FXB Trading Review

Country : United Kingdom

Max. Leverage : 1:1000

Demo account :

Foundation : 2017

Min. Deposit : 100 USD

US Clients :

FXB Trading operates as one of the ECN forex and CFD broker that offers different types of accounts. They claim to offer the option of trading cryptocurrency however we have some concerns about it.

FXB Trading Advandage and Disadvandage

Advandage
  • MT4 trading platform
  • Almost competitive spreads
  • Low minimum deposit
  • Many payment methods
Disadvandage
  • No regulation
  • Off-shore registration
  • Strange situation surrounding crypto

The Company. Security of Funds

FXB Trading is a brand that is owned by FAZCO CAPITAL LIMITED and is registered with St. Vincent and the Grenadines. We usually advise taking cautiousness in dealing with offshore companies. The company is an affiliate of The Financial Commission (FinaCom) an international, non-profit organization that assists in the resolution of disputes.

This being said, FinaCom doesn’t function as a regulatory body, in any way. Regulators are government-owned organizations, and are legally able to enforce lawful requirements on brokers that belong to them. A mediator in dispute resolution similar to FinaCom could assist traders in some instances but does not have the same authority over its members, like the top-rated watchdogs do.

In this regard as an example, it is the case that the United Kingdom has the Financial Conduct Authority (FCA) which is among the world’s most respected regulators. It oversees the operations of the companies it supervises and is able to put new regulations in to place. There are two fundamental rules that guarantee protection for the funds of traders. There is the principle of segregated accounts that requires brokers to ensure that their clients’ funds are apart from their own. This stops the “accidental” spending of your investments on wages or marketing campaigns, as well as “corporate bonuses”. Another important rule is the requirement to participate of the Financial Services Compensation Scheme (FSCS). It will protect client funds in the event that their broker goes insolvent. If you are trading with an FCA-regulated business your account will be protected against insolvency up to a maximum of PS50,000.

In relation to their cryptocurrency offering it is stated on their website that they have what we might describe as the term “exchange”. This caught our attention since not a lot of forex brokers be directly involved in the crypto world, but they do provide CFDs. There’s an enormous difference between both. Here’s a quick overview of the part that we’re talking about (click to zoom into):

We could not find this feature in the dashboard on the website So we made the decision to contact customer service. This is the response they gave us:

We could be able to determine that the person we spoke to was not aware of the new changes (which is unlikely) or the old section on the website is extremely in error.

Trading Conditions


Minimum Initial Deposit

FXB Trading requires a very minimal deposit for both basic types of account. This is a relatively new (maybe not that novel at the moment) trend within the forex market Try to take any of the least amount of clients. The top-rated, FCA-regulated broker IG for instance has no minimum amount to be met.

However, the minimum deposit should not be seen as a major factor for experienced traders, because it doesn’t say any information about the credibility of a business.


Average spreads and Commissions

The cost of trading at FXB Trading are spreads and commissions. The raw feed was quite unreliable during our tests offering an 0.3-0.4 pip spread for EUR/USD in the initial US session. Be aware that you will need to add commissions. The most efficient way to determine the spread for this kind of ECN offering is to keep in mind that every dollar of commissions equals 0.1 pip (in pairs where USD as the other currency).

For example, with the Basic account offered by FXB Trading, the real expenses of trading would be close to 1.5-1.6 pip (the spread mentioned above plus 1.2 percent of the commission of $12). This amount is comparable to the current offers offered from other brokers, some of which are available below.


Leverage

The maximum leverage offered by FXB Trading is 1:500, for accounts with smaller amounts. Although this might seem odd to some however, it’s not that unusual..

A trading strategy that has such the leverage ratio is risky for novices. Be aware of the fundamentals of risk management prior to you begin any derivatives that are based on margin.

Trading Platforms

FXB Trading permits traders to make use of MetaTrader4(MT4) and the latest version MT5. The two platforms are very identical, but with minor changes to the latest version. Charting features are of the highest quality and they are able to manage many instruments simultaneously and execution times are lightning speedy. The last two depend on your system, hardware as well as your internet connection and broker, obviously. The interface might be a little confusing for beginners however once you get the grasp of it, you’ll be able to fully enjoy this fantastic platform.

One of the best features that is unique to MetaTrader is the manner in it allows for the creation of new add-ons. It’s a relatively simple programming language that allows users to develop new technical indicators, or to make their own trading techniques automated to create Expert Advisors. The two tools can be purchased from the MQL Marketplace, an online store that is completely separate from brokers.


A sneak preview of the MT4 product offered by FXB Trading.

Methods of Payment

FXB Trading accepts a lot of payment options. These include: Bank Transfer, Credit Card, Skrill, Neteller, GiroPay, Qiwi, Alipay, WeChat, Webmoney, Perfect Money, Yandex Money and many more less well-known electronic wallets. In addition, the company accepts Bitcoin transactions through BitPay along with Neteller. The lack of clarity about the entire crypto offerings seems somewhat strange.

Conclusion

FXB Trading is an off-shore forex broker. While they are a part of FinaCom but they aren’t controlled by any government institution, which can be quite alarming. Conditions for trading are competitive, with the demanding types of account offering quite good deal. The state of crytocurrencies is somewhat shady due to the disparity in what the support representative and website states.

FXB Trading Summary
FXB Trading Details Information
Regulators
Country United Kingdom
Base Currencies EUR, USD
Type Of Brokers ECN, STP
Trading Platform Desktop, Mobile, MT4
Established Year 2017
Website Language English
US Clients
FXB Trading Spreads
Option Information
Minimum Spreads 0.0
Commission
Fixed Spreads
FXB Trading Payment & Withdrawal Option
Option Information
Acc Funding Methods Skrill, Wire transfer, Visa Card, Master Card
Acc Withdrawal Methods Skrill, Wire transfer, Visa Card, Master Card
FXB Trading Suitable For
Option Information
Publicly Traded
Beginners
Day Trading
Weekly Trading
Professionals
Swing Trading
FXB Trading Trading Account Options
Option Information
Maximum Leverage 1:1000
Mini Account
VIP Accounts
Segregated Accounts
Free Demo Accounts
Managed Accounts
Pro Account
Minimum Deposit 100 USD
Islamic Account
FXB Trading Trading Services
Option Information
Hedging
News Trading
Scalping
Automated Trading
Indices
Commodities
Forex instruments
CFDs
ETFs
Stocks
Bonds
Cryptocurrencey
Trading Signals
Educational Service
Copy Tradings
FXB Trading Contact & Support
Option Information
Telephone No +44 (0) 2035041520
Email support@fxbtrading.com
24 Hours Support
Support During Weekends
Address 3 Gateway Mews Ringway, Bounds Green, London, England, N11 2UT

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