FXLift Review: A Comprehensive Look at This Broker
FXLift review, where we shed light on the dual nature of this broker. Yes, you read that right – FXLift may be a broker with two faces. On one hand, they claim to be legit and operate by the book. Yet, on the other hand, they have a sinister side that plans to backstab unsuspecting traders.
It is essential to exercise caution and not fall into any trap. In this review, we will delve into the vexing background of this broker. We will expose the true nature of their operations. We urge you to read on and make an informed decision before investing with FXLift.
|Execution Type||Market Maker|
|US Clients Accepted?||No|
|Customer Support||phone and email|
How Safe Is FXLift? Regulation and Safety
First, let us clarify that FXLift operates under Notesco Financial Services Ltd. This company is based in Cyprus and holds a Tier 2 license from the local regulator, CySEC. Notably, this license requires companies to follow the rules of the European Securities and Markets Authority (ESMA). The rules are as follows:
- operating capital of 730,000 EUR (min.),
- negative balance protection,
- segregating client funds,
- compensation scheme of up to 20,000 EUR,
- restricting leverage to 1:30, and
- ensuring transaction reporting.
FXLift broker is using the domain fx lift.eu, which is on the CySEC website. But, there is another website – fxlift.com that belongs to an offshore branch of the company. Despite claims on the website, this offshore entity has no license.
Notesco likely uses this unregulated offshore entity for illegal activities. So, we advise you to stick with a regulated domain or opt for a broker with a Tier 1 license such as FCA, ASIC, or FINMA. FXLift provides FX and CFD trading services. Unfortunately, some people from France and Spain had not-so-pleasant experiences with the company. Investing with this broker requires caution and thorough research.
FXLift – Account Types Offered
FXLift offers three account classifications for its clients. Let’s take a look at them below!
- Live Floating Standard
- Live Floating Gold
The first two account classes propose a floating spread that ranges from 2.1 to 1.7 pips and a leverage of up to 1:1000. The STP/ECN account provides fixed spreads averaging 1.8 pips and leverage of up to 1:200.
There is no fixed minimum deposit for FXLift, as it depends on the client. However, if you want to access more advanced support and benefits, the minimum investment amount is $5,000.
If there is no activity, such as funding or trading, within a year, FXLift will charge an annual fixed administrative fee of 50 USD (or the equivalent in another currency). If the account balance falls below USD 50 (or the equivalent in another currency), the FXLift will charge any remaining balance and close the client’s account.
Trading Instruments Offered
FXLift talks about an impressive range of over 300 trading assets. These assets include:
- Shares in the global market (such as Disney, Intel, Pepsi, etc.).
- Currency pairs that cover majors and minors (EUR/USD, CAD/SEK).
- There are numerous commodities, such as metals and spots (gold, silver, and platinum).
- Spot indices, and futures (Sugar, US100, etc).
There is no comprehensive list of assets available. Yet, clients can access this information by creating a demo account on FXLift’s platform.
Trading conditions may differ depending on whether you trade with FXLift’s regulated or unregulated entity. The CySEC entity provides leverage of up to 1:30, whereas the offshore entity enables clients to leverage up to 1:1000.
Funding Methods at FXLift
FXLift provides several convenient methods for depositing funds into your trading account. Those are credit/debit cards, bank transfers, Neteller, Skrill, and China Union. China Union’s maximum amount is CNY 360,000 per transaction. Yet, other methods have a $5,000 transaction limit. Deposits and withdrawals are free as they claim.
Generally, deposits are processed within 24 hours, but this can take longer depending on the payment method. For example, bank wire transfers may take up to three working days to process, depending on the bank involved.
But remember, different payment methods may have different fees and limitations. So, it’s essential to review these conditions before depositing. There could also be a withdrawal fee or a minimum withdrawal amount.
The following currencies are accepted: USD, EUR, GBP, AUD, JPY, CHF, PLN, RUB, and HUF.
Trading Platforms Overview
MetaTrader 4 (MT4) is the go-to venue for many people. This company supports MT4. It’s no surprise since it offers a dynamic security system to keep your funds safe. Plus, it’s packed with features to help traders succeed. Those features are trading signals, charts, indicators, news, and activity reports.
One of the coolest things about MT4 is that it’s available for both Mac and Windows users. So, you can trade from any device you choose. You can even use the MT4 platform as an app or web trader. You can trade anytime you want, anywhere you want.
FXLift also offers MT4 apps for iOS and Android. With their mobile app, you can access technical indicators, trading history, and real-time quotes. The app is super user-friendly, so you can stay connected to the markets, even on the go.
If this broker had offered MT5, it would have been a game changer for their clients. This goes without saying. They could have benefited from better charting, faster order execution, and more assets. Also, MT5 has better tools. It has an economic calendar, news feed, and trading signals that could help people make smarter decisions. In short, MT5 would have made this broker a more appealing choice for those who want to maximize profits.
This broker lacks educational resources, but it does offer a basic economic calendar and live currency rates section. The news section simply lists articles from another website.
Still, FXLift provides a free demo account which is an excellent educational tool. It enables traders to practice trading with virtually unlimited funds before investing in a live trade. This feature is helpful for novice traders.
Some brokers offer fake demo accounts to trick traders. They may manipulate the market or prevent funds from being withdrawn. Choose a reputable broker to avoid this. Yet, only with a reliable broker a demo account is useful for improving trading skills.
To get in touch with FXlift’s customer support, you can call them at +35725054210, or email them at [email protected]. Their registered address is Clovelly, 36 Victoria Street, Hamilton HM 12, Bermuda.
When support cannot resolve a client’s problem, the client can escalate the matter. This can be done by sending an email to [email protected]. The trader must provide a detailed description of the complaint. Also, the trader must attach documentation supporting the claim.
Note: FXLift is one of the leading foreign exchange brokers. It shares the limelight with other trustworthy firms like FBS Broker.
FXLift Overall Summary
FXLift is a highly-rated FX broker, along with reputable firms like Admiral Markets. However, its operations have a sinister side that backstabs unsuspecting traders. FXLift operates under Notesco Financial Services Ltd and holds a Tier 2 license from the local regulator, CySEC.
The broker uses two websites, one belonging to an unregulated offshore branch of the company. This unregulated offshore entity has no license, and Notesco may use it for illegal activities.
FXLift offers 3 different account types for their customers: Live Floating Standard, Live Floating Gold, and STP/ECN. The broker provides an outstanding span of over 300 trading assets, including global shares, currency pairs, various commodities like metals and spot commodities, spot indices, and futures.
The broker gives us several convenient methods for depositing funds into the trading account, such as credit/debit cards, bank wire transfers, Neteller, Skrill, and China Union. Also, FXLift uses MetaTrader 4 (MT4) as the trading platform and offers MT4 apps for iOS and Android. The broker provides a free demo account that enables traders to practice trading with virtually unlimited funds before investing in a live trade. Investing with FXLift requires caution and thorough research.
What Account Types are Offered at FXLift?
FXLift offers three account types: Live Floating Standard, Live Floating Gold, and STP/ECN accounts.
Is FXLift Broker Good for Beginners?
Yes, this trading company offers a free demo account.
What Is FXLift Minimum Deposit?
Their website does not disclose minimum deposits.
Does FXLift Charge Fees?
No, deposits and withdrawals are free as they claim.
How Long Does it Take to Withdraw Money From FXLift?
They process deposits within 24 hours, but depending on the payment method, it may take longer.