PrivateFX Review by professional Forex trading experts the “ForexSQ” FX trading team, Finding out everything you need to know about the broker is in this PrivateFX Review.
PrivateFX Review
PirvateFX has three types of live trading accounts: Trading, PAMM and Active Investor. There is also a demo account, which, strangely, requires a deposit of $20. Usually the demo accounts are offered for free.
The broker offers trading in forex, CFDs and binary options.
The company. Security of funds
Company Country Regulation
Private Innovative Society Limited SVG None
PrivateFX is owned by a company registered in the offshore zone Saint Vincent and the Grenadines and on top of this is not regulated.
Saint Vincent and the Grenadines, along with Vanuatu and to a lesser extent the Marshall islands is a popular offshore destination for numerous forex brokers. Some of them are honest companies, others – not so. For this reason we always advise our readers to avoid dealing with offshore brokers and choose properly regulated companies instead.
Of course, there are better and worse regulators who offer various levels of oversight and client protection. Among the most strict are UK’s FCA and Australian Securities and Investment Commission (ASIC).
Trading platform
Like most forex brokers PrivateFX provides the ever popular MetaTrader 4 (MT4) as a trading platform. The broker offers only the desktop and the web version, but not the mobile applications.
The MT4 has been the favorite of brokers and traders alike for over 10 years now and it does not seem it is going away anytime soon. The platform is user friendly, supports multiple types of orders, hedging and third-party APIs. The MT4 also provides various charting and technical analysis tools, Expert Advisors (automated trading) and a lot of other options.
Promotions
PrivateFX offers a welcome bonus of $100 to new clients. Terms and conditions apply.
Payment methods
PrivateFX provides several payment options. Clients can make deposits through Visa and MasterCard cards and the electronic payment systems Yandex Money and Qiwi. We could not find information about the availability of bank transfers.
PivateFX is an offshore broker, which, considering the bilingual contract is targeting Russian-speaking clients. There are many such brokers who are using the loop in the Russian legislation allowing them to operate in the country without regulation from the Bank of Russia. Compared to some of its peers, PrivateFX has more attractive trading conditions, at least for the so-called Trading account. Still, the lack of specific information on the spreads and the presence of $10 commission could prove tricky and in the end the conditions might not be so favorable.
The Broker is not a safe forex broker, Instead you can use Plus500, XM, eToro, Fxpro or AvaTrade forex brokers.
PrivateFX Review Conclusion
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