FXRoad

Investigating FXRoad: A Comprehensive Review

CFD brokers are often regulated by offshore regulators and only partially fulfill their obligations to clients. FXRoad offers basic trading conditions and is accused of fraud. User reviews turned out to be completely negative; criticism and accusations were found there. Let’s see whether this company is a scam or not.

Key Features

• Fake broker’s history and non-existent achievements.
• Verification difficulties and the risk of data leakage.
• Unprofitable trading parameters and CFD operations.
• Regulated by tier-3 authority.
• Shortcomings and criticism from traders.

Overview of FXRoad

Now we will take a closer look at the company’s background. Besides that, we will analyze some key disadvantages of FXRoad’s official website, as well as review the process of creating an account.

Broker History

FXRoad claims to offer the most favorable trading conditions: ‌customers are provided with easy-to-use software, expanded leverage, and an improved trading terminal. According to the broker, it is transparent, has FSA regulations, and customer support services are competent.

However, all these statements are just advertisement methods and manipulations found on the official website of FXRoad. Further, we will refute the majority of these statements and show that cooperation with this company is unsafe (even with an FSA license).

Fxroad.com Website

The dealer’s website is presented in English by default. The biggest drawback of this portal is the advertising materials that extol the imaginary advantages of the broker, designed to convince clients to invest money and continue to cooperate with it on an ongoing basis. There may be concerns about the organization of the site and its optimization for mobile gadgets. The published commission rates, spreads and permitted payment systems are misleading in certain respects.

Registration Process and Personal Account

The registration interface, the link to which is located in the upper right corner of the screen, starts the process of creating an account on the FXRoad website. Here are several links to basic digital documents. It is required to specify the name and last name, email address and phone number, and password. There is no field for entering a promo code, and there is no information about the affiliate program. Further, partial verification is required — the system asks to provide address data and identification documents. The next steps are filling in the questionnaire and depositing it into the account.

Verification can be made either upon registration or afterward. FXRoad requests the following documents: proof of identity, proof of residence, and proof of payment method. Although this company seems to follow all AML rules, sharing personal data is dangerous anyway. The broker was reported to have leaked traders’ documents.

The personal account functionality is limited and basically included in the web terminal trading page. A user can change passwords and personal details, see some account statistics, and send requests to support. There are no links to download the FXRoad mobile application, despite its active advertising on the main page of the website.

Contacts

The company’s customer support is in English, although the company also targets customers from Latin America and India, as evidenced by the contact numbers provided for Brazil and India.

The published support email address, support@fxroad.com, is fraudulent and there is no way to contact the company. However, there is an online chat in the bottom right corner of the official website, but the response from the company representatives can take several hours.

The “Contact Us” section also contains an office address, but checking through various services showed that this information is not true. We will discuss issues of legal registration and regulation below.

Analysis of Services Offered by FXRoad

It’s time to scrutinize the dealers trading terms, order execution, and auxiliary services provided to clients.

Funding and Withdrawal

The broker allegedly offers several methods of deposits/withdrawals, such as bank cards and electronic payment systems. However, during registration, a number of inconsistencies are discovered: for example, clients are asked to top up their accounts using some cryptocurrency. Suspicious signs, as all scammers tend to prefer tokens of this kind.

For deposits, a 10%, the company may add a commission of 10%, up to a maximum of 200 euros. Due to this, in most cases transaction fees are charged by banks, to which FXRoad may still add a 3% deposit fee. ‌Clients are also paying for currency conversions, for instance, depositing USD when the base currency is EUR.

There are lots of conditions on withdrawals. Withdrawal of funds is possible only by depositing the account. Besides, extra documents may be required to process the withdrawal. The request for withdrawal will take as many as 10 business days. In case the company’s conditions aren’t met, the account will be suspended.

FXRoad Trading Conditions

The dealer provides several types of accounts: Silver, Gold, Platinum, and Islamic. All these account types have different conditions and services; however, the deposit requirements are not indicated. Besides, there is a possibility to open a demo account with a balance of €100,000 for test trading.

The spreads on the platform start from 1.4 to 2.6 pips, depending on the account type. They promise 0% deposit fees, but we have proven otherwise. Moreover, there is a certain fee for inactivity: from €30 to €500, if the account is inactive for 30 days, the trader will be charged €30. FxRoad does not list the exact trading commission, but charges several hidden fees.

The minimum deposit is €250, but the lack of transparency regarding account-specific deposit requirements enables managers to demand an arbitrary amount for some fictitious privileges.

Leverage on FXRoad is as high as 1:200. This already makes the company non-compliant with European regulators; even an offshore regulator such as the FSA, provided the company was licensed by it, would have absolutely no reason to justify such leverage. Financial losses with such a high level of leverage are greater.

The financial instruments available include forex pairs, indices, commodities, stocks, ETFs and cryptocurrencies, with a total of over 500 assets, but the main trades that FXRoad makes are CFDs. This is a common manipulation tool used by fraudulent brokers.

Unique Features

The company advertises some learning tools, but once logged in, traders won’t find any kind of material whatsoever, as well as current market news or analytics. The broker also claims to offer personal managers, hedging, and webinars, but it doesn’t have an affiliate program or any kind of bonus system.

Is FXRoad Trustworthy and Reliable?

Below are the firm’s regulatory issues and operational time.

Assessing Legitimacy

The broker is operated by 4 Square SY Limited, which holds the appropriate authorization. FXRoad is licensed by the offshore regulator FSA. However, cooperation with such intermediaries often leads to problems, as third-tier regulators largely ignore broker issues and issue licenses without adhering to basic rules.

The address given as this company’s is real, but Google Maps has verified that there is another business at that address. In light of these facts, it is not safe to invest with the dealer. The rights of the clients are not protected, and confidentiality is not assured. Even legal intervention cannot ensure the return of funds.

Established Track Record

The company was founded in 2024. However, according to records from Web Archive about domain registration, this website was rented in 2023 and had been used by several other scammers in the past.

Implications for Traders

We strongly don’t recommend investing with FXRoad. The broker is regulated by a low-trust authority, has bad reviews, and there are suspicions of fraud. Trading conditions are unfavorable, and the trading terminal is of poor quality.

Strengths and Weaknesses