TradeFXP Broker Review 2020

General Information

Website URL: https://www.tradefxp.com/

Founded: 2015

Regulation: N/A

Languages: English

Deposit Methods: Bank wire, Neteller, Skrill, Fasapay, credit card

Minimum Deposit: $250

Free Demo Account: yes

Types of Assets: Forex, CFDs, indices, commodities

Regulation

TradeFXP is a brand that was able to attract a trusting group of clients, despite lacking the crucial information about regulation. This alone is not the worst thing about it – rather, the broker claims that it is established in the UK. And sure enough, when you go to the “About Us” page you will find that their registered address is in London, UK. However, this fact is pretty confusing, considering that the UK has some of the toughest laws and regulation when it comes to the world of trading.

Namely, if you ask FCA, which is one of the toughest regulatory authorities, they would tell you that you simply cannot trade CFDs or Forex without a licence. FCA makes sure that all of the UK trading brands follow the strict rules and keep their clients protected, as well as their funds. So, the fact that TradeFXP lacks regulation should be alarming to the clients.

Trading Platform

The TradeFXP trading platform has quite a great design and it is easy to use. You can scroll through the different trading assets available and check out their performance on charts in just a few clicks. The platform is MT4, which is a standard in the trading world. This type of platform is available on both desktop and mobile devices, and you can customise it so that the design can suit your eyes and your needs.

TradeFXP also offers its clients above-average leverage of 1:300, which is much higher than standard in Europe. Just to put it into perspective – the average in Europe is around 1:30, and it is designed carefully so that it protects the clients as well as the rules of fair play on the trading market.

Account Types

TradeFXP gives you the chance to choose between 3 different account types. Each one comes with specific features and advantages, which are designed as follows:

  • Mini Account

Minimum Deposit: $250

Maximum Leverage: 1:300

Commission Free: yes

Bonus Eligible: no

  • Standard Account

Minimum Deposit: $500

Maximum Leverage: 1:100

Commission Free: yes

Bonus Eligible: yes

  • ECN Account

Minimum Deposit: $2000

Maximum Leverage: 1:100

Commission Free: no

Bonus Eligible: no

Also, we should note that TradeFXP allows you to create up to 5 different accounts on your name. This is not unusual, though some brands do not support this type of trading at all. They claim that it takes away from the excitement of trading, as well as that it can affect the basic rules of the market. Still, we can safely say that we can’t imagine how challenging it must be to coordinate 5 accounts at the same time.

Education

The educational section of the website is quite rich and detailed, which isn’t found often. Here, you can check out the economic calendar for the latest news on the market, or look at the variety of charts, which are some of the most useful trading tools today.

But education doesn’t stop there. At TradeFXP, they made sure that the tools available are adjusted to the different levels of trading skills and knowledge. That’s why you can find a wide variety of tools, from tutorial and news to advanced analysis and detailed research.

Deposits and Withdrawals

TradeFXP unfortunately only offers 5 payment options for deposits and withdrawals. Each one of them has a different speed of processing. For example, if you choose a credit card as your preferred payment method, your request will be processed instantly. On the other hand, the time for processing bank wire requests is the longest, 2 to 5 business days.

The minimum deposit comes at $250 which is also standard, while with each type of an account you can get some perks when it comes to commissions as fees, as mentioned above. Either way, TradeFXP could definitely use some improvement in this area, such as including more payment options with cryptocurrencies or other e-wallets.