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FXTradePosition Review - is it scam or safe?

FXTradePosition Review - is fxtradeposition.com scam or good forex broker?

RATING: 1.1 / 0 REVIEWS
FXTradePosition is an offshore broker. Your money is not safe.

RECOMMENDED FOREX BROKERS


 FXTradeOption is a brokerage in Chicago situated at 70 W.Madison street, Chicago, US. We have significant security concerns about the brokerage. Read the whole review to find out why!

 

Disadvantages

 

Regulatory uncertainty and lack of information 

 

The brokerage does not claim to be regulated on its website and gives no further information even about the company behind it. Having in mind the American address we checked with the American National Futures Association and we can confirm it does not fall under the regulatory oversight of the American authorities status. Furthermore, the American regulators have extremely strict rules for forex brokerages such as a requirement of $20 mill starting capital, which in effect forced most brokerages on their territory to stop operating. Furthermore, attempting to read the Terms and Conditions we end up at a page for submitting an information request. This means the brokerage does not even have a terms and conditions. All this makes us seriously question the brokers legitimacy and inclines us to believe it is not a regulated entity.

 

Not being regulated opens up a whole basket of risks for potential clients. Without regulation, we have no guarantee of the segregation of accounts i.e. the clients funds may well be mixed with those of the company and liable to all sort of illegal encroachments on part of the broker. Due diligence requires us to state this fact. Furthermore, besides the possibility of commingling, there is also no safety mechanism by which the clients losses may be recovered in case the broker goes bankrupt. Regulatory agencies such as the NFA or Cysec offer all these assurances and more. We suggest interested traders play it safe and orient themselves to brokerages that can assure compliance with the highest regulatory standards. Here is a list of our recommended NFA-regulated forex brokers:

 

>>List of NFA-regulated forex brokers<<

 

 

No access to demo account

 

We could not manage to open a demo account and have access to the brokerages trading platform. We were told we would receive a confirmation email, but we have not received such an email yet.

 

Such further irregularities only inclines us to remain with our doubts about the brokerage’s credibility. Having access to the trading platform through a demo account is especially important in the trading world, because it adds transparency in your dealings with the brokerage and builds up trust between the broker and potential client. Furthermore, without a demo account, we could not calculate the leverage, which is among the most important aspects of the brokerage. 

 

No information on account types

 

There is no information to be found on the website regarding account types. We always view the lack of information as huge negative, but having in mind the regulatory status of the brokerage, it is no surprising it is missing. Furthermore, without information on account types we cannot know the minimum deposit required from the brokerage. We would advise clients to always be as informed as possible before deciding to trade with a brokerage. 

 

 

No information on payment methods 

 

As was mentioned above, there is missing information on vital points for interested traders. We could not found out what the possible payment methods are, nor the account types the brokerage offers. We have always underlined the importance of information in the trading world since it brings transparency for the brokerage and confidence in the client. Furthermore, a lack of information only hurts the credibility every brokerage attempts to build for itself. 

 

Advantages 

 

Favorable spread 

 

We were unable to register for a demo account, but could read on the brokerages website that it offers a spread as low as 1.1 on EUR/USD which is significantly low, especially compared to the industry average of 1.5 pips. However, there is a certain caveat, without access to the trading platform, we cannot be sure if this does in fact correspond to the real spread. Furthermore, having in mind the regulatory status of the brokerage, we have reason enough not to trust FXTradeOption. Interested traders should be sure to check out our list of recommended low-spread forex brokers who also comply with the highest regulatory standards.

 

>>List of low-spread forex brokers<< 

 

Trading products 

 

The website states that the brokerage offers a wide variety of trading products. Potential clients of FXTradeOption may trade CFDs on currency pairs, indices, stocks, futures, commodities and crude oil. We must state that without access to the trading platform we cannot be sure if traders with the brokerage do in fact have at their disposal such financial instruments. We may only relay the information presented on the website. We could not find, however, cryptos listed among those on the website. The cryptomarkets is among the most excited possibilities in the forex trading world and we highly recommend it to interested traders. Here is a list of our top Bitcoin forex brokers: 

 

>>List of Bitcoin forex brokers<<

 

Conclusion

 

By almost every stretch of the mark we may conclude that we have on our hand a pretty shady brokerage. It has little, if any, information on its website, there is some sort of malfunction which bars us from being able to register a demo account and there is most probably no regulatory oversight by any reputable authorities. All that has been outlined should raise concerns with every trader and we advise them to search for better and safer trading options. We have linked to such throughout the review. 

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Traders` reviews for FXTradePosition

Spread

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Slippage

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Requotes

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Price feed

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Cons

 

 

Platform

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Cons

 

 

Deposit/Withdraw

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Cons

 

 

Customer service

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Summary

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