FXRoad has positioned itself as a leading online trading platform with seamless trading experience across several assets, from Forex pairs to cryptocurrencies.
Known for its user-friendly platforms, competitive spreads, and a huge selection of account types, FXRoad caters to the needs of beginners and seasoned traders. In this FXRoad review, we will examine the pros and cons of the platform. We’ll also provide insights that will help you decide if FXRoad is the right broker for you.
Overview of FXRoad
FXRoad is a popular online trading platform that stands out due to its low trading costs and no fees on deposits and withdrawals. The platform is supported by TradingView, one of the most popular charting and analysis tools in the financial industry.
FXRoad’s users can access the platform through WebTrader, iOS, and Android apps, thereby providing a seamless experience across different devices.
However, its asset selection, while diverse, is slightly more limited compared to some competitors. The platform offers around 350 assets including Forex pairs, commodities, indices, equities, and cryptocurrencies.
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Regulation and Security
FXRoad is owned and operated by 4Square SY Ltd., a company registered in Seychelles under registration number 8426168-1. The broker is regulated by the Financial Services Authority (FSA) of Seychelles, which provides oversight for non-banking financial services in the region.
While the FSA isn’t as stringent as European regulators like the FCA, it ensures FXRoad operates within legal and ethical frameworks. Traders can feel relatively secure, knowing the platform adheres to industry standards of client protection and transparency.
Trading Instruments
One of FXRoad’s features is its wide selection of trading instruments. Traders have access to over 350 assets, including:
- Forex Pairs: Major, minor, and exotic pairs
- Commodities: Such as gold, silver, and crude oil
- Indices: Such as the S&P 500, NASDAQ, and Dow Jones
- Equities: Shares of leading companies across various sectors
- Cryptocurrencies: Including Bitcoin, Ethereum, and Litecoin
With leverage of up to 1:200, FXRoad allows traders to amplify their positions. Spreads start at 2.0 pips, which is competitive, though slightly higher than some industry leaders who offer tighter spreads for premium accounts.
FXRoad Trading Accounts
FXRoad offers four account types to meet the needs of its diverse clientele: Silver, Gold, Platinum, and Islamic accounts. Each account type provides leverage of up to 1:200, with varying spreads and features to suit different trading styles and budgets.
Silver Account
- Leverage: Up to 1:200 on FX pairs
- Spreads: Starting at 2.6 pips for major FX pairs
- 0% commission on deposits
- 24/5 dedicated customer support
- Available on WebTrader and mobile apps
Gold Account
- Leverage: Up to 1:200 on FX pairs
- Spreads: Starting at 2.0 pips for major FX pairs
- 0% commission on deposits
- 24/5 customer support
Platinum Account
- Leverage: Up to 1:200 on FX pairs
- Spreads: Starting at 1.4 pips for major FX pairs
- 0% commission on deposits
- 24/5 customer support
Islamic Account
- Designed for traders following Islamic principles, this account offers interest-free trading
- Leverage: Up to 1:200
- Spreads: Competitive starting points for major pairs
- 0% commission on deposits
- 24/5 customer support
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Trading Platforms
FXRoad provides access to its markets via WebTrader, a browser-based trading platform, and mobile apps for iOS and Android. The platform is powered by TradingView (renowned for its intuitive charting tools and advanced market analysis features).
WebTrader
- User-Friendly Interface: Allows for hassle-free navigation and trade execution
- One-Click Trading: Enables fast and efficient trade placement
- Advanced Charting Tools: Traders can access market analysis tools, custom indicators, and historical data
Mobile Trading Apps
Available on iOS and Android, FXRoad’s mobile apps allow traders to monitor and execute trades on-the-go. The apps are designed to replicate the WebTrader’s functionality, providing access to live quotes, charts, and order management tools in a compact, mobile-friendly interface.
Spreads, Fees, and Commissions
The platform is known for its transparent fee structure. Spreads vary based on the account type, with more favorable conditions for Gold and Platinum account holders. The broker offers 0% commission on deposits, ensuring traders’ funds go directly into trading activities without unnecessary deductions.
However, there are a few fees to be aware of, such as inactivity fees for dormant accounts and potential withdrawal costs depending on the method chosen. These fees are clearly outlined, helping traders avoid surprises.
Deposit and Withdrawal Options
FXRoad offers a range of secure deposit and withdrawal methods, including:
- Credit/Debit Cards
- Bank Wire Transfers
- E-Wallets: Such as Skrill and Neteller
Deposits are processed instantly, while withdrawals generally take 1 to 3 business days, depending on the method. FXRoad does not charge commissions on deposits or withdrawals, although your payment provider may impose its fees.
Customer Support
Customer support at FXRoad is offered through multiple channels (live chat, email support, and phone support), with 24/5 availability.
The responsive support team assists in several languages to cater to FXRoad’s diverse global client base.
FXRoad Review: Pros and Cons
Like any broker, FXRoad comes with its pros and cons:
Pros
- Competitive spreads starting at 2.0 pips, with higher-tier accounts offering even lower spreads
- Licensed by the FSA in Seychelles, providing a certain level of protection and oversight
- Over 350 assets available for trading, covering multiple asset classes
- Including Islamic accounts for traders who require interest-free trading
- Powered by TradingView, offering powerful charting and market analysis tools
Cons
- FXRoad offers fewer cryptocurrencies compared to leading competitors
- The required deposit for opening higher-tier accounts may be prohibitive for casual traders
- Services are unavailable to traders in the USA, Canada, and certain other countries
- FXRoad imposes fees on accounts that remain inactive for an extended period
FXRoad Review: Our Verdict
FXRoad stands out for its low trading costs and fee-free deposits and withdrawals. The platform is powered by TradingView, a leading charting software that enhances the trading experience with advanced tools.
By offering access to over 350 trading assets (including Forex pairs, commodities, indices, equities, and cryptocurrencies), FXRoad provides numerous market opportunities (although the assets it supports are limited compared to some competitors).
Conclusion
FXRoad is a reliable and user-friendly trading platform that offers several trading instruments, competitive spreads, and different account types to suit different trading needs.
The platform’s integration with TradingView provides traders with advanced tools for market analysis, making FXRoad an attractive option for novice and experienced traders.
While there are some limitations, such as the range of cryptocurrencies and the relatively higher minimum deposits for premium accounts, FXRoad remains a strong contender in online trading.
If you ever encounter any scams or fraudulent activities on FXRoad or other trading platforms, report them to Forexposed. We’re dedicated to exposing scams and protecting traders worldwide.
