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No Regulation
Score
1.53 /10
Danger
Flag FX
5-10 yearsSuspicious Regulatory License
Suspicious Scope of Business
High potential risk
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Comparison
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Exposure
Open Account
Website
Score
Regulatory Index0.00
Business Index7.13
Risk Management Index0.00
Software Index4.00
License Index0.00
Open Account
Website
Licenses
No valid regulatory information, please be aware of the risk
VPS Standard
No restriction on the broker account. Support service provided by WikiFX
Single Core
1G
40G
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Warning: Low score, please stay away!
Previous Detection :
2024-12-23
- It has been verified that this broker currently has no valid regulation. Please be aware of the risk!
WikiFX Verification
| Flag FX Review Summary | |
| Founded | 2015 |
| Registered Country/Region | Montenegro |
| Regulation | No regulation |
| Market Instruments | Futures, indices and forex |
| Demo Account | ✔ |
| Trading Platform | MT5 |
| Leverage | 1:500 |
| Spread | From 1.0 pips |
| Min Deposit | $100 |
| Customer Support | Live chat: 7/24 |
| Phone: +382 634 09 611 | |
| Emaill: info@flagfx.com | |
| Physical Address: Radoja Dakica, The Capital Plaza V/44 Podgorica, Montenegro | |
| Facebook: https://www.facebook.com/flagfx | |
| Instagram: https://www.instagram.com/flagfx/ | |
Flag FX is an unregulated financial service provider registered in Montenegro in 2015. Flag FX offers futures, indices, and forex trading through the MT5 platform. In addition, it provides three types of live accounts and a demo account, with a minimum deposit of $100 and a high leverage ratio of 1:500.
Pros and Cons
| Pros | Cons |
| Multiple trading account types | Lack of regulation |
| Comprehensive customer service | Limited info on trading fees |
| Multiple trading choices | |
| Demo accounts |
Is Flag FX Legit?
Flag FX is an offshore broker, and its lack of regulatory oversight poses a significant risk to your assets. In addition, the domain of this broker was registered on February 20, 2018, was updated on February 8, 2024, and will expire on February 20, 2025.
What Can I Trade on Flag FX?
Flag FX offers three types of trading instruments across different asset classes, including futures, indices and 64 kinds of forex.
| Tradable Instruments | Supported |
| Forex | ✔ |
| Commodities | ❌ |
| Indices | ✔ |
| Cryptocurrencies | ❌ |
| Stocks | ❌ |
| Futures | ✔ |
| Bonds | ❌ |
Account Type
Flag FX offers three types of accounts for live operations: Standard, True ECN, and Islamic Account, each with a minimum deposit of $100. One thing to note is that for the True ECN account a $7 commission is charged per lot.
Additionally, Flag FX provides a demo account for beginners to practice trading in a risk-free environment.
| Account Type | Standart | True ECN | Islamic/Swap Free |
| Number of Currency Pairs | 64 | 64 | 50+ (Excluding Exotics) |
| Min Deposit | $100 | $100 | $100 |
| Max Leverage | 1:500 | 1:500 | 1:500 |
| Spread | 1 | 0 | 1 |
| Commission | ❌ | $7 per lot | ❌ |
| Suitable For | Discretionary Traders | EAs & Scalpers | Who cannot earn or pay interest due to their religious beliefs |
Leverage
The leverage offered by Flag FX ranges from 1:1 to 1:500. When considering the preferred leverage, you must be cautious because high leverage poses high risks and you may lose a large amount of assets when choosing high leverage.
Trading platform
Flag FX supports trading its products through MetaTrader 5, a multi-asset and professional platform. It offers advanced tools for price analysis, trading robots, Expert Advisors, and copy trading.
However, whether such an unregulated broker has obtained official trading permission from MT5 remains uncertain.
| Trading Platform | Supported | Available Devices |
| MT4 | ❌ | / |
| MT5 | ✔ | Computer, phpne and Pad |
| cTrader | ❌ | / |
Deposit and withdrawl
Flag FX supports depositing funds through VISA, Mastercard, Bitcoin, bank transfer, and American Express. The same methods are available for withdrawals. However, you must be aware that payments through Bitcoin are irrevocable, which poses high risks, and you'd better not deposit any funds with an unregulated broker.
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