NOTE: EnormousFXs official site - https://enormousfx.com/ is currently not functional. Therefore, we could only gather relevant information from the Internet to present a rough picture of this broker.
What is EnormousFX？
EnormousFX is a broker registered in the United States, offering a range of trading instruments including Forex, Precious Metals, and Indices. It provides leverage up to 1:100 and offers competitive spreads starting from 0.5 pips for the Start Account. Traders can access the markets through the widely used Meta Trader 4 platform. Despite a relatively low minimum deposit requirement of $50, EnormousFX is not regulated. Furthermore, its website is currently down, so we cannot verify its operation.
Pros & Cons
Pros:
Variety of Trading Instruments: EnormousFX offers a diverse range of trading instruments including Forex, Precious Metals, and Indices, providing traders with multiple options to diversify their portfolios.
Low Minimum Deposit: With a minimum deposit requirement of $50, EnormousFX makes trading accessible to a wider range of traders, including those with limited capital.
MetaTrader 4 Platform: EnormousFX utilizes the widely used MetaTrader 4 (MT4) trading platform, known for its user-friendly interface and advanced trading features.
Cons:
Lack of Regulation: EnormousFX is not regulated, which impacts the safety of funds and the overall reliability of the platform.
Unavailable Official Website: As of now, EnormousFX's official website is not functional, which raises serious doubts about legitimacy and professionalism.
Limited Information: There is no information about the fees and operation, making it difficult to make informed decisions.
Is EnormousFX Safe or Scam？
As EnormousFX is not regulated, there is a higher level of risk associated with trading with it. The lack of regulation means there is no oversight from a regulatory body to ensure that the broker is operating fairly and transparently. Additionally, the unavailable official website raises questions about its legitimacy.
Market Instruments
EnormousFX offers a variety of market instruments for trading, providing traders with the opportunity to diversify their portfolios and take advantage of different market trends.
Forex: The Forex market is the largest and most liquid financial market in the world, where currencies are traded against each other. Traders can speculate on the price movements of currency pairs, such as EUR/USD or USD/JPY, and profit from changes in exchange rates.
Precious Metals: EnormousFX offers trading in precious metals, including gold, silver, platinum, and palladium. These metals are considered safe-haven assets and are often used as a hedge against inflation and economic uncertainty.
Indices: Stock market indices represent a specific segment of the stock market. EnormousFX allows traders to trade CFDs (Contracts for Difference) based on indices, enabling them to speculate on the overall performance of the stock market or specific sectors.
Account Types
EnormousFX offers three distinct types of trading accounts, each tailored to meet the needs of different traders.
The Start Account, requiring a minimum deposit of $50, is ideal for beginners or those with limited capital.
The Classic Account, requiring a minimum deposit of $250, is targeted towards intermediate traders who have some experience in the financial markets.
For professional traders or institutional clients, EnormousFX offers the ECN Pro Account, requiring a minimum deposit of $5000.
Leverage
EnormousFX reportedly offers a maximum leverage of 1:100 on all their accounts. Leverage allows you to control a larger position size than your deposit allows. For example, with 1:100 leverage, a $100 deposit would enable you to control a $10,000 position (100 x $100). While leverage can amplify profits, it also increases the risk of losses.
Spreads & Commissions
EnormousFX offers competitive spreads and commission structures across its different account types.
The Start Account features spreads starting from 0.5 pips and commissions starting from $18 per lot.
The Classic Account offers tighter spreads starting from 0.2 pips and lower commissions starting from $15 per lot.
The ECN Pro Account features raw spreads starting from 0.0 pips and a commission-based structure starting from $5 per lot.
Trading Platforms
EnormousFX provides traders with access to the MetaTrader 4 (MT4) trading platform, one of the most widely used platforms in the industry. MT4 is known for its user-friendly interface, advanced charting tools, and customizable features, making it suitable for traders of all levels.
Customer Service
EnormousFX offers multiple channels for customer support.
Phone: You can contact EnormousFX's customer support team directly via phone at +1 9195568527.
Email: You can also reach out to EnormousFX's customer support team via email at info@enormousfx.com.
Social Media: EnormousFX is active on social media platforms such as Facebook and YouTube.
Conclusion
While EnormousFX offers features like a variety of instruments, a low minimum deposit, and the popular MT4 platform, these can't outweigh the significant risks. The biggest concern is the lack of regulation. Without regulatory oversight, your funds are not protected. Furthermore, its website is currently not working, which is highly unprofessional and casts doubt on its legitimacy. We advise you to avoid EnormousFX and prioritize your safety.
Frequently Asked Questions (FAQs)
Q: Is EnormousFX regulated？
A: No, EnormousFX operates without regulation.
Q: What trading instruments are available on EnormousFX？
A: EnormousFX offers trading in Forex, Precious Metals, and Indices.
Q: What is the minimum deposit required to open an account with EnormousFX？
A: The minimum deposit required is $50 for the Start Account.
Q: What trading platform does EnormousFX use？
A: EnormousFX uses the MetaTrader 4 (MT4) trading platform.
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 provided in this review may be subject to change due to the constant updating of the company's services and policies.
In addition, the date on which this review was generated may also be an important factor to consider, as information may have changed since then. Therefore, readers are advised to always verify updated information directly with the company before making any decision or taking any action. Responsibility for the use of the information provided in this review rests solely with the reader.
2023-03-23 17:39
