Review of FXRoad – Broker with Superior Islamic Accounts

Read our ForexTradingBonus review about FXRoad, where we will assess the broker’s safety, accounts, assets, platforms, spreads, and much more.

FXRoad Forex Broker Quick Background

FXRoad is a regulated broker offering traders to speculate on several markets including Forex and CFDs. The broker’s website is owned and operated by 4Square SY Ltd, a financial services provider company (broker) registered in Seychelles and Cyprus. The broker is regulated in Seychelles and follows strict safety policies to ensure a growing client base of traders from around the globe. The website is very simplistic but user-friendly and provides all the needed details about the broker’s services in a clear and concise manner. Let’s now examine other important factors about FXRoad below.

FXRoad Safety Explained

FXRoad is registered and regulated in Seychelles by the Financial Services Authority (FSA). The parent company that owns FXRoad’s website is also registered in Cyprus, but only provides payment solutions to the broker and is not regulated in Cyprus. This means the broker is not operating within the EU countries and does not accept clients from the region. As for the critical safety policies, FXRoad provides negative balance protection for all retail financial traders, preventing traders from losing more than their initial investment. Traders can not go into minuses if they abuse generous leverage or implement highly risky trading strategies. FXRoad keeps client funds in segregated bank accounts with top-tier banks, ensuring the company and its employees can not touch traders’ money. The broker is also a member of the investor compensation scheme in case something goes wrong, and has strong AML and KYC policies. Despite having KYC policies, it is still very simple to open a trading account with FXRoad which is a positive sign. Overall, FXRoad seems like a legitimate broker who is focused on providing a safe and simplistic trading environment for its traders.

FXRoad Broker Review of Accounts

FXRoad offers several account types silver, gold, platinum, and Islamic and demo accounts as well.

FXRoad Demo Account

FXRoad provides a free demo account for everyone. Traders just need to register their demo account to start risk-free trading on a demo account with virtual cash. FXRoad demo account is suitable for both beginners and experienced traders. Beginners can learn practical trading skills, experienced traders can either check the broker’s services or develop and test new trading strategies. The maximum virtual cash on a demo account is 100,000 USD and the account is free for anyone.

FXRoad Silver Account

The silver account from FXRoad is for experienced traders who want to just sign up and start trading using their trading strategies. This account has a minimum deposit requirement of 250 EUR or equivalent in USD and is suited for swing traders and general FX traders. The FXRoad Silver account is not for scalpers as it has spread on major pairs of 2.6 pips, which is expensive for scalping. There are no trading commissions charged, and the maximum leverage is 1:200 for both retail and professional traders. The silver account has no discounts on swaps, unlike gold and platinum accounts. There are no hidden fees, traders can get personalized customer support 24/5, and comes with WebTrader and a Mobile app. The pricing model is fifth decimal and hedging is allowed, meaning traders can reduce their risk exposure if needed.

FXRoad Gold Account

The gold account comes with many advantages when compared to the silver account. It comes with a 25% discount on swaps, with spreads from 2 pips on major pairs, and provides several perks and bonus services. FXRoad gold accounts services include a dedicated account manager, webinars, and educational videos. There are also fifth decimal pricing, hedging, and dedicated support 24/5 offered.

FXRoad Platinum Account

The platinum account by FXRoad is the most premium out of the three account types. It comes with spreads from 1.4 pips, 50% swap discounts, and a News alert feature. The leverage is also 1:200, hedging is allowed, and the pricing model is fifth decimal. All gold account services are also available for platinum account traders, including a dedicated account manager, webinars, and educational videos.

FXRoad Islamic Account

The best account type offered by the broker is the FXRoad Islamic account for swap-free trading. This account allows Sharia law followers to follow their faith while trading on financial markets with up to 1:200 leverage. The spread is the lowest for Islamic accounts and starts from 0.6 pips on major FX pairs, which makes this account superior even among the competition. It also comes with education and other services, including allowed hedging and fifth decimal pricing.

FXRoad Reviews of Trading Platforms

FXRoad has a proprietary web-based trading platform. This platform provides a seamless trading experience with a modern design and user-friendly interface. Traders can speculate all the offered asset classes on the FXRoad platform including Forex pairs, cryptos, stock CFDs, indices, and commodities. The trading platform is also available on all mobile devices and traders can download it on both Android and iOS. The only downside is that the broker is not offering access to any of the popular advanced trading platforms such as MT4 and MT5.

FXRoad Overview of Trading Assets

FXRoad provides access to a wide range of financial markets including Forex pairs, popular crypto assets, indices, commodities, and stock CFDs all in one trading platform. The leverage is the same for all trading account types, but differs depending on the trading asset class:

• Forex pairs — 1:200
• Indices — 1:50
• Stock CFDs — 1:10
• Commodities — 1:50
• Cryptocurrencies — 1:5

The 1:5 leverage on cryptos is very reasonable as these assets are known for their extreme volatility and the broker ensures traders have access to leverage but in a conservative way. The 1:10 leverage is also very flexible on stock CFDs, enabling stock traders to enhance their buying power 10 times when compared to their trading balance. The maximum leverage of 1:200 for Forex pairs is also very flexible and allows traders with small budgets to still gain considerable trading power. With a minimum of 250 EUR account, Forex traders can have access to almost 0.5 lot trading size. While some brokers provide 1:100 and higher leverage for commodities, FXRoad;s choice of 1:50 is very flexible and allows traders to not get exposed to excessive risks when markets are very volatile.

FXRoad Deposit and Withdrawal

FXRoad accepts several popular payment methods for both deposits and withdrawals including Apple Pay, Google Pay, and bank cards (Visa, MasterCard). There are no fees charged from FXRoad’s side for deposits and withdrawals, and the minimum deposit is 250 EUR or equivalent in US dollars. Depending on the payment options selected, the withdrawal process takes 1-2 business days or 3-5 business days. Despite the broker not charging any withdrawal fees, the payment providers might do, and traders should select the lowest-cost payment option.

FXRoad Reviews of Education and Customer Support

FXRoad provides high-quality educational resources such as educational videos and webinars. Traders can learn important financial trading concepts from video education materials and then solidify their knowledge with webinars, where they can interact with their lecturers. This is a very convenient way to start as a zero and become a hero of financial trading. However, the educational resources are only accessible for Gold and Platinum account holders, which is a minor disadvantage. The fact that the broker has developed a dedicated educational resource for its premium customers makes these materials even more valuable for gaining essential knowledge about financial trading.

As for the customer support of FXRoad, the broker provides several channels including live chat, email, and hotline support options. The support together with the website of FXRoad is multilingual.

How to Start Trading at FXRoad

The registration of a live and demo account at FXRoad is straightforward, traders need to provide basic details such as name, surname, email, mobile number, and country of residence. Demo accounts require no additional verification for trading purposes and are go-to for beginners, while live accounts will require full verification for deposits and withdrawals. Account verification is possible with proof of identity and proof of residence documentation and is typically completed within 24 hours. After the trader registers the account and completes verification, the only thing remaining is to deposit funds and start speculating on financial markets.

FXRoad Review Conclusion

Overall, FXRoad offers traders comprehensive account options, including its superior Islamic account with low spreads from 0.6 pips. The minimum deposit starts from 250 EUR, maximum leverage is capped at 1:200 even for retail traders, and accessible markets include Forex, cryptos, stock CFDs, indices, and commodities. The broker provides proprietary web and mobile trading platforms. The absence of any major platforms such as MT4 and MT5 is FXRoad’s drawback. The multilingual customer support is solid with live chat and the website is also offered in several languages. Payment options include popular online payment systems, and both deposits and withdrawals are free of charge. The broker is recommended for both beginner and seasoned swing and day traders.