FXBrew Forex Review – A good broker or scam?

FXBrew Forex Review – A good broker or scam?

FXBrew is an online CFD broker that allows customers to trade globally in a vast range of assets, including Forex, commodities, indices, and cryptocurrencies. Established in 2018, FXBrew is among the youngest group of brokerage firms within the trading industry. FXBrew is headquartered in the Republic Of Ireland and is a registered offshore broker in Saint Vincent and the Grenadines (SVG). FXBrew provides institutional-grade trading with spreads starting as low as 0.0 pips. 

FXBrew Forex Review – A good broker or scam?

FXBrew allows traders to use the globally-acknowledged leading trading platform — MetaTrader 4 and MetaTrader 5. This trading platform offers a highly intuitive design with a range of sophisticated features that can be customized according to the trader’s demands. FXBrew provides a variety of account types to appeal to various kinds of traders. This broker claims to have enough features to satisfy the needs of the most accomplished traders while still being simple enough for novices. Does this broker have what it takes to be your FX broker? Read on to find out

FXBrew Account Types

  • Micro Account – As the name indicates, the Micro account allows trading in micro-lots starting at 0.01. With this account type, spreads start at 0.02 pips, and the maximum leverage is 1:500. Both MT4 and MT5 platforms can be used by Micro account traders. The trading cost with this account is $2 per $100K traded. Micro account holders are free to use scalping and hedging strategies and may also make use of Expert Advisors (EAs). The minimum deposit amount for this account is $5.
  • ECN Account – This account type has many of the same features of the Micro account, with trading costs worth $2 per $100K. The maximum leverage is also 1:500. Trading strategies like scalping, hedging, and EAs are also allowed. Both platform types may be utilized with this account. The difference is that spreads start at 0.00 pips, and the minimum deposit amount is $100.
  • VIP Account – Those who are interested in VIP services can choose this type of account. The commission charge is the same as the other two accounts, as is the maximum leverage. Spreads start at 0.00 pips, and both the MT4 and MT5 trading platforms are offered. Free VPS service is provided with the VIP account, and the minimum deposit is $5,000. Indeed, there are just a few differences between the VIP account and the other two account types with regard to perks.
FXBrew Forex Review – A good broker or scam?

FXBrew Trading Conditions 

Traders are free to use either the MetaTrader 4 or MetaTrader 5 trading platforms. The award-winning MT4 is known around the world and remains to be the top choice of many brokers. MetaTrader 4 offers plenty of attractive features such as market and pending orders, instant execution, trading directly from within a chart, stop orders, trailing stop, and more. On the other hand, MetaTrader 5 is more of a professional-grade platform that provides access to multiple time-frames, built-in technical indicators, customized EA’s, and more. MT4 and MT5 are available on Windows, Mac, iOS, and Android.

The maximum leverage offered on all account types is 1:500. FXBrew offers the industry standard, which will suit all trading styles. Only a small number of brokers are willing to provide a higher ratio of leverage. All traders are recommended to use leverage wisely to avoid any issues. Do note that with FXBrew, a margin call takes place at 70%, while a stop out occurs at 50%. These levels apply to all account types.

FXBrew Forex Review – A good broker or scam?

Minimum Deposit and Withdrawal Methods

FXBrew offers a 100% deposit bonus on the initial deposit with a new account. The required minimum deposit is based upon the type of account that is chosen. The Micro account requires a minimum of only $5. For the ECN account type, the minimum is $100. As is always the case, the VIP account requires the largest minimum, which is $5,000. The minimum deposit is one most important considerations that a customer must note before starting a trade. Limitations come with smaller deposits even when leverage is factored in.

FXBrew only accepts bank wire transfers and Bitcoin deposits. These are two of the most popular funding methods, but the drawback here is the inability to accept debit cards and credit cards. It seems to be facing the same challenge that many Forex brokers face regarding payment processing. If there is any good news, it would be that there are no deposit fees charged, and deposits are extremely fast. Keep in mind that the payment method used to deposit will also be used for withdrawal.

Like for deposits, the processing time for both types of withdrawals is listed at one working day or up to 48 hours maximum. FXBrew’s LiveChat agents assure traders that transactions for cryptocurrencies only take 24 hours. A trader can receive money quickly after it has been processed. Deposited funds and profits can be withdrawn using either wire transfers or Bitcoin. FXBrew does not charge any fees on withdrawals.

FXBrew Forex Review – A good broker or scam?

Conclusion

So, is this broker a good fit for you? Let’s recap to make sure that no significant facts are left out. FXBrew offers a few different account types, which were designed for beginner traders as well as pros. Opening an account and making a deposit would allow traders to claim a great initial deposit bonus. Also, the spreads start at 0 pips, so a trader can’t do any better than that. The leverage options are great, as well. 

FXBrew offers a small amount for a minimum deposit. The smallest lot sizes were great, but the largest lot sizes were not very competitive. There was a lot to gain from choosing this broker, although a few negative aspects may make a difference based on one’s trading style. If you decide to sign up with FXBrew, make sure you take advantage of the deposit bonus if you want to double your funds.