FOFX-Overview of Minimum Deposit, Spreads & Leverage

General Information & Regulation

FOTrading is a trade name of Damico Limited. Damico Limited with company number 25971 BC 2020 is a company registered in Saint Vincent and the Grenadines. FOTrading does not offer its services to residents of certain jurisdictions such as USA, Iran, Cuba, Sudan, Syria and North Korea. It should take note that FOFX is not subject to any regulation, so it is unsafe to trade with this broker.

Market Instruments

Tradable financial instruments available on the FOFX platform include forex currency pairs, stocks, commodities. Some popular trading assets like indices and metals are not offered.

Minimum Deposit

FOFX does not mention its minimum deposit requirements. Most brokers would requires a minimum initial deposit of $100 or even less. Since FOFX is an unregulated broker, traders should not register accounts here.

Leverage

The maximum trading leverage offered by FOFX is up to 1:200. Some people may think this leverage level not that generous. However, trading with an unregulated broker using too high leverage is not a good option.

Spreads & Commissions

On FOFX website, spreads on some major pairs displayed. The spread on the EUR/USD pair is around 0.5 pips, USD/JPY 0.6 pips, GBP/USD pair 0.7 pips. Although spreads offered by FOFX seems lower than other brokers, this is too low to be true given the fact that FOFX is an unregulated broker.

Trading Platform Available

When it comes to trading platform available, what FOFX offers is the MT4 trading platform. MT4 is widely used by most brokers and traders worldwide, and it enables investors to automate their strategies with Expert advisor (EAs).

Deposit & Withdrawal

In terms of payment methods available, XPG Markets does not make this part clear. In most cases, most brokers would support Credit/Debit (VISA, MasterCard, Maestro), Wire transfer, as well as some online processors like Neteller and Skrill.