TradeFX Review 2023: Is This Unregistered Broker Legitimate?
Online forex and CFD broker TradeFX offers financial services despite having no registration with any relevant financial regulator. Their parent company, Trade FX Pte Ltd, operates out of Singapore. They have a business registration there, but this is distinct from registering with the Monetary Authority of Singapore. Brokers need to register with the MAS to offer their services legitimately, but this broker hasn’t.
|Regulated by:||No regulation|
|Owned by:||Trade FX PTE Ltd|
|Types of Assets:||Forex, commodities, indices, stocks, futures|
|Free Demo Account:||Yes|
|Accepts US clients:||No|
The Offerings From TradeFX
The broker has four different account types for their clients. The first is their Standard account. The minimum deposit to set up this account is $250. The broker advertises spreads starting from 1 pip with this account, although their spreads are much higher in practice. Their next account, Premium, doesn’t have any notable advantages over the standard. They have an ECN Pro account that offers spreads as low as pips and adds a $6 commission for each lot.
Our TradeFX review found an unremarkable selection of trading products. Their currency pair variety is standard, and they have similar CFDs to comparable brokers like ROinvesting. The actual spreads offered by this broker are much worse than what they advertise on their website. A Standard account has a EUR/USD spread of 2.8 pips, significantly higher than their advertised spread of 1 pip. This is several times what traders would expect from a competitive forex broker.
TradeFX Trading Platform
TradeFX gives clients access to MetaTrader 4. The popular trading platform has a very professional trading feature that investors could ever want. The broker places a strong focus on allowing automated expert advisors to trade for their clients. They offer virtual private server access to enable traders to run automated trading even when their computer isn’t running. There is a charge for this service, but any clients who deposit $20,000 or more do not have to pay.
Traders can access leverage up to 1:200 with this broker. This broker is unregistered – they don’t face any immediate consequences for exceeding the ESMA’s regulatory limit of 1:30 leverage. With this kind of leverage, inexperienced traders could lose their whole deposit before they know what hit them.
Problem with withdrawing funds
Since TradeFx has no regulation for providing financial services, we were not surprised to see many clients reported withdrawal issues. According to TradeFX reviews, this broker is suspending your account once you want to withdraw your funds. The first thing we tried to check are conditions for withdrawals – minimum amount, fees, commissions. And, as expected from an illicit broker, we found nothing. If you had any issues withdrawing your funds, file a complaint about the broker immediately. Do not wait, report the TradeFX scam and Ask for your funds back.
Recovering Your Funds From Unregistered Brokers
Even though they’re a registered business, TradeFX isn’t a registered broker. Unregistered brokers don’t have the same consumer protections in place as registered brokers. Traders can lose everything very quickly trading with them. Suppose you’ve lost the deposit you paid to an unregistered broker. In that case, you can contact us now to take a close look at the possibility of recovering your funds.
Is TradeFX Review regulated?
TradeFX is a Singapore-based broker that does not have MAS or any other trading license. We can safely say that this broker is unregulated. Therefore, trading with this broker is unsafe, and it’s a high risk for your funds. We recommend you find a tier-1 regulated broker.
Where is TradeFX based?
TradeFX claims on its website that it is based in Singapore. However, there is no exact address, and we couldn’t find it in the MAS register. As far as we can tell, the broker can operate from anywhere around the world, conducting its scam. Be careful not to get involved with TradeFX.
When the TradeFX broker was registered
TradeFX broker exists since 2017 but was never registered with any regulatory body. It is operating illegally, without a license. According to its website, it is based in Singapore, however, there is no proof for those statements. We couldn’t find the broker in the MAS register.