In this FXRoad review, you will learn about another Forex/CFD broker that claims to operate officially and even possesses a license. Naturally, there are also mentions of exceptional security, unique trading conditions, and friendly support. All of this, presented by the company, looks so attractive that it makes you wonder: is this a scam? We took a closer look at this platform and have compiled the results of our analysis.
FXRoad General Information
| Website | https://www.fxroad.com/ |
| Phone Number | +5561947565589, +911171279109 |
| support@fxroad.com | |
| Address | CT House, Office 9A, Providence, Mahe, Seychelles |
| License | SFSA (Seychelles Financial Services Authority) № SD052 |
| Minimum Deposit | 250 USD/EUR |
| Assets | CFDs |
| Leverage | Up to 1:200 |
| Trading Platform | Webtrader |
Registration and Client Portal Review
FXRoad’s official website is well-designed, visually appealing, well-structured, and quite fast. However, some minor flaws dampen the overall impression — for instance, the labels for opening real and demo accounts are swapped under the respective buttons, and some of the content isn’t particularly useful. That said, these small issues are unlikely to deter those who are determined to become clients of this broker.
A far bigger issue for potential clients is the registration process. To begin with, the broker has an extensive list of restricted countries. In addition to those traditionally blacklisted due to international sanctions and the U.S., FXRoad also excludes Canada, Japan, and European countries — essentially, any region where broker regulations are stricter.
Even for those who are eligible, creating an account is not an easy task. The registration form that appears when clicking one of the many sign-up buttons is just the beginning. After filling it out, users face multiple additional screens with an extensive questionnaire. They are required to disclose personal details, including full name, ID number, TIN, income level, and trading experience.
The reason for such thorough data collection is unclear. It would make sense if FXRoad categorized traders as retail or professional, as is done in Europe. However, based on the trading conditions, all clients are automatically considered professional investors. Given this, it is hard to see the point of answering so many unnecessary questions.
The broker’s personal account interface also leaves much to be desired. It is integrated with the trading platform, which significantly reduces overall security. Additionally, navigating the interface is inconvenient, as features are split between two menus — a left sidebar on the platform and a dropdown on the right. This questionable design choice does not offer any additional functionality compared to traditional user dashboards.
Account Types Review
FXRoad offers three types of accounts: Silver, Gold, and Platinum. One positive aspect compared to many other brokers is that these accounts provide more detailed information about trading conditions.
That said, the descriptions themselves are not particularly informative. However, traders can find useful tables outlining spreads, leverage, and available services. From these tables, it is clear that leverage remains unchanged across all account types:
- Forex pairs — 1:200.
- Indices and commodities — 1:50.
- Stocks and ETFs — 1:10.
- Cryptocurrencies — 1:5.
The broker’s spreads are far from competitive, starting at 2.6 pips for the Silver account. This is more than three times higher than what most licensed brokers offer. Even with the 20% discount for Gold and an additional 20% reduction for Platinum, the spreads still remain at least twice as high as the industry average.
There is no mention of swap rates on the account description pages. The only information provided is that there are no discounts for Silver accounts, while Gold and Platinum receive a 20% reduction compared to the previous tier.
Additional useful details can be found in the contract specification table, which is available for download on a separate page. This table includes the standard lot size for each asset, the minimum and maximum trade volume per order, and margin requirements.
The margin data is particularly revealing. Figures are provided for both retail and professional traders, and calculations based on these values indicate that the maximum leverage for retail clients is 1:30, while professional traders have access to 1:200. This is why we say that FXRoad classifies all its clients as professional investors.
However, this also means significantly higher risks. We are confident that most beginners lose their deposits within days of funding their accounts. FXRoad has found the perfect setup — it appropriates traders’ funds while formally staying within the bounds of regulations.
Trading Platform
The broker could not ignore the trading platform it offers to traders. On its official website, it describes the platform as “ultimative” and assures that it is suitable for all users, regardless of their knowledge and experience level.
After closely examining the terminal, we can share a few insights. First, FXRoad is not the developer of this software. We have seen this platform used by multiple scam brokers and offshore-licensed firms. Why the dealer claims it as its own product is unclear.
Calling this terminal “ideal” would be a stretch. It has numerous drawbacks, such as:
- No multi-chart mode.
- No one-click trading feature.
- Limited layout customization — only window sizes can be adjusted, but their positions remain fixed.
- Market overview follows the standard web platform format, always displaying a full asset list alongside favorites.
- No support for third-party indicators or trading robots.
These are just the most noticeable issues at first glance. Experienced traders will immediately recognize that these limitations require adjustments to trading strategies and could lead to financial losses, especially in fast-moving markets. While this setup is inconvenient for users, it seems to suit the company perfectly.
One positive aspect worth mentioning is the availability of a demo account. This allows FXRoad clients to familiarize themselves with the platform and adapt their strategies without financial risk.
FXRoad — Deposit and Withdrawal of Funds
At first glance, the company appears to handle non-trading operations (deposits and withdrawals) well. It supports credit/debit cards, bank transfers, and cryptocurrencies, making transactions seem transparent.
The only exception is the issue of fees. The platform claims it does not charge clients any commissions, stating that all fees are collected by the payment agent and the payment system itself. This would be a commendable policy — except for one key detail: the payment agent is 4SQUARE (CY) LTD, a company registered in Cyprus. Coincidentally, its name is strikingly similar to that of the firm that owns FXRoad.
In reality, this is no coincidence. The project’s owners are simply so “cost-conscious” that they refuse to let any money slip outside their control — even fees charged to traders.
Verification
FXRoad does not have separate KYC and AML Policies, but their provisions are included in the Terms & Conditions. Based on these terms, the broker requires users to verify their accounts. The process itself is standard and involves submitting documents to confirm:
- Personal details — a copy of a government-issued photo ID (passport, driver’s license, ID card, etc.).
- Address — a copy of a utility bill.
- Payment details — a photo of the card used for the deposit.
However, according to customer reviews, passing verification is far from easy. The company’s representatives often reject documents and request additional copies. Another concerning practice is re-verification during withdrawal requests. The broker does not explain the basis for these repeated requests, raising suspicions about its true intentions.
Additional Options
The creators of FXRoad did not bother with additional offerings. The company lacks not only a partnership program but also educational materials and market analysis. It seems that everything is focused on a single goal — extracting as much profit as possible from clients. This sets the platform apart from other licensed firms, but certainly not in a good way.
Is FXRoad a Scam?
Overall, we cannot rate this broker highly. Its actions are not aimed at providing traders with a comfortable and secure trading environment. Some even question whether this is a legally operating firm at all. To clarify this, let’s take a closer look at FXRoad’s official data.
Legal Information and License
According to its official website, FXRoad is owned by 4Squares (SY) Limited, registered in Seychelles. The broker also provides a license number — SD052, issued by the Seychelles Financial Services Authority (SFSA). Verification confirms that this information is accurate.
It is evident that the company operates under two trade names — Capitalix and FXRoad — and holds a valid Seychelles regulator’s license to provide brokerage and dealer services.
However, there are still concerns. A copy of the license certificate is available, for example, on Capitalix’s website. But the document clearly shows that it expires on May 9, 2024. No updated copy has been provided, and there is no information on whether the license has been renewed. The company does not inform clients about this, raising legitimate doubts.
Typically, the SFSA issues licenses that allow firms to operate within the domestic market. To provide international services, a company must hold CSL (Special License) status. There is no evidence that 4Squares (SY) Limited has such a status. This raises questions about whether FXRoad is legally allowed to offer its services. Perhaps this is why the broker does not accept clients from regions where financial regulators strictly enforce compliance.
Fxroad.com Domain Info
We were also curious about how long this broker has been in operation. Objective data can be obtained from WHOIS records, which reveal the registration date of the company’s official website domain.
This time, WHOIS data was virtually useless. The domain fxroad.com was registered in 2011, but the platform only started operating much later. This is evident from the business name registration date (summer 2023) and snapshots from the Web Archive, which show that as recently as March 2024, the broker’s website was still under development. The first fully functional snapshot appeared only in May 2024.
Contacts Review
To facilitate communication with its representatives, FXRoad has listed the following contact details on its Contact Us page:
- A feedback form.
- Support email address.
- Phone numbers with country codes for Brazil and India.
- The company’s registered address and supposed head office in Seychelles.
Additionally, an online chat is available on all pages, and the website footer contains links to the broker’s social media accounts.
At first glance, this appears quite solid, giving the impression that the platform uses every possible means to attract clients and promptly address their concerns. However, we noticed another limitation in FXRoad’s geographic reach. Based on the listed phone numbers, the broker is primarily targeting clients from Brazil and India. Interestingly, our team member who successfully created an account also resides in one of these two countries.
Pros and Cons
- Official company registration and a valid (albeit offshore) license.
- Well-designed and optimized official website.
- No confirmed authorization to operate internationally.
- Limited availability for new client registrations.
- Incomplete disclosure of trading conditions.
- No educational materials or market analysis.
In our FXRoad review, we have tried to objectively evaluate the broker’s operations and offerings. While we do not have definitive proof to call it a scam, some of its practices are far from transparent and resemble fraudulent tactics.
Frequently Asked Questions (FAQ)
It is a licensed Forex/CFD broker. Clients can open both standard and Islamic (swap-free) accounts.
The minimum deposit is not explicitly stated in the account descriptions. However, according to the FAQ section, traders need at least 250 USD/EUR to start trading.
The broker is officially registered and operates under a Seychelles financial license. While this is not the most reputable regulatory body, there is no direct evidence of fraud.
Website not properly developed?
The broker is relatively new and doesn’t seem like a scam at first glance. That’s why it caught my attention. But I don’t understand why the FXRoad website has so many flaws. Just look at the Leverage table – part of it makes sense, but the rest is a complete mess. How can the site still be unfinished nearly a year after launch? Strange.
Only losing trades
I made a big mistake signing up with FXroad. Their representatives called me, promising easy and fast profits. At first, everything was going great, and I thought I had found a goldmine. However, things took a drastic turn. Suddenly, I started losing all my trades, and my account was wiped out quickly. I even provided examples of different price quotes from other platforms, showing discrepancies, but customer support rudely dismissed my complaints. I never got my money back.
A staged trading scam
These scammers took their time convincing me to invest. I believed they would honor their agreements and execute trades on the real market. But no! This was just a well-orchestrated fraud. They staged a fake trading environment to make it seem legitimate, but in reality, they just manipulated the system to drain my funds. FXRoad is a scam! Avoid it at all costs!