FXLATAM Forex Broker

Note: FXLATAM is to operate via the website - https://www.fxlatam.net/, which is currently not yet functional and no information about the company was immediately available. Therefore, we could only gather relevant information from the Internet to present a rough picture of this broker. 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 contained in this article is for general information purposes only. General Information & Regulation Feature Detail Regulation No Regulation Market Instrument forex currency pairs, etc. Account Type Gold | Platinum | Diamond | Emerald | Crown Demo Account N/A Maximum Leverage 1:200 Spread (EUR/USD) Around 3 pips Commission N/A Trading Platform web Minimum Deposit $500 Deposit & Withdrawal Method Bitcoin FXLATAM is allegedly a suspicious regulated forex broker registered in Saint Vincent and the Grenadines that claims to provide its clients with leverage up to 1:500 and EUR/USD spreads around 3 pips on the web-based trading platform via five different live account types. As for regulation, it has been verified that FXLATAM currently has no valid regulation. That is why its regulatory status on WikiFX is listed as “No License” and receives a relatively low score of 1.35/10. Please be aware of the risk. Market Instruments FXLATAM is a forex broker that mainly offers forex currency pair trading. However, more specific information about tradable assets cannot be found on the Internet. Account Types FXLATAM claims to offer five types of trading accounts - Gold, Platinum, Diamond, Emerald and Crown, with minimum initial deposit requirements of $500, $1,000, $5,000, $10,000 and $50,000 respectively. In comparison, licensed brokers allow setting up a starter account with a minimum deposit of $100 or even less. Leverage The leverage provided by FXLATAM is capped at 1:200. It is important to keep in mind that the greater the leverage, the greater the risk of losing your deposited capital. The use of leverage can both work in your favour and against you. Spreads The spreads we encountered in FXLATAMs platform were around 3 pips on EUR/USD. By contrast, most brokers keep their spreads at around 1.5 pips while some brokers can even offer results under 1 pip. Trading Platform Available Instead of the world's most advanced and popularly-used MT4 and MT5 platforms, FXLATAM gives traders a web-based trading platform. Whatever, we suggest traders choose the brokers who offer the industry-standard MetaTrdaer4 and MetaTrader5, which are highly praised by traders and brokers alike due to their ease of use and great functionality. The MT4 and MT5 offer top-notch charting and flexible customization options. They are especially popular for their automated trading bots, a.k.a. Expert Advisors. Deposit & Withdrawal FXLATAM says to work with numerous means of deposit and withdrawal choices, consisting of credit or debit cards, wire transfers, or with various unspecified e-wallets. But factually, the only acceptable payment method is Bitcoin. The minimum initial deposit requirement is up to $500. The broker also says to cover all deposit and withdrawal processing fees, yet we have no way to confirm it. Bonuses & Fees FXLATAM claims to offer some bonuses. However, the bonus can only be withdrawn when you have achieved a turnover of 25 times your deposit plus the bonus. The broker also states that it imposes a dormant fee. However, the size of that fee, the length of the period after which your account would be considered dormant, and the minimum number of funds you have to have were not specified. Customer Support FXLATAMs customer support can be reached by telephone: +442031502952, +56232104286, email: Support@fxlatam.net. Company address: Get Financial LTD Suite 305, Griffith Corporate Center P.O Box 1510 Beachmont, Kingstown, St. Vincent and the Grenadines. Pros & Cons Pros Cons • Multiple account type options • No regulation • Website inaccessible • Uncompetitive spreads around 3 pips • High minimum initial deposit required • Only Bitcoin payments offered Frequently Asked Questions (FAQs) Q 1: Is FXLATAM regulated？ A 1: It has been verified that FXLATAM currently has no valid regulation. Q 2: Does FXLATAM offer the industry-standard MT4 & MT5？ A 2: No. Instead, FXLATAM offers a web-based trading platform. Q 3: What is the minimum deposit for FXLATAM？ A 3: The minimum initial deposit to open a basic Gold account is up to $500, while $1,000 for the Platinum account, $5,000 for the Diamond account, $10,000 for the Emerald account and $50,000 for the Crown account. Q 4: Does FXLATAM charge a fee？ A 4: Like every forex broker, FXLATAM charges a spread fee. But the broker seems to charge all deposit and withdrawal fees. Q 5: Is FXLATAM a good broker for beginners？ A 5: FXLATAM is not a good choice for beginners. Not only because of its unregulated condition, but also because of its inaccessible website and too high initial deposit.