SETFX Broker Review

　　

Setfx 2025 Review: Everything You Need to Know

　　Setfx, a forex broker operating out of the United Arab Emirates, has garnered mixed reviews from various sources, indicating a blend of both potential and caution for prospective traders. This broker claims to offer flexible leverage up to 1:500 and a choice of four account types, but there are significant concerns regarding its regulatory status and overall trustworthiness. Notably, many reviews highlight the lack of a valid regulatory framework, which can be a red flag for traders.

　　Note: Its important to recognize that Setfx operates under different entities across regions, which can influence user experiences and regulatory scrutiny. This review aims to provide a balanced view based on multiple sources to ensure fairness and accuracy.

　　

Ratings Overview

Category	Rating (out of 10)
Account Conditions	5
Tools and Resources	4
Customer Service and Support	3
Trading Setup (Experience)	6
Trustworthiness	2
User Experience	4

　　We score brokers based on a combination of user reviews, expert opinions, and factual data.

　　

Broker Overview

　　Founded in 2022, Setfx is a relatively new player in the forex market. It claims to provide a robust trading platform that supports both MetaTrader 4 and MetaTrader 5, catering to a range of assets including forex and potentially cryptocurrencies. However, it is critical to note that Setfx lacks valid regulatory oversight, which significantly impacts its trustworthiness among traders.

　　

Detailed Review

　　Regulatory Status:

　　Setfx operates from the United Arab Emirates but does not appear to be regulated by any recognized financial authority. According to WikiFX, the broker has a regulatory index of 0.00, which suggests a high potential risk for traders. This lack of regulation is a significant concern, as it means that traders may have limited recourse in the event of disputes or issues with withdrawals.

　　Deposit/Withdrawal Currencies/Cryptocurrencies:

　　While specific details on supported currencies are sparse, Setfx does allow for deposits in USD. However, the absence of clear information regarding withdrawal options raises concerns about transparency.

　　Minimum Deposit:

　　To open a micro account, traders need a minimum deposit of $100, while other account types require higher minimums ranging from $500 to $10,000. This tiered structure may limit accessibility for new or smaller investors.

　　Bonuses/Promotions:

　　There is no mention of current bonuses or promotions offered by Setfx, which is somewhat standard for brokers lacking regulatory oversight. Many traders prefer brokers that provide transparent promotional offers as part of their service.

　　Tradable Asset Classes:

　　Setfx primarily focuses on forex trading but does not provide extensive details on other asset classes. This can be a limitation for traders looking for a diversified portfolio.

　　Costs (Spreads, Fees, Commissions):

　　The spreads offered by Setfx start at 2 pips for the EUR/USD pair, which is relatively high compared to industry standards. Additionally, there is limited information available regarding any other potential fees or commissions, which could impact overall trading costs.

　　Leverage:

　　Setfx offers leverage up to 1:500, which can be attractive to experienced traders. However, it is essential to note that high leverage also increases the risk of significant losses, especially for inexperienced traders.

　　Allowed Trading Platforms:

　　Setfx supports both MetaTrader 4 and MetaTrader 5, which are popular platforms among traders for their user-friendly interfaces and robust trading tools. However, the lack of detailed information on platform features is a downside.

　　Restricted Regions:

　　There is no comprehensive list of restricted regions, but the lack of regulation could imply that the broker may not be available in certain jurisdictions where regulatory compliance is mandatory.

　　Available Customer Service Languages:

　　Customer service at Setfx can be reached primarily through email, with no direct phone support listed. This lack of accessible customer service can be a significant drawback, as many traders prefer immediate support options.

　　

Repeated Ratings Overview

Category	Rating (out of 10)
Account Conditions	5
Tools and Resources	4
Customer Service and Support	3
Trading Setup (Experience)	6
Trustworthiness	2
User Experience	4

　　

Detailed Breakdown

　　Account Conditions:

　　The tiered account structure, while offering various options, can alienate smaller traders. The minimum deposit requirements are higher than many competitors, which could deter new traders looking to enter the market with limited capital.

　　Tools and Resources:

　　Setfx does not provide extensive educational resources or trading tools, which is critical for traders looking to enhance their skills and knowledge. The absence of webinars, tutorials, or market analysis can be a significant disadvantage.

　　Customer Service and Support:

　　With customer support limited to email, many users have expressed frustration over the lack of immediate assistance. The absence of a phone line can lead to delays in resolving issues, which is a critical factor for traders.

　　Trading Setup (Experience):

　　The trading experience on the MetaTrader platforms is generally positive; however, the overall lack of transparency regarding fees and spreads can lead to a frustrating experience for users.

　　Trustworthiness:

　　Given the lack of regulation and mixed reviews regarding user experiences, the trustworthiness rating is low. Prospective traders should exercise caution and conduct thorough research before engaging with Setfx.

　　User Experience:

　　While some users may appreciate the trading platform, the overall sentiment regarding customer support and transparency diminishes the user experience.

　　In conclusion, the Setfx review indicates that while the broker offers certain attractive features, the lack of regulation and transparency raises significant concerns. Traders are advised to proceed with caution and consider alternative options that provide more robust regulatory oversight and customer support.