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FxPlayer Review - Is it scam or safe?

FxPlayer Review - is thefxplayer.com scam or safe?

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

RECOMMENDED FOREX BROKERS


Trading Accounts & Conditions

 

Account type   Minimum deposit  Minimum trade size Maximum leverage Average Spreads (& commission) 
Micro $50 0.01 1:100 0.4 pips + $6 per lot
Mini $500 0.01 1:100 0.4 pips + $5 per lot
Normal $5 000 0.01 1:200 0.4 pips + $4 per lot
Pro $20 000 0.01 1:200 0.4 pips + $3 per lot
Flex $10 000 0.01 1:200 0.4 pips + $3.5 per lot

 

Clients of FxPlayer are offered a choice 5 account types, all of which are said to offer NDD environment, micro tradeable lots and the same tight variable spreads. However, different commission fees apply.

 

As regards leverage, the maximum levels provided by this broker are average – up to 1:200, while most offshore brokers offer more. As most of you know, high leverage levels may both multiply your profits on a small deposit and incur losses, exceeding initial investments.

 

While spreads offered by FxPlayer are undeniably low, if we add the commission applicable, trading costs on mini account amount to around 1.4 pips on EUR/USD per standard lot, which is average for the forex industry. Trading costs are lower on Normal, Pro, and Flex accounts, however, these accounts require higher initial deposits and we would not advise you to invest a lot of money with this broker, as it is registered offshore.

 

The Company. Security of Funds

 

Company

Country

Regulation

FxPlayer Ltd.

Marshall Islands

N/A

 

Online since 2014, FxPlayer offers trading in currency pairs, commodity & index CFDs on several trading platforms. The company behind the brand, FxPlayer Ltd., is registered in the Marshall Islands. 

 

Companies registered in Marshall Islands just need to complete a simple registration procedure and don’t face any of the strict requirements that brokerages regulated in the US or in the UK do. To put it simply, when operating with such brokerages, traders will be receiving very limited regulatory protection and oversight, if any. That is why we generally advise traders to avoid offshore brokers, as investing with such involves greater risks.

 

Trading Platforms

 

FxPlayer offers its customers an array of trading platforms: the famous MetaTrader 4 (MT4) platform, UniTrader, Currenex, and ActTrader. FIX API connectivity is also available.

 

UniTrader, developed by US company Boston UniSoft Technologies, is equipped with real-time tradable charts, live news stream and SquawkBox and easy order management. To avoid irrelevant information, users of this platform can subscribe to certain instruments. 

 

Bonuses & Rebates

At the time of writing of this review, FxPlayer offers its clients 100% on-deposit welcome bonus.

 

Methods of Payment

 

FxPlayer offers its clients the following payments methods: bank wire transfer, credit/debit cards, Bitcoin, PayPal, paysafecard and American Express.

 

Conclusion

 

FxPlayer is an offshore brokerage that offers attractive trading conditions on several trading platforms. Our main concern with this broker is the fact that it is not regulated. Here are, in a nutshell, the advantages and disadvantages of FxPlayer:

 

Pros Cons
Competitive spreads Not regulated
STP/ECN environment  
Low initial deposit required  
A selection of platforms available, including MT4   
Bonuses available  

 

Latest news about FxPlayer
No news about FxPlayer. Check back later.
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Traders` reviews for FxPlayer

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

 

 

scam

Trading account 9142276

There is no possibility to make withdrawal from clients cabinet. Support never replies to questions regarding withdrawal. Once you make deposit you will never see your money again.

Aleksandr 03/12/2019
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