FXcast Review

WHO IS FXCAST?      

According to research in South Africa FXcast is an English company founded in 2004 with headquarters in Port Louis, Mauritius.

FXcast is a global financial services corporation that specializes in offering currency traders of various levels and experience with a quality online trading service.

The company has established itself as a broker offering MetaTrader4 as trading platform through a non-dealing desk (NDD) execution of orders.

SAFE OR SCAM

FXcast is registered and authorized by Financial Surplus Commission (FSC) of Mauritius – license number C109007482 SEC-2.4). It abides by all the rules stipulated by the commission with means client’s funds are kept is separate accounts and the necessary insurance is in place should the company go bust.

PRO AND CONS

LEVERAGE

Leverage enables a trader to get a much larger exposure to the market the person is trading than the amount deposited to open the trade. Leveraged products, such as forex trading, magnify a trader’s potential profit – but also increase the potential loss.

Leverage is expressed as a ratio, for instance 50:1, 100:1, or 500:1. Assuming that you have $1 000 in your trading account and you trade ticket sizes of 500,000 USD/JPY, your leverage will equate 500:1.

Margin is the collateral to cover any credit risks that may arise during trading operations. It is expressed as the percentage of position size (e.g. 5% or 1%), and you need to have enough funds in your trading account to ensure sufficient margin.

For example, on a 1% margin a position of $1,000,000 will require a deposit of $10,000. The margin level in a trading account needs to be equal or more than 100% to be able to open new trades, otherwise your trading account will be fully hedged.

At FXcast the maximum leverage ratio is 1:400.

ACCOUNTS   

FX cast offers only one basic account type:

Micro Account

• Minimum deposit: $10
• Minimum position size: 0.01 lot
• Spread type: Variable with a typical spread on EUR/USD, 2 pips
• Leverage: 1:100 to 1:400
• Scalping: Forbidden
• Expert advisors: Allowed
• Multiple accounts: Allowed

Muslim traders have the option to open a Swap Free Accounts due to their religious believes.

A demo account that is valid for 30 days can also be opened with $100 000 dollars virtual money that is provided for practice currency trading.

MARKET INSTRUMENTS

The most popular market instruments available from most brokers for trading include:

Forex

Forex trading describes the currency exchange market which refers to the global, decentralised marketplace where individuals, companies and financial institutions exchange currencies for one another at floating rates.

Commodities

Commodity markets offer many investment opportunities for traders. Soft commodities have been traded for centuries and plays a major role in portfolio diversification and risk management. Investing in contract-based tradable goods is a reliable way to mitigate risk during times of economic uncertainty.

Indices

Equity, or stock indices, are actual stock market indexes which measure the value of a specific section of a stock market. They can represent a specific stock market or a specific set of the largest companies of a nation.

Precious metals

The trading of gold and other precious metals, along with crude oil, copper or petroleum, are hard commodities that play a major role in the commodities market and are contract-based tradable goods.

Energy

The typical feature of energy prices is high volatility due to the influence of political and environmental factors, supply and demand, extreme weather conditions and global economic growth.

FXcast offers the following of the above:

• Forex
• Currencies pairs
• Gold and Silver.

FEES

Cost and fees depend on different factors, like spread and margins, and FXcast clients may also experience different fee structures according to their country or place of residence.

The spread of a currency pair is the difference between the bid and the ask rate. A pip represents the smallest increment that an exchange rate can move.

Margin is the amount of money required in your account in order to open a position. Margin is calculated based on the current price of the base currency against USD, the size (volume) of the position and the leverage applied to your trading account.

FXcast offers a variable spread on its account starting at 2 pips. It does not charge any commissions. It is not clear what additional fees apply.

DEPOSIT AND WITHDRAWAL

Accounts usually requires a certain minimum initial deposit, which can be paid in several ways. Withdrawals can usually be done with the same ways, but sometimes differ.

In the case of FXcast, the it only requires $10 to open an account.

The following methods can be used to fund accounts and to execute withdrawals:

• International Bank Wire Transfer
• Webmoney
• MoneyBookers
• e-gold
• Credit/debit cards
• Liberty Reserve
• Bank Card for Chinese Customers
• PayPal

With bank wire there is no charge on deposits, but a 1.5% withdrawal fee is charged, and it takes 2 – 5 working days to be processed.

MoneyBookers, Webmoney and Liberty Reserve charge no deposit fee, but a 1% withdrawal fee is charged, and processing takes 24 hours.

With credit and debit cards a 2.9% deposit fee is charged and a 0.5% withdraw fee. Processing is usually within 24 hours.

Currencies available for opening an account is EUR, USD or CHF.

TRADING PLATFORMS

The forex trading platform provided by FXcast to its clients is the software to carry out their trades. Some brokers provide only one, others quite a few platforms.

A multi-asset trading platform is one that allows clients to trade forex as well as other asset classes. The decision about which platform to choose will usually depend on what a client would like to trade.

FXcast provides MetaTrader4 as only trading platforms. This a world renown platform and popular with most traders. The download is available for desktop, android, iPhone, tablet and web.

The trading platform is available in English, Chinese, Arabic, Indonesian and Russian.

The trading platform is user-friendly, intuitive and customisable, all with charting tools and news, analysis reports and financial calendars. These are also accessible on an external web site.

Fxcast allows Expert Advisors (EA) automated forex trading on the MT4 trading platform.

HOW TO OPEN AN ACCOUNT

Similarly to a bank, to register a forex trading account with FXcast for the first time, you will be required to go through a basic “know your customer” process, which will allow FXcast to ascertain that your submitted details and ensure the safety of your funds and account details.

Signing up for either demo or a real account with FXcast is easy and takes less than five minutes if all the information is entered correctly.

FxCast also provides a 25% account opening deposit bonus on $100, $1 000, $10 000 and $100 000.

CUSTOMER SUPPORT

Potential traders need to make sure the broker company they chose will offer sufficient support whenever they need it.

In the case of FXcast customers can reach the support team in real time by phone, live chat, e-mail, skype and return call.

The company’s customer service is quick, efficient and polite and available during market hours. Professional staff provide support in Chinese, English, German, Japanese, Russian and Spanish

EDUCATION       

Before starting to trade, potential clients of FXcast should avail themselves of all possible information and trading skills needed to be successful in the world of forex and commodity trading.

FXcast offers educational material which includes an introduction to a forex tutorial section where traders can learn how to start currency trading with topics that cover what forex trading is and the currency trading basics. It includes a forex trading glossary.

RESEARCH         

To be able to trade with confidence, traders should do as much as possible research about this kind of speculative trading before commencing, but also preceding every daring deal to ensure that they don’t lose money unnecessarily and trade as profitable as possible.

With FXcast customers have access to partnership programmes, daily analysis and an economic calendar with a section for updates on news. There is also a forum for trading discussions.

AWARDS

Being an awarded company instils extra confidence by traders.  Unfortunately, there is no indications on the web or the internet that shows if FXcast has received any awards since it was founded.

CONCLUSION  

FXcast is an offshore company regulated by Financial Surplus Commission (FSC) of Mauritius. This is not a reputable commission and thus not advisable to trader with FXcast.

It does offer the MetaTrader4 platform that is favoured by traders globally. There is not much choice between trading instruments and FXcast also only offers the choice of one trading account.

There is not much to be found on this broker on the internet and it is in the hands of the trader to decide whether to take a chance on trading with it.

DISCLAIMER

Traders should keep in mind that CFDs are a leveraged product and can result in the loss of your entire capital. Trading CFDs may not be suitable for you.

Please ensure you fully understand the risks involved. Please consider our PDS, Risk Warning and our Terms and Conditions before using our services. CFD traders do not own or have any rights to the underlying assets

The FXcast website contains general information which does not consider your personal circumstances, according to research in South Africa.

Overall Rating

4.7/5

Rated #89 of
Recommended FX Brokers

Minimum Deposit

USD 10

Regulators

FSC

📱 Trading Desk

No Trading Desk

₿ Crypto

Yes

📈 Total Pairs

8

Islamic Account

Yes

 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

Open a Real Account

FAQs

TRADING ENVIRONMENT

How many instruments can I trade with FXcast?

You can trade several different instruments with FXcast, which include the following:

• Forex
• Currencies pairs
• Gold and Silver.

Which platforms are supported by Fxcast?

FXcast provides the following popular trading platforms:

• MetaTrader4.

Does FXcast offer leverage?

Yes, FXcast offers a maximum leverage of 1:400.

What spreads can I expect with FXcast?

FXcast offers a variable spread on its account starting at 2 pips.

Does FXcast charge commission?

FXcast does not charge commissions.

Is FXcast regulated?

Yes, FXcast is regulated by Financial Surplus Commission (FSC) of Mauritius.

Is FXcast a recommended forex trading broker for experts and beginners?

FXcast offers a trading environment for beginner and experienced traders although the maximum deposit of $200 might be a bit high for a beginner trader.

What is the overall rating out of 10 for FXcast?

6/10

ACCOUNTS

What is the difference between a demo and live trading account?

A demo account is offered by broker companies and funded with virtual money that enables a prospective customer to experiment with the company’s trading platforms and its features, before setting up a real account funded with the customers actual money.

Does FXcast offer a demo account?

Yes

How long is the demo account valid?

The demo account can be used at real time prices and trading conditions for a period of 30 days.

Which live trading accounts does FXcast offer?

• Micro Account

What are the available deposit currencies for a live trading account?

EUR, USD or CHF.

DEPOSITS AND WITHDRAWALS

What is the minimum deposit for FXcast?

Micro accounts – $10

How do you make a deposit and withdrawal with FXcast?

FXcast offers the following deposit and withdrawal methods:

• International Bank Wire Transfer
• Webmoney
• MoneyBookers
• e-gold
• Credit/debit cards
• Liberty Reserve
• Bank Card for Chinese Customers
• PayPal

Does FXcast charge withdrawal fees?

Yes, the different amounts can be found on the company homepage.

How long does it take to make a withdrawal?

Withdrawals usually only takes up to 24 hours, but bank wire transfers might take between 2 – 5 business days.