101FX

Aspect	Information
Company Name	101FX
Registered Country/Area	Belize
Founded Year	2-5 years
Regulation	Not regulated
Tradable assets	Currency pairs, CFDs, Cryptocurrencies
Account Types	Standard，ECN
Minimum Deposit	$100
Maximum Leverage	Up to 1:500
Spreads	Starting from 0.0 pips
Trading Platforms	MetaTrader 4 (MT4)
Customer Support	Email：support@101fx.com
Deposit & Withdrawal	Bank transfers, credit/debit cards, e-wallets
Educational Resources	Lack of comprehensive resources

Overview of 101FX

101FX, a trading platform headquartered in Belize, has been operational for approximately 2-5 years. Not regulated by any specific financial authority, the platform offers accessibility with a minimum deposit requirement of $100 and substantial leverage up to 1:500. Traders benefit from competitive spreads starting from 0.0 pips while utilizing the widely recognized MetaTrader 4 (MT4) as their trading platform. Tradable assets include currency pairs, CFDs, and cryptocurrencies, catering to diverse market preferences. The platform provides two main account types: Standard and ECN. Customer support is accessible primarily through email at support@101fx.com, with deposit and withdrawal options encompassing bank transfers, credit/debit cards, and e-wallets.

Is 101FX legit or a scam？

101FX operates without any regulated licenses from reputable regulatory agencies such as the National Futures Association (NFA) or any other recognized governing bodies. The broker does not possess authorization or approval from regulatory entities like the United States' Common Financial Service License (License No. 0527356) under 101 VENTURE CAPITAL LIMITED. This absence of a valid license raises concerns about the platform's compliance with industry standards and regulatory requirements.

As such, traders should exercise caution and consider the absence of proper regulatory oversight when evaluating the legitimacy and reliability of 101FX as a trading platform. The lack of regulation may impact aspects such as fund security, transparency, and dispute resolution mechanisms, potentially posing risks to traders' investments and overall trading experience.

Pros and Cons

Pros	Cons
Multiple payment methods	Lack of comprehensive educational resources
Diverse range of trading assets	Limited customer support channels
Competitive minimum deposit	Absence of regulatory oversight
User-friendly MT4 platform

Pros:

1.Multiple Payment Methods: 101FX offers a variety of payment options, including bank transfers, credit/debit cards, and e-wallets. This flexibility allows traders to choose their preferred method for funding their accounts, enhancing convenience and accessibility in managing finances.

2. Diverse Range of Trading Assets: The platform provides access to a broad array of trading assets such as currency pairs, commodities, indices, and cryptocurrencies. This diversity allows traders to diversify their portfolios, explore different markets, and potentially capitalize on various trading opportunities.

3. Competitive Minimum Deposit: With a minimum deposit requirement of $100, 101FX offers a relatively low entry threshold. This accessibility appeals to traders with varying capital levels, allowing them to engage in trading without significant initial investments.

4. User-Friendly MT4 Platform: The utilization of the MetaTrader 4 (MT4) platform ensures a user-friendly interface equipped with advanced charting tools, technical indicators, and customizable features. This enhances the trading experience, allowing traders to make informed decisions and execute trades efficiently.

Cons:

1.Lack of Comprehensive Educational Resources: 101FX lacks comprehensive educational materials such as guides, video tutorials, live webinars, and informative blogs. The absence of these resources can hinder new traders' learning curves, potentially leading to errors and financial setbacks due to inadequate knowledge.

2. Limited Customer Support Channels: The platform offers limited customer support, possibly confined to email or lacking in immediate live chat or phone support. This limitation might impede users' access to swift assistance or comprehensive guidance in resolving trading-related queries or issues.

3. Absence of Regulatory Oversight: 101FX operates without clear regulatory authorization or oversight. The lack of regulation raises concerns about transparency, fund security, and adherence to industry standards, potentially impacting users' confidence in the platform's credibility and reliability.

4. Potentially Limited Trading Tools: There might be limitations in advanced trading tools and comprehensive analytics available on the platform. This could restrict traders' ability to conduct in-depth market analysis or utilize sophisticated trading features for informed decision-making.

Market Instruments

101FX offers a diverse range of trading assets across multiple categories, catering to various investment preferences. Traders on the platform have access to the following types of assets:

1，Forex (Foreign Exchange): The platform provides an array of currency pairs, allowing users to trade major, minor, and exotic currency pairs. These pairs involve speculation on the exchange rate movements between different global currencies, enabling traders to capitalize on fluctuations in currency values.

2. CFDs (Contract for Differences): 101FX offers Contract for Difference trading, allowing users to speculate on the price movements of various financial instruments without owning the underlying asset. This versatile trading option covers diverse markets, potentially including indices, stocks, commodities, or cryptocurrencies.

3. Cryptocurrencies: The platform supports trading in cryptocurrencies, providing opportunities to engage in the market for digital currencies such as Bitcoin, Ethereum, Litecoin, Ripple, and other altcoins. Traders can speculate on the price movements of these cryptocurrencies against fiat currencies or other digital assets.

The inclusion of Forex, CFDs, and cryptocurrencies in 101FX's asset offerings enables traders to diversify their portfolios and explore different market opportunities, ranging from traditional currency trading to the burgeoning realm of digital assets.

Account Types

101FX offers two distinct account types, the Standard Account and the ECN Account, each designed to cater to specific trading preferences and strategies.

Standard Account:

The Standard Account at 101FX provides traders with a comprehensive and accessible trading environment. With leverage of up to 1:500, users can amplify their trading positions significantly, maximizing potential profits. Competitive spreads starting from 0.0 pips ensure cost-efficient trading conditions, allowing traders to execute trades with minimal costs. This account type operates with a nominal commission of $2 per round turn, offering a balance between trading costs and features. To start trading on the Standard Account, traders need a minimum deposit of $100, enabling both beginners and experienced traders to engage in the financial markets. Withdrawals from the Standard Account undergo processing within 24-48 hours, ensuring prompt access to funds and efficient account management.

ECN Account:

The ECN Account caters to traders seeking enhanced trading conditions and direct access to the market. Similar to the Standard Account, it offers leverage of up to 1:500, allowing users to magnify their positions significantly for increased market exposure. This account type boasts highly competitive spreads starting from 0 pips, ensuring a cost-effective trading environment that minimizes trading costs. Notably, the ECN Account operates without any commissions per round turn, making it an attractive choice for traders focused on cost efficiency. With a minimum deposit requirement of $100, traders gain access to advanced trading features and direct market access. Withdrawals from the ECN Account follow the same processing time of 24-48 hours, providing efficient access to funds and seamless account management.

How to Open an Account？

Opening an Account with 101FX:

1.Visit the Official Website:

1. Access the official 101FX website using a web browser.

2. Registration Process:

Locate the “Sign Up” or “Register” section on the website's homepage. Provide the required personal information, including your full name, email address, phone number, and country of residence. Follow the prompts to create your account.

3. Account Type Selection:

Choose the type of account you wish to open based on your trading preferences and needs. The available options typically include Standard Account and ECN Account. Consider factors such as leverage, spreads, and minimum deposit requirements offered by each account type.

4. Document Submission:

Complete the account verification process by submitting the necessary identification documents as requested by 101FX. This usually involves uploading a government-issued ID (such as a passport or driver's license) and proof of address (like a utility bill or bank statement). Ensure the documents meet the platform's requirements for verification.

5. Account Funding:

Once your account is verified, proceed to fund your trading account. Choose from the available deposit methods offered by the platform, such as bank transfers, credit/debit cards, or e-wallets. Deposit an amount equal to or exceeding the minimum required deposit for your chosen account type.

6. Platform Setup and Start Trading:

After funding your account, download and install the trading platform provided by 101FX. Familiarize yourself with the platform's interface, tools, and functionalities to prepare for trading. You can now begin analyzing the markets, placing trades, and managing your positions based on your trading strategy and market conditions.

By following these steps diligently, you can successfully register and open an account with 101FX, gaining access to their trading platform and commencing your trading activities on the platform.

Leverage

The maximum leverage offered by 101FX stands at an impressive ratio of up to 1:500. This leverage ratio signifies the proportion between the trader's capital and the position size they can potentially control in the market. With a leverage of 1:500, for every unit of capital invested, traders can access positions up to 500 times the amount they have in their trading account.

Such high leverage can significantly amplify potential profits, allowing traders to magnify their market exposure and potentially increase their gains. However, it's important to note that while high leverage enhances the potential for larger profits, it also escalates the level of risk. Increased leverage can result in larger losses if the market moves against the trader's positions. Therefore, using high leverage requires a thorough understanding of risk management strategies to mitigate potential losses and safeguard trading capital.

Spreads & Commissions

The Standard Account at 101FX presents spreads that commence from as low as 0.0 pips, ensuring competitive pricing for trades. On the other hand, the ECN Account offers even tighter spreads, starting from 0 pips, providing traders with an extremely cost-efficient trading environment. These low spreads aim to minimize the cost of trading and enhance the overall trading experience for users.

In terms of commissions, the Standard Account incurs a nominal commission of $2 per round turn, which is applied for executed trades. Meanwhile, the ECN Account operates without any commissions per round turn, allowing traders to execute trades without incurring additional costs on a per-trade basis.

The distinction in spreads and commissions between the Standard and ECN accounts provides traders with options based on their preferred cost structures and trading strategies, catering to different trading preferences and objectives.

Aspect	Standard Account	ECN Account
Spreads	Starting from 0.0 pips	Starting from 0 pips
Commission	$2 per round turn	$0 per round turn

Trading Platform

101FX utilizes the MetaTrader 4 (MT4) trading platform, a widely recognized and industry-standard platform in the financial markets. The MT4 platform is known for its robustness and user-friendly interface, catering to both novice and experienced traders. It offers a range of features and tools designed to facilitate efficient trading activities.

The platform provides access to various technical indicators, advanced charting tools, and customizable options. These features empower traders to conduct in-depth market analysis, execute trades, and manage their portfolios effectively. Additionally, MT4's compatibility across multiple devices, including PC, desktop, and mobile devices, ensures traders can access the markets and monitor their positions from anywhere with internet connectivity.

Moreover, the platform supports automated trading through Expert Advisors (EAs), enabling traders to automate their strategies based on predetermined conditions and parameters. This feature allows for algorithmic trading, providing a systematic approach to executing trades without constant manual intervention.

Overall, the MT4 trading platform offered by 101FX stands as a reliable and functional tool equipped with a range of features to facilitate trading activities and market analysis for its users.

Deposit & Withdrawal

Payment Methods:

101FX supports multiple payment methods to facilitate deposits and withdrawals for its traders. These methods typically include:

• Bank transfers

• Credit/debit cards

• E-wallets

This diverse range of payment options provides flexibility for traders to choose the method that best suits their preferences and convenience when funding their accounts or withdrawing funds.

Minimum Deposit:

The minimum deposit requirement at 101FX stands at a reasonable amount of $100. This entry threshold allows traders with varying capital levels to start their trading journey on the platform, catering to both beginners and experienced traders. The relatively low minimum deposit requirement provides accessibility for a wide range of users.

Payment Fees:

While 101FX itself typically does not charge additional fees for deposits, it's essential to note that certain payment methods may incur fees from third-party providers or banks. Traders should review and consider potential fees associated with specific payment processors or banks used for transactions. Being aware of any potential fees is crucial in understanding the overall cost of depositing funds into their trading accounts.

Payment Processing Time:

Deposits and withdrawals at 101FX are processed efficiently. Deposits made by traders reflect promptly in their trading accounts after confirmation. Similarly, withdrawals undergo processing swiftly, generally within 24-48 hours. However, the actual processing time might vary based on the chosen payment method, banking institutions, and compliance checks to ensure security and regulatory adherence.

Customer Support

101FX offers customer support primarily through email at support@101fx.com. The platform provides assistance and addresses queries related to trading or account-related inquiries via this channel. However, the extent and responsiveness of their support beyond email might be limited. Traders can reach out to this email address for guidance, issue resolution, or general assistance regarding the platform's functionalities, account management, or trading processes. It's important to note that the availability of live chat or phone support is not explicitly mentioned, potentially impacting immediate access or comprehensive assistance for users.

Educational Resources

101FX faces a deficit in educational resources, posing challenges for novice users in grasping platform functionality and cryptocurrency trading. Absent are crucial learning materials like a comprehensive user guide, video tutorials, live webinars, and blogs. This deficiency hinders newcomers' learning curve, potentially resulting in errors and financial setbacks. Consequently, such hurdles might discourage engagement in trading activities altogether, emphasizing the critical need for comprehensive educational materials to support users in navigating the platform and understanding cryptocurrency trading intricacies.

Conclusion

In conclusion, 101FX presents a trading platform with notable strengths and limitations. The platform's multiple payment methods, diverse range of trading assets, competitive minimum deposit, and user-friendly MT4 platform offer accessible entry points and diverse trading opportunities for users.

However, significant drawbacks include the absence of comprehensive educational resources, limited customer support channels, lack of regulatory oversight, and potential limitations in trading tools. These shortcomings might impede new traders' learning experiences, accessibility to immediate assistance, security assurances, and advanced trading functionalities, affecting the overall trading environment and user confidence in the platform's reliability.

FAQs

Q: What payment methods does 101FX support？

A: 101FX supports various methods including bank transfers, credit/debit cards, and e-wallets.

Q: Is 101FX regulated？

A: No, 101FX operates without regulatory oversight, posing potential risks related to security and transparency.

Q: What is the minimum deposit required at 101FX？

A: The minimum deposit requirement at 101FX is $100, providing an accessible entry threshold for traders.

Q: Are there educational resources available on 101FX？

A: Unfortunately, 101FX lacks comprehensive educational materials, potentially impacting new traders' learning experiences.

Q: How responsive is 101FX's customer support？

A: 101FX primarily offers support through email; however, the availability and responsiveness of other support channels are limited.

Q: What trading platform does 101FX use？

A: 101FX utilizes the MetaTrader 4 (MT4) platform known for its user-friendly interface and advanced features.