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Green Candle FX Review - is it scam or safe?

Green Candle FX Review - is greencandlefx.com scam or good forex broker?

RATING: 1 / 0 REVIEWS Green Candle FX
Green Candle FX is an offshore broker. Your money is not safe.

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Trading Accounts & Conditions

 

Account type Min. deposit Max. leverage Average Spreads*
Mini $100 1:500 2.0 pips
Standard $1 000 1:500 1.5 pips
VIP $10 000 1:500 1.2 pips

 

*As announced on the broker’s website.

 

Green Candle FX is an offshore broker, offering the account types listed in the table above, plus Islamic swap-free services, where you do not have to pay interest for positions left open overnight. If you are considering opening an account with them, be sure to read our review first. We have major concerns regarding this forex provider.

 

 

Green Candle FX Advantages

 

MetaTrader4 allegedly supported

According to the information on its website, Green Candle FX offers trading on the widely used MetaTrader4 (MT4).

 

The presence of MT4 is always good news, as most traders are familiar with it and actually like it. This piece of trading software has light and intuitive interface, great charting and is especially popular for its automated trading strategies, called Expert Advisors.

 

However, we could not open a demo account with Green Candle FX, nor could we find a downloadable desktop MT4, so we are not sure that it is really available with this broker.

 

 

>> Check out the top-rated MT4 Brokers <<

 

 

High leverage levels provided

Another possible advantage of Green Candle FX is that the broker says to offer leverage as high as 1:500 and this is generous enough to fit even the most aggressive trading strategies. Still, have in mind that most professional brokers rarely use leverage exceeding 1:100, because of the risks high leverage brings along with it.

 

 

Green Candle FX Disadvantages

 

Registered offshore, no license

Our greatest concern with Green Candle FX is the lack of reliable financial regulation. The broker has not mentioned the name of the company behind it, but says it is incorporated in Saint Vincent and The Grenadines (SVG). The SVG is an offshore zone in the Caribbean where forex brokers are not regulated. Actually, the local Financial Services Authority (FSA) stated that it “does not issue any licenses for forex trading or brokerage or binary options trading nor does it regulate, monitor, supervise or license international companies, which engage in such activities “.

 

This means that clients of Green Candle FX have no assurance for the security of their funds and no authority to turn to in case they are defrauded or something goes wrong.

 

No demo accounts

When you click on the “Demo account” links on Green Candle FX’s website, nothing happens. We also couldn’t download the broker’s MT4 in order to try it out. This is a worrisome sign, because all decent forex brokers provide free testing service accounts in order to prove the transparency of their services.

 

Announced spreads not that good

A spread averaged 2 pips on the benchmark EUR/USD pair, as the one announced by Green Candle FX for its most basic account type, is significantly higher than the industry’s average. Most brokerages offer spreads in the range of 1.0 – 1.5 pips for this pair.  For further information and comparison on trading costs, check out the below link.

 

 

>> The spreads of top brokers compared in real-time <<

 

 

Conclusion

 

Although we highlighted several advantages Green Candle FX might have, we don’t think it is a reliable broker, as it is not regulated. Proper financial regulation is crucial for the safety of any investment, and especially in the world of online trading, where scammers are not a rare or uncommon problem. That is why we always advise traders to only deal with brokers licensed by reliable financial authorities, such as UK’s FCA, Australia’s ASIC or Cyprus’ CySEC.  

 

Regulated brokers are obliged to follow strict ethical and financial rules, among which to maintain a certain minimum operational capital, to hold all customers’ funds in segregated accounts, and even to insure traders’ money in some cases. For example, in case their broker is unable to pay, all traders with FCA brokers are entitled to a compensation of up to 85 000 GBP. Here you may check out our list of FCA regulated brokers:

 

 

>>FCA Regulated Forex Brokers<<

 

 

To sum up the pros and cons of Green Candle FX:

  

Pros Cons
MT4 allegedly available An offshore broker
1:500 leverage ratio High spreads
  No demo accounts

 

Latest news about Green Candle FX
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Traders` reviews for Green Candle FX

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