Clients of FxPlayer are offered a choice 5 account types, all of which are said to offer NDD environment, micro tradeable lots and the same tight variable spreads. However, different commission fees apply.
As regards leverage, the maximum levels provided by this broker are average – up to 1:200, while most offshore brokers offer more. As most of you know, high leverage levels may both multiply your profits on a small deposit and incur losses, exceeding initial investments.
While spreads offered by FxPlayer are undeniably low, if we add the commission applicable, trading costs on mini account amount to around 1.4 pips on EUR/USD per standard lot, which is average for the forex industry. Trading costs are lower on Normal, Pro, and Flex accounts, however, these accounts require higher initial deposits and we would not advise you to invest a lot of money with this broker, as it is registered offshore.
The Company. Security of Funds
Online since 2014, FxPlayer offers trading in currency pairs, commodity & index CFDs on several trading platforms. The company behind the brand, FxPlayer Ltd., is registered in the Marshall Islands.
Companies registered in Marshall Islands just need to complete a simple registration procedure and don’t face any of the strict requirements that brokerages regulated in the US or in the UK do. To put it simply, when operating with such brokerages, traders will be receiving very limited regulatory protection and oversight, if any. That is why we generally advise traders to avoid offshore brokers, as investing with such involves greater risks.
FxPlayer offers its customers an array of trading platforms: the famous MetaTrader 4 (MT4) platform, UniTrader, Currenex, and ActTrader. FIX API connectivity is also available.
UniTrader, developed by US company Boston UniSoft Technologies, is equipped with real-time tradable charts, live news stream and SquawkBox and easy order management. To avoid irrelevant information, users of this platform can subscribe to certain instruments.
Bonuses & Rebates
At the time of writing of this review, FxPlayer offers its clients 100% on-deposit welcome bonus.
Methods of Payment
FxPlayer offers its clients the following payments methods: bank wire transfer, credit/debit cards, Bitcoin, PayPal, paysafecard and American Express.
FxPlayer is an offshore brokerage that offers attractive trading conditions on several trading platforms. Our main concern with this broker is the fact that it is not regulated.
FxPlayer Review Conclusion
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