Fast Brokers Review
Foundation Year : 2004
Halifax America, a equities and futures brokerage LLC based in Los Angeles acquired Fast Brokers on July 12, 2017. Since then, the brand got a further boost and anticipation from customers and buyers. Initially, the company found the status of a broker in the year 2004. Most of its traders are from forex background and future trades. Post the acquisition; its capacity hiked multiple times with equity options also coming in the way.
Quality of Fast Brokers
With now Halifax as the lead in a charge, Fat Brokers is punching above its weight with semi-automated technologies, execution and analytical functions applicable global assets. Its trade software and the Pathfinder platform are keeping traders hooked by facilitating the best business facilities for trading equities and foreign currencies. Moreover, it excels in the system trading activity.
NFA and CFTC are regulating the broker.
Specific of the Fast Brokers
- There is no ECN account.
- STP account is also absent.
- It is currently using MetaTrader 4 and Pathfinder platform (indigenous). MT4 is one of the latest platforms and prevalent in the market. However, MT5 might make it even better. But its home-based platform is doing well to neutralise that factor with satisfactory service to clients.
- Islamic account is also available here, abiding by the sentiments of the Muslim community.
- Swap-free accounts are available.
- Total number of currency pairs available here are 46
- Types of accounts:- Retirement, joint owners, individual and corporate
- Minimum trade size here is 0.01
- Average spread is 0.3 pips
- Charting tools are available for analysing the movement of the market and anticipate what’s coming next. It helps in laying down a strategy for profit-making.
- It offers variable spread types
- There are analytical indicators which use historical data to analyse the market trend for investors smartly
- The commission may sound at a higher side with $ 2.90 per lot. However, excellent service can negate the effect.
- The minimum deposit can put traders in a fix. It requires $ 2000, and not everyone is capable of pulling that off.
- There is slippage that is recorded mostly during when the market is volatile. It causes spreads to widen sharply.
- A demo account is available for novice users. It helps in acclimatising to the conditions, tools, software and allow the user to get a fitment of what lies ahead on a live account. The limit to use it in 30 days.
- The maximum leverage it is offering is 1:50, which is average as per the market needs.
- A trader cannot hedge here.
Clients can use the most common ways like PayPal, wire transfer, credit and debit card for deposits and withdrawal.
Customer care services
Users can use the phone option, email id and live chat for connecting with a customer representative and resolve their queries.
Offers and promotions
The broker is not boasting about any promotions or offers for promoting its brand.
Fast Brokers is missing out on compartmentalising education section, which might be a little put-off. But there can be an inclusion later on.
Owned by Halifax America reflects the credibility of Fast Brokers. It is widening the horizon of its capacity for facilitating its customers. However, unlike its compatriots, it lacks on the education front. Plus, it does not have ECN and STP accounts. But its minimum lot size and spread make-up for it pretty well. Though, it might have to work lower the deposit from $ 2000 to draw maximum clients on board. Discretion of a trader is advised.
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