FxPortugal is a scam posing as a forex broker, and its deceptive nature even complicates geographical verification.
In this review, we’ll explain why it’s not a legitimate financial services provider and guide you toward more trustworthy investment options in the financial markets.
FxPortugal Regulation and License
FXPortugal lacks key documents like the Client Agreement and Terms and Conditions. While the website lists FX Portugal Investments Ltd. as its backing company, it’s based in Hungary, not Portugal, and isn’t registered as a licensed broker there.
Financial authorities in Russia and St. Vincent and the Grenadines have also warned that FXPortugal is not a licensed financial services provider. It’s clear that FXPortugal is not a regulated broker.
FxPortugal Platform
The FxPortugal website advertises an unnamed web trading platform, but upon registration, it actually uses MetaTrader 5 (MT5), registered under a different company. The platform’s web version is hosted on a separate domain, stp-trade.com.
However, having a trading platform doesn’t legitimize FxPortugal or confirm that it offers genuine trading services.
FxPortugal Minimum Deposit
FxPortugal requires a minimum deposit of $250, which is standard in the industry. However, for the same amount, you could open an account with a reputable and fully licensed forex broker. Many top brokers even offer Micro and Cent accounts with low entry requirements, ideal for beginners.
Won’t you rather trade with a licensed and legit broker? Fortrade is a UK-based broker with address at Michelin House, 81 Fulham Road London, SW3 6RD, United Kingdom. They are among the best brokers in the industry offering trades in numerous assets including stocks, commodities, currencies, indices, and cryptocurrencies. Fortrade is regulated and licensed by the FCA(Financial Conduct Authority) in the UK, ASIC in Australia, NBRB in Belarus, CySEC in Cyprus as well as IIROC in Canada which makes client funds safe. They accept traders worldwide…visit their official website
FxPortugal Spreads
FxPortugal advertises a 3-pip spread for a Basic account, which is twice the industry average. Additionally, it charges a $3 commission per lot. Even if FxPortugal provided genuine trading, these terms would be highly unfavorable to clients.
FxPortugal Payment Methods
FxPortugal only accepts cryptocurrency deposits or bank transfers to a South American account, both of which do not allow refunds or chargebacks.
In contrast, legitimate brokers offer a variety of transparent payment options, including credit/debit cards and trusted e-wallets like PayPal, Skrill, or Neteller.
FxPortugal Leverage
FxPortugal advertises leverage of up to 1:500, which is far beyond what regulated brokers offer. High leverage poses significant risks of sudden and substantial losses. Leading regulators limit leverage for retail traders to 1:30 in the EU, UK, and Australia, and 1:50 in the US, with even lower limits for more volatile assets and non-major currency pairs.
Conclusion:
With fake legal details, no available legal documentation, and a blacklisted status, FxPortugal exhibits numerous red flags. The high trading costs and risky leverage ratios only compound the concerns. These issues strongly indicate that FxPortugal is not a trustworthy broker. Investors should avoid it and seek out more transparent and regulated alternatives to ensure a safer trading experience.
COMPARE WITH A TRUSTED BROKER
Fortrade
Fortrade is a UK-based broker with address at Michelin House, 81 Fulham Road London, SW3 6RD, United Kingdom. They are among the best brokers in the industry offering trades in numerous assets including stocks, commodities, currencies, indices, and cryptocurrencies. Fortrade is regulated and licensed by the FCA(Financial Conduct Authority) in the UK well as ASIC in Australia which makes client funds safe. They accept traders worldwide..visit their official website
Juliet