SFX Markets Review
Clients of SFX Markets have many account options. All of them offer leverage up to 1:100 and micro tradeable lots and traders can choose between STP and ECN execution, fixed and variable spreads, and several platforms.
Besides, there is a special Islamic account with this broker that is swap-free and Sharia-compliant. Also, SFX Markets offers a unique social trading investment service, called SFX Trade Leaders. It is available on Invest.TL account and allows successful traders’ transactions to be duplicated in investor accounts for a commission paid to the trader.
In addition, SFX Markets provides FIX API account, but one has to invest at least $100,000 in order to connect directly to liquidity providers and significantly improve trade execution speed on the broker’s in-house SFX Trader Pro and SFX Prime Trader platforms.
In fact, the fixed spreads offered by SFX Markets are above average – amounting to 2.5 pips, while most fixed-spread brokers offer 2 pips spread. Trading costs on the ECN accounts are at least 1.5 pips (involving a spread of 1.0 pips and a commission of $5 per standard lot), which also is above the average for the market.
By comparison, another offshore broker, FxChoice, offers average spreads of 0.5 pips plus commission of $7 round trip on its ECN accounts. For further information and comparison, you may look up the real-time spreads of 15 leading brokers here.
The Company. Security of Funds
SFX Global Ltd.
Founded in 2011, SFX Markets is an offshore broker that offers trading in around 30 currency pairs and precious metals on the popular MT4 and its proprietary SFX platforms.
According to the broker’s website, SFX Markets’ brokerage model is built on the execution of customer transactions directly to the market by the use of Straight Through Processing (STP) technology.
The company behind the brand is SFX Global Ltd., which is registered as International Business Company (IBC) in St. Vincent and the Grenadines.
IBCs in SVG are not obliged to meet capital adequacy requirements, to keep client money in segregated accounts, nor to arrange a compensation scheme in the event of insolvency. Registration procedure is fast and inexpensive and supervision of brokers is liberal.
In other words, trading with an offshore broker is a risky business. That is why we generally advise traders to invest their hard-earned money in a broker licensed in UK, Cyprus, or Australia for instance, where traders have certain level of protection and financial watchdogs are on alert.
SFX Markets offers its clients the most popular front-end application in the forex industry – MetaTrader 4 (MT4), desktop and mobile versions available, as well as its proprietary platforms. However, SFX Trader Pro and SFX Prime Trader are available only to FIX API account holders with investment of at least $100 000, so we will not discuss those platforms in detail.
SFX Web is an innovative trading solution that provides enhanced access to trading account reports and statistics via the SFX Private Office. It offers account access through any Web browser (including those on mobile devices), enhanced reports and statistics, account stop loss feature, and others. Unfortunately, we couldn’t try out the platform, as demo account is not available on SFX Web.
The MT4 Terminal is a perfectly equipped workplace that allows you to trade in the financial markets (Forex, CFD and Futures). It provides the necessary tools and resources to analyze price dynamics of financial instruments, make the trade transactions, create and use automated trading programs (Expert Advisors).
Methods of Payment
SFX Markets offers its clients the following payment modes: credit/debit card (Visa, MasterCard), bank wire transfer, and e-wallets Neteller, as well as SFX Debit Card.
The SFX Debit Card connects directly to your ePayments account that is provided by the Electronic Payments Association.
SFX Markets is an offshore forex broker that offers various trading and technology solutions to its clients. Its main disadvantage is the loose regulation and the fact that trading costs on basic accounts are above average.
SFX Markets Review Conclusion
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