FreeFX is a company operated by FreeFX LLC, a firm registered in Anguilla in 2023. Although they appear to be registered offshore, their offices seem to be registered in Europe — Serbia, nothing more.
Neither of these countries is known for highly reputable exchanges and investment activities. Still, if the company has any trusted licenses, there’s no reason to doubt them. So, let’s find out in this FreeFX review if this company is legit or not.
| Regulated By: | No regulations |
| Is This Company Safe? | No |
| Known Websites: | freefx.com |
| Have Warnings From: | N/A |
| Registered In: | Angullia |
| Operating Since: | 2023 |
| Trading Platforms: | MT4 |
| Maximum Leverage: | 1:1000 |
| Minimum Deposit: | No minimum deposit |
| Deposit Bonus: | Available |
| Trading Assets: | Forex, spot metals, oil |
| Free Demo Account: | Available |
| How To Withdraw From This Company? | Withdrawing funds from this offshore broker might be tricky considering quite unclear withdrawal policy and missing regulations. If any problem occurs, feel free to contact us for refund advice. |
Legal Info: Is FreeFX Legit Or A Scam?
Indeed, when it comes to legal transparency we have to say the company is absolutely legitimate. As can be seen in the public register of Anguilla, this firm was established in 2023 with number A000001472. However, that doesn’t mean the company is legitimate in terms of trading.
To make sure any trading brokerage is legitimate, you should be looking for top-tier licenses, such as the ones from BaFin, CFTC, FCA, or similar. Sadly, this company was not found in any of those. Fairly, if they had any licenses they would provide license details transparently. Therefore, the company’s statement about the security of the funds can be truly questionable.
Who Are FreeFX’s Victims?
In the absence of FreeFX reviews, we’ll have to rely on website analytics for some clues. As it seems, this firm has been offering services in some highly regulated countries. After all, their website drives traffic from:
- United States
- Brazil
- Germany
- Indonesia
Yet, the company is not regulated by any of the local authorities there, even though they state they don’t offer services in jurisdictions where such services wouldn’t be allowed. So, think wisely about your broker choice. But even if you experience some issues, you can contact our specialists for a consultation and chargeback assistance.
Leverage, Commissions, Spreads, Fees and Taxes
Generally speaking, the trading costs are quite solid and can be compared to some top-ranked firms. With spreads starting from 0 and 0.7 pips but also commissions at $3 per lot, it’s quite an attractive offer. However, this Free Forex review will help you stay away from one big trap. It’s the company’s leverage of up to 1:1000.
Keep in mind all top-tier regulators allow brokers to offer a maximum of up to 1:30. One wrong swing in the market conditions and your account balance could be blown away. Not to mention that you can get into debt without negative balance protection.
Bonuses
Another key detail with FreeFX broker is the bonus offer of up to 100% and a maximum of $5.000. But be careful if you will accept it or not. After all, the company has too many rights for a wide range of activities they don’t have to explain. For instance, to block a client’s account.
FreeFX Trading Features
A few notable options with FreeFX trading firm are scalping and trading news to be allowed. This way, traders can implement various trading strategies into their trading routines.
However, the company doesn’t mention if hedging or netting is allowed. So, you better explore all the options. Meanwhile, we recommend you check our tips from the Mestieriplaza review as well.
Trading Platforms Available
With FreeFX MT4 availability, traders don’t have to worry about platform manipulation. Even though the platform offers a wide range of advanced features, these might not be available for everyone. Since MetaQuotes has been ceasing licenses for unregulated companies offering services to US traders, this company might lose it as well. So, watch out for it.
Available Trading Assets
One notable disadvantage of this company is the instruments it offers. Compared to some other companies, this offer is quite poor. Without stocks, indices, and cryptos available, you will hardly find all the options you were looking for.
Instead, you can trade:
- 40+ Forex pairs – USD/GBP, EUR/JPY
- Spot metals – gold, silver
- Oil – Brent oil, crude oil
Account Types
When it comes to the account types, traders can choose between two options without any limitations. There are no minimum deposit requirements for any of these options, and you can choose your preferred account type options. Those are:
- Standard – 0.7 pips variable starting spreads / no commissions / no swap fees
- Pro – 0 pips variable starting spreads / $30 commission per million / no swap fees
Mobile Trading App
Another benefit of both accounts is the FreeFX app’s availability. With a wide range of analytical and customization options, you will stay updated wherever you are. However, if you come from the US, check first if you should be using it with this brokerage.
Demo Account
Before you decide to deposit some money with this company, make sure to explore all the features with a demo account. Otherwise, you won’t possibly know what to expect in terms of leverage and trading features.
Education
Unfortunately, with this trading firm, you won’t have any proper education about trading. But that’s exactly why traders stick to top-tier licensed firms.
Instead, they provide additional tech resources like VPS services, economic calendars, and trading calculators. Fairly, nothing useful if you don’t know how what that means.
FreeFX Withdrawal
There are plenty of funding and withdrawal options. However, after you complete the FreeFX login process, you can’t make any deposits or withdrawals before you verify your account. Anyway, general withdrawal time takes up to 48 hours, depending on the payment method.
Also, some of the methods include fees, while others like Bitcoin transfer, Payza, and FasaPay don’t. Usually, fees are around 1%, except for wire transfers, which cost you $45 per transfer.
Customer Support
Generally, support details, like live chat, phone numbers, and addresses, appear quite transparent. However, if you research all those details, you will realize why it’s all fake. Not to mention, the company doesn’t disclose any operating hours. So, if you expect FreeFX withdrawal assistance, you better prepare your nerves.
Key Information To Consider About FreeFX
Whatever services this company offers, none of them are backed up by trusted regulations. On top of that, the company has been freshly established and offers highly dangerous trading conditions. All in all, you can expect a lot of issues.
Luckily, with all their funding options you can get your money back. If not in a regular way, then through the chargeback or other refund options. If you ever feel like this company is tricking you, get in touch for a free consultation and get refund advice from our experts.
FAQ Section
What is FreeFX?
FreeFX is a trading firm registered in Anguilla that has been offering highly risky investment services since 2023.
Is FreeFX Legit?
No. FreeFX brokerage operates without any local or worldwide accepted license and yet they offer services in the US and Germany.
How to Get Money Out of My FreeFX Account?
Depending on the payment method you were using, you have different refund paths. For more details and a free first consultation, feel free to contact us.
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