Do you want to trade with FXFaith Forex broker? Carefully read FXFaith review to know why you should not trade with this broker.
This article promises to share helpful review to support clients/traders in making the right decision. Kindly read to the end and make your verdict.
What is FXFaith?
FXFaith located at FXFaith.com is an offshore brokerage company with lot of promises for forex traders . The company openly presents us with office addresses — UK and St. Vincent and the Grenadines.
Here, the brokerage offers account types like
In addition, the brokerage promises different instruments like forex, stocks, commodities, crypto, bonds and indices. More so, it presents a zero spread difference in Buy/Sell.
Deposit and Withdrawal
FXFaith Minimum Deposit:
Assetsfxt deposit is specified $500. In comparison, a licensed FX broker clearly spells out its regulation and license credibility with no string of fraud, and clients can start trading as low as $100 with the assurance of their trading funds.
Meanwhile, the FXFaith broker accepts deposit via credit or debit card, wire transfer, and even cheque if you are a UK client.
Withdrawal process:
FXFaith withdrawal leaves us with no specific information on withdrawal fee nor processing days on withdrawal request. The broker provides no clear description on trade requirements that must be met before a withdrawal.
FXFaith Platform:
FXFaith platform promises access to MetaTrader 5 – one of the leading platforms in the trading world. These promises were false – we were unable to get access to this platform or any other form of functional trading software.
Why use forex brokers with advanced trader like MT4/MT5? You are certain to have the best features of real-time quotes, financial news and various FX and stock charts, as well as algorithmic trading sessions with the help of specially designed trading bots, called Expert Advisors.
As for FXFaith leverage, it is capped 1:500. Frankly, we say don’t consider doing that with an unregulated forex broker like this one because you stand the chance of losing your money.
Won’t you rather trade with a licensed and legit broker? Fortrade is a UK-based broker with address at Michelin House, 81 Fulham Road London, SW3 6RD, United Kingdom. They are among the best brokers in the industry offering trades in numerous assets including stocks, commodities, currencies, indices, and cryptocurrencies. Fortrade is regulated and licensed by the FCA(Financial Conduct Authority) in the UK, ASIC in Australia, NBRB in Belarus, CySEC in Cyprus as well as IIROC in Canada which makes client funds safe. They accept traders worldwide…visit their official website
Things You Should Know about FXFaith.com Regulation
First of, FXFaith.com shows offices in St. Vincent and the Grenadines and United Kingdom. The local financial authority, SVGFSA, does not regulate forex brokers at all and does not have any laws and requirements in the sphere of forex trading.
This was not the case with FXFaith. The broker stated that they are regulated by the financial regulator of the UK, the reputable FCA – but that was just a lie.
Further, this broker does not offer money back guarantee which means trading on such platform is clearly a risk as your money cannot be refunded.
These are drawbacks for forex traders/ clients to avoid losing money with this scam broker. It is always advisable you check for regulated and licensed broker on financial authorities websites before depositing fund for trading.
FXFaith Licensing and Regulation
It is not far from believing that this broker is not a licensed brokerage firm. It is not under any financial regulation which means wiring your money for trading is risky. Its unlicensed and unregulated activities are truly a red flag and must be avoided.
COMPARE WITH A TRUSTED BROKER
Fortrade
Fortrade is a UK-based broker with address at Michelin House, 81 Fulham Road London, SW3 6RD, United Kingdom. They are among the best brokers in the industry offering trades in numerous assets including stocks, commodities, currencies, indices, and cryptocurrencies. Fortrade is regulated and licensed by the FCA(Financial Conduct Authority) in the UK well as ASIC in Australia which makes client funds safe. They accept traders worldwide..visit their official website
Bottom Line:
FXFaith located at FXFaith.com disguising to be a trustworthy trading broker, howbeit, that presentation cannot be ascertained. By all appearances, we would advise traders to steer clear from this broker as it likely a platform run by scammers. To this end, we urge our readers to rely on regulated brokers like this or any licensed entity.
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Read earlier reviews on Hx-trading-option, Aimscap , Forextimeprime brokers
