Foptrade

Note: Foptrade' official website: https://foptrade.com is currently inaccessible normally.

Foptrade is allegedly a broker founded in 2021 and registered in Vanuatu. It offers trading in forex, CFDs, equities, commodities and indices with maximum leverage of 1:200 and floating spreads around 3 pips via the MetaTrader4. However, it is not a legit broker.

Pros and Cons

Is Foptrade Legit?

No. Foptrade has no regulations currently. Please be aware of the risk!

What Can I Trade on Foptrade?

Account Type

Apart from free demo accounts, Foptrade claims to offer four types of trading accounts, namely Micro, Classic, Premium and VIP. However, it says nothing about the minimum initial deposit requirement to open an account.

Leverage

The leverage provided by Foptrade is capped at 1:200. It is important to keep in mind that the greater the leverage, the greater the risk of losing your deposited capital. The use of leverage can both work in your favour and against you.

Spread

The spread for the EUR/USD pair is as high as 3 pips, while the industry average is just 1.5 pips.

Trading Platform

Foptrade provides access to a distribution of Metatrader 4, as well as a simpler, web-based version of the platform.

Deposit and Withdrawal

Foptrade only accepts deposits via Bitcoin, which is a final and irreversible method and thus often favored by scammers. Exercise caution when using it for deposits!