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FXtrds Review - Is it scam or safe?

Fxtrds Review - is fxtrds.com scam or good forex broker?

RATING: 3 / 0 REVIEWS FXtrds
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 Trading Accounts

Account type Minimum deposit  Maximum leverage Spread
Standard $100 1:100 From 1.8 pips

 

FX Trader (operatting the domain fxtrds.com) is forex broker, which places great focus on the Chinese market. The English version of their website feels slightly clunky and is missing a few key points of information.

 

The Company. Security of Funds

 

Company Country Regulation
FX TRADER PTY LTD Australia ASIC

 

FX TRADER PTY s the company behind this broker. It is registered in Australia and more importantly is regulated by the local financial watchdog.

 

The Australian Securities and Investments Commission (ASIC) is on of the globally respected  watchdogs. They require minimum capital holdings of AUD 1 million, from companies wishing to register as forex brokers. This rule alone prevents most scammers from registering, as they simply can not afford such a sum. Furthermore ASIC forces companies to keep client funds in the so called segregated accounts. This means a forex broker, registered with ASIC, can not take funds from its clients’ accounts and spend them for company purposes. 

 

 

Trading Conditions

 

Minimum Initial Deposit

The minimum initial deposit at FX Trader is $100. This is pretty much the industry average nowadays. Many brokers, such as easyMarkets, require this level. 

 

Keep in mind, the minimum deposit should not play a crucial role when chosing a broker, as long as you can afford it. This is probably the most important rule in trading – do not risk money you can not afford to lose.

 

Average spreads & Commissions

Spreads at FX Trader, start from 1.8 pips on EUR/USD. This is slightly higher than the current industry average, which is around 1.0-1.5 pips. While testing the broker’s platform we found the spread fluctuation above 2 pips in the early part of the US trading session. While this is in-line with their claims, it is still slightly higher. Did you know, you can compare the conditions provided by some of the world’s leading brokers, in real-time, via our dedicated page?

 

Leverage

The maximum leverage at FX Trader is 1:100. Although this is a perfectly fine ratio for most trading systems, nowadays brokers provide even higher leverage ratios.

 

Remember, high leverage can be dangerous, especially in the hands of a new trader. Familiarize yourself with the basics of margin trading and risk management early on in your development as a trader.

 

Trading Platforms

 

FX Trader provides MetaTrader4 (MT4) to its clients. This is the world’s most popular trading platform (when it comes to currency trading). It has earned its popularity, due to the amazing charting capabilities. Some traders, who trade with different platforms still keep a demo version of MT4 running, only to do their technical analysis on it. 

 

That being said, the platform’s most unique feature is the programming environment, which allows the creation of new technical indicators and automated trading systems, also known as Expert Advisors

 

Here is a preview of the MetaTrader platform provided by FX Trader (click to zoom-in):

 

 

Methods of Payment

 

FX Trader does not provide any information on the payment methods it allows clients to use. Given their focus on China, we suspect UnionPay is supported. Westerners will prefer options like Skrill or PayPal.

 

Conclusion

 

FX Trader is a forex broker, which focuses on the Chinese market. The company is regulated by the Australian Securities and Investments Commission (ASIC), which gives them a lot of credibility. Trading conditions are not too bad, but are nothing special, when compared to the current offers by other brokers. Here are this broker’s pros and cons:

 

Pros Cons
ASIC Regulation Higher than expected spread 
MetaTrader4 Platform Lack of some information on the website

 

Latest news about FXtrds
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Traders` reviews for FXtrds

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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