EncoreFX Forex Broker

EncoreFX Review SummaryCompany NameEncoreFXHeadquartersHong KongRegulationsUnregulatedTradable AssetsForex, Metals, Energy Products, Product IndexAccount TypesStandard, Mini, ECN, Bodies, CapitalMinimum Deposit$500Maximum Leverage1:100Spreads1.5 pointsDeposit MethodsOnline payment, Wire transferTrading PlatformsMetaTrader 5 (MT5)Customer SupportEmail, WhatsApp, Physical addressBonus OfferingsNoneEncoreFX Information EncoreFX, established in 2022 in Hong Kong, offers a variety of trading instruments including Forex, metals, energy products, and indices on the MetaTrader 5 platform. The broker provides multiple account types with leverage up to 1:100. However, it operates without regulation from recognized financial authorities. Pros and ConsProsCons5 kinds of Trading InstrumentsUnregulated Status5 Account TypesLimited Customer Support ChannelsAccessible Trading Platform (MT5)Potential Non-Trading FeesIs EncoreFX Legit? EncoreFX is owned and operated by a company registered through Tucows Domains Inc., with its domain first registered on September 8, 2014. However, there is no information indicating that EncoreFX is regulated in its registration location.What Can I Trade on EncoreFX? EncoreFX offers four main types of trading instruments: Forex products, Metal products, Energy products, and Product indices. These instruments are accessible through the MetaTrader 5 platform, allowing traders to engage in currency pairs, precious metals, energy commodities, and CFDs on stock indices.Tradable InstrumentsSupportedForex✔Metals✔Energy✔Product Index✔Digital Assets❌Account Types EncoreFX offers five types of real trading accounts: Standard Account, Mini Account, ECN Account, Bodies Account, and Capital Account.Account TypeMinimum DepositInstrumentsSpreadLeverageSuitable ForStandard$50047 currency pairs, commodities, stock indicesNot specifiedNot specifiedGeneral traders interested in diverse trading instrumentsMini$50047 currency pairs, metals, stock indicesFloating, 1.5 pointsUp to 1:100Traders focused on gold and commodities with low deposit requirementsECN$1,00047 currency pairs, metals, stock indicesFloating, 1.8 pointsUp to 1:100Experienced traders seeking direct market access and tighter spreadsBodies$50,000Global financial investment productsLow, avg. 0.8 points on EUR/USDCustomizable (1:100, 1:50, or as preferred)Institutional or high-net-worth investors with low spreads and margin tradingCapital$5,00079 currency pairs, metals, stock indicesFloating, 1.8 pointsUp to 1:100Traders looking to diversify across a broader range of assetsTrading Platform EncoreFX supports MetaTrader 5 (MT5) for trading on both mobile and desktop devices, suitable for experienced traders.Trading PlatformSupportedAvailable DevicesSuitable forMT5✔Mobile and Desktop（Windows & macOS）Experienced TraderMT4❌Mobile and Desktop（Windows & macOS）BeginnerLeverage The leverage options differ by account type: the Mini Account，the Capital Account and ECN Account offer leverage up to 1:100, while the Bodies Account allows for customizable leverage options, including 1:100 and 1:50.EncoreFX Speards EncoreFX incorporates spreads and commissions into its trading structure. Standard Account: Standard spreads applicable, with no additional commissions. Mini Account: Floating spreads of 1.5 points. ECN Account: Competitive spreads (e.g., 1.8 points). Bodies Account: Offers low spreads with custom leverage options. Capital Account: Floating spreads of 1.8 points.Deposit and Withdrawal EncoreFX does not charge any fees for deposits or withdrawals. The minimum deposit required to open an account with EncoreFX is $500. The platform offers two main deposit and withdrawal options: Online Payment and Wire Transfer.Deposit OptionsMin. DepositProcessing TimeOnline Payment$5002-8 hoursWire Transfer$500Up to 72 hours