FXFixed – Can You Trust Them?

Website URL: www.fxfixed.com

Founded: N/A

Regulations: Unregulated

Languages: English, Spanish, Vietnamese

Deposit Methods: Credit Cards

Minimum Deposit: $500

Free Demo Account: No

Number of Assets: 200+

Types of Assets: CFDs on Commodities, Forex, Shares, Indices, Cryptos

Trading Accounts and Conditions

FXFixed offers you a choice of the following trading accounts:

• Standard: The minimum deposit you need to make to use this account is $500.
• Silver: For the Silver account, the minimum deposit requirement is $1,000.
• Gold: For the Gold account, the initial deposit requirement is $10,000.
• Diamond: To use this account, you have to make a deposit of at least $50,000.

The maximum leverage offered is 1:500 and the spreads go as low as 0.1 pip for the EURUSD pair.

FXFixed – Advantages

There are no advantages to trading with this broker.

FXFixed – Disadvantages

Here are all the disadvantages to trading with FXFixed:

• Unlicensed, Anonymous Broker

FXFixed seems to be registered in Hungary. However, this broker has omitted to mention the name of the company that owns and operates it. There is also no contact number provided. The only way one can contact this broker is via a generic email address. All of this points to the fact that this broker is operating anonymously, which is the first sign of a scam.

To operate in Hungary, a broker needs to be regulated by the Magyar Nemzeti Bank, which is the country’s central bank and financial regulator. However, when we checked, we found that there was no broker by the name of FXFixed listed there.

Since there is no other information about this broker’s regulation status given anywhere on its website, we can safely conclude that FXFixed is an anonymous and unlicensed broker. Such brokers are always scammers and are best avoided.

Plus500

$100

Minimum Deposit

Start Trading

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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.

 

AvaTrade

$100

Minimum Deposit

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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.

• Blacklisted by CNMV

We also found out that the Spanish regulator, the CNMV (Comision Nacional del Marcado de Valores) has blacklisted this broker. According to the public warning by the CNMV, FXFixed is not authorized to offer its financial services in Spain because it is unregistered.

• Fake Awards

FXFixed as displayed a list of awards that it claims it has been presented with for its excellence in financial services. However, when you look more closely at those pictures, you will realize that all of them are fake. When displaying such awards, brokers also present links to those award listings so that customers can verify for themselves that the awards are real.

With this broker, all we have is a set of images that look impressive. These are not real. This is just a tactic to impress unwary traders and con them into believing that they are dealing with a trustworthy broker.

• Lies about MetaTrader 4 Platform

This broker boldly advertises that it offers its clients the use of the MetaTrader 4 platform. The MT4 platform is the world’s most popular because it is really easy to use and has fantastic features for advanced trading. You can choose from a wide range of charting options, carry out analyses of market conditions and even trade automatically when you use this platform.

With FXFixed, the availability of the MT4 platform is a lie. We access the link to the platform and found that it was owned by a third-party company by the name of Tradingtechnologies. Tradingtechnologies is the same company that owned the so-called MT4 platform for another broker – Pipsswap. This broker is a known scammer, so FXFixed’s association with such companies and brokers is another indication that this too is yet another scam.

The platform we were finally able to access was just a simple web-based trading interface with few features. It shows trading charts that have been imported from an independent third-party market data provider called TradingView. Incidentally, this is the same platform that Pipsswap used.

• No Spreads of Its Own

Now, FXFixed states that its spreads start at 0.1 pips, which is stunningly low. However, since the data shown on their platform belongs to TradingView, it means that FXFixed does not offer any of its own spreads.

Another point to keep in mind is that such low spreads are impossible to maintain for any broker – unless they also charge commissions and fees. So, we can assume that this broker too will impose such fees. The problem is that there is no information provided on FXFixed’s website or platform about the fees it charges. Therefore, if you do decide to contract with this broker, you will be hit by surprise fees and charges, and you will not know how much until you actually start trading with them.

• Payments Issues

FXFixed asks for a minimum deposit amount of $500, which is much higher than the market standard. On average, traders are asked to deposit between $100 and $250 when contracting with a broker. Interestingly enough, we were able to register by depositing just $1, and not the required $500!

That is not the only issue we have with this broker. According to their website, FXFixed offers a single payment method – credit cards. But when you visit their payments page, the only way to make a payment is via ipaytotal, which is a very high-risk payments portal.

• Unfair Withdrawal Conditions

According to the Terms and Conditions on this broker’s website, you need to first meet a certain trading turnover target before you will be allowed to withdraw your funds.

• Dormant Accounts

If you have not traded on your FXFixed account for 60 days, or you have a zero balance, your account will automatically be deactivated. The broker also states that it will not inform you if your account has gone Dormant and been deactivated.

Conclusion 

FXFixed is clearly a scammer and therefore not to be trusted. If you trade with this broker, you are sure to lose your money. We recommend that all traders avoid doing business with this broker.

FXFixed

2.5

User Experience

3.3/10

Payment Options

2.2/10

Security

2.4/10

Support

2.3/10

Reputation

2.2/10

Pros

• None

Cons

• Unregulated, Anonymous Broker
• Blacklisted by CNMV
• Lies about MetaTrader 4 Platform
• No Spreads of Its Own
• Payments Issues