Note: Rubix FXs official site - www.rubixfx.com is currently not functional. Therefore, we could only gather relevant information from the Internet to present a rough picture of this broker.
Risk Warning
Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information contained in this article is for general information purposes only.
General Information
What is Rubix FX？
Founded in 2014, RubixFX is an unregulated forex broker, offering over 55 forex currency pairs, equity indices and commodity for trading on two types of accounts with a leverage of up to 1:400 through the MetaTrader4. Note that this company is currently stoppage of business.
In the following article, we will analyze the characteristics of this broker from various aspects, providing you with simple and organized information. If you are interested, please read on. At the end of the article, we will also briefly make a conclusion so that you can understand the broker's characteristics at a glance.
Pros & Cons
Rubix FX Alternative Brokers
There are many alternative brokers to Rubix FX depending on the specific needs and preferences of the trader. Some popular options include:
FXOpen - offers a range of trading platforms and competitive spreads, making it a good option for traders looking for variety in their trading experience.
Eightcap - With a focus on transparency and competitive pricing, Eightcap is a solid choice for traders looking for a reliable, regulated broker.
Valutrades - offers low spreads and fast execution, making it a good option for traders who prioritize speed and efficiency in their trading.
Ultimately, the best broker for an individual trader will depend on their specific trading style, preferences, and needs.
Is Rubix FX Safe or Scam？
Rubix FX is an unregulated broker with numerous reports of fraudulent activity, severe slippage, and inability to withdraw funds. As such, it is likely unsafe to work with this broker and traders should exercise caution and avoid it altogether. It is essential for traders to prioritize safety and security when working with any broker and to conduct their own research and due diligence before depositing any funds.
Market Instruments
Rubix FX offers a range of over 70 tradable instruments, including forex, commodity, and index trading. Forex trading allows traders to buy and sell currency pairs, such as USD/EUR or GBP/USD, in order to profit from price fluctuations in these currencies.
Commodity trading involves buying and selling physical commodities, such as gold, oil, or wheat, with the goal of profiting from changes in supply and demand or other market factors.
Index trading involves buying and selling baskets of stocks, either through exchange-traded funds (ETFs) or other financial instruments, with the aim of tracking the performance of a particular group of stocks or the larger market.
Accounts
Rubix FX offers both Standard and ECN accounts for traders. The first grade STP account requires a minimum deposit of $500, while other accounts may require higher levels of initial deposits. The STP account allows for trading in a range of instruments, including forex, commodities, and indices, and offers variable spreads, no commissions, and no requotes. The ECN account, on the other hand, offers tighter spreads, lower commissions, and faster execution speeds.
Leverage
Rubix FX offers its customers the ability to use a maximum leverage of 1:400, which is considered high and carries greater risk. The standard leverage offered by the company is set at 1:100. Leverage is the amount of funds that a trader can borrow from a broker to open a position and magnify potential profits or losses. While higher leverage can potentially lead to larger profits, it also increases the risk of significant losses, especially when trading in volatile markets. It is essential for traders to exercise caution when using leverage and to understand the risks involved.
Spreads & Commissions
Based on the information provided, Rubix FX offers two types of accounts - Standard and ECN. The Standard account has no commissions and offers variable spreads that vary between 1.0-1.5 pips for EUR/USD starting from 1.0 pips. On the other hand, the ECN account requires a commission of $3.5 per standard lot and offers tighter spreads that start from 0 pips.
It is important to note that spreads and commissions are an important aspect of trading as they directly affect a trader's potential profits or losses. While tighter spreads may seem attractive, the commission attached to the ECN account should also be taken into consideration.
Below is a comparison table about spreads and commissions charged by different brokers:
Note: The information presented in this table may be subject to change and it is always recommended to check with the broker's official website for the latest information on spreads and commissions.
Trading Platforms
Rubix FX uses the standard MetaTrader 4 Forex trading platform. MT4 provides plenty of tools and functions which are necessary for a trader: a number of technical indicators, an extended charting package, a wide range of expert advisors (EAs) and opportunities for backtesting. In addition, CopyFX (an investment system for copying transactions) is also available for a broker. The AutoTrade technology enables a trader to use this function.
Overall, Rubix FX's trading platforms are well-designed, user-friendly, and offer a range of advanced features suitable for both beginner and experienced traders.
See the trading platform comparison table below:
Deposits & Withdrawals
Rubix FX offers its clients multiple methods for depositing and withdrawing funds, including credit card (AUD, USD, and EUR), wire transfer (base currencies: AUD, USD, EUR, CAD, GBP, and SGD), Neteller, and China UnionPay payment systems (USD only). The company does not charge any fees for depositing or withdrawing funds through direct operations.
Rubix FXminimum deposit vs other brokers
User Exposure on WikiFX
On our website, you can see that reports of unable to withdraw, severe slippage and scams. Traders are encouraged to carefully review the available information and consider the risks associated with trading on an unregulated platform. You can check our platform for information before trading. If you find such fraudulent brokers or have been a victim of one, please let us know in the Exposure section, we would appreciate it and our team of experts will do everything possible to solve the problem for you.
Customer Service
Customers can contact the company at +61 (02) 8039 7366 or by sending an email to service@fxtrading.com. No more specific info on customer service due to the inaccessibility of website.
Conclusion
Based on the information provided, the conclusion of a Rubix FX review is that traders should exercise caution when considering this broker. While it offers the industry-standard MT4 trading platform and various methods for depositing and withdrawing funds, it is unregulated and has numerous reports of fraudulent activity, severe slippage, and difficulty in withdrawing funds. Traders should prioritize safety and security when working with any broker and conduct their own research and due diligence before depositing any funds. It is also recommended to consider regulated brokers for increased safety and security.
Frequently Asked Questions (FAQs)
2023-02-27 10:48
2023-02-13 18:36
