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FX88 Review

  1. Established in 2017, FX88 is a Forex and CFDs broker offering financial services on a world class trading platform from $100 initial deposit, in English, Polish and Spanish. FX88 gives customers market access with competitive pricing and spreads on FX currency pairs, spot metals and CFDs in oil and indices.  FX88 received the ‘Best New Forex Broker Award 2018’ and ‘Most Trusted New Broker Award 2018’. FX88 is operated by Galactus Ltd, a Cyprus investment firm regulated by the Cyprus Securities and Exchange Commission (CySEC) with licence number 322/17. The registered office is at 73, Agias Zonis and Tertaiou Corner, Denas House 3rd Floor, 3090 Limassol, Cyprus. The company keeps clients’ funds in segregated bank accounts, and in line with CySEC regulations and maintains minimum holdings of €730,000 in the company accounts. Moreover, Galactus Ltd participates in the ‘Investor Compensation Fund’ which provides traders with up to €20,000 in case of the company failing. The company complies fully with European Union MIFID regulations allowing it to provide financial services across the EU.

  2. Account Features

    Traders at FX88 can choose from two types of live trading account, namely Premium and ECN with low floating spreads. Both account types offer a high level of customer support and leverage for margin trading. Whilst the leverage ratio is set by default at 1:50, the amount made available by FX88, depends on the amount of equity in clients’ accounts. Customers with equity up to $20,000 can trade with leverage up to 1:500. Those with equity up to $100,000 can access leverage up to 1:300 and customers with equity exceeding $100,000 can trade with up to 1:100 leverage. Notably, traders living in Poland are limited to a leverage ratio, up to 1:100.

    Premium Account

    To open a Premium account with FX88, customers are required to make an initial deposit of at least 100 Euros or US Dollars. However, the base currency of the Premium account can be in USD, EUR or PLN. Traders do not pay commission on trades and the floating spreads are generally low, depending on changing market conditions. Importantly, the minimum lot size is 1 micro lot (0.01) and the maximum orders open at any time is set at 200.

    ECN Account

    Customers can set up an ECN account at FX88 ensuring that they are connected to liquidity providers directly without dealing desk intervention. The minimum initial deposit is 250 Euros or US Dollars and traders pay a commission of 7 USD per traded lot/round turn. The minimum lot size is set at 0.01, considered to be a micro lot and the spreads are lower than those of the Premium account. We saw that the base currency of the ECN account can be PLN, USD or EUR.

    FX88 Demo Account

    The Premium and ECN accounts at FX88 are both available as risk-free demo accounts without making any real money deposit. Importantly, customers can test the markets and ‘hone’ their skills using $100,000 of virtual funds on the MT4 trading platform. The Demo accounts operate in real market conditions and allow traders to try out trading strategies and become familiar with the charting and analytical tools that make the MT4, the leading forex trading platform in the industry.

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  5. Trading Software & Assets

    Traders at FX88 can trade 60 + currency pairs, gold and silver against the US dollar as well as CFDs in oil and indices, on the user-friendly, MT4 platform, from any device. The MT4 platform is the most popular Forex trading platform on the globe with customisable trading systems, one click trading, advanced charting and multiple technical indicators. On the MT4, traders can place orders, close positions, enter limit orders, set Stop Loss and Take Profit thresholds without needing to check market positions all the time. Importantly, the MT4 enables algorithmic trading and expert advisors for automated trading strategies. Moreover, clients enjoy negative balance protection from the MT4 platform provided by FX88, ensuring they don’t lose more funds than what were initially deposited in the live trading accounts. In the Education and Tools section on the FX88 website, clients can access the Beginner’s Guide to Forex Trading. The course teaches traders about the advantages of forex trading, how to read quotes, calculate profit and loss, margin, leverage and rollover, as well as explaining spreads, pips and trading lots.

    • Desktop trading – customers need to download the FX88 MT4 client software directly from the FX88 website. With the desktop MT4, customers enjoy secure trading with the full range of 30 technical indicators and 31 chart analysis tools. Moreover, traders get access to the MQL4 programming language, to create tailored indicators and expert advisors for automated trading strategies.
    • WebTrader – provides browser-based access to the FX88 MT4 trading platform from any internet connected device, without software download. The MT4 WebTrader platform is optimised for flexibility and simplicity, whilst retaining comprehensive functionality and full market coverage. Importantly, the MT4 WebTrader is available in multiple languages and compatible with all operating systems.
    • FX88 MT4 mobile trading on phone and tablet – traders can download the dedicated mobile apps for iPhone, iPad, Android phones and tablets as well as Windows smart phones for free, directly on the FX88 website. Traders can carry out spot and CFD trades on the MT4 mobile platform, whilst setting up positions without any restraints, and conduct fast chart analysis.

    Free VPS Tool on the MT4 Trading Platform

    Customers can obtain free access to the Virtual Private Servers on the MT4 platform at FX88, if they maintain a monthly trading account balance above $5,000 and trade at least 5 round lots per month. Traders who don’t meet the criteria are charged $35 monthly to enable the VPS service. Importantly, the VPS lets traders remain connected to live markets and make the most of the advantages offered on the MT4 platform. Moreover, trading with VPS is secure and stable, providing powerful connectivity and instant order executions. Subsequently, traders can obtain the ‘best’ prices, thereby reducing unnecessary losses in rapidly moving or volatile markets.

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  7. Support Information

    We found the FAQs page very useful at FX88, covering a broad range of topics about trading with the brokerage. However, anyone wishing to contact the support team can do so over the live chat function on the interface from Monday to Friday, during working hours of 9 am to 6 pm (GMT +3). Alternatively, over the phone to the number +357 25023910 at the Cyprus headquarters of FX88. Importantly, clients can request a free call back on the contact page, by giving a phone number and convenient time. We were pleased to see that FX88 aims to respond to all email enquiries within 2 hours from Monday to Friday, during the business hours indicated above.

  8. Try trading with an award-winning broker like IQ Option

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  9. Banking & Company Information

    Customers at FX88 are offered a broad range of payment methods. Notably, deposit and withdrawal fees are not charged by FX88 to the clients. However, there are restrictions on the currencies that can be deposited by the various payment methods.  The accepted currencies are PLN, USD and EUR for payments made with Neteller and Skrill. Whilst Dotpay can be used only for PLN payments and Trustly for EUR payments. USD and EUR can be used to make bank wire transfers or for payments with the Safecharge credit and debit cards. Withdrawal requests are processed within one working day of receiving them. However, for payments to be transferred to credit and debit cards 10 working days are required. Whilst, withdrawals made by bank transfer require 3-5 days to appear in customers’ accounts.

  10. Conclusion:

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    Between 74-89 % of retail investor accounts lose money when trading CFDs
  11. Your capital is at risk