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QUOINEX

QUOINEX Review
Trader's rating 1
Editor's rating 3.8

Trading accounts

 

Account type Minimum deposit Leverage Fees
Standard Undisclosed 1: 25 0.25%*

*While the company claims to offer 0% fees for Japanese clients, the situation is not that clear for the rest. Go to the fees section of the review for more details.

QUOINEX (which stands for QUOINE Exchange) is a relatively new competitor in the cryptocurrency space. The company behind this project operates two brands – one focused on accepting fiat currency deposits (this one) and another one for digital asset trading (QRYPTOS). This is similar to the business model used by Coinbase/GDAX and OKCoin/OKEX.



The company, security of funds

Company Country Regulation
QUOINE Pte. Ltd Japan/Singapore/Vietnam JFSA

 

QUOINE Pte. Ltd is the company behind QUOINEX. They operate from offices in Japan, Singapore and Vietnam, but more importantly they recently got the regulatory approval of the JFSA. This brings a lot of credibility to the exchange, as regulated entities are few in the crypto-space.



QUOINE was founded in 2014 and later received substantial funding. The company’s founders Mike Kayamori and Mario Gomez-Lozada have substantial experience in the “traditional” business world, which also makes the project sound better.



While there weren’t any major hacks at QUOINEX, we must mention the most famous case of a conflict with a client. The cryptocurrency market-maker B2C2 is currently suing the company after a canceled a major transaction. Reports state, B2C2 made around $3.7 million on a trade/s, which was/were allegedly executed at a price which was very distant from the current market price. QUOINEX claimed this was an abuse of a technical issue, and reverted the deals. We can’t clearly state which side of the argument is right, but we must mention this incident occurred before the company was regulated by the Japanese financial watchdog.



There aren’t many English reviews on QUOINEX, but a lot of them are fairly negative. The complaints are mostly on slow withdrawal process and high fees on deposits (which are not charged by the company, but by the partnering banks). 



Trading conditions


 
Trading instruments (cryptocurrencies)
The cryptocurrencies available at QUOINEX are only Bitcoin and Ethereum, while more altcoins are available at QRYPTOS. More importantly, trading can be done against a lot of fiat currencies: USD, JPY, EUR, AUD, SGD, HKD, IDR and PHP. On top of that there are three types of trading: spot (without leverage), margin and futures. The latter can be quite tricky, so we don’t recommend it to beginners.


 
Minimum initial deposit
There is no information on the minimum deposit requirement at QUOINEX. This is not usually the case with the forex brokers, which we mostly cover. As an example FXCM requires $50 for the creation of a new account.


 
Leverage
QUOINEX offers leverage up to 1:25. This is one of the highest levels available for cryptocurrency trading, which should be used wisely. As you may know forex brokers usually offer even higher ratios, like 1:500. This is due to the fact traditional currencies are much less volatile than Bitcoin.

 

Be sure to fully understand the ways margin trading operates before participating in it. One must also be aware of the differences between trading Bitcoin with a forex broker and an exchange, one of which is the margin fee, applied by some exchanges. In the case of QUOINEX, the fee is set at 5%.


 
Fees
There are no fees on trading with your “base currency pair” at QUOINEX. When trading with against other currencies the fees go as high as 0.25% which is in line with the industry standards.



Your account’s “base currency pair” will be determined on your country of residence. All of the examples given at the website, state you will trade with zero fees, if you are based in Japan. That being the case, there isn’t total clarity on the fees, if you are not a Japanese client. Here is a screenshot of their fee structure (zoom-in to see the explanation in the bottom):




 
 

Trading platform


 
QUOINEX provides a web-based trading solution. They are one of the few companies, which offers a demo account. Here is what you get, after registering one:





The charting seems very solid and reminiscent of the package provided by bitFlyer. On the left side of the chart, we can see a nice order entry panel followed by the order book and tape. The latter two are surprisingly placed above one another. This is very counter-intuitive to seasoned traders.


 
Methods of payment


 
QUOINEX accepts bank transfers in multiple currencies. We must note, the processing times for the more exotic ones are fairly longer. Additionally, transfers in Bitcoin or Ethereum are also accepted. The lack of credit card or e-wallet (servies like PayPal or Netteler) support will tun away some potential new clients.


 
Conclusion


 
QUOINEX is a cryptocurreny exchange, which is regulated by the JFSA. The company accepts Bank Transfers, which makes it a competitor in the “entry service provider” category. Commissions are competitive, despite a lack of clarity on the “0% fees” for non-Japanese clients. The trading platform feels solid, although the positioning of the order books and tape is a bit odd. Here are the pros and cons of QUOINEX:

 

Pros Cons
JFSA Regulation No altcoins available (ex. ETH)
No major hacks yet Some negative user reviews
Accepts Bank Transfers Odd positioning of some elements of the trading platform
Competitive commissions  
Relatively nice trading platform   
Allows margin trading and futures     


 

FxPro

FxPro Review
Trader's rating 3.6
Editor's rating 4.5

Trading Accounts

 

Account type/Platform Minimum deposit Minimum trade size Maximum leverage Average Spreads Execution type
MT4
 
$100
 
0.01
 
1:500
 
fixed 1.6 pips
variable 1.4 pips
Instant
market
MT5 $100 0.01 1:500 1.4 pips  Market
cTrader $100 0.01 1:500 0.3 pips +$4.5* Market

 

*Commission is calculated per standard lot of 100 000 currency base units (per side).

 

Depending on the trading platform used, FxPro offers three basic account types – MT4, MT5, and cTrader (NDD). All three account types offer dynamic leverage up to 1:500 and micro tradeable lots.

 

Besides, FxPro offers its in-house built FxPro Markets platform.

 

In addition, the brokerage provides swap-free (Islamic) accounts to clients of the Muslim faith, as well as VIP services to high-net-worth individuals and those actively trading large volumes.

 

VIP clients benefit from free VPS service, no deposit fees, and receive trade recommendations, exclusive news reports and margin level alerts via email and SMS.

 

Trading Conditions

 

Minimum initial deposit

In order to open an account with FxPro, one has to invest $100, however the recommended minimum initial deposit is $500.

 

Spreads & Commission

FxPro offers a choice of fixed and variable spreads, commission-free (MT4 & MT5) and commission-involving (cTrader) accounts on an array of platforms.

 

In fact, the broker’s fixed spreads are quite good - 1.6 pips on EUR/USD, while most fixed-spread brokers provide such of 2 pips. FxPro’s variable spreads, on the other hand, are average – typical ones are around 1.4 (MT4 & MT5) or 1.2 pips (FxPro Markets) for the EUR/USD pair on commission-free accounts. The tightest spreads with this broker are available on cTrader accounts - 0.3 pips, however if we add the commission of $9 round trip, average trading costs per standard lot traded amount to around 1.2 pips.

 

In comparison, another major UK broker, IG, offers average spreads of 0.2 pips on its DMA accounts, where a commission of $5 per side per standard lot applies. For further information, you can check out the real-time spreads of 15 leading brokers here.

 

Maximum leverage

FxPro offers comparatively high leverage levels – up to 1:500. Despite the fact that such leverage levels are considered high, many other brokers offer leverage up to 1:500 or higher. In comparison, IG offers leverage up to 1:200.

 

In order to control the risk associated with it, the broker utilizes a dynamic forex leverage model on the MT4 and MT5 platforms, which automatically adapts to clients trading positions:

 

 

The Company

 

FxPro is an award-winning pure NDD broker that offers trading in on a range of instruments, including currency pairs, shares, spot indices, futures, spot metals and spot energies, on a selection of trading platforms. It provides its clients with access to top-tier liquidity, excellent trading conditions and the highest level of customer protection possible, including negative balance protection.  

 

What is more, FxPro demonstrates a long-term commitment to transparency, as it regularly publishes trades execution statistics (slippage & requotes data). This brokerage is excellent choice for both savvy and novice traders. Beginners can take advantage of the broker's educational resources – video tutorials, webinars, live hangouts, etc. For more advanced traders, there are additional analytical tools like Trading Central and Autochartist. 

 

FxPro is the collective brand name of FxPro UK Ltd., an entity regulated by the UK Financial Conduct Authority (FCA), and FxPro Financial Services Ltd., which is licensed by the Cyprus Securities and Exchange Commission (CySEC) and the Financial Services Board (FSB) of South Africa. In October, 2017 the broker was granted a license to operate in the UAE from the Dubai Financial Services Authority (DFSA).

 

Company

Country

Regulation

FxPro UK Limited

UK

FCA

FxPro Financial Services Ltd

Cyprus

CySEC

FxPro Financial Services Limited

South Africa

FSB

 

Security of funds

 

Both FCA and CySEC apply certain rules and requirements to regulated firms, thus ensuring a good level of credibility. Cypriot and UK brokers must hold at least €730 000 in order to prove their good financial standing, and are required to keep customer funds in segregated accounts, separated from the company’s operating funds. 

 

As a further guarantee to clients’ funds, all companies regulated in UK and Cyprus are covered by compensation schemes as additional guarantee to clients’ funds. All deposits with a UK regulated forex broker up to £50,000 per client are guaranteed by the Financial Services Compensation Scheme (FSCS) - UK’s statutory compensation scheme for clients of authorized financial services companies. Similarly, Cypriot Investment Firms are members of the Investor Compensation Fund, which is able to pay compensation up to 20,000 EUR, If the company is in default. 

 

What is more, FxPro Financial Services Limited is also licensed by the Financial Services Board (FSB) as a Financial Services Provider. South Africa is lately gaining popularity as a forex broker destination.

 

Trading platforms

 

FxPro supports MT4, MT5, cTrader and proprietary FxPro Markets platform.

 

FxPro Markets is the latest addition to the broker’s suite of trading platforms, available for web and mobile devices. It is a comprehensive, all-in-one trading solution, enabling clients to create and manage their trading accounts, deposit funds, and trade the markets, etc.

 

In spite of the number of improvements made to MT5 lately (and most importantly the hedging option added to it), MetaTrader 4 is still preferred by most brokers and experienced traders. That is why most brokers support it. MT4 provides an advanced charting package, lots of technical indicators, extensive back-testing environment and a variety of Expert Advisors (EAs).

 

MT4’s successor, MetaTrader 5, allows the execution of orders in several financial markets and stock exchanges through a single trading account. This platform also features advanced charting package, trading and analysis tools, alerts, signals, and customizable indicators. 

 

Last but not least, FxPro offers access to cTrader platform, which is custom-made for use in NDD environment.  cTrader is fast, easy to use and provides pricing transparency and tight spreads.  The cTrader suite includes a PC, web and mobile versions, as well as automated trading software cAlgo.

 

FxPro provides ultrafast execution: 99.9% of orders executed within 50ms. In addition, its clients may run their MT4 Expert Advisors or cAlgo robots on the Virtual Private Server, without even needing to keep their trading terminal running.

 

Payment methods

 

Clients of FxPro Financial Services Limited are offered a wide range of payment methods: Bank transfer, Credit/Debit Card (including Visa, Visa Electron, Visa Delta, MasterCard, Maestro International, Maestro UK), PayPal, Skrill, Neteller, China UnionPay, mPay, FasaPay (for Indonesian clients), Webmoney (for Russian clients), Moneta, Boleto (for Brazilian customers), Netbanx (for Chinese customers), eProtections (for Japanese customers).

 

Clients of FxPro UK Limited may use only Bank transfer and Credit/Debit Card.

 

Withdrawals are proceeded by the broker’s Client Accounting Department within 1 working day.

 

Conclusion

 

FxPro is one of the most prominent names in the forex industry. The broker operates as a Hybrid Agency Model broker, offering Negative Balance Protection and enabling clients to access top-tier liquidity, wide range of trading platforms and financial instruments with lightning-fast execution. It is well-regulated and extremely reliable with its long-term commitment to transparence. Here are, in a nutshell, the advantages and disadvantages with regards to this broker:

 

Pros Cons
Strong regulation  No major disadvantages
Negative balance protection  
Multiple trading platforms offered  
Competitive spreads & pricing  
High leverage levels offered  
Pure NDD brokerage  
Fast execution speed  

 

 

Headquarters: Karyatidon 1, Ypsonas 4180, Cyprus

Tel: +357 25 969 222; Fax: +357 25 969 269; 
Email: [email protected];

Country: Cyprus, UK

Regulated by: FxPro Financial Services Ltd is authorised and regulated by the Cyprus Securities and Exchange Commission under the license number 078/07

FxPro UK Ltd (a subsidiary of FxPro Financial Services Limited) is authorised and regulated by the FSA (Registration No 509956) 

Website: FxPro.co.uk

Forex
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