“Trade global markets with ease” — this is the slogan of the FXRoad brokerage firm, based in Seychelles, a jurisdiction that is not the safest or most reputable. The broker claims to offer clients all the necessary tools for successful trading, but this could turn out to be a lie, and the platform might be a scam. In this review, we will attempt to figure all this out.
Brief Overview
- 🖥Official Website: https://www.fxroad.com
- ✈️Contact Address: CT House, Office 9A, Providence, Mahe, Seychelles
- 📞Customer Support: support@fxroad.com, +5561947565589, +911171279109
- 🔐Licensing and Accreditation: SFSA
- ⏳Track Record: 2023
- 🧰Specialization: brokerage service
- 🤝Terms of Cooperation: $250, 1:200
- 💰Additional Services: educational resources
Fxroad.com Examination
The official website is presented in white and blue colors with a standard layout: at the top, the main menu, followed by the homepage listing the advantages and features, and at the bottom, legal information and a risk warning. The design, featuring “bright colors, a luxury car, candlestick charts, and currency symbols”, doesn’t inspire much trust in FXRoad. It looks very cheap and unprofessional.
Everything is written with cliché phrases: “immersive learning”, “professional assistance”, and “regulated and transparent platform”. Instead of simple terms, pompous words are used, seemingly to emphasize the broker’s professionalism.
The website is available in three languages: English, Hindi, and Portuguese. The firm lists its legal entity, provides pricing plans and their differences, gives information about the platform, and also offers an FAQ section.
Company Contacts
To contact FXRoad’s managers, there is an email address, two phone numbers, and an online chat. This is a standard set, although larger companies typically have several email addresses for different purposes: tech support, financial department, verification department, and others. Here, however, there is only a single “support” contact.
Key Conditions
The broker has developed three types of accounts:
- Silver. Additional options include tech support, the fifth decimal, and allowed hedging.
- Gold. More favorable spreads, a personal manager, webinars, and videos are added.
- Platinum. News notifications are available.
The selected account type affects the spread size. For example, the spread on EUR/USD is 2.6 pips on Silver, 2 pips on Gold, and 1.4 pips on Platinum. Commissions are not specified, but the firm claims they are zero. Therefore, the trader only pays the spread.
The minimum deposit with FXRoad is $250, but the amounts required for Gold and Platinum are not listed. How much money needs to be invested to access these account types? That remains a mystery. Leverage is up to 1:200, and it’s the same for all traders, depending on the asset being traded. We remind you that such leverage is very risky. Over 74% of traders lose their deposits due to margin trading. This is not suitable for everyone.
FXRoad also offers the ability to test the service with virtual dollars. However, there is no cent account or ECN option available. It’s obvious why there’s no ECN, as this is a dealing desk broker, meaning client trades are not passed on to interbank liquidity. This creates a conflict of interest between users and the platform. If a client makes money, the firm loses, and vice versa.
Exposing FXRoad
It’s time to take a closer look at what the company is about and whether it’s safe to trust them with your money. In the footer, the legal entity name is listed as 4Square SY Ltd, based in the Seychelles. Let’s verify this. We’ll check the SFSA registry to see if such an organization exists.
In the screenshot above, it’s clear that this company does indeed appear in the SFSA registry, meaning there’s no fake or false information. Furthermore, in the “Trade Name” field, both FXRoad and Capitalix are listed. This confirms that our subject is not lying about being owned by 4Square SY Limited. However, we now have a question — why do they have two identical brokerage companies? There’s no answer, but it certainly looks suspicious.
If the presence of an SFSA license gave you the green light to open an account, we’d like to add the following. The SFSA is just a piece of paper that provides no real protection to clients. The Seychelles is an offshore zone where the regulator does not oversee brokers’ activities. They are not required to keep client funds in segregated accounts, provide reports, or ensure the fairness of trading conditions.
It is recommended to consider companies regulated by stricter financial commissions, such as the FCA, ASIC, or SEC. These regulators take a more responsible approach to protecting clients’ interests.
What Reviews Do Users Leave?
You can find hundreds of reviews about FXRoad online, but it’s worth paying closer attention to them. Positive comments outweigh the negative ones. However, all the positive reviews are short texts with only a few sentences, and without evidence that the platform consistently delivers profits or that trading is successful. This is a key sign of fake reviews. This approach is common among offshore brokers.
Conclusions
FXRoad is a typical offshore broker with questionable regulation, suspicious reviews, and a conflict of interest. We recommend not risking your money here, as there are more reliable firms with serious regulation.
Pros/Cons
- The legal entity is indeed registered with the SFSA.
- Demo account.
- The firm has been found to have published fake positive reviews.
- No oversight from a reputable regulator (FCA, ASIC, SEC, etc).
- The business model with conflict of interest.
- 4Square SY Ltd operates two platforms for an unknown reason.
I do not recommend trading through FXRoad, and here’s why. You will face major issues. First, the technical support is terrible. The staff responds very slowly, sometimes leaving inquiries unanswered. This should not happen. If you consider yourself a serious company, respond quickly and to the point. Not enough staff? Hire more. But ignoring traders is unacceptable. Second, the trading platform is horrendous. There are constant issues with opening and closing positions. My technical analysis tools constantly disappear. Charts take a long time to update. And when there’s a strong market move, the terminal literally freezes for several minutes. It is simply impossible to trade under these conditions.
So, I recommend that anyone who wants to trade on FXRoad not waste their time and instead find another, more user-friendly platform. Believe me, you won’t lose anything. I spent a lot of time here, and my deposit dropped by 30%. I moved to another platform and have already made back all my losses with favorable conditions that don’t exist here.
I don’t trust platforms like this. IMHO, it’s a scam. Better not to risk it. I could be wrong, but I trade with a broker that has an FCA license. This place has nothing, no proper regulation. It’s a typical offshore trap for inexperienced traders.
Why do they need two companies? They’ll probably launch a third soon. It looks like they’re collecting money from naïve investors and then going to scam them. Read the reviews about fxroad — there are tons of fake positive comments. And in the negative ones, people tell the truth about the inability to withdraw money and manipulations. Think carefully.