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FxUnited Review - Is it scam or safe?

FxUnited Review - is http://fxunited.com/ a safe forex broker or a scam?

RATING: 2 / 0 REVIEWS FxUnited
FxUnited is an offshore broker. Your money is not safe.

RECOMMENDED FOREX BROKERS


Trading accounts

 

Account Type  Minimum Deposit  Minimum trade size Maximum leverage Spreads
Standard $25 0.01 (micro lot) 1:200 3 pips, fixed
Premium $25 0.01 (micro lot) 1:200 As low as 0.0 pips EUR/USD + commission 

 

FxUnited provides its clients with a choice of two account types, both accessible with initial deposit of $25 and providing leverage up to 1:200 on the popular MetaTrader 4 platform.

 

In addition, Islamic (swap-free) service is available on standard account types, for Muslim investors who are unwilling to earn interest for religious reasons.

 

In addition, the broker also offers Managed account solutions via the MetaTrader 4 MultiTerminal.

 

The Company. Security of Funds

 

FxUnited offers online trading services in over 80 currency pairs, CFD's, and Commodities, such as Gold, Oil, Crude Oil, as well as bitcoin on the ever popular MT4 platform.

 

According to its website, FxUnited is a NDD brokerage, established in Belgium in 2006. In 2013 the company, United Global Holdings Limited, acquired a license from the New Zealand’s Financial Markets Authority (FMA).

 

Registered Financial Services Providers in New Zealand, regulated by the Financial Markets Authority (FMA) must comply with certain rules. For instance, registered firms must have a physical office in New Zealand, within which must be employed a at least one Director (having adequate financial competence), who is a New Zealand resident.

 

Further legislative amendments are expected, requiring Forex brokers to hold net tangible assets amounting to at least $1,000,000, which is a step further in tightening up the NZ regulation, bringing it in line with the Australian regime.

 

A check by Forexbrokerz.com revealed that United Global Holdings Limited was removed from the NZ’s list of registered companies in May, 2016.

 

The company is still registered with the NZ Ombudsman for resolution of disputes, and there are no records of disputes. Nonetheless, as the company is no longer regulated by FMA, nor by any other authority, we would advise traders to find a more reliable broker if they intend to invest larger amounts. FxUnited is not regulated and It could be a scam.

 

In addition, FxUnited Malaysia was added to the local regulator’s alert list in 2015. The Central Bank of Malaysia advised the public not to make any deposit or investment with individuals and entities that are not regulated under the relevant laws.

 

Trading Conditions

 

Minimum Initial Deposit

The minimum initial deposit required by FxUnited is 25 USD. This is a low amount to start trading with, yet global leading brokerage CMC Markets requires none, and on top of that, your money will be safe, as this broker is regulated in New Zealand, Australia and the UK.

 

Commission & Spreads

According to the information on its website, FxUnited offers fixed spreads. The ones on the Standard commission-free account amount to 3.0 on EUR/USD, which a comparatively high value. As regard the other account type, the broker does not provide sufficient information, except the fact that spread is as low as zero and a commission applies.

 

If you need any further information, you may look up the spreads of 15 leading brokerages here.

 

Leverage

The maximum leverage level offered by FxUnited is 1:200, which is average for the forex market. In comparison, leading Australian & NZ brokerage CMC Markets provides leverage up to 1:500


Keep in mind that trading on margin may lead to heavy losses exceeding their initial investments.

 

Trading Platforms

 

Like most forex brokers, FxUnited supports the world’s favorite FX trading platform - Metatrader 4 (MT4) available as a desktop and mobile versions. 

 

MT4 is a globally recognized online trading software, as it offers all a trader needs: a number of technical indicators, outstanding charting package, extensive back- testing environment, and a wide range of Expert Advisors (EAs). Traders can download ready-made or create their own automated trading strategies and simply let the program do all the work.

 

Capital Gain Auto Trading (CGAT)

The Capital Gain Auto Trading (CGAT) is an affiliate program that allows tarders to earn a percentage of the Company’s Profit from the trading closed by the Expert Adviser (EA) or manual trading by our Expert Traders. Minimum deposit amount required is $1000.

 

Promotions

Obviously, this broker regularly launches Trading Contests and promotions.

Currently there is an offer of 30% welcome on-deposit bonus .

 

Methods of Payment

 

FxUnited’ clients are offered the following money transfer methods, including bank wire transfer, Skrill, WebMoney, Perfect Money, PayPal, EzyBonds.

 

Deposit Currencies: USD, EUR, GBP, JPY, CHF, AUD.

 

Conclusion

 

FxUnited is no longer NZ-regulated broker, despite the information on its website. Furthermore, It claims to be a STP/ECN brokerage, however the only spread revealed is as high as 3 pips and fixed. To sum things up:

 

Pros   Cons
MT4 available Not regulated
Low minimum initial deposit High fixed spreads
Bonuses available Scarce information on cost of trading for the Premium account

                                                     

Latest news about FxUnited
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Traders` reviews for FxUnited

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