FXHood offers four types of live trading accounts, however does not provide complete details about the trading conditions on them. In addition to the “Regular” type, there are also “Beginner”, “Classic” and “Professional” with initial deposits of $2000, $5000, $10 000, respectively. We could not find information about a demo account.
The broker says it offers 45 currency pairs and CFDs on indices and commodities. It allows hedging and scalping.
The Company. Security of Funds
Company Country Regulation
FXHood USA No
FXHood says it is based in San Francisco, but does not provide information about regulation. This is somewhat odd, as the US is known for its very strict financial markets regulations and requirements and we seriously doubt that the broker would be left in peace to do business in the country without the proper regulation. On the other hand, it is most likely FxHood is not targeting US residents at all. Either way, we always advise our readers to avoid unregulated brokers, no matter where they’re based and what they claim. There are plenty of properly regulated brokers, like the ones by UK’s FCA or the Australian Securities and Investment Commission (ASIC).
What we find interesting is that upon clicking on the link for account registration, the client is taken the registration form of another broker – Deluxe Investors. Its website looks rather similar to that of FXHood – similar texts, same menus and images. The difference between the two are in the address – the latter says it is based in Hong Kong and the initial deposit requirements.
FXHood says it offers trading on the popular MetaTrader 4 (MT4) platform. It is preferred by brokers and traders alike. The MT4 is known for its ease of use, large number of options, charting and technical analysis tools. The platform offers API connectivity, supports PAMM and MAMM functionality, Expert Advisors and automated trading.
Methods of payment
FXHood accepts payments through the money wire services Money Gram and Western Union and the electronic wallet system Perfect Money. Clients can also fund their accounts with Bitcoins.
Frankly, we are not sure what to make out of FXHood as a broker. First off, it is not regulated and even though there are hundreds of such brokers, this one looks shadier than others. It does not provide enough information – neither about itself, nor about its trading conditions. Furthermore, the redirecting to the registration site of another broker (unregulated) also raises some questions. It is true that many companies serve as introducing brokers of other brokers, but this usually is explicitly said. Then there is also the claim that the company is based in the US, which is a rather unusual location for an unregulated broker.
Considering all this, we highly recommend that clients choose another broker.
FXHood Review Conclusion
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