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FXPace Review - is it scam or safe?

FXPace review - Is fxpace.com scam or good forex broker?

RATING: 1.1 / 1 REVIEWS ForexBrokerz FXPace
FXPace is an offshore broker. Your money is not safe.

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FXPace is an offshore forex and CFD broker, offering several account types with generous leverage and the MetaTrader4 platform. Unfortunately the broker does not hold a legit license, so if you are thinking about opening and account with them be sure to read this review first.

 

Account type Min. deposit Max. leverage Spreads
Standard Accpunt $100 1:500 1,6 pips
Professional Account $2 500 1:500 0,7 pips
Elite Account $25 000 1:500 n/a

 

FXPace Advantages:

 

Over 80 currency pairs 

 

We should admit that FXPace presentation was pretty neat and fully corresponded to what we saw on the trading platform – over 80 forex pairs with plenty of exotic currencies like Singapore Dollar, Norwegian Krone, Swedish Krona, Danish Krone, Hong Kong Dollar, Hungraina Forint, Polish Zloty, Czech Krona, South African Rand, Mexican peso, Brazilian Real, Turkish Lira, Russian Rubble and Chinese Yuan.

 

And also we came across quite a selection of CFDs – on crypto coins like Bitcoin, Ethereum, Ripple and Litecoin, precious metals, namely gold, silver, platinum and palladium, commodities, including corn, soybeans, wheat, coffee, cocoa, rice, sugar cotton and copper, as well as 17 indices, oil, natural gas and stocks. 

 

And if you are interested in trading crypto assets, you may also check our list of brokers, offering Bitocin CFDs:

 

>>Bitcoin Forex Brokers<<

 

Leverage of up to 1:500

 

Leverage as high as 1:500 is basically as good as it can get and it surely will attract many traders despite the higher risk, associated with it. 

 

Have in mind that, since the European Securities and Markets Authority (ESMA) capped the maximum leverage allowed with forex transactions at 1:30 in August, that left Australia the last major regulatory hub, where you can still trade with higher leverage without restrictions. Besides, here you may check our list of brokers regulated in Australia:

 

>>Brokers regulated in Australia<<

 

You can start trading with 100 USD

 

The minimum deposit requirement to start trading with FXPace is not high – 100 USD and it is in line with what most other brokers would ask you for. 

 

And still, we should note that some big players like FBS and IG do not have a minimum deposit requirement at all.

 

FXPace accepts Neteller and Skrill

 

Popular e-wallets like Neteller and Skrill are accepted as payment methods and that is a good news. Otherwise you can pay with major credit or debit cards like VISA and MasterCard, as well as bank wire. However, as no crypto coins are accepted, here you may check our list of brokers, where you can pay with Bitcoin:

 

>>Forex Brokers Accepting Bitcoin<<

 

MetaTrader4 supported

 

And that is another good news. The presence of MetaTrader4 has always been welcome. The platform is light, fast and highly reliable, featuring numerous market indicators and trading bots, with which you can run automated trading sessions. The charting tools are also versatile and if you are interested you can also go through our list of MT4 brokers:

 

>>MT4 Brokers<<

 

FXPace Disadvantages:

 

No legit license

 

FXPace is a trade name of Salvax Limited, a company registered in Bermuda, which also operates a couple of other brokers - Navitas Markets and FXSuit.

 

Unfortunately Salvax Limited does not have a license to provide financial services on regulated markets like the European Union, the US, Australia or Japan and that significantly lowers the brokers credibility.

 

Remember that the safety of your investment on the retail forex market can be guaranteed solely by an official financial authority such as the the Financial Conduct Authority (FCA) in the UK, the Australian Securities and Investments Commission (ASIC) or the Cyprus Securities and Exchange Commission (CySEC).

 

A broker, holding a legit license will have to follow a very strict set of rules, among which to report regularly to its regulator, to allow external audits, to provide a negative balance protection to its clients, to protect all invested funds in a segregated account, to refrain form offering trading bonuses and to maintain at all times a certain minimum operational capital. 

 

On top of that throughout Europe regulated brokers are even required to insure traders capital. For example with a CySEC regulated broker you will not have to worry about the first 20 000 EUR in your account, even if your broker files for bankruptcy.

 

Similarly with FCA brokers the insured amount is up to 50 000 GBP.  So here you may check our list of FCA regulated brokers as well:

 

>>FCA Regulated Forex Brokers<<

 

Uncompetitive spreads

 

As tested with a Demo account the benchmark EURUSD spread floated between 1,5 pips and 1,8 pips, which is a bit higher than what traders would usually expect with a standard account. Sure, FXPace offers two premium accounts, where spreads are advertised to start form 0,7 pips and even lower. Both the Professional Account and the Elite Account, however, have a much higher minimum deposit requirement - 2500 USD and 25 000 USD respectively. Besides, here you may also check our list of brokers offering tighter spreads:

 

>> Lowest spread forex brokers<<

 

Unusual withdraw conditions

 

FXPace offers several types of trading bonuses – a Velocity Bonus and an Accelerator Bonus, which come with some special conditions. For example FXPace says that trading bonuses can not be withdrawn no matter what and also that with an Accelerator Bonus you can withdraw only half of your profits, which we find unusual.

 

In any case, trading bonuses should be eyed with extra caution, because their additional withdraw conditions often prove rather challenging to fulfill. And keep in mind that trading bonuses are banned throughout Europe altogether, in an effort to minimize investment risks.

 

Conclusion:

 

FXPace offers a good selection of forex pairs with the MetaTrader4 platform and leverage as high as 1:500. Trading conditions put aside, however, you should remember that this is a unregulated, offshore broker, which is basically unaccountable for the way it handles your money. That said, we will repeat our general advice to trade only with properly regulated companies.

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Traders` reviews for FXPace

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