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Precise Fx Review - is it scam or safe?

Precise Fx Review - Is precisefx.com scam or good forex broker?

RATING: 2.3 / 0 REVIEWS Precise Fx
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Precise Fx is a forex and CFD broker, based in Accra, Ghana that offers the MetaTrader 5 platform. If you are thinking about opening an account with them you may find the following review useful.

 

Account type Min. deposit Max. leverage Spreads
Live Fixed Spread Account n/a 1:500 n/a
Live Variable Spread Account $250 1:500 n/a
Elite ECN Account n/a 1:500 n/a
Live ECN Premier Account $1000 1:500 n/a

 *Precise Fx also offers managed accounts, with which you pay an additional fee to an account manager. The minimum deposit for a managed account varies between 250 USD and 1000 USD.

 

Precise Fx advantages:

 

 Competitive spreads

 

When tested with the Precise Fx Demo Account the EURUSD spreads reached between 0,6 and 0,8 pips which is pretty tight and no commission for the trade was taken. However we were not able to identify, which account type the Demo Account mirrors. Here you can check a list of brokers offering similar tight spreads.

 

High Leverage

 

The maximum leverage offered by Precise Fx is 1:500 which is good and can accommodate most trading strategies. You can also trade a micro lot of just 1000 currency units with all of the account types. Still here you may want to check our list of brokers offering even higher maximum leverage:

 

>> Brokers offering at least 1:500 in leverage <<

 

Various trading instruments

 

With Precise Fx you can trade 38 forex pairs, including more exotic currencies like the Hungarian Forint, the Mexican Peso, the Turkish Lira,  the Polish Zloti and the South African Rand. You can also trade CFDs on oil and commodities, such as wheat, corn, soybeans, sugar and coffee, as well as indices and cryptocurrencies like Bitcoin and Ethereum.

 

 MetaTrader5 offered

 

Another advantage is that Precise Fx offers the MetaTrader5 platform, which incorporates most of the great features of the older but legendary  MetaTrader4. We can mention the excellent charting and analytical tools as well as the option for automated trading via customizable bots. You may check our list of MT5 brokers:

 

>>Find other MT5 brokers here<<

 

Various payment methods

 

The payment methods include Bank Wire, Precise FX Prepaid MasterCard and Skrill, but we miss Neteller and PayPal.

 

 Precise Fx disadvantages:

 

 Lack of regulations

 

Based in Accra, Ghana, Precise Fx is not regulated by any of the respected international financial authorities and that by default lowers its credibility. 

 

 Brokers, regulated by respected financial authorities such as CySEC in Cyprus, the Financial Conduct Authority (FCA) in the UK or the Australian Securities and Investment Commission (ASIC) have to abide by strict financial and ethical rules, including the requirement to maintain a minimum operational capital, as well as to secure their clients money in a segregated account.

 

The regulation offered by CySEC, FCA and ASIC is strict enough to ensure the credibility of their brokers. On top of that brokers with CySEC or FCA license have to participate in clients money protection schemes, under which traders can receive part of their trading capital back in case the broker goes insolvent. With  CySEC brokers the insured sum is 20 000 EUR, while traders with FCA brokers can receive back up to 50 000 GBP. Here you can check our list of  FCA licensed brokers:

 

 >>Find FCA regulated Brokers here<<

 

Misleading information on the account types

 

Precise Fx says it is a STP ( Straight Through Processing) broker offering Fixed or Variable spread accounts with no commission, as well as a Live ECN Premier Account with competitive spreads and some fixed commission per traded lot. The broker also says to be offering an Elite ECN Account, about which we were not able to find more specific information in their web page.

 

Exploring the Precise Fx website we came across two conflicting notes about the amount of the commission taken for the Live ECN Premier Account trade.

 

In the FAQ/Accounts section the commission is said to be 2 pip or approximately 20 USD deducted from the account in real-time for every standard lot traded. The broker also says that if you trade 250 standard lots or more in a calendar month, you will qualify for a lower commission rate of 18 USD per lot.

 

In the same time in the FAQ/Trading section the Live ECN Premier Account commission is said to be only 10 USD per standard lot and that if you trade more than 250 standard lots per month the commission drops to 8 USD. 

 

Misleading information on the minimum deposit

 

To open a Live Variable Spread Account, you need a minimum deposit of 250 USD, while to open a Live ECN Premier Account the minimum deposit is 1 000 USD. 

In the same time Precise Fx says you need just 100 USD to open an account with them, but they do not specify what kind of account. 

Finally Precise Fx also says to be offering managed accounts, with which you pay an additional fee to an account manager. The minimum deposit for a managed account varies between 250 USD and 1000 USD.

 

Unusual withdraw policy

 

Precise Fx says customer’s account will be debited 50 USD for withdrawals via Bank Wire and that you can not withdraw less than a 100 USD.  An exception is made for clients who are closing their accounts.

 

Conclusion:

 

While tested spreads on the Demo Account were relatively tight and there was no commission taken on the trade, we were not able to identify which account type offers those trading conditions. Furthermore Precise Fx is an unregulated broker and that lowers its credibility by default. On the plus side however we should mention that the broker offers the new MetaTrader5 platform.

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Traders` reviews for Precise Fx

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Platform

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