Founded in the United Kingdom and with nearly 20 years experience, FCX Trade is a stock exchange-listed FX & CFD broker with various trading instruments via MT4 traded. However, its license is not authorized by NFA, meaning its unregulated current status.
Pros and Cons
Is FCA Trade Legit?
FCA Trade holds a Common Financial Service Licensefrom theNation Futures Association (NFA) (No. 0564650). However, it is regarded as unauthorized because in the NFA's official website, available regulatory information can not be found.
What Can I Trade on FCX Trade?
FCX Trade offers diverse trading products, including:
- Stocks: Tesla, Amazon, Apple, Netflix
- ETFs: iShares, Vanguard, Lyxor, ARK
- CFDs on Forex: AUD/USD, EUR/GBP, CHF/JPY
- CFDs on Indices: WIG20, S&P 500, DAX, NIKKEI 225
- CFDs on Commodities: Gold, Natural Gas, Coffee, Corn
- CFDs on Cryptocurrencies: Bitcoin, Uniswap, Ripple, Dogecoin
FCX Trade Fees
FCX Trade charges different fees based on the trading products, and these fees are detailed in their product introductions.
For Forex trading, spreads start from 0.1 pips. When trading indices and commodities, the maximum leverage available is 1:500.
For cryptocurrencies, trading costs are low, with spreads starting from 0.22%.
In the case of stocks and ETFs, transactions up to a monthly turnover of 100,000 EUR are commission-free. For transactions exceeding this limit, a commission of 0.2% applies, with a minimum fee of 10 EUR. This policy applies to all stocks and ETFs, ensuring that the same commission structure is consistent across both types of products.
Trading Platform
FCX Trade offers MT4 trading platform. You can download the MT4 application via the APK for Android devices or through the Apple App Store for iOS devices. With the MT4 software, you can trade all of FCX Trades products from a single platform and utilize various tools to enhance your trading.
Customer Service
FCX Trade offers 24/5 customer service for email. Compared with other brokers, it provides limited contact channels for their traders.
The Bottom Line
FCX Trade offers many types of trading products in MT4 software. But its unauthorized NFA license and non-transparent transaction information cause a large obstacle for beginners. Therefore, FCX Trade is more suitable for the advanced ones who have the skills and knowledge to identify and manage potential risks associated with these factors.
FAQs
Is FCX Trade a good for beginners?
No. The absence of an official NFA license and the lack of transparency in its transaction information are challenges for novice traders.
What security measures does FCX Trade have in place to protect my funds and personal information?
No.
At FCX Trade, are there any regional restrictions for traders?
Yes. It does not provides services for the residents of Brazil.
2024-07-10 10:21
