FCNW Spreads, leverage, minimum deposit Revealed

WikiFX | 2024-10-21 18:49

Abstract：Unregulated offshore broker FCNW Market claims to provide Forex, cryptocurrencies, commodities, shares, and indices among other financial instruments for trading. The company presents itself as a legitimate broker, but the lack of openness and regulation raises questions about its reliability.

FCNW Review Summary
Founded	2-5 years
Registered Country/Region	United Kingdom
Regulation	Unregulated
Market Instruments	Forex, Indices, Commodities, Shares, Crypto
Demo Account	❌
Leverage	Up to 1:500
Spread	Starting from 1.3 pips (Standard Account)
Trading Platform	MT4, MT5, WebTrader (claim but unverified)
Min Deposit	$20
Customer Support	/

FCNW Information

Pros and Cons

Pros	Cons
Low minimum deposit ($20)	Unregulated
Wide range of tradable instruments	No Islamic account
Claims to offer MetaTrader 4 and 5 platforms	Negative comments on withdrawal issues, bonus programs and high withdrawal fees
High leverage (up to 1:500)

Is FCNW Legit?

　　Since FCNW Market runs free from any financial regulatory control, it is not a legitimate broker. The broker does not carry licenses from respectable authorities such as ASIC (Australia) or the FCA (UK). Its unregulated problems can not guarantee the safety of investors.

What Can I Trade on FCNW?

　　Forex, commodities, cryptocurrencies, and CFDs on indices and shares are among the financial instruments FCNW presents for trading.

Tradable Instruments	Supported
Forex	✔
Commodities	✔
Crypto	✔
CFD	✔
Indexes	✔
Stock	✔
ETF	❌

Leverage

　　For FX trading, FCNW provides leverage of up to 1:500. High leverage raises risk even when it lets traders control bigger holdings with less capital. Higher leverage is dangerous, particularly for novice traders since it can magnify losses as well as gains. Leverage in cryptocurrency runs up to 1:50.

FCNW Fees

　　Spreads begin for the Standard Account at 1.3 pips. No reference to particular fees or commission systems is made.

Non-Trading Fees

Non-trading Fees
Deposit Fee	Not mentioned
Withdrawal Fee	High withdrawal fees, up to 20%
Inactivity Fee	Not mentioned

Trading Platform

Trading Platform	Supported	Available Devices	Suitable for
MT4	✔	Desktop, Web	Beginner to advanced traders
MT5	✔	Desktop, Web	Advanced traders
WebTrader	✔	Web	Convenient trading on the go

Deposit and Withdrawal

　　Numerous studies of withdrawal problems abound; people struggle with processing and pay heavy withdrawal costs.

　　Deposit Options

Deposit Options	Min. Deposit	Fees	Processing Time
VISA, Mastercard, Skrill	$20	Not mentioned	Instant
Neteller, USD Tether	$20	Not mentioned	Instant
Bank wire, Bitcoin	$20	Not mentioned	Instant

　　Withdrawal Options

Withdrawal Options	Min. Withdrawal	Fees	Processing Time
VISA, Mastercard	Not mentioned	High fees	Not specified
Neteller, Skrill, Bitcoin	Not mentioned	High fees	Not specified