100XFX Review Scam Complaint
The FX broker named 100XFX provides basic to high-end trading account types, It also features an Islamic trading account. It promises commission-free trading on popular MetaTrader platform. The spreads are offered different on different account types and ranges from 0.8 to 2.0 pips which are fixed for each account. The leverage is capped at 1:200 for all the account types. Sadly, the legality of this broker is highly questionable. We will provide every detail of this broker in this scam broker review.
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The most advantageous fact about broker 100XFX is that it provides traders trading with MetaTrader 4 (MT4) platform. The MT4 is very popular and trusted by traders around the world. It comes with many trader friendly support systems to boost trader’s profits including many market indicators, Experts Advisers, MQL, and several more.
The broker also features a wide range of trading instruments for trading from CFDs on several indexes, many commodities, metals, cryptos. The cryptos mentioned include many major and minor currencies available in the crypto markets. The broker provides simple leverage of 1:100 and can be further increased up to 1:200 if needed with simple requests and getting approval from the company. The provided leverage of 1:200 is according to the current market situation and could not cost much of the loss to traders.
The information gathered on 100XFX shows that the company named 100XFX LTD is the owner of the brand name 100XFX. Its terms and conditions section also features the name of another company named AZ Technology LTD which is situated on the SVG Islands. The Italian local financial body called CONSOB has issued legal warnings against 100XFX on its web portal. Also, one can find several complaints against 100XFX on social media and other forums. The broker and its offerings look attractive but it fails to provide a demo account for the trail purpose and neglects to show any live trading conditions. This nature makes 100XFX shady. The average minimum deposits to start online trading is in the range of 100-200 $. Sadly, 100XFX asks traders to deposit from $500 for a basic account to $30000 for the advanced account types.
Is 100XFX scam or legit?
The broker’s offerings are attractive but fail to provide any security of the investments. It also provides a MetaTrader4 platform for the hassle-free trading experience but fails to provide any demo account. The main question of the legality of this broker is unanswered and has a legal warning against it. The initial deposit itself is very high and causes more damage to the traders. Considering all the factors we would like to address this broker as a potential scam broker.