Fxedeal – Can You Trust Them?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
Fxedeal - DO NOT TRADE WITH THIS PROVIDER
2.4/10
$100
Minimum Depositupdated 2022
The details for opening trading accounts are not indicated on the broker’s website. In order to register with this broker, you only need to go to their sign-up page where you’ll be asked to enter your name, email address, phone number, and password. You’ll also be asked to accept their Terms and Conditions and confirm that you’re over 18 years of age. After this, the trading platform will be made available for you and you can start trading using their demo account.
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://fxedeal.com
Founded: 2021
Regulations: Unregulated
Languages: English
Deposit Methods: Wire Transfer
Minimum Deposit: $100
Free Demo Account: No
Number of Assets: N/A
Types of Assets: Forex, Metals, Energies, Indices, Cryptocurrency, Shares
Trading Accounts and Conditions
Fxedeal offers its clients the following account types:
- Silver: The minimum opening deposit is $100. Spreads are variable and the maximum leverage is 1:500.
- Gold: The minimum opening deposit is $250. Here too, spreads are variable but the maximum leverage is 1:400.
- Platinum: The minimum opening deposit is $500. Spreads start from 0.03 pips and the maximum leverage is 1:300.
- Palladium: The minimum opening deposit is $5,000. Spreads are available, but not specified, and maximum leverage is 1:400.
- Rhodium: The minimum opening deposit is $1,000. Spreads are available but not specified and the maximum leverage is 1:300. There is a $3 commission on all trades.
Fxedeal – Advantages
There are no advantages in doing business with Fxedeal. They are scammers.
Fxedeal – Disadvantages
Listed below are all the disadvantages of trading with Fxedeal:
-
Unregulated Broker
Fxedeal claims to be based in St. Vincent and the Grenadines and licensed by the Financial Services Authority, the financial regulator of that country. The broker also states that it is an international entity, with offices in multiple locations such as Dubai, India, the UK, Australia and Hong Kong.
The first red flag we have here is the fact that this broker claims to be regulated by the SVG FSA. The problem is that the FSA has clearly stated that it does not regulated forex and CFD brokers. Therefore, Fxedeal’s claim of being regulated here is a lie.
This broker also claims that it is also regulated in the UK. To be regulated in this country, a broker needs to be registered with the Financial Conduct Authority, the official regulator of the UK. When we checked, we found out that there is a company by the name of EDEAL MARKETS LIMITED incorporated in the UK, however, it is not regulated by the FCA. This company is the parent company of Fxedeal.
All of this information shows us that this broker is a scam – it has lied about its regulation and licensing status.
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.
-
Clear Links to Other Scammers / Blacklisted by FCA
While research Fxedeal’s regulation status, we found out that its parent company, EDeal Markets Limited was actually running multiple scam sites. When we Googled this company, we found out that it also owned eDealFX, a broker that has already been exposed as a scammer.
In fact, because of its lies, the FCA in the UK has issued a public warning against this company and the two (so far that we know of) brokers it operates.
Such a public warning should be enough of a signal that this is a broker that you should not ever do business with.
-
Issues with Trading Software License
Fxedeal claims to offer its clients the use of the MetaTrader 4 trading platform. This would actually have been a huge positive if we did not have issues with the licensing of this software.
The MT4 platform is currently one of the best in the world. This software offers a wide range of trading tools – automatic trading bots called Expert Advisors, customizable signals, VPSs that can keep your Expert Advisors running even if your computer is switched off, the ability to develop your own signals, and so much more.
The problem we faced with this broker is that the license of this software does not seem to in the name of Fxedeal. Instead, the MT4 ownership license seems to be in the name of the other scam broker – eDealFX. The ownership issue is a little murky, since the logo on the platform belongs to Fxedeal, but the name of the broker is eDealFX.
This confusion is just another indicator of a scam.
-
Issues with Trading Conditions
While Fxedeal offers its clients 5 different types of trading accounts, there isn’t much difference between them. The offers on all the accounts are almost the same, except that the premium accounts charge commissions. Furthermore, the broker offers various leverage ratios for the different accounts, however, when we checked their trading platform, it turned out that maximum leverage available was 1:100.
While there is a discrepancy on the amount of leverage the broker claims to offer on its website, and the actual figure on its trading platform, the point is that leverage is too high. In the UK, a broker cannot offer a leverage of more than 1:30. Therefore even a leverage of 1:100 is too high since it is illegal.
The other issue was the spreads the broker offered. On their website, there isn’t much information provided about the spreads, but on the MT4 platform, the spreads were as low as 0.1 pips for the EUR-USD pair. Such low spreads are definitely advantageous for traders, however, without any commissions, it would not be possible for a broker to sustain such low figures – they would go out of business.
These discrepancies in their trading conditions clearly tell us that this broker is a fake and a scammer.
- Issues with Payment Methods
We also found issues with their payment methods. On Fxedeal’s website, the broker claims to offer numerous payment options, however, when we checked the client portal, we found out that you can only carry out transactions using wire transfer.
-
No Terms and Conditions
There is no link anywhere on this broker’s website that takes us to its Terms and Conditions page, which means that there are no legal documents in place. This is a huge red flag since these documents are the legal contract between the trader and the broker.
Conclusion
Fxedeal is yet another broker that is out to scam innocent novice traders who don’t know better.
Fxedeal
Pros
- None
Cons
- Unregulated Broker
- Clear Links to Other Scammers / Blacklisted by FCA
- Issues with Trading Software License
- Issues with Trading Conditions
- Issues with Payment Methods
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 investment platform. The value of your investments may go up or down. Your capital is at risk.