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Rubix Fx Review - Is it scam or safe?

Rubix Fx Review - Is it scam or safe?

RATING: 3 / 0 REVIEWS Rubix Fx
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Trading Accounts

 

Account type  Minimum deposit  Minimum trade size Maximum leverage Average Spread (and Commission)
Standard $200 0.01 1:400 1.3 pips
ECN $1000 0.01 1:400 0.3 pips + $5 / lot (round trip)


Rubix Fx offers its clients two account types, both of which provide maximum leverage up to 1:400, variable spreads and the option to trade in micro lots. The Standard account is commission-free, while the other obe offers tighter spreads and a commission for the ECN trading environment.

 

The Company. Security of Funds

 

Company

Country

Regulation

Gleneagle Markets Pty Ltd.

Australia

ASIC

 

Established in 2014, Rubix FX is a multiservice brokerage firm more than 70 currency pairs, various CFDs and precious metals for trade on the popular MT4 platform.


Rubix FX is a registered trading name of Gleneagle Markets Pty Ltd and Gleneagle Markets Pty Ltd is a Corporate Authorised Representative of Gleneagle Securities Pty Limited, which is regulated by ASIC. Gleneagle Securities is an Institutional only broker that offers its liquidity to Global Prime and Rubix FX.


ASIC requires licensed companies to meet certain requirements and to comply with various rules. Clients’ money is to be kept in segregated trust accounts. According to RUBIX FX’s website client funds are held in a segregated client trust account at Westpac Banking Corporation.


As for the minimum capital requirement, Aussie forex brokers must hold at least $ 1 million in order to operate legitimately. In comparison, UK’s FCA and Cyprus’ CySEC both require brokers to possess at least 730 000 EUR and– 1 000 000 EUR.


Unlike other European ones (Cyprus and UK-based ones), however, Australian brokers are not covered by any compensation scheme. Despite the ASIC regulation and supervision of Australian brokers, one should be aware of the risks of trading Margin FX and CFDs.


Trading Conditions


Minimum Initial Deposit
Traders are required to deposit $200 in order to open an account with Rubix Fx, which is an average initial amount to start with. In comparison, XM (holding, among others, also an ASIC license) demands just $5 from its clients as a start.


Average Spreads & Commissions

Rubix Fx’s spreads on Standard accounts fall within the average range of 1.0 – 1.5 pips on EUR/USD, starting from 1.0 pips. Its ECN spreads, however, are really good, averaged 0.3 pips on EUR/USD, and involving commission of $2.5 per standard lot per side. Accordingly, the trading costs of such account holders amount to around 0.8 pips per lot for this pair, commission included, which is a really good pricing. Keep in mind, however, that you have to invest at least $1000 in order to get it.

 
For further information, you may look up real-time spreads of 15 leading brokers here.


Maximum Leverage

Clients of Rubix Fx use leverage ratios up to 1:400, which is considered high, however standard leverage is set to 1:100, because higher leverage involves higher risk of losses in excess of initial investments.


Most brokers usually offer leverage of up to 1:200 or 1:400, for instance global broker FXCM, which holds an ASIC license among others, also provides leverage up to 1:400, and many brokers offer leverage equal to or exceeding 1:500.


Trading Platforms


This broker supports the industry’s standard trading platform, MetaTrader 4. MT4 provides all the tools and features a trader needs: a number of technical indicators, advanced charting package, a wide range of Expert Advisers (EAs) and extensive back-testing environment. By using EAs traders may sit back, while the software does all the work, as Expert Advisers allow full automatization of trades.


If you are running EAs, it is vital that your platform is connected to our servers 24 hours a day. The best solution in this case is VPS (Virtual Private Server) hosting and Rubix Fx provides such solution for Its clients through its partnership with Beeks FX. VPS charges range from $29 USD to $98 USD per month, depending on the trading volume.


What is more, Rubix Fx’ clients specializing in copy trading may use the MyFXBook’s AutoTrade. AutoTrade is a 3rd party technology made available to Rubix FX clients through the Metatrader 4 trading application. The mirroring service or trade copy technology is managed and operated by Myfxbook.


Methods of Payment


Rubix Fx offers its clients a variety of deposit/withdrawal methods: via credit card (AUD, USD, EUR and SGD), bank wire (base currencies: AUD, USD, EUR, CAD, GBP, SGD), Neteller, and China UnionPay (USD only).


Rubix FX does not charge any fees to deposit or withdraw funds via direct deposit/withdrawal. However, there may be associated charges for Credit Card deposits/withdrawals. International payments to and from Rubix FX may incur intermediary or transfers fees which are independent and are not charged by the broker.


Conclusion


Rubix Fx is an Australian forex and CFD brokerage whis trading conditions are pretty good. Our only concern with it is that it actually does not have a license of its own. To sum things up, here are the advantages and drawbacks with regards to RUBIX FX:

 

Pros Cons
MT4 available Doesn’t have a license of its own (authorised representative)
ECN environment with low trading costs  
Copy trading platform Autotrade available  

 

Latest news about Rubix Fx
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Traders` reviews for Rubix Fx

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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