FXBrew Review 2020
General Information
Website URL: https://fxbrew.com/
Founded: 2016
Regulation: Not regulated
Languages: English
Deposit Methods: Wire Transfer, Bitcoin
Minimum Deposit: From $5
Free Demo Account: No
Types of Assets: Forex pairs, Crypto, Indices
FXBrew has been around for several years and should not be perceived as a new player by any means. Despite this, we discovered several key limitations that would suggest otherwise. This broker was founded in Dublin, Ireland. Their clients can trader several financial instruments including cryptocurrency, forex and CFDs. The low entry barrier of just $5 may seem appealing to some newcomers, but there are definitely some reasons for concern. This FXBrew review aims to highlight all the positive and negative aspects of this online brokerage.
Regulation
Regulation is one of the most important aspects when doing any type of online trading business. By establishing their company in the heart of the EU, it may seem that they are completely legit. Unfortunately, upon further inspection, we found out that FXBrew is not regulated, and does not operate under any type of regulatory body in, or out the European Union. While Ireland has strict financial policies, almost none of them apply to online Forex trading. This means that this brokerage is allowed to handle any type of business as they please. While this portrays no ill will by itself, traders should certainly proceed with extreme caution. We advise starting off small, with no bigger investments in the beginning.
Trading Platform
FXBrew will be a good choice for industry veterans. This is mainly due to their trading platform offering. They have opted for using Meta Trader. While this is certainly a true and tested solution, it does come with some caveats. Both MT4 and MT5 offer a large range of tools for analysis and prediction, the user interface on there is outdated. Someone who is just getting into online trading will have a big problem in the beginning as the navigation can be a painful experience. Overwhelming new users with this amount of information can be troublesome and turn some potential clients away. These platforms are available on iOS and Android as well, but they are not toned down in the slightest. If you are using an older phone, the entire trading experience will feel extremely sluggish.
Account Types
Based on your preferences and budget, you can choose one of three available account types on FXBrew. Unfortunately, these are not that different from each other, and you will need to carefully assess which one is right for you.
Micro account
| Trading Platforms | MT4, MT5 |
| Spreads | From 0.02 pips |
| Execution | Market Execution |
| Trading Instruments | Forex, commodities, Indices, Cryptos |
| Min/Max trade size | 0.01 lots/100 lots |
| Leverage Available | Up to 500:1 |
| Account Base Currency Available | USD, EUR, GBP, BTC |
| Scalping Allowed | Yes |
| EA’s Friendly | Yes |
| Hedging Allowed | Yes |
| Telephone Trading | Yes |
| Margin call/stop out level | 70%/50% |
| Commissions | $2/100K |
| Minimum Account Opening Balance | $5 |
| * Deposit Bonus | 100% Deposit Bonus |
ECN account
| Trading Platforms | MT4, MT5 |
| Spreads | From 0.00 pips |
| Execution | Market Execution |
| Trading Instruments | Forex, commodities, Indices, Cryptos |
| Min/Max trade size | 0.01 lots/100 lots |
| Leverage Available | Up to 500:1 |
| Account Base Currency Available | USD, EUR, GBP, BTC |
| Scalping Allowed | Yes |
| EA’s Friendly | Yes |
| Hedging Allowed | Yes |
| Telephone Trading | Yes |
| Margin call/stop out level | 70%/50% |
| Commissions | $2/100K |
| Minimum Account Opening Balance | $100 |
| * Deposit Bonus | 100% Deposit Bonus |
VIP account
| Trading Platforms | MT4, MT5 |
| Spreads | From 0.00 pips |
| Execution | Market Execution |
| Trading Instruments | Forex, commodities, Indices, Cryptos |
| Min/Max trade size | 0.01 lots/200 lots |
| Leverage Available | Up to 500:1 |
| Account Base Currency Available | USD, EUR, GBP, BTC |
| Scalping Allowed | Yes |
| EA’s Friendly | Yes |
| Hedging Allowed | Yes |
| Telephone Trading | Yes |
| Margin call/stop out level | 70%/50% |
| Commissions | $2/100K |
| Minimum Account Opening Balance | $5000 |
| VPS | Free VPS |
| * Deposit Bonus | 100% Deposit Bonus |
Education
If you were looking to find some educational tools on the website, you will be disappointed. FXBrew does not offer a single eBook or VoD. Instead, you are left to learn on your own. Luckily, there are plenty of free courses online, but traders should not have to be forced to learn this way. In our opinion, this just displays the lack of desire on behalf of the brokerage to form long-lasting relationships with their clients.
Deposits and Withdrawals
Unlike many brokerages, FXBrew offers limited options when it comes to making deposits and withdrawals. In essence, you can either use Bank Wired Transfer or via Bitcoin payments. We were surprised how slow the withdrawal process is. Despite being advertised as just a single working day, we had experienced much longer times. Since this is one of the clear signs of manipulation, we would advise traders to be very cautious.
Customer support
We started to notice a pattern of FXBrew offering just the bare minimum of features when we tried to get in contact with them. They offer a single communication channel and that is via email. There are no phone lines dedicated for customers, no quick chat feature, not even the F.A.Q. page. Another problem is that there seems to be little care for the quality of those responses we received from FXBrew. Most of them failed to address our queries while sounding very impolite.