FXRoad is a regulated Forex and CFDs broker that offers a diverse range of accounts with different spreads and has one of the most attractive Islamic accounts in the industry. The Islamic account not only allows traders to follow Sharia laws but also provides them with super-low spreads from 0.6 pips on major pairs. In this review of FXRoad Forex broker, we are going to review all the important features and services of this broker without bias and provide you with critical details such as safety, assets, accounts, payments, fees, and more.
FXRoad — Historical background
The website of FXRoad is operated and owned by the company 4Square SY Ltd, which is a financial services provider registered in Seychelles. Another entity is also registered in Cyprus, providing payments for the broker. However, FXRoad is overseen only in Seychelles by the Financial Services Authority (FSA). Therefore, the broker is a global broker that accepts traders from most of the countries across the globe except the EU zone, the USA, and a number of other obscure countries. FXRoad offers CFDs and Forex instruments for trading. These CFDs include various underlying asset classes such as FX pairs, indices, commodities, and stocks. Overall, the broker has a very well-designed website with an extensive FAQ section and provides all the information in a transparent manner which is one of the components for our team when evaluating brokers.
FXRoad Regulations and Safety Policies
FXRoad is a broker that is overseen by the Financial Services Authority in Seychelles, allowing the broker to follow strict guidelines and protect their investors. As such, the broker provides a negative balance protection, meaning traders can not go into minuses if they over leverage or use any unhealthy trading methods. The leverage is also very reasonable at 1:200 preventing traders from overleveraging. The broker keeps all the traders’ funds in segregated bank accounts as per the regulator’s guidelines and has AML and KYC policies. While Seychelles FSA is not a very strict regulator, it still provides enough security for traders not to worry about their trading funds or price manipulation.
FXRoad Trading Assets
FXRoad provides access to an extensive list of instruments in asset classes like Forex, commodities, indices, cryptos, and stock CFDs. The broker also has a dynamic leverage system for each asset class it provides for trading:
- Forex pairs — 1:200
- Indices — 1:50
- Stock CFDs — 1:10
- Commodities — 1:50
- Cryptocurrencies — 1:5
Spreads are also competitive on popular pairs of each class, including Gold at 38, crude oil at 6, and Dax at 202. So, anyone can find their favorite instrument for trading with FXRoad which is a positive thing about this broker.
Review of FXRoad broker platforms
FXRoad has a proprietary trading platform that is available through a web browser and can also be downloaded for mobile devices. While the broker does not offer popular advanced platforms such as MT4 or 5, the FXRoad platform is powered by TradingView charts, allowing traders to analyze prices with technical indicators and tools fully.
FXRoad Account Types
FXRoad also offers really diverse account types including Silver, Gold, and Platinum. An Islamic account also offers ultra-low spreads from 0.6 pips and zero swaps, which is very attractive for Sharia law followers.
FXRoad Silver Accounts
The silver account from FXRoad is targeted at general FX trading for experienced traders who use swing trading and day trading strategies. This account has zero commissions which is suitable for swing traders, but the spreads are expensive at 2.6 pips. The leverage is the same for all account types, with the maximum being 1:200. This account comes with limited perks when compared to gold and platinum ones, and the minimum deposit starts from 250 EUR. Silver accounts have no discounts on swaps either, unlike gold and platinum accounts. However, silver account traders have dedicated support, fifth decimal possibility in prices, and are allowed to use hedging strategies.
FXRoad Gold Accounts
Gold accounts can enjoy lower spreads from 2 pips, 1:200 leverage, and a number of services, unlike silver accounts. The list of perks and extra services includes a 25% swap discount, a 25% spread discount, a dedicated account manager, webinars & educational videos, dedicated support, a fifth decimal, and a hedging allowance. The ability to get educational videos and solidify your knowledge with dedicated VIP webinars could be super useful for beginner and intermediate-level traders.
FXRoad Platinum Accounts
Platinum accounts come with the most number of perks and bonuses. Spreads further decreased at 1.4 pips on major FX pairs, leverage is also 1:200 on Forex instruments, and traders can get up to 50% discount on swaps. Here is the list of additional benefits for platinum traders at FXRoad: News alerts, a dedicated account manager, educational videos, webinars, dedicated support, allowing hedging strategies, and fifth decimal pricing.
FXRoad Islamic Accounts
FXRoad Islamic accounts are superior account types when compared to other brokers in the FX industry. The main reason for this is the lowest spreads of 0.6 pips on major pairs. This account also includes all the previously mentioned perks and bonuses above, providing a super-friendly environment for Sharia law followers. The leverage is also the same as for other accounts at 1:200 on FX and the minimum deposit also starts from 250 EUR.
FXRoad Deposits and Withdrawals
FXRoad accepts several popular payment methods such as bank cards (Visa and MasterCard), Google Pay, Apple Pay, and wire transfers. The withdrawals are not charged by the broker and have 1-2 business days for processing, or 3-7 business days in case of wire transfers. Deposits also have zero commissions, allowing traders to freely deposit any amount without losing trading capital in the process. The broker together with EUR also accepts USD deposits.
FXRoad Education and Support Reviewed
FXRoad is dedicated to providing quality support and offers live chat, email, and hotline support channels in a multilingual format. The website is also multilingual, allowing traders from across the world to access markets and support in their native languages, which is always a positive thing.
As for the educational services, only traders who have live accounts of gold or silver can get quality educational services. This gives all the other traders disadvantages, as only premium clients can access quality videos and webinars. We hope the broker corrects this aspect in the near future, as all other services seem legitimate and well-thought-out. Educational videos are a great source of information without making traders bored, and webinars will allow them to solidify their skills by interacting with experts in the field.
FXRoad Review Conclusion — Can you Trust this broker?
FXRoad presents itself as a competent Forex and CFDs broker, offering competitive spreads and a variety of account types, including a particularly appealing Islamic account option. With its proprietary trading platform powered by TradingView charting technology, the broker appeals to a wide range of trading strategies and preferences. The diverse account options from Silver to Platinum and Islamic allow FXRoad to attract traders, including traders who seek compliance with Sharia laws. The broker also includes robust security policies and features such as negative balance protection and segregated bank accounts, coupled with a license from the FSA of Seychelles. The minimum deposit starts from 250 EUR and spreads on Islamic accounts are just 0.6 pips on major pairs. The support is excellent and gold and Platinum account traders can get high-quality educational videos, webinars, and various other VIP services. While the absence of MT4 and MT5 might deter some traders, FXRoad’s own solution appears to be adequate for most trading activities. Overall, the broker is recommended for both general traders and Islamic traders.