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True4X Review - is it scam or safe?

True4X Review - is true4x.com scam or good forex broker?

RATING: 1.4 / 1 REVIEWS ForexBrokerz True4X
True4X is an offshore broker. Your money is not safe.

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Trading Accounts & Conditions

 

Account type Minimum deposit Min. trade size Maximum leverage Spread*
Mini $200 0.01 1:400 Fixed, 2 pips
ECN $500 0.1 1:100 Floating + commissions per lot
Standard $5 000 0.01 1:200 Fixed, 2 pips
Pro $50 000 0.01 1:200 Fixed, 1 pips

 

*As announced on the broker’s website.


True4X is an offshore forex broker, which offers the above account types, plus an Islamic (swap-free) one. The company provides mostly fixed spreads, but its clients can also trade with floating ones on the ECN account. Unfortunately, the trading conditions of the ECN account are not fully disclosed.

 


True4X Advantages

 

Competitive spreads 

The spreads stated on the website of True4X are fixed at 2 pips for the EUR/USD pair, which is the industry’s average. When testing the broker’s platform in demo mode, we found the spread on this pair slightly lower, fixed at 1.9 pips. This is a fairly good pricing, when compared to the current offers by other brokers, yet some companies provide better trading conditions

 


>> Find the best fixed spread brokers here <<

 


MetaTrader 5 platform

Unlike most brokers, who support the MetaTrader4 (MT4), True4X offers trading via its successor, the MT5 platform. This piece of trading software is secure, fast, reliable and feature-rich. The main advantage of MT5 to other trading platforms is that it allows the execution of orders in several financial markets and stock exchanges through a single trading account. Otherwise, its charting package, trading and analysis tools, alerts, signals, and customizable indicators are similar to the ones of MT4.

 



True4X’s MT5 (click to zoom-in)


Decent CFDs line-up
True4X offer access to around 30 currency pairs, and CFDs on precious metals, commodities and several indices. Unfortunately, one cannot trade in some popular financial instruments, such as CFDs on stocks and cryptocurrencies. Those of you who are into Bitcoin might check out a list of reliable brokers that offer BTC trades.

 

 

>> Tightly regulated brokers offering Bitcoin CFDs <<

 


Maximum leverage of 1:400
While this may actually be a negative for unexperienced traders, some professional ones like having the ability to use high leverage ratios. We feel obliged to warn our readers that leverage is a double-edged sword: - it can multiply both your profits and your losses, so be careful.



True4X Disadvantages


Registered offshore
True4X is a trade brand of TRUE FOREX LIMITED, a company that seems based in the UK. However, it is not licensed by the Financial Conduct Authority (FCA), or another EU financial regulator. Instead, the firm is incorporated offshore, in Saint Vincent and the Grenadines. This means that True4X isn’t under the supervision of any financial markets regulator. This is a huge red flag for us.

 


>> The risks of trading with offshore brokers <<

 

 

Scalping allowed only on ECN account

This is not a major flaw, yet we have to mention it, as scalping is used by many traders. This is a trading strategy, which allows traders to make profit off small price changes. It is usually performed over a very short period of time - during the busiest times of the day.

 


Conclusion


The offerings of True4X are not bad, yet they are also nothing special in the world of forex. It offers trading in forex and CFDs on the MetTrader 5 platform with competitive (fixed) spreads and high leverage levels. The major flow of this broker is that it is registered offshore. Offshore brokers face little if any requirements and are not supervised by any governmental agency. They can easily disappear with your money and there is little you can do about it.

 

Considering the above, you’d better select a good and reliable broker instead. One of the best jurisdictions for forex brokerage regulation is those in the UK. Brokers licensed there are required to meet stringent rules on capital adequacy, client account segregation, AML, transaction reporting and many more. Moreover, clients of UK brokers are covered by the Financial Services Compensation Scheme (FSCS) up to 50 000 GBP, in case a licensed entity becomes insolvent.

 


>> Brokers licensed by FCA in the UK <<



The key negative and positive points about True4X in a few words:

 

Pros Cons
Competitive spreads Registered offshore
Maximum leverage of 1:400 Scalping allowed only on ECN account
MT5 platform  
Decent CFD line-up  

 

Latest news about True4X
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Traders` reviews for True4X

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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