6i Forex Broker

6iTrade Review Summary Company Name 6iTrade Founded 5-10 Years Registered Country/Region Marshall Islands Regulation VFSC (Revoked) Market Instruments CFDs: Forex, Metals, Cryptocurrencies, Indices, and Energies Maximum Leverage 1:500 EUR/USD Spread 1.3 pips (6iTrade TRADE Spread Account) Minimum Deposit $/€0 Trading Platform MT4 Regional Restrictions the United States, North Korea, Iraq, and in any country or jurisdiction on the FATF and EU/UN sanctions list. Customer Support Email: support@6itrade.com; QQ, WeChat, WhatsApp, Phone:+357 25123322, Social Media: Instagram, Twitter, LinkedIn, Facebook; Live Chat (Contact Form) What is 6iTrade？ 6iTrade, a financial services company that has its registration in the Marshall Islands. 6iTrade utilizes the MetaTrader 4 (MT4) platform with a full license. It provides a maximum leverage of 1:500 and does not request a minimum deposit. However, 6iTrade is not regulated by any recognized financial authority. Pros & Cons Pros Cons Support MT4 Abnormal Regulatory Status in the Past Bad Exposures From Users Pros: MetaTrader 4 Support: 6iTrade uses MetaTrader 4 (MT4), a well-established and feature-rich trading platform that provides a full license. This platform offers robust trading tools and is compatible with automation features making the Forex trading experience more efficient for its users. Cons: Abnormal Regulatory Status in The Past: The company has had regulatory issues in the past, which adds to concerns about the reliability of 6iTrade. Bad Exposures From Users: Negative reviews from users weigh heavily on the company's reputation and potentially signal deeper issues within the organization. Is 6iTrade Safe or Scam？ The previously held regulatory license of 6iTrade (under 6I Group Limited) by the Vanuatu Financial Services Commission has been revoked, which means 6iTrade is currently not regulated. The license, numbered 40374, was specifically for retail Forex trading and was effective from December 19, 2019. Combined with the history of an abnormal regulatory status and the negative user reviews, suggests that potential customers should be highly cautious. Negative customer reviews often highlight problems with the firm's services and suggest a possible lack of responsiveness or adequacy in handling customer issues. These factors further emphasize the potential risks involved with using 6iTrade's services. Despite the appeal of their MT4 platform, potential investors should be fully aware of these red flags and consider other regulated, more transparent, and trustworthy providers for their financial endeavors. Market Instruments 6iTrade provides its customers the opportunity to trade Contracts for Difference (CFDs) across five major asset classes. The asset classes currently on offer include Forex, Metals, Cryptocurrencies, Indices, and Energies. Forex or Foreign Exchange market entails trading different currencies against each other. Metals may include the trading of precious commodities such as gold, silver, platinum, and palladium. Cryptocurrency trading involves digital or virtual currencies, such as Bitcoin, Ethereum, or Litecoin. Indices typically involve a group of stocks that represent a specific market sector or the entire market. And finally, Energies encompass commodities such as oil, gas, or renewable energy sources. Account Types 6iTrade offers two account types for its investors: 6i Spread and 6i Commission. Each account type comes with its own set of features and conditions designed to cater to different trading preferences. The 6i Spread account, as the name suggests, focuses on the spread, or the difference between the buying and selling prices of a currency pair, as a critical part of the trading strategy. On the other hand, the 6i Commission account charges a set commission on trades, separate from the spread. Interestingly, 6iTrade does not require a minimum deposit, which means traders can start investing with any amount of capital convenient to them. This feature potentially makes the platform more accessible, especially to new or small-scale traders. Deposits can be made in two currencies: either United States Dollars (USD) or Euros (EUR). Aspect 6iTrade TRADE Spread Account 6iTrade TRADE Commission Account Margin Call Percentage 100% Stop Out Percentage (Automatic Closure) 50% Deposit Currency Options USD, EUR Minimum Deposit No Execution Type Market Execution Dealing Desk Intervention No Server Time Summer GMT +3 April-October, Winter GMT +2 November-March Leverage Both account types offer a maximum leverage of 1:500. High leverage like this can significantly increase the potential for profits by multiplying the trading capacity. However, traders should be aware that high leverage can also amplify potential losses if market movements are not in their favor. Spread & Commission For the 6i Spread account, spreads start from 1.3 pips for the EUR/USD and USD/JPY currency pairs, which is relatively competitive in the forex market. For the GBP/USD pair, spreads start from 1.4 pips and for the gold and USD (XAU/USD) pair, spreads start noticeably higher from 25 pips. As suggested, no commission is charged for this type of account, meaning that trading costs are predominantly encapsulated within the spreads. The 6i Commission account, on the other hand, offers lower spreads, starting from just 0.5 pips for EUR/USD and USD/JPY, and 0.6 pips for GBP/USD. For the XAU/USD pair, spreads for a 6i Commission account start from 17 pips. However, this account type charges a commission of 8 USD on Forex trades. This commission-based structure can lead to lower costs on trades when spreads are narrow. Aspect 6iTrade TRADE Spread Account 6iTrade TRADE Commission Account Spreads (Examples) EURUSD 1.3, GBPUSD 1.4, USDJPY 1.3, XAUUSD 25 EURUSD 0.5, GBPUSD 0.6, USDJPY 0.5, XAUUSD 17 Commission No Forex & Metals: 8 USD, Energies: 5 USD, Indices: 2 USD, Cryptos: 0 USD Potential investors should consider their trading style and volume when choosing between the two accounts. The 6i Spread account might be a more economical choice for lower volume traders, whilst the 6i Commission account could be better suited to high volume traders owing to its lower spreads. Trading Platform 6iTrade utilizes the MetaTrader 4 (MT4) platform, one of the most popular and versatile platforms in the world of forex trading. MT4 is lauded for its robust design, intuitive user interface, and impressive analytical abilities, making it suitable for both novice and experienced traders. The MT4 platform enables traders to observe real-time market movements, perform complex analysis, and carry out trades with a few clicks. Its key features include multiple chart setups, a plethora of technical indicators and trading signals, automated trading features using Expert Advisors (EAs), and comprehensive real-time reporting. Adding to its versatility, 6iTrade has made the MT4 platform accessible across multiple operating systems, including Windows and OS X for desktop users, as well as Android and iOS for those who prefer to trade on mobile devices. This means customers can track, analyze, and trade in the markets at any time and from any place. Deposit & Withdrawal Bank Wire Transfer: Clients can perform both deposits and withdrawals through direct bank transfers. This method is applicable for transactions both in USD and EUR. MasterCard/Visa: Clients can use their MasterCard or Visa credit or debit cards to make deposits. This method, however, is only available in USD. Neteller: An e-money transfer service also allows the clients to perform their transactions in either USD or EUR easily. Skrill: Another renowned digital wallet provider, Skrill is also supported by 6iTrade. The transactions can be performed in USD and EUR through this method. Union Pay: For clients from mainland China, they can take advantage of Union Pay services for transactions, which are available in CNY only. Cryptocurrencies: In keeping with the growing trend of digital currencies, 6iTrade also accepts deposits and withdrawals in popular cryptocurrencies including Tether (USDT), Bitcoin (BTC), and Ethereum (ETH). Trading Hour 6iTrade provides trading services across multiple markets, each having its specific trading times. In the Forex market, which involves trading of currency pairs, the activities open from 00:00 Monday and close at 23:55 Friday, essentially operating five days a week. This is due to the nature of the forex market, which operates in multiple time zones and hence, is open almost 24 hours a day. Cryptocurrency trading, on the other hand, is available from 00:00 Monday to 24:00 Sunday, essentially meaning it's open seven days a week. This is possible because cryptocurrency markets, being decentralized, are not bound by regular exchange hours and continue to operate over weekends as well. Customer Support 6iTrade offers a wide range of customer support options to assist its users. These include: Email: support@6itrade.com Instant Messaging: QQ, WeChat, and WhatsApp Phone: +357 25123322 Social Media: 6iTrade maintains a presence on various social media platforms, including Instagram, Twitter, LinkedIn, and Facebook, where users can stay updated and potentially contact the support team. Live Chat (Contact Form): 6iTrade offers a live chat feature through a contact form on its platform, allowing users to engage in real-time conversations with support representatives. Conclusion Whilst 6iTrade extends some attractive features through the MT4 platform, potential clients should exercise due diligence, given the firm's non-regulated status. As always, it is advisable to engage with regulated entities, providing a more secure and transparent option for financial transactions. Frequently Asked Questions (FAQs) Q: Is 6iTrade a regulated broker？ A: No. Q: Does 6iTrade offer demo accounts？ A: No. Q: Is MT4 or MT5 available on 6iTrade？ A: Yes, 6iTrade Support MT4. Q: Are there any regional restrictions on 6iTrade？ A: Yes. 6iTrade does not provide service to residents of the United States, North Korea, Iraq, or any country or jurisdiction on the FATF and EU/UN sanctions list. Risk Warning Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information provided in this review may be subject to change due to the constant updating of the company's services and policies. In addition, the date on which this review was generated may also be an important factor to consider, as information may have changed since then. Therefore, readers are advised to always verify updated information directly with the company before making any decision or taking any action. Responsibility for the use of the information provided in this review rests solely with the reader.