Overview of 4XFX Review:
The forex market is one of the major markets in the world with as much as $6.6 trillion as a daily volume in the year 2019. Impressed by the stats, many people from across the world started investing in the forex market. The huge turnover in the forex market encourages the scam brokers to enter the market and scam the victims out of their valuable money. These scam brokers take the advantage of anonymity over the internet and claim themselves to be from a reputed brokerage firm. With high leverages and other irresistible offers, scam brokers trick the unsuspecting traders. Read on to know more about 4XFX and whether the company is a scam or legit.
What is 4XFX?
With a very quirky name, 4XFX is a forex trading brokerage firm. The company claims to be one of the leading forex brokers in the world with millions of customers from all around the world. The company claims to have its headquarters located in Estonia and also claims that it is regulated. Let us find out how much of these claims are actually true about 4XFX.
Is 4XFX regulated?
4XFX is actually owned and operated by a parent company that goes by the name of GRF EUROPE OU. The parent company also claims to be based in Estonia. 4XFX also mentions a little about their other office in Germany. Apart from this, there is no information about the company being regulated. On another page of their website, 4XFX mentions that it has applied for a regulation. However, this does not prove anything. As a part of our investigation, we cross-checked with all the top-tier regulators to check whether the company in question is regulated or not. As expected, 4XFX is not regulated by any of the regulators.
What are the leverages and spreads offered by 4XFX?
4XFX offers different leverages to the customers according to the trading account they have. The legitimate companies usually limit themselves from offering leverage above 1:50 as it increases the risk element of the trade. However, 4XFX offers leverage up to 1:100 to the account holders of the Starter account and the Silver account. 4XFX further offers leverage of 1:200 to the account holders of the Gold Account and the Platinum Account.
4XFX fails to mention the spreads offered in the various trading accounts except for one. For the Starter Account, 4XFX offers the spread of 3 pips as compared to the average of 1.5pips.
What are the minimum deposits demanded by 4XFX?
This demand by the 4XFX is rather weird. 4XFX demands a minimum deposit in cash for only one trading account and demands the deposit in the form of bitcoins for the others. 4XFX asks for $250 for the starter account. This is a very high deposit and is highly common amongst scam brokers. For the Silver Account, 4XFX asks for a deposit of 0.5 BTC whereas it is 1 BTC for the Gold Account. Furthermore, 4XFX increases the demand and asks for 10 BTC for the Platinum Account. As clear it is, this is extremely problematic and indicates that 4XFX is a potential scam.
What is the final take?
To sum up, all that has been said above, we can safely conclude that 4XFX is a potential scam. We request our readers to proceed with extreme caution if trading with 4XFX. If you have been scammed by 4XFX or any other broker, File a complaint now!
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