LatitudeFX Review – Unbiased Pros & Cons Revealed

WHO IS LATITUDEFX?

According to research in South Africa, LatitudeFX is a block chain exchange company and online wallet bank accounts supplier for Fintech solutions.

The company was aimed at private investors and companies who want to expand in the digital, very hi-tech segment and perform their goals really fast.

The company was created in 2017 by a team of businessmen professionals who derive from previous and still existing realities, sharing experience, knowledge and solutions.

Currently the company serves customers in 26 countries, with 24/7 support from 6 major liquidity providers and others specifically for some problematic assets.

SAFE OR SCAM?

One of the best benchmarks to measure the safety of a broker like LatitudeFX, is to establish which regulating authorities are watchdogs over its actions.

LatitudeFX is regulated by the Australian Securities and Investment Commission.

PROS AND CONS

LEVERAGE

Leverage is a facility that enables you to get a much larger exposure to the market you are trading than the amount you deposited to open the trade. Leveraged products, such as forex trading, magnify your potential profit – but also increase your potential loss.

Leverage amount 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 amount of collateral to cover any credit risks that may arise during your trading operations. It is expressed as the percentage of position size (e.g. 5% or 1%), and you have to have 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.

LatitudeFX provides the highest leverage across all of the available instruments and platforms, allowing traders to maximize their trading profits with a ratio of 1:100.

ACCOUNTS

A forex account at LatitudeFX is a trading account that you will hold and that will work similarly to your bank account, but with the difference that it is primarily issued with the purpose of trading on currencies.

Forex Islamic accounts are also known as swap-free accounts as they imply no swap or rollover interest on overnight positions, which is against Islamic faith.

Often, the number and type of accounts that a trader can open with a broker company differs depending on the country in which it operates and the regulation authorities under whose jurisdiction it falls.

Latitude FX is not specific on what different types of accounts they offer.  However, they do advertise an anonymous account for their clients.

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.

LatitudeFX offers the following of the above:  Access the most popular indices such as S&P500, FTSE100, JAPAN, and much more. They offer 25 Forex majors.

Clients can venture on the prices of high profile commodities like gold and oil, and yield from their growth and decline.

FEES

Cost depends on different factors, like spread and margins, and LatitudeFX 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.

LatitudeFX have competitive rates in the market.

DEPOSIT AND WITHDRAWAL

Accounts usually require 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 LatitudeFX the following methods and minimum deposits are required: Zero fee for deposits and withdrawals

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

• Credit cards
• PayPal
• Wire Transfer

You can deposit Bitcoin or use an alternative method to fund your personal account at LatitudeFX.

TRADING PLATFORMS

The forex trading platform provided by LatitudeFX to its clients is in essence 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.

LatitudeFX provides the MetaTrader 4 trading platform.

MetaTrader 4 (MT4) is one of the most popular trading platforms currently available. MT4 has an easy-to-use interface, support in a number of different languages, real time account summary, direct news feed, daily account statement and lots of other great features.

HOW TO OPEN AN ACCOUNT

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

Prospective traders can sign up for a live or demo account directly through the broker’s website using the easy steps outlined above.

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 LatitudeFX customers can reach the support team via email or online. Their team is committed to providing 24/7 customer service.

EDUCATION

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

LatitudeFX fails to provide potential clients with video tutorials or eBooks to help them gain trading skills.

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 LatitudeFX, traders have access to a product team who constantly work to develop the product and exchange rates. The broker also provides personal account managers to deliver specific support to every user.

Their integrated software gives traders access to full statistics, including clicks, conversion data, commissions and pay outs.

LatitudeFX also provides traders with high-quality static and html5 banners, landing pages and other media in order to help them maximise their earnings.

AWARDS

Although LatitudeFX is acclaimed by customers, there is no indication of awards won on its homepage.

CONCLUSION

LatitudeFX can be described as a company that is dedicated to the world of forex and cutting edge new technology.  The business was formed by traders to simplify and understand traders’ needs.

LatitudeFX has an excellent support system for traders but does lack a telephone number for direct contact.

The company does show a high level of integrity and transparency. They offer clients a market friendly trading platform and provide their clients the freedom to trade at their best.

DISCLAIMER

LatitudeFX warns potential customers that Forex and CFDs trading always carries a high risk and may not be suitable for all investors.

Before deciding to trade with LatitudeFX, potential traders are advised to carefully consider their investment objectives, financial situation, needs and level of experience before investing money they cannot afford to lose.

LatitudeFX warns that margin trading involves the potential for profit as well as the risk of loss and that movements in the price of foreign exchange and commodities are very unpredictable.

LatitudeFX cannot guarantee a maximum loss that a trader may suffer, according to research in South Africa.

FAQs

TRADING ENVIRONMENT

How many instruments can I trade with LatitudeFX?

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

• 25 Forex majors
• Commodities
• Indices
• Precious metals
• Energy

Which platforms are supported by LatitudeFX?

LatitudeFX provides the following popular trading platform:

• Meta4 Trader

Does LatitudeFX offer leverage?

Yes, LatitudeFX offers a maximum leverage of 1:100

What spreads can I expect with LatitudeFX?

LatitudeFX offers market related competitive spreads.

If the details on their website are not comprehensive, more information can be obtained from the customer support service.

Does LatitudeFX charge commission?

Yes, more information on commissions can be obtained from the customer support service.

Is Latitude FX regulated?

Yes, LatitudeFX is regulated by the Australian Securities and Investment Commission

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

LatitudeFX offers a fair trading environment for all types of traders from beginners right through to experienced traders.

What is the overall rating out of 10 for LatitudeFX?

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 LatitudeFX offer a demo account?

No

How long is the demo account valid?

LatitudeFX does not offer a demo account service to its clients.

Which live trading accounts does LatitudeFX offer?

• Anonymous Account with cryptocurrency

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

USD, Bitcoin and all other currencies.

DEPOSITS AND WITHDRAWALS

What is the minimum deposit for LatitudeFX?

LatitudeFX does not require a minimum deposit.

How do you make a deposit and withdrawal with LatitudeFX?

LatitudeFX offers the following deposit and withdrawal methods:

• Credit cards
• PayPal
• Wire Transfer

Withdrawals can be done via:

• Credit cards
• PayPal
• Wire Transfer

Does LatitudeFX charge withdrawal fees?

No, but fees from another financial institution may apply.

How long does it take to make a withdrawal?

Depending on bank services it may take several days for the money to be available.