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WithFX Review - Is it scam or safe?

WithFX Review - is withfx.com scam or good forex broker?

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

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Trading Accounts & Conditions

 

Account type Minimum deposit  Minimum trade size Maximum leverage Spreads
Lite $10 0.01 1:500 From 0.9 pips
Standard $2 000 0.1 1:500 From 0.8 pips
Pro $20 000 0.1 1:500 From 0.7 pips

 

Clients of WithFX are offered a choice of 3 account types, depending on the initial deposit amount.  All of them offer variable spreads and leverage up to 1:500 on the MetaTrader 4 platform. Micro tradeable lots are available solely on the Lite account.

 

Overall, WithFX’s offerings appear attractive: low minimum initial deposit, high leverage levels and competitive spreads. However, when we downloaded the platform, we found out that the spread on EUR/USD is 2 pips, which is far from being competitive. Worse still, the situation with this broker seems complicated and that is why we cannot recommend it.

 

The Company. Security of Funds

 

Company

Country

Regulation

With You Limited

NZ

N/A (deregistered)

 

According to the information on its website, WithFX is a forex and CFD broker founded in 2013 that is regulated in New Zealand and also has offices in Australia and China.

 

The brand is owned and operated by With You Limited, a company that used to be licensed in New Zealand, but was deregistered from NZ FSPR in June 2015 and currently it is not regulated by any authority.

 

Furthermore, there are six licenses from different regulators mentioned on the broker’s website, which belong to BMFN - WithFX’s trading partner that provides the MetaTrader 4 platform for them. And indeed, when we downloaded the MT4, it is provided by Boston Merchant Financial (BMFN) an international company with the head operations in Russia and offices across the globe.

 

Meanwhile, there are a number of legal documents uploaded on WithFX’s website, such as Client agreement and Risk Disclosure Statement, which bear the logo of another broker - Tradeview Markets, registered in the Cayman Islands.

 

Maybe after WithFX was deregistered from New Zealand Financial Service Providers register, the company sold the website and became an Introducing broker of BMFN, but we don’t know – the information provided is confusing and the broker obviously makes false claims. Until the situation with WithFX clears up, we would advise you to stay away from it, as Investing in an unregulated broker is a risky business.

 

Trading Platform

 

As we have already mentioned, WithFX supports the good old MetaTrader 4 platform. MT4 8is globally popular for it offers a number of technical indicators, extensive back-testing environment, advanced charting tools and trading automatization options with the most commonly used trading robots (EAs).

 

On-Deposit Bonus

Clients of WithFX who deposit over $500 are entitled to bonuses from $100 up to $10 000.

 

Methods of Payment

 

WithFX offers payments via bank wire transfer, credit/debit cards, as well as popular e-wallets Skrill, Neteller, WebMoney, OKpay, Perfect Money, CashU and FasaPay.

 

Conclusion

 

WithFX is a MT4 forex broker, that is not regulated, and whose situation seems rather complicated. Here are, in a nutshell, the advantages and disadvantages of this broker:

                                     

Pros Cons
MT4 available Not regulated
Low initial deposit   False claims, inconsistent information on website
  High spreads

 

Latest news about WithFX
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Traders` reviews for WithFX

Spread

Pros

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Slippage

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Cons

 

 

Requotes

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Cons

 

 

Price feed

Pros

Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

Cons

 

 

Summary

Pros

Cons

 

 

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