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FX88
Rating: Rated with 2.5 stars
Binary Option Programs Award
Min. Deposit
$100
Min. Investment
0.01 lot
Regulated Broker
Yes

FX88 Forex and CFD Broker Review

  1. FX88

    FX88 is an award-winning Forex broker offering financial services on a world class trading platform since 2017, in English, Polish and Spanish. Fully licensed and regulated, FX88 provides access to global financial markets with competitive floating spreads across multiple asset classes. We saw that FX88 provides automatic negative balance protection so that traders can’t lose more money than have in their trading accounts.

    FX88 Trading Account Types

    FX88 gives customers a choice of two live trading accounts with competitive floating spreads as well as a demo account. Both Premium and ECN accounts, provide access to top quality customer support and high levels of leverage for margin trading, with more capital than customers have in their trading accounts. Due to CySEC regulations designed to protect traders from high risk practices, the default leverage ratio is set at 1:50. Nevertheless, clients with larger amounts of equity in their trading accounts are offered different levels of leverage by FX88. We saw that leverage up to 1:500 is available to traders maintaining equity up to $20,000. A maximum leverage of 1:300 is available to account holders maintaining equity up to $100,000. Traders with equity of more than $100,000 and customers resident in Poland, can access a maximum leverage of 1:100.

    FX88 Premium Account Features

    • Minimum initial deposit of 100 EUR or USD
    • USD, PLN and EUR base account currencies available
    • Floating spreads averaging 1.3 pips, reflecting market conditions
    • Minimum lot size is 0.01 micro lot
    • Open orders limited to 200 at any time
    • Training guidance and free financial news
    • Commission free trading
    • Margin call 80%
    • Stop out 50%

     

     FX88 ECN Account

    • Minimum initial deposit of 250 EUR or USD
    • No dealing desk intervention
    • Direct connection to liquidity providers
    • Commission per traded lot of 7 USD
    • Minimum lot size of 0.01
    • Average spreads around 0.1 pips
    • Base account currency can be PLN, EUR or USD
    • Maximum open and pending orders set at 200
    • Margin call 80%
    • Stop out 50%
    • Training guidance and free financial news

     

    FX88 Demo Account Features

    FX88 gives customers in South Africa the opportunity of opening a demo account version for either of the Premium or ECN accounts offered by the brokerage.The Demo account is totally risk-free and does not require the deposit of real money to FX88 or the submission of ID documents for account verification. We were pleased to see that clients can are allocated $100,000 of virtual money on the MT4 platform, to enhance their trading skills whilst testing the financial markets.Importantly, the Demo accounts allow customers to trade in real market conditions, experimenting with various trading strategies without fear of losing money.  Moreover, the demo account version lets customers use the diverse charting and analytical tools that are the outstanding feature of the award winning MT4, Forex trading platform.

    FX88 Trading Software and Assets

    The MT4 platform is the favourite Forex trading platform for traders in South Africa and across the globe. Customers have access to multiple tradeable instruments at FX88 on the user-friendly MT4 suite of platforms, from any internet connected device. The popular MT4 software has built in customer support and user guides available in dozens of languages. Traders at FX88 can choose from 60 + currency pairs, oil and indices markets CFDs as well as gold and silver traded against the US dollar.

    MT4 Desktop Client Features

    • Download software to Windows operated desktop computers
    • Available in English and Polish
    • Customisable trading systems
    • Secure and stable software
    • One click trading
    • 9 time frames
    • Advanced charting capabilities
    • 31 chart analysis tools
    • 30 technical indicators
    • Negative balance protection
    • Stop-loss and Take-profit risk management tools
    • Multiple order types including limit and pending
    • Auto-trading strategies with Expert Advisors
    • Trading signals available from multiple providers
    • Access to MQL4 programming language for algorithmic trading

     

    FX88 MT4 WebTrader Platform Features

    • Available in English and Polish
    • Browser-based access to the FX88 MT4 trading platform from any internet connected device, without software download.
    • Login from anywhere in the world
    • Optimised for flexibility and simplicity
    • Retains comprehensive functionality and full market coverage
    • 30 technical analysis indicators
    • Compatible with Windows, Mac and Linux operating systems
    • Real time quotes in Market Watch
    • View trading history

     

    FX88 MT4 Mobile Trading Features

    • Place Spot and CFD trades quickly with one-tap execution
    • Live interactive charting
    • Multiple technical indicators
    • Create watch lists and set alerts
    • Customisable interface
    • Easy to use
    • Apps available for Android and iOS phones and tablets

     

    Free VPS Tool at FX88

    Traders who maintain a trading account balance above $5,000 each month, and trade at least 5 round lots, are entitled to free use of the Virtual Private Servers (VPS) at FX88, available on the MT4 platform. Customers who don’t meet the trading requirement, pay $35 a month for the VPS tool if they want to use it. The purpose of the VPS is to keep traders constantly connected to live markets, enabling them to take maximum advantage of the powerful MT4 trading platform. It’s worth noting that the VPS at FX88 provides instant order executions with stable, secure, connectivity. Importantly, with the VPS tool, traders can easily find the ‘best’ prices in the rapidly moving and often volatile markets, thereby avoiding unnecessary losses. Traders in South Africa may find the VPS tool especially useful, as it gives stable connectivity to live markets without power outages and unplanned interruptions.

    FX88 Customer Support

    FX88 provides a comprehensive FAQs page on the website, covering just about every aspect of trading with the brokerage. We found it very informative and worth consulting before contacting the customer support team. Nevertheless, live customer support is provided over the live chat helpline directly on the interface, from 9 am to 9 pm (GMT +3) Monday to Friday. Alternatively, support is provided from the Cyprus headquarters of FX88, by phoning +357 25023910 or by sending an email enquiry. We were pleased to see that traders can use the contact form on the contact page to request a free call back at a specific time suiting the customer. Traders in South Africa can benefit from the free call back service as phoning Cyprus on the land line is expensive.

    Further customer support is provided by FX88 under the Education and Tools tab on the dashboard. A ‘Beginner’s Guide to Forex Trading’ provides comprehensive training about Forex trading. Importantly, traders are taught about leverage and margin trading, how to read quotes as well as calculate profit and loss. Moreover, spreads, pips and trading lots are explained in simple terms suitable for novice traders.

    FX88 Payment Methods

    FX88 supports a diverse range of payment methods including credit/debit cards, electronic payment methods and bank wire transfer. Customers in South Africa will typically see additional local payment methods listed on the registration form. We were pleased to see that fees are not charged on deposits and withdrawals. Nevertheless, some payment methods have currency restrictions in place. Notably, payments using Neteller and Skrill can only be made in PLN, USD and EUR, whilst Dotpay accepts only PLN payments. Moreover, Trustly can be used for payments in EUR only, whilst bank wire transfers can only be made in USD and EUR. Similarly, payments made using Safecharge credit and debit cards can only be in EUR or USD. FX88 begins to process with withdrawal requests within one day but takes more time to deliver payments to customers. We saw that deliveries to credit and debit cards require 10 working days and fast bank wire transfers around 5 days.

    FX88 is operated by Galactus Ltd, a Cyprus investment firm, license number 322/17 registered to 73, Agias Zonis and Tertaiou Corner, Denas House 3rdFloor, 3090 Limassol, Cyprus and regulated by CySEC (Cyprus Securities and Exchange Commission). In line with official regulations, clients’ funds are kept in segregated bank accounts, and minimum holdings of €730,000 are maintained in the company’s operating account. Importantly, Galactus Ltd contributes to the ‘Investor Compensation Fund’ designed to pay customers up to €20,000 in case of company failure. Moreover, the broker operates in compliance with European Union MIFID regulations, permitting the provision of financial services across the EU.

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