Clients of WithFX are offered a choice of 3 account types, depending on the initial deposit amount. All of them offer variable spreads and leverage up to 1:500 on the MetaTrader 4 platform. Micro tradeable lots are available solely on the Lite account.
Overall, WithFX’s offerings appear attractive: low minimum initial deposit, high leverage levels and competitive spreads. However, when we downloaded the platform, we found out that the spread on EUR/USD is 2 pips, which is far from being competitive. Worse still, the situation with this broker seems complicated and that is why we cannot recommend it.
The Company. Security of Funds
With You Limited
According to the information on its website, WithFX is a forex and CFD broker founded in 2013 that is regulated in New Zealand and also has offices in Australia and China.
The brand is owned and operated by With You Limited, a company that used to be licensed in New Zealand, but was deregistered from NZ FSPR in June 2015 and currently it is not regulated by any authority.
Furthermore, there are six licenses from different regulators mentioned on the broker’s website, which belong to BMFN – WithFX’s trading partner that provides the MetaTrader 4 platform for them. And indeed, when we downloaded the MT4, it is provided by Boston Merchant Financial (BMFN) an international company with the head operations in Russia and offices across the globe.
Meanwhile, there are a number of legal documents uploaded on WithFX’s website, such as Client agreement and Risk Disclosure Statement, which bear the logo of another broker – Tradeview Markets, registered in the Cayman Islands.
Maybe after WithFX was deregistered from New Zealand Financial Service Providers register, the company sold the website and became an Introducing broker of BMFN, but we don’t know – the information provided is confusing and the broker obviously makes false claims. Until the situation with WithFX clears up, we would advise you to stay away from it, as Investing in an unregulated broker is a risky business.
As we have already mentioned, WithFX supports the good old MetaTrader 4 platform. MT4 8is globally popular for it offers a number of technical indicators, extensive back-testing environment, advanced charting tools and trading automatization options with the most commonly used trading robots (EAs).
Clients of WithFX who deposit over $500 are entitled to bonuses from $100 up to $10 000.
Methods of Payment
WithFX offers payments via bank wire transfer, credit/debit cards, as well as popular e-wallets Skrill, Neteller, WebMoney, OKpay, Perfect Money, CashU and FasaPay.
WithFX Review Conclusion
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