RetailFX is a company that focuses on Foreign Exchange (Forex) trading. Estimated volume for that particular market is pegged over $3.2 trillion a day. Trading there can be open-ended and risky. RetailFX's founders have been active in risk management for more than 10 years. It describes its mission as providing “customers from around the world with sophisticated backend trading and hedging technology combined with personal customer service.”
RetailFX Ltd. is a registered Cypriot Investment Firm (CIF) with the Cypriot Securities & Exchange Commission (CySEC). It states that it adheres to the regulatory standards of the European financial authorities and follows precise due diligence procedures and trading practices. It suggests that potential customers visit the CySEC website for verification purposes.
The essence of Forex trading involves trading currency pairs and RetailFX provides a comprehensive list of those pairs and their spreads under the services tab of its main web page. The website is commendable for its simplicity and tools for signing up and trading seem to be readily available.
Under its FAQ section RetailFX states that it assumes “that every trader that registers at RetailFX is trading Forex for the first time.” This could indeed be good news for the first time trader. Free guides and tutorials are only available if you are willing to surrender the company your email address. A Forex glossary is accessible at the website itself.
RetailFX offers a demo account option and also states that its trading platform called WebTrader is ready for use on the web without requiring a download. That serves to differentiate it from many of its competitors. The typical claims regarding value for dollar and minimization of risk are made here as well.
The disclaimer section does offer some possibly bad news to certain potential customers, however. Along with the usual warning about risk is a prominently displayed proviso:
“Please note, RetailFX does not accept any trading activity from U.S based customers.”
|Digits after the dot in quotes||4|
|Minimum position size||0.01|
|Pip spread on majors||1-3|
|Standard account, $||100|
|Mini account, $||100|
|Other payment methods|
|Popular payment methods||Credit Cards, Wire Transfer, WebMoney|
|Account currencies||USD, EUR, JPY, GBP|
I got completely new level of experience. They provided exceptional backend capabilities and hedging tools. Since my first trade, I had huge variety of instruments for trading. Everything was simple and convenient. Combination of quite good options of making deposits and withdraws never gave me sense of wrong choice regarding RetailFX. Still work with them even if they became a part of collaborative group with eToro. Now as a loyal customer, I have access to trading tools of eToro platform. Not bad for small accounts I manage.