Fair Forex – Can You Trust This Broker?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
Fair Forex - DO NOT TRADE WITH THIS PROVIDER
2.5/10
$100
Minimum Depositupdated 2020
Here is the list of account types that Fair Forex offers its customers:
- Standard: To trade on this account type, you first need to make a minimum deposit of $100. The spread offered here is 1 pip.
- Raw Spread: This is the second account type offered by this broker, and you need to make a deposit of at least $100 to trade on it. The spread is 0.2 pips at $6 per trading lot.
- Pro: For this account, the minimum deposit you are required to make is $10,000. The spread is 0.2 pips at $5 per trading lot.
The minimum lot size is 0.1, while the maximum leverage offered for all three accounts is 1:400. The broker also offers its Shariah clients an Islamic account with which to trade.
Try these regulated brokers if you want to start trading cryptocurrencies
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
Website URL: https://fairforexfx.com/
Founded: 2018-2020
Regulations: Unregulated
Languages: English
Deposit Methods: MasterCard, Visa, Bitcoin, PayPal
Minimum Deposit: $100
Free Demo Account: Not Available
Number of Assets: Around 200
Types of Assets: 47 Currency Pairs, 16 Global Indices, 39 Commodities, 14 Cryptocurrencies, 80+ Stocks
Trading Accounts and Conditions
Here is the list of account types that Fair Forex offers its customers:
- Standard: To trade on this account type, you first need to make a minimum deposit of $100. The spread offered here is 1 pip.
- Raw Spread: This is the second account type offered by this broker, and you need to make a deposit of at least $100 to trade on it. The spread is 0.2 pips at $6 per trading lot.
- Pro: For this account, the minimum deposit you are required to make is $10,000. The spread is 0.2 pips at $5 per trading lot.
The minimum lot size is 0.1, while the maximum leverage offered for all three accounts is 1:400. The broker also offers its Shariah clients an Islamic account with which to trade.
Fair Forex – Advantages
Here are the two advantages you will have if you contract with Fair Forex:
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Support for MT5 Offered
The biggest plus we have seen about trading with this broker is that claims to offer support for the MT5 (MetaTrader 5) trading software.
The MT5 platform is the latest version of the MetaTrader software, developed by MetaQuotes. Since it was only recently introduced in the trading market, it is not as popular as the MT4 platform.
It offers not just the same intuitive interface as the MT4 platform, with all the features such as market indicators, charting tools, and automated bots called Expert Advisors.
On top of offering all the features that the MT4 platform does, the MT5 platform also allows trading in ETFs (exchange traded stocks).
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Seemingly Good Trading Conditions
The trading conditions listed by Fair Forex also appear to be good. The minimum deposit requirement is just $100, which is on the lower side of the industry average, which is very attractive.
The leverage ratios are high at 1:400, which means that traders with even the riskier strategies will be able to use this broker’s services. And the trading costs are overall seemingly low.
The only problem is that since this broker does not offer a free demo account, there is no way we are able to validate these claims.
Fair Forex – Disadvantages
Sadly, the disadvantages of contracting with Fair Forex are many. Here’s the list:
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Unregulated Broker
This broker is owned and operated by Fair Forex Limited, and this company is based in St. Vincent and the Grenadines (SVG), which is an offshore zone.
Registering a company in SVG with the financial regulator, the Financial Services Authority, is a very simple process.
However, the problem is that the FSA of SVG clearly states that it doesn’t offer regulatory oversight for forex and CFD brokers.
What this means for you is that if you contract with Fair Forex, then you will be dealing with an unregulated broker. Which also means that you will be exposing yourself to substantial risk.
Because this broker is unregulated, it does not have to follow the stringent rules laid out by financial regulators such as the Financial Conduct Authority (FCA) in the UK or even the CySEC (Cyprus Securities and Exchange Commission).
This means that the broker can commingle funds, and you do not get any protection from the authorities in case you lose funds due to the broker going bankrupt or if they scam you.
This is the reason why we strongly advise all traders to avoid trading with unregulated brokers.
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
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No Demo Account Available
While Fair Forex claims to offer a demo account, when we signed up, we realized that we had actually signed up for a live account. We found out it was a live account because we were asked to upload photo IDs before we were allowed to proceed with the registration process.
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ID Verification Requested
We were also not given access to the platform because we did not submit out ID details to the broker.
A word of advice here – it is advisable never to submit your personal details and ID proof when you are dealing with an unregulated broker. This is because these entities can use this information against you if you ever file for a chargeback.
Added to that the broker can also refute any claim you make against them if they possess copies of your ID and personal details.
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Bonus Promotion Offered
Another red flag we found about Fair Forex is that this broker offers bonus promotions. And according to the terms of the promotions, traders will need to meet ridiculously high trading turnover targets before they are allowed to withdraw their funds.
Furthermore, if a trader does not meet the targets set by the broker, then they reserve the right to cancel your withdrawal request entirely.
This is a tactic that is often employed by brokers that are out to scam traders, which is why many financial regulators have banned the use of such promotional offers.
Conclusion
There are certain advantages to trading with Fair Forex. You get a decent range of trading instruments, trading conditions seem fair, and you get to use the MetaTrader 5 trading platform.
These advantages may tempt you to sign up with this broker, however, think again. This is an unregulated broker that demands ID verification, has lied about having a demo account, and offers bonus promotions.
It will be in your best interests to look for a broker that is fully regulated and is completely transparent about everything it offers as well as how it operates.
Fair Forex
Pros
- Support for MT5 Offered
- Seemingly Good Trading Conditions
Cons
- Unregulated Broker
- No Demo Account Available
- ID Verification Requested
- Bonus Promotion Offered
Do not trade with unregulated brokers that will steal your funds - try these regulated brokers:
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
eToro is a multi-asset platform which offers CFD and non CFD products. 74% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.