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FRX

United Kingdom|2-5 years|
Suspicious Scope of Business|High potential risk|

https://www.frxmarkets.com

Website

Rating Index

Contact

support@frxmarkets.com
https://www.frxmarkets.com
2nd Floor College House, 17 King Edwards Road, Ruislip, London, United Kingdom, HA4 7AE

Licenses

VPS Standard
No restriction on the broker account. Support service provided by WikiFX

Single Core

1G

40G

Open Now

Disclosure

Danger

EE FSA
2022-02-07

Contact number

Broker Information

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Company Name

FRX MARKETS (UK) Ltd

Company Abbreviation

FRX

Platform registered country and region

United Kingdom

Company website

Pyramid scheme complaint

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Warning: Low score, please stay away! 3
Previous Detection : 2024-06-21
  • It has been verified that this broker currently has no valid regulation. Please be aware of the risk!
  • The United KingdomFCA regulation (license number: 631382) claimed by this broker is suspected to be clone. Please be aware of the risk!
  • The current information shows that this broker does not have a trading software. Please be aware!

WikiFX Verification

FRX · WikiFX Survey

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FRX · Company Summary

Aspect Information
Registered Country/Area United Kingdom
Founded year 2019
Company Name FRX
Regulation Suspected clone; regulatory claims may be questionable
Minimum Deposit USD 100 for most deposit methods; USD 5000 for Bank Wire
Maximum Leverage Up to 1:500
Spreads Starting from 0.8 pips
Trading Platforms MetaTrader 5 (MT5)
Tradable assets Forex, Cryptocurrencies, CFDs, Commodities, Metals, Indices
Account Types Standard, VIP, ECN
Demo Account Available
Customer Support Available at support@frxmarkets.com
Payment Methods VISA, MASTERCARD, Tether, Bank Wire, Bitcoin

Overview

FRX, founded in 2019 and headquartered in the United Kingdom, offers trading services with suspected regulatory concerns. It provides a variety of account types, including Standard, VIP, and ECN, with a minimum deposit requirement of USD 100 for most methods and USD 5000 for Bank Wire. Traders can access a wide range of tradable assets such as forex, cryptocurrencies, CFDs, commodities, metals, and indices through the MetaTrader 5 (MT5) platform, benefiting from maximum leverage of up to 1:500 and competitive spreads starting from 0.8 pips. The company also offers a demo account for users to practice trading strategies. Customer support is available via email at support@frxmarkets.com, and various payment methods are accepted, including VISA, MASTERCARD, Tether, Bank Wire, and Bitcoin.

Overview

Regulation

The United Kingdom's Financial Conduct Authority (FCA) regulation purportedly associated with broker FRX, under license number 631382, is being suspected as a clone. Investors should exercise caution and be aware of the potential risks associated with engaging with this broker, as the legitimacy of their regulatory claims may be questionable. Conduct thorough research and seek guidance from trusted financial authorities before making any investment decisions with FRX.

Regulation

Pros and Cons

In summary, while FRX offers traders a diverse range of market instruments, flexible account types, high leverage options, competitive spreads, and efficient deposit/withdrawal processes, there are concerns surrounding regulatory legitimacy and risks associated with high leverage and withdrawal processing times. Traders should carefully evaluate these factors before engaging with the platform.

Pros Cons
  • Diverse Market Instruments
  • Regulatory Concerns
  • Flexible Account Types
  • Risk of High Leverage
  • High Leverage Options
  • Withdrawal Processing Times
  • Competitive Spreads
  • Instant Deposits and Withdrawals

Market Instruments

FRX offers a diverse range of market instruments, including:

  1. Forex: Trading currency pairs to speculate on exchange rate movements.

  2. Cryptocurrencies: Trading digital assets like Bitcoin and Ethereum.

  3. CFDs (Contracts for Difference): Trading on the price movements of various financial instruments without owning the underlying asset.

  4. Commodities: Trading raw materials such as oil, gold, and agricultural products.

  5. Metals: Trading precious metals like gold, silver, and platinum.

  6. Indices: Trading on the overall performance of a market by investing in a basket of stocks.

Market Instruments

Account Types

FRX offers three distinct account types tailored to meet the varying needs of traders:

Standard Account:

  1. Leverage up to 1:500

  1. Minimum order volume from 0.01 with step 0.01

  1. Spreads starting from 1.8 pips*

  1. No commission

  1. Stop Out level at 20%

  1. Account currency: USD

  1. Low minimum deposit of USD 1,000

VIP Account:

  1. Leverage up to 1:500

  1. Minimum order volume from 0.01 with step 0.01

  1. Tighter spreads starting from 1.4 pips*

  1. No commission

  1. Stop Out level at 20%

  1. Account currency: USD

  1. Low minimum deposit of USD 10,000

ECN Account:

  1. Leverage up to 1:200

  1. Minimum order volume from 0.01 with step 0.01

  1. Industry-leading spreads starting from 0.8 pips*

  1. No commission

  1. Stop Out level at 20%

  1. Account currency: USD

  1. Low minimum deposit

  1. Trade on the World Class MT5 platform

These accounts offer different benefits and features suited to traders' preferences and trading strategies, ranging from competitive spreads to leverage options and minimum deposit requirements.

Account Types

Leverage

FRX offers a maximum trading leverage of up to 1:500. This means that traders can control positions in the market that are up to 500 times the amount of their initial investment. Leverage allows traders to amplify their potential returns, but it also increases the level of risk, as losses can also be magnified. Therefore, it's crucial for traders to use leverage responsibly and be aware of the associated risks.

Spreads and Commissions

FRX offers varying spreads and commissions depending on the type of trading account selected:

  1. Standard Account:

    1. No commission charges

    2. Spreads starting from 1.8 pips*

  2. VIP Account:

    1. No commission charges

    2. Tighter spreads starting from 1.4 pips*

  3. ECN Account:

    1. No commission charges

    2. Industry-leading spreads starting from 0.8 pips*

Deposit & Withdrawl

Deposit Methods:

VISA & MASTERCARD:

Minimum Deposit: 100 USD

Deposit Speed: Instant*

Tether:

Minimum Deposit: 100 USD

Deposit Speed: Instant*

BANK WIRE:

Minimum Deposit: 5000 USD

Deposit Speed: Instant*

BITCOIN:

Minimum Deposit: 100 USD

Deposit Speed: Instant*

Withdrawal Methods:

VISA & MASTERCARD:

Withdrawal Speed: 3-7 Days

Tether:

Withdrawal Speed: Instant*

BANK WIRE:

Withdrawal Speed: Instant*

BITCOIN:

Withdrawal Speed: Instant*

These options offer traders flexibility to select the most suitable method based on their preferences and needs. This ensures efficient and convenient transactions for depositing funds into trading accounts and withdrawing profits.

Spreads and Commissions

Trading Platforms

FRX offers access to the MetaTrader 5 (MT5) platform, a widely used trading platform among traders. MT5 allows users to execute trades across various financial markets, including forex, stocks, commodities, and cryptocurrencies. The platform provides charting tools, technical indicators, and analytical resources for decision-making. Traders can automate their strategies using expert advisors (EAs) and access a range of trading instruments from the platform. FRX's integration with MT5 ensures a functional trading experience, enabling users to navigate market conditions and pursue their investment objectives.

Trading Platforms

Customer Support

FRX's customer support, reachable at support@frxmarkets.com, provides assistance and guidance to users with inquiries or issues related to their trading experience. They strive to address concerns promptly and efficiently, aiming to ensure a satisfactory resolution for all customers.

FAQs

Q1: What risks are associated with trading?

A1: Trading involves the risk of financial loss due to market volatility and uncertainty.

Q2: How can I manage risk in trading?

A2: Risk management strategies such as setting stop-loss orders and diversifying your investments can help mitigate potential losses.

Q3: Is trading suitable for everyone?

A3: No, trading may not be suitable for all individuals, as it requires a high level of understanding of financial markets and risk tolerance.

Q4: What should I consider before trading?

A4: Before trading, consider your financial goals, risk tolerance, and level of experience in the markets.

Q5: Where can I find more information about trading risks?

A5: You can find more information about trading risks from reputable financial sources and by consulting with qualified financial advisors.

Risk Warning

Online trading carries substantial risk, potentially leading to the total loss of invested funds. It may not be appropriate for all traders or investors. It's crucial to fully comprehend the associated risks before engaging in trading activities. Additionally, the content of this review is subject to change, reflecting updates in the company's services and policies. The review's creation date is also relevant, as information could have become outdated. Readers should confirm the latest information with the company prior to making any investment decisions. The responsibility for utilizing the information provided herein lies exclusively with the reader.

User Reviews

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Comments

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Atiluer
more than one year
I gotta say, the way these guys handle my issues is just magical. Super friendly and the whole experience is awesome. Really glad to be working with the whole team, it's been quite a special ride.
2024-02-07 16:34
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FX1411334836
more than one year
I was initially impressed by the tight spreads advertised on FRX's website, but upon further investigation, I found that those were only for a few select trading products. For the majority of the instruments, the spreads were actually quite high. I feel kinda cheated and thus have no interest trading here.
2023-03-20 18:04
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0
0
FX1323453781
more than one year
FRX is a good platform for all kinds of traders. Transparent about fees, there are many different types of investments, forex, commodities, indices, cryptocurrencies, etc. Demo accounts are good for beginners. I have been a member for 2 months and I am very satisfied.
2023-03-07 15:47
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