The opinions of clients about Foptrade provide us with good information about the operation and reliability of this online broker.
A good practice to evaluate any product or service is to inform yourself through the comments and opinions that circulate on the network. Thanks to new technologies, the amount of information available to users is enormous. On the one hand, it is an advantage, but on the other, it is easy to get lost and confused among so many comments.
To make this task easier for you, in this article we have compiled the main positive and negative opinions about the Foptrade broker in various forums, blogs, and web pages, and we present them arranged in an outline on which we collect the most important points to value in an online broker.
The opinions of clients about Foptrade provide us with good information about the operation and reliability of this online broker.
A good practice to evaluate any product or service is to inform yourself through the comments and opinions that circulate on the network. Thanks to new technologies, the amount of information available to users is enormous. On the one hand, it is an advantage, but on the other, it is easy to get lost and confused among so many comments.
To make this task easier for you, in this article we have compiled the main positive and negative opinions about the Foptrade broker in various forums, blogs, and web pages, and we present them arranged in an outline on which we collect the most important points to value in an online broker.
This broker offers a large number of services:
- Daily access to trading signals.
- It is possible to carry out market analysis on the graphics of the platform that it makes available to you.
- It allows hedging operations.
- You can perform Scalping.
- Guaranteed Stop Loss.
- Possibility of automated trading.
- Possibility of inserting trailing stops.
- Email alerts.
Throughout his commercial career, he has obtained several awards and recognitions, such as the best FX broker in Europe 2020, awarded by the World Finance Magazine.
User reviews that we have found about the performance and reliability of Foptrade tend to be mostly positive. But we have also been able to locate some negative comments, coming from dissatisfied customers or as a result of any misunderstanding (it often happens in online brokers).
This comment, taken from the Trustpilot portal, gives us an idea of the opinions about Foptrade in general terms.
Through this article, we will check if this comment is correct or if there is some kind of loophole in terms of the service and reliability of Foptrade.
Opinions on Foptrade trading platforms
The trading platform of a broker is one of the first aspects to assess since it is the main tool of the trader to develop his investment business.
What is the platform offered by the Foptrade broker? None other than the industry leader, the most popular among traders: MetaTrader.
Indeed, Foptrade makes the MetaTrader 4 platform and its most recent version MetaTrader 5 available to the user, both for PC (with Windows operating system) and for Mac. Foptrade, unlike some other brokers, does not offer its own platform but rather provides free access to its clients to these 2 versions of MetaTrader.
Foptrade is not the creator of MetaTrader (it is MetaQuotes Software), it allows access to the markets it through a client terminal. A large number of online brokers offer it, due to its simplicity in use, its functionality, its interface, and a large number of other advantages that make MetaTrader the most widely used platform.
In addition to the download version, you have the option of using the MT4 and MT5 WebTrader versions:
It is the MetaTrader platform itself to operate from any device, without downloading since it is operated entirely online.
App for mobile devices
It is also possible to trade with a Smartphone or Tablet, thanks to the version of MetaTrader 4 and MetaTrader 5 for mobile devices with the Android operating system or an iPhone or iPad.
Regarding the operation of the MetaTrader trading application for Smartphones and Tablets, there are opinions for all tastes. Some users highlight its good performance, mentioning that it is a good trading app. Meanwhile, others express their discontent at having had some kind of problem.
These two opinions found on Google Play express well the differences in terms of user experience with the trading application for mobile devices.
With regard to this last comment, it is actually somewhat strange. The applications of MT4 and MT5 are very well valued in general terms. This type of software, as we have mentioned, is offered by many online brokers through a client terminal. It may be due to a specific failure since otherwise there would be more negative comments, which we have not found.
Opinions about the Foptrade service
How does Foptrade work? We are going to review the opinions about the quality of service provided by this broker. Although, broadly speaking, this comment obtained from Trustpilot offers us a good approximation of the image that users have about this broker.
Instruments available
Although Foptrade offers the trader a wide catalog of financial products for trading, we must indicate that, in reality, it is a little below other brokers in this regard. Foptrade is a broker specialized in Forex (currency market) and completes it with the possibility of operating in other instruments that we will see below, although, for example, it does not offer one of the most used instruments in trading today: cryptocurrencies. If you are interested in this type of financial instrument, you can consult our comparison of cryptocurrency brokers here.
In any case, we have not found relevant opinions regarding the financial instruments available.
Foptrade allows you to trade in the following markets:
- Forex: Foptrade offers more than 34 currency pairs in the Forex market, the largest and most liquid in the world; where it is possible to find a large number of investment opportunities. A market is open 24 hours a day, Monday through Friday.
- Stocks: It is possible to trade more than 1,220 individual stocks from the main world markets.
- Commodities: Foptrade names the commodities market to refer to agricultural commodities (cotton, coffee, cocoa, soybeans); thus up to a total of 8 of the so-called “agricultural raw materials”. They are instruments with good characteristics for trading (they present volatility).
- Stock market indices: the operator has the possibility to operate with 18 of the most important world stock market indices. Among them is the Ibex 35.
- Energies: energies are also a type of raw material. They mainly comprise oil (West Texas and Brent), Natural Gas, Gas Oil, etc. These products are characterized by high volatility and, consequently, a long price range (useful for short-term trading).
- Precious metals: Foptrade allows you to operate with gold and silver, safe haven values par excellence; those who tend to respond well when financial markets turn red. Precious metals are halfway between a currency and a commodity. Therefore, they are a good alternative to diversify along with operations in the Forex market.
Trading accounts
The fact of offering different types of accounts is synonymous with being able to adapt the conditions to each operating style and customer profile.
Foptrade has three types of accounts (not counting the demo account). A client can have up to 8 trading accounts open with Foptrade, at his choice:
- Demo Account
- Open Live Account
Access requirements
The access requirements to trade with Foptrade are minimal, it is enough that you are of legal age and have a minimum capital.
In this case, with Foptrade, the only access requirement is to make a minimum deposit of $ 20 to open a Micro or Standard Account and $ 99 to open an Foptrade Zero Account.
Customer Support
Customer service in Spanish is one of the points that users tend to pay the most attention. In this regard, Foptrade does not disappoint either, as can be seen in the different opinions found on the internet.
The characteristics of Foptrade’s customer service, beyond the human factor and the professional, honest and fast treatment, is its support capacity:
- It has 24-hour service hours, Monday through Friday.
- It is possible to contact by phone, live online chat or email.
The fact of having more than one communication channel as an alternative, in our language and available 24 hours a day, provides a quality component. The support offered is complemented by the good care of the professionals who work at Foptrade.
Foptrade provides help with everything related to technical assistance, including any questions regarding the conditions of the account or related to our trading.
Opinions on the reliability of Foptrade
Foptrade, being a duly regulated broker, already offers a series of guarantees. Let’s see what users think about this matter.
Regulations
Each of the companies that make up the holding company in which the services are offered under the Foptrade name has different regulations.
- Trading Point of Financial Instruments Limited is authorized and regulated by the CySEC (Cyprus Securities Market Commission)
- Foptrade LLC is authorized and regulated by IFSC (International Financial Services Commission of Belize)
- Trading Point of Financial Instruments Pty is licensed and regulated by ASIC (Australian Securities and Investments Commission of Australia)
- Trading Point MENA is authorized and regulated by the DFSA (Dubai Financial Services Authority)
A financial intermediary, in order to legally offer its services, must comply with a series of conditions regarding solvency, transparency, and adequate marketing of its services. The supervisory bodies ensure that this is the case. The broker who meets the imposed requirements is granted a license to work legally and is included in a public registry.
A registered broker is synonymous with complying with the legislation, has the appropriate license, and is under the direct supervision of a regulatory body, which looks after the interests of clients.
When we refer to Foptrade as Trading Point of Financial Instruments Limited, which is based in Cyprus and acts as an intermediary for European clients, its regulatory body must be that of this country. Namely, the Cyprus Securities and Exchange Commission (CySEC; Cyprus Securities and Exchange Commission).
Security of funds
The safety of funds is directly related to regulation since a duly regulated broker offers all the guarantees required by law.
In principle, the supervisory body prevents the broker from acting fraudulently, disappearing with the clients’ money. Transparency and good practices in the execution of orders are ensured.
On the other hand, Foptrade in Europe, being under the supervision of a European regulatory body (CySEC), is subject to community financial regulations (MiFID Directive). This regulation sets the guidelines to guarantee the funds of retail investors:
- Client funds are totally segregated from the broker’s assets. Foptrade works with Barclays Bank (a top European bank). This entity, totally unrelated to the broker, is in charge of guarding the money. Foptrade can only use the funds to execute trading orders.
- He is a member of the Investor Compensation Fund, for a case of insolvency of the broker. This fund compensates clients against a possible bankruptcy (suspension of payments) of Foptrade. The maximum guaranteed is € 20,000 per customer.
- Offers negative balance protection. It is not possible to lose more money than is actually deposited into the account. In other words, you will not run the risk of going into debt with the financial intermediary.
Conclusion
We have been able to draw conclusions about its advantages:
- Reliable, transparent, and properly regulated broker. It offers all the security guarantees for the client’s funds.
- Speed, punctuality, and efficiency in cash withdrawals.
- It offers top-notch platforms (MetaTrader 4 and MetaTrader 5), available for PC, Mac, mobile devices, and even online trading with the WebTrader version.
- Free demo account and for an unlimited time.
Regarding the disadvantages:
- It is not possible to trade stocks if we choose the MT4 platform.
- The broker does not have the cryptocurrency market as an available instrument for trading. We can categorize it as a broker more oriented to Forex than to other instruments.
In short, these would be the most relevant Foptrade customer opinions that we have located. If you have experience working with this online broker, we encourage you to share any comment that you think is appropriate through the form that you have a little below. You can also share this article on your social networks so that other users can obtain information about this broker. Thanks.
