| Overall | Commissions & Fees | Licensing & Safety | Platforms & Tools | |
|---|---|---|---|---|
| Points | 94 | 86 | 93 | 92 |
Overview – Fees and commissions – Safety– Opening an account – Account types – Trading Platforms – Markets and products – Research tools – Education and training – Customer support – Our verdict
In the light of the increasing number of financial brokers around the world, a simple search for the best broker might not be sufficient to land the most trusted ones. That being said, we will be reviewing 4xc financial broker, after conducting thorough research about the company.
4XC is a financial brokerage service company that has operated in the Cook Islands since 2018. The broker expands its services to all the traders around the world offering generous leverage that can go up to 1:500.
Any registered user with a 4xc Forex broker can enjoy using one of three types of accounts, while each of them offers a different spread range and different minimum deposit requirements that can get as low as $10.
The different charges associated with the different trading platforms make it questionable whether a 4xc broker can be trusted or not because usually MT4 and MT5 trading platforms do not require different first deposits.
However, 4xc broker incorporates more than 400 tradable assets via different financial markets such as Forex, stocks, indices, commodities, or cryptocurrencies. In addition to an educational section that provides teaching courses for traders.
- Leverage up to 1:500
- The huge variety of tradable assets
- Availability of MT4 & MT5 trading platforms
- Low spreads for Pro accounts
- Low minimum deposit ($10)
- Low-quality license
- Bigger spread for the VIP account
- Different deposits for different trading platforms
- Not responsive customer support
- The contradiction of statements
overall scores
In this review, you can find all the information you need to decide whether is the right broker for you. Our expert team has thoroughly explored the broker, using a tested methodology and scoring system. This process places importance on the things we know matter most to traders. Below you can see how scored in each of our high-priority categories.
Pricing
There are several fees the broker charges for different types of activities, whether trading activities or non-trading activities. These charges and commissions are basically how brokers make their money.
and these charges can be any of the following:
- Spreads
- Rollover
- Minimum deposit
- Deposits fees
- Withdrawal fees
- Inactivity
- Account freezing
- VPS
Trading activities
These fees are the result of opening positions in different markets, or as service fees for the broker handling the trader’s account.
Spreads
The spread charged by a 4xc Forex broker varies depending on the trading account the user is operating with.
For the standard account, the spread ranges from as low as 0.8 pips. The Pro account can start from 0.2 pips in addition to a fixed charge of $2/per side. And the VIP account spread range can be as low as 0.6 pips
The spread is also changing per the market and the asset that is being traded, which means that the spread is depending on the account type and on the tradable asset.
Rollover
When a trading position remains open beyond the end of the trading day, the 4xc financial broker charges a fee for keeping the account running overnight.
The amount charged for the rollover is decided by the broker and is indicated in the contract that is launched between the broker and the trader, and it can be debited directly on the trader’s account.
Non-trading activities
The other types of fees are those related to handling the account and keeping it running, they might not be the result of trading activity, they are more for housekeeping procedures.
Minimum deposits
The minimum deposit required by a 4xc Forex broker varies based on the account the trader is using, and it also depends on the trading platform being used by the trader.
This brings about a red flag that a 4xc broker is a scam since the different minimum deposits for different trading platforms are something that is not typically required by these platforms.
For the Standard account users, the minimum deposit for using the MT4 platform is $10 while it goes up to $500 for trading using MT5
On the other hand, traders using the Pro account are required to pay $100 minimum for the MT4 platform, and $500 for trading with Metatrader5.
Finally, using the VIP trading account, the trader’s minimum deposit is $25k for operating with both MT4 and MT5.
Deposits
There are fees imposed on most depositing methods, and they can range from 2% to 6% depending on the method and on the amount deposited.
Prominently we can mention the credit/debit card method where the fees are 3%. While the Neteller and Skrill are used only for non-EU clients and have 0% commission.
Depositing using a crypto wallet requires a minimum of $50. It is important to note that every other method is using different currencies and has different commissions rates between 2-6%
Withdrawals
Similar to the deposits, to cashout money there are some fees charged differently according to the method used and on the amount the user is withdrawing.
4XC withdrawal using credit/debit card will cut 0.50% commission fees, while almost every other method charges between 2% and 3%.
There also are methods that have fixed rates for withdrawing money, such as HokoCloud with $5, and the crypto wallets which result in a fixed $20 commission fee.
Inactivity
When an account goes more than 1 month without any trading activities, it is considered by the broker as an inactive account, and inactivity charges start kicking in.
These charges can take place without any prior notice, and they amount to $30 every month that is deducted from the trader’s account directly, however, they will not result in a negative balance on the trader’s account.
Account freezing
If a user fails to submit the documentation required by the broker’s website or does not provide the documentation as per the determined timeframe, then the account is deemed frozen.
A frozen account is charged in a monthly manner by the website, and the charge amounts to $5, or the whole amount of the trader’s balance if it is less than $5.
VPS
4XC broker offers free Virtual Private Server for its customers under certain conditions, these conditions concern the balance available and the minimum trading volume per month.
Otherwise, the charge for the VPS service is a reasonable amount of $20 monthly, which is deducted directly from the trader’s balance.
Is 4XC broker safe?
4XC financial broker is the trademark of Geomatrix Ltd which by its role is regulated by the FSC license of the Cook Islands, which could be a sign of possible suspicious activity for a few reasons.
The Cook Islands has emerged as a remote location for companies to offshore their businesses to keep them far from the sights of heavy regulations, enjoying the relaxed requirements of the license offered by the islands.
The FSC license by the Cook Islands is characterized by low business setup fees, low auditing and reporting requirements, and easy conduct observation, which is an ideal situation for companies to carry out their illicit activities under the cover of the license.
This fact, besides the strange pricing policy by the broker, indicates that a 4xc broker is a fraud, and it is risky for traders to deposit any money with this company.
Opening an account
It is pretty easy to get yourself registered with this broker, the process is similar to any other registration process at any website. On the top right corner, there is the option to open either a live account or a demo account.
For the live account, you will need to enter your full name, email address, the usage of the account whether individual or corporate, ending by the phone number and country.
While for the demo account, you will need to enter almost the same information except for the phone number. However, here you will need to enter the account type and the balance you would like to start with as demo trading.
Account creation steps
If you have decided to get your trading account after these 4XC broker reviews, you will need to follow these steps:
1- Select “Live account” which is shown on the top-right corner of the website, in a green box.
2- Insert your full name, email address, and phone number. Then choose a password.
3- You will be sent a PIN on the phone, or a verification code on the email, click on the proper link to finalize the verification process.
4- complete the questionnaire to inform the broker about your experience and your goals.
5- Submit the documentation required by the broker within the given timeframe.
6- Fund your account and start trading.
Accounts types
If you have decided to go forward with a 4XC Forex broker you will be choosing between 3 types of accounts, these accounts differ in the minimum deposit required to start trading using different trading platforms.
In addition, the different accounts offer different maximum leverage and different spread ranges, and these two are also changeable depending on the asset that is being traded.
Standard account
This type of account is usually recommended for new traders as it requires low minimum deposits of $10 for trading with Metatrader4, however, to use Metatrader5 a trader will need to deposit $500 at least.
The spread offered for traders using the standard account is floating and it can start from 0.8 pips minimum, which is considered high compared to other accounts offered by this broker, but it is fair enough.
The 4XC broker offers generous leverage of 1:500 maximum when trading using one of three currencies USD, EUR, GBP.
Pro account
Experienced traders who have made a reasonable amount of money from trading are advised to use this type of account where the spread range starts from as low as 0.2 pips, however, this is the only account that is mixed with a fixed spread of $2 per side.
The minimum deposit needed to operate with this account is $100 using the MT4 trading platform, while an amount of $500 is required to trade using MT5.
Pro account users can enjoy big leverage that can go up to 1:500 and the currencies are the same as any other account and they are USD, EUR, and GBP.
VIP account
This type of account is designed for wealthy traders who can trade using any 4xc broker MT4 and MT5 trading platform by investing $25,000 as a minimum deposit for any trading platform.
However, the spread lowest pip is 0.6 which does not differ much from the standard account and is even higher than the Pro account.
In addition to that, the cap on the maximum leverage is 1:200 which might not be appealing for all rich traders who enjoy using high leverage multipliers since they can take the high risks associated with big leverage.
Trading platforms
4XC broker offers to trade using the Metatrader platform which is considered one of the most common platforms among all traders, and it can be downloaded and used separately from the website.
The 4XC broker MT4 and MT5 trading platform links are provided by the website, which can be found under the “platforms” section, where the user can download and install it on their device.
The Metatrader is a popular platform and the association of it on the broker’s website can be seen as an attempt by the broker to legitimize its operations so that it might look reliable, however, the other features on the website indicate otherwise.
MT4 and MT5 can be used also on the phone once downloaded on android or an iOS operating system of a phone or a tablet, which helps the trader execute faster market orders.
In addition, 4xc.com also offers the Webtrader that is developed by the broker’s website and it is quite easy to use, but it might lack some indicators that can be found on more sophisticated platforms.
Some users prefer the Webtrader because it does not require the installation of any 3rd party software, a user may directly log in and use the Webtrader.
Markets and products
4XC broker offers a huge variety of tradable assets that any trader can use for opening any market position, these include stock, commodities, indices, Forex, cryptocurrencies.
Each financial market has a huge variety of products that can be used for trading and 4XC financial brokers enable traders to select from the huge variety of more than 400 assets in the different markets.
However, the broker might be missing out when it comes to the most thriving market these days and that is the cryptocurrencies market, where only 3 cryptos are offered for trading.
Forex
It has become almost a must for every broker to offer trading in the biggest financial market.
There are more than 70 currency pairs offered for trading.
4XC Forex broker offers Maximum leverage can be used is 1:500.
Spread is variable depending on the type of account and based on the currency pair in question, and it can be from 0.2 for the pair EUR/USD using the Pro account type.
Stocks
The shares of globally known corporations can be traded using the 4xc broker website.
More than 290 stocks are available
The maximum leverage offered is 1:500
Spread is variable and it can be as low as 0.4 on the most popular corporations’ stocks.
Commodities
Some traders still prefer using one of the most classic ways of trading goods such as gas, oil, wood, coffee beans, etc.
The website mentions up to 350 instruments, however, the list shown includes 10 assets
The maximum leverage that can be used is up to 1:500
Spread ranges offered by 4XC financial broker are variable per asset and account type, and it seems that the Brent Crude oil offers the tightest spreads across all types of accounts
Indices
Major indices around the world are offered through CFDs for 4XC clients, these include indices of US, UK, EU, Asian, and Australian markets.
10 indices CFDs are offered
The maximum leverage that can be used is 1:500
Spreads are variable here as well and the smallest ranges can be found under the Pro account.
Cryptocurrencies
One of the most exciting markets where the values of the cryptocurrencies are fluctuating in a rapid way, yielding huge gains for traders who make the right decision at the right time
Up to 1:500 can be used as maximum leverage
Only 3 major cryptos are offered (Bitcoin – Litecoin – Ethereum)
Spreads are floating and the smallest range is 7.1 pips for the users of the Pro accounts and trading with Litecoin.
Traders might be missing out on a lot of excitement here since the cryptocurrencies market is one of the most growing markets and is becoming popular among every trading platform, while 4XC financial broker limits that to 3 cryptos only making it quite uninteresting for its clients.
Research tools
Under the “Learn” section, the 4XC broker website offers different options to follow the latest market news around the world that might concern every trader to take into consideration while making any trading decisions.
The market analysis tab also makes sure the trader understands the movements in the market and the reasoning behind every movement and what are the projected results.
Most importantly, the signals tab indicates what are the current trends for the different assets in the different financial markets, how strong is each asset, and what action is recommended per each asset over a specific timeframe.
Education and training
It seems that 4XC financial broker looks after the wellbeing of its traders by offering some educational material.
This material includes usage of the 4XC broker Metatrader trading platforms, how to place different market orders, and other features represented on the platform, the tutorial includes using the MT4 and MT5 on both the desktop and mobile phones.
The learning material can be beneficial for beginners as they familiarize themselves with trading terminologies and illustrations that a new trader might not be aware of.
However, it does not seem to be much of a use for expert or advanced traders, because the courses that are said to be dedicated for them, are still discussing fundamentals and the basics of trading.
Advanced traders would be willing to look at ways to develop strategies and further how to handle multiple accounts or trades at the same time, and not the same repetitive theory.
In addition to that, there are some video contents that are educational for traders, but they do not exceed 1 minute or 1.5 minutes at maximum, which might not add much especially for advanced traders who already have some hands-on experience.
Customer support
There are some points of contact with the 4XC Forex broker, several telephone numbers are indicated on the website, however, none of them seems to be really of use, since nobody really answers the calls.
The live chat team looks alive but a bit pushy with the notifications flooding over every time you just wander around the webpage, and the pop-ups can be a bit annoying for some users.
And if you manage to get in contact with someone from the live support team, you shall not expect a direct solution for your query, as you need to wait for them to contact someone to get an answer, you are not promised to get an answer on the same day even.
There are two email addresses mentioned as points of contact with the broker, and if you require any help that might take a longer response time since you will be put in a support ticket system and have to wait for your turn to get an answer.
4XC Forex broker is also available on several social media sites, however, they have a very limited followers base and with almost no interaction making its existence on social media nonsense.
Our verdict
To outline our detailed analysis of this 4XC financial broker review, there are a few red flags that make 4XC not one of the best brokers to work with.
The strange offerings they have are quite suspicious, especially when having some contradiction between some of their statements, which discourages any trader from signing up with this broker’s website.
Traders usually look for brokers that have everything transparent and clearly stated in terms of fees, deposits, and leverage, and the 4XC broker website is not one of them.
The license that 4XC holds can be regarded as a low-tier type of licensing and it makes it as if the 4XC broker is not regulated because the license does not impose any restrictions and does not incorporate any penalty system in case of misbehavior.
What’s next
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