- Regulation: No offical governmental regulation only psuedo-regulation from the FMRC.
- Instruments: Forex, Commodities, Stocks, Indices and Bonds.
- Special Features: None of any note.
- Leverage: Of 300:1 on Forex pairs but otherwise varies instrument to instrument.
- Minimum Deposit: $100
The Platform
4XP’s trading platforms are all powered or provided by MetaQuotes the well known creator of the popular MetaTrader trading platforms. 4XP offer both the old MetaTrader 4 platform and the new MetaTrader 5 to their clients who are free to choose what platform to use dependent on their personal preference. Many people are familiar with the offerings from MetaTrader and will take like a fish to water when using 4XP’s versions of the platform. 4XP also offers a web based platform again powered by MetaQuotes, providing quite a lot of the functionality included in the more comprehensive downloadable MetaTrader platforms. Quite nicely 4XP also offers a mobile based trading platform which allows users to trade on the move, while the functionality is pretty basic it still allows one to open and close positions with ease. All in all when it comes to 4XP’s platform it’s a pretty standard offering.
Special Features
When it comes to special features there’s nothing much to talk about. 4XP do offer some limited educational tools but such as one to one coaching, webinars and the possibility to open a demo account. But these kind of educational tools are pretty standard at most Contract for difference brokerages.
Spreads
The Spreads on offer 4XP are fixed and pretty unremarkable with the tightest Forex spreads being three pips. While the spreads on offer at 4XP for major Forex pairings aren’t competitive their not actually awful either. However, when it comes to minor pairings the spreads are awful with some being absolutely massive. The spreads on the other instruments aren’t particularly great with some of them being absolutely massive, strongly suggesting that 4XP is a pure and simple bucket shop. You could find a much better deal with a properly regulated MiFID brokership, who would most likely offer you far tighter spreads as well as their being proper regulatory oversight.
Customer Service
The customer service provision at 4XP hasn’t got the best reputation around, with many being dissatisfied with the service they have provided. Some have complained of very aggressive sales tactics in order to drive as much business to the company as possible. Their have also been complaints about 4XP failing to respond to problems and complaints that their customers have been experiencing with individuals often being forced to take their grievances to Forex review sites in order to receive any proper response from 4XP representatives. Which quite frankly is not good enough. Though it must be said that representatives do their utmost to resolve these disputes when they do reach various Forex review sites, this may be just to preserve their public image.
Regulation
4XP claims to be regulated by the FMRC. However the FMRC is not a proper governmental body, it is rather a non-profit organisation which charges companies a fee in order to become regulated. The FMRC doesn’t have any legal powers over the companies it regulates and can’t ensure that client monies are properly segregated from the companies. This isn’t at all satisfactory especially when their are major industry players who are fully regulated by reputable regulatory bodies. For example their appears to be an endless list of different MiFID regulated brokers out there who offer a better overall service than 4XP. So why you would choose to risk your money with an unregulated entity such as 4XP is beyond me.
Overall, I can’t see any reason why you would pick 4XP to act as your broker. Especially, when there a huge number of properly regulated European brokerages out there.
