RUBIXFX

About company:

Founded in 2014, Rubix FX is a registered trademark of Gleneagle Securities (Aust) Pty Limited, licensed to conduct financial services business in Australia. It offers its clients more than 70 currency pairs, various CFDs, precious metals (gold, silver) and oil for trading on two types of accounts with the ability to use leverage up to 1: 400. Trading in micro lots is available.

 

Capital security

ASICs require licensed companies to comply with certain requirements and regulations. According to the company's website, customer funds are held in a segregated trust account with Westpac Banking Corporation.

 

Moreover, according to Australian law, a forex broker must have a capital of at least $ 1 million to operate legally. For comparison: the British FCA and the Cypriot CySEC require the broker to have capital of at least 730 thousand euros and 1 million euros, respectively.

 

However, like many other Australian brokers, Rubix FX is not covered by any compensation system. Therefore, despite the ASIC regulation, one should be aware of the risks of trading with margin currencies and CFDs.

 

Trading conditionsMinimum deposit

To open an account with Rubix FX, you need to deposit $ 200. To open an ECN account, you need to deposit $ 1000. In comparison, XM broker, which is also ASIC licensed, only requires $ 5 to open an account.

 

Average spreads and commissions

The company offers two types of accounts - standard account and ECN account. A standard account does not require commissions, spreads on it are in the average range of 1.0-1.5 pips for EUR / USD, starting from 1.0 pips.

 

Trading on an ECN account involves a commission of $ 3.5 per standard lot. In this case, spreads are from 0 pips.

 

Minimum leverage

The company offers a maximum leverage of 1: 400, which is considered quite high. Standard leverage is set at 1: 100 as higher leverage entails greater risk of loss over and above the initial investment. By comparison, most brokers offer average leverage up to 1: 200 or 1: 400.

 

Trading platform

Rubix FX supports the industry-standard MetaTrader 4 trading platform. MT4 provides a wide range of tools and features a trader needs: a range of technical indicators, an advanced charting suite, a wide range of Expert Advisors (EAs) and an extensive backtesting environment. In addition, the broker offers a copying service that can be carried out using the AutoTrade technology.

 

Bonuses

On the company's website, you can find information about the opportunity to receive a $ 50 no deposit trading bonus. However, when trying to get more information, the site visitor is informed that this promotion has expired.

 

Payment methods

Rubix Fx offers its clients various ways of depositing and withdrawing funds: by credit card (AUD, USD, EUR), bank transfer (base currencies: AUD, USD, EUR, CAD, GBP, SGD) and using Neteller payment systems and China UnionPay (USD only). It is worth noting that Rubix FX does not charge any fees for deposits and withdrawals using direct transactions.

 

Criticism of traders

Among the reviews on the Internet, positive ones prevail (70/30%). A fairly reliable and convenient broker, which, however, does not have its own license, and has not worked out a compensation scheme (although this is considered the norm among brokers in Australia). Also, among the shortcomings, a certain percentage of traders identified the occurrence of technical problems when working on the platform.

 

Pros:

 

a wide variety of trading instruments; MT4 is available; ECN trading with low costs; system for copying transactions AutoTrade;

 

Minuses:

 

lack of your own license (authorized representative); undeveloped compensation scheme.