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RaxoFX Review - is it scam or safe?

RaxoFX Review - is raxofx.com scam or good forex broker?

RATING: 1 / 0 REVIEWS RaxoFX
RaxoFX is an offshore broker. Your money is not safe.

RECOMMENDED FOREX BROKERS


 

Trading Accounts & Conditions

 

Account type Minimum deposit Maximum leverage Spread (& Commission)
Cent $1 1:1000 3 pips, fixed
Micro $5 1:3000 3 pips, fixed
Standard $100 1:3000 From 1.0 pips
Zero Spread $500 1:3000 0 pips +$20 / lot
Unlimited $500 1:500 From 0.2 pips
ECN $1 000 1:500 From 1.0 pips


RaxoFX is an forex broker that offers the account types listed above. While it seems that such various trading conditions will suit the needs of any trader, we would not recommend doing business with this broker. Please, read the full review for more details.

 


RaxoFX Advantages


MetaTrader available
RaxoFX claims to offer trading on the good old MetaTrader 4 (MT4)a platform which most traders know well and praise for its functionality and ease of use. The MT4 provides superior charting and supports a number of automated trading systems and custom technical indicators. Users can also make some EAs and indicators themselves, if they’re handy with code.

 

Click on the image to zoom-in.

 

However, when we downloaded RaxoFX’s platform, it was in fact not MT4, but MetTrader 5 (MT5). While this platform is the newer iteration of MT4 and has kept most of its functionalities, we find this inconsistency on RaxoFX’s website misleading.



>> Find a list of MT4 brokers here <

 

 

Low minimum deposit
One can open a real-money account at RaxoFX by depositing just $1. Such low initial investments are quite attractive, as they allow traders to test the broker’s services in live mode without putting much at stake.

 

Bonuses offered

RaxoFX offers its clients 100% deposit bonus, as well as a “Zero to Hero” promotion – a non-deposit bonus. While those seem quite attractive too, read carefully the terms and conditions applicable. Most brokers have certain trading volume requirements for such bonuses.




RaxoFX Disadvantages



Offshore broker, no corporate info
Raxo Limited, the company behind the RaxoFX brand is registered offshore, in St. Vincent and the Grenadines. We searched for, but could not find a company address anywhere on their website. There is a phone number with a Cambodian prefix. On the other hand, it seems that RaxoFX targets Indonesian clients. So, the situation with this company is rather confusing.

 

We don’t recommend offshore brokers as a general rule, and in the case of RaxoFX, there seem to be even more red flags, so you’d better stay away.


High spreads
Spreads fixed at 3.0 pips on EUR/USD are significantly higher than the average in the industry. Most fixed-spread brokers offer 2 pips spread for this pair, and some go even lower. For example, CySEC-regulated broker easyMarkets, offers spreads fixed at 1 pips on EUR/USD. You can find more information on trading costs at our dedicated page:

 


>> Compare the spreads of leading FX brokers in real time <<

 

 

Limited CFD offering

Most forex brokers also offer various Contracts-for-Difference (CFDs): on indices, commodities, stocks and cryptocurrencies. However, RaxoFX offers only around 20 currency pairs and spot gold, which is a rather limited product portfolio.

 

Dangerously high leverage levels
Leverage of 1:3000 is probably the highest level available in the forex sector. Such leverage ratios are not for every trader, though. One needs to fully grasp the ideas of risk management in margin trading in order to trade effectively and not loose more than he or she has deposited.



Conclusion


RaxoFX is a forex brokers who does not stand out in any way. Although it offers many account types, the spreads on basic ones are too high. Most importantly, RaxoFX does not seem like a reliable broker – it is registered offshore, the address of the company is not clear, and its website looks crappy, among other negative points which we already covered in this review.

 

Here is a small clarification for those of you who are new to the forex world: offshore brokers face little if any requirements and are not supervised by any authority. They can easily disappear with your money and there is little you can do about it.


While we can’t say if RaxoFX is a scam, there is no way of proving their credibility. Meanwhile, when traading with a tightly regulated fbroker, you will be assured a certain level of protection. For example, the UK’s Financial Conduct Authority (FCA) offers a trustworthy trading environment.

 


>> FCA regulated brokers <<

 



Here are the main strong and weak points of RaxoFX:

 

Pros Cons
MetaTrader available Offshore broker, no company info
Low minimum deposit Limited CFD offering
Bonuses offered High spreads
  Dangerously high leverag

 

Latest news about RaxoFX
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Traders` reviews for RaxoFX

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