101FX Review Is 101fx.com A Legit Forex Broker

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101FX Review – is 101fx.com scam or good forex broker?

Trading Accounts and Conditions

Trading account Min. deposit Max. leverage Spread
Standard $10 1:999 1.1 pips

101FX seems to offer a single trading account, and the trading conditions actually appear good. However, this forex broker does not provide much corporate information, and obviously doesn’t hold a legit license, which is the main reason why we would not recommend it.

Here are our impressions of 101FX, after we made a thorough research on the company and tested its platform. Make sure you read it prior to investing with the broker.

101FX Advantages

Seemingly attractive trading conditions

As advertised on 101FX’s website, the broker offers leverage up to 1:999 and spreads as low as 1 pips on EUR/USD. When we tested the broker’s demo MetaTrader4, the spread was even lower:

101FX’s demo MT4. Click on the image to view larger.

Such spread is really attractive and the leverage ratios provided are more than enough for any trading strategy. Besides, clients of this broker can start with an initial investment of just $10.

Speaking of leverage, we should note that margin trading is risky and most beginners tempted to use high ratios quickly lose their entire investments. So, we advise our readers to be cautious with it.

Trading on the MT4

As it already became clear from the previous point, 101FX offers trading on a MetaTrader4 (MT4). The MT4 hardly needs and introduction, as most traders know it and praise it for its ease of use, reliability, and advanced functionality. It is very popular for its top-notch charting and automated trading bots, called Expert Advisors

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101FX Disadvantages

Limited company info, no legit license

As we mentioned in the beginning, 101FX does not disclose much information about the company operating the brand. The broker says to be owned and operated by 101 Venture Capital Limited, however, it remains unclear where is the company based or registered – there is no address, nor contact or registration number.

The broker’s terms and conditions mention the laws of New York as governing. However, even if the company is registered in NY, it is certainly not regulated in the USA – due to the heavy regulations and the high capital requirement of $20 million, only a few forex brokers are licensed in the country .

With no regulatory oversight we can’t be certain about the company behind the operation and whether it will fulfill its obligation towards clients. Therefore, we advise our readers to avoid unregulated brokers as a general rule, and especially those who don’t disclose any contact information.

Not that many CFDs on demo

When we tested the MT4 offered by 101FX in demo mode, we noticed that its product portfolio is not very rich. It included less than 30 forex pairs, and CFDs on silver and gold. We suppose many traders will miss dealing in CFDs on indices, stocks or cryptocurrencies like Bitcoin, if the broker’s offering is that limited in real trading environment.

Due diligence always requires us to go through the lengthy terms and conditions of the brokerage in search of potential fees and charges that may be hidden there. We did not come across any withdrawal fees, however, the brokerage does offer attractive bonus promotions such as the 101% Deposit Bonus. Most brokers usually tie such bonuses with dire trading turnover requirements, but 101FX directly states that the bonus funds cannot be withdrawn. Also, we couldn’t find any bonus terms and conditions on the broker’s website

Conclusion

Although the trading conditions offered by 101FX seem attractive, we don’t recommend thos forex broker. Our main concern with it is the lack of legit forex broker license – this means that clients of 101FX have no assurance for the security of their funds, nor for the proper execution of trades in their accounts. Not to mention that most unregulated forex brokers are pure scams.

Considering all the risks involved in trading with unregulated companies offering financial services online, you’d better find yourself a reliable and licensed forex broker instead.

For example, exemplary agencies such as the UK’s Financial Conduct Authority (FCA) or the Cyprus Securities and Exchange Commission (CySEC) oversee the activities of brokers under their supervision from head to toe with a severe case of diligence. Not to mention that brokers licensed by them are members of compensation funds that cover victimized clients’ losses of up to £85 000 (FCA) and €20 000 (CySEC).

To sum up the above:

Pros Cons
Generous leverage, good spreads Limited company info, no financial regulation
MT4 available Bonus tricks
Not that many CFDs on demo
Broker Advantages

FXTM a regulated forex broker (regulated by CySEC, FCA and FSC), offering ECN trading on MT4 an MT5 platforms. Traders can start trading with as little as $10 and take advantage of tight fixed and variable spreads, flexible leverage and swap-free accounts.

XM is broker with great bonuses and promotions. Currently we are loving its $30 no deposit bonus and deposit bonus up to $5000. Add to this the fact that it’s EU-regulated and there’s nothing more you can ask for.

FXCM is one of the biggest forex brokers in the world, licensed and regulated on four continents. FXCM wins our admirations with its over 200,000 active live accounts and daily trading volumes of over $10 billion.

FxPro is a broker we are particularly keen on: it’s regulated in the UK, offers Metatrader 4 (MT4) and cTrader – where the spreads start at 0 pips, Level II Pricing and Full Market Depth. And the best part? With FxPro you get negative balance protection.

FBS is a broker with cool marketing and promotions. It runs an loyalty program, offers a $100 no-deposit bonus for all new clients outside EU willing to try out its services, and an FBS MasterCard is also available for faster deposits and withdrawals.

FxChoice is a IFSC regulated forex broker, serving clients from all over the world. It offers premium trading conditions, including high leverage, low spreads and no hedging, scalping and FIFO restrictions.

HotForex is a EU Regulated broker, offering wide variety of trading accounts, including Auto, Social and Zero spread accounts. The minimum intial deposit for a Micro account is only $50 and is combined with 1000:1 leverage – one of the highest in the industry.

101FX Review: Is 101fx.com A Legit Forex Broker?

101fx.com Review: this is the name of a Forex broker that is located in Belize. Is 101FX a scam Forex broker or a legit one?

On the contact page, we found that the brokerage is located in Belize. The International Financial Services Commission regulates brokers in this region and when we checked the list, we didn’t find 101FX among the licensed Forex brokers.

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Another red flag we discovered on the page is the offer of a bonus discount. It offers 101% deposit bonus for all traders. This is a disadvantage as bonuses are used to tie traders’ funds down with unrealistic conditions. Rewards are also available for those who reach a certain amount of lots.

It is common for Forex brokers to start out with claims of making clients richer. This is because everyone seeking out easier ways to trade effectively does so to make more profit.

However, traders need to be careful about believing everything they encounter in the business sphere. Some are geared to just deceive and steal their funds. Considering what is offered and proofs are effective means of discovering fraud as well as reading our reviews and comparing the offers to those of other legit brokers at the bottom of this article.

101FX claims to be a top trusted broker with international client base. Their competency is also touted on the page as well as client focused services. They mention transparency, fairness and ease of use among benefits to be reaped by their clients.

101FX Trading Platform

101FX offers traders the MetaTrader 4 trading platform. The MetaTrader platforms are commonly used because they allow the use of trading robots.

Legit brokers are known to offer at least the popular MetaTrader 4 or 5 trading platform.

These platforms are very good signs as they have become some of the most widely used by experienced traders. They are found to be compatible with various devices’ operating system. All can be used on desktops, Linus, windows, iOS and Android.

Tools that comes with these trading platforms are also found to be useful for traders. It has proven to be user friendly as well and helps traders in analyzing the market easily.

Trading instruments offered to traders are: 50+ currency pairs, commodities trading (Gold, Brent, WTI and more), 15+ major indices, 50+ companies, and 50+ company stocks. We find that it does not offer crypto option to clients. We know that legit brokers offer currency pairs, indices, CFDs on many commodities and cryptocurrencies. It is important to let traders know the options open to them.

Maximum leverages offered is 1:999 and while this may seem generous but they could pose danger. High leverages can lead to huge loss of funds as well. Spreads are 0 pips on the EURUSD pairs.

Spreads of 1.5 pips or below are what is obtainable in the forex industry and traders are asked to look out for this. Leverages of between 1:30, 1:50 and 1:25 are also common among regulated brokers.

Deposit and Withdrawal methods on 101FX

The means of making payments and withdrawals are not stated but we only find that bitcoin is available. We find that of e-Wallets are likely to be missing, which is discouraging.

This is because standard and legit brokers make deposit and withdrawals available via Visa, MasterCard and Wire Transfer. Many offer e-wallets like: Skrill, Neteller, UnionPay, FasaPay, and so on.

Minimum deposit required is $10 which is within the obtainable average of $100 – $250 among brokers. Withdrawal charges are not stated for this broker. Sometimes it is better to mention if they apply or not. We do not even find any terms and conditions; this is a shady thing. Traders are expected to sign up for something with unclear conditions.

This information is important so that clients can invest any little amount they can spare. In order to be able to first watch the working of the brokerage. If then they are satisfied with what they see, they can determine when to withdraw their money.

Trading bonuses of 101% is offered on deposits. This is a disadvantage as bonuses are used to tie traders’ funds down with unrealistic conditions.

Is 101FX Licensed?

No. On the contact page, we found that the brokerage is located in Belize. The International Financial Services Commission regulates brokers in this region and when we checked the list, we didn’t find 101FX among the licensed Forex brokers.

Traders are warned to avoid trading with unlicensed brokers.

Regulated Forex brokers in Europe, America, Africa, Australia, and Asia are under many strict rules. The regulatory bodies like the FCA, FSCA, CySEC, AISC, NFA and many others have regulations protecting Forex traders from unfair brokers. This is why they come top as recommended Forex brokers.

Support

To get in touch with the customer care of the brokerage, interested clients are to send an email to [email protected]

Conclusion

The lack of license that we find during this review is a big disadvantage and makes the rating of 101FX lower than it should be. Many of the trading conditions are quite good and the minimum deposit is affordable and within the average. High leverage is a red flag and but the MetaTrader 4 trading platform is an encouraging offer.

COMPARE WITH A TRUSTED BROKER

Fortrade

Fortrade is a UK-based broker with address at Michelin House, 81 Fulham Road London, SW3 6RD, United Kingdom. They are among the best brokers in the industry offering trades in numerous assets including stocks, commodities, currencies, indices and cryptocurrencies. Fortrade is regulated and licensed by the FCA(Financial Conduct Authority) in the UK well as ASIC in Australia which makes client funds safe. They accept traders worldwide.. visit their official website

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