Standardfx.com Review: this is the website of a Forex trader that offers to manage accounts of clients interested in Forex trading. Is Standard FX a legit Forex firm or a scam? Forex trading is an unpredictable endeavor, profits are not certain all the time. This trader promises otherwise, read the full review.
The most vital part of our reviews is the uncovering of if a company or Forex broker is properly licensed or not. To do this, we first establish the location or region where it claims to be based. Then we check with the commission or authority regulating trade there whether it is listed among regulated companies or not.
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Standard FX is a company based in Nigeria. However, it does not mention being under any form of commission. The rules governing Forex companies in this region is quite unclear but we know of an authority called Nigeria Stock Exchange (NSE). This firm is unlicensed and thus dangerous to trade with.
Unlicensed brokerages are not under any rules of traders and this puts traders in more risk than they will be in if they had chosen properly licensed ones.
Advantages of Standard FX
The trader executes trades for clients on their online forex account. They guarantee 37% profits or more using their “secret trading methods”. Further, they claim to be client satisfaction inclined.
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.
Since the firm does all the trading for clients, it offers enough time for them to do other things. This looks like an opportunity for those who have little or no experience trading the Forex.
Standard FX Trading Platform
The trading platform used by Standard FX is not revealed and this may be because of the trading method being a secret. However, we found that it requires traders to open accounts with either HotForex or Hantec Global. Interested clients can look up the trading platform offered by both brokers.
We advise readers and traders to always look out for the MT4 or MT5 platforms. 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 likely to be those offered by the brokers mentioned above. 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.
Deposit and Withdrawal methods on Standard FX
The means that traders are to use to make deposits and withdrawals are not mentioned. We find this discouraging because traders should know what means they are to use when engaging in transaction with firms. It is also unusual to find this to be missing.
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 not disclosed as well. It looks like clients have to make contact with the trader or team running this firm to find this out. It is an unusual thing again and we find it largely discouraging. Withdrawal fees do not apply.
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 Standard FX Licensed?
No. Standard FX does not mention any regulatory commission under which it operates. The website is anonymous and gives nothing on the corporate information of this firm. As an unlicensed firm, we warn readers that it is bound by any trading law.
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.
Negative Reviews About Standard FX
We found many negative reviews on some other websites about Standard FX. Many who claim to have been previous clients complain that their account was blown, their capital was lost, and they were left with nothing. These reports cannot be ignored, more especially since the company does not reply or address them.
To get in touch with this company or get more information, dial: +234 803 079 7998 or firstname.lastname@example.org.
Since this trader is not using a proper license, we do not rate it highly. Besides this, Standard FX does not provide much information about trading conditions. The negative reviews about it is also cause for concern. Do you have anything to add to this review? Please use the comment section.
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