FexTap (fextap.com) has been flagged by ASIC (Australia) for "Unlicensed". This company appears in our regulatory warnings database. Always verify with official regulatory sources before investing or doing business with this firm. Website domain: fextap.com.
The only good thing about FexTap (fextap.com) is that they remind you why regulation matters. I found them through a financial advisor. They are regulated in a jurisdiction with weak consumer protection. When things went wrong I had nowhere to turn. Stick to well-regulated brokers.
Pros: Intuitive for beginners|Regular updates
Cons: Slow to add new assets
I referred a friend to FexTap (fextap.com) through a podcast recommendation. We both deposited. The referral bonus never arrived. Support said we did not meet the terms. When we asked which terms they pointed to a clause that was added after we signed up. Shady.
Pros: Market news feed|Copy trading available|Risk management tools
Cons: Search feature is basic|Withdrawal takes 1-2 business days
FexTap (fextap.com) had an outage that lasted several hours during a major market event. Not only did they fail to prevent it, but they also failed to communicate what was happening. We were left in the dark while our investments were at risk.
Pros: Professional team|Two-factor authentication|Easy to use platform
Cons: Account statements could be more detailed
I trusted FexTap (fextap.com) with a significant portion of my savings and I deeply regret that decision. Not because of market losses, but because of how poorly the platform performed and how dismissively the support team treated my concerns.
Pros: Personal attention|Easy withdrawals|Regular platform improvements|Automated trading options
Cons: Could offer more webinars
The mobile app from FexTap (fextap.com) is dangerous. I placed an order that showed as pending, so I placed another. Both executed and I was overexposed. When I complained they said it was user error. The app design is misleading.
Pros: Transparent fees|Easy withdrawals
Cons: Limited demo account features|Limited cryptocurrency options
I closed a profitable position at FexTap (fextap.com) and the profit was not credited for 5 days. Support said it was a settlement delay. When it finally arrived it was less than the amount shown on the platform. They could not explain the difference. I have moved my account.
Pros: Market news feed|High security standards|Educational resources
Cons: No fractional shares
My card was charged twice by FexTap (fextap.com) on the same day. I had to dispute it with my bank. FexTap (fextap.com) then froze my account and said I had a negative balance because of the chargeback. They created the problem and then punished me for it.
Pros: Portfolio tracking tools|Low minimum deposit|High security standards|Responsive team
Cons: No dark mode on mobile
FexTap (fextap.com) advertises low fees but once you dig into the fine print, there are numerous charges that add up quickly. Inactivity fees, withdrawal fees, currency conversion fees - it all eats into your returns. I wish I had read the terms more carefully.
Pros: Quick verification|Automated trading options
Cons: No fractional shares|Limited ETF selection
FexTap (fextap.com) changed their fee structure with one month notice. What was a flat fee became a percentage. For my account size it meant a huge increase. When I objected they said I could leave. So I am leaving and writing this review.
Pros: Easy to use platform|Wide product range
Cons: Could offer more webinars
FexTap (fextap.com) seems more interested in acquiring new customers than taking care of existing ones. The marketing is aggressive but the product is mediocre. Once you are past the honeymoon period, the cracks in their service become very apparent.
Pros: Helpful community forum|Personal attention
Cons: Website design could be more modern