FX Trend Review
FX-Trend is an Ukranian Forex broker that has its head office in New Zealand. The broker is regulated by the FSP of New Zealand, which brings the company under the various regulatory guidelines stipulated by the FSP from time to time. Apart from its head office in NZ, FX-Trend has its numerous representative offices set up in different parts of Ukraine and Poland; however, the company does not seem to have any significant presence in any other cities of the world.
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Most new age FX brokers usually try to set up a few satellite offices in mainland EU as well as other countries in the Asia-Pacific region to impress the global pool of retail traders. On the contrary, there hasn’t been any intent from FX-Trend that would suggest the company’s expansion into different lucrative markets. Nevertheless, FX-Trend does accept traders from all parts of the world except the US, where setting up a local office and getting regulated by the NFA is a prerequisite.
Is FX-Trend A Trustworthy Forex Broker?
The FSP regulatory agency has been on a reformatory initiative to clean up scam brokers that were rampant in New Zealand due to the relative lack of stringent regulatory guidelines. Since the FSP regulates FX-Trend, we can expect the company to conform to several new laws that are designed to restore trust in traders while dealing with businesses registered under the FSA.
FX-Trend has been an established broker in the market since 2010; therefore, the company has a few years of experience in the Forex markets. A majority of reviews from existing customers clearly point to the fact that the firm can be trusted regarding the safety of funds as well as in offering an honest brokerage service. There have been issues in the recent past where several client funds were misused; however, the regulatory protocols enforced by the FSP should help in reigning back questionable tactics and ensuring a safe and secure trading environment.
What Are The Different FX-Trend Platforms Provided By The Company?
Every client opening an account with the company can trade using the MT4 platform, which is something that most brokers offer. FX-Trend has just adopted the existing platform due to the ease of use and the popularity of the MT4 platform among FX traders. However, the company has not bothered to offer an FX-Trend platform for the web such as a WebTrader, which is a serious drawback for traders who seek the freedom and flexibility of web-based trading platforms.
FX-Trend mobile platforms are also offered as part of their MT4 license; therefore, traders can download the respective apps for their iOS and Android devices. FX-Trend seems to have limited its expenditure by avoiding the development of a proprietary trading platform, especially considering the volumes and the number of traders that the company currently possesses.
FX-Trend Account Information
There are three different types of FX-Trend accounts, namely the ECN Account, Mini Account, and the PAMM Account. The ECN account is the standard account available at FX-Trend, and while other brokers charge a premium for ECN accounts by stipulating higher deposits and commissions, an FX-Trend ECN account can be opened with a small initial deposit of $200. The maximum leverage is capped at 1:100, while the spreads are floating and are available from 0 pips. However, the commissions vary from $5 to $11 per standard lot, which is considered to be average when compared to other ECN brokers.
The Mini Account is available for traders starting with a small initial deposit of $20, which also comes with a maximum leverage of 1:100. The Mini Account is also similar to the ECN account which provides floating spreads along with commission, but the difference is that traders can start trading in mini lots, or .01 lots, instead of the standard lots in the ECN Account. The PAMM account is a managed account that has all the features similar to the standard ECN account, but can be opened using an initial deposit of $500. The PAMM accounts can either be used as a trader account or as an investor account, as per the trader’s risk appetite and market participation.
New traders can also open an FX-Trend demo account if they want to evaluate the platform before opening a real account. The demo account does not have any time-limit and is available for all traders. Being based on the MT4 platform, all types of accounts at FX-Trend supports EA, scalping, and hedging.
FX-Trend offers an exhaustive list of currency pairs, including all the majors and minors in the FX markets. The broker also provides several exotic currency pairs such as USD/SEK, USD/ZAR, and EUR/TRY, which sees a huge amount of volatility. Traders with a heavy risk-appetite prefer exotic currency pairs, especially for those who use leverage for scalping and hedging to make money. Unfortunately, FX-Trend only offers currencies and does not provide any other financial instruments such as commodities or CFDS.
Are New Clients Rewarded With An FX-Trend Bonus?
FX-Trend bonus and promotions are highly reserved, and customers should contact the company to get more information on the promotions available according to the initial deposit. Bonuses are harmful from a client’s perspective as it puts several limitations into a trading account; however, some traders thrive in such an environment. Therefore, all information on bonuses is available only after opening an account and making a deposit.
Are There Any Known Issues With FX-Trend Withdrawal?
FX-Trend has a comparatively good reputation of processing withdrawals on time. There have been instances where clients never received their money due to the bonus conditions or due to a lack of funds from the broker’s part. The company cannot be considered as completely immune to problems of misusing funds, which is something that the FSP aims to eradicate with their latest intervention. Moving forward, clients can expect the company to process all withdrawals according to the specific terms and conditions outlined in the company policies.