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If you are looking for a reliable and trustworthy forex broker, you might have come across ExpertFX. ExpertFX is a forex and CFD broker that claims to offer competitive trading conditions, fast execution, and excellent customer service. But are they really legit? In this review, we will examine their background, regulation, trading platforms, account types, fees, and customer support to help you decide if they are worth your time and money.
Background and Regulation
ExpertFX was founded in 2018 and is based in St. Vincent and the Grenadines. They claim to be regulated by the Financial Services Authority (FSA) of St. Vincent and the Grenadines, but this is not a reputable or credible regulator. The FSA does not have any strict rules or requirements for forex brokers, and does not provide any protection or compensation for traders in case of broker insolvency or fraud. Therefore, trading with ExpertFX is very risky and not recommended.
ExpertFX offers two trading platforms: MetaTrader 4 (MT4) and MetaTrader 5 (MT5). These are popular and widely used platforms that offer advanced trading tools, indicators, charts, and automated trading options. However, ExpertFX does not provide any information about their server location, execution speed, or slippage. Moreover, some users have reported that ExpertFX’s platforms are unstable and prone to glitches and errors.
ExpertFX offers four account types: Standard, Silver, Gold, and Platinum. The minimum deposit for the Standard account is $250, which is higher than the industry average. The other accounts require even higher deposits of $2,000, $10,000, and $50,000 respectively. The spreads on the Standard account start from 2.8 pips, which is very high and uncompetitive. The other accounts offer lower spreads, but they also charge commissions of $6, $5, and $4 per lot respectively. The leverage on all accounts is up to 1:500, which is very risky and can lead to significant losses.
Fees and Charges
ExpertFX charges various fees and charges that are not clearly disclosed on their website. These include withdrawal fees of up to 3.5%, inactivity fees of $10 per month after 6 months of no trading activity, swap fees for holding positions overnight, and conversion fees for deposits and withdrawals in different currencies. These fees can add up quickly and eat into your profits.
ExpertFX claims to offer 24/7 customer support via phone, email, live chat, and social media. However, many users have complained that their support team is unresponsive, rude, and unhelpful. Some users have also reported that ExpertFX has blocked their accounts or denied their withdrawal requests without any valid reason.
ExpertFX is a forex and CFD broker that is not regulated by any reputable authority and has a poor reputation among traders. They offer high fees, low-quality platforms, and poor customer service. They are not transparent about their trading conditions and may engage in fraudulent or unethical practices. Therefore, we do not recommend trading with ExpertFX and advise you to look for a more reliable and trustworthy broker.
What to Do If You’ve Lost Money with ExpertFX?
If you have been scammed by ExpertFX or any other broker, you’ll want to seek assistance from brokercomplaintregistry.com immediately. Our experts will consult with you and bolster your claim to help you get your money back. Brokercomplaintregistry.com is a leader in recovering your funds and will help you retrieve your funds from a broker scam.