FXlift Review by professional Forex trading experts the “ForexSQ” FX trading team, Finding out everything you need to know about the broker is in this FXlift Review.
FXlift offers a number of account types, and most of them provide different options. For example, you can choose between fixed or variable spreads on Micro and Premium accounts. STP/ECN accounts on the other hand offer option for zero spread with commission or higher spread and commission-free trading.
Micro tradable lots are available on all accounts, except Premium ones. in addition, there are also PMAM accounts for investors and money managers.
In our opinion, a minimum deposit of $500 is too high, especially for an offshore broker. Also, leverage levels as high as 1:1000 involve too much risk. On top of that, the spreads offered on non-Premium accounts are above the average range of 1.0 – 1.5 pips for the EUR/USD pair. Even if clients of FXlift use zero spread, trading costs are above this average range because of the commission applicable.
For further information, you may look up and compare real-time spreads of 15 leading brokers here.
The Company. Security of Funds
FXlift is a forex broker that targets Vietnamese traders, as its website is only in Vietnamese. In fact, it is a part of the IronFX family, which also includes FXGIANTS.
While the rest of the group members are licensed by reputable regulators (IronFX is licensed in Cyprus, and FXGiants in UK and Australia), the company behind the FXlift brand is registered offshore, in Bermuda. And we keep reiterating that doing business with such a company is risky, as clients have no protection if something goes wrong.
Besides, IronFX has ruined its reputation by denying withdrawal of their clients’ funds in 2015 and as a result paying €335,000 in settlement to CySEC. Yet, its license has not been withdrawn. Many raised voices back then that this amount was insufficient and there were allegations of IronFX’s ties with the President of Cyprus. The scandal even got to the European Parliament.
FXlift supports the widely used MetaTrader 4 (MT4), available as a desktop download and mobile trading apps.
The MT4 provides all the necessary tools and features for traders to analyze price dynamics of financial instruments (advance charting tools, built-in indicators, back-testing options), place various orders transactions and create & use automated strategies (Expert Advisors).
Methods of Payment
FXlift offers its clients numerous payment options: via credit/debit card, wire transfer, and various e-wallets Neteller, Skrill, and dotpay and China UnionPay.
Accepted currencies: USD, EUR, GBP, AUD, JPY, CHF, PLN, RUB and HUF.
FXlift is an offshore forex and CFD broker that is part of the IronFX group. Its trading conditions are not very good, however, our main concern with it is that it is registered offshore.
FXlift Review Conclusion
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