FXArena Review & User Rating 2020
FXArena is a brokerage firm that has operated in the forex market since 2012. The broker is owned and operated by Genius Trading, a company registered in the Lesser Antilles islands (Anguilla).
- Start year:2012
- Country of origin:Belize
- Regulation:Financial Services Commission (IFSC) under license number IFSC/60/366/TS/15
- Payment options:RBKMoney, Qiwi, MoneyBookers/Skrill, Payza, EuroGoldCash (USD), Visa, MasterCard, bank transfers, cash (InstaForex dealer)
- Minimum account size:-
- Minimum lot size:0.01 lot
- Leverage:1:25, 1:50
What differs FXArena from its competitors is an entirely new approach to financial trading based on contests. By taking part in these, traders get an opportunity to sharpen their professional skills and learn how to succeed in the currency market. Those who have opened an account with this broker, immediately get access to an enormous number of competitions. They can also participate in several tournaments at the same time.
There are over 100 available contests to choose from. The prize pool of some competitions, such as the monthly Big Big event, comes up to $50,000. Another interesting contest is Big Free where traders can win up to 2 thousand dollars.
There are both free and fee-based contests on FXArena. If a trader decides to take part in a competition that requires an entrance fee, then this sum is automatically subtracted from their account.
The whole trading process is carried out through the MT4 trading platform. You can pick one of its five versions: for Windows, Mac, iPad, iPhone, or Android. After you install the platform, you can choose whatever trading instruments you are interested in and download various expert advisors.
It is worth noting, however, that there are no educational and analytical sections on the broker’s official website which is a major disadvantage for forex beginners who start out on their trading career with only a vague idea of the currency market’s fundamental concepts.