An FX Trend Review To Keep You Informed About The Broker
FX Trend is one of a vast number of New Zealand based brokers that were significantly affected by the new rules and regulations prescribed by the Financial Markets Authority (FMA) of New Zealand. New Zealand had attracted a monumental amount of criticism and negative feedback from investors and experts from all over the world due to their inadequacy in dealing with broker scams, which led to the strengthening of the regulatory structure in the country to increase transparency among financial market participants. The new steps taken by the New Zealand Government aims to create an environment of safety and stability, which has helped the FMA to create a regulatory framework that is designed to supervise member firms according to a strict code of conduct. FMA’s intervention into the regulation of Forex brokers in New Zealand has spelled disaster for FX Trend, which is currently not regulated by any authority. Therefore, FX-Trend regulation and its subsequent authorizations have been put on hold indefinitely. FX Trend has its main office and representative offices in Ukraine and Poland, but the broker does not have any sufficient authorization or regulatory licenses from any known agency. FX Trend is also known to have indulged in several financial malpractices; therefore, traders must be careful while choosing FX Trend for their Forex trading needs.
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FX Trend only deals in FX currency pairs and does not offer commodities, indices, or other CFDs. There are essentially two different types of FX Trend accounts, the Mini account, and the ECN account. A Mini FX Trend account is the smallest account offering from the broker that allows traders to invest in the markets using a small trading capital of $20. The Mini account also comes with a maximum leverage of 1:100 and the ability to trade in mini lots, but the comparatively lower FX Trend leverage may prevent traders from opening any sizeable positions in the market. The ECN account does have a few more added benefits such as lower spreads, faster execution times, and overall better trading conditions for an initial deposit of just $200. The maximum leverage for the ECN account is also limited to 1:100, which may sound unattractive for scalpers and high-frequency traders. Nevertheless, the FX Trend spreads are highly competitive, and the commission for the ECN account varies between $5 and $11 per traded lot. The lower spreads and commissions are certainly one of the highest talking points of an FX Trend Forex account, and it is certainly one of the most sought out features for smaller traders. Traders can choose the PAMM account option for creating an investor-oriented account and offering their trading services to potential investors. The PAMM platform is an excellent tool that connects traders with investors and is one of the primary benefits of trading on the FX markets. The PAMM account is available with the ECN MT4 platform and has the same conditions as the standard ECN account.
Give Me An Outline Of FX Trend Platforms
FX Trend offers the standard MT4 platform for desktop and mobile trading. FX Trend mobile platforms are available from respective app stores and are pretty easy and convenient to use. Existing MT4 users and traders with extensive experience with the MT4 terminal will find it easy to acclimatize with the interface without much trouble. FX Trend apps provide access to a wide range of currency pairs and even include exotic currency pairs that are not offered by some of the other leading brokers in the industry. Even though the option of trading exotic currency pairs may attract a section of the retail trading market, the absence of commodities or indices might deter a majority. Nevertheless, such exotic pairs induce high volatility and sharp spikes in price action, which is exceptionally suited for scalpers and high-frequency traders.
FX Trend Does Not Cater To US Traders
FX Trend is an unregulated broker and is mostly barred from operating in any country that has an active and reliable regulatory authority. The US market is especially harsh towards unregulated brokers, and the fact that FX Trend has had a doubtful past that is riddled with financial inconsistencies tend to dissuade US traders from trading with FX Trend. The recent warnings from FMA and FSP regarding the status of FX Trend in its regulatory license also plays a significant role in preventing the company from entertaining traders from around the world.
What Does FX Trend Offer Regarding Bonus?
The company is highly secretive about its FX Trend bonus, and it varies according to client deposit. The broker is unwilling to impart any bonus information or promotional schemes to lure traders into their brokerage, which is seen as a highly counter-intuitive strategy. Most regulated FX brokers resort to offering attractive bonus packages for its traders to entice them in this highly competitive market. Regardless, FX Trend does not appear to be committed to fulfilling its client requirements, which may prove to be costly for the company in the future. FX Trend has slowly been gaining a negative reputation in the market, and clients have been complaining about unresolved withdrawal requests and a lack of response from the broker for serious trading complaints. The lack of regulation is also proving to be turning against existing clients, as they don’t have access to a reputed arbitration agency or any official regulatory authority for resolving disputes and for ensuring a safe conduct in the markets. Unless FX Trend does its part in providing high customer satisfaction and renewed trust through proper regulatory licenses, we would not recommend the broker for the time being.