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EncoreFX

WikiFX | 2024-10-16 18:41

Abstract:EncoreFX, established in 2022 in Hong Kong, offers a variety of trading instruments including Forex, metals, energy products, and indices on the MetaTrader 5 platform. The broker provides multiple account types with leverage up to 1:100. However, it operates without regulation from recognized financial authorities.

EncoreFX Review Summary
Company NameEncoreFX
HeadquartersHong Kong
RegulationsUnregulated
Tradable AssetsForex, Metals, Energy Products, Product Index
Account TypesStandard, Mini, ECN, Bodies, Capital
Minimum Deposit$500
Maximum Leverage1:100
Spreads1.5 points
Deposit MethodsOnline payment, Wire transfer
Trading PlatformsMetaTrader 5 (MT5)
Customer SupportEmail, WhatsApp, Physical address
Bonus OfferingsNone

EncoreFX Information

EncoreFX, established in 2022 in Hong Kong, offers a variety of trading instruments including Forex, metals, energy products, and indices on the MetaTrader 5 platform.

The broker provides multiple account types with leverage up to 1:100. However, it operates without regulation from recognized financial authorities.

Pros and Cons

ProsCons
5 kinds of Trading InstrumentsUnregulated Status
5 Account TypesLimited Customer Support Channels
Accessible Trading Platform (MT5)Potential Non-Trading Fees

Is EncoreFX Legit?

EncoreFX is owned and operated by a company registered through Tucows Domains Inc., with its domain first registered on September 8, 2014. However, there is no information indicating that EncoreFX is regulated in its registration location.

What Can I Trade on EncoreFX?

EncoreFX offers four main types of trading instruments: Forex products, Metal products, Energy products, and Product indices. These instruments are accessible through the MetaTrader 5 platform, allowing traders to engage in currency pairs, precious metals, energy commodities, and CFDs on stock indices.

Tradable InstrumentsSupported
Forex✔
Metals✔
Energy✔
Product Index✔
Digital Assets❌

Account Types

EncoreFX offers five types of real trading accounts: Standard Account, Mini Account, ECN Account, Bodies Account, and Capital Account.

Account TypeMinimum DepositInstrumentsSpreadLeverageSuitable For
Standard$50047 currency pairs, commodities, stock indicesNot specifiedNot specifiedGeneral traders interested in diverse trading instruments
Mini$50047 currency pairs, metals, stock indicesFloating, 1.5 pointsUp to 1:100Traders focused on gold and commodities with low deposit requirements
ECN$1,00047 currency pairs, metals, stock indicesFloating, 1.8 pointsUp to 1:100Experienced traders seeking direct market access and tighter spreads
Bodies$50,000Global financial investment productsLow, avg. 0.8 points on EUR/USDCustomizable (1:100, 1:50, or as preferred)Institutional or high-net-worth investors with low spreads and margin trading
Capital$5,00079 currency pairs, metals, stock indicesFloating, 1.8 pointsUp to 1:100Traders looking to diversify across a broader range of assets

Trading Platform

EncoreFX supports MetaTrader 5 (MT5) for trading on both mobile and desktop devices, suitable for experienced traders.

Trading PlatformSupportedAvailable DevicesSuitable for
MT5✔Mobile and Desktop(Windows & macOS)Experienced Trader
MT4❌Mobile and Desktop(Windows & macOS)Beginner

Leverage

The leverage options differ by account type: the Mini Account,the Capital Account and ECN Account offer leverage up to 1:100, while the Bodies Account allows for customizable leverage options, including 1:100 and 1:50.

EncoreFX Speards

EncoreFX incorporates spreads and commissions into its trading structure.

Standard Account: Standard spreads applicable, with no additional commissions.

Mini Account: Floating spreads of 1.5 points.

ECN Account: Competitive spreads (e.g., 1.8 points).

Bodies Account: Offers low spreads with custom leverage options.

Capital Account: Floating spreads of 1.8 points.

Deposit and Withdrawal

EncoreFX does not charge any fees for deposits or withdrawals. The minimum deposit required to open an account with EncoreFX is $500. The platform offers two main deposit and withdrawal options: Online Payment and Wire Transfer.

Deposit OptionsMin. DepositProcessing Time
Online Payment$5002-8 hours
Wire Transfer$500Up to 72 hours
LeverageBrokerDealer

Related broker

No Regulation
EncoreFX
Company name:EncoreFX Service Ltd
Score
1.35
Website:https://www.encorefx.cc/en/index.html
2-5 years | Suspicious Regulatory License | Suspicious biz area | High potential risk
Score
1.35

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