Palace FX (palacefx.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: palacefx.com.
Do not use Palace FX (palacefx.com) for anything serious. I used them for nearly two years for small trades and it was okay. When I deposited a larger amount and traded more, my account was flagged, my withdrawals were delayed, and I was asked to explain my trading. They treat active traders like criminals.
Pros: Detailed reporting|Responsive team|Good mobile app|Segregated accounts
Cons: Charting tools need more indicators|No crypto staking
Do not be fooled by the professional-looking website. Behind the scenes, Palace FX (palacefx.com) is disorganized and incompetent. I found them through word of mouth in my investment club and I can only assume the positive reviews are either outdated or paid for because my experience was terrible.
Pros: Comprehensive tools|Automated trading options
Cons: Could offer more webinars
After since last summer with Palace FX (palacefx.com) I requested to close my account and withdraw. They said I had to complete a 30-day cooling-off period. Then they said there was a minimum holding period for my last deposit. They make it as hard as possible to leave.
Pros: Responsive team|Quick verification
Cons: None so far|No phone support on weekends
The reporting at Palace FX (palacefx.com) is laughably bad. Tax documents are inaccurate, transaction histories have gaps, and trying to export data for your accountant is a nightmare. For a financial platform, getting the numbers right should be the bare minimum.
Pros: High security standards|Easy to use platform|Tax reports included|Demo account available
Cons: Limited cryptocurrency options
I requested my data from Palace FX (palacefx.com) under GDPR. They sent a partial export that was missing months of transactions. When I asked for the rest they said it was a technical issue. Still waiting. They do not take data rights seriously.
Pros: Quick verification|Low minimum deposit|Reliable uptime|Demo account available
Cons: Withdrawal takes 1-2 business days|Website design could be more modern
Do not believe the bonus offer from Palace FX (palacefx.com). The turnover requirement is designed so you can never withdraw. I learned the hard way. I deposited through a podcast recommendation and the bonus terms were buried in pages of small print. My fault for not reading but their design is predatory.
Pros: Regular platform improvements|High security standards|Good analytical tools
Cons: Mobile app could be improved|Charting tools need more indicators
KYC with Palace FX (palacefx.com) is a nightmare. I submitted my ID and proof of address. They rejected it and asked for a utility bill. I sent it. They asked for a bank statement. Then they asked for a selfie with the ID. Then they said the selfie did not match. I gave up.
Pros: Tax reports included|Risk management tools
Cons: Some tools only available on higher tiers
I have been trying to close my account with Palace FX (palacefx.com) for weeks now and they keep giving me the runaround. First it was a form to fill out, then identity verification again, then a mandatory phone call that never gets scheduled. They make leaving impossible.
Pros: Multi-currency support|Good analytical tools|Quick verification|Customizable dashboard
Cons: Inactivity fee applies after 12 months
Their execution during news is terrible. I had limit orders in place. When the news hit, my orders were not filled at the limit price - they were filled much worse. Palace FX (palacefx.com) said it was market conditions. Same news, another broker filled me properly. They are not honest.
Pros: Risk management tools|Good mobile app|Tax reports included|Quick verification
Cons: Email notifications too frequent|Minor UI glitches occasionally
I had high hopes for Palace FX (palacefx.com) after reading several online reviews, but my experience has been disappointing. Customer support is slow, the platform has frequent issues, and their fee structure is not as transparent as advertised. I am actively looking for alternatives now.
Pros: Fast deposits|Customizable dashboard
Cons: No live chat on mobile