FX88-Overview of Minimum Deposit, Spreads & Leverage
Abstract：FX88 is an Cyprus-based broker, with its actual office address, the company behind it unknown to all. There is zero evidence that this broker is under any regulatory agency. FX88 advertises that it offers forex currency pairs, various CFDs through MT4 trading platform.
General Information & Regulation
FX88 is an Cyprus-based broker, with its actual office address, the company behind it unknown to all. There is zero evidence that this broker is under any regulatory agency. FX88 advertises that it offers forex currency pairs, various CFDs through MT4 trading platform.
Markets Instruments
Fx88 offers trading in 45 currency pairs, as well as CFDs on commodities, precious metals and indices on MetaTrader 4 platform.
Minimum Deposit
The minimum amount one has to deposit in order to open an account with this broker is $100, which is not much, yet many Cyprus-based companies require even less.
Leverage
FX88 offers leverage up to 1:500, which is considered high. Since leverage can amplify gains as well as losses, trading with such an unregulated broker using high leverage is not a good option.
Spreads & Commissions
FX88s spread on Standard commission-free accounts are average, typical ones amounting to 1.3 pips on EUR/USD. Its ECN spreads are a lot better, averaged 0.1 pips for thos pair, but also involve a commission of $7 per standard.
Trading Platform Available
FX88 offers its clients the industrys standard MetaTrader 4 (MT4), which is available as downloadable desktop, web & mobile versions. The MT4 is preferred by most traders, because it is user-friendly and yet reliable and equipped with professional trading tools. It supports automated strategies, offers extensive back-testing environment and a number if build-in technical analysis tools, as well as advanced charting package.
Deposit& Withdrawal
FX88 offers its clients bank wire transfer, credit/debit cards and and popular e-wallets such as Skrill, neteller and Dotpay as payment methods.
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