WeekendFX is a forex broker established in 2020, specializing in providing investors with trading services for forex, indices, precious metals, and cryptocurrencies. WeekendFX offers a standard account with a minimum starting capital of $1,000 and a maximum leverage of 100:1. Users can practice trading forex, cryptocurrencies, and indices through a demo account.
Background of WeekendFX:
WeekendFX is a brand name of Shogun Consultants Limited, a company registered in the British Virgin Islands with registration number 1944214. The broker's official domain was registered on August 2, 2020, and its office address is Vailiou Vrionidi 6 office 501-2, Gala Court Chambers 5th floor, 3095 Limassol, Cyprus. The company claims to provide forex trading services, but the British Virgin Islands have been blacklisted by the EU for tax evasion, making it difficult to obtain information about companies registered in the region. Despite having a business register, it is not open to the public. The company has not disclosed its registration certificate, nor provided a QR code or certificate query number in the upper right corner of the certificate, thus the authenticity of its registration information cannot be verified.
Is WeekendFX Legally Regulated?
WeekendFX is a forex broker whose company entity, Shogun Consultants Limited, is registered with the National Futures Association (NFA) in the United States, with a regulatory number of 0552706. However, Shogun Consultants Limited is registered as a non-member of the NFA, and is therefore not actually regulated by the NFA. WeekendFX operates without effective regulation, which may mislead investors and pose potential risks. Although the specific regulatory status depends on the jurisdiction, it's crucial to emphasize that financial brokerage firms operating without proper regulatory oversight pose significant risks to investors.
Trading Products of WeekendFX:
WeekendFX is a financial broker that offers trading in forex, indices, precious metals, and cryptocurrencies. In terms of forex trading, WeekendFX provides services for trading forex and cryptocurrencies on weekends, allowing investors to freely trade currency pairs such as EURUSD, GBPUSD, EURJPY, GBPJPY, EURCHF, USDJPY, EURGBP, etc., with a leverage of 100:1 and a minimum lot size of 0.01.
For index trading, WeekendFX offers index products such as FR40, HK50, JP225, and SP35, with no commission and overnight fees.
In terms of precious metals trading, investors can trade XAUUSD and XAGUSD, with leverage of 500:1 and 100:1 respectively.
As for cryptocurrency trading, WeekendFX offers trading products like XBTUSD, XETUSD, and XETIPY, with a leverage of 200:1 and a minimum lot size of 0.01.
Account Types of WeekendFX:
WeekendFX offers two main types of accounts: standard accounts and demo accounts. Standard accounts support MT4 and MT5 trading platforms, feature floating spreads, leverage of 100:1, and support forex, cryptocurrency, and index trading. The minimum account starting capital is $1,000, supporting currencies such as USD and JPY. This account type provides 100% execution and 80% cancellation guarantees.
The demo account, on the other hand, only supports the MT5 trading platform, also with floating spreads and 100:1 leverage, supporting forex, cryptocurrency, and index trading, with USD and JPY as the only currency types available. The purpose of the demo account is to offer a platform for practice trading, allowing users to simulate trades in a real market environment, thereby familiarizing themselves with the trading platform and market conditions, and improving their trading skills.
Trading Platform of WeekendFX:
WeekendFX offers MetaTrader 5 (MT5) as its trading platform, described as having leading trading and analytical technology, along with additional services. MT5 is regarded as a powerful trading system that makes trading flexible and convenient. It provides 23 analytical objects and 30 built-in technical indicators, greatly simplifying the task of trading analysis. However, there is an error with its download link, making it impossible to download and use the MT5 trading platform from the official website.
Customer Support of WeekendFX:
WeekendFX provides several contact methods for customer support, with its office located in Limassol, Cyprus. Users can contact the broker by sending an email to customer@weekend-fx.com. Additionally, WeekendFX also offers a contact form as another means of communication. However, WeekendFX does not provide a telephone contact option.
Conclusion:
WeekendFX operates without effective regulation, and its company entity, Shogun Consultants Limited, is not regulated by the NFA. This could mislead investors and pose potential risks. The minimum starting capital for a standard account at WeekendFX is $1,000, which is above the minimum deposit requirement of most brokers. Additionally, there are numerous doubts concerning the registration information of WeekendFX, and investors are advised to steer clear of such platforms to safeguard their financial security.
Currently, WeekendFX is marked as "Suspected Fraud" on TraderKnows.
