Trade WFX Review
Trade WFX appears to offer a single account type that is commission-free with leverage up to 1:400. Actually, this broker does not provide detailed information on its trading conditions and accounts. It does not provide free demo accounts either.
This immediately raises a red flag, as all decent brokers have transparent pricing policy and provide this information clearly on their websites. Besides, we find the initial investment of $200 required too high for a forex brokerage that is not regulated.
By comparison, one may open an account with global forex broker and spread-betting provider IG with just $1 and use average spread of 0.6 pips on EUR/USD. Why waste your time and money with companies with questionable reputation like Trade WFX.
The Company. Security of Funds
According to the information published on its website, Trade WFX is based in London, UK and offers trading in forex and various CFDs on the ever popular MetaTrader4 platform. Allegedly founded in 2009, the broker also claims to utilize STP execution and to provide Negative Balance Protection. We doubt that any of this is true, as the broker also makes obviously false claims of UK regulation.
We checked in the online public register of UK’s Financial Conduct authority and no such company is present there. In addition, we found there is a Guilty Traders Court vote against this company at the Forex Peace Army forum, so you’d better stay away from Global Investment House Limited and Trade WFX. The company operates another forex brokerage brand, called ZX Markets.
If you want to trade with a reliable broker that is duly regulated in the UK, you may check out a list of such companies at Topforexbrokers.com website.
Like most brokers, Trade WFX supports the widely used MetaTrader 4 (MT4), available as a desktop download, web version and mobile trading apps.
MT4 is the preferred trading software of most traders and that is why it is offered by the majority of brokerages. The platform provides all the necessary tools a trader needs: top-notch charting, wide range of built-in indicators, Expert Advisors and back-testing options.
Methods of Payment
Trade WFX offers its clients redit/debit card, wire transfer, and Neteller and Skrill as payment methods.
A London-based broker, Trade WFX claims to be regulated in the UK, which is not true, and a number of other things, which are most likely not true either: STP execution, negative balance protection, etc.
Trade WFX Review Conclusion
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