FXlift is another trading name of Notesco Financial Services Limited, which is authorized and regulated by the Cyprus Securities and Exchange Commission (CySEC). In addition, fxlift.com is the global website, which is operated by Notesco Limited, an unregulated company, registered in Bermuda. We are going to review the CySEC regulated firm operating through the website fxlift.eu. You can trade over 200 assets such as currency pairs, metals, shares, indices, and commodities through the MetaTrader 4 platform. The other trade name for Notesco Financial Services is IronFX, a name associated with fraudulent practices and regulatory fines.
FXlift is a trade name of Notesco Financial Services Limited (formerly IronFX Global Limited). Notesco Financial Services Limited is authorized and regulated by the Cyprus Securities and Exchange Commission (CySEC) under license number 125/10.
FXlift keeps customer money in separate accounts to ensure that customer funds are always separate from the company’s own funds. The company is a member of Investor Compensation Fund (ICF) and its clients are eligible to receive compensation in case of the inability/failure of the member to fulfil its financial obligations.
There are three types of trading accounts, which differ mainly in the minimum required deposit and the offered spreads.
Standard Account – There is no minimum deposit required and the average spread for the EUR/USD pair is 2.5 pips.
Gold Account – You must invest at least USD5,000 to open this type of account. The average spread for the major currency pairs is 2.2 pips.
Platinum Account – The minimum initial deposit here is USD25,000 and the average spread for the EUR/USD pair is 2.0 pips.
The FAQ section mentions the Premium account, which is not presented in the Accounts section. We can see in the Account Spread Comparison section that there is Live Zero Fixed Spread account and perhaps FXlift calls it the Premium account. The spread for the EUR/USD pair is 0.2pips.
FXlifts says it aggregates prices from multiple liquidity providers, so the company will be able to generate enough volume to secure competitive prices. Liquidity providers include Barclays, BNP Paribas, Citi, Commerzbank, etc.
What Type of Broker the Company Is
The Order Execution Policy file shows that the company will enter into transactions with the client as principal (counterparty) and not as an agent. The company will act as the sole execution venue for all client orders. This means that FXlift is a market maker and the main conflict of interest exists. When the company executes orders, it keeps the risk to itself. Every loss for customers is a profit for the company.
It is also written that stop loss orders are executed at the requested price but during periods of volatile market conditions, they may not be filled at the requested price. Instead, they will be executed at the next available market price. So, the stop loss orders will not necessarily limit the client losses at the intended amount. This means that all orders are subject to slippage and the stop loss orders are not guaranteed.
The Trading Terms and Conditions file confirms that the client will not be required to cover losses exceeding his invested capital as the company applies a negative balance protection policy.
In addition to spreads and swaps, the company may charge a so-called inactivity fee. In case of no activity, including funding or trading, within 12 months, the company will charge an annual fixed administrative fee of USD50 until the client has sufficient funds available. If the account balance is below USD50, the company will charge any remaining balance.
Deposits and Withdrawals
Deposits can be accomplished by bank transfer, credit/debit cards or by e-wallets such as Neteller, Skrill, and China Union. FXlift does not charge fees on deposits. However, when you deposit funds by bank transfer, you may be charged by your bank or intermediary bank, the company said.
Withdrawals should be made using the same methods used by the client to fund his account and to the same remitter. In cases where deposits and withdrawals are done on the account without trading activity, the company will charge an administration fee of 3% of the deposited funds.
The maximum transaction amount is limited to USD5,000, except for the bank wire, where there are no restrictions.
Trading is available through the widely used MetaTrader 4 (MT4) terminal. You can trade on both desktop machines (Windows and MAC) and mobile devices (iOS and Android), as well as through a web browser. MT4 is one of the most reliable and popular trading platforms that provides the basic tools and resources needed for successful performance in online trading. It provides advanced trading signals and features through a customizable interface that allows traders to open multiple screens at the same time with preferred technical indicators.
More than 200 instruments are available for online trading, distributed into the following classes:
Forex – There are 82 major, minor, and exotic currency pairs available for online trading. The minimum spread for the EUR/USD pair depends on account type and is 2.0-2.5 pips.
Indices – You can trade CFDs on spots of 17 global indices, such as DJIA, DAX30 etc. 8 of them are available as futures as well. The minimum spread for DAX30 is 1.50 points.
Commodities – 6 precious metals (spots) and 3 energy products (spots and futures) and 8 agricultural futures are available for online trading such as Gold, Silver, Oil and Brent. The minimum spread for Oil is USD0.03.
Shares – You can trade 95 US shares, 18 UK shares, 7 French, 12 German shares and 9 Spanish shares. The minimum spread for the Apple shares is USD0.61. Trades are charged a commission.
The website has a special “Research” section containing news, economic calendar, and live exchange rates. However, the news presented is outdated and the live exchange rate section shows nothing.
FXlift has a CySEC regulation (Notesco Financial Services Limited – formerly IronFX Global Limited), which has been involved in fraudulent practices. It acts as a market maker, so the main conflict of interest exists. You can trade a wide range of instruments through the widely used MT4 platform. There is no minimum deposit required and you decide how much you should invest to start trading.