Flag FX Forex Broker

Flag FX Review SummaryFounded2015Registered Country/RegionMontenegroRegulationNo regulationMarket InstrumentsFutures, indices and forexDemo Account✔Trading PlatformMT5Leverage1:500SpreadFrom 1.0 pipsMin Deposit$100Customer SupportLive chat: 7/24Phone: +382 634 09 611Emaill: info@flagfx.comPhysical Address: Radoja Dakica, The Capital Plaza V/44 Podgorica, MontenegroFacebook: https://www.facebook.com/flagfxInstagram: https://www.instagram.com/flagfx/ Flag FX is an unregulated financial service provider registered in Montenegro in 2015. Flag FX offers futures, indices, and forex trading through the MT5 platform. In addition, it provides three types of live accounts and a demo account, with a minimum deposit of $100 and a high leverage ratio of 1:500.Pros and ConsProsConsMultiple trading account typesLack of regulationComprehensive customer serviceLimited info on trading feesMultiple trading choicesDemo accountsIs Flag FX Legit? Flag FX is an offshore broker, and its lack of regulatory oversight poses a significant risk to your assets. In addition, the domain of this broker was registered on February 20, 2018, was updated on February 8, 2024, and will expire on February 20, 2025.What Can I Trade on Flag FX? Flag FX offers three types of trading instruments across different asset classes, including futures, indices and 64 kinds of forex.Tradable InstrumentsSupportedForex✔Commodities❌Indices✔Cryptocurrencies❌Stocks❌Futures✔Bonds❌Account Type Flag FX offers three types of accounts for live operations: Standard, True ECN, and Islamic Account, each with a minimum deposit of $100. One thing to note is that for the True ECN account a $7 commission is charged per lot. Additionally, Flag FX provides a demo account for beginners to practice trading in a risk-free environment.Account TypeStandartTrue ECNIslamic/Swap FreeNumber of Currency Pairs646450+ (Excluding Exotics)Min Deposit$100$100$100Max Leverage1:5001:5001:500Spread101Commission❌$7 per lot❌Suitable ForDiscretionary TradersEAs & ScalpersWho cannot earn or pay interest due to their religious beliefsLeverage The leverage offered by Flag FX ranges from 1:1 to 1:500. When considering the preferred leverage, you must be cautious because high leverage poses high risks and you may lose a large amount of assets when choosing high leverage.Trading platform Flag FX supports trading its products through MetaTrader 5, a multi-asset and professional platform. It offers advanced tools for price analysis, trading robots, Expert Advisors, and copy trading. However, whether such an unregulated broker has obtained official trading permission from MT5 remains uncertain.Trading PlatformSupportedAvailable DevicesMT4❌/MT5✔Computer, phpne and PadcTrader❌/Deposit and withdrawl Flag FX supports depositing funds through VISA, Mastercard, Bitcoin, bank transfer, and American Express. The same methods are available for withdrawals. However, you must be aware that payments through Bitcoin are irrevocable, which poses high risks, and you'd better not deposit any funds with an unregulated broker.