Abstract:SETFX is allegedly a broker based in the United Arab Emirates, claiming to provide its clients with flexible leverage up to 1:500 and floating spreads on forex trading, as well as a choice of four different account types.
General Information
SETFX is allegedly a broker based in the United Arab Emirates, claiming to provide its clients with flexible leverage up to 1:500 and floating spreads on forex trading, as well as a choice of four different account types.
Market Instruments
From SETFX‘s name, we can easily get the information that it must offer forex trading, yet we have no way to find anything more specific about this broker’s trading instruments.
Account Types
There are four live trading accounts offered by SETFX, namely Micro, Standard, Mini and Professional. Opening a Micro account requires the minimum initial deposit amount of $100, while the other three account types with the much higher minimum initial capital requirements of $500, $1,000 and $10,000 respectively.
Leverage
Traders holding different account types can enjoy different maximum leverage ratios. Clients on the Micro, Standard or Professional account can experience the leverage of 100:1, while only the Mini account can enjoy the maximum leverage as high as 1:500. Bear in mind that leverage can magnify gains as well as losses, inexperienced traders are not advised to use too high leverage.
Spreads
According to the information revealed on the Internet, we found that SETFX provides its clients with the minimum spreads for EUR/USD pair of 2 pips.
Customer Support
SETFX‘s customer support can be reached through email: support@setfx.ae. However, this broker doesn’t disclose other more direct contact information like telephone numbers or company address while most brokers offer.
In recent years, the Middle East has emerged as a dynamic Forex trading hub, fueled by the region's growing economy, technological advancements, and increasing investor sophistication. This article explores the legality of Forex trading in key Middle Eastern countries.
eToro strengthens its Australian market presence with the $80M AUD acquisition of Spaceship, expanding its long-term savings and superannuation offerings.
OANDA Japan Inc., a subsidiary of the global online broker OANDA Corporation, has announced the termination of its Tokyo Server MT4 Discretionary Plan. The broker has notified its clients that the plan will no longer be available after December 13, 2024, marking a shift in the company's services for clients using the MetaTrader 4 (MT4) platform in Japan.
In the midst of the 2021 crypto and NFT boom, celebrities flocked to the burgeoning market of digital assets, promoting Non-Fungible Tokens (NFTs) as the next big thing. Fast forward to 2024, the glitter has faded, and many celebrity-endorsed NFTs have lost their allure. The question remains: what happened to celebrities’ NFTs, and why should this serve as a stark reminder for everyday investors?