Sunday, May 12, 2013

FXVV Review



This week a forex broker was brought to our attention which has a rather interesting set-up and an offer most will not be able to refuse in order to at least check them out. We are talking about FXVV. So far not forex broker has been able to dethrone PaxForex as your primary choice for new forex traders. PaxForex offers new forex traders everything they need on order to increase their knowledge about the forex market and allow them to slowly build up a profitable forex strategy. PaxForex stands by their clients all the way.

We have reviewed several other brokers, some average and some not worth mentioning ever again. InstaForex was our second choice for overall brokers we have reviewed and our best choice for mature forex brokers. Now FXVV is surging in our rankings and after taking a closer look at them we have to rank them on par with PaxForex and make them our primary choice for intermediate forex traders who already have a profitable trading strategy.

The main difference between FXVV and PaxForex is that FXVV offers ECN accounts which are great for professional traders. PaxForex offers an excellent free forex trading guide which males it our primary choice for new forex traders.

Here are some attribues we just love about FXVV
  1. The offer ECN accounts with a minimum deposit of $10. They offer their ECN account through the MetaTrader 4 platform
  2. Tight spreads on their 28 currency pairs plus gold and silver
  3. Leverage up to 1:2000 (The Last Bear does not recommend traders to operate an account with leverage this high). We mentioned it because it shows that traders have a vast choice of leverage to fit every trading style
  4. No re-quotes
  5. No dealing desk
  6. Price transparency
  7. Fast execution
  8. They accept U.S. clients
  9. Registered in the UAE as well as New Zealand

The Last Bear is not the biggest advocate of forex bonuses as they come with terms and conditions which will hinder your freedom. FXVV does offer new clients an offer even we could not refuse. Make a deposit of $100 and they will credit your account with $500. This is too good of an offer to pass and The Last Bear will add FXVV to its number one spot among ECN brokers. The $500 bonus is the best forex bonus out there but can’t be withdrawn; it is only to trade with. Profits need to remain in the account for 90 days and a total of 250 lots need to be traded. Yes, the conditions are not the best, but in order to test them out and since we do not seek to deposit and withdraw in less than six months The Last Bear thinks this is acceptable.

Conclusion

While PaxForex remains our number one choice for new forex traders, we rank FXVV on par with them and make them our number one choice for ECN brokers since PaxForex does not offer ECN accounts at the moment. Great choice for professional traders and we can only recommend that serious traders will take advantage of the $500 deposit offer. 

5 comments:

Are you kidding of me? FXVV has been determined to be a scam on several websites. Do your own research.

My name is Peter Szabo from Hungary, and I would like to tell a story about the FXVV Capial Markets Ltd. (Registered in New Zealand, address;Office No.3, 556 Cameron Road, Bay of Plenty, Taurangga 3112, New Zealand)

I opened an account in the FXVV Capital Markets LTD. this year, at the end of may. I sent 7000USD to my trading account via bank wire and before I open my 1st position I read again the terms and conditions and I saw, that If I win, FXVV does not pay out the profit before I haven't trade 350 standard lots. I'ts too mutch to trade, so I haven't opened position(s) and I wanted all my money back without trading. I sent a withdrawal request to the firm and waited. They (the FXVV) haven't processed the withdrawal request more than 10 business days. I sent a letter about this case and we wanted to know what is the problem. They said nothing, no answers, no phone call, no live chat. I wrote a letter again and I said if they are not responding, I will go to the police to sue them, and I will go to the internet, and I will write down our case in lot of forums like forexfactory, forexpeacearmy and so an. 3 hours later I got a mail, that they said :" yes we send the money back to your bank account". This was 15 business day ago, but the money is not in my bank account, and not on the trading account either.
I think 15 business day is enough for the money to arrive IF they said the true.
5 day ago I ask for a swift monitoring riport from the FXVV, because I want to see, that they are saying the true (they can proof with this, that the money is travelling now), but they have not sent it to me.
I'm not newbie in forex and I think this firm is a scam broker.
So this is the story, and now it's high time to us to do something.
Firstly I sent this story to the Reserve Bank of New Zealand, because I hope they can help me.
Secondly I wrote down this story about my case, beacause I think if we ( all the aggrived parties) make a group we can do something.

So, if you have any problem with FXVV, withdrawal or something, please send me a mail to my address and join me, together we can do something.
I want to find a lot of aggrieved people and let's wind up this scam broker!

Best Regards; Peter Szabo

mail: szabopeterfx@gmail.com

@ Anonymous: No signs of scam were found, after talking to them they provided all the information desired and were up for a personal meeting without hesitation.

@Peter: I read their terms and could not find the claim that you needed to trade 350 lots. Did you accept their bonus? In their bonus terms it clearly states what you need to do and I always advise traders to not trade with bonuses and trade their own money.

Can you provide any proof of your claim?

The Reserve Bank of NZ has noting to do with this matter.

Total Scam. I actually met with Adam Harris in Dubai last year. I cannot find him now. He and FXVV have STOLEN $30,000 of deposit and profit from myself and 3 other USA clients. Criminal complaints have been made.

@Anonymous: Could you provide some more information as well as proof of this scam? We will review this forex broker again and if there are sign of scam we will of course reverse this review and mark this broker as scam.

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