4XFX Review Scam Complaint
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The offshore situated 4XFX broker definitely has a unique name. The offerings of this broker are broad with plethora of assets. In this scam broker review, we will shed light on the strong and weak aspects of this broker. Stay tuned to this review to get more information.
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4XFX gives access to world financial markets with the help of the MetaTrader platform, self-designed web trader platform and with a mobile application. This offering is considered very wide as MetaTrader comes with its own mobile and web version. The MT is a very popular and proved platform and can be used by all kinds of traders. Another self-designed web-based trading platform is linked to the MetaTrader platform. On this platform, the trading is done according to lot size instead of entering the actual minimum size. 1 lot equals to 100000 units. This is done to provide strength to the default MetaTrader platform while trading. Many traders will definitely enjoy this modification.
The trading at 4XFX can be done via major forex pairs, CFDs on Indexes, Commodities, and Stocks. In addition to this, binary trading is also available. But it is done with CFDs and not with the actual currencies. The different account types offers different leverages of 1:100 and 1:200. This ratio is in accordance with the market average. The payments facility is equipped with Bank Transfer, Cards and digital methods. It also supports bitcoin payments. The broker 4XFX is sole proprietary of GRF EUROPE OÜ an Estonia based company. It has its operation office situated in Germany. This company allegedly claims to be regulated by the financial authority. But in reality, the company is not listed in the financial body of Estonia or any worldwide.
The spreads provided are not specified anywhere, but while testing the platform we came across spread of 3 pips on euro/dollar FX pair. This spread is higher and increases the cost of trading immensely. The minimum deposit of $250 is required to start trading with this broker. This can be considered high where most of the regulated brokers allow trading with the minimum deposits of $50. The broker also facilitates crypto deposits for some account types. According to the current exchange rate of the cryptos, the deposit price is higher than $250.
Is 4XFX scam or legit?
The major concern of licensing and regulation is not answered properly. The broker is unlicensed and unregulated. The trading conditions are not presented properly or can be said missing. The cryptocurrency deposit facility is unusual. We feel that giving your precious time and money to this broker is not worthy. We red flag 4XFX broker for security purposes.