FXTray Review 2023: Is A Scam? Unbiased Pros & Cons

FXTray Review 2023: Is It A Scam or Safe?

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FXTray is a new brokerage platform offering comprehensive trading services through its Forex, CFD and ECN channels. Despite being a newcomer in the industry, the platform has gained exceptional popularity and a strong presence among active traders, which insisted us to write this detailed FXTray review 2023

The platform looks great, UX seems good, and the product offering is exceptional. However, to create a deeply analyzed review and deliver an unbiased verdict on the platform, we quickly opened an account so that we could share our experience before you get started on the platform.

In this detailed FXTray review 2023, we will have a deeper look at the platform’s fee, product offerings, and account types to help you decide whether it’s the one you’re looking for. 

FXTray Review 2023: Quick Overview

Official Website www.fxtray.com
Establishment Year 2021
Headquarters Kingstown, Saint Vincent and the Grenadines
Minimum Deposit $100
Copy Trading Feature Available
Customer Support 24×7 via E-mail and phone
Platforms Web, MT5 & FXTray App

FXTray Review 2023: What Is It?

FXTray is a new CFD and ECN broker established in 2021. The platform offers CFD trading on 389 underlying assets across all major financial markets. 

The broker’s comprehensive trading services and innovative product offerings have quickly garnered the attention of active traders. As a result, the platform is emerging as one of the best forex brokers

With headquarters in Kingstown, the company is planning a new office in Pakistan soon. With its expanding presence in Asian countries, the company plans to focus on the Asian market. 

FxTray Review: Is FXTray A Scam? 

No, FXTray is not a scam, thanks to its operating license from Saint Vincent and the Grenadines Financial Service Commission. The parent firm of the platform – FX Tray Market LLC is registered as a limited liability company in Saint Vincent and the Grenadines with registration number 1421 LLC 2021. 

Additionally, the platform has an average user rating of 3.7/5 on Trustpilot. However, the rating is based on just a single user’s review. Still, the company seems to be progressing toward the list of most trusted and legit brokers worldwide.

Is FXTray A Scam Broker?

Are Your Funds Safe With FXTray?

Yes, the platform puts clients’ fund security on top of everything. For this reason, it has implemented various security measures, including

  • Collaboration with Tier-1 Banks
  • Negative Balance Protection
  • Segregated Bank Accounts for Clients’ funds

FXTray Review: What Can You Trade On The Platform? 

As per our review of FXTray, the best feature of the platform we came across was its pool of offered products. The platform offers 389+ underlying assets, probably the highest in the industry. 

The available financial markets on the platform include all major ones, i.e. Forex, Commodities, Indices, Metals, Cryptocurrencies, and Spot CFDs. Let’s take a closer look at each of them: 

Forex

The platform users can start trading the forex market with just a single click. Here’s why you should trade forex with the platform: 

  • Access to 113 forex pairs 
  • Advanced MT5 platform
  • Tight spreads 0.1 pips 
  • Maximum leverage of up to 1:500.
  • No commission for trading forex on the platform. 

Metals

The product was specially incorporated for commodity traders. Let’s take a look at what you get with this option: 

  • Gold, Silver, Copper and many more
  • Automated trading 
  • High leverage up to 1:500
  • No commission

Indices

  • Advanced Features like Copy Trading and Robo-Trading 
  • Bio-Directional Opportunity
  • Industry-best Leverage
  • Commission-free Trading
  • Available Indexes: SINGNIX, AUS 200, HK 50 And Many Others

Cryptocurrency

  • All Major Crypto Coins Available
  • Margin Trading
  • No Minimum Trading Amount required

Contracts For Differences (CFDs)

  • Advanced Trading tools like Stop and Limit Orders
  • 24×7 Availability
  • High leverage up to 1:500
  • No commission

FXTray Review 2023: Available Account Types & Their Features

The broker’s account offering is really appreciated for its specific accounts for ECN and Cryptocurrencies. The other two account types are for retail traders: Classic and Standard. 

Features Account Types
Classic Standard ECN Crypto
Minimum Deposit $100 $100 $500 $100
Leverage 1:500 1:500 1:300 1:10
Spreads 1.8 Pips 1.2 Pips 1 Pips N/A
Commission
Margin Call 100% 100% 100% N/A
Stop Out Loss 50% 50% 50% N/A
Fast Trade Execution N/A N/A Available  N/A

FxTray Review: Open An Account On FXTray?

Here’s a step-by-step guide on how to create an account with FXTray:

  • Visit the official website – www.fxtray. Com and tap on the ‘Register’ icon.
  • A form will appear on the screen. Fill in all your information and click on the ‘Register’ button.
  • You will soon be redirected to your personalized dashboard, where you can manage your account. 
  • Now, complete the verification process to access the full services. 
  • Save your FXTray login credential for the future. 

How To Verify FXTray Account?

The best and most convenient way to verify your trading account is to upload a clear scan copy of POI and POA documents, including

  • A National ID card or driving license
  • Utility Bill,
  • Bank Statement (For the last 6 Months)

After uploading the documents, your verification request will be processed in 4 hours. 

FXTray Review 2023: Supported Payment Methods

The supported payment methods offered by the platform are limited to just a QR scanner. Unlike other forex brokers, it doesn’t support common payment methods like Bank transfers or E-wallets. This might be the platform’s biggest drawback. Our opinion, as per FXTray review 2023, is that the platform should incorporate more payment methods for user convenience. 

How To Deposit Funds Into FXTray Account?

Follow these simple steps to fund your trading account: 

  • Sign in to your account using the FXTray login credentials. 
  • Go to your personalized dashboard and click on “Deposit.” 
  • Enter the amount you wish to deposit and scan the QR code to complete the transaction.
  • Your deposited amount will be reflected in your account in a few minutes.

How To Withdraw Money From FXTray? 

Here’s a step-by-step FXTray withdrawal process:

  • Sign in to your account using the FXTray login credentials. 
  • Go to your personalized dashboard and click on “Withdraw.” 
  • Enter the amount you wish to withdraw and choose your preferred payment method.
  • Your withdrawal request will be processed in 3-5 business days. 

FXTray Fees, Spreads & Commission Reviewed 

As a commission-free forex broker, the platform doesn’t charge any fee on trade orders. However, there are spread charges, which are nominal compared to other forex brokers. The spread charges may vary depending on the account type and the asset you’re trading in. 

Classic Standard ECN Crypto
Spreads 1.8 Pips 1.2 Pips 1 Pip N/A

FXTray Review 2023: Maximum Leverage

The maximum leverage offered by the platform is according to industry standards, as per our FXTray review 2023. The maximum leverage offered by the platform is 1:500, while the minimum is 1:2. 

Classic Standard ECN Crypto
Leverage 1:500 1:500 1:300 1:10

FXTray Review: Available Trading Platform

The broker offers an advanced MT5 trading platform, which can be accessed through both web and mobile devices. However, the absence of the MT4 platform is still the missing feature of the platform. 

The platform is available for a variety of devices, inclusive of both desktops and smartphones. Let’s look out at the functions and features of each platform:

Web Terminal

  • Extensive price analysis
  • Fundamental & technical analysis
  • Copy trading
  • Algorithmic trading 

FXTray App

  • Virtual Hosting
  • Extensive price analysis
  • Hedging option systems
  • Fundamental & technical analysis
  • Copy trading
  • 80 technical indicators 
  • 2500 readymade algorithmic trading applications.

How To Download FXTray App?

The mobile application is available on all major downloading platforms. If you’re still getting it challenging to download the FXTray mobile app, follow these steps: 

Web App

  • Visit the official website and click on the MT5 icon from the slide bar.
  • Now, click on the ‘Download For Windows’ icon. 
  • After that, run the .exe file to install the app.
  • Login to your account using the credentials. 

Mobile App

  • Go to the official website and click on the MT5 icon from the slide bar.
  • Now, choose between the Android or iOS options. 
  • After that, you will be redirected to Google Play Store or Apple App Store. Click to install the app.
  • Now, log in to your account using the credentials. 

FXTray Review: Bonuses, Offers & Promotions

Currently, there are no ongoing promotions or bonus offers available on the platform. However, users can still make money through their referral and affiliate programs. Let’s take a look at how: 

Invite a Friend

  • Invite your friends to FXTray by sharing your personal referral link through social media. 
  • For every trade they place on the platform, you will earn a commission based on trade volume. 
  • Track all your earnings with a personalized earning dashboard. 

Introducing Brokers (IB) Program

  • Apply at FX Tray to become an IB and get a dedicated affiliate link. 
  • Share the link and start earning as soon as your referrals start trading.

Master IB Program

  • Apply at FX Tray to become an IB and get a dedicated affiliate link. 
  • Create a Network of 10 IBs 
  • Start earning as soon as your referrals start trading.

FXTray Review: What Does It Offer For Educational & Research Purposes? 

The platform has a good selection of education and research tools, accessible to even non-members. You can make use of educational and research resources to make more informed decisions while trading. 

As per our FXTray Review 2023, we can conclude it to be the best source of educational and research resources among the brokers we have reviewed so far. 

Educational Resources

  • Case Studies
  • Trading Blogs
  • Market News

Research Tools

  • 80 technical indicators 
  • 2500 readymade algorithmic trading applications.
  • Extensive price analysis
  • Fundamental & technical analysis

Review Of FXTray Customer Support 

The customer support system of the platform is highly responsive. They have answers to all your queries. On top of that, they are available 24×7. The Availability of phone support is exceptional in this industry; still, the broker offers a dedicated customer care number to resolve users’ issues.

Here’s how you can contact FXTray customer care: 

FXTray Review: Pros & Cons

Pros Cons
Automated Trading Function Relatively A Newcomer
Extensive Range of Product Offering Offshore Regulations
24×7 Professional Customer Support
Copy Trading Feature
Lucrative Referral Program

3 Top FXTray Alternatives

For users who are still hesitating to trade with the platform, we have better recommendations for them. These recommended platforms are well-regulated and are found to be most appropriate to be mentioned here. 

FXTray vs InvestBy

Features FXTray InvestBy
Regulation SVG NBRB
Minimum Deposit $100 $250
Fees/Spreads 1 0.07
Leverage 1:500 1:200
Demo Account No Yes

 

FXTray vs ABInvesting

Features FXTray ABInvesting
Regulation SVG FSC
Minimum Deposit $100 $250
Fees/Spreads 1 0.07
Leverage 1:500 1:500
Demo Account No Yes

FXTray vs InvestFW

Features FXTray InvestFW
Regulation SVG FSA
Minimum Deposit $100 $250
Fees/Spreads 1 pip 1 pip
Leverage 1:500 1:30
Demo Account No Yes

Conclusion

The in-depth analysis of this FXTray review indicates that the platform is worth a try as there are many features like copy trading, algo trading and advanced tools that are exceptional. 

However, considering the drawbacks like the lack of an MT4 platform, demo trading account and offshore regulations, FXTray might not be a suitable choice if you’re looking for a complete trading platform. Meanwhile, you can move to a more legit and secure platform like InvestFW.  

FAQs

Is FXTray Legit?

Yes, FXTray is legit forex and CFD broker as it is regulated by Saint Vincent and the Grenadines Financial Service Commission. However, it can still be termed as an offshore broker as it is regulated outside the EU. 

How To Delete FXTray Account?

The account deletion request is only processed by the customer support team. You can’t manually disable your account. Contact customer support to raise a request for account deletion and provide them with your username. 

How To Recover Money From FXTray?

If your money has been struck while depositing or withdrawing, you should wait until the completion timeline. If it exceeds the timeline, immediately contact the customer support team. 

Can FXTray Be Trusted? 

No, FXTray can’t be trusted because it is an offshore broker and dealing with an offshore brokerage platform involves a high risk of scams. However, the broker is relatively new to the industry; let’s wait until it gets a full-time license from a top-tier regulator. 

What Are FXTray Deposit And Withdrawal Fees?

There are no any processing fees for depositing and withdrawing funds from the platform. You can deposit anytime and can raise withdrawal requests 24×7.

What Is The FXTray Minimum Deposit?

The minimum deposit to open an and start trading on the platform is $100. The amount is relatively lower than other CFD and Forex traders out there. However, for an ECN account, the minimum deposit amount is $500. 

How To Contact FXTray Customer Care? 

The FXTray customer support team works round the clock to provide the best resolutions to users’ queries. Here’s how you can contact FXTray customer care: 

Is FXTray Legal In India?

Yes, FXTray is legal in India, as there are no rules or regulations that restrict the platform from operating in the country. However, it is not a SEB-register broker, so you should be extra cautious while dealing with this broker. 

How To Trade On FXTray?

Here’s how you can place your first trade on the platform:

  • Search for the asset you want to trade in. 
  • Click on “buy’ or ‘Sell’ and apply the stop loss function.
  • Enter the amount and click on the “Place Order’ icon.
  • Regularly monitor your trade position. 

What Is The Minimum Trading Size?

The platform’s minimum trading volume may vary depending on the account type. However, the minimum trade size for a classic account is one micro Lot (0.01 lots)

Can I Trade 24×7 on FXTray?

Yes, the platform allows you to trade 24×7. You can open or close your trade position anytime, anywhere, via the most advanced MT5 trading app offered by the broker. On top of that, you can track and monitor all your open positions 24×7. 

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