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.