SETFX

General Information

SETFX is allegedly a broker based in the United Arab Emirates, claiming to provide its clients with flexible leverage up to 1:500 and floating spreads on forex trading, as well as a choice of four different account types.

Market Instruments

From SETFX‘s name, we can easily get the information that it must offer forex trading, yet we have no way to find anything more specific about this broker’s trading instruments.

Account Types

There are four live trading accounts offered by SETFX, namely Micro, Standard, Mini and Professional. Opening a Micro account requires the minimum initial deposit amount of $100, while the other three account types with the much higher minimum initial capital requirements of $500, $1,000 and $10,000 respectively.

Leverage

Traders holding different account types can enjoy different maximum leverage ratios. Clients on the Micro, Standard or Professional account can experience the leverage of 100:1, while only the Mini account can enjoy the maximum leverage as high as 1:500. Bear in mind that leverage can magnify gains as well as losses, inexperienced traders are not advised to use too high leverage.

Spreads

According to the information revealed on the Internet, we found that SETFX provides its clients with the minimum spreads for EUR/USD pair of 2 pips.

Customer Support

SETFX‘s customer support can be reached through email: support@setfx.ae. However, this broker doesn’t disclose other more direct contact information like telephone numbers or company address while most brokers offer.