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Rubix FX was established in 2014. It is a registered trading brand of Gleneagle Securities (Aust) Pty Limited that it is licensed to carry on business in the sphere of financial services in Australia. The company offers over 70 currency pairs, various CFDs, precious metals such as gold and silver, and oil futures. The company’s clients can trade micro lots.
Rubix FX is regulated by the Australian Securities and Investments Commission (ASIC). However, it is not under strict control. The fact is that it is much more difficult to control a corporation than a broker. According to the information on the official website, all clients’ funds are kept in segregated accounts at the Westpac Banking Corporation.
Notably, according to the Australian legislation, a forex broker should have a capital not less than $1 million to offer its services on legal grounds. At the same time, the FCA (the UK) requires a capital of not less than 730,000 euros and the CySEC (Cyprus) requires 1 million euros. Despite this, Rubix FX, like many other Australian forex brokers, is not subject to any compensation system. That is why traders should be aware of the risks of trading margin currencies and CFDs.
Trading conditions
The broker provides its clients with such trading platforms as MT Mobile, MT4, and Myfxbook. Traders can choose from the following account types: Standard and ECN. Holders of the Standard account type do not pay any commissions and can benefit from spreads of 1.0-1.5 pips. For the euro/dollar pair spreads start from 1.0 pip. Traders who prefer the ECN account will have to pay the commission of $3.5 for a standard lot. At the same time, spreads are from 0 pip.
To open a Standard account, traders must deposit $200 while the registration of the ECN account requires $1,000 as initial deposit.
Trading instruments:
- currencies
- CFDs
- indices
- commodities
The company’s clients can find detailed information about all trading instruments on the official website of the broker.
The largest leverage that the broker offers is 1:400. The standard leverage is set at 1:100. The fact is that bigger leverage may lead to more significant risks that may exceed the initial deposit. Thus, traders have an opportunity to change it by themselves.
Deals can be performed by means of the MetaTreader 4 trading platform that offers a wide array of trading tools and options:
- technical indicators
- advanced chart package
- wide range of expert advisors (EAS)
- extensive back-testing environment
- deal copying service (using AutoTrade technology)
On the company’s official website, there is information on such commodities as gold, silver, and oil. The broker offers spots on these commodity assets.
To deposit and withdraw funds, traders may use such methods as credit cards (AUD, USD, EUR), wire transfer (AUD, USD, EUR, CAD, GBP, SGD), and payment systems, including Neteller and China UnionPay (only in the US dollars). It is important that Rubix FX does not require commission for direct operations.
Support service
The company’s clients can receive support by means of telephone and email. Support is available in English and Chinese.
Comments left by traders
Traders do not like trading instruments offered by Rubix FX, as they are not disclosed. There are also negative reviews about the work of the support service. Traders emphasize problems with withdrawal of funds. Some users report on violations of the Privacy Policy.
Advantages and disadvantages
Pros:
- ECN trading with low spending
- deal copy system AutoTrade
- wide range of trading instruments
Cons:
- no license or authorized representative
- support is provided only in English and Chinese
- poorly designed website
- no list of CFDs
- limited range of commodities
- few currencies
- no free information on spreads for each pair
- ill-conceived compensation scheme
