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FXcast Review

FXcast is an offshore forex broker, based in the small island country of Mauritius. Using a highly automated dealing system, FXcast is able to use advanced risk algorithms to decide whether or not to trade against its clients or to pass client trades on to a higher tier. This ensures that the back-end runs quickly and efficiently, eliminating a lot of unnecessary costs and lags. It is a double-edged sword however, because not all traders are treated equally - when the algorithm decides that a trader is unprofitable, the system trades against that trader, creating a conflict of interest (the company profits if the trader loses). The result is a mixed bag of fairly low fixed spreads AND guaranteed limit order execution with NO slippage, but a noticeable amount of price manipulation. Please note that guaranteed fills and fixed spreads are normally too good to be true for scalpers, as is the case here. FXcast has a strict no scalping policy and sophisticated algorithms to detect it.

FXcast is regulated by the FSC (Mauritius), which is a regulatory body with more teeth than what many other offshore jurisdictions offer. Although the FSC may not have quite the reach of its American or European counterparts, the advantages of having an offshore forex account could easily outweigh this, particularly so as a result of recent "over-regulation" on the part of the NFA and CFTC.

Using the industry standard Metatrader 4 (MT4) trading platform, FXcast is able to attract a good number of discretionary and system traders. Use of Expert Advisors is welcome, although the functionality has to be enabled by management before EAs can be run on the platform, and once again, scalping is not allowed.

Islamic traders are eligible for no swap accounts, which are charged an extra $0.05 per 1,000 unit round trade. This is great for longer timeframe Islamic traders, since the extra fee is per round turn and not per day.

Finally, when it comes to funding your FXcast account, you have many options (listed below). Please be aware however, that PayPal is NOT available.

Overall, FXcast gets decent marks if you are dead-set on going offshore, but a poor substitute for a fully regulated US or UK based forex broker.

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Subjective Ratings

Charting: Four and Half star Charting Rating
Execution: Three and Half star Execution Rating
User-friendliness: Four and Half star User-friendliness Rating
Customer support: Three star Customer Support Rating
Transaction costs (spreads): Four star Transaction Costs (spreads) Rating
Rollover interest rates: Four star Rollover interest rates Rating
Withdrawal processing: Four star Withdrawal processing Rating
Platform Functionality: Four star Platform Functionality Rating
Platform Reliability: Four star Platform Reliability Rating
Average rating: Three and Half star Average Rating

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Business Details

Broker Headquarters: Mauritius
Regulated By: FSC Mauritius under the Financial Services Development Act 2001
Client Account Segregation: Yes, funds held at Pireaeus Bank, Cyprus
Collect Taxes on Earnings: No
Accept US traders?:
Main liquidity providers: Unknown
Broker Capital as of 02-2009 Unknown
Also has offices in: Central Europe, Indonesia, China, Middle East, Malaysia, Africa
Registered Business Name: FXcast, a Surplus Finance S.A. Company
In business since year: 2007
Deposit/Withdrawal methods:
MethodDeposit FeeWithdrawal Fee
AlertPay $0 1% (min. $8)
c-Gold $0 1% (min. $8)
CC by Moneybookers 2% 2%
Liberty Reserve $0 1% (min. $8)
MasterCard 5.5% Withdraw to bank acc
Moneybookers $0 1% ($8 min.)
Perfect Money $0 0.5% (min. $8)
Solid Trust Pay $0 1% (min. $8)
StrictPay $0 1% (min. $8)
Visa 5.5% Withdraw to bank acc
WebMoney $0 $5
Wire Transfer $0 1.5% ($30-$65)

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Trading Conditions

Browser platform: None
Downloadable platform: FXcast MetaTrader 4 (MT4)
Mobile platform: FXcast Metatrader 4 (MT4) Mobile
Phone dealing: No
No Dealing Desk Execution: Available
Fixed spreads: Yes
Guaranteed stop losses? Yes - all limit orders experience NO slippage
Hedging capability: Yes
Trading Hours: Sunday 11:00 p.m. GMT and end each Friday 11:00 p.m.
Timezone GMT
Scalping allowed: No
Account currencies available: EUR, USD
Platform languages: Arabic, Chinese, Croatian, English, French, German, Indonesian, Malay, Portuguese, Russian
Support languages: Chinese, English, French, German, Indonesian, Malay, Portuguese, Russian, Spanish
Demo account: 4 weeks
Live chat support: Yes - during trading hours
Promotions & tournaments: On-going tournaments - visit site for details.
Swap-free accounts  Swap-free accounts incur a $0.05 fee per 1,000 unit round-turn trade.
Typical spread on EUR/USD: 2 pips (0.0002)
Order processing: Market Maker or Straight-Through Processing based on lots traded and risk profile as determined by FXcast risk server
OCO orders available: No
Trailing Stops: Client-side
If/then orders available: No
Account Types
Account Maximum
Leverage
Minimum/Maximum
deposit:
Minimum/Maximum
trade size:
Notes
Standard Account 400:1 $10/unlimited 1,000/5,000,000
Tradeable Instruments: 36   
Automated Trading: Yes
Depth of market view (Liquidity): No depth of market view available
Interest on Margin: No
Pending Orders Away from Market:

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* The high degree of leverage available in foreign exchange trading can work against you as well as for you. Investors should ensure they are fully aware of the benefits and risks before putting any money on the line.

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