TradeFxP offers trading in currencies, indices, CFDs and commodities.
About company. Fund security
TradeFxP is a Forex broker based in the UK but not regulated by the country's main supervisory authority FCA. According to Companies House (the executive body of the UK Department of Trade and Industry), the broker was listed in October 2015 with a capital of £ 1. The latest filing with Companies House shows that the capital of the company is still £ 1. It is strange that a broker can work with capital of as little as £ 1. However, it is now clear why TradeFxP is not licensed by the FCA. All controlled companies must have a capital of at least £ 730,000.
There are many unregulated brokers out there, but keep in mind that even those who claim to be in the UK are not necessarily under FCA control. This means that they may not adhere to the rules of the regulator: keeping customer funds in segregated accounts. And often the clients of such companies lose their money when the company goes bankrupt. We recommend that you do business with trusted companies that you can find in our rating.
TradeFxP has three types of active trading accounts: Mini, Standard and ECN. There is also a free demo account for test trading, but we were unable to open an account despite our efforts.
The minimum deposit you can get started with is $ 25. It is available on the Mini account. Since this account is used primarily for newbies, this is a great deal in the industry. If you consider yourself a professional trading, you can open a Standard ($ 250) or ECN ($ 500) account.
Spreads and commissions
Spreads also vary depending on the type of account: the highest value for a Standard account is 2.3 spread; on Mini - 2.1; and the most profitable application for an ECN account - 0.5 pips, where the client's transactions are directly transferred to liquidity providers.
The suggested maximum leverage is 1: 1000. You can use it on a Standard Account. We advise to use leverage only for those traders who have already learned how to manage risks.
TradeFxP offers the industry's most popular terminal, MetaTrader 4 (MT4), on desktop and mobile versions. Apparently, the broker does not provide the ability to trade from a web browser without downloading an application.
MT4 is widely used by brokers as it is stable, user-friendly. It has a lot of functionality: numerous options, tools, charts.
TradeFxP offers a deposit bonus of up to 30%. You can also become a member of the affiliate program, for the clients brought in, the partner will receive interest from their trade.
You can ask your questions in live chat, by email, in the office. The broker also offers to contact specialists through social networks: facebook, twitter, linkedin. Strange, but the company does not offer a phone number for communication.
Ways of payment
TradeFxP accepts customer deposits via wire transfer, credit cards and electronic payment systems Neteller, Skrill, FasaPay and Trasuz. The advantage is that the broker provides the trader with the opportunity to choose between different methods. And we believe that the presented methods and systems are most in demand and will be convenient for most traders.
small minimum deposit; MT4.
not regulated; the support service does not offer a phone number.
TRADEFXP is a brokerage company whose task is to provide intermediary services to traders. Brokers provide access to currency trading in the first place. Many of them also provide an opportunity to transact with company stocks, bonds, commodities, precious metals, indices, cryptocurrencies and other assets. A private person can make transactions with all these instruments only on the trading platform, which the broker provides access to.
In addition, thanks to the brokerage company, an individual can operate on the market with amounts that significantly exceed the size of their own funds. This is called providing leverage. For example, having a deposit of 1,000 USD with a 1: 400 leverage, a trader can make deals for 400,000 USD.
The broker also opens access to analytics, auxiliary tools, and trading signals. Modern trading is impossible without all this.
The broker TRADEFXP makes profit from traders' transactions, as a rule, in two main ways.
The first is the most common. Using spreads. This word refers to the difference between the best prices for buying and selling a particular asset at a particular moment. Moreover, in a transaction between a trader and a broker, the price is one, and between a broker and users of the Forex market - another. The mediator takes the difference for himself.
The second way is easier to understand. This is the collection of a commission for each transaction performed. Most often it has a standard value, but it can be measured as a percentage.
Thus, the brokerage company is interested in attracting as many clients as possible and for them to conduct active trading.
We have found out how honest brokers should work and how they work. Now let's look at how scammers operate, they are also called the kitchen.
The most common way to cheat is to tweak quotes. The broker provides the trader with quotes that differ from the real market ones. Data substitution occurs in order to make operations unprofitable. The deposit is reduced, and then completely zeroed out. At the same time, the trader thinks that his operations were carried out in the market, but in fact - only on the site of scammers.
Bonuses are traps. They are generously distributed for anything: for registration, account replenishment, etc. Only after that, in order for the client to withdraw his own money, mixed with bonus money, it will be necessary to fulfill a number of virtually impossible conditions. For example, conduct trading operations for an amount tens of times greater than the size of the deposit.
In the User Agreement, a clause can also be disguised that allows the broker to manage the client's money. Inattention when reading such an agreement most often turns into a complete loss of the deposit.
One of the key points is the place of registration and regulation of the company's activities.
Let's talk about registration first. As a rule, brokers from either their own country or from an economically developed country, for example, a member of the European Union, are more credible to traders. Of course, compliance with UK legislation is reassuring, and compliance with the legislation of an unknown island in the Indian Ocean does not mean anything to most.
However, most brokerage companies are registered offshore. And it's not only about small offices, but also about world leaders. Saint Vincent and the Grenadines, Belize, Marshall Islands, Mauritius are offshore zones popular among brokers. By registering there, companies pay significantly less taxes than in the place of actual location, which is sometimes carefully hidden.
If a trader has any claims against such a company, then it is likely that he will have to deal with it in accordance with the legislation of that very conditional Belize. It is possible to be physically present there at the court sessions. And this is extremely expensive and difficult.
But is it worth running like fire from just the word "offshore"? As an answer, we will give the names of companies that are not related to brokerage, but with an impeccable reputation and also save on taxes through offshore registration: Apple, Pfizer, Microsoft, General Electric, Intel.
And here we come to the second important point - this is the regulation of the broker's activities. First of all, it is carried out at the level of the state where the company is registered. Each country has its own regulatory body for brokerage activities. So, in Russia it is the Central Bank of the Russian Federation. A trader can find permissive documentation on the websites of such bodies. But there are also supranational structures. For example, the International Financial Commission (The Financial Commission), which is an independent self-regulatory organization, considering disputes between its members - brokers and their clients.
If the broker's website does not contain information about the regulation of its activities, then these are almost certainly scammers. Or the site contains information about a certain license issued to him, but this information is not confirmed anywhere else. Most likely, these are also scammers.
When choosing a brokerage company, study its history. Check out the links to her experts. If one of the leading TV channels in economic news for 5 years in a row refers to the opinion of the analyst of the broker in question, this is good. If a broker claims to have been working for 15 years, but there is no information about him on the Internet at all, this is bad.
It's important to pay attention to company reviews. And read them not only on the website of the broker itself. In the kitchen, they will probably only be laudatory. It is best to browse as many sites as possible.
Pay attention exclusively to the specifics in the offers on the brokers' websites. Honest companies openly write about interest, spread size, minimum deposit, etc. Fraudsters lure with loud, streamlined phrases about a rich tomorrow, stable income, misleading with incomprehensible terms about multi-sites, super functions, and so on.
Find out the company's connection with well-known brands, financial institutions, public organizations. For example, it can be sponsored. Large brokers sometimes hold social promotions. Fraudsters will definitely not do this.
Thus, the process of choosing a broker is complex. But if you approach it carefully, it will allow you to enter the world of trading, which has made millions of people rich all over the world.
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Before any trade and choosing a broker You must always read reviews on this site and on other sites. Brokers who are honest, have a rating of above 3.8. Also there is always the risk of loss when trading CFDs. Be careful and read the disclosure on the website of the broker. TRADEFXP received a score of 1 of 5 on our resource.