FXRoad Review 2024

For this FXRoad review, we opened a live account and deposited over €3,000.

We traded instrument in each market to understand the actual spreads and placed 10 trades in total.

We reached out to the broker’s customer support team to resolve the issues we faced.

Finally, we withdrew our funds to check whether the withdrawal process was smooth.

What is FXRoad

FXRoad is a Seychell-based global Forex and CFDs broker established.

The broker is licensed in Seychelles and has quite a good reputation of operation.

FXRoad offers over 350 instruments including Forex, Indices, Stocks, Commodities and Cryptocurrencies, which is a regular proposal compared to the industry leaders.

Here’s a summary of FXRoad’s main features:

🗺️ Authorised & Regulated in	Seychelles
🛡️ Is FXRoad safe	Yes
💰 EUR/USD Spread	2.6
💳 Minimum deposit	US$250
💰 Withdrawal fee	$0 charges once per calendar month
🖥️ Trading Platform	WebTrader
📈 Markets offered	Forex, Indices, Stocks, Commodities, Cryptocurrencies
📉 Number of Products	350

Licenses and Regulations

FXRoad is licensed only by 1 regulator, in fact offshore Seychelles by the Financial Services Authority (FSA).

However, due to only one license Residents from some countries are restricted from trading with FXRoad, these includes: EU Traders, US, Canada, Sudan among others.

Here’s a full list of the licenses held by FXRoad’s subsidiaries:

Legal entity	Registered in	Regulator	License number	Accepting clients from	Compensation scheme amount
4Square SY Ltd	Seychelles	Financial Services Authority (FSA)	SD052	Globally many countries	No compensation scheme

Is FXRoad Safe

FXRoad is considered safe to trade. The broker has good reputation over years it operate.

The Broker is registered only by offshore regulator, which on its own does not provide top-tier trading experience like other regulator Broker have.

FxRoad segregates company funds from traders accounts and does not offers deposit compensation to eligible clients if the broker becomes insolvent.

We had a smooth experience when trading with FXRoad.

For this review, we opened an Silver Account with FxRoad Limited, regulated by the Seychelles (FSA).

Fees and Commissions

FXRoad charges quite low fees for trading the assets in its proposal. The fees we got for trading Forex pairs, indices, stocks, and commodities were lower than industry averages.

In fact, all fees were lower than industry average which is impressive.

Spread Charged in our Trades

For our tests, we traded the most popular instrument in each Asset Group. We placed 3 trades per instrument to get an accurate estimate of the average spread. We tested Silver Account, which has all fee charges built into a spread on all instruments.

Markets	Instruments	1st trade	2nd trade	3rd trade	Avg. Spread
Forex	EUR/USD	2.6	2.6	2.6	2.6
Indices	Dax	40.2	40.2	40.2	40.2
Stocks	Apple	0.615	0.615	0.62	0.62
Commodities	Gold	7.4	7.4	7.4	7.4

We executed all our trades via the FXRoad iOS App on our iPhone.

Comparing the spreads charged on our trades to the industry averages showed that the broker’s spreads on all instruments were slightly higher than industry benchmarks on Silver account. Yet, Platinum account spreads are better and within industry averages

Markets	Instruments	Avg. Spread Charged	Industry Avg. Spread
Forex	EUR/USD	2.6	1.16
Indices	Dax	40.2	49
Stocks	Apple	0.62	0.9
Commodities	Gold	0.74	1.6

Other fees

FXRoad does not charge any other non-trading fees, such as deposit or withdrawal fees or inactivity fees.

Account Types

FXRoad has 3 main account types with main difference on fees charged. These Accounts categorized as Silver, Gold and Platinum.

Details of Account types and differences are outlined below:

	Silver	Gold	Platinum
Trading Platforms	WebTrader, Apps	WebTrader, Apps	WebTrader, Apps
Account Currency	USD/ EUR	USD/ EUR	USD/ EUR
Minimum Deposit	$/€ 250	$/€ 5,000	$/€ 20,000
Commission	Zero	Zero	Zero
Order Execution	Market Execution	Market Execution	Market Execution
Spread	From 2.6	From 2.0	From 1.4
Note	–	Swap Discount 25%	Swap Discount 50%

FXRoad offers Islamic Accounts with no Swaps to clients of the Muslim faith only. Such accounts do not impose swap fee or rollover for positions held overnight.

For our tests, we chose to open Silver Account.

FXRoad Login

FXRoad account opening was quick and easy to follow. We went through the entire registration process and completed it online.

Here are 5 main steps to opening an FXRoad account:

1. Enter your full name, email, password, phone number and country
2. Provide your date of birth, address, nationality, passport number
3. Answer questions regarding your trading experience
4. Choose your mode Virtual or Real, trading platform, account type and currency.
5. Lastly, provide details about your employment status, annual income, net worth, liquid assets, and expected deposit in USD.

The registration process took 13 minutes only, and our account was approved in 2 working days.

We opened Silver account with 4 Square SY Limited, which is regulated by the FSA Seychelles for this test.

Deposit and Withdrawal

FXRoad supports fast deposits and withdrawals, mainly using most common methods. Traders can deposit and withdraw from their accounts via bank transfers, credit and debit cards, and some e-wallets.

The broker does not charge for money adding or withdrawals, yet some fees imposed by your payment provider might be applicable.

FXRoad Minimum Deposit

FXRoads set minimum deposit requirement of US$250 for first grade account – Silver. Higher account types will require 5k$ and 20k$ respectively, which is considered quite high compared to industry piers.

FXRoad Deposit

FXRoad clients can deposit funds into trading accounts using bank transfer, debit and credit cards, ApplePay or GoooglePay, some e-wallets are supported too.

None of the supported methods attract charges from the Broker.

The broker processed our deposit quickly and with zero fees.

FXRoad Withdrawal

FXRoad allows clients to make withdrawals using same payment method available for deposits. There is a minimum amount for withdrawal set to 50$ per request.

FXRoad does not charge a fee on withdrawals.

We did not face any challenges when withdrawing our funds.

Markets and Products

FXRoad offers in total 350 various instruments in different asset classes for trading inlcuding Forex, indices, stocks, ETFs, Commodities and Cryptocurrencies markets.

Here’s the complete list of FXRoad’s product offering:

Markets	Instruments
Forex	54
Indices	17
Stocks	103
Commodities	15
Cryptocurrencies	10

The broker offers quite a decent number of tradable instruments, but is below industry leaders who offer thousands of products.

Trading Conditions

The trading conditions at FXRoad are quite good. Traders can execute majority of trading strategies as the broker allows strategies such as hedging and scalping.

Yet, since there is no MT4 or MT5 platform offered there is no support for auto trading via Expert Advisors (EAs) or Robot Trading available.

There are no time limits for how long traders can keep their hedging positions open.

Trading Method	Allowed
Hedging	Yes
Scalping	Yes
Change Leverage	Yes

Leverage

FXRoad offers traders various leverage levels depending on the instrument with the maximum of 1:200 considered high leverage.

Traders are allowed to change accountt leverage levels after registration.

The table below shows the Different leverage levels available:

Markets	4SQUARE SY LIMITED
Major Currency Pairs	200:1
Commodities	50:1
Metals	50:1
Indices	50:1
ETFs	10:1
Stocks	5:1
Cryptocurrencies	5:1

Bonus

FXRoad offers various bonuses and deposit bonus on time basis, conditions based on the amount deposited and volumes trades, so clients need to check resent conditions to see weather to qualify for the promotion.

FXRoad Platform

FXRoad has a proprietary platform based on Web known as WebTrader. The platforms offers low latency bridging and using Tier1 liquidity providers for Market execution. Clients can access the platform via Web, Desktop, Mac and mobile applications.

The broker does not offer any other platform or popular MetaTrader 4 (MT4) platform, which is rather a drawback compared to industry offering.

FXRoad App

WebTrader platform is the only option offered by FXRoad, it is easy to access and navigate platform, features clear charts using TradingView and numerous functions, including indicators, news. The platform for higher accounts also provides News Alerts and Dedicated Support.

We found the WebTrader platform to be well suited to all types of traders, yet might be less comprehensive compared to full Desktop version and industry popular software.

Research and Tools

FXRoad does not provide proper market research, all the data and tools are provided on platform as per Broker cooperation with TradingView. So it gives some market analysis, including custom charts, indicators, and top-tier instruments via its partnership.

Traders of higher-grade accounts also have access to videos and held webinars, apart from that no more economic data or tools are provided, which is rather poor compared to industry leaders that provide numerous tools and support with great research.

FXRoad broker’s research offering was quite underwhelming in our test.

Education

FXRoad does not offer proper education, beginners trading courses or any other learning resources to its clients.

The only available features include so called Webinars and Videos available for account holders of Gold and Silver. Yet, since those accounts available with quite high deposit requirements from 5k$ it is rather a drawback from the Broker since no tools or education available for traders.

Complete Trading Beginners better look for education or video providers if still choose trading with FXRoad.

Customer Service

FXRoad’s customer service team was helpful we got detailed and accurate answers to our questions. We contacted support via live chat and asked them whether they charge any deposit and withdrawal fees.

We received a response after 1h from the agent in Live Chat since they mentioned we contacted them outside working hours, which is weird since it is mentioned Support is available 24/5 and we contact support on Tuesday, suppose to be available.

The answer for our request via Live Chat however, was accurate, mentioned – no fees charged for deposits and withdrawals from the Broker side, yet fees from the service provider himself may arise.

Here are the results of our test below:

	Question	Response Time	Quality of reply
Live chat	We asked if they charge any deposit and withdrawal fees	1 hour	It was direct and accurate.

Conclusion

Overall, we had a smooth experience with FXRoad from the account opening, to the deposit and trading processes.

Live chat support was quite a disappointment since no agents were available for our test, even Broker promised to be available 24h during working days. Yet, replies came with complete answers, so we recommend traders use Live Chat to contact the broker’s team or write an email.

We tested Silver account for our FXRoad review, found fees are slightly higher to industry averages, yet higher accounts fees are more favorable but require quite high deposit.

Tradable instruments were fair presented, still limited compared to the leading brokers offering thousands of instruments. FXRoad offers only WebTrader Platform and provide almost none or minimum of research or education materials, which makes Broker not so suitable for beginners.

We recommend FXRoad to mainly experienced traders, traders with higher deposits for better fees and offering, and those who are ok to use only WebTrader platform

We recommend FXRoad for traders who are

• Experienced traders
• Rut Hedging Strategy
• Traders with Higher Deposits
• Trading through WebTrader

FXRoad might not be a fit if you are

• Real Stock / Futures Trading
• Looking for wide instrument range
• Prefer other platforms like MT4, cTrader, NinjaTrader
• Beginning Traders
• Traders looking for lowest spreads on First grade accounts

---