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FastFX
United Kingdom|5-10 years| https://www.myfastfx.com
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No valid regulatory information, please be aware of the risk!
Single Core
1G
40G
Contact number
+44 141 846 1515
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Broker Information
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FASTFX LTD.
FastFX
United Kingdom
Pyramid scheme complaint
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- It has been verified that this broker currently has no valid regulation. Please be aware of the risk!
WikiFX Verification
| Benchmark | -- |
|---|---|
| Maximum Leverage | 1:500 |
| Minimum Deposit | 50 USD |
| Minimum Spread | from 2.0 |
| Products | -- |
| Currency | -- |
|---|---|
| Minimum Position | 0.01 |
| Supported EA | |
| Depositing Method | (3+) VISA |
| Withdrawal Method | (3+) VISA |
| Commission | 0.5$ per side |
| Benchmark | -- |
|---|---|
| Maximum Leverage | 1:200 |
| Minimum Deposit | 500 USD |
| Minimum Spread | from 1.5 |
| Products | -- |
| Currency | -- |
|---|---|
| Minimum Position | 0.01 |
| Supported EA | |
| Depositing Method | (3+) VISA |
| Withdrawal Method | (3+) VISA |
| Commission | 2.5$ per side |
| Benchmark | -- |
|---|---|
| Maximum Leverage | 1:100 |
| Minimum Deposit | 5000 USD |
| Minimum Spread | from 0 |
| Products | -- |
| Currency | -- |
|---|---|
| Minimum Position | 0.1 |
| Supported EA | |
| Depositing Method | (3+) VISA |
| Withdrawal Method | (3+) VISA |
| Commission | 5$ per side |
- Fundamental Item(A)
- Total Supplementary Items(B)
- Debt Amount(C)
- Non-Fixed Capital(A)+(B)-(C)=(D)
- Relative amount of risk(E)
- Market Risk
- Transaction Risk
- Underlying Risk
Capital
$(USD)
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FastFX · Company Summary
| FastFX Review Summary | |
| Registered Country/Region | United Kingdom |
| Regulation | Unregulated |
| Market Instruments | Cryptos, forex and metals |
| Demo Account | Unavailable |
| Leverage | 1:200 (Std) |
| EUR/ USD Spread | Up to 1.5 pips (Std) |
| Trading Platforms | VertexFX Trader |
| Minimum Deposit | $50 |
| Customer Support | Telephone: 44 141 846 1515 and +44 169 027 0009, email: support@myfastfx.com, live chat, online messaging, Twitter, Facebook, and Instagram |
What is FastFX？
FastFX is a trading platform offering access to the world of forex, metals, and even cryptocurrencies. Based in the United Kingdom, they cater to traders of various experience levels with three distinct account types. Each account boasts different features and minimum deposit requirements. However, FastFX currently operates as an unregulated broker.
If you are interested, we invite you to continue reading the upcoming article where we will thoroughly assess the broker from various angles and present you with well-organized and succinct information. By the end of the article, we will provide a concise summary to give you a comprehensive overview of the broker's key characteristics.
Pros & Cons
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Pros:
- Access to multiple markets: FastFX allows you to trade forex, metals, and even cryptocurrencies, all on one platform. This diversification can be beneficial for some traders.
- Flexible leverage: FastFX offers various account types with different leverage options, catering to both conservative and aggressive traders.
- Live chat availability: While live chat can be helpful for quick questions, it's not always ideal for complex issues.
- Multiple communication channels: They provide multiple ways to reach their customer support team, including phone, email, live chat, and social media.
Cons:
- Not regulated: This is a major concern. Without regulatory oversight, your funds are at greater risk of misuse or fraud. There's also no guarantee the platform won't disappear with your money.
- Regional restrictions: FastFX is not available to traders in all countries. Be sure to check their website for any restrictions.
- No demo accounts: This makes it difficult to practice trading strategies and get comfortable with the platform before risking real capital.
Is FastFX Safe or Scam？
FastFX asserts its commitment to providing protective measures for traders, emphasizing a trader-centric and technology-driven approach to navigate the volatile Forex market safely. Acknowledging the constant fluctuations driven by bullish and bearish trends, FastFX relies on a team of skilled traders trained to demystify the complexities of Forex trading for customers.
However, FastFX currently operates without valid regulation, meaning there is a lack of oversight from government or financial authorities regarding their operations. This absence of regulation introduces inherent risks to investing with FastFX. Without regulatory oversight, there is a heightened concern that the individuals behind the platform could potentially misuse funds without being held accountable for any unlawful activities.
Market Instruments
Based on the information you've shared, FastFX offers three main categories of trading instruments:
- Forex: This refers to the foreign exchange market, where you can trade currencies against each other. Popular forex pairs include EUR/USD (Euro vs. US Dollar), USD/JPY (US Dollar vs. Japanese Yen), and GBP/USD (British Pound vs. US Dollar).
- Metals: This likely refers to precious metals like gold, silver, and possibly platinum. These metals are often seen as safe-haven assets, meaning investors tend to buy them during times of economic uncertainty.
- Cryptos: This is short for cryptocurrencies, which are digital assets built on blockchain technology. Bitcoin and Ethereum are the two most well-known cryptocurrencies, but there are thousands of others available.
Account Types
FastFX offers three types of trading accounts with varying features and minimum deposit requirements:
MINI Account:
- Minimum deposit requirement: $50
- Suitable for beginners or those with limited trading capital.
- Basic features tailored for entry-level traders.
STANDARD Account:
- Minimum deposit requirement: $500
- Designed for traders with moderate experience and capital.
- Offers a wider range of trading instruments compared to the MINI account.
ECN Account:
- Minimum deposit requirement: $5000
- Geared towards experienced traders and institutional clients.
- Provides access to an extensive range of trading instruments across various markets.
Leverage
FastFX caters to traders with different risk appetites by offering a tiered leverage system across its account types.
The MINI account boasts the highest leverage of 1:500, allowing you to control a significant amount of assets with a smaller deposit. However, this comes with a significant risk, as even minor price movements can lead to substantial losses.
The STANDARD account offers a more balanced approach with 1:200 leverage, providing a good mix of potential gains and risk exposure.
The ECN account features the lowest leverage of 1:100, ideal for traders who prioritize managing risk and protecting their capital.
Note that high leverage is a double-edged sword, magnifying both profits and losses. Choose your account type wisely based on your risk tolerance and trading experience.
| MINI Account | STANDARD Account | ECN Account | |
| Leverage | 1:500 | 1:200 | 1:100 |
Spreads & Commissions
FastFX offers three account types with varying spreads and commissions:
- MINI account: This account has the highest maximum spread of 2.0 pips but a lower commission of $0.5 per side.
- STANDARD account: The STANDARD account offers a tighter maximum spread of 1.5 pips but comes with a higher commission of $2.5 per side.
- ECN account: The ECN account boasts the lowest maximum spread of 1.0 pips, but it also has the highest commission of $5.0 per side.
| MINI Account | STANDARD Account | ECN Account | |
| Spread (pips) | Up to 2.0 | Up to 1.5 | Up to 1.0 |
| Commission (USD per side) | 0.5 | 2.5 | 5.0 |
Trading Platform
FastFX utilizes VertexFX Trader, a powerful and feature-rich online trading platform.
- Enhanced interface: Offering a user-friendly and customizable layout for efficient trade execution.
- Technical analysis tools: Providing traders with the ability to analyze markets using charts and indicators.
- Advanced market watch: Enabling traders to monitor and track desired instruments in real-time.
- Store: Granting access to a vast library of free plugins for further platform customization.
- Netting and hedging support: Accommodating different trading strategies for managing risk.
Deposits & Withdrawals
FastFX offers multiple convenient options for depositing and withdrawing your funds:
- E-wallets: Skrill is a popular e-wallet option, allowing for quick and potentially cost-effective transfers.
- Credit/Debit Cards: FastFX accepts deposits and withdrawals through VISA and Mastercard, providing a familiar payment method for many users.
- Cryptocurrency: Bitcoin is another deposit and withdrawal option, catering to those who prefer using cryptocurrency.
Customer Service
FastFX offers live chat. With live chat, customers can get their questions answered quickly and receive help with any issues they may have. It's a convenient and effective communication channel that can improve customer satisfaction and increase sales.
Customers can visit their office or get in touch with customer service line using the information provided below:
Telephone: 44 141 846 1515
+44 169 027 0009
Email: support@myfastfx.com
Address: 321-323 High Road, Chadwell Heath, Essex RM6 6AX, United Kingdom
Moreover, clients could get in touch with this broker through the social media, such as Twitter, Facebook, and Instagram.
FastFX offers online messaging as part of their trading platform. This allows traders to communicate with customer support or other traders directly through the platform. Online messaging can be a convenient way to get real-time assistance or to engage in discussions with fellow traders.
Conclusion
In conclusion, FastFX offers access to a variety of markets and caters to different risk profiles through its account types with varying leverage. Additionally, multiple communication channels ensure you can reach their support team. However, the lack of regulation casts a long shadow. Without regulatory oversight, your funds are exposed to a much higher risk of misuse or even the platform disappearing entirely. This significantly outweighs the potential benefits.
Frequently Asked Questions (FAQs)
| Q 1: | Is FastFX regulated by any financial authority？ |
| A 1: | No. It has been verified that this broker currently has no valid regulation. |
| Q 2: | Does FastFX offer demo accounts？ |
| A 2: | No. |
| Q 3: | What platform does FastFX offer？ |
| A 3: | It offers VertexFX Trader. |
| Q 4: | What is the minimum deposit for FastFX？ |
| A 4: | The minimum initial deposit to open an account is $50. |
| Q 5: | At FastFX, are there any regional restrictions for traders？ |
| A 5: | Yes. Fast FX does not offer its services for residents of certain regions, such as the United States of America, Canada, Japan, Cuba, Israel, The Islamic Republic of Iran, North Korea, Yemen, Palestine, Sudan, and Syria.. |
Risk Warning
Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information provided in this review may be subject to change due to the constant updating of the company's services and policies.
In addition, the date on which this review was generated may also be an important factor to consider, as information may have changed since then. Therefore, readers are advised to always verify updated information directly with the company before making any decision or taking any action. Responsibility for the use of the information provided in this review rests solely with the reader.
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