FXMarvel Review by professional Forex trading experts the “ForexSQ” FX trading team, Finding out everything you need to know about the broker is in this FXMarvel Review.
FXMarvel Review
FXMarvel offers several account types. All of them provide variable spreads, micro tradeable lots and access to MetaTrader 4 platform. The commission-free accounts offer high leverage levels, reaching 1:500, while the ECN/STP one offers more reasonable margin trading with lower spreads that feature commission fees. Sadly, the exact amount of the commission is not specified by the broker.
Keep in mind that FXMarvel does not accept as clients residents of the US, Nigeria, Iran, USA, Cuba, Sudan, Syria, North Korea, as well as such from restricted and/or OFAC sanctioned countries.
The Company. Security of Funds
This broker seems to have a rich product portfolio, including CFDs on forex, stocks, indices, commodities and ETFs. The company behind the brand is registered with The Financial Services Authority (FSA) of St. Vincent and the Grenadines. Despite FXMarvel’s claims to be “a fully-licensed member of the FX community”, we have to say that registration in some offshore island has nothing to do with proper regulation such as the one forex brokerages in the UK face, for example.
UK’s Financial Conduct Authority (FCA) requires frequent reporting from the licensed companies, segregation of client accounts, maintaining net tangible assets of at least £730,000. More importantly, all FCA-regulated brokers participate in the Financial Services Compensation Scheme (FSCS). Basically, this is a collective pool, which collects payments from brokers and later serves as a guarantee, if any of them goes bankrupt. The FSCS covers claims up to £50,000 per account.
As none of these requirements apply to brokers registered with SVG’s FSA, if you choose to invest with FXMarvel or any other offshore broker, your funds are not safe.
Trading Conditions
Minimum Initial Deposit
There minimum deposit at FXMarvel is $50. This is a low entry level, yet other brokers offer even lower levels. For example, you can open an account with like the FCA-regulated IG with as little money as you want.
Average spreads & Commissions
Spreads at FXMarvel start from 1.8 pips on EUR/USD, which is a relatively wide level. Even if you make an initial investment of $500 and use the Premium spreads, these are also above the average in the industry (1.0-1.5 pip range on EUR/USD). For more detailed information, look up our spread comparison page.
Leverage
The maximum leverage ratio available with FXMarvel is 1:500, which is quite high and risky. Nonetheless, a lot of forex brokers provide similar or higher leverage levels. This, of course, does not mean one should use the maximum provided by the broker.
Trading Platforms
The trading platform provided by FXMarvel is MetaTrader4 (MT4). This is the case with most forex brokers, as this platform has become the industry’s standard. It has proved to be reliable, and besides, the MT4 has everything a trader needs: good charting, wide array of analysis indicators, automated strategies (a.k.a. Expert Advisors), enhanced back-testing, social trading options, etc.
Unfortunately, FXMarvel does not offer a free download of their platform and we also could not register a free demo account and test their MT4.
Methods of Payment
Payment methods with BelFX are limited to Bank Transfer, Credit Card and e-wallets Skrill, Neteller and WebMoney. FasaPay, China UnionPay and MegaTransfer.
FXMarvel is a young forex and CFD broker based in SVG. Its trading conditions are nothing special, with spreads being slightly wider than the current industry average. The main problem with FXMarvel is the fact that it is not reliable due to its offshore registration. Besides, it does not provide free demo accounts
The Broker is not a safe forex broker, Instead you can use Plus500, XM, eToro, Fxpro or AvaTrade forex brokers.
FXMarvel Review Conclusion
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