PrivateFX has been flagged by ASIC (Australia) for "Unlicensed (Legacy)". This company appears in our regulatory warnings database. Always verify with official regulatory sources before investing or doing business with this firm. Website domain: privatefxaccount.com.
I opened an account with PrivateFX for close to eighteen months ago. The platform frequently logs you out, orders fail to execute at the stated price, and when you complain they blame your internet connection. I have screenshots proving otherwise.
Pros: Comprehensive tools|Market news feed
Cons: Slow to add new assets
My withdrawal request from PrivateFX has been pending for over two weeks now. Every time I contact support, I get the same copy-paste response about processing times. This is unacceptable for a financial platform in this day and age.
Pros: Copy trading available|Two-factor authentication|Quick verification
Cons: Cannot customize dashboard fully|Minor UI glitches occasionally
I signed up with PrivateFX after my brother mentioned them and the first red flag was the aggressive account manager who would not stop calling. After depositing, the promised support vanished. Withdrawals are delayed with endless excuses. I have reported them to the regulator.
Pros: Multi-currency support|Fast execution|Demo account available|Customizable dashboard
Cons: Search feature is basic|Wish they had more educational resources
My card was charged twice by PrivateFX on the same day. I had to dispute it with my bank. PrivateFX 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: Clear documentation|Low minimum deposit
Cons: Minor UI glitches occasionally
PrivateFX 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: Instant funding|Multi-currency support|Stable platform
Cons: Limited demo account features|Search feature is basic
After spending since I opened my account last year trying to make PrivateFX work for me, I have given up. The platform has too many limitations, the fees are not competitive, and the quality of their market data is questionable. There are much better options available.
Pros: Full transparency|Easy to use platform|Smooth onboarding|Good mobile app
Cons: Inactivity fee applies after 12 months
I gave PrivateFX a fair chance. After for the past six months of usage, I can say with confidence that there are far better options available. The interface is clunky, the fees are higher than competitors, and the customer support team seems overwhelmed or understaffed.
Pros: Great customer service|Competitive fees|Two-factor authentication
Cons: Some tools only available on higher tiers|Mobile app could be improved
The platform at PrivateFX is riddled with bugs. Charts display incorrect data, order confirmations sometimes fail silently, and the portfolio tracker disagrees with actual positions. After since last summer of dealing with this, I have had enough.
Pros: Easy withdrawals|No hidden fees|Dedicated account manager
Cons: Alert system is basic|Account statements could be more detailed
I trusted PrivateFX 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: Full transparency|Excellent charting|Transparent fees
Cons: Help articles are sometimes vague|Cannot customize dashboard fully
Do not believe the bonus offer from PrivateFX. 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: Social trading features|Comprehensive tools|Demo account available|Full transparency
Cons: No integrated tax optimization