Wednesday, July 24, 2013

4XP Review

Today we will take a look at a forex broker who won the 2013 World Finance award for Best Educational Services; 4XP. One thing we have noticed from the start is that this forex broker has expanded its offering drastically and became much more than just a forex broker. They offer quite a nice arsenal of currency pairs which is great as it offers diversity and not too many forex brokers have a list of 51 currency pairs, including some nice exotic pairs.

Their offering does not stop there; they offer 17 commodities, 21 indices including the VIX, 94 shares, 7 bonds and 3 treasuries to traders. This is one of the most comprehensive offerings for a primarily forex broker and impressed us here. 4XP deserves praise for their diversity. Leverage on shares is severely reduced and does not exceed 1:10 while currency pairs can be traded with up to 1:300 leverage.

Unfortunately they offer the MetaTrader 4 platform which is great, but given the recent issues with MetaTrader and given the huge offering it would have been nice to see an alternative trading platform. The biggest issue with have with this forex broker is their design; a forex broker who offers such a diverse repertoire of tradable assets should invest the extra money and ensure their website is top of the line as well.

They do offer their much talked about forex educational tools labeled 4XP College. There are quite a few tools, but we did not test them and will take the word of World Finance for it. One interesting thing we came across is their 30 day protected account where new traders can trade a live account, bit for 30 days they will not record a loss which is a nice feature and helpful for new traders to test the waters.

They are headquartered in the British Virgin Islands and regulated by FMRCC and we let you be the judge if that is sufficient for you or not. They are registered as an official business and meet as well as comply with all the requirements, nothing more we can ask for here. Their management team remains unknown which is not unusual for forex brokers.

4XP offers two types of accounts; classic and ECN. While they do claim to be an ECN broker they do not offer any information on which bridge they use and have hidden this feature rather well which is unusual for a forex broker to hide their best feature. This raised a red flag and we are skeptical about this forex broker because of that. A broker who misguides new traders is a forex broker you should stay away from.

Conclusion

4XP offers a very diverse set of tradable assets which impressed us and we thought we found another great forex broker. Their design is average and does not fit with the rest of their offering. Another positive for this forex broker was their 30 day protected account which allows new trader to operate a live account without recording losses. They are shad about being an ECN broker which disappointed us severely and is the reason why we will give this forex broker two claws down; the Last Bear has roared.

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