FXSOL Review by professional Forex trading experts the “ForexSQ” FX trading team, Finding out everything you need to know about the broker is in this FX Solutions Review.
FX Solutions provides a single type of trading account with fixed spreads and leverage up to 1:50 on the good old MetaTrader 4. Unfortunately, there are no micro lots available for trade with this broker.
The Company. Security of Funds
FX Solutions, or FXSol, is a forex and CFD broker operating out of the United Kingdom, after shutting down its U.S. operations in 2013. Back then, Forex.com took over FXSol’s U.S. customer base and currently the FX Solutions brand is currently operated by Gain Capital UK Ltd. – a company authorized and regulated by the Financial Conduct Authority (FCA).
In order to acquire a license from the UK financial watchdog, brokers have to provide proof of financial stability: they must hold at least €730 000 net tangible assets and maintain it. Besides, client funds have to be kept in segregated accounts, separated from the company’s operational funds, and brokerages are required to deliver regular financial reports and accounts on conducted trades, among other things.
FCA regulation also involves additional customer protection, since clients of licensed companies fall under the umbrella of the Financial Services Compensation Scheme (FSCS), where the maximum compensation cover is £50,000 per person in the event that a broker becomes insolvent.
GAIN Capital is one of the biggest providers of online trading services and is one of the few left to operate on the US market. It is active in North America, Europe and the Asia Pacific regions, serving both retail and institutional clients.
The Gain Capital Group is operating a number of brands, including the brands Forex.com, GTX, City Index, FinSpreads, among others.
Minimum initial deposit
The minimum initial deposit required to open an account with FX Solutions is average, amounting to $250.
Average Spreads & Commissions
FX Solutions is a fixed spread broker and as is usually the case with such companies, no commission fees apply. Unfortunately, spreads offered by FX Solutions amount to 3 pips on the the EUR/USD pair, which is not a tempting offer, to say the least.
In comparison, another UK brokerage, FxPro, offers spread fixed at 1.6 pips on the EUR/USD, and its variable spreads are of course, even lower. For further information you may look up real-time spreads of 15 leading brokers here.
The maximum leverage provided by FX Solutions is low, up to 1:50. Other FCA-regulated brokers, like FxPro both provide leverage up to 1:500.
We advise traders to be careful with higher leverage levels, as they involve greater risk i of losses which may exceed initial investments.
Clients of FX Solutions are offered the renown MetaTrader 4 (MT4), available as desktop, web and mobile versions.
MT4 is user-friendly and offers a wide range of technical analysis indicators, advanced charting package and extensive back-testing options. Besides, traders can fully automate their trades by Expert Advisors (EAs). Here is a list of more forex brokers offering MT4 platform.
FX Solutions’ web-based platform. Click for a larger image.
Methods of Payment
This broker supports limited payment methods – just bank wire transfer and credit/debit cards.
FX Solutions is UK brokerage brand operated by leading global broker Gain Capital. Although it charges no commission fees, its spreads are high and besides, FX Solutions acts as a Market Maker.
Instead of the forex broker you can use Plus500, XM, eToro, Fxpro or AvaTrade forex brokers.
FXSOL Review Conclusion
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