FX88 Review by professional Forex trading experts the “ForexSQ” FX trading team, Finding out everything you need to know about the broker is in this FX88 Review.
This broker offers two account types with variable spreads, and the chance to trade in micro lots for better risk management.
Unlike most brokers, however, this one does not provide Managed accounts, nor Islamic (swap-free) services.
The Company. Security of Funds
FX88 is a brokerage offering trading in 45 currency pairs, as well as CFDs on commodities, precious metals and indices on MetaTrader 4 platform. The brand is operated by Galactus Ltd., a company which is licensed by the Cyprus Securities and Exchange Comission (CySEC).
Cyprus is one of the most popular forex broker jurisdictions worldwide. CySEC applies certain rules and requirements to Cyprus Investment Firms, yet supervision is not as strict as in the UK or US. Cypriot brokerages must hold at least €730 000, keep customer funds in segregated accounts, and regularly report to the commission.
As a further guarantee to clients’ funds, all CySEC-regulated companies are members of the Investor Compensation Fund, which is able to pay compensation up to €20 000, If the company is in default.
Additionally, every CySEC- regulated investment company is also MiFID compliant and therefore entitled to offer cross-border services within the EU.
Minimum Initial Deposit
The minimum amount one has to deposit in order to open an account with this broker is $100, which is not much, yet many Cyprus-based companies require even less (XM, FXTM).
FX88’s spread on Standard commission-free accounts are average, typical ones amounting to 1.3 pips on EUR/USD. Its ECN spreads are a lot better, averaged 0.1 pips for thos pair, but also involve a commission of $7 per standard.
For example, FXTM offers average spread of 0.7 pips and involve a commission $4 per standard lot (round turn). For further information and comparison, you may look up and compare real-time spreads of 15 leading brokers here.
FX88 offers leverage up to 1:500, which is considered high, yet most Cypriot brokers provide similar or higher maximum leverage ratios – FXTM – up to 1:500 and XM – up to 1:888. You may check out more forex brokers offering leverage equal to or exceeding 1:500 here.
This broker offers its clients the industry’s standard MetaTrader 4 (MT4), which is available as downloadable desktop, web & mobile versions.
The MT4 is preferred by most traders, because it is user-friendly and yet reliable and equipped with professional trading tools. It supports automated strategies, offers extensive back-testing environment and a number if build-in technical analysis tools, as well as advanced charting package.
Methods of Payment
FX88 offers its clients bank wire transfer, credit/debit cards and a
nd popular e-wallets such as Skrill, neteller and Dotpay as payment methods.
FX88 is a forex brokerage holding a CySEC license and offering competitive trading conditions on the renown MT4 platform.
Instead of the forex broker you can use Plus500, XM, eToro, Fxpro or AvaTrade forex brokers.
FX88 Review Conclusion
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