4xbrands Review Scam Complaint
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The offshore FX broker 4xbrands provides four types of trading accounts. In addition to these, it also offers an Islamic account that is swap-free. All of the services are offered on the popular MetaTrader platform. The offers of 4xbrands seem attractive, we have concerns about its licensing and regulations. Follow this scam broker review to know everything about this broker.
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The major advantage of 4xbrands is its provided Metatrader platform. This platform is popular and preferred by as much as 80% of the traders worldwide. The features that make it so special are charting, Expert Advice, automated trading, market indicators, strategy makers, and many more.
While trying out the demo account provided by the broker we came across the spreads around 1.4 to 1.5 pips on the prime FX pair of USD/EUR. These are also provided commission-free. The provided spreads are in accordance with the market values and can be acceptable by most of the traders.
The maximum leverage provided by 4xbrand is up to 1:500. This leverage is high and earns an extra profit. Traders are also advised to consider loses associated with high leverages.
The product portfolio of 4xbrands is versatile and consists of numbers of currency pairs, also several CFDs, containing a range of cryptocurrencies like Bitcoin, Ethereum, Ripple, Dash, and Litecoin.
The brand 4xbrands is owned and operated by 4XBRANDS LTD located in SVG. The SVG based brokers have low credibility as the regulation is not effective on them and licensing is done very easily. In many cases, they are treated as unlicensed and unregulated brokers.
The facility of the demo account on the MetaTrader platform is provided by third-party called FX Solutions. This company is providing the same services to other scam brokers as well.
Is 4xbrands scam or legit?
The offshore SVG based nature of the broker is worrisome. The demo account is provided by some third-party client is also suspicious. The trading condition are attractive but the initial investment is huge. The leverage provided is also huge and can cause heavy loss. In conclusion, 4xbrands is the broker we do not recommend.