Textfx is a contract for differences (CFD) broker founded in 2024, with the website domain textfxglobal.com registered on September 14 of the same year. The platform offers CFD trading services in various markets such as forex, precious metals, crude oil, indices, and cryptocurrencies, but does not provide services to jurisdictions where it may violate local laws or regulations.
Overview of Platform Services
Trading Account Information
Textfx trading accounts offer users spreads starting at 1 pip, with support for trading leverage up to 1:400. However, specific details regarding minimum deposit requirements, margin calls, and stop-out levels, as well as whether trading commissions are charged, are not disclosed on the official website.
Trading Platform
Textfx provides the ST5 trading platform, which is supported on both desktop and mobile devices. The platform features a wide range of charting tools, over 50 technical indicators, and intraday analysis tools. However, when clicking on their mobile download link, the trading software displayed in the App Store is RCICAI, and on Google Play, it is RTHYUTG.
Types of Trading Products
- Forex Trading: Covers a variety of major currency pairs such as Euro/US Dollar (EUR/USD), US Dollar/Canadian Dollar (USD/CAD), British Pound/US Dollar (GBP/USD), US Dollar/Japanese Yen (USD/JPY), and more.
- Precious Metals: Offers spot trading services for precious metals like gold (XAUUSD) and silver (XAGUSD).
- Crude Oil: Includes trading in US crude oil (UsOIL).
- Indices Trading: Examples include Nikkei 225 (N225), DAX30 (GER30), and S&P 500 (US500).
- Cryptocurrencies: Supports trading in various digital currency pairs including Bitcoin (BTC/USD), Ethereum (ETH/USD), and Ripple (XRP/USD).
Deposit and Withdrawal Methods
textfxglobal.com does not clearly list the supported deposit and withdrawal methods, nor does it specify whether there are any associated fees.
Customer Contact Channels
Textfx has not opened accounts on common social media platforms such as Facebook, Instagram, or Twitter. Users can communicate with the platform via email provided on the official website or through the online customer service system.
Company Background and Regulatory Status
Company Background
According to publicly available information on textfxglobal.com, Textfx is located at 1430 Stout St, Denver, Colorado, United States, and claims to be one of the top 50 largest financial services companies in the US. However, the official website does not provide company registration information, nor does it mention oversight by any regulatory bodies.
Additionally, the broker claims on its "Common business issues" page that the platform secures users' funds under the UK Markets in Financial Instruments Directive (MiFID).
Verification of Regulatory Information
Verification reveals that the official websites of the Financial Industry Regulatory Authority (FINRA) and the US Securities and Exchange Commission (SEC) do not contain any regulatory or registration information on Textfx. Similarly, the UK's Financial Conduct Authority (FCA) also has no records of the company's registration.
Conclusion
Textfx is a CFD broker established in 2024 without clear information on its corporate entity and holds no authorization from any major financial regulatory bodies. Investors are advised to thoroughly evaluate the platform's background, align it with their investment goals and experience, and avoid potential risks when choosing a platform.
Risk Warning: CFD trading carries high risks, and market volatility can lead to losses of investors' funds. Leverage trading further amplifies risk. Investors should fully understand the mechanics and risks of trading, ensure they have sufficient risk tolerance and investment experience, and exercise caution in uncertain market conditions.
