A Descriptive Land-FX Review For Analyzing The Reputation Of The Broker
Forex trading has a highly lucrative business potential for companies that are looking to cash in on the ever-growing retail trading market. Investors from around the world are looking for new and innovative ways to make money, which has further helped the FX trading market to generate immense interest from investors from all sectors of the market. Land-FX is another Forex broker that has invested into the potentially profitable brokerage business model to cater to FX traders from around the world. At the outset, Land-FX seems to be a conventional Forex broker that aims to provide high-quality FX products for traders through the tried and tested platforms. In this Land-FX review, we attempt to find more information on the effectiveness of the service, and whether the broker is suitable for investing in the long term.
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Land-FX is based in New Zealand with its representative offices located in the UK and other parts of Asia. Therefore, Land-FX is registered in the FSP index (New Zealand) and regulated by the FCA (UK), but the broker doesn’t have any regulatory licenses from any other parts of the world. Apart from being listed in the Financial Service Providers (FSP) register, it should be noted that the broker does not have the necessary broker licenses from the Financial Markets Authority (FMA), which is the primary regulatory authority for financial companies operating in the region. A lack of US regulatory status is also glaringly evident, as the broker does not provide its products and services to traders from the USA, Iran, Syria, North Korea, Cuba, and Sudan. While the broker may justify its actions of staying away from jurisdictions with internal turmoil and political conflict, its absence from the US market does signify a serious drawback for traders from the US financial market. Land-FX received its FCA regulation only in recent times, and the company is seen to have improved in every aspect ever since it received authorization from the FCA. Land-FX is now part of the FSCS scheme of the UK, which protects traders from broker insolvency issues by offering protection of funds up to £50,000. FCA regulation also brings the broker under the EEA agreement, which allows Land-FX to provide its services to traders from all over Europe. FCA regulated brokers are issued various guidelines that are created to ensure a standard code of practice for all financial firms in the EU. Protection of investor interest through a Financial Ombudsman Service, segregation of client funds, minimum specified operating capital for brokers according to their trading volume, and regular auditing are some of the regulatory guidelines issued for operating under a valid FCA license. An FCA license has helped Land-FX to create a highly regulated trading environment that concentrates its efforts on protecting traders from any instances of consumer abuse or financial scams.
Some Insights Into Opening A Land-FX Account
Land-FX offers two different types of trading accounts, the Standard FX account, and the ECN account. The Standard account offers average Land-FX spreads of 1.8 pips on the major currency pairs, along with a minimum initial trading capital of $300. The ECN account starts with a minimum deposit of $2000, which reduces the average spreads on the main currency pairs to 0.4 pips, while every trade has a commission of $35 per round traded lots. The maximum Land-FX leverage offered on both types of accounts is 1:500, which is the average leverage provided by most brokers based in Europe and Asia-Pacific. MT4 is the primary Land-FX platform available for both Standard as well as ECN accounts. The broker hasn’t developed any proprietary trading platform for its traders, but the broker offers different versions of the MT4 for various devices, including mobile apps for Land-FX mobile trading. The Land-FX apps for different platforms are available through the official Land-FX website as well as the official app store for iOS and the Android operating systems. Land-FX promises ultra-fast execution times that guarantee to open and close orders within 0.035 seconds; however, in real life trading conditions, the platform does take a bit of time to place orders, especially during times of low or high volatility. Land-FX customers have the option of initiating deposits and withdrawals within as less as one hour, which not only guarantees fast and secure payments but also provides a sense of trust and confidence among traders while managing their accounts. Traders can opt from different Land-FX payment options, which include credit cards, bank wire transfers, and online payment processors such as Skrill, Neteller, and PerfectMoney. The broker has waived off all charges on deposits, but withdrawals do incur some charges according to the withdrawal medium.
How Does Land-FX Takes Care Of Its Customers?
Land-FX addresses all consumer complaints within 24 hours, which is one of the pre-requisites of being regulated by the FCA. The FSP also has several laws and guidelines that favor the trader, which necessarily requires Land-FX to adhere to the regulatory guidelines to satisfy the licensing requirements. In case traders are not satisfied with the broker’s services or its complaint resolution process, they can always get in touch with the Financial Ombudsman or the higher court for arbitration in any matter. First time traders and new consumers are also provided an excellent Land-FX bonus that provides 10% of the initial deposit amount for a maximum deposit bonus of $3000. Traders also qualify for an additional 5% one-time bonus as a recovery bonus for margin call conditions, but the 5% recovery bonus has highly stringent terms and conditions attached to it. Land-FX promotions and bonuses might not be as extravagant as some of the other broker bonuses in the industry, but they do provide some incentive for traders while choosing Land-FX. Traders typically choose Land-FX due to their regulatory status, and not because of the bonus or any other promotions offered by the company.