Home Forex Brokers FXTRADING.com Review

FXTRADING.com Review

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As required by Australian law, FXTRADING.com (formerly Rubix FX) is the registered name of Gleneagle Securities Pty Ltd. Gleneagle Securities Pty Ltd holds ASIC license No. 337985. All client funds are stored in the segregated account of AA-rated Westpac Bank, in accordance with strict additional requirements and standards, to ensure that customer funds are protected at the highest level.

Founded in 2014, FXTRADING.com is a broker with more than 70 currency pairs, several CFDs, and precious metals for trading on the popular MT4 platform. FXTRADING.com is the registered trade name of Gleneagle Markets Pty Ltd and Gleneagle Markets Pty Ltd, which are authorized corporate representatives of Gleneagle Securities Pty Limited, a company that is regulated by ASIC. Gleneagle Securities is an institutional broker that offers its liquidity to Global Prime and FXTRADING.com.

ASIC requires licensed companies to meet specific requirements and meet several standards. Client funds should be kept in segregated accounts separate from the broker’s operating account. According to the FXTRADING.com website, customer funds are held in a segregated account at Westpac Banking Corporation.

As for minimum capital requirements, Australian foreign exchange brokers must have at least $ 1 million to trade legitimately. By comparison, the FCA in the UK and Cysec in Cyprus require brokers to hold at least EUR 730.000 and EUR 1.000.000, respectively. However, unlike European regulators (based in Cyprus and the UK), Australian brokers are not guaranteed by any compensation scheme.

ACCOUNT TYPES

FXTRADING.com has 4 different account types to offer to its customers. These accounts have a maximum leverage of up to 1: 400, variable spreads, and the option to trade in micro-lots. The standard account has no commissions, while the rest of the accounts offer tighter spreads and a commission for an ECN business environment.

Standard Account: Spread from 1.0 pip. Aggregated liquidities from over 20 commercial Banks. Fast Market Execution Trading. Minimum deposit $ 200. Minimum trading volume 0.01 lots. Maximum Leverage 1: 400. Direct Trading Execution Model. Supporting all major currency pairs. Allow EA/hedge strategies. Accessible with auto trade tools. Order directly processed by the inter-banks.

Professional Account: No Commission. Ultra-fast Trading Execution Technologies. Multi-bank Liquidity. Level II Pricing – Market Depth. No Restrictions on Trading. Minimum deposit $ 500.

PLATFORMS

This broker supports the industry’s most popular trading platform, Metatrader 4. MT4 provides all the tools and features that a trader needs: a wide variety of technical indicators, an advanced graphics package, a tasty variety of Expert Advisors, and a comprehensive testing environment with historical data. 

If you are running an EA, it is very important that your platform is connected to a server 24 hours a day. The best option, in this case, is hosting on a VPS (Virtual Private Server) and FXTRADING.com offers this solution for its customers through an agreement with Beeks FX. The expenses of a VPS vary from USD 29 to USD 98 per month, depending on the volume of operations.

Also, FXTRADING.com customers who wish to trade copies can use the Myfxbook Autotrade. Autotrade is a third-party technology made available to FXTRADING.com customers through the Metatrader 4 application. Myfxbook manages duplication service or commercial copy technology.

LEVERAGE

FXTRADING.com customers are eligible for a leverage of up to 1: 400, which is considered high, as standard leverage is set at 1: 100. Higher leverage implies a higher risk of loss, although it can also lead to succulent profits. Leverage is an element that you have to know how to control.

TRADE SIZES

The trade size offered by FXTRADING.com for all your accounts is 0.01 lot (micro lot).

TRADING COSTS

FXTRADING.com spreads on standard accounts are within the average of 1.0 – 1.5 pips in EUR/USD, starting from 1.0 pips. However, spreads on ECN accounts are really good, averaging 0.3 pips in EUR/USD and involving a $2.5 commission per lot traded. In summary, the trade costs for these account holders amount to about 0.8 pips per lot for this pair, including commission, which is an excellent price. Although you have to keep in mind that you must invest at least $ 1000 to qualify for these spreads.

Another cost to consider is the Swap, a cost that you will have with all the brokers unless you have an Islamic account that lacks them. The Swap 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

With FXTRADING.com we can trade with Forex, Indices, and Commodities. Here is the listing of all the assets we can trade with this broker:

Forex: AUDUSD, EURUSD, GBPUSD, NZDUSD, USDCAD, USDCHF, USDJPY, AUDCAD, AUDCHF, AUDJPY, AUDNZD, EURCAD, CADCHF, CADJPY, CHFJPY, EURCHF, EURAUD, NZDCAD, NZDCHF, NZDJPY, EURGBP, GBPNZD, EURJPY, EURNOK, EURNZD, EURSEK, SGDJPY, USDCNH, USDDKK, USDHKD, GBPAUD, GBPCAD, GBPCHF, GBPJPY, USDSEK, USDSGD, USDTRY, USDZAR, USDDKK, USDHKD, USDNOK, AUDSGD, CHFSGD, EURDKK, EURHKD, EURPLN, EURSGD, EURTRY, EURZAR, GBPNOK, GBPSEK, GBPSGD, NOKJPY, NOKSEK, USDHUF, USDMXN,  USDPLN, and AUDSGD.

Indices: AUS200, DE30, ES35, France 40, JP225, STOXX 50, SWI20, UK100, US30, US500, and USTEC.

Commodities: XAGUSD, XAUUSD, BRENT, and WTI.

SPREADS

FXTRADING.com provides us with information about its spreads in Forex, Indices, and Commodities. The lowest spread we were able to find was 0.3 pips. Spreads were quite a bit higher than this on the rarer assets.  

MINIMUM DEPOSIT

FXTRADING.com requires its customers an initial minimum deposit of $200 to open a Standard Account, which is an average initial amount in the industry.

DEPOSIT METHODS & COSTS

FXTRADING.com puts different methods at the disposal of its clients to make deposits in the accounts. The methods available are:

Bank Transfer, Credit or Debit Card (Visa or Mastercard), Poli-Pay, and Neteller.

Bankcard, Poli-Pay, or Neteller deposits are instantaneous. Bank transfers take between 1 and 3 days to reach your account.

The broker does not report any fees for deposits.

WITHDRAWAL METHODS & COSTS

Withdrawals may only be made by bank transfer to an account in the name of the holder of the trading account. The broker does not charge a commission for withdrawals.

WITHDRAWAL PROCESSING & WAIT TIME

The process and waiting time for bank transfer withdrawals, which is the only possible withdrawal method, range from 3 to 5 business days.

BONUSES & PROMOTIONS

They currently have a promotion in which they apply a 10% bonus on the next deposit made by a customer. The promotion is not valid for Chinese citizens. It is necessary to meet the conditions of lots marketed that are not reported on the web.

The broker has an Introducing Broker program. What is it?

This program is made to reward individuals or companies who refer new clients, and they 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

FXTRADING.com has an analysis and education section. In it, we can find a Trading Training, which contains An introductory course, Trade analysis, Trading strategies, and MT4 tutorial. Another section with Advanced Techniques, The advanced strategy, Economic principles, and MT4 advanced.

It also has a gallery of e-books, in which we can find the following topics: What is the foreign exchange market, quickstart, Beginner’s strategy, Conceptual glossary, Global Exchange, Transaction psychology, Capital management, Market analysis, Basic technical analysis, advanced technical analysis, and advanced strategy.

It also has an updated economic news section and an economic calendar that we always consider of interest to the trader, because it appears the most relevant daily events and that can affect the trade of certain assets.

CUSTOMER SERVICE

To get in touch with FXTRADING.com customer service, we have 4 main routes, telephone, email, a contact form that you will find on the web, and a live chat. The data collected are as follows:

Phone: + 61 2 9099 4288  Fax + 61 2 9098 5067 

Email: support@rubixfx.com 

Level 27, 25 Bligh Street Sydney NSW 2000 Australia

DEMO ACCOUNT

Fortunately, FXTRADING.com offers a Demo account to its customers on the MT4 platform. Just fill in your personal data in a form, and the broker will respond in an email with the instructions for installation and use.

COUNTRIES ACCEPTED

FXTRADING.com is unable to open accounts for the following states and jurisdictions at this time, America (USA), Ontario Province inside Canada, North Korea, Vanuatu, and Iran.

CONCLUSION

FXTRADING.com is an Australian forex broker, well regulated by ASIC but without its own license. We have found the trading conditions to be quite useful. It has a tasty variety of 4 accounts in which you can start with a minimum deposit of 200 USD, which is a reasonable requirement. The leverage is up to 1:400, which seems to us very high, but the trader can lower it to 1:100 if he wants. It has an excellent educational area and tools for the trader. It currently has a promotion valid until the end of March 2020, in which they pay you 10% of your next deposit meeting specific requirements of the volume of trade. It is primarily a Forex broker, and the variety of currency pairs it offers is sufficient. It has the MT4 platform, which is always good news.

To summarize, here are the advantages and disadvantages concerning FXTRADING.com:

Advantages:

  • MT4 platform available
  • ECN environment
  • Low commercial costs
  • Trading copy platform (Autotrade) available
  • Good educational tools and of interest to the trader
  • Leverage up to 1: 400
  • It offers a Demo account

Disadvantages:

  • Does not have a license of its own (is an authorized representative)

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