FXPace is an offshore broker that offers currencies and CFDs on various assets. FXPace offers 3 types of accounts, with different spreads, leverage from 1:1 to 1:500, and the Metatrader4 platform to trade. The downside is that this broker does not have a legitimate license. So, if you are thinking about opening a trading account, I advise you to read this review to the end.
Fxpace broker offers 3 different account types to its clients. Below we detail the characteristics of each one:
Standard Account: Spread in EUR / USD from 1.1 pips. The initial minimum deposit is USD 100. Leverage is flexible, from 1:1 to 1:500. The base currency of the account can be in EUR, USD, and Bitcoin. The minimum trading size is 0.01 (micro lot).
Professional Account: Spread in EUR / USD from 0.7 pips. The initial minimum deposit is USD 2,000. Leverage is flexible, from 1:1 to 1:500. The base currency of the account can be in EUR, USD, and Bitcoin. The minimum trading size is 0.01 (micro lot).
Elite Account (VIP): VIP Spreads but they do not specify. The initial minimum deposit is USD 25,000. Leverage is flexible, from 1:1 to 1:500. The base currency of the account can only be USD. The minimum trade size is 0.01 (micro lot).
This broker also has the possibility to create MAM accounts.
Metatrader4 is the platform available with Fxpace. It is good news that we talked about the most accepted platform and used by traders around the world. The reasons are simple, it is a fast, light, and reliable platform. You can automate strategies, it has a multitude of market indicators and very versatile advanced graphics.
Fxpace allows leverage of up to 1:500. It is high leverage as and will surely appeal to many traders despite the higher risk that such high leverage means. Note that the European Securities and Markets Authority (ESMA) limited the maximum leverage in currencies to 1:30. This fact left Australia as the last major regulatory center, where it is still possible to trade with high leverages without restrictions.
With this broker, you can start trading from 0.01 lot (micro lot). It is good to be able to start trading from such a small size to optimize the risks of trades.
This broker does not charge a commission for commercial transactions, the cost per transaction is given by the Spread (the difference between the purchase price and sale price of an asset).
Where we will always have an expense is in night financing if we leave open trades overnight. This is a small interest that varies according to the currency and can be negative or positive.
FXPace offers a wide range of currency pairs for trading in Forex. These include a massive number of currency pairs, several metals, as well as a variety of spot indices and commodities. Futures and cryptocurrencies are also included in the provided asset index.
Spreads range quite a bit and do vary by the asset. The lowest spread that we noted at the time of review was 0.5 pips where the largest was a massive 400 pips (on the EUR/CZK pair). After analyzing the spreads, we can confirm that they are higher than the average for the trading industry. And higher spreads than other more regulated brokers.
You can start trading with 100 USD. The minimum deposit required to start trading with this broker is USD 100, in line with what most brokers ask for for a first deposit.
DEPOSIT METHODS & COSTS
FXPace has multiple methods to make your deposit. E-wallets as well known as Neteller and Skrill are accepted as payment methods and this is a positive point. You can also use the main credit or debit cards (VISA and Mastercard), as well as bank transfer. At the moment this broker does not accept cryptocurrencies as a payment method.
WITHDRAWAL METHODS & COSTS
We understand that the withdrawal methods will be the same as those that can be used to make the deposits. Fxpace announces on its homepage that it does not charge any deposit fees or withdrawals.
WITHDRAWAL PROCESSING & WAIT TIME
The processing of withdrawals is not informed. Usually, in most brokers, the deadlines for withdrawals from e-wallets are fast and take no more than 1 day. Card withdrawals can take 2-5 days. The waiting times for bank transfers can vary greatly, depending on the country of destination, the currency used, etc.
BONUSES & PROMOTIONS
Fxpace broker currently offers two bonuses. One of them is 40% applicable to the first deposit. It also offers another 100% bonus. Both apply terms and conditions. The bond is never refundable, so the purpose of the bond is to increase the margin on the accounts so that you can trade in higher capital.
Bonuses should be observed with caution, normally their withdrawal conditions are quite difficult to meet. It should also be borne in mind that commercial bonds are banned in Europe, the reason being to minimize investment risks.
This broker also has an Introducing Broker program. Basically, if a customer succeeds in making new clients for this broker, he will be rewarded with commissions that are generated by operating them.
EDUCATIONAL & TRADING TOOLS
Fxpace broker does not have any educational area for its clients. The trading tools on the page are an economic calendar and Live Currency Rates.
To contact the customer service is available 3 ways, email, telephone, and a live chat, which at the time of this review was not operational, even though it supposedly works 24 hours a day.
- Tel: +44 (0) 20 3936 2181
FXPace broker offers us the possibility of downloading the Demo version of MT4 through a link on their website. We always say that it is necessary for a broker to provide us with a demo account to practice, know the functionality of the platform, and not risk our money. In addition, it offers Android and iOS versions for your mobile devices, smartphones, or tablets, in addition to the desktop version for your computer. FXPace does not report how much time we have to use the Demo account so we understand that it will be for an unlimited time.
FXPace does not offer its services to citizens resident in the following jurisdictions such as the United States, Iran, Cuba, Sudan, Syria, and North Korea.
Fxpace is the business name of Salvax Limited, registered in Bermuda, which also operates with 2 other brokers, Navitas Markets and Fxsuit. Salvax Limited is not licensed to offer its financial services on regulated markets in Europe, the United States, Australia, or Japan.
Remember the importance of the security of your investment in the Forex market. Such security can only be ensured by an official financial authority such as the Financial Conduct Authority (FCA) in the United Kingdom, the Australian Securities and Investments Commission (ASIC) or the Cyprus Stock Exchange. Commission (Cysec).
Advantages: It has MT4, It accepts various payment methods, you can raise leverage to 1:500, it has a multitude of assets to trade. No commissions for deposits or withdrawals
Disadvantages: Very high minimum deposit requirements for Professional and VIP account, offshore broker without regulation.