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FxReino Review - is it scam or safe?

FxReino Review - is fxreino.com scam or good forex broker?

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

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Trading Accounts and Conditions

 

Trading account Min. deposit Max. leverage Spread
STP  $100 1:500  variable
ECN  $1000 1:500  From 0.08 Pips + $15 per lot
ECN Islamic $5 000 1:500 

From 0.08 Pips+ $30 per lot

 

FxReino is an Australian forex brokerage. It offers its clients trading in wide range of financial instruments via the above account types. The key difference between these accounts is the commission. On ECN accounts, traders are charged a fixed commission for opening and closing trades and spreads depend on the prices of liquidity providers. On STP accounts, no commission is charged but the broker adds mark-up to the spread of liquidity providers.

 

If you are wondering whether to sign up for one of them, make sure you read this review first.

 

 

FxReino Advantages

 

Licensed as an AR in Australia

Let’s start with the most important thing in the trading world: regulation. FxReino is a brand of EVEST GROUP PTY LTD, an Australian Financial Services Representative. This means that FxReino is a registered representative of a company that holds a license granted by the Australian Securities and Investment Commission (ASIC). This is one of the most reliable financial watchdogs in the world.

 

 

Besides, although this is not explicitly stated on FxReino’s website, we suppose that it is a part of the Evest Group. One of its other members, Evest Limited, is regulated in Europe, and operates EvestMarkets brokerage brand.

 

MT5 supported

Clients of FxReino are offered access to the MT5 trading platform which is provided by the same company behind the ever popular MetaTader 4. It’s pretty much the same and has most features valued by traders, such as the top-notch charting, the support of automated trading and the MQL5 programming language through which traders can alter or design their own auto-trading bots or run ready-made ones. 

 

 

>>List of MT5 forex brokers<< 

 

 

High leverage provided, reasonable deposit required

Overall, the offer of FxReino seems attractive – the initial deposit required is $100, which is not much, and the broker provides high leverage ratios, reaching 1:500. Leverage is an important part of forex trading, but it is also a bit controversial. Higher leverage allows opening of larger positions, as well as the chance for higher profits. It does, however, also hide the risk of heavy losses. That is why it is capped in many jurisdictions, and actually Australia is one of the few countries where forex brokers are regulated, but still able to offer high leverage levels.

 

 

FxReino Disadvantages

 

Not a primary holder of ASIC license

As we mentioned earlier, FxReino acts an Authorised Representative of ASIC-licensed Alpha Securities. While the licensee itself is responsible for the conduct of the authorised representative, if the latter is acting outside their powers, the ASIC-regulated company will not be liable for any such actions. So, things might get a bit complicated with corporate authorized representatives such as FxReino.

 

High commission fees

The cost of trading at a forex broker is, of course, one of the things that are very important to traders. In the case of FxReino, the spreads announced on the website are good (starting from 0.8 pips on majors), however the commissions are quite salty, amounting to $15. This means that the cost of trading is around 2.5 pips on EUR/USD per standard lot, and that it if you are ready to deposit $1000 (ECN accounts). The average cost of trading for this pair on forex market is 1.0 – 1.5 pips.

 

 

Conclusion

 

FxReino has left us with mixed feelings. This Australian broker offers trading on the MT5 with high leverage levels, but the cost of trading seems high. What bothers us more is that it does not have a license of its own. Instead, it acts as an authorized representative or an ASIC-regulated company.

 

Undoubtedly, investing with such an intermediary is far better than doing business with an offshore one, but still, it is best to deal with a company that is a primary holder of a forex broker license.
 

 

>> List of brokers licensed by ASIC <<

 

 

ASIC requires licensed brokers to meet certain capital requirements (at least $ 1 million) and to comply with various internal procedures for risk management, accounting and audits. Besides, they must regularly to the commission and to keep clients’ money in segregated accounts.

 

Australian FX broker regulation, however, does not include any compensation scheme in case a licensed company becomes insolvent. 

 

To sum up the above:

 

Pros Cons
Licensed as a CAR in Australia Not a primary holder of ASIC license
MT5 supported High commission fees
High leverage provided, reasonable deposit required  

 

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Traders` reviews for FxReino

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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