TradeFXP is one of those trading companies that mostly display contradictory information about themselves, making the clients question everything there is to know. What particularly strikes a chord with this broker is the fact that it claims that it is based in the UK, but the licencing information is nowhere to be found. This is quite strange for many reasons. First, the European market is one of the toughest ones to establish yourself on and attract clients. To do so, you have to not only be a winner and a money maker, but also honest, reliable and trustworthy.
Also, the United Kingdom is a home of some of the strictest regulatory bodies in the world, including the Financial Conduct Authority (FCA). This particular establishment is adamant to keep the trading environment safe and welcoming for everyone. This includes many regulations, principles and practices that are protecting the data and the funds of each client. So, the fact that this is a UK broker without any form of licencing is quite alarming.
Platform and Execution SCORE: 85%
The TradeFXP platform is quite good looking and user friendly. It clearly displays all the relevant information about the assets up for trading, including CFDs, Forex and Commodities. The leverage is quite satisfying at 1:300, while the spread can go as low as 0.9 for certain assets. Also, this is a fully customisable MT4 platform, which is appealing and simple to approach on both desktop and mobile devices.
The trading platform also has a separate section called the Client Terminal. This part of the website is fully personalised and suitable for individual traders. Here you can track your performance and analyse your current open positions while planning the trading strategy. You can also use it to analyse charts and other trading tools.
Withdrawal Speed SCORE: 57%
When it comes to deposit and withdrawals at TradeFXP, this broker gives quite a few options for your money. For both of these requests, you can only use 5 payment options including credit cards, bank wire transfers, Neteller, Skrill and Fasapay. In addition, the times for processing them differ depending on which one you chose. They can go from being instantly processed (credit cards) to being processed in 12 hours max (e-wallets) to even 2 to 5 business days if you choose the bank wire transfer option.
Another important thing that comes to mind with this broker is the fact that you can create up to 5 different accounts for yourself. This is a trading practice that has a lot of contradictory opinions to it. On one hand, some claim that it affects the fair-play principle of trading, while others fully support it. Either way, not a lot of trading platforms today even offer this option. This, again, goes back to our starting point about the lack of regulation and licencing at TradeFXP.
Support and Assistance SCORE: 44%
The customer support team at TradeFXP seems to be quite misleading. At first, they will offer you a live-chat option, which is usually the most efficient one. When you want a quick answer to your question, all you need to do is type it in and watch the dots jump on your screen while the agent is writing the answer.
However, when you try to use this option at TradeFXP website, you will only receive a brief notice that there are no agents currently available, and to leave your query anyway, which will be answered by email. This notice is displayed on the website the majority of the time, so it takes away the point of offering a live-chat option in the first place.
On the other hand, you can also fill in a form on the “Contact Us” page and wait for the reply, which, again, isn’t guaranteed at all. In addition, there are quite a few fields that you need to fill in, describing your problem before sending it out.
Education and Tools SCORE: 92%
The educational section of the TradeFXP website is quite rich and extensive. You can get to it by simply clicking on the “Trading Tools” tab at the top of the home page. From then on, you will be offered a drop-down menu, which includes 5 different sections, including the Economic Calendar, Forex News, Forex Calculator, Trading Instruments and Forex Training.
The economic calendar is a standard trading tool that all platforms should have. As the name would suggest, it shows you what are the most anticipated upcoming events in the world of finance - from the latest seminars to the big meetings of the greatest financial bodies such as the Federal Reserve and the Bank of England.
Forex News is a section that allows you to scroll through some of the many news about the latest economic, financial and political situation that are constantly affecting your trading and assets on the market. This section is regularly updated, so there is no fear of missing out on anything important.
The Forex Calculator is a handy tool that helps you to individually calculate the spreads and the leverage for each of the assets that are at your disposal when you choose to trade with TradeFXP.
Trading Instruments section shows you in great detail what is beneficial about trading with each asset available on the trading platform. From CFDs to commodities and Forex, each section shows you the upsides so you can make your decision.
Forex Training is a fairly new trading tool that not a lot of brokerages have begun to offer. It serves as an academy for clients of different levels of trading proficiency and education. Here, you can learn about the basics of trading and eventually upgrade to the more complex and advanced trading strategies.