EncoreFX Spreads, leverage, minimum deposit Revealed

WikiFX | 2024-10-16 18:41

Abstract：EncoreFX, established in 2022 in Hong Kong, offers a variety of trading instruments including Forex, metals, energy products, and indices on the MetaTrader 5 platform. The broker provides multiple account types with leverage up to 1:100. However, it operates without regulation from recognized financial authorities.

EncoreFX Review Summary
Company Name	EncoreFX
Headquarters	Hong Kong
Regulations	Unregulated
Tradable Assets	Forex, Metals, Energy Products, Product Index
Account Types	Standard, Mini, ECN, Bodies, Capital
Minimum Deposit	$500
Maximum Leverage	1:100
Spreads	1.5 points
Deposit Methods	Online payment, Wire transfer
Trading Platforms	MetaTrader 5 (MT5)
Customer Support	Email, WhatsApp, Physical address
Bonus Offerings	None

EncoreFX Information

　　EncoreFX, established in 2022 in Hong Kong, offers a variety of trading instruments including Forex, metals, energy products, and indices on the MetaTrader 5 platform.

　　The broker provides multiple account types with leverage up to 1:100. However, it operates without regulation from recognized financial authorities.

Pros and Cons

Pros	Cons
5 kinds of Trading Instruments	Unregulated Status
5 Account Types	Limited Customer Support Channels
Accessible Trading Platform (MT5)	Potential Non-Trading Fees

Is EncoreFX Legit?

　　EncoreFX is owned and operated by a company registered through Tucows Domains Inc., with its domain first registered on September 8, 2014. However, there is no information indicating that EncoreFX is regulated in its registration location.

What Can I Trade on EncoreFX?

　　EncoreFX offers four main types of trading instruments: Forex products, Metal products, Energy products, and Product indices. These instruments are accessible through the MetaTrader 5 platform, allowing traders to engage in currency pairs, precious metals, energy commodities, and CFDs on stock indices.

Tradable Instruments	Supported
Forex	✔
Metals	✔
Energy	✔
Product Index	✔
Digital Assets	❌

Account Types

　　EncoreFX offers five types of real trading accounts: Standard Account, Mini Account, ECN Account, Bodies Account, and Capital Account.

Account Type	Minimum Deposit	Instruments	Spread	Leverage	Suitable For
Standard	$500	47 currency pairs, commodities, stock indices	Not specified	Not specified	General traders interested in diverse trading instruments
Mini	$500	47 currency pairs, metals, stock indices	Floating, 1.5 points	Up to 1:100	Traders focused on gold and commodities with low deposit requirements
ECN	$1,000	47 currency pairs, metals, stock indices	Floating, 1.8 points	Up to 1:100	Experienced traders seeking direct market access and tighter spreads
Bodies	$50,000	Global financial investment products	Low, avg. 0.8 points on EUR/USD	Customizable (1:100, 1:50, or as preferred)	Institutional or high-net-worth investors with low spreads and margin trading
Capital	$5,000	79 currency pairs, metals, stock indices	Floating, 1.8 points	Up to 1:100	Traders looking to diversify across a broader range of assets

Trading Platform

　　EncoreFX supports MetaTrader 5 (MT5) for trading on both mobile and desktop devices, suitable for experienced traders.

Trading Platform	Supported	Available Devices	Suitable for
MT5	✔	Mobile and Desktop（Windows & macOS）	Experienced Trader
MT4	❌	Mobile and Desktop（Windows & macOS）	Beginner

Leverage

　　The leverage options differ by account type: the Mini Account，the Capital Account and ECN Account offer leverage up to 1:100, while the Bodies Account allows for customizable leverage options, including 1:100 and 1:50.

EncoreFX Speards

　　EncoreFX incorporates spreads and commissions into its trading structure.

　　Standard Account: Standard spreads applicable, with no additional commissions.

　　Mini Account: Floating spreads of 1.5 points.

　　ECN Account: Competitive spreads (e.g., 1.8 points).

　　Bodies Account: Offers low spreads with custom leverage options.

　　Capital Account: Floating spreads of 1.8 points.

Deposit and Withdrawal

　　EncoreFX does not charge any fees for deposits or withdrawals. The minimum deposit required to open an account with EncoreFX is $500. The platform offers two main deposit and withdrawal options: Online Payment and Wire Transfer.