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FX88 Review - Is it scam or safe?

FX88 Review - is fx88.com scam or good forex broker?

RATING: 3.2 / 0 REVIEWS FX88
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Trading Accounts

 

Account type  Minimum deposit  Minimum trade size Maximum leverage Average Spreads        
Standard $100 0.01 1:500 1.3 pips
ECN $250 0.01 1:300 0.1 pips + $7 /lot

 

This broker offers two account types with variable spreads, and the chance to trade in micro lots for better risk management.

 

Unlike most brokers, however, this one does not provide Managed accounts, nor Islamic (swap-free) services.

 

The Company. Security of Funds

 

Company

Country

Regulation

Galactus Ltd.

Cyprus

CySEC

 

FX88 is a brokerage offering trading in 45 currency pairs, as well as CFDs on commodities, precious metals and indices on MetaTrader 4 platform. The brand is operated by Galactus Ltd., a company which is licensed by the Cyprus Securities and Exchange Comission (CySEC).

 

Cyprus is one of the most popular forex broker jurisdictions worldwide. CySEC applies certain rules and requirements to Cyprus Investment Firms, yet supervision is not as strict as in the UK or US.  Cypriot brokerages must hold at least €730 000, keep customer funds in segregated accounts, and regularly report to the commission.

 

As a further guarantee to clients’ funds, all CySEC-regulated companies are members of the Investor Compensation Fund, which is able to pay compensation up to €20 000, If the company is in default.

 

Additionally, every CySEC- regulated investment company is also MiFID compliant and therefore entitled to offer cross-border services within the EU.

 

Trading Conditions

 

Minimum Initial Deposit

The minimum amount one has to deposit in order to open an account with this broker is $100, which is not much, yet many Cyprus-based companies require even less (XM, FXTM).

 

Average Spreads

FX88's spread on Standard commission-free accounts are average, typical ones amounting to 1.3 pips on EUR/USD. Its ECN spreads are a lot better, averaged 0.1 pips for thos pair, but also involve a commission of $7 per standard.

 

For example, FXTM offers average spread of 0.7 pips and involve a commission $4 per standard lot (round turn). For further information and comparison, you may look up and compare real-time spreads of 15 leading brokers here.

 

Maximum Leverage

FX88 offers leverage up to 1:500, which is considered high, yet most Cypriot brokers provide similar or higher maximum leverage ratios - FXTM - up to 1:500 and XM – up to 1:888. You may check out more forex brokers offering leverage equal to or exceeding 1:500 here.

 

Trading Platform

 

This broker offers its clients the industry’s standard MetaTrader 4 (MT4), which is available as downloadable desktop, web & mobile versions.

 

The MT4 is preferred by most traders, because it is user-friendly and yet reliable and equipped with professional trading tools. It supports automated strategies, offers extensive back-testing environment and a number if build-in technical analysis tools, as well as advanced charting package.

 

Methods of Payment

 

FX88 offers its clients bank wire transfer, credit/debit cards and and popular e-wallets such as Skrill, neteller and Dotpay as payment methods.

 

Conclusion

 

FX88 is a forex brokerage holding a CySEC license and offering competitive trading conditions on the renown MT4 platform.  Here are, in a nutshell, the advantages and disadvantages with regards to this broker.

 

Pros  Cons
Well-regulated No choice of trading platforms
Competitive spreads   
MT4 available  
High leverage levels available  
   

 

Latest news about FX88
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Traders` reviews for FX88

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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