FX GLOBAL MINING TRADE Forex Broker provides real users with * positive reviews, 1 neutral reviews and * exposure review!
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I have been using FX GLOBAL MINING TRAD off and on for almost half a year. Their Web platform is not that reliable, to be honest. Customer service is OK but nothing special. A trustworthy broker but keep a close eye on them!
Summary: The FX Global Mining Trade has garnered significant attention in the forex trading community, primarily for its lack of regulation and transparency. Many reviews indicate that it operates without valid licenses, raising concerns about its legitimacy and user safety. Key findings suggest that while it offers multiple investment plans, the risks associated with trading through this broker are substantial.
Note: It is essential to recognize the differences between entities operating in various jurisdictions, as this can significantly impact the safety and legality of trading with FX Global Mining Trade. The reviews compiled here employ a fair and accurate methodology to assess the broker.
| Criteria | Rating (out of 10) |
|---|---|
| Account Conditions | 3 |
| Tools and Resources | 2 |
| Customer Service and Support | 4 |
| Trading Setup (Experience) | 3 |
| Trustworthiness | 1 |
| User Experience | 2 |
| Overall Rating | 2.5 |
How We Rate Brokers: Our ratings are based on a comprehensive analysis of user reviews, expert opinions, and factual data regarding the broker's operations.
Founded in 2021, FX Global Mining Trade claims to operate as a forex and cryptocurrency broker registered in the United Kingdom. Despite its assertions, it lacks any valid regulatory oversight, which is a significant red flag for potential traders. The broker advertises various investment plans and promotes 24/7 customer support, yet the absence of a credible trading platform, such as MT4 or MT5, raises further concerns about its reliability. The primary trading instruments available include forex pairs and cryptocurrencies, but the lack of transparency in their operations makes it challenging to assess their true offerings.
FX Global Mining Trade operates without any recognized regulatory authority, which is a major concern for potential investors. The Financial Conduct Authority (FCA) in the UK has not authorized this broker, indicating that it may be operating illegally. Users are advised to steer clear of unregulated brokers as they often lack the necessary protections for client funds.
The broker claims to accept deposits through various methods, including Perfect Money, Bitcoin, Payeer, and Advcash. However, the minimum deposit requirement is set at a concerningly low $40, which may attract inexperienced traders. Withdrawals are reportedly processed within 12 business hours, but the lack of clarity regarding withdrawal fees and policies raises suspicions about the broker's practices.
FX Global Mining Trade offers four types of investment plans: Starter, Basic, Standard, and Advanced, with minimum deposit requirements of $1,000 to $10,000. This is considerably high compared to licensed brokers, which often allow for initial deposits as low as $100. Furthermore, the stipulation that clients can only open one account raises concerns about the brokers intentions.
The reviews indicate that FX Global Mining Trade does not provide clear information regarding spreads, commissions, or additional fees. This lack of transparency is a significant drawback, as traders are often left in the dark about the true costs associated with trading.
The broker does not disclose any information regarding leverage, which is crucial for traders looking to maximize their trading potential. The absence of this information could be indicative of a lack of proper trading infrastructure.
FX Global Mining Trade does not appear to offer any recognized trading platforms like MT4 or MT5, which are standard in the industry. This raises questions about the quality of the trading experience provided by the broker.
There is no clear information about restricted regions for FX Global Mining Trade, but given its unregulated status, it is advisable for traders in jurisdictions with strict regulations to avoid this broker.
The customer service options appear limited, with support primarily available through email. The absence of direct contact methods, such as phone support, further diminishes the broker's credibility.
| Criteria | Rating (out of 10) |
|---|---|
| Account Conditions | 3 |
| Tools and Resources | 2 |
| Customer Service and Support | 4 |
| Trading Setup (Experience) | 3 |
| Trustworthiness | 1 |
| User Experience | 2 |
| Overall Rating | 2.5 |
Account Conditions: The minimum deposit of $40 is appealing, but the high initial investment requirements for various plans and the limitation on account openings are concerning.
Tools and Resources: The lack of a recognized trading platform and limited resources for traders significantly impacts the overall trading experience.
Customer Service and Support: While 24/7 support is advertised, the absence of direct contact methods raises doubts about the quality of customer service.
Trading Setup (Experience): The overall trading experience is hampered by the lack of transparency and clarity regarding fees and trading conditions.
Trustworthiness: With no regulatory oversight, FX Global Mining Trade scores poorly on trust, making it a risky choice for traders.
User Experience: Feedback indicates a general dissatisfaction among users, primarily due to the broker's unregulated status and lack of transparency.
In conclusion, the FX Global Mining Trade review highlights significant concerns regarding the broker's operations and legitimacy. Potential traders should exercise extreme caution and consider more regulated alternatives to safeguard their investments.
