Ever wondered why the forex market is so hyped? Well, this market dwarfs all other financial markets and economies combined. Before, central banks around the world fixed and controlled this market; due to the fast increase in international trade over time, forex is now market regulated. As you can imagine, such a market can be rife with chaos and manipulation if not monitored, which is where regulatory bodies come in. Genuine brokers are subject to regulatory agencies, while illicit ones like Brokersfxt elude the law and defraud investors.

Usually, this is how it goes down. You go online searching for forex brokers and can’t find the right one from the vast choices that pop up. You randomly pick one and scour through its website. This broker- or its owners- has done their homework and knows what investors want.

The broker has enticing offers and incentives and seems to have the magic wand to profitable trading. The thing is, rogue brokers, know just the right buttons to push to get your attention and money. You are impressed and even wonder what took you so long. So you register an account and deposit money. However, after investing, you realize that things don’t play out as advertised. Endless barriers are frustrating your withdrawal attempts.

You eventually discover you were a victim of a scam broker. To avoid such a predicament, be intentional about investing with legit forex brokers. If you are stuck on how to go about it, the below review will illuminate key areas regarding the same. Read it before engaging this broker for business.

Brokerfxt.com Review

This broker claims to be the world-leading and even fakes association with a renowned OctaFx Trade. Investors on the platform can trade instruments, including forex, cryptos, bonds, CFDs, and stocks. The broker also purports to have several accolades to its name; some won in 2020. Mind you; this broker was non-existent at the time (2020). According to the whois, Brokersfxt registered its domain on 18 July 2022. We also found an alarming discovery on Complytron, indicating that this website has been blacklisted.

 Again, there is a discrepancy in the broker’s years of operational experience ( 20? 25?30? years). This begs the question, why would a broker make contradicting statements on a single website? Let’s be honest; even lying requires consistency! This broker is a bad joke!

The broker assures users of numerous benefits, including low spreads, 30ms execution speed, and deep liquidity. Also, investors allegedly get supplementary resources, such as weekly education workshops, webinars, video guides, and investment strategy courses. Unfortunately, we noticed that this broker also seems to be marketing Pump Trades-a result of indiscreet copy-pasting of another broker’s website! Such blunders draw to attention the broker’s recklessness. You should not trust it with anything.  

Contact Details

The broker’s flawed narrative suggests that it is in the US. But without a corporate address, these claims amount to nothing. There is also a phone number and email address for inquiries; at this point, they are inconsequential. You cannot trust any information Brokersfxt offers.

In a different setting (legitimate broker), we would laud the inclusion of phone and email addresses as they indicate a solid customer support service. You are confident of instantaneous help for pressing matters like password reset, login challenges, or withdrawal delays. Not so for lawless brokers. Indeed, we suspect that shady brokers only give their contacts, so you contact them. Doing so will provide them with the one thing they need-a room to manipulate you!

Deposit & Withdrawal Policy

The broker only accepts crypto deposits via Bitcoin or Ethereum; how convenient! Brokersfxt is limiting your choices to cryptos for a reason. First, crypto transactions provide anonymity as you cannot identify a crypto wallet recipient. This provides the perfect cover for their underhand operations. Also, crypto transactions are irreversible; you lose deposits immediately after your deposit.

When choosing brokers, select those conventional accepting channels ( e.g., credit cards) in conjunction with digital platforms such as e-wallets. More options give you room to choose the most convenient payment channel. Credit card transactions are transparent and qualify for a chargeback. However, if you must pay via crypto, do so to a regulated broker.

Regulation Status of Brokersfxt

Brokersfxt claims to be under UK’s regulation. Nothing could be further from the truth, as the UK has set a high bar for forex brokers. Indeed, we can dismiss these claims even without the FCA’s registry. First, the broker offers crypto services, which the FCA categorically forbids. Also, the broker’s leverage is a blatant breach of FCA’s capping.

To clear doubts, we checked with the FCA, and the broker was nowhere in the agency’s database. On the contrary, we discovered that the FCA had issued a warning cautioning the public against this broker. The FCA taking such a measure speaks volumes about the broker’s dented reputation.

We advocate for regulated brokers for a reason. These brokers maintain a minimum capital with respective bodies as an indicator of financial health and stability-no need to invest with a struggling broker. Similarly, most regulated brokers are part of the Compensation Fund, which insures investors against eventualities such as bankruptcy. Likewise, license brokers segregate investors’ funds to avoid misuse and offer zero balance protection to ensure accounts don’t overdraw. Knowing that you can seek mediation or take legal action against such brokers should also be a relief.

Trading Conditions

A genuine broker’s website recommends various trading accounts resonating with investors’ preferences. Also, you will get comprehensive descriptions of trading parameters, such as the leverage ratio, swap, commissions, minimum deposit, tradable instruments, order execution method, and spreads.

This broker has provided legal trading documents. So what will you be consenting to when signing up? Agreeing to undisclosed terms is deliberately putting yourself in a fix. Much material information is also missing, including the minimum deposit, spread, and applicable fee. It is creepy and unbecoming when a broker omits details instrumental in decision-making. No?

The leverage swings both ways; the more it increases your profit prospects, the more it magnifies your losses. Subsequently, adjusting your leverage setting requires a judicious mix of optimism and restraint. You can invest with regulated brokers as they comply with leverage restrictions. For instance, the FCA, CySEC, and ASIC-regulated brokers observe the 1:30 capping, while CFTC and IIROC- monitored brokers abide by the 1:50 limit. Brokersfxt offers a  1:500 leverage, a prohibitively high level that makes you vulnerable to excessive losses. 

Brokersfxt Trading Platform

The forex market moves quickly; thus, it’s essential to have current knowledge when making trading selections. Ensure that you have a fast internet connection. Pick a broker that gives you access to the most significant technical analysis and charting tools. Also, go for a broker that enables traders to place orders directly on the charts and offers free access to professional charting services.

The MT4 / MT5 trading platforms have cutting-edge technology that ensures investors get optimal value from trade. In particular, the MT4 has a robust charting package and an intuitive interface. Moreover, the software has excellent customizability, auto-trading and copy options, several technical analysis tools, and multiple timeframes. Likewise, the MT5 offers all MT4 features and additional market depth. In addition, the software has a built-in economic calendar, email services, and partial order fulfillment. With such fascinating features, it is no wonder the two are used as trading yardsticks.

Brokersfxt assures investors of an award-winning trading platform. However, it doesn’t cite any specific software. We could not verify the program because it was challenging to create a new account.

Some fraudulent brokers trick their victims into believing their money is being invested in the money markets using rigged trading software. We cannot completely rule out the possibility that this broker is culpable of the same, given that it is a dodgy broker.

Verdict

Despite Brokersfxt being a licensed broker, we didn’t like it since it’s a bit economical with information. Although we recognize that it complies with one of the most respected agencies, it has withheld some crucial information.  Investment in the forex market is too delicate to choose anything less than optimal. You shouldn’t commit yourself to this broker because there are many other legit forex brokers that are straightforward.

 Regulated or not, brokers must be forthright about pertinent information, such as trading conditions/platform and applicable charges. This broker doesn’t give you that so that you can explore more options. Seek brokers who are transparent about everything you want to know.

 

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