It seems that the FXEDGE broker recently changed the website’s appearance but also some key information. Is FXEDGE Legit? Our FXEDGE Review will analyze the current content to determine whether the broker is reliable in 2023.
This review covers the basic and crucial information about the broker – legal background, trading license, platform, trader reviews, areas of activity, payment methods, etc.
| Regulated by: | Vanuatu FSC |
| Is This Company Safe? | No |
| Known Websites: | fx-edge.com |
| Have Warnings from: | N/A |
| Registered in: | Vanuatu, South Africa (allegedly) |
| Operating since: | 2012-10-28 |
| Trading Platforms: | MT4 |
| Maximum Leverage: | 1:200 |
| Minimum Monthly Fee: | 1,000 USD |
| Deposit Bonus: | N/A |
| Trading Assets: | Forex, Indices, Commodities, Stocks, Crypto |
| Free Demo Account: | Not available |
| How to Withdraw from This Company? | Since this company is unlikely to return your money – contact your bank, Financial Regulator, or simply Reach out to us for professional assistance in recovering your funds. |
Legal Info: Is the FXEDGE License Legit?
Here’s how things currently stand with FXEDGE’s legal status (what the website says) – this website is run by DNKR ZA (PTY) Ltd and FX-EDGE V Ltd. The former is based in South Africa and regulated by the FSCA while the latter is based in Vanuatu and registered with the local FSC.
Hardly can two companies run the same brokerage website. It doesn’t seem plausible as there doesn’t seem to be any connection between these two companies. We believe that this website is actually run by FX-EDGE V Ltd, a Vanuatu-based offshore company. We checked the Vanuatu FSC register and found the company.
However, Vanuatu is an offshore jurisdiction with lax regulations and laws for financial market trading. The FSC is simply not credible as some reputable onshore regulators. Other reviews claim that FXEDGE is based in Saint Vincent and the Grenadines (SVG), which is even worse than Vanuatu because Forex trading isn’t regulated there.
Why Regulated Onshore Brokers Are Better Options
Whichever the case, offshore brokers such as FXEDGE and SPmarket24 are bad news generally, which is why we don’t recommend you trade on these platforms, Instead, opt for a licensed provider that operates under reputable financial market authorities.
Top-tier regulators such as the FCA (UK), CFTC (US), ASIC (Australia), CySEC (Cyprus), CONSOB (Italy), etc. require brokerage companies to possess a substantial minimum operating capital (i.g. 730,000 EUR or 1,000,000 AUD), offer clients negative balance protection, a segregated account, and even a compensation scheme (i.g. up to 20,000 EUR).
Who Are the FXEDGE Victims?
According to godaddy.com/whois, the FXEDGE Website was created on October 28, 2012. Since then, the offshore broker has mainly been offering unreliable Forex trading services to traders residing in the following countries:
- UK;
- US;
- India;
- Malaysia;
- Thailand.
It seems that FXEDGE is interested in infiltrating some of the world’s major financial hubs. Of course, some of the trading aspects and conditions that FXEDGE offers are not compliant with the regulations in force in these countries.
For instance, FXEDGE offers a maximum leverage cap of 1:200 whereas the legal limit in the UK is 1:30 and in the US 1:50 for retail clients.
Losing money to such a trading scam can be harsh. We are willing to help you recover your hard-earned funds.
Trader Reviews
For this section, we decided to check out popular trading forums such as trustpilot.com and ratingfx.com to see what traders think about fx edge com. Trustpilot even suggests that this company is based in SVG.
As for the feedback, FXEDGE received mixed reviews. Some traders complained about the platform’s functionality and bad customer service.
I have posed questions and never got resposes…
– Trustpilot user, March 21, 2023.
This broker creates many errors and troubles when you are making money. We had 3 issues with them and after proving us right, they closed our account claiming we are toxic client.
– RatingForexBroker user, January 28, 2021.
FX-Edge was good but currently I am having withdrawal difficulty with this broker. I tried to withdraw $1.5k more than one month but they did not process it. I tried to chat online to your support, but there is no response, although support status is online.
– RatingForexBroker user, August 27, 2020.
Leverage, Commissions, Spreads, Fees and Taxes
The maximum leverage offered by FXEDGE is 1:200. Such high leverage is a double-edged sword. It increases both potential profits but also potential losses, making it a rather risky tool. Hence, reputable regulators imposed a safe leverage limit (1:30 in Europe & Australia, 1:50 in North America) to prevent such losses.
FXEDGE claims that the spread on the EUR/USD benchmark FX major pair starts from 0.2 pips for the Standard account type. That’s pretty competitive but the commissions are unknown. Shady offshore brokers like RaceOption typically promise lucrative trading conditions only to defraud the client later so be careful.
Trading Platforms Available
FXEDGE offers MetaTrader 4, arguably the greatest trading platform in the industry. A true trailblazer, MT4 features a user-friendly interface, automated trading tools, lightning-fast order execution, multiple timeframes, etc. It’s the favorite choice of both beginners and advanced traders.
The FXEDGE login page says that the company offers a pure ECN, exchange-like liquidity solution with no last-look execution, plus brokerage services and trading technology with internal order matching and liquidity aggregation.
FXEDGE offers FIX API “for algorithmic trading or connecting your own trading systems to FX-EDGE liquidity pool use seamless access via our FIX API or benefit from our in-house MT4 bridge.”
The inclusion of MT4 is definitely a big advantage of this broker but it still cannot compensate for the fact that FXEDGE is an unreliable offshore platform.
Having FXEDGE withdrawal issues? We can help you recover your trapped funds.
Mobile Trading App
The FXEDGE mobile app allows traders access to the mobile version of MT4. Although this version lacks some of the features of its desktop counterpart, it offers neat benefits such as much-needed flexibility and the possibility to trade on the go.
The mobile app can be downloaded for both Android and iOS systems. However, we must reiterate once more that the platform is based offshore and thus we don’t recommend it.
Available Trading Assets
Here’s a quick overview of the trading assets that the FXEDGE platform offers:
- Forex currency pairs – EUR/USD, GBP/USD…
- Indices – S&P 500, NIKKEI 225, FTSE 100…
- Commodities – gold, corn, crude oil, natural gas…
- Stocks – Apple, IBM, Disney…
- Crypto – BTC, ETH, USDT…
Demo Account
FXEDGE also promises a risk-free demos account. However, the website does not offer a clear demo account registration page. Supposedly, you first have to register and then choose a demo option.
Regardless of whether there really is a demo account available or not, the problems start appearing once you decide to withdraw your actual real money.
FXEDGE Withdrawal Process
When it comes to deposit and withdrawal methods, there are various options to choose from:
- Credit/debit cards (MasterCard, Visa);
- Wire transfers;
- Skrill;
- Neteller.
FXEDGE doesn’t charge a minimum deposit. Instead, the broker charges a minimum monthly fee of 1,000 USD. The website’s deposit and withdrawal policy mentions only FX-EDGE V Limited, meaning that we were right about the brokerage being run by the offshore company and not the South African entity.
What about the FXEDGE Refund policy? It’s not helpful but we’re here to tell you that funds deposited via MasterCard and Visa cards can be refunded. This process is known as a chargeback and can be requested at the issuing bank within 540 days.
Customer Support
FXEDGE provides customer support through an inquiry web form that allows clients to submit their questions and inquiries. There is also a phone number and email.
However, traders pointed out that customer support is not very pleasant. They even claim that the company’s services do not respond to their questions and inquiries.
What Should I Do In Case of FXEDGE Issues
To recap, FXEDGE is a dubious offshore trading platform and liquidity provider. Active since 2012, the Vanuatu-based broker has mainly been offering Forex trading services to users from the US, the UK, India, Malaysia, and Thailand.
We don’t recommend you trade on this platform simply because it’s operated by a shady offshore company. If you lost money to the FXEDGE scam, book a free consultation with our team. We will gladly explain how the chargeback works and guide you through the process.
If you were scammed by FXEDGE, let us know.
FAQ Section
Is FXEDGE a Scam?
Most likely it is. Several traders wrote complaints against the broker, claiming that they were scammed.
FXEDGE doesn’t have a minimum deposit requirement. Instead, the broker charges a minimum monthly fee of 1,000 USD.
Which Deposit And Withdrawal Methods Does FXEDGE Support?
FXEDGE supports credit/debit cards, wire transfers, Skrill, and Neteller. Recovering funds is possible via a chargeback. Book a consultation and we’ll help you get your money back.