Note: For some unknown reason, we cannot open PomeloFXs official site (https://pomelofx.com/) while writing this introduction, therefore, we could only gather relevant information from the Internet to present a rough picture of this broker. Traders should be careful about this issue.
General Information & Regulation
PomeloFX, a trading name of PomeloFX LTD, is allegedly a forex broker registered in Vanuatu that claims to provide its clients with various tradable financial instruments with flexible leverage up to 1:1200 and variable spreads from 0.0 pips on the MetaTrader4 and MetaTrader5 trading platforms, as well as a choice of four different live account types.
As for regulation, it has been verified that PomeloFX is offshore regulated by the Vanuatu Financial Services Commission (VFSC). That is why its regulatory status on WikiFX is listed as “Offshore Regulatory” and it receives a relatively low score of 4.78/10. Please be aware of the risk.
Market Instruments
PomeloFX advertises that the market instruments the users can trade include forex currency pairs, cryptocurrencies, precious metals, energies and indices.
Account Types
PomeloFX claims to offer four types of trading accounts, namely Standard, Islamic, Raw and ECN. The minimum initial deposit amount is $300 for the Standard, Islamic and Raw accounts, while the ECN account has a much higher minimum initial capital requirement of $500. In comparison, licensed brokers allow setting up a starter account with a minimum deposit of $100 or even less.
Leverage
Traders holding different account types can enjoy different maximum leverage ratios. Clients on the Standard and Islamic accounts can experience leverage of 1:500, the Raw account holders can have a leverage of 1:200, while only the ECN account members can enjoy the maximum leverage of 1:1200. It is important to keep in mind that the greater the leverage, the greater the risk of losing your deposited capital. The use of leverage can both work in your favour and against you.
Spreads & Commissions
PomeloFX claims that different account types have different spreads and commissions. Specifically, the spread starts from 1.6 pips on the Standard account, from 1.9 pips on the Islamic account, from 0.5 pips on the Raw account and 0.0 pips on the ECN account. As for commissions, there is no commission charged on the Standard and Islamic accounts, while an $8 commission on the Raw account and a $6 commission on the ECN account.
Trading Platform Available
Platforms available for trading at PomeloFX are the industry-standard MetaTrader4 and MetaTrader5. In any case, we recommend using MT4 or MT5 for your trading platform. Forex traders praise MetaTrader's stability and trustworthiness as the most popular forex trading platform. Expert Advisors, Algo trading, Complex indicators, and Strategy testers are some of the sophisticated trading tools available on this platform. There are currently 10,000+ trading apps available on the Metatrader marketplace that traders can use to improve their performance. By using the right mobile terminals, including iOS and Android devices, you can trade from anywhere and at any time through MT4 and MT5.
Deposit & Withdrawal
PomeloFX says to accept payments via credit/debit cards, wire transfers, Neteller and Skrill, while withdrawals can only be with bank transfers. The minimum initial deposit requirement is said to be $100, while there is no mention of what the minimum withdrawal amount is. Withdrawals are not burdened by any fees, and it takes some 3 hours to be processed.
Customer Support
PomeloFX‘s customer support can be reached by email: support@pomelofx.com. You can also follow this broker on social networks such as Twitter, Facebook, Instagram and LinkedIn. Company address: First Floor, I Count Building, Kumul Highway, Port Vila, Vanuatu. However, this broker doesn’t disclose other more direct contact information like telephone numbers that most brokers offer.
Risk Warning
Online trading involves a significant level of 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.
2022-12-05 11:22
2022-12-02 18:29
