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The WikiFX Score of this broker is reduced because of too many complaints!

Snapex FX

Saint Vincent and the Grenadines|2-5 years|
Suspicious Regulatory License|Suspicious Scope of Business|High potential risk|

http://snapexfx.com/#

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http://snapexfx.com/#
First Floor, First St. Vincent Bank Ltd Building, James Street, Kings Town, St. Vincent and the Grenadines.
The WikiFX Score of this broker is reduced because of too many complaints!

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No valid regulatory information, please be aware of the risk!

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Company Name

Snapex FX LLC

Company Abbreviation

Snapex FX

Platform registered country and region

Saint Vincent and the Grenadines

Company website

Pyramid scheme complaint

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Warning: Low score, please stay away! 3
Previous Detection : 2024-04-16
  • It has been verified that this broker currently has no valid regulation. Please be aware of the risk!
  • The number of the complaints received by WikiFX have reached 27 for this broker in the past 3 months. Please be aware of the risk and the potential scam!

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    Snapex FX · Company Summary

    Registered in Saint Vincent and the Grenadine
    Regulated by No effective regulation at this time
    Year(s) of establishment 1-2 years
    Trading instruments Forex pairs, commodities, stocks, cryptocurrencies, indices
    Minimum Initial Deposit $50
    Maximum Leverage 1:1000
    Minimum spread 0.0 pips onwards
    Trading platform MT4, MT5
    Deposit and withdrawal method Bank wire transfer, credit card, debit card, Skrill, Neteller, PayPal
    Customer Service Email, phone number, address, live chat
    Fraud Complaints Exposure Yes

    It is important to 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.

    In this review, if there is a conflict between the image and the text content, the text content should prevail. However, we recommend that you open the official website for further consultation.

    Pros and cons of Snapex FX

    Pros:

    • Wide range of trading instruments including forex pairs, commodities, stocks, cryptocurrencies, and indices.

    • Multiple account types to suit different trading preferences and experience levels.

    • High leverage options available, with a maximum leverage of up to 1:1000 for the Premium account.

    • Convenient deposit and withdrawal methods, including bank wire transfer, credit card, debit card, Skrill, Neteller, and PayPal.

    • Availability of educational resources such as economic calendars, online courses, videos, articles, glossary, technical analysis, and fundamental analysis.

    Cons:

    • Lack of regulation, as the company is not currently regulated by any effective regulatory body.

    • Limited account options, with only three account types available (Premium, Fixed, and Zero).

    • The Zero account incurs a commission of $4 per side per 100,000 traded.

    • Limited customer support channels, with only email, phone number, address, and live chat available.

    • Limited regulatory protection, as the company is not regulated, which may pose risks for traders.

    What type of broker is Snapex FX?

    Advantages Disadvantages
    Snapex FX offers tight spreads and fast execution due to its Market Making model. As a counterparty to its clients' trades, Snapex FX has a potential conflict of interest that may lead to decisions that are not in the best interest of its clients.

    Snapex FX is a Market Making (MM) broker, which means that it acts as a counterparty to its clients in trading operations. That is, instead of connecting directly to the market, Snapex FX acts as an intermediary and takes the opposite position to its clients. As such, it can offer faster order execution speed, tighter spreads and greater flexibility in terms of the leverage offered. However, this also means that Snapex FX has a certain conflict of interest with their clients, as their profits come from the difference between the bid and ask price of assets, which could lead to them making decisions that are not necessarily in the best interests of their clients. It is important for traders to be aware of this dynamic when trading with Snapex FX or any other MM broker.

    General information and regulation of Snapex FX

    Snapex FX is a forex brokerage company registered in Saint Vincent and the Grenadine. At present, it operates without effective regulation. With a relatively short establishment period of 1-2 years, Snapex FX offers a diverse range of trading instruments including forex pairs, commodities, stocks, cryptocurrencies, and indices. The company provides multiple account types to cater to different trading preferences, such as the Premium, Fixed, and Zero accounts. Clients can choose from popular trading platforms like MT4 and MT5. Deposits and withdrawals can be made through various methods including bank wire transfer, credit card, debit card, Skrill, Neteller, and PayPal. While Snapex FX offers high leverage of up to 1:1000, traders are advised to exercise caution. The company's customer service is available via email, phone, address, and live chat. However, it is important to note that Snapex FX currently lacks effective regulation, which may pose potential risks for traders.

    In the following article, we will analyse the characteristics of this broker in all its dimensions, providing you with easy and well-organised information. If you are interested, read on.

    General information

    Market instruments

    Advantages Disadvantages
    Diversification of trading options Lack of specific details on instruments
    Opportunity to trade different markets Potential market volatility
    Access to various asset classes Complexities associated with some assets
    Potential for profit in different sectors Limited availability of certain assets
    Flexibility to adapt to market trends Regulatory considerations for cryptocurrencies

    Snapex FX offers traders a diverse range of trading instruments across multiple asset classes. Traders can engage in the forex market, trading major, minor, and exotic currency pairs. The inclusion of commodities provides opportunities to trade precious metals, energies, agricultural products, and more. The availability of stocks allows traders to participate in the equity markets and take advantage of price movements in individual companies. Additionally, the inclusion of cryptocurrencies enables traders to tap into the growing digital asset market and trade popular cryptocurrencies such as Bitcoin, Ethereum, and others. Lastly, the inclusion of indices allows traders to access a broader representation of specific markets and track the performance of various sectors or regions.

     trading instruments

    Spreads, commissions and other costs

    Advantages Disadvantages
    Competitive spreads Commissions applicable for the Zero account
    Transparent and predictable trading costs Fixed spreads may not suit all trading strategies
    No additional commission charges Potential higher costs for high-frequency traders

    Snapex FX offers a range of account types with different spreads and commission structures to accommodate various trading preferences. The Premium account features typical spreads starting from 1.0 pips, providing competitive pricing for traders. This account type does not charge any additional commissions, ensuring transparent and predictable trading costs. It is suitable for traders who prioritize low-cost trading and prefer a simple fee structure.

    The Fixed account option provides traders with fixed spreads, ensuring consistency in trading costs regardless of market conditions. Similar to the Premium account, there are no commissions associated with this account type. Fixed spreads can be advantageous for traders who rely on stable trading costs and prefer to avoid potential spread fluctuations during high volatility periods.

    The Zero account offers traders the tightest spreads with typical spreads starting from 0.0 pips. However, it comes with a commission of $4 per side per 100,000 traded. This commission-based structure allows traders to access highly competitive pricing, particularly for high-volume traders. While the commission may be a disadvantage for some traders, the tight spreads can help offset these costs, especially for those who engage in frequent trading.

    Trading accounts available in Snapex FX

    Advantages Disadvantages
    Multiple account options Potential confusion for traders
    Flexibility to choose an account based on needs Higher minimum deposit for certain account types
    Varied leverage options Fixed spreads may not suit all trading strategies
    Suitable for different trader types and styles Commissions applicable for certain account types

    Snapex FX offers traders a variety of account types to cater to different trading preferences. The Premium account requires a minimum deposit of $50, providing accessibility for beginner traders. With a maximum leverage of 1:1000, traders can access higher position sizes relative to their account balance. The typical spreads starting from 1.0 pips offer competitive pricing, and the absence of commission helps keep trading costs lower. This account type is well-suited for traders who are new to the market and looking to start with a smaller initial investment.

    The Fixed account option requires a minimum deposit of $250, offering a more intermediate level of trading. It provides a maximum leverage of 1:400 and fixed spreads, which can be advantageous for traders who prefer more predictable trading costs and want to avoid potential spread fluctuations. This account type does not charge any commissions, making it appealing to traders who value transparency in their trading expenses.

    For scalpers, institutional traders, and day traders, the Zero account may be the preferred choice. With a minimum deposit of $100, it offers a maximum leverage of 1:250, allowing traders to access larger positions. The typical spreads starting from 0.0 pips ensure tight pricing, and a commission of $4 per side per 100,000 is applicable. This account type suits traders who execute frequent trades and require a more competitive cost structure.

    account types

    Trading platform(s) that Snapex FX offers

    Advantages Disadvantages
    Widely used and trusted platform Limited customization options
    User-friendly interface Potential learning curve for beginners
    Extensive range of technical indicators Limited availability of certain features
    Automated trading capabilities Compatibility issues with some operating systems

    Snapex FX offers its clients the popular MetaTrader 4 (MT4) and MetaTrader 5 (MT5) trading platforms. These platforms are widely recognized and trusted in the industry, providing traders with a reliable and efficient trading environment.

    MT4 and MT5 platforms are known for their user-friendly interfaces, making them accessible to traders of all experience levels. The platforms offer a comprehensive range of technical analysis tools and indicators, allowing traders to conduct in-depth market analysis. Additionally, both platforms support automated trading through the use of Expert Advisors (EAs), enabling traders to execute trades based on pre-defined strategies.

     MetaTrader 4 (MT4) and MetaTrader 5 (MT5)

    Maximum leverage of Snapex FX

    Advantages Disadvantages
    Higher potential for larger profit Increased risk of substantial losses
    Greater trading flexibility Increased exposure to market volatility
    Enhanced trading opportunities Higher margin requirements
    Ability to take larger positions in the market Potential for overtrading and excessive leverage

    The maximum leverage offered by Snapex FX varies depending on the type of account. The Premium account provides a maximum leverage of 1:1000, the Fixed account offers a maximum leverage of 1:400, and the Zero account allows for a maximum leverage of 1:250.

    High leverage provides traders with the ability to control larger positions in the market with a relatively small amount of capital. This can potentially amplify profits, as even small market movements can result in significant gains. Traders can take advantage of greater trading flexibility, allowing them to enter and exit positions more freely and capture various trading opportunities.

    However, it's important to consider the potential disadvantages of high leverage.

    maximum leverage

    Deposit and Withdrawal: methods and fees

    Advantages Disadvantages
    Multiple payment options available Potential for transaction fees or charges
    Convenient and widely accepted methods Withdrawal processing times may vary
    Secure and reliable transactions Certain payment methods may have limitations or restrictions
    Flexibility to choose preferred method Bank wire transfers may have longer processing times
    Easy and quick deposits and withdrawals Potential for additional verification or documentation requirements

    Snapex FX offers a variety of deposit and withdrawal methods to cater to the needs of its clients. Traders can choose from options such as bank wire transfer, credit card, debit card, Skrill, Neteller, and PayPal.

    One of the advantages of these payment methods is the convenience they offer. Credit and debit cards are widely accepted and commonly used for online transactions, making them easily accessible for many traders. E-wallets like Skrill, Neteller, and PayPal provide a secure and reliable way to transfer funds, offering an extra layer of protection for financial transactions.

    Deposits and withdrawals through these methods are typically processed quickly, allowing traders to access their funds promptly. The flexibility to choose the preferred payment method gives traders the convenience and control they need to manage their accounts efficiently.

    However, it's important to consider potential disadvantages as well.

     deposit and withdrawal methods

    Educational resources in Snapex FX

    Advantages Disadvantages
    Access to an economic calendar Information overload
    Online courses for learning and skill development Quality and relevance of educational materials may vary
    Videos for visual and interactive learning Lack of personalized guidance
    Articles on various topics Self-paced learning requires self-discipline
    Glossary for understanding key terms Potential for outdated or inaccurate information
    Technical analysis resources Limited interactivity for hands-on practice
    Fundamental analysis resources Lack of real-time market analysis

    Snapex FX provides a range of educational resources to support traders in their learning and development journey. These resources include an economic calendar, online courses, videos, articles, a glossary, technical analysis tools, and fundamental analysis resources.

    educational resources

    Customer service of Snapex FX

    Advantages Disadvantages
    Multiple contact options Potential delays in response time
    Convenient and accessible Limited availability of 24/7 support
    Ability to choose preferred method Language barriers in customer support
    Direct communication with support Possible limitations in resolving complex issues

    Snapex FX provides multiple customer care options to cater to the needs of its clients. Traders can reach out to the company through email, phone, live chat, and even visit their physical address. These various contact methods offer flexibility and convenience for customers to seek assistance and resolve any concerns they may have.

    customer care

    Conclusion

    In conclusion, Snapex FX, a forex brokerage company registered in Saint Vincent and the Grenadine, offers a wide range of trading instruments including forex pairs, commodities, stocks, cryptocurrencies, and indices. With multiple account types and popular trading platforms like MT4 and MT5, the company caters to diverse trading preferences. While Snapex FX provides various deposit and withdrawal methods, it is important to note that the company operates without effective regulation at this time. Traders should exercise caution when considering the high leverage options available, as high leverage can amplify both profits and losses. The company's customer service can be reached through email, phone, address, and live chat, providing assistance and support to its clients. However, the lack of effective regulation raises concerns regarding the level of investor protection and oversight. Traders should carefully evaluate the risks associated with trading with an unregulated broker. It is recommended to conduct thorough research and consider alternative options that offer stronger regulatory frameworks for a safer trading environment.

    Frequently asked questions about Snapex FX

    • Question: Is Snapex FX a regulated company?

    • Answer: No, Snapex FX is not regulated by any regulatory authority at this time.

    • Question: What trading instruments are available on Snapex FX?

    • Answer: Snapex FX offers a range of trading instruments including forex pairs, commodities, stocks, cryptocurrencies, and indices.

    • Question: What are the minimum initial deposits for the different account types?

    • Answer: The minimum initial deposits vary depending on the account type. The Premium account requires a minimum deposit of $50, the Fixed account requires a minimum deposit of $250, and the Zero account requires a minimum deposit of $100.

    • Question: What is the maximum leverage offered by Snapex FX?

    • Answer: Snapex FX provides different maximum leverage options based on the account type. The Premium account offers a maximum leverage of 1:1000, the Fixed account offers a maximum leverage of 1:400, and the Zero account offers a maximum leverage of 1:250.

    • Question: Are there any commissions on trades?

    • Answer: Snapex FX does not charge any commissions on trades for the Premium and Fixed accounts. However, the Zero account has a commission of $4 per side per 100,000 traded.

    • Question: What are the available deposit and withdrawal methods?

    • Answer: Snapex FX supports various deposit and withdrawal methods including bank wire transfer, credit card, debit card, Skrill, Neteller, and PayPal.

    • Question: Does Snapex FX offer educational resources for traders?

    • Answer: Yes, Snapex FX provides a range of educational resources including an economic calendar, online courses, videos, articles, a glossary, technical analysis, and fundamental analysis materials to help traders enhance their knowledge and trading skills.

    FAQ

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    Write a review

    FX1264507080
    more than one year
    I am extremely disappointed now with the way things have turned out with Snapex FX. My account manager, with whom I had built up a good relationship and trust, in the beginning, has disappeared with no explanation. Recent attempts to withdraw funds from my account have been rejected, again with no explanation or any kind of acknowledgement. Now I cannot even reach their website or my account.
    2023-02-28 15:04
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    0
    0
    万信齐发
    more than one year
    Black-hearted agents bluff and deceive on black platforms
    2023-01-31 21:45
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    0
    0
    万信齐发
    more than one year
    This agent also made a circle of cooperation to open multiple observation accounts on the black platform, and saw profitable cooperation, because it is a black platform, the background can modify the data, pay attention to the profile picture, don't be cheated, otherwise you will lose all your money.
    2023-01-30 14:08
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    0
    0
    万信齐发
    more than one year
    This agent also made a circle of cooperation to open multiple observation accounts on another black platform, and saw profitable cooperation, because it is a black platform, the background can modify the data, pay attention to the profile picture, don't be cheated, otherwise you will lose everything. Note that this proxy is bluffing on multiple platforms.
    2023-01-30 14:08
    Reply
    0
    0
    万信齐发
    more than one year
    This unscrupulous agent opened multiple observation accounts, tricked customers into depositing money, and maliciously liquidated their positions. They were blocked and could not be contacted. Be careful not to be fooled.
    2023-01-28 17:43
    Reply
    0
    0
    万信齐发
    more than one year
    Unscrupulous agents get high commissions by liquidating customer accounts. First, they use 1000 as a bait to post to Moments for cooperation, and give you an observation account to let you see the benefits. Look for the avatar and don't be deceived
    2023-01-26 16:56
    Reply
    0
    0
    万信齐发
    more than one year
    Don't believe this scumbag. He bluffs and cheats on multiple platforms. He gives you an observation account. The data can be modified in the background so that you can see the profit. If you make a deposit, your position will be liquidated.
    2023-01-25 21:04
    Reply
    0
    0
    万信齐发
    more than one year
    Don’t be deceived by this scumbag agent, posting false information, opening a virtual account, tricking you into depositing money, and the deposit will be liquidated, and then blocked, unable to be contacted, don’t be fooled. prevent being cheated
    2023-01-24 14:30
    Reply
    0
    0
    万信齐发
    more than one year
    Unscrupulous agents have no bottom line, open multiple accounts, modify the data so that you can see the profit, and the deposit will be liquidated. If you are blocked, you can’t get in touch. Don’t be tricked into remembering your avatar
    2023-01-22 09:48
    Reply
    0
    0
    万信齐发
    more than one year
    Unscrupulous agents have no moral bottom line, and the deposit will be liquidated to prevent being cheated
    2023-01-22 09:46
    Reply
    0
    0
    万信齐发
    more than one year
    This unscrupulous agent posted a large number of Moments to lure deposits, violated the operating procedures, operated customer accounts privately, released observation accounts, and had him with Puhua Securities, BRC, and Bacera. After the malicious liquidation, these platforms did not care. Ask and don't be fooled.
    2023-01-11 10:22
    Reply
    0
    0
    万信齐发
    more than one year
    Don’t go to any platform that this black agent takes you to. There is no reliable platform he is on, even if it is a high-rated one, such as Puhua Securities. Still don't ask, and block you, can't be contacted, lose all money
    2023-01-08 18:02
    Reply
    0
    0
    万信齐发
    more than one year
    Don’t be deceived by unscrupulous agents, keep your wallets safe, he is on many platforms, and it is a disaster to have him, Puhua Securities, Parkway
    2023-01-08 17:52
    Reply
    0
    0
    海阔天空9143
    more than one year
    I also have this agent on WeChat. He recommended a lot of businesses to me. I feel unreliable and didn’t follow him. Today, non-agricultural workers let me watch him operate, but I lost hundreds of dollars. This is a new observation, 990006 master password abc123 server SnapexFX-LIVE
    2023-01-06 22:27
    Reply
    0
    0
    Sasa Ais
    more than one year
    good
    2022-12-17 15:58
    Reply
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