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CHAMPION FX Review

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Launched by former General Manager of ThinkMarkets Australia Athol Nourse, Championfx is a Vanuatu offshore broker. Champion FX is a Forex broker, which also offers trading with CFDs on Indices and Metals. Binary options trading is also available with this broker.

ChampionFX is fully regulated by the Vanuatu Financial Services Commission (VFSC). Its registered office is located at Govant Building, Port Vila, P.O. Box 1276, Vanuatu, Republic of Vanuatu. Champion Group Ltd. is also registered with the Financial Intelligence Unit (FIU) of Vanuatu for compliance with the Anti-Money Laundering rules of the VFSC.

Like most tax havens, Vanuatu does not have rigorous requirements for registered brokers. Below we will see in detail the most important aspects of this broker in this review.

ACCOUNT TYPES

Champion FX offers its customers 2 different types of accounts, the standard account, more aimed at a beginner trader, and the advanced account, more suitable for a professional trader or with more experience in the financial markets. The following are the main features of each of the accounts:

We can observe that the differences between both accounts are in, the leverage, with the possibility of being higher in the standard account, the spread, lower in the advanced account, the number of assets available, which is more significant in the advanced account, as well as the maximum trade size that is greater also in the advanced account.

The broker also offers to trade with Binary Options, and has two accounts for it, a virtual one, where the customer has no risk, is a suitable account to learn and practice before putting money at risk, and another account to trade from 5 USD per prediction.

PLATFORMS

Championfx is among the Forex brokers that are starting to offer the successor of the popular MT4 platform; we talk about the Metatrader 5 platform (MT5), which is the platform chosen by the broker to trade with his assets. Although launched several years ago, MT5 had until recently been in the shadow of its predecessor MT4. However, since the introduction of the hedging option in spring 2016, it is gaining popularity, and a growing number of brokers are offering it.

MT5 is more advanced than MT4, and also has most of the known features of its predecessor. MT5 also allows trading with futures, options, and stocks, in addition to CFD and Forex. Additionally, Championfx offers its own Champion Trader platform, which is designed to trade binary options.

LEVERAGE

Champion FX offers a 1: 500 leverage for the standard account, and a 1: 100 leverage for the advanced account. For the riskiest traders, the broker offers the possibility to adjust leverage, at the customer’s request, to levels as high as 1: 1.000.

TRADE SIZES

The minimum trade size for currency pairs is 0.01 lots (micro lot). It is a good thing that brokers allow micro-lots to be traded, so beginners can trade with little volume and thus keep their risk under control. The maximum trade size is 10 lots for the standard account and 50 lots for the advanced account.

TRADING COSTS

In addition to the spreads, which are already detailed in the corresponding section, the broker announces that he does not charge commissions for trading. The other cost we have to take into account is the Swap or Overnight Financing, which is any position held overnight, which will incur a maintenance cost (interest). This amount can be negative or positive depending on the instrument and the direction of the position, and its amount is fixed by the central banks of the base currency of the open position.

ASSETS

The list of currency pairs offered by Champion FX for trading is not very extensive, below are detailed all available assets:

Forex: EUR/USD, GBP/USD, USD/CHF, USD/JPY, USD/CAD, AUD/USD, AUD/NZD, AUD/CAD, AUD/CHF, AUD/JPY, EUR/GBP, EUR/AUD, EUR/CHF, EUR/JPY, EUR/NZD, EUR/CAD, GBP/CHF, GBP/JPY, and NZD/USD.

Indices: AUS 200 Australia 200, JP 225 Japan 225, IND 30 India 50, ESP 35 Spain 35, EUR 50 Euro 50,  FRA 40 France 40, GBP 100 UK 100, NED 25 Netherlands 25, ZAF 40 South Africa 40, DAX 30 Germany 30, CAN 60 Canada 60, US 30, US 100, and US 500.

Metals: XAU/USD Gold vs US dollar, XAG/USD Silver vs US dollar, XPD/USD Palladium vs US dollar, and XPT/USD Platinum vs US dollar.

SPREADS

Champion Fx reports that spreads available for the pair EUR / USD is 1.2 pips in the standard account, and 0.9 pips in the advanced account. Since we have not had access to a demo account, because the broker does not offer it, we have not been able to check the spreads on this and other currency pairs. In any case, if the announced spreads are real, we must say that they are quite good spreads.

MINIMUM DEPOSIT

Champion FX does not require any specified amount as a minimum deposit, so we can open a trading account with very little money to meet the broker, the platform, and practice before depositing more significant amounts of money.

DEPOSIT METHODS & COSTS

The broker makes available to its customers a wide variety of deposit methods. The list of available methods is as follows:

All deposits are free of commission from Champion FX. We have to keep in mind that if we choose the bank transfer as a deposit method our bank can charge commissions for the issuance of the same.

WITHDRAWAL METHODS & COSTS

For withdrawals, we have the same methods as for deposits. Let us remember that withdrawals must be made by the same method by which the deposit was made. Below we detail the methods, as well as the minimum and maximum amount allowed and the waiting time.

Champion FX says on their website that withdrawals are exempt from any kind of commission on their part.

WITHDRAWAL PROCESSING & WAIT TIME

The broker undertakes to process the withdrawals within 1 business day, and the waiting times for the various withdrawal methods are already reported in the previous section.

BONUSES & PROMOTIONS

We have not found any bonuses or promotions on the Champion FX website at present. The broker has an Introducing Broker program. What is it? This program is made to reward individuals or companies who refer new clients, and open trading accounts with DV Markets. Every time one of the clients you have indicated to perform a transaction, your account will be rewarded in real-time. There is no limit to the number of clients or transactions that may be paid.

EDUCATIONAL & TRADING TOOLS

We have not found on the broker’s website any educational content or tools useful to the trader. We always comment that at the very least, we require a broker to have in his webpage an economic calendar, a handy tool for the trader because in it, you will be able to consult the most relevant daily events, and that can affect the assets with which he is trading.

CUSTOMER SERVICE

To get in touch with Champion FX’s customer service we have mainly 2 ways, telephone, and e-mail, as the broker’s page does not have a contact form or live chat. The data collected are as follows:

Registered address:

Govant Building, Port Vila, P.O. Box 1276, Vanuatu, Republic of Vanuatu.

Phones:

  • Indonesia 001 8030 113641 (Toll Free)
  • Russia 8 10 8002 8553011 (Toll Free)

Emails:

  • General inquiries: support@champion-fx.com
  • Partnership opportunities: partners@champion-fx.com
  • Affiliate programme: affiliates@champion-fx.com
  • New accounts: accounts@champion-fx.com
  • Trading: risk@champion-fx.com
  • Disputes and complaints: compliance@champion-fx.com
  • Introducing Broker (IB) programme: ibsupport@champion-fx.com

DEMO ACCOUNT

We regret to report that this broker does not provide a demo account, which we consider to be bad news and a negative point for Champion FX.

COUNTRIES ACCEPTED

This broker has a long list of excluded countries that cannot open an account with him. ChampionFX is not available to residents of Australia, Costa Rica, Bosnia and Herzegovina, Democratic People’s Republic of Korea (DPRK), any European Union country, Guyana, Hong Kong, Syria, Iran, Iraq, Japan, Jersey, Malaysia, Uganda, USA, Ethiopia, Vanuatu, and Yemen.

CONCLUSION

Championfx is another offshore broker. It offers two types of accounts, each oriented to a beginner or expert trader. The platform available for trading is the MT5; this is good news as it is an excellent platform with a multitude of functions, and that will satisfy any trader. The broker offers leverages between 1:100 and 1:500 depending on the account, although it is flexible and can adapt the leverage, at the request of customers, to a level of 1:1000, which we consider too high leverage. You can trade with micro-lots (0.01 lots), and trading costs are quite attractive, with good spreads and no commissions to trade.

Regardless of the ability to trade binary options, this broker offers trading with Forex, Indices, and metals. The list of available currency pairs seems to us a little thin. Champion FX does not require a minimum deposit to open an account, and the methods for both deposit and withdrawal are varied.

We lack an educational section as well as useful tools for the trader as an economic calendar, for example. Nor have we liked that the broker does not make a demo account available to his clients, although not requiring a minimum deposit, we can deposit 10 USD and practice in a real account.

Below is our summary of the advantages and disadvantages we find in Champion FX:

Advantages:

  • MT5 platform is available
  • No minimum deposit required
  • Possibility of high leverages
  • Attractive spreads and no commissions to trade
  • Wide variety of deposit and withdrawal methods

Disadvantages:

  • Regulation in Vanuatu
  • No demo account available
  • It has no educational content or tools useful for the trader
  • The list of currency pairs available for trading is scarce

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