de | cn | ru

FxReview Review - is it scam or safe?

FxReview review - Is fxreview.com scam or good forex broker?

RATING: 1.2 / 2 REVIEWS ForexBrokerz FxReview
FxReview is an offshore broker. Your money is not safe.

RECOMMENDED FOREX BROKERS


FxReview is an offshore, forex and CFD broker offering over 70 financial assets, with a choice of six account types, leverage as high as 1:200 and a web based trading platform.

 

Account type Min. deposit Max. leverage Spreads/ Payout
Basic Account $250

1:200

3 pips
Bronze Account $1000 1:200 n/a
Silver Account $2500 1:200 n/a
Gold Account $10 000 1:200 n/a
Platinum Account $25 000 1:200 n/a
VIP Account $100 000 1:200 n/a

 

Unfortunately the broker is not regulated, so if you are considering opening an account with them be sure to read the following review.

 

FxReview Advantages:

 

Good variety of trading instruments

 

FxReview offers over 40 currency pairs, lots of which minor or exotic like USDMXN, USDSEK, USDPLN, USDCZK, USDZAR, USDSGD, USDDKK, USDCNH, USDNOK, USDTRY and USDRUB, as well as a selection of CFDs on oil, natural gas, silver, gold, platinum, coffee, copper, cotton, sugar, cocoa, 6 indices, stocks and crypto coins including Bitcoin, Litecoin, Ethereum, Ripple and Dash. But if you are really interested in trading crypto assets here you may check as well our list of brokers trading with bitcoin CFDs:

 

 >>Bitcoin Forex Brokers<<

 

Leverage as high as 1:200

 

Despite the obvious risks many traders still regard higher leverage as an advantage. Bear in mind however that on most regulated markets like the European Union, the U.S., Canada, Japan and now even Australia leverage is strictly restricted to levels well below 1:100.

 

Acceptable minimum deposit requirement

 

FxReview asks for an initial deposit of 250 USD and that is in line with what most other brokers would also require. Still, some big names like FBS and IG will let you start trading with just 5 USD or even less.

 

FxReview Disadvantages:

 

No license

 

FxReview is owned and operated by High Concept Holdings LTD, an offshore company based on St. Vincent and the Grenadines. And as we already noted, they are not licensed and authorized to offer any kind off financial services on regulated markets like for example the European Union. 

 

The general problem with all unregulated brokers is that they are completely unaccountable for the way they handle your money and quite too often are simply involved in scam.

 

That is why our advise is to deal only with legit brokers, licensed by an official financial authority such as the Financial Conduct Authority (FCA) in the UK, the Australian Securities and Investments Commission (ASIC), or the Cyprus Securities and Exchange Commission (CySEC). 

 

And besides, because with a FCA broker your funds will even be protected by a client compensation scheme, covering the first 85 000 GBP in your funds, here you may check as well our list of brokers regulated in the UK:

 

 >>FCA Regulated Forex Brokers<< 

 

Trading bonuses

 

FxReview says they will mach your initial deposit with a welcome bonus of up to 100% depending on your account type. Great? Actually not. We have a problem with all trading bonuses in general and with what FxReview offers in particular. Bear in mind that all trading bonuses come with strings attached – some minimum trade volume requirement, which you will have to fulfill, before you will be granted a permission to request a withdraw. And FxReview says exactly this – if you have not met your minimum trade volume requirement, your withdraw request will be canceled automatically. See for yourself:

 

 

 

And besides, it does not matter what you minimum trade volume requirement is (currently FxReview says you will have to trade your bonus plus your deposit a hundred times), because FxReview also reserves the right to change their bonus policy anytime, at their sole discretion. See for your self:

 

 

 

What that means? You may never be able to meet the requirement, and you may never be allowed a withdraw.

 

Unusual fees

 

And FxReview have a whole constellation of fees – at least 20 USD withdraw fee, a 3.5% service fee, another 20 USD for your monthly maintenance fee, a profit clearance fee and a 50 USD dormant fee, if you have not traded for 90 days. All of that is highly unusual.

 

High spreads

 

When we opened the FxReview trading platform the benchmark EURUSD spread floated above 3 pips and that is at lest twice higher than the levels traders would usually consider attractive. Here you may also check our list of brokers offering tighter spreads:

 

 >> Lowest spread forex brokers<<

 

MetaTrader4 not supported

 

FxReview offers some kind of a web based platform, which lacks many standard features readily available with MetaTrader4 – the most widely used trading platform in the industry.

 

 

 

MT4 is a highly reliable trading platform with lots of features, including an option to run automated trading sessions with the help of specially designed trading robots and well over 50 market indicators. And we should mention as well the excellent set of advanced charting tools. You may follow the link below for our list of MT4 brokers:

 

 >>MT4 Brokers<<

 

Skrill not accepted as payment method

 

When we proceeded with our registration the only payment method available, along the standard wire transfer, was Cashier – an e-wallet we have never heard of before. Bear in mind that most brokers accept payments with major cards like VISA and MasterCard and popular e-wallets like Neteller and Skrill. 

 

And the absence of Skrill is also notable because of their new anti scam policy. According it Skrill partners only with properly regulated brokers, and as we already established FxReview does not have a license whatsoever. Here you may also check our list of brokers, accepting payments with Skrill:

 

>>Brokers accepting Skrill<<

 

And besides, FxReview says they will process your withdraw request within 7 days and this is also unusual – legit brokers would do that within 24 hours.

 

Conclusion:

 

Trading with unregulated, offshore brokers like FxReview is a risky business as you will have to rely solely on the integrity of the people who run them. Our experience shows that quite too often that integrity is not very high, and the risk of getting scammed is also unacceptable. All that said, our best advise here is to trade only with properly regulated brokers, licensed and authorized by well known institutions like the FCA in the UK, CySEC in Cyprus and ASIC in Australia.

Latest news about FxReview
No news about FxReview. Check back later.
Forex
Broker Country Regulation Platform Min Deposit Review
US CFTC, NFA MT4, Web,
in-house
$50 Review Website
US NFA, CFTC MT4 $250 Review Website
Cyprus, UK, Mauritius CySec, FCA, FSC MT4, MT5, Web $10 Review Website
Australia, Cyprus ASIC, CySEC MT4, MT5, Iress $100 Review Website
Cyprus, Australia CySec, ASIC MT4, MT5 $5 Review Website
UK, Australia, South Africa FCA, ASIC, FSCA MT4, Trading
Station,
NinjaTrader
$50 Review Website
UK, Cyprus, UAE, South Africa FCA, CySEC, DFSA, FSB MT4, MT5, FxPro
Markets,
cTrader
$100 Review Website
Cyprus CySEC MT4, MT5, Web $1 Review Website
Belize IFSC MT4, MT5 $100 Review Website
Cyprus, UK, South Africa, UAE CySec, FCA, FSCA, DFSA MT4, MT5, Web $5 Review Website
UK FCA MT5 $5 Review Website
UK FCA MT4, Web, MT4
for Mac
$100 Review Website

Traders` reviews for FxReview

Spread

Pros

Cons

 

 

Slippage

Pros

Cons

 

 

Requotes

Pros

Cons

 

 

Price feed

Pros

Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

Cons

 

 

Summary

Pros

Cons

 

 

Scammed

I unwittingly invested a lot of money with FXReview and was travelling along quite well until i was advised to place larger amount investments and to place more zeros to the trades.
Unfortunately i did and now i am out of pocket big time.
I will be placing my position in the hands of Interpol and Chambers of Commence throughout the financial circles to have these scammers shut down once and for all.
And i will say this for the rest of the dirty scammers out there, LOOL OUT, IM COMING FOR YOU ALL.

Jeffrey Giles 01/02/2020
de | cn | ru