FXPace Forex Broker

FXPace Forex Broker - Complete Information Guide

1. Broker Overview

FXPace, established in 2019, operates under the name of Salvax Limited, a company registered in Bermuda. The broker primarily serves retail forex traders, providing a range of trading instruments and services tailored for individual investors. FXPace's headquarters are located in Bermuda, and it is known for its online trading operations that appeal to a global clientele.

The company has positioned itself as a competitive player in the forex market, focusing on providing a user-friendly trading experience. FXPace has made significant strides in its operations since its inception, aiming to attract traders with its high leverage options and a diverse range of trading products. However, it has faced scrutiny regarding its regulatory status and operational transparency.

FXPace's business model is primarily centered around retail forex trading, offering various account types and trading platforms. It is important to note that FXPace is not listed on any stock exchange and functions as a privately held entity. The broker has been associated with several other trading platforms under the Salvax Limited umbrella, including Navitas Markets and FX Suit.

2. Regulatory and Compliance Information

FXPace operates without a legitimate regulatory license, which raises significant concerns about its compliance and oversight. The broker claims to be registered under Salvax Limited in Bermuda, but there is no verification from the Bermuda Monetary Authority (BMA) regarding its registration number 53275.

Additionally, FXPace has been flagged by various regulatory bodies, including the Comisión Nacional del Mercado de Valores (CNMV) in Spain, which issued a warning against FXPace for operating without proper authorization. This lack of regulation means that client funds are not protected under any investor compensation schemes, and the broker does not adhere to strict Know Your Customer (KYC) and Anti-Money Laundering (AML) compliance measures.

The absence of regulatory oversight means that FXPace does not guarantee the safety of client funds, nor does it provide a mechanism for recourse in the event of disputes or financial malpractice. Therefore, prospective clients should exercise extreme caution when considering trading with FXPace.

3. Trading Products and Services

FXPace offers a wide array of trading instruments, including over 80 forex currency pairs, commodities, indices, and precious metals such as gold and silver. The broker also provides access to Contracts for Difference (CFDs) on various assets, including stocks and futures.

The trading instruments available at FXPace are designed to cater to different trading strategies and preferences, providing traders with ample opportunities to diversify their portfolios. However, the frequency of updates to the product offerings and the introduction of new instruments is not clearly stated, leaving potential investors in the dark about the broker's adaptability to market changes.

FXPace's retail trading services are complemented by features such as managed accounts and the possibility of social trading, although details on these services are limited. The broker does not appear to offer institutional client services or white-label solutions, focusing primarily on individual traders.

4. Trading Platforms and Technology

FXPace supports the widely used MetaTrader 4 (MT4) trading platform, which is favored by many traders for its robust features and user-friendly interface. The MT4 platform allows for advanced charting, technical analysis, and automated trading through Expert Advisors (EAs).

Clients can access the trading platform via desktop, web, and mobile applications, ensuring flexibility in trading. The mobile application is compatible with both iOS and Android devices, enabling traders to manage their accounts on the go.

FXPace operates under an ECN (Electronic Communication Network) model, allowing for direct market access and competitive pricing. However, specific details regarding the server locations and the technological infrastructure supporting the trading operations are not disclosed, which may impact the perceived reliability and speed of trade execution.

5. Account Types and Trading Conditions

FXPace offers several account types to cater to different trading needs, including:

• Standard Account: Minimum deposit of $100, with spreads starting from 1.5 pips.
• Professional Account: Minimum deposit of $2,500, offering tighter spreads and potentially better trading conditions.
• VIP Account: Requires a minimum deposit of $25,000, providing premium features and personalized services.

The leverage available to traders at FXPace can go up to 1:500, which is attractive for those looking to maximize their trading potential. The minimum trade size is set at 0.01 lots for all account types, allowing for flexible trading strategies.

FXPace does not charge commissions for trading, with costs primarily arising from the spreads. However, information regarding overnight financing fees or specific trading conditions is not thoroughly detailed.

6. Fund Management

FXPace supports various deposit methods, including bank transfers and major credit cards. The minimum deposit requirement varies across account types, with the Standard Account starting at $100.

Deposits are processed within a timeframe that can take up to 24 hours, depending on the payment method chosen. Notably, FXPace claims to impose no deposit fees, which is a positive aspect for potential clients.

Withdrawal methods mirror the deposit options, and the processing time for withdrawals can vary, typically taking 2 to 5 days for credit card transactions and longer for bank transfers. However, FXPace does not provide clear information on withdrawal fees or any potential restrictions that may apply.

7. Customer Support and Educational Resources

FXPace offers multiple channels for customer support, including email, phone, and online chat. The support services are available during business hours, though specific time zone coverage is not clearly outlined.

The broker provides support in several languages, including English, Russian, and Chinese, which caters to a diverse clientele. However, the educational resources available to traders are limited, with no comprehensive training programs or webinars offered. Basic tools such as an economic calendar and market analysis are provided but lack depth.

8. Regional Coverage and Restrictions

FXPace primarily targets markets in Europe, Asia, and other regions, but it explicitly does not accept clients from certain countries, including the United States, Iran, Cuba, Sudan, Syria, and North Korea. This restriction is likely due to regulatory compliance issues and the broker's unregulated status.

The absence of a robust regulatory framework and the warnings issued by financial authorities highlight the potential risks associated with trading through FXPace. Prospective clients are advised to consider these factors carefully before engaging with the broker.

In conclusion, while FXPace offers a range of trading products and services, its unregulated status and the associated risks necessitate a cautious approach for any potential investors. The lack of transparency regarding its operations and compliance measures further complicates the decision-making process for traders considering this broker.