TradeFxP is a forex broker that has three types of live trading accounts: Mini, Standard and ECN. There is also a free demo account for test trading, but we could not open an account, despite our several efforts.
The Company. Security of Funds
Company Country Regulation
TradeFxP Ltd UK No
TradeFxP is a forex broker that is based in the UK, but is not regulated by the country’s financial markets watchdog FCA. According to the Companies House registry, it was incorporated in October 2015 with a capital of GBP 1. The latest statement filed with Companies House shows that the broker still has a capital of GBP 1. Then it is not strange at all that TradeFxP is not regulated by FCA, which requires that a broker has at least GBP730 000 as own capital. It is strange, however, that a broker can operate with a capital of just GBP 1.
There are many such unregulated brokers, but one should have in mind they, even those who claim to be based in the UK, pose a significant risk for clients. They do not stick to any requirements like keeping client funds in segregated accounts and more often than not, their clients lose all their funds, when the company goes bankrupt or its owners simply make off with their clients’ money. Preferably, you should do business with regulated brokers.
There has also been a warning from Belize’s regulator, the International Financial Services Commission (IFSC) that TradeFxP was presenting a false license. We could not find the license, which makes us think that it has been removed since.
TradeFxP offers the most popular MetaTrader 4 (MT4) in its desktop and mobile versions. There does not seem to be an option to use its web version, without having to download and install it.
MT4 is widely used by the brokers, as it is stable, user friendly and the traders are familiar with it. It is rather functional with its numerous options, tools and its well-developed third party connectivity.
TradeFxP offers runs several types of promotions. One is a deposit bonus of up to 30%. There is also a rescue bonus and a tradable bonus. All of them are subject to a set of various conditions.
Methods of Payment
TradeFxP accepts client deposits through bank wire, credit cards and the electronic payment systems Neteller, Skrill, FasaPay and Trasuz. This is a fairly decent selection of funding options which probably cover the needs of the majority of the broker’s clients.
TradeFxP is an unregulated forex broker based in the UK. It seems to be a proper and legitimate broker, but the fact that it has a capital of GBP 1 is rather disturbing.
Like we constantly repeat, unregulated brokers should be avoided at all costs. There are many FCA-regulated brokers with similar trading conditions to choose from. Dealing with regulated brokers is definitely less risky, but risky nevertheless.
TradeFxP Review Conclusion
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