FXTrade777 offers wide range of live trading accounts: the above listed, as well as a VIP and Islamic ones (the latter involves no no swaps or rollover in order to be Sharia-compliant). However, we could not register a free demo account with this broker.
The broker offers only fixed spreads and admits to act as a Market Maker (in its Terms and Conditions), which creates a potential of conflict of interest. Besides, FXTrade777’s spreads are very high, above 2.5 pips on EUR/USD on both Micro and Standard account types, while most fixed-spread brokers offers spreads of 2 pips for this currency pair.
With CySEC-regulated easyMarkets, traders can even use spreads fixed at 1 pips on EUR/USD, and more importantly, benefit from this brokers Deal cancellation option, which is an excellent risk management tool.
The Company. Security of Funds
FXTrade777’s instrument list includes forex, CFDs on commodities, indices and stocks. Like most brokers, it uses the ever popular MetaTrader 4 platform. The company operating the FXTrade777 brand and website, Silver Wolf Limited, is registered on the Marshall Islands – a popular offshore destination, where forex brokers are not regulated.
This means that no authority is overseeing their activity, no client protection rules apply, and such brokerages are basically free to do whenever their want with your money.
Why investing in offshore brokers is risky?
So, we generally advise traders to avoid offshore companies and choose well-established brokers with solid regulation instead – for instance, such licensed by UK’s FCA or the ASIC.. Apart from all the risks associated with doing business with such, many of those brokers are pure scams. That being said, FXTrade777 might as well be one of them. Italy’s financial regulator CONSOB has issued a warning against five forex brokerages, including FXTrade777 and besides, the broker’s reputation appears pretty bad. There are a number of traders claiming that FXTrade777 is a scam in popular forex forums and sites. Some suggest that the people running this fraud are the same that also operate Vortex Assets, another offshore broker, which appears to be scam, considering the large number of negative comments on our website.
Similarly to many other forex brokers, FXTrade777 offers the renown MetaTrader 4 (MT4) trading platform, available as desktop, web and mobile versions.
The platform has been on the market for over 10 years and is preferred by brokers and traders alike for its ease of use, various types of orders, great charting and technical analysis tools, and automated strategies (Expert Advisors). Besides, the MT4 offers wide range of third-party applications compatible with it.
When we downloaded FXTrade777’s MT4, we noticed yet another disturbing fact, apart from not being able to log in as a demo user. The platform is provided by a company called FXTrade Index limited, instead by Silver Wolf Limited, which is supposed to operate the brand.
Also, algo trading with FXtrade777 inviolves additional fees – 25% of the client’s profit is deducted as compensation for the service.
FXTrade777 offers on-deposit bonuses from 30% to 100%, depending on the clients’ initial investment. The bonuses are subject to special conditions and volume requirements.
Methods of payment
FXTrade777 supports bank transfers, credit/debit cards payments methods, ias well as e-wallets such as Skrill, Neteller, POLi, and Sofort. The broker charges commissions on deposits and withdrawals.
Like we already said FXTrade777 is an offshore broker and Market Maker. Worse still, there are many user reviews suggesting that this broker is a scam. Even if FXTrade777 is not a scam broker, the chances of making a profit using high fixed spreads with Market maker are not so good, to say the least. There are reliable and regulated brokers with much better conditions and richer proiduct portfolios.
FXTrade777 Review Conclusion
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