FXSWay is a controversial forex and CFD broker, with several traders reporting it as a scam. The broker has been active since 2021 but failed to make a mark.
Considering the aforementioned concerns regarding potential scams associated with the broker, we have taken it upon ourselves to conduct a thorough FXSWay Review 2024 to verify the broker’s legitimacy.
Our detailed FXSWay review aims to provide an in-depth analysis of the broker’s services, including its range of trading instruments, account types, pricing, and trading platforms.
We will also assess the broker’s customer support and educational resources in order to provide a comprehensive picture of the overall trading experience.
Check out a quick overview of the broker below:
|St. Vincent and Grenadines
|Forex, Indices, Shares, Commodities and Stocks
|USD, AUD, EUR, GBP, NZD, CAD, CHF and JYP
|BTC, DOGE, LTC, USDT, ETH and XRP Only crypto-based payment options
|Per lot charge of $7, $9 and $1 respectively for standard, pro and mini account
|CONTESTS AND BONUSES
What Is Fxsway?
FXSWay is a multi-asset CFD trading platform that is owned and operated by FXSWay LLC. The company is registered in Saint Vincent and the Grenadines and was launched in 2021.
While it offers various services, including investing and trading financial instruments such as forex, commodities, indices, and cryptocurrencies, it has been struggling to attract a steady client base due to its inability to obtain regulatory licenses from reputable authorities like CySEC, ASIC, FCA, and FMA.
The broker offers various account options, including a demo account for beginners, a standard account, and a professional account for advanced traders.
Additionally, it also provides an option for retail investor accounts – PAMM accounts – which allows investors to allocate funds to a money manager who then trades on their behalf.
Fxsway Scam Report: Regulations & Licenses
FXSWay is a suspected scam brokerage firm regulated by an offshore regulator – Financial Services Authority in St. Vincent & the Grenadines.
It is important to note that St. Vincent and the Grenadines represent an offshore location that has gained notoriety as a scam haven. This jurisdiction permits brokers to acquire regulatory licenses with minimal documentation and without undergoing background checks, like in the case of FXSWay.
Meanwhile, trading with such unlicensed brokers is a risky decision that can expose your funds to fraud and theft. In addition, such brokers operate unfairly due to the lack of regulatory oversight, making them vulnerable to fraudulent activities that result in clients losing their deposits.
To protect our readers from falling prey to these scammers, we strongly advise selecting authorised brokers licensed by reputable regulatory bodies such as FCA, ASIC, and FMA. Regulated brokers have strict regulations in place and employ anti-fraud practices, providing clients with security, transparency, and fair dealing practices.
Trading Markets & Instruments
Based on this, the forex broker provides traders with a diverse selection of underlying assets to trade, covering multiple financial markets. The range of assets available for trading includes:
- FX Majors: The broker offers over 55 currency pairs for trading, which are based on major and minor world currencies. This includes pairs such as EUR/USD, USD/JPY, GBP/USD, and many more.
- Cryptos: The broker provides traders access to 18 crypto pairs, including popular cryptocurrencies like Bitcoin, Ethereum, Litecoin, Ripple, and more. These pairs are based on cryptocurrencies like Bitcoin Cash, BAT, BNB, Dash, Dogecoin, EOS, Ethereum Classic, Iota, Neo, OmiseGO, Tron, Stellar Lumens, Monero, and Zcash.
- FX Crosses: There are FX cross pairs also available, including EUR/JPY, EUR/GBP, GBP/JPY, and more.
- Indices: Traders can access 11 index CFDs based on baskets of different blue-chip stocks and the US Dollar Index. This includes indices such as the S&P 500, NASDAQ, FTSE 100, and more.
- Commodities: The broker offers four metal CFDs based on Gold, Silver, Platinum, and Copper. Additionally, traders can also access three three energy CFDs based on Crude Oil (WTI, Brent) and Natural Gas.
- Stock CFDs: The broker provides trader access to over 35 stock CFDs based on shares of US and EU companies. This includes stocks such as Apple, Amazon, Tesla, Microsoft, Google, Facebook, and many more.
Fxsway Fees & Other Charges
According to the FXSWay review, the broker advertises to offer competitive spreads starting as low as 0.1 pips. However, it is essential to note that unregulated brokers, such as FXSWay, may offer better trading conditions and lower fees but at the risk of potential fraudulent activity.
The advertised spread of 0.08 pips for EUR/USD may seem impressive, but it could be a tactic to lure traders into depositing funds without the intention of returning them. Therefore, it is recommended to be cautious and only trade with regulated brokers with transparent business practices and a proven track record of customer satisfaction.
The broker fees for various instruments are as follows:
- FX Majors: Starting from 0.8 pips
- Crypto: Starting from 0.24 pips
- FX Cross: 0.7 pips
- FX Exotic: 1 pip
- Indices: 0.19 pips
- Commodities: 0.04 pips
- EU Shares: 0.42 pips
- US Shares: 0.22 pips
- Metals: 0.21 pips
According to our research on FXSWay, the maximum leverage offered by the broker is 1:500. It is important to note that such a high leverage ratio may seem attractive to traders but can also be very risky.
Unregulated offshore brokers often offer such high leverage ratios to lure in more clients and deposits. However, it is essential to exercise caution and fully understand the risks associated with such high leverage ratios before investing with any broker.
In fact, regulated brokers are often limited by their respective financial authorities to offer leverage ratios below 1:100 to protect their clients from potential risks.
Available Trading Platforms
FXSWay offers access to the widely used trading platform MetaTrader 4 (MT4), which is considered a reliable and robust platform. In addition, it has a wealth of analytical tools, including nine timeframes and 30 technical indicators. The compound interest calculator is one of the tools which makes trading calculations easier.
One of the most crucial features of MT4 is its introduction of automated trading, which allows traders to use expert advisors to engage in trading on their behalf. MT4 is also known for its built-in marketplace, where traders can buy and sell expert advisors.
The FXSWay MT4 download is available in several versions, including a desktop version, a web-based version, and mobile apps for Android and IOS devices.
Pros & Cons
|Maximum leverage of 1:500
|Unregulated offshore broker with a questionable reputation
|Access to the popular MetaTrader 4 platform
|Lack of transparency in pricing and execution
|Limited information about the company’s background and history
|Multiple account types with different features
|No negative balance protection for clients
|Variety of trading instruments available
FXSWay Account Types
FXSWay offers four live account options alongside a free demo account, each with its own features and requirements. Therefore, it is essential to carefully review the details of each account type before choosing the one that is best suited for your trading needs.
The FXSWay account types are as follows:
- Standard Account: This account offers leverage up to 1:500, typical spreads starting from 0.8 pips, STP execution with Level 2 Pricing, and the ability to trade Forex, Cryptos, Metals, Indices, Stocks & Commodities. The commission is charged per lot from $7.00, and there are over 200 pairs available to trade.
- Var Account: The Var account offers leverage up to 1:500, typical spreads starting from 1.2 pips, STP execution with Level 2 Pricing, and the ability to trade Forex, Cryptos, Metals, Indices, Stocks & Commodities. The commission is charged per lot from $0, and there are over 200 pairs available to trade.
- Pro Account: This account offers leverage up to 1:500, typical spreads starting from 0.4 pips, STP execution with Level 2 Pricing, and the ability to trade Forex, Cryptos, Metals, Indices, Stocks & Commodities. The commission is charged per lot from $9.00, and there are over 200 pairs available to trade.
- Mini Account: This account offers leverage up to 1:500, typical spreads starting from 1.0 pips, STP execution with Level 2 Pricing, and the ability to trade Forex, Cryptos, Metals, Indices, Stocks & Commodities. The commission is charged per lot from $1.00, and there are 29 pairs available to trade.
It should be noted that while the minimum deposit is $10, there may be additional requirements or restrictions for each account type.
How To Open An Account On FXsway?
To open an account with FXSWay, you will need to follow these steps:
Step 1: Visit the FXSWay website and click on the “Open Account” button at the top.
Step 2: Fill out the registration form by providing your personal details.
Step 3: Choose the account type according to your trading needs, whether it be the Standard, Var, Pro, or Mini account.
Step 4: Submit your account application and wait for it to be approved by FXSWay’s team.
Step 5: Once your account has been approved, you will receive a confirmation email with your account login credentials.
Step 6: Fund your account using the available payment option.
Step 7: Download the MetaTrader 4 platform and start trading.
FXSway Withdrawal & Deposit Conditions
FXSWay only allows deposits to be made in cryptocurrencies, which include Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Tether (USDT).
In order to deposit funds, clients must first open an account with FXSWay and then navigate to the deposit section on the dashboard, then locate and click on the ‘Deposit now’ button.
From there, they can choose the cryptocurrency they wish to use and generate a unique deposit address. Once the funds are sent to the deposit address, they will appear in the client’s account balance.
Withdrawals can only be made in Bitcoin (BTC) and must be sent to a wallet the client owns and controls. After completing the Fxsway login request a withdrawal click on the ‘Withdraw Now’ button, sign in, go to the dashboard and enter the amount they wish to withdraw.
The withdrawal request is then processed by the FXSWay team, which can take up to 24 hours. After the request is approved, the BTC will be sent to the client’s designated wallet address.
Fees For Deposits & Withdrawals
It is important to note that FXSWay does not charge any deposit or withdrawal fees. However, clients should be aware that transaction fees may apply when sending cryptocurrencies to the deposit address or receiving BTC withdrawals to their own wallets.
The amount of these fees will depend on the current market conditions and the blockchain network used for the transaction.
Overall, FXSWay’s deposit and withdrawal conditions may be limiting for clients who prefer to use traditional payment methods such as bank transfers or credit cards. However, the process is relatively straightforward and convenient for clients who are comfortable using cryptocurrencies.
Educational & Research Support
Unfortunately, FXSWay falls short in terms of educational and research support for its clients. As offshore brokers, they do not offer any valuable or reliable educational resources, such as webinars, video tutorials, or trading guides, to help traders improve their skills or knowledge.
Moreover, FXSWay lacks comprehensive research materials, such as market analysis, economic calendars, or news feeds, that can help traders stay informed about market events and make informed trading decisions.
Fxsway Broker Customer Support
FXSWay’s customer support is below average as there is no phone and email support available. The only support options are an FAQ section and a “Raise a Ticket” option.
The lack of customer support is a concerning aspect of FXSWay, especially for traders with urgent issues or questions that need to be addressed quickly. It’s crucial for traders to have access to reliable customer support in case of technical difficulties, account issues, or other concerns.
Traders should carefully consider the level of support provided by a broker before opening an account. For example, the lack of phone support and slow email response time indicates that FXSWay is not the best choice for traders who value a high level of customer support.
FXSWay Affiliate Program
FXSWay has an affiliate program for traders to collect extra money through affiliate bonuses and enjoy additional features like live tracking and analytical tools. You can set up an affiliate account without any charges and access weekly payouts and uncapped commissions.
To be an affiliate member, go to the website Fxsway.com navigate the affiliate program section and become an IB member of FXSWay by entering your details. However, since the broker is unreliable, this feature could be a scam so be careful before you dive in.
Based on the FXSWay Review 2024, it can be concluded that the broker is not serious about offering a secure & favourable trading environment to its clients.
The lack of regulation by any significant financial authority raises concerns about the legitimacy and safety of trading with this broker. In addition, their customer support is below average, and the educational and research resources are virtually non-existent.
Therefore, it may not be the best choice for traders prioritising security, transparency, and a comprehensive trading environment.
Instead, we recommend considering a reputable and regulated broker like TradeEU, which offers a wide range of trading instruments, excellent customer support, robust educational resources, and a well-established track record in the industry.
Is Fxsway a Regulated Broker?
No, Fxsway has no regulation that makes the broker unsafe to trade with. The broker claims to offer regulation under FSA in St. Vincent & the Grenadines but this place is a haven for scam brokers making Fxsway highly unreliable and a scam broker.
What Is The Minimum Deposit On Fxsway?
FXsway minimum deposit requirement is $10.
How Can I Withdraw Funds From My Fxsway Account?
Fxsway only allows withdrawals through Bitcoin. Therefore, to withdraw funds, you must submit a withdrawal request through the platform, which will then be processed within a few business days.
Where Can I Find Fxsway MT4 Download Link?
Yes, you can download the MT4 trading platform from FXsway’s website. Go to the “Download” section and select the appropriate version for your device.
How Do I Log In To My Fxsway Account?
To log in to your account, visit the broker’s website and click the “Log In” button. You will then be asked to enter your username and password.
what is Fxsway broker?
Fxsway is a St. Vincent & the Grenadines-based online forex broker that offers trading with assets like cryptocurrency, stocks, indices, shares and commodities. However, it has regulatory concerns making the broker highly controversial broker.
Fxsway broker review?
Fxsway reviews such as this one help interested traders to read and analyze whether Fxsway is a reliable broker or not. A broker review includes all the minute details of a broker.
What are FXSWay trading hours?
The trading hours of FXSWay are open 24/7, but the time slot may be less during holidays, the trading hours can open or close early so traders should keep an eye on the trading hours.