RECOMMENDED FOREX BROKERS
Now here is a brokerage that fits the definition of a professional within its field. FxView is an expert mix of integrity and fairness, while also, through its delivery of services, promoting itself as competitive but respectable entity. The broker has one of the cleanest websites we have ever had the honor of visiting, with a geometrical interface enabling users to easily browse through its many helpful subpages, but also keeping things relatively simple so as not to weight on any user. Read the review to find out all you need to know about FxView before starting trading with it.
The broker is regulated by the most severe regulators in Europe, making this one one of the safest and securest firms you can invest in. Let’s explore these.
Before continuing forward, the website of FxView is owned and operated by Charlgate Ltd, a company operable in Cyprus. Furthermore, fxview.com, the site we are currently on, is the only domain owned by Charlgate Ltd, making FxView their only brand for now.
The first, and arguably most important license, comes from the Cypriot watchdog CySEC. This agency imposes very strict requirements on its preexisting brokers, like regular reports, client account segregation, client transaction reports, etc. One of the crucial requirements that any would-be broker must absolutely cover is to hold a steady €730 000 capital at all times, upholding its financial stability and confirming its long term dedication to the world of legitimate forex trading. What’s more, clients of brokers who are overseen by CySEC are certified to be a part of the Investor Compensation Fund, which covers clients’ losses of up to €20 000 in case the broker goes through insolvency. These are the main CySEC demands, with pages upon pages of other more meticulous ones.
The UK branch of FxView is 100% licensed by the FCA, which is Britain’s main financial watchdog. As is with CySEC, so does the FCA have strict guidelines that must be thoroughly followed in order for a licensed broker to keep its regulatory status. There are certain differences in these prerequisites, but they are nothing to flounder about. The crucial one that readers should note is that the compensation fund under the FCA, called the Financial Services Compensation Scheme, is £85 000. Note that the capital requirement of €730 000 does not change with the FCA.
Aside from these two regulations, the broker goes over the counter by including three other major regulations, all from European license issuers, who are in the top 5, behind CySEC and the FCA. FxView has licenses from Germany’s BaFIN, France’s ACPR, Italy’s CONSOB, Spain’s CNVM, and Norway’s Finanstilsynet. It’s very safe to say that FxView is a clean and secure environment for your trading career.
We were able to register easily, resulting in convenient client dashboard. Yet our account registration was not complete because of the required ID documentations, the requirement of which is always a good sign that the broker does a proper check of its potential clients. Nevertheless, we opened a demo account with the ActTrader, which gave us an average EUR/USD spread of 0.4 pips, a phenomenal cost of trade, that is nevertheless commissioned, but more on that later.
The leverage for retail forex traders is capped at 1:30. This directive was decreed by ESMA, an independent agency bent of safeguarding the EU’s financial systems. Professional FxView clients can apply for leverages as high as 1:500, however to reach this level is no easy task.
The brokers offers the following trading assets: Forex Pairs, Commodities, and Indices. For now this list is on the short side of things, with majors like Crypto and Stocks missing. Yet, we are sure that in the near future FxView will deliver.
The website is delivered exclusively in English.
FxView offers not one, but three trading softwares. The classic MT4 and MT5 return with a noticeable bang, while the proprietary ActTrader is a surprise and a worthy addition.
The trading platforms have counterparts on Android and iOS devices, as well as fully functional desktop terminals. There are no web-based version of nay of the three platforms.
ActTrader is a fully customizable trading terminal, with a cool design that will make you feel like a world class trader in not time. The software comes with automated trading strategies, one click trading, stop and limit orders, 30+ technical indicators, backtest trading strategies, interactive risk management capabilities allowing for simulation of positions, and many more features. Overall, a worthy opponent of the MT4/5, which is saying a lot, considering that these trading platforms are the most used ones in the business.
The MT4 is the superb default must have forex trading software package. Coming with more capabilities that we care to count, the intricacies of this one has not yet been met, aside from its predecessor, the MT5. Ironically, the MT5 is still not as popular as the MT4, which just shows how big of an impact the MT4 has had and continues to have.
There is a $2 commission on spreads. The commission is round turn, meaning that the cost of trade gets feed $1 every time a position is opened, and $1 every time a position is closed. Overall, the $2 commission, increases any spread by 0.2 pips, which in the world of forex is not that much, considering that some legitimate brokers have a $10 commission (+ 1 full pip!). Consider the demo EUR/USD spread of 0.4 pips; with the added commission the actual spread is 0.6 pips which is still an excellent value!
FXVIEW MINIMUM DEPOSIT
There are no fees issued when making a deposit.
Visa deposits take a couple of minutes, Bank transfers can take several days, and e-payments are instant.
FXVIEW WITHDRAWAL TIME AND FEES
The presence of all the regulators ensure a fully functional, but also a secure and safe, withdrawal environment.
The same depositing methods are used for withdrawing.
The minimum Bank withdrawal is $100, $50 for Visa, and $5 for the e-payment methods.
Users will be happy to know that there are no withdrawal fees issued by FxView. There might be charges sent over by the payment systems, as well as currency conversion commissions.
All withdrawals are processed within the same day as the issuance of the request.
There is not one negative aspect that FxView has. Not only does it cover all the boxes, but it exceeds in almost everything. The no fees structure, the regulations, and the choice of trading platforms are just three of dozens of reason why you should definitely go with FxView!