FOREX

FRXE Review: Is frxe.com A Scam Or Legit Broker?

FRXE.com Review: this is a broker that is registered in Marshall Islands, an offshore location. Can you trust frxe.com with your funds?

Going through the official page of FRXE, we found no address there other than the fact that it is based in the Marshall Islands.

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This broker starts its sales pitch from the very first by offering clients a chance to win an iPhone Xs when they open an ECN account. A standard account gives the opportunity of winning a free T-shirt.

It offers a demo account for clients to test trading with the broker. Other offers include 21 timeframes, 38 technical indicators, unlimited charts and 44 analytical tools.

A leverage of up to 1:500 is given to clients who trade with up to $1000. FRXE has a blog where clients can get the latest happenings in the Forex world.

FRXE Trading Platform

The broker gives clients the avenue to trade with the latest trading platform, the MetaTrader 5.

This platform is a very good sign along with MT4, 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, 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.

Formerly the leverages used to be 1:100 and higher if the trader is dealing in precious metals. But like was mentioned above a leverage of up to 1:500 is given to clients who trade with up to $1000. Spreads are fixed at an average of 1.2 pips.

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 Method on FRXE

It is not stated how clients can make both deposits and withdrawals on FRXE and this is a cause of concern.

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. It is not so for FRXE and this is a good sign.

Deposits minimums depend on the type of account a client is running. There are three types offered by FRXE and the minimum deposit requirement ranges from $100 to $25,000. It does not give information on withdrawal duration and charges or fees.

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.

Is FRXE Licensed?

No! FRXE does not hold a license. There is a general lack of proper corporate information on the website but it is mentioned that it is located on the Marshall Islands.

This is an offshore location that have become known for harboring many con artists and scam brokerages. Forex transactions are not licensed in such places and they are not under any jurisdiction.

Support

Clients are not given any means of communicating with a representative of this brokerage.

Conclusion

Apart from the trading platform offered and the strong leverages and good spreads, FRXE has no strong points. It lacks many information that are expected of a legit broker and it is not licensed.

 

COMPARE WITH A TRUSTED BROKER

Fortrade

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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