General Information
Blockex is an online forex broker, offering its clients a wide range of trading instruments including forex, CFDs, stocks, metals and more. Four trading accounts are available with brokerage, with leverage up to 1:500, an extensive range of payment options available.
Market Instruments
Blockex offers its clients access to a wide range of trading products, including forex, CFDs, Stocks, Cryptocurrencies, Metals, Indices, Commodities, Futures, Shares, Energies, Bonds.
Account Types
Four tiered trading accounts are on offer to satisfy trading needs and trading goals of traders with different levels and experience. These four trading accounts include Classic, Standard, Premium and VIP, with the minimum initial deposit for each account ranging from $100 to $5000.
Classic
This account is designed for beginners or traders who are just starting out, negative balance protection, daily market review offered. However, other premium account offerings include personal account manager, video tutorials are not available.
l Minimum Deposit：$100
l Spreads：from 1.9 pips
l Leverage: up to 1:500
l Scalping: No
l Stop out: 50%
l Swap Free: Yes
l Minimum Trade Size: 0.10 lot
Standard
The standard accounts are suitable for all types of traders. Some basic account services including negative balance protection, daily market review available. Besides, scalping is also allowed with this account.
l Minimum Deposit：$1,000
l Spreads：from 1.5 pips
l Leverage: up to 1:500
l Scalping: Yes
l Stop out: 50%
l Swap Free: Yes
l Minimum Trade Size: .0.01 lot
Premium
This account is more suitable for professional traders, with $2,500 to open this account. This type of account holders can enjoy some premium account services including daily signals, daily market reviews, and negative balance protection.
l Minimum Deposit：$2,500
l Spreads：from 1.2 pips
l Leverage: up to 1:500
l Scalping: Yes
l Stop out: 50%
l Swap Free: Yes
l Minimum Trade Size: 0.10
VIP
The VIP account is designed for professional traders or active traders with large trading volume. Traders who open this account can enjoy comprehensive account services, including daily market review, video tutorials, financial plans, risks management plan, as well as personal account manager.
l Minimum Deposit：$5,000
l Spreads：0.6
l Leverage: up to 1:500
l Scalping: Yes
l Stop out: 50%
l Swap Free: Yes
l Minimum Trade Size: 0.10
Leverage
At the opening of a new account, the default leverage is set at 1:30, and traders can contact this brokerage firm to change leverage. The possible choices of a leverage rate ranges from 1:1 to 1:500. Leverage can amplify gains as well as losses. It is important for forex traders to select the level of leverage that they feel most at ease with. Low leverage like 5:1 or 10:1 may be more acceptable if you're more conservative and don't enjoy taking numerous chances or are still learning how to trade currencies.
Spreads & Commissions
Spreads and commissions are determined by trading accounts you are holding, and basically, the more account balance you hold, the more competitive spreads you can enjoy. With Classic and Standard accounts, spreads offered are not that competitive, starting from 1.9 pips and 1.5 pips, respectively. Spreads in the premium account are from 1.2 pips, an attractive offering. While with the VIP account, you can get the most competitive spreads, starting from 0.6 pips.
Commissions are not disclosed on its official website.
Trading Platform
Blockex offers its clients a proprietary trading platform called Blockxtrade Web Trader Platform. This trading platform offers an exclusive set of trading solutions to trade currencies, precious metals, commodities and stock indices. Blockxtrade Web Trader is available online and no downloading is required.
Payment Options
Blockex works with a wide selection of payment processors including Crypto Wallets, Skrill, Neteller, MasterCard, VISA, Amerrican Express, iDeal, Webmoney, BPAY, Discover, Western Union for its clients to make a deposit and withdrawal. This brokerage houses says it does not charge any deposit fees. Payment made through e-wallet options can be instantly arrived and it takes up to 5 working days for funds to appear in your account through Bank Transfer.
Customer Support
Traders who encounter any trading-related problems can contact this brokerages customer support through telephone: +1(231) 844-9949, and email: support@blockextrade.com.
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