FXBrew is a broker that offers state of the art technology that can execute trades at the fastest place possible. At least that’s what this broker claims. What I like the most is the fact that FXBrew keeps conducting research to introduce any new feature or technology that might be beneficial for clients. If that is really the truth, we have one excellent broker.
Quality of service
The platform you can use is MetaTrader, both four and five. This is excellent since many traders are used to MT, it’s easy to use, customisable and it has all important features. Most importantly, you can use this platform on every device.
The platform might be excellent, but the selection of accounts is not. There is an ECN Account, and the spreads are from 0.00 pips. You can trade Forex, Commodities, Indices and Cryptos, and the leverage is 1:500. There is also a VIP Account and the main differences are the maximum trading size and free VPS. Lastly, there is a Micro Account. The main problem with account selection is that all three of them are practically the same. So, no matter which one you choose you will receive almost the same conditions.
The last part I always like to check on someone’s website is education. Without it, you cannot grow as a trader and if a broker provides excellent education it means it’s ready to help clients to trade better. Well, with FXBrew that’s not the case. There isn’t any educational material, so if you want to improve your trading skills, you will have to go to a different place to learn, which is unacceptable, if you ask me.
Speed of response
When it comes to responsiveness this broker isn’t the best one. First of all, Live Chat does not exist so you can forget about instant answers. Also, there isn’t any phone number so calling is not an option, too. The only way to reach out to customer representatives is through online form on the website.
Once you type your message and send it, someone from FXBrew will reply. Keep in mind that this broker doesn’t provide constant support. Instead, you can count on 24/5 help. I did send a message to see if someone would reply to me and sadly, that did not happen. So, for the speed of response I have nothing positive to say.
Transaction speed is not bad at all. Deposits are on the account usually within 30 minutes, while withdrawals take one business day. But keep in mind that FXBrew needs 48 hours to process your withdrawal request. After that, you need to wait a day to receive the money.
I am surprised to see how fast those transactions are and I have to give a big plus to FXBrew for that.
When it comes to deposits and withdrawals, there are no fees. That’s great, but there is another thing that worries me. This broker doesn’t have Terms and Conditions page. You cannot familiarize yourself with the company’s conditions better and know everything before you open an account. That said, you can always be prepared for hidden fees and that is the thing I don’t like.
Also, when you go to Account Types, it’s written that the commissions are $2/100K. It’s not stated why those commissions are charged, so you won’t know what you are paying exactly.
If you want to trade at a regulated broker, you can skip FXBrew. This broker doesn’t provide a license and usually, I wouldn’t mind that. But in this case, when we don’t even have Terms and Conditions, regulation is necessary.
Variety of payment methods
This broker claims to provide hassle-free fund transfers with methods that are the most convenient to the clients. Well, I don’t know about that hassle-free part, but the methods are quite disappointing. You can choose between Wire Transfer and Bitcoin. That’s it. No Credit Cards, PayPal or any famous eWallet. The selection is bad, and I didn’t expect that honestly.
My overall impression of this broker is not that good. As you already saw in this FXBrew review, there are a lot of questionable things and honestly, I am not sure your money would be protected.