in recent years, most forex brokers flocked to Cyprus, Australia and the UK, where the regulatory regimes are more balanced, ensuring both credibility and operational flexibility.

 

Just one standard trading account offered

 

FX INDEX offers traders just one Standard account type, while most brokers offer various accounts to accommodate for the different trading strategies of their clients. Still the minimal trading volume as tested with a demo account was 0,01 lot which gives traders some flexibility.

 

No Islamic account

 

FX INDEX offers no swap-free Islamic account, with which traders are able to keep open overnight positions without paying interest. Here you can check our list of brokers, offering Islamic accounts.

 

>>Islamic account brokers<<

 

No information about the minimum deposit

 

We were not able to find out what is the minimum deposit with which you can open an account with FX INDEX.

 

Conclusion:

 

While FX INDEX has a long company history and operates under its present name since 2008, the fact that it has decided to abandon its ASIC license is unfortunate as this significantly lower its credibility. And while the broker offers enough leverage on the MetaTrader4 platform the spreads on the single Standard account are far form impressive and that, combined with the current lack of regulation, forces us to give it a low grade.

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Traders` reviews for FX INDEX

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