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Are you looking for a Forex broker to do business with? Have you thought long and hard about your investments and decided your future success lies in Forex trading? Making any kind of investment is a serious undertaking and requires lots of planning and thought. Forex trading is no exception, but the risks are possibly higher because it is still a largely unregulated industry. There are regulatory bodies that try to keep the industry in order, but because this form of trading takes place online and there’s no centralized market, it can be very difficult to impose certain rules and standards. We consider regulation to be an important feature to look for when choosing a Forex broker. And it’s where we start when we undertake the research for our Forex broker reviews. FDAFX is the Forex brokerage firm we’re looking at today, and we’ve struggled to find out whether this firm is regulated and licensed at all. On the website it states the company is based in St Vincent and Grenadines, and has offices in Dallas as well as Shanghai. However, there is no mention of any kind of license which is a little disconcerting. We understand that not all brokerage firms go to the trouble of being licensed and regulated, and it’s still possible, unfortunately, to operate in such a way. Which is why we review such brokers, in order to provide you with all the other relevant facts so you can decide for yourself whether it’s worth the risk.
|Forex, Precious Metals, Equity Indices, Energies|
Who is FDAFX and what does it offer?
FDA in the brand name stands for Fast Delivery Action and is owned by the FDAFX Group. It’s registered address is Stoney Ground Kingston in St Vincent and Grenadines. As such you would expect it to appear on the FSPC Registry, but there is no mention of such an organization. Which leads us to believe it’s an unregulated entity. There is also no reference to such a company either on the CFTC or NFA websites in the USA. The FDAFX Group is a brokerage firm that offers execution-only forex and CFD trading services for both veteran and novice traders. It has been working in the industry since 2010 and offers its services to people in more than 65 different countries. The FDAFX Group offers the following benefits:
- The best possible service
- innovation and flexibility
- Lower spreads and faster execution
- Highest standards of regulation and compliance
What are your trading options at FDAFX?
The main features of an FDAFX trading account include spreads from 0.0 pips, the choice of 11 leading online trading platforms, the option to choose as many as 77 different trading instruments including foreign currency pairs, indices, oils and metals. Liquidity is taken from more than 20 banks, and deposits and withdrawals are quick and easy. Leverage of up to 500:1 is available and it’s possible to trade micro lots on metals, oils and currencies. When it comes to trading CFDs there are 11 major index CFDs to choose from. With pips starting as low as 0.1 pip spread and $1 per point. A range of different trading styles are welcomed including full hedging and Expert Advisors. It’s possible to use a number of different payment methods including wire transfer, credit/debit cards local bank deposits, Skrill, Neteller, Bpay, Union Pay and many more. Accounts can be opened with as little as $200 USD and a range of other currencies are accepted. These include AUD, EUR, CAD, GBP, JPY and many others. We should also mention that FDAFX has a free demo account that you can use to try out this broker’s services and decide for yourself whether trading with an unregulated broker is worth the risk.
FDAFX prides itself on speed of execution
Fast Delivery Action is part of its brand name so it’s no surprise it likes to make a big thing of it in its website. It is said to use pricing from 22 banks and liquidity providers and 100% automated execution. There’s no dealing desk to get in the way either, and slow things down. Trade execution can be as low as 50ms of latency. In other words 0.05 of a second. Which means FDAFX can promise no delays, no requotes and no rejects.
FDAFX offers MetaTrader 4 for Windows
FDAFX has decided to do the same as many other Forex brokers and offer MT4 for its trading platform. It is still the leading trading popular and prefered by both brokers and traders alike. It provides traders with live quotes, in-depth news and analysis, real-time charts and a host of indicators, expert advisors and order management tools. It is also very customizable and includes enhanced charting functionality and sophisticated management tools that help to improve a traders performance. The features include:
- Market watch window
- Navigator window
- Multiple order types
- Secure trading
- Real time data export
- 85 indicators that are pre-installed
- Analysis tools
- Unlimited quantity of charts
Customer support at FDAFX is limited to email only
This is another feature of FDAFX that immediately raises alarm bells. There’s no telephone support or live chat for customers who are experiencing problems or have a question. In today’s competitive world we feel it’s important to be open, transparent and there when customers need some extra help. Only being able to contact customer support via email is a big downside for any Forex broker we review.
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