101fx.com Review: this is the name of a Forex broker that is located in Belize. Is 101FX a scam Forex broker or a legit one?
On the contact page, we found that the brokerage is located in Belize. The International Financial Services Commission regulates brokers in this region and when we checked the list, we didn’t find 101FX among the licensed Forex brokers.
Another red flag we discovered on the page is the offer of a bonus discount. It offers 101% deposit bonus for all traders. This is a disadvantage as bonuses are used to tie traders’ funds down with unrealistic conditions. Rewards are also available for those who reach a certain amount of lots.
It is common for Forex brokers to start out with claims of making clients richer. This is because everyone seeking out easier ways to trade effectively does so to make more profit.
However, traders need to be careful about believing everything they encounter in the business sphere. Some are geared to just deceive and steal their funds. Considering what is offered and proofs are effective means of discovering fraud as well as reading our reviews and comparing the offers to those of other legit brokers at the bottom of this article.
101FX claims to be a top trusted broker with international client base. Their competency is also touted on the page as well as client focused services. They mention transparency, fairness and ease of use among benefits to be reaped by their clients.
101FX Trading Platform
101FX offers traders the MetaTrader 4 trading platform. The MetaTrader platforms are commonly used because they allow the use of trading robots.
Legit brokers are known to offer at least the popular MetaTrader 4 or 5 trading platform.
These platforms are very good signs as they have become some of the most widely used by experienced traders. They are found to be compatible with various devices’ operating system. All can be used on desktops, Linus, windows, iOS and Android.
Tools that comes with these trading platforms are also found to be useful for traders. It has proven to be user friendly as well and helps traders in analyzing the market easily.
Trading instruments offered to traders are: 50+ currency pairs, commodities trading (Gold, Brent, WTI and more), 15+ major indices, 50+ companies, and 50+ company stocks. We find that it does not offer crypto option to clients. We know that legit brokers offer currency pairs, indices, CFDs on many commodities and cryptocurrencies. It is important to let traders know the options open to them.
Maximum leverages offered is 1:999 and while this may seem generous but they could pose danger. High leverages can lead to huge loss of funds as well. Spreads are 0 pips on the EURUSD pairs.
Spreads of 1.5 pips or below are what is obtainable in the forex industry and traders are asked to look out for this. Leverages of between 1:30, 1:50 and 1:25 are also common among regulated brokers.
Deposit and Withdrawal methods on 101FX
The means of making payments and withdrawals are not stated but we only find that bitcoin is available. We find that of e-Wallets are likely to be missing, which is discouraging.
This is because standard and legit brokers make deposit and withdrawals available via Visa, MasterCard and Wire Transfer. Many offer e-wallets like: Skrill, Neteller, UnionPay, FasaPay, and so on.
Minimum deposit required is $10 which is within the obtainable average of $100 – $250 among brokers. Withdrawal charges are not stated for this broker. Sometimes it is better to mention if they apply or not. We do not even find any terms and conditions; this is a shady thing. Traders are expected to sign up for something with unclear conditions.
This information is important so that clients can invest any little amount they can spare. In order to be able to first watch the working of the brokerage. If then they are satisfied with what they see, they can determine when to withdraw their money.
Trading bonuses of 101% is offered on deposits. This is a disadvantage as bonuses are used to tie traders’ funds down with unrealistic conditions.
Is 101FX Licensed?
No. On the contact page, we found that the brokerage is located in Belize. The International Financial Services Commission regulates brokers in this region and when we checked the list, we didn’t find 101FX among the licensed Forex brokers.
Traders are warned to avoid trading with unlicensed brokers.
Regulated Forex brokers in Europe, America, Africa, Australia, and Asia are under many strict rules. The regulatory bodies like the FCA, FSCA, CySEC, AISC, NFA and many others have regulations protecting Forex traders from unfair brokers. This is why they come top as recommended Forex brokers.
To get in touch with the customer care of the brokerage, interested clients are to send an email to email@example.com
The lack of license that we find during this review is a big disadvantage and makes the rating of 101FX lower than it should be. Many of the trading conditions are quite good and the minimum deposit is affordable and within the average. High leverage is a red flag and but the MetaTrader 4 trading platform is an encouraging offer.
COMPARE WITH A TRUSTED BROKER
Fortrade is a UK-based broker with address at Michelin House, 81 Fulham Road London, SW3 6RD, United Kingdom. They are among the best brokers in the industry offering trades in numerous assets including stocks, commodities, currencies, indices and cryptocurrencies. Fortrade is regulated and licensed by the FCA(Financial Conduct Authority) in the UK well as ASIC in Australia which makes client funds safe. They accept traders worldwide..visit their official website
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