The offshore forex broker FXPrivate provides traders without commission trading accounts. The available spreads are fixed and floating depending upon ECN and non-ECN accounts. The fixed spreads are at one pip on Euro-USD FX pair. This broker offers a total of four account types. In this FXPrivate review, we are giving you the insight of this forex broker and will discuss all the pros and cons of it. Keep reading the full FXPrivate review here.
The forex broker FXPrivate established in the year 2011. The broker claims to be operational from Ukraine and a company named FXPrivate Company LTD owns it. The assets for trading are over forty foreign exchange pairs and other commodities like precious metals. Sadly, the official website fails to mention any legal registration or license. The local financial body of Belize, International Financial Service Commission, red-flagged FXPrivate, It means the broker does not hold any valid license to provide financial or brokerage services. Such forex brokers are unreliable and very risky to do trading.
The positive side of this broker is that its clients can trade on the MetaTrader trading platform. MetaTrader is equipped with several features to provide ease of trading to traders. Also, this broker offers 100% bonuses to high depositors. However, these bonuses require a higher trading volume to be eligible for the withdrawals. The payment methods available at FXPrivate include card, bank transfer, online transfer, and Bitcoins.
The four trading accounts are Cent, Standard, Classic (ECN), and Premium. The minimum deposit required is $10, $100, $200 and $10000 respectively. Furthermore, the minimum trade size in above-mentioned manner is 0.001, 0.01, 0.01, and 0.1. As mentioned in an introduction fixed spread of 1 pip is provided on all accounts except Classic. The spread in the Classic account is floating at 0.7 pips. The maximum leverages offered 1:500, 1:200, and 1:100. Here we can say that the trading conditions are attractive, but simultaneously they are very risky. Such trading conditions are prone to higher loss and increase the cost of trading dramatically.
Is FXPrivate scam or legit?
First of all, the FXPrivate is an unregulated broker and is red-flagged by an international financial regulator. Secondly, the trading conditions are attractive but involve higher risk. The only positive side of FXPrivate is that we can find here the MetaTrader trading platform. Apart from this, it is quite evident that the broker we are reviewing is a potential Australian trading scam. Traders funds have a high risk of loss at FXPrivate.