FxEthos Review by professional Forex trading experts the “ForexSQ” FX trading team, Finding out everything you need to know about the broker is in this FxEthos Review.
FxEthos Review
fxEthos is a company which allegedly offers forex trading through a single account type. Islamic (swap-free) accounts are also offered. The company has had some issues in the past, which we will mention in this review.
The Company. Security of Funds
Company Country Regulation
Ethos Capital Ltd. New Zealand None
fxEthos is a trademark of Ethos Capital Ltd. which used to operate from New Zealand. That being said we are not exactly certain what the current legal status of the company is, but they appear to be in liquidation. With that in mind, we are not sure who if anyone is running the website, but it is very likely to be a scam.
Furthermore, there were warnings from the UK’s FCA and New Zealand’s FMA against the company. There were also threads on several forums regarding the situation.
At this point it would not come as a surprise, that we don’t recommend this broker. Generally financial regulation is a key issue for us, but in this case the situation appears to be bad beyond that.
Trading Conditions
Minimum Initial Deposit
fxEthos has not mentioned a minimum deposit requirement on its website. This is generally not the norm, as companies mention as much as possible on their website. That being said, this should not be the key factor when choosing your forex broker.
Average spreads & Commissions
fxEthos offers floating spreads, starting from 2 pips on EUR/USD, according to their website. The industry average is 1.0-1.5 pips for EUR/USD. We have set up a real-time comparison of the spreads offered by some of the leading brokers, which you can check out here.
Leverage
fxEthos offers a maximum leverage of 1:200. This is in line with the current offers by other brokers. Some even go further, offering 1:500 or even higher levels.
You may be aware of this, but we must mention it – higher leverage can be very dangerous for your capital. Higher leverage allows you to enter much bigger positions than you could otherwise, which can lead to serious losses, if you do not manage your risk properly. This is the reason why US regulators have set the cap on leverage offered to retail clients at 1:50.
Trading Platforms
fxEthos allegedly offers MetaTrader 4 (MT4) to its clients. It is a solid forex trading platform, which is preferred by many brokers and traders alike. Other than its, great charting capabilities, It offers the world’s most popular automated trading environment. If you are interested in automated systems, you may check some of our reviews of Expert Advisors.
Methods of Payment
At the time of writing of this review, fxEthos offers only Credit Card transactions as a payment method. This is another red flag for us, not that we needed it at this point.
The Broker is not a safe forex broker, Instead you can use Plus500, XM, eToro, Fxpro or AvaTrade forex brokers.
FxEthos Review Conclusion
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