FXFellow

FXFellow is a retail forex and CFD broker registered in Bermuda, with a founding date of December 26, 2019. The company operates under the official domain fxfellow.com and lists its registered address at Clovelly, 36 Victoria Street, Hamilton HM 12, Bermuda. Importantly, FXFellow does not hold any known financial regulatory license from a major authority, meaning client funds are not protected under typical compensation schemes.

According to its website, the broker positions itself as a true STP (Straight Through Processing) broker, forwarding all client orders directly to liquidity providers. The company states that its goal is to create a transparent and fair trading environment. However, the absence of regulation means that traders must rely solely on the broker’s self-reported claims for security and operational integrity.

FXFellow offers two primary account structures based on known facts: a Live Floating Spread account and a No Commission STP account. Both require a minimum deposit of $500, with the Live Floating Spread account offering maximum leverage up to 1:500 and the No Commission STP account capping leverage at 1:200. The broker also describes a three-tier upgrade system (Basic, Premium, VIP) on its website, where higher tiers provide tighter spreads.

The spread comparison page on the broker’s site shows indicative spreads for Basic starting at 1.6 pips on EUR/USD, with Premium at 1.4 and VIP at 1.1. The No Commission STP account is not separately detailed on the website but is mentioned in internal records. Traders can choose between swap-free accounts and leveraged bonuses, subject to request.

FXFellow provides two main trading platforms: a proprietary WebTrader and the industry-standard MetaTrader 4 (MT4). The WebTrader is designed for quick browser-based access, supporting 12 timeframes, charts, news, and a heatmap. It is mobile-friendly and requires no download. For more experienced traders, MT4 is available on Windows, Mac, iOS, and Android, offering advanced charting, automated trading via Expert Advisors, and a wide range of technical indicators.

According to the broker’s website, all platforms feature encrypted data transmission. However, traders should note that the broker does not offer the newer MT5 platform or cTrader, which may limit options for those seeking more modern or versatile trading tools.

FXFellow claims to offer over 200 tradable instruments, including major and minor forex pairs, spot gold and silver, and cash indices such as the DAX, FTSE, and S&P 500. The known facts list only EUR and CHF as instruments, but the website presents a much broader selection. The broker provides flexible leverage up to 1:1000 according to marketing materials, though the known account types cap at 1:500 and 1:200.

This high leverage can amplify both gains and losses, making the broker potentially attractive to aggressive traders but also riskier for those not familiar with leveraged products. The availability of indices and metals CFDs adds diversification, though the lack of regulatory oversight means there is no guarantee of fair pricing or execution.

A critical factor for any trader to consider is that FXFellow operates without a license from any recognized financial regulator. The broker’s website includes a disclaimer noting that it is not directed at EU residents and falls outside the MiFID II regulatory framework. This absence means that client funds are not segregated under strict regulatory requirements, and there is no access to ombudsman or compensation schemes in case of disputes.

FXCanary’s Scam Risk Score of 48/100 places this broker in the ‘Guarded’ category, reflecting the inherent risk of trading with an unregulated entity. Traders considering FXFellow should conduct thorough due diligence and only risk capital they can afford to lose. The Bermuda registration offers limited legal recourse, and the broker’s self-regulatory claims should be viewed with caution.

FXFellow appears to target experienced, non-EU retail traders who are comfortable with high leverage and unregulated environments. The broker’s marketing emphasizes fast execution, no hidden fees, and swap-free accounts, which may appeal to short-term or position traders. The flexibility to upgrade accounts and access tighter spreads aims to attract active and high-volume traders.

However, the lack of regulation and relatively high minimum deposit of $500 may deter beginners or those who prioritize fund security. European clients are explicitly excluded, and traders from jurisdictions with strict forex regulations (e.g., UK, Australia, US) should verify whether dealing with FXFellow complies with their local laws.