FxPlayer

Overview of FxPlayer

FxPlayer was established in early 2014 by a group of traders as an ECN/STP platform. However, it is currently not subject to any effective regulation.

FxPlayer offers a range of tradable instruments including Forex, Commodities, and Indices. Traders can access these markets through popular trading platforms such as MetaTrader4 and MetaTrader5. The minimum deposit required to open an account with FxPlayer is $50, providing a relatively low entry point for investors. The maximum leverage offered by the broker is 1:200, which allows traders to potentially amplify their trading positions. FxPlayer also offers a bonus program.

FxPlayer provides multiple account types to cater to different trading needs, including Micro, Mini, Normal, Pro, Institutional, and Flex Accounts. Clients can make deposits and withdrawals using various methods, including online payments, e-wallets, credit/debit cards, and Bitcoin.

The broker offers educational resources to enhance traders' knowledge and skills, including Economic Calendar, Profit Calculator, Margin Calculator, Calculate, Pip Calculator, Currency Converter, and Market Hours to stay updated with important events that can impact the markets. Customer support is available through email communication.

Is FxPlayer legit or a scam？

FxPlayer is an online forex broker based in Marshall Islands and operated by FxPlayer CAPITAL LTD. They offer forex-related trading services through the popular MT5 trading platform. However, it is important to note that their official website is currently inaccessible. When assessing the legitimacy of a broker, it is crucial to verify their regulation by reputable authorities such as the FCA or CySEC.

Regrettably, FxPlayer is not authorized or regulated by any regulatory agencies, making it unsafe to engage in trading with them. It is strongly advised to steer clear of this broker due to their lack of transparency and the potential risk of them disappearing without notice. To safeguard your funds, it is imperative to exercise increased caution when dealing with unregulated brokers and thoroughly research before investing your money.

Pros and Cons

FxPlayer offers a wide range of trading instruments, providing traders with various options for diversification. The availability of multiple user-friendly trading platforms makes it convenient for users to access and execute trades. With a minimum deposit requirement of $50, it offers accessibility to traders with smaller investment amounts. FxPlayer also provides multiple account types to cater to different needs and trading strategies. FxPlayer offers a maximum leverage of up to 1:200, allowing traders to amplify their positions. The availability of bonuses and a demo account provides additional incentives and opportunities for traders to practice and test their strategies. Moreover, the provision of FAQs can be helpful in addressing common questions and concerns.

However, it is important to note that FxPlayer lacks specific regulation, which may raise concerns regarding the level of oversight and investor protection. Additionally, the absence of 24/7 customer support may limit immediate assistance for traders in case of issues or emergencies.

Market Instruments

The market instruments offered by FxPlayer include forex, commodities, and indices. The FxPlayer Trader platform offers investors the opportunity to trade Gold Spot (XAUUSD), Silver Spot (XAGUSD), Copper Futures, Crude Oil Futures (USOil), and Brent Crude Oil Futures (UKOil).

An index is a statistical measure of the changes in a portfolio of stocks representing a portion of the overall market.

Account Types

To meet different investors' investment requirements and trading experience, FxPlayer offers six different types of accounts, namely Micro Accounts (minimum deposit of $50), Mini Accounts (minimum deposit of $500), Standard Accounts (minimum deposit of $5,000), Pro Accounts (minimum deposit of $20,000), Institutional Accounts (minimum deposit of $100,000), and Flex Accounts (minimum deposit of $10,000). Leverage is 1:100 for Micro & Mini accounts and 1:200 for Standard, Pro, Institutional, and Flex accounts.

It also offers a demo account, which has the advantage of reducing the risk of a trader's investment. While demo accounts aim to replicate real markets, it's important to acknowledge that they function within a simulated market environment. Consequently, there are notable distinctions that set them apart from real accounts. These differences include, but are not limited to, the absence of reliance on real-time market liquidity and the inclusion of certain products that may not be tradable on live accounts. It is crucial for traders to be aware of these variations and to approach demo trading with the understanding that it may not fully reflect the conditions and outcomes experienced in live trading.

How to Open an Account？

To open an account with FxPlayer, please follow these steps:

1. Visit the FxPlayer website at https://thefxplayer.com/.

2. Click on the “Trade Now!” button, usually located at the top right corner of the homepage.

3. You will be directed to the account registration page. Fill in the required information, such as your name, email address, phone number, and country of residence. Ensure that you provide accurate and up-to-date details.

4. Select the account type that suits your trading preferences and investment goals. FxPlayer offers various account types such as Micro, Mini, Normal, Pro, Institutional, and Flex. Each account type has different features, requirements, and trading conditions.

5. Read and accept the terms and conditions, as well as any other legal agreements or disclosures provided by FxPlayer.

6. Submit your application for account registration. Once your application is submitted, you may need to verify your identity and provide additional documentation, depending on the regulatory requirements and the type of account you selected.

7. After completing the verification process, you will receive confirmation of your account opening, along with your account login credentials. Use the provided login credentials to access your FxPlay trading account through their online platform or mobile application.

Leverage

Clients of FxPlayer have a choice of six different account types, all of which have different commission fees. In terms of leverage, FxPlayer offers maximum levels of up to 1:200, which is considered average compared to offshore brokers that often provide higher leverage options. It is important to note that high leverage levels can amplify both profits and losses, potentially exceeding the initial investment.

Spreads

While FxPlayer's spreads are indeed low, when factoring in the applicable commission, trading costs on a mini account amount to around 1.4 pips on EUR/USD per standard lot, which is average for the forex industry. Trading costs are lower on Normal, Pro, and Flex accounts.

Bonus

At the time of writing of this review, FxPlayer offers its clients 100% on-deposit welcome bonus.

It also offers “Leap Year” Bonus and Holidays Special Bonus, detailed on its website.

Trading Platform

FxPlayer offers traders the flexibility to choose from, including FxPlayer Trader (BETA), the market-leading and highly recognized MT4 and MT5 trading platforms, UniTrader, Currenex, and ActTrader.

Here are the characteristics of each platform:

Deposit & Withdrawal

FxPlayer offers its clients the following payment methods: bank wire transfer, credit/debit cards, Bitcoin, PayPal, Paysafecard, and American Express.

Funds Withdrawal

To withdraw funds or close an account, login and make a request from your account. To process your request as soon as possible, the information submitted must be clearly legible and all mandatory fields completed. Usually, withdrawal requests will be executed the same day after the receipt of the request but no later than next business day. Please note that any request after 12.00 EET will be processed as if received on the next business day. Please note that a withdrawal of funds will incur a fee, depending on 3rd party cost, local or international transactions as well as transaction currency.

Customer Support

Regrettably, FxPlayer only provides contact information through e-mails for traders to reach out with inquiries or trading-related issues. While support is available, it is important to note that it may not be provided 24/7. This limited contact information raises concerns. In the event that traders encounter any difficulties or need assistance during their trading journey, the absence of proper channels for communication may hinder their ability to address and resolve these issues promptly.

FxPlayer Support Team can be reached at Trust Company Complex, Ajeltake Road, Majuro, Ajeltake Island, MH96960. If you have any inquiries or need assistance, you can contact their support team at this address.

Educational Resources

FxPlayer offers the following 6 educational resources, including Economic Calendar, Profit Calculator, Margin Calculator, Calculate, Pip Calculator, Currency Converter, and Market Hours.

1. Economic Calendar: An educational resource that provides information on scheduled economic events, such as economic indicators, central bank meetings, and other important announcements. It helps traders and investors stay updated on upcoming events that can impact financial markets.

2. Profit Calculator: A tool that allows users to calculate the potential profit for a trade. By inputting relevant data such as the entry and exit prices, position size, and fees, the calculator determines the profit or loss that can be expected from the trade.

3. Margin Calculator: A helpful resource for traders to calculate the margin requirement for a particular trade. Traders can input details such as the currency pair, leverage, trade size, and account currency to determine the margin needed to open or maintain a position.

4. Pip Calculator: A tool used in forex trading to calculate the value of a pip, which is the smallest unit of price movement in a currency pair. By entering the currency pair, trade size, and account currency, traders can determine the monetary value of each pip movement.

5. Currency Converter: A convenient resource that enables users to convert between different currencies. It provides accurate exchange rates and allows individuals to calculate the equivalent value of one currency in another currency quickly.

6. Market Hours: A resource that displays the opening and closing times of various financial markets worldwide. It helps traders and investors determine the active trading sessions and identify overlapping hours when multiple markets are open, allowing for increased trading opportunities.

Conclusion

Overall, while FxPlayer has its strengths such as a wide range of instruments, user-friendly platforms, and various account types, potential drawbacks include the lack of specific regulations and limited customer support availability. Traders should consider these factors when deciding whether to engage with FxPlayer as their chosen broker.

FAQs

Q: What to do when I can't see Prices or Prices are delayed？

A: The platform is still in BETA. It sometimes dysfunctions and we experienced delayed prices or no prices. If you realize this, please contact support by email immediately.

Q: What to do when I get Disconnections？

A: The platform is still in BETA. You may experience some disconnections on heavy trading hours. Please be patient and you will be reconnected as soon as possible.

Q: What to do when I have OS or Browser issues？

A: Its platform is currently supported best by Google Chrome browser and Windows. If you are using any other system and have problems, please contact support by email.

Q: What to do when I want to use the MT4 platform？

A: MT4 platform is not offered at the moment for read clients only. Only real accounts with real deposits above $1,500.

Q: What to do when I want to change my Leverage？

A: Maximum leverage is based on the type of account and deposits. If you have made the deposits and want to request an account Leverage change for real account, please contact support immediately by email.