FXUnited Forex Broker Review
FXUnited collapsed in early 2017 after being deregistered as a financial services provider in New Zealand, where the broker was claiming to be licensed. This came amidst accusations that the site had been failing to return money to traders. Since closing, five people have been arrested in connection with FXUnited and police estimate that over 70,000 investors have been scammed out of around $250 million dollars.
The review below was written before any of this information came to light and does not reflect how TopRatedForexBrokers feels about FXUnited now.
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FXUnited Regulation & Key Company Stats
FXUnited has been an established FX broker since 2006, which is indeed a huge amount of time when compared to the several new Forex brokers springing up in different parts of the world. The company has set up its headquarters in Auckland, New Zealand, and is a registered member of the FSP. FXUnited is regulated under the name of United Global Holdings Ltd., which serves as the parent firm responsible for the brokerage’s financial activities carried out in NZ and all over the world. Quite recently, the company has run into a few troubles with the regulatory agency, and FXUnited is working hard with the authorities to rectify issues to provide top-quality services to their clients.
FXUnited seems to accept traders from the US, but the legality of entertaining clients from the US without being regulated by the NFA or CFTC is a questionable strategy. FXUnited does not have any representative offices in any other parts of the world, which might put traders at unease over the potential conflict of interests when it comes to financial transactions. All FX brokers are expected to set up camp in the US as well as several EU countries if they are supposed to gain trust and confidence among retail traders.
What Are The Overall Trading Features Offered By FXUnited?
FXUnited doesn’t go overboard in its service offering to rope in traders, but they do offer some excellent features that can be a great tool for traders in the Forex market. For instance, FXUnited account deposits start at just $25 for both the Standard and the Premium Accounts. The lower barrier of entry is certainly a great incentive for traders with a small initial capital. FXUnited leverage is available up to a maximum of 1:200, which reduces as the account equity builds up. The comparatively lower amount of leverage is good news for conservative traders, but traders with a high-risk appetite will find the leverage to be a bit lower than their liking.
Both the Standard and Premium accounts are free from SWAPs, which is a great thing for both conventional as well as Islamic traders. The minimum order size is 0.01 lots, and traders can choose from a comprehensive list of financial assets such as currency pairs, commodities, and precious metals.
The Standard account is a market maker account that provides STP-like execution and a minimum spread of 3 pips. The spreads are indeed higher than the market spreads, which can be a drawback for scalpers and traders looking to minimize their trading costs. If it is lower FXUnited spreads that you are looking for, the Premium account offers floating spreads that can go down to zero pips. The Premium account is an ECN account that includes commissions per trade. One of the major advantages of opening an account with FXUnited is the ability to open a real ECN account using just $25, along with the capacity to hold on to overnight trades without a SWAP.
There are several FXUnited deposit and withdrawal options to help the process of making payments safe, secure, and convenient. Traders can make a deposit or initiate a withdrawal through credit cards, bank transfers, or through online payment processors such as Perfect Money. It will only take a few hours or day at the maximum for a successful deposit, but withdrawals can take a bit longer. Customers should expect the company to honor the withdrawal requests unless it is in direct violation of their terms and conditions.
Fixed Earning Potential At FXUnited Through CGAT
The CGAT, or Capital Gain Auto Trading account, is an investment account offered by FXUnited that promises a fixed high-yield return through automated trading. The CGAT is an investment plan that provides around 12% returns per month for a cumulative 144% per annum. The CGAT account is geared towards traders who would like to stay away from the risks of FX trading by letting someone else manage their money. The CGAT is an entirely automated trading platform, and the long-term profitability of the system cannot be guaranteed.
Using MT4 As The Primary FXUnited Trading Platform
FXUnited platforms range between the WebTrader, MT4 MultiTerminal, and the popular MT4 platform. FXUnited has covered all traders in the market by offering dedicated trading terminals for the PC and Mac. Traders can also make use of the excellent WebTrader platform if they don’t have access to a devoted trading desk or computer. WebTraders are not preferred if traders wish to perform extensive technical analysis of the markets, which requires a dedicated MT4 platform installed on a computer.
Is A Dedicated FXUnited Mobile Trading Software Available?
FXUnited does support the MT4 mobile platform designed for the iOS and Android. Users can download the FXUnited mobile app directly from the respective app stores and use the login provided by the company to start trading and managing their trades. FXUnited does offer instant market execution on all of their platforms, with a relatively lower number of re-quotes or slippages. All trading terminals are connected to super-fast and secure servers for fast order execution, which further helps traders to enjoy better price feeds.
Enjoy One Of The Largest Bonuses Through FXUnited Bonus Offerings
Traders opening a new account with a company can get a 30% FXUnited bonus on the initial deposit, with all additional deposits qualifying for a bonus of up to 100% of the deposit amount. FXUnited is keen on offering the maximum bonus to ensure that they can impress a significant majority of retail FX traders. However, be careful of their terms and conditions before accepting a bonus and every client reserves the right to decline the bonus to prevent the broker from imposing any trading restrictions on their accounts.