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FXStream Review - is it scam or safe?

FXStream Review - Is fxstream.com scam or good forex broker?

RATING: 3 / 0 REVIEWS
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Trading Accounts & Conditions

 

Account type  Minimum deposit  Maximum leverage Spread
Standard $50 1:500 0.8 – 1.8 pips
Raw $50 1:500 0.1 – 1.0 pips + $3.5 commission per lot

 

FX Stream is an Australian forex broker. They are a brand owned by Eight Cap Pty Ltd, the company which is also behind EightCap. In general, both their offers seem impressive.

 

FX Stream Advantages

 

Australian regulation

The key thing to look for in a forex, before anything else, is their regulatory status. This one in particular is overseen by the Australian Securities and Investments Commission (ASIC), which is a reputable agency. 

 

>>Find other ASIC regulated brokers<<

 

Solid trading platform (MT4)

Another very important aspect of a broker’s viability is the trading software which they offer. While web-based and mobile solutions are becoming more and more popular, MetaTradader4 (MT4) is a preferred choice for day traders.  While it also offers the aforementioned ways of trading (via browser and app), the standalone desktop application is where it shines. The software is light on your machine, offers supreme charting and lightning fast execution. Moreover, it allows you to code your technical indicator or automated trading strategy (Expert Advisor), or use ones, which are being sold on the built-in marketplace. Here is the default view of the platform:

 


What you get when downloading the FX Stream MT4 

 

>>Find other MT4 brokers here<<

 

Competitive spreads 

When it comes to the costs of trading, FX Stream doesn’t disappoint. Both the Standard and raw Accounts offer acceptable conditions. The key difference is that the latter includes a separate commission, while providing tighter spreads (what is known as an ECN account)

 

The effective costs with it can be calculated quite easily for pairs in which the USD is the second (or quote) currency. Every dollar in commissions is worth 0.1 pips for them. This makes the FX Stream Raw account provide 0.45-1.35 pips in spread, which is very competitive.

 

When testing the demo account, we saw a EUR/USD spread of around 1.3 pips, which is in line with the claims. 

 

High leverage available

We must emphasize the word “available”. Trading with higher leverage will not make you a better trader. In fact, if you are new to the world of forex, this may actually be bad for you. Still, it’s nice this broker allows those who know what they are doing to take bigger risks, with ratios as high as 1:500.

 

Low minimum deposit 

FX Stream allows you to enter the markets after investing only $50. This is a fairly low level, even for the current environment, in which some companies have removed this requirement. The average would probably be around $100, but there are still some brokers who demand thousands from newcomers.

 

E-wallets supported

The ways of making a payment to FX Stream are quite diverse. The full line-up includes: Bank Transfer, Credit Card, Skrill, POLi payments and China UnionPay. This covers the globally popular options, as well as the specific ones for Australia and China.

 

FX Stream Disadvantages

 

Relatively few CFDs

Generally speaking, the flaws we found with this broker are far less significant than positive sides. One of the “issues” is the number of CFDs available, namely Gold, Silver and a few Indices. Some other brokerages, offer specific stocks and even cryptocurrencies.

 

Some trading conditions slightly misrepresented 

An even smaller thing is the fact that some details, like the target spreads are not identical across all pages of the broker’s website. 

 

 

Conclusion

 

FX Stream is a solid Australian broker. The firm is operated by the same people who run EightCap and more importantly is regulated by the local authorities. The actual trading conditions provided are competitive with the top of the industry.

 

The ASIC regulation assures you a fair environment. All brokers, who follow these rules must keep client funds in the so called segregated accounts. This means, they can’t steal your investment and simply provide a well disguised “paper trading” platform. Furthermore the watchdog gives the license only to companies who have capital holdings of AUD 1 million, in order to assure potential scammers will not even attempt to register.

 

The only downside of Australian regulation, when compared to the common rules for the European Union, for instance, is the lack of a compensation scheme. This is a system which guarantees your investment, in the unlikely even of your broker going bankrupt. Coverage is different, depending on the specific country. As an example, all brokers registered with the UK’s FCA are also a part of the Financial Services Compensation Scheme (FSCS), which covers up to £50,000.

 

>>Find FCA regulated Brokers here<<

 

The key points about FX Strеam:

 

Pros Cons
Australian regulation Relatively few CFDs
Solid trading platform (MT4) Some trading conditions slightly misrepresented
Competitive spreads  
High leverage available  
Low minimum deposit  
E-wallets supported  

 

Latest news about FXStream
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Traders` reviews for FXStream

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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