Land FX Review
Land-FX is a Forex broker that has a significant presence in more than 13 different countries around the world including Asia and Mainland Europe. Land-FX is primarily located in New Zealand; however, the company also has its headquarters in UK and US. Land-FX seems to be a conventional FX broker that offers all the usual brokerage services for the average retail traders. We will take a detailed look at the company’s features through this Land-FX review to see if they are indeed a broker to watch out for in the near future.
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|Forex, Precious Metals, Equity Indices and more|
Is Land-FX Regulated?
Land-FX is regulated by the FCA in the UK as well as the FSP in New Zealand. Therefore, as far as regulation and reliability of the broker are concerned, traders can safely assume that the company is carefully audited by some of the best regulatory agencies to ensure the safety and security of client funds. However, it is interesting to note that the broker is not regulated by NFA or any of the other European or Asian regulatory agencies, which puts a big question mark on the authenticity of the company’s claims in having a presence in over 13 different countries.
Does Land-FX Accept US Traders?
Another worrying factor about Land-FX is that they don’t accept US traders. Their website explicitly mentions that they don’t cater to clients in US, Iran, North Korea, and other countries that are part of the UN sanctions list. The broker is neither regulated by the NFA nor is a member of the CFTC. However, the company claims to have offices in Los Angeles and New York, which is very strange considering the fact that US traders cannot open an account with Land-FX. Land-FX should become a member of the CFTS and become regulated by the NFA if it aims to be considered as a reliable Forex broker that has a global footprint.
What Are The Land-FX Leverage, Spreads, & Other Basic Account Information?
Land-FX provides three basic account types that are categorized as Standard Account, Corporate Account, and ECN Account. All accounts are available with a maximum leverage of 1:500, with the margin calls set at 50% and stop outs set at 30% margin. The Standard Account is simply a micro account that allows traders to start trading using micro lots with a minimum of $300 initial deposit. The Corporate Account is a regular account that uses mini lots along with a minimum initial deposit of $10,000. ECN accounts are available for an initial deposit of $2000, which involves a turnaround commission of $35 per million traded.
Land-FX spreads are on the medium side, and there isn’t any significant difference between the spreads of its immediate competitors. The average spreads range from 1.5 to 3 pips for the majors; however, ECN spreads are further lower with the average spread on the majors quoted at 0.5 pips. Traders can also enjoy zero spreads on several currency pairs, and their ECN account is an excellent platform for traders looking for tight spreads and lower commissions.
Land-FX offers access to currencies, CFDs, commodities, and indices through a single account. Land-FX has covered a majority of popular financial instruments, which offers great convenience for traders to branch out to different markets. Traders can deposit and withdraw money using multiple methods, including bank transfers, credit card payments, and online payment processors such as UnionPay and Skrill.
Some Key Facts About Land-FX Platforms
Land-FX platforms include the standard MT4 terminal as well as the MT4 MultiTerminal, which allows traders to open and manage multiple accounts at Land-FX. MT4 is the most popular and widely used Forex trading platform. Hence, a majority of traders will not have any difficulty in getting used to the interface. Land-FX excels in offering high-speed connections to their servers, which results in super-fast executions, and all of their orders are executed well within a second.
Trading Using The Land-FX Mobile Interface
Land-FX mobile platforms are once again a licensed version of the MT4 mobile apps designed for both iOS as well as Android. Regular MT4 mobile users will feel at home instantly, but new traders will also find the mobile interface to be easy and convenient.
Tell Me About The Land-FX Bonus & Customer Service
Land-FX is currently offering a maximum of 10% bonus on initial deposits up to a maximum of $3000. Traders should be careful before choosing a bonus as the broker puts several restrictions into a bonus account that can only be lifted by trading the required number of lots. Land-FX bonus is only available for clients who specifically ask for a bonus, therefore, if you are expecting a bonus on your initial deposit, you should get in touch with their customer service department.
Land-FX customer support is perfect for new as well as existing clients, but there have been a few complaints from a few customers regarding the way the dealing desk operates. However, clients can always get in touch with their account representatives using their 24 hours live chat or through their call center. The company also responds to all emails within a day. Therefore, clients can be rest assured that they can receive undivided attention while dealing with the broker.
Should I Choose Land-FX?
Land-FX is a brokerage that aims to cater to retail traders who have access to a nominal trading capital. However, small retail traders will find it hard to trade with the company due to the minimum $300 initial deposit requirements. Although $300 is considered to be a small investment capital, other mainstream Forex brokers allow clients to start trading with a capital as low as $25. Nevertheless, if you wish to choose a regulated company that has a good and responsive customer service department, Land-FX does make an excellent choice.