What is FXPD？
FXPD, originally a China-based forex broker, provides clients with over 300 financial instruments, including Forex, Commodities, Indices and Share CFDs. However, it currently functions without formal regulatory supervision, potentially casting doubt on its legitimacy and dependability.
In our upcoming article, we'll present a comprehensive, systematic evaluation of the broker's offerings. We urge curious readers to continue reading for thorough insights. The article will culminate in a concise recap highlighting the broker's distinguishing features for easy understanding.
Pros & Cons
Pros:
- Multiple Instruments: FXPD offers a wide range of more than 300 trading instruments including Forex, Commodities, Indices, and Share CFDs, giving traders various opportunities to diversify their portfolio.
- MT4 Platform: The firm provides the user-friendly and established MT4 platform, known for its comprehensive features and tools that cater to both beginner and experienced traders.
- Zero Commissions: FXPD operates on a zero-commission model which lowers overall trading costs for traders.
Cons:
- Unregulated: FXPD does not hold any operational regulations, raising questions about its adherence to best practices and the protection of customers' interests.
- Limited Customer Support Channels: The firm offers limited channels for customer support, with only a contact form and email communication available. The absence of instant support options such as phone or live chat can limit the efficiency and timeliness of support.
- Limited info on deposit/withdrawal/spreads: FXPD provides limited information on crucial aspects like deposit/withdrawal procedures and spreads, making it difficult for traders to fully assess the cost-effectiveness and convenience of their trading platform.
Is FXPD Safe or Scam？
When considering the safety of a brokerage like FXPD or any other platform, it's important to conduct thorough research and consider various factors. Here are some steps you can take to assess the credibility and safety of a brokerage:
User feedback: For a more in-depth grasp of the broker, you should examine reviews and feedback from present clients. These insights and experiences from users could be found on reputable wesites and discussion platforms.
Security measures: FXPD prioritizes security with segregated custody for client funds, a robust Anti-Money Laundering (AML) policy, and a strict privacy policy which safeguard client assets and information.
Ultimately, the decision to trade with FXPD resides with the individual. It is recommended to carefully weigh risks and returns before engaging in any substantial trading activities.
Market Instruments
FXPD offers a variety of over 300 market instruments that satisfy a wide range of clients' interests. These instruments include Forex, giving clients access to a global currency market. Commodities, an option for those wishing to trade in physical goods like gold, oil, etc.
Indices, which provide an opportunity to invest in specific market sectors. Lastly, Share CFDs, a derivative product that allows traders to speculate on the rise and fall of company shares, adding an additional layer to their trading portfolio.
Accounts
With the Standard STP Account on FXPD, you can trade without a dealing desk interfering. This account type aligns your trades directly with major liquidity providers, ensuring utmost transparency in transactions.
The initiation process is relatively simple; begin by depositing a minimum of $200 and you're ready to start trading.
How to Open an Account？
Opening an account with FXPD generally involves the following steps:
Step 1: Navigate to the FXPD website.
Step 2: Click the “OPEN LIVE ACCOUNT” button.
Step 3: You will be asked to fill out a registration form with your personal details such as your name, email etc.
Step 4: Submit after filling out the form.
Step 5: You'll be asked to verify your identity by uploading a valid ID and proof of address.
Step 6: After your identity has been verified, you can proceed to deposit the minimum required amount into your new trading account.
Step 7: Once the deposit is successful, your account is typically activated and you can start trading.
Leverage
On FXPD's Standard STP Account, traders are granted the opportunity to access leverage up to 1000:1 ratio. Such high leverage is a powerful tool, especially for experienced Forex Traders who understand its crucial role in magnifying potential profits.
By allowing traders to trade larger sizes while efficiently managing risk, leverage can generate exceptional returns on their forex trading accounts when utilized smartly. However, such high leverage can become potentially rewarding while at the same time result in substantial loss that you should use leverage cautiously during trading.
Spreads & Commissions
FXPD operates on a zero commission basis, making trades more affordable for its clients. Rather than charging a commission, the company uses a model of tight spreads, although specific figures are not provided. This could result in lower trading costs overall, but the lack of specific spread information necessitates you do their due diligence to ensure you're getting the best possible deal in trading.
Trading Platforms
FXPD offers a versatile and user-friendly trading experience through the use of MetaTrader 4 (MT4) apps by MetaQuotes.
These MT4 apps create an enabling trading environment that accommodates both novice and seasoned traders seeking to engage the markets at their convenience, on either Android or iOS devices. The apps provide clients with all the functionalities present in the MetaTrader for PC and Mac including one-touch trading, a range of order types, and instant access to over 300+ tradable assets.
Customer Service
FXPD's customer service options are somewhat limited, only offering contact through a designated form on their website and email communication. The lack of real-time support options like phone or live chat may hinder prompt assistance.
Email: info@fxpdtrade.com.
Conclusion
FXPD, registered in China, provides traders with diverse opportunities, including Forex, Commodities, Indices and Share CFDs. However, the absence of operational regulations raises questions about its commitment to regulatory compliance and protection of client interests.
Consequently, we recommend you make full investigations before beginning any trade activities with FXPD or consider opting for alternative brokers who prioritize regulatory transparency and customer security.
Frequently Asked Questions (FAQs)
Risk Warning
Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information provided in this review may be subject to change due to the constant updating of the company's services and policies.
In addition, the date on which this review was generated may also be an important factor to consider, as information may have changed since then. Therefore, readers are advised to always verify updated information directly with the company before making any decision or taking any action. Responsibility for the use of the information provided in this review rests solely with the reader.
2024-01-19 18:39
2023-12-28 18:58
