State of the art technology combined with fast execution. This sentence is enough to gain my full attention. FXBrew is a broker that claims to provide all of this. Thanks to the constant research, this broker can implement new features and technology constantly and make the trading experience much better. Well, I hope this broker really does those researches, because we will have one excellent broker in that case.
Quality of service
As a platform for trading, FXBrew offers MetaTrader. You can choose four or five, depending on the preferences. I like to see MetaTrader as an option since many traders are used to it. It’s convenient, customizable and it has every important feature.
The other part of this segment is the one I like less — trading accounts. There are three of them, which is good. ECN Account (the spreads are from 0.00 pips and the leverage is 1:500), VIP Account (you get free VPS), and Micro Account. With each account, you can trade Forex, Commodities, Indices, and Cryptos. The main problem I have is that with each account you will get almost the same things. There aren’t any big differences or trading conditions that make those accounts stand out, and that’s not a good thing at all.
Lastly, we have an education. Or not, to be precise. Although this is one of the most important things, FXBrew does not offer educational material for its clients. That said, you cannot improve your skills with this broker, and you have to find another one that can help you gain new knowledge. As far as I am concerned, this broker failed the first test. So, let’s keep on with this FXBrew review, to see what else we got.
Speed of response
Responsive customer support is one of the most important things for each broker. Apparently, FXBrew doesn’t think like that, so the Live Chat option is not available on this website. Also, you cannot call them if you need anything urgent, because phone numbers don’t exist either. The only contact method is through the online form on the website. Needless to say, this is not enough at all.
Although I was not satisfied, I decided to test that online form, hoping that someone would respond fast. Actually, I have never received a reply so the promise this broker makes (customer support available 24/5) is actually false.
So far, transaction speed is the only part I find excellent. When you make a deposit, it will be on the account within 30 minutes. For withdrawals, you have to wait one business day, plus an additional 48 hours for the withdrawal request process. That’s great, and it makes me surprised after all those things we saw. FXBrew cannot take pride in extraordinary service, but it did well this time.
With this broker, you won’t need to pay for deposit or withdrawal fees. This is great but there is one big problem. FXBrew never provided the Terms and Conditions page. That said, none of us knows everything about trading conditions and there is a big possibility you will have to pay hidden fees.
Another negative thing is the fees that are listed in the Account Types page. It’s written that the commissions are $2/100K. The thing is, nobody knows why those commissions are charged. So, you will be paying, but you won’t know why.
Regulation can be skipped sometimes when a broker offers excellent conditions and provides safety measurements for its clients. But in this case, clients have no security, there aren’t any excellent trading conditions and there is no license. But that’s not all, there isn’t a Terms and Conditions page that can clear things up a little bit. So, you have to be extra careful when it comes to FXBrew.
Variety of payment methods
What this broker promises are hassle-free fund transfers with methods that are the most convenient to the clients. They might be hassle-free, but trust me, there aren’t any convenient methods at disposal.
There is a possibility to choose between Wire Transfer and Bitcoin and that’s all. You cannot make deposits/withdrawals with Credit Cards, PayPal, or any other eWallet. I expected to see more, honestly.
Unfortunately, my final thoughts about this broker are not that good. There are a lot of questionable things and as you saw in this FXBrew review, trading conditions are not that good. So, there is no reason to take risks when you can find much better brokers on the market.