Founded in 2014, Rubix FX is a registered trademark of Gleneagle Securities (Aust) Pty Limited, licensed to conduct financial services business in Australia. It offers its clients more than 70 currency pairs, various CFDs, precious metals (gold, silver) and oil for trading on two types of accounts with the ability to use leverage up to 1: 400. Trading in micro lots is available.
ASICs require licensed companies to comply with certain requirements and regulations. According to the company's website, customer funds are held in a segregated trust account with Westpac Banking Corporation.
Moreover, according to Australian law, a forex broker must have a capital of at least $ 1 million to operate legally. For comparison: the British FCA and the Cypriot CySEC require the broker to have capital of at least 730 thousand euros and 1 million euros, respectively.
However, like many other Australian brokers, Rubix FX is not covered by any compensation system. Therefore, despite the ASIC regulation, one should be aware of the risks of trading with margin currencies and CFDs.
Trading conditionsMinimum deposit
To open an account with Rubix FX, you need to deposit $ 200. To open an ECN account, you need to deposit $ 1000. In comparison, XM broker, which is also ASIC licensed, only requires $ 5 to open an account.
Average spreads and commissions
The company offers two types of accounts - standard account and ECN account. A standard account does not require commissions, spreads on it are in the average range of 1.0-1.5 pips for EUR / USD, starting from 1.0 pips.
Trading on an ECN account involves a commission of $ 3.5 per standard lot. In this case, spreads are from 0 pips.
The company offers a maximum leverage of 1: 400, which is considered quite high. Standard leverage is set at 1: 100 as higher leverage entails greater risk of loss over and above the initial investment. By comparison, most brokers offer average leverage up to 1: 200 or 1: 400.
Rubix FX supports the industry-standard MetaTrader 4 trading platform. MT4 provides a wide range of tools and features a trader needs: a range of technical indicators, an advanced charting suite, a wide range of Expert Advisors (EAs) and an extensive backtesting environment. In addition, the broker offers a copying service that can be carried out using the AutoTrade technology.
On the company's website, you can find information about the opportunity to receive a $ 50 no deposit trading bonus. However, when trying to get more information, the site visitor is informed that this promotion has expired.
Rubix Fx offers its clients various ways of depositing and withdrawing funds: by credit card (AUD, USD, EUR), bank transfer (base currencies: AUD, USD, EUR, CAD, GBP, SGD) and using Neteller payment systems and China UnionPay (USD only). It is worth noting that Rubix FX does not charge any fees for deposits and withdrawals using direct transactions.
Criticism of traders
Among the reviews on the Internet, positive ones prevail (70/30%). A fairly reliable and convenient broker, which, however, does not have its own license, and has not worked out a compensation scheme (although this is considered the norm among brokers in Australia). Also, among the shortcomings, a certain percentage of traders identified the occurrence of technical problems when working on the platform.
a wide variety of trading instruments; MT4 is available; ECN trading with low costs; system for copying transactions AutoTrade;
lack of your own license (authorized representative); undeveloped compensation scheme.
RUBIXFX 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 RUBIXFX 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. RUBIXFX received a score of 1 of 5 on our resource.