Banco FX Review

Review

Banco FX is an innovative British financial services provider that offers traders a wide choice of financial products including Forex, stocks, commodities, precious metals, CFDs, oil & gas and indices. Banco FX was founded in 2012 and is domiciled in London, U.K.

Accounts

Banco FX offers traders a choice of several different accounts. The Micro account allows new clients to trade in 1000 units’ lot sizes. It comes with lowered contact sizes and minimum starting balances. The client would be able to trade live with this low balance with no extra charges attached. This is a good place for new traders to start their trading experience.

The Macro account is the standard Banco FX account and requires a minimum deposit of as little as $1000 for 1000 units. Traders have access to Banco FX 24/7 live support, online learning materials and access to more services by raising the initial deposit.

The Gold account holders receive their balance, profit/loss plus other information valued in corresponding gold. The trading on this account is much the same as those in currency accounts. In order to start this account, the client is required to have a minimum deposit of $10,000. The base currency used here in standardized units is GLD and pair of GLDUSD is referred to as 0.001 of the spot price from an ounce of gold to corresponding US dollar. In reference to US dollar or euro and regard to market price of gold, it’s easy to calculate GLD. When a customer makes deposits to their Gold account, they are converted to GLD from where the clients can access a broad range of options available for standard currency.

The minimum for starting a Banco FX VIP account is $50,000. Traders are provided with more exclusive Forex trading conditions ranging from specially coined services to other unusual priorities. They enjoy additional benefits such as 100% refund commission on all transactions, advance account funding and also getting interest on each deposit.

It’s nice to see that Banco FX offers a free demo trading account which can be used for up to one month. Traders can practice trading on the Banco FX station software and can monitor and try out various trading strategies without incurring any financial risk. They can access live buy and sell prices, deposit up to $50,000 of virtual money and also trade online 24-hours a day, five days a week.

Spreads are competitive --for Euro/US dollar spreads are just two pips while British Pound/ US Dollar spreads are only three pips. And the maximum leverage is 1:100.

Islamic accounts are available to all traders who select to trade using a swap-free account. These swap free account owners pay a fixed commission as opposed to swaps that depend on the number of open lots and currency pair

Features

There are several interesting features including variety of foreign currency options such as spot transactions, futures, forwards, options and swaps where traders can exchange one currency for another currency for a given time length.

Fundamental and technical analysis is provided on a daily basis a are profitable trading recommendations based on the most updated research received.

Technical Analysis Charts at Banco FX

Education

The Banco FX education department provides traders with primary information on Forex trading so they can learn and start trading successfully. There are online lessons as well as videos—some in Russian--given by well-known internationals speakers.

Forex Education Videos

A complete list of trading hours is provided on the site as well as a full alphabetical glossary and an economic calendar is kept up to date with financial events taking place all over the world.

Platforms

Banco FX offers traders a choice of several different trading platforms. The MetaTrader5 is the most updated trading platform. Once downloaded, traders can use the Mt5 platform to trade Forex and CFDs.

There is also a proprietary platform, the WebTrader, where clients can carry out their transactions through the internet via a desktop or laptop from the comfort of their home or office.

The Mobile and Tablet WebTrader platforms allow traders to access their accounts and place trades from wherever they are at any time of the day.

Customer Support

Banco FX has a well-organized and detailed support system which can address all issues instantly via telephone calls to their main office in England and to other places around the world. There is also chat that is offered immediately upon opening the website.

Deposits/ Withdrawals

The minimum deposits are: $25 for small account (micro account), $1,000 for a standard account for 10,000 units, $10,000 for a gold account and $50,000. They can be made using a variety of credit cards, bank wires and online payment wallets.

Withdrawals are made using the same methods used for depositing the funds.

Conclusion

Banco FX is a fairly recent entrant to the Forex scene but it offers traders everything needed to trade in today’s markets. The website is easy to navigate and there is a wide variety of accounts to choose from. Although there is a mention of bonuses, I didn’t see any additional information regarding promotions.

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