The offshore-based CFDs and FX brokerages services provider 100XFX has five accounts that can be used by all types of traders. More than acceptable leverage levels and spreads are available. It also claims to provide hassle-free and world-class MetaTrader trading platform. Nevertheless, the claims and offerings of this broker are quite doubtful. In this 100XFX review, we will uncover the mask from this broker and present you it’s true nature. Your attention to every detail will be appreciated.
The five trading accounts offered for each trading style are Bronze, Silver, Gold, VIP, and Islamic. To operate these accounts traders must deposit $500, $2000, $10000, $30000, and $2000 respectively. Don’t be confused yes the broker charges only $2000 for Islamic account for commission free trading. The offered spreads are ranging from 0.8 pips to 2 pips depending on the choice of trading account. Going further we must clear all the advantages and disadvantages of 100XFX to make this review unbiased. For that, we are discussing the possible advantages of this broker first. It offers to trade on MetaTrader trading platform. It is no surprise that MT is popular because of its services and added features. The broker also makes sure to offer to trade on all the possible assets from crypto coins to indexes. The leverage of higher levels like 1:200 is always welcomed by traders. However, please keep in mind higher leverages can make solid losses as well.
There are many disadvantages of this broker and we will discuss them here. Unfortunately, broker 100XFX is not regulated and only shares a telephone number of the United Kingdom. So, the broker operational from the UK must be regulated by the Financial Conduct Authority. Our readers must have guessed that it is not regulated. The cherry on to it is blacklisted by CONSOB. Now this gives us authority to claim 100XFX as a scam broker. Also, we could not check brokers claims because it does not provide a free demo account. Such brokers must not be trusted. Furthermore, the deposits require mentioned above are higher than the market average.
Is 100XFX scam or legit?
The broker’s claims could not be verified because of the absence of a free demo account. It is, in fact, an unregulated broker. Apart from MT, we could not find any advantages to it. Trading with such broker is harmful and therefore we claim it a potential scam cryptocurrency broker.