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.
After for about three months with PrivateFX 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: Economic calendar|Detailed reporting|Personal attention
Cons: Would like more payment methods
I had a dispute with PrivateFX and went to their complaints process. They have an internal team that just defends the company. Then they said I could go to an ombudsman - but the ombudsman they use is industry-funded and rarely rules for the client. The system is rigged.
Pros: Risk management tools|No hidden fees|Wide product range
Cons: Wish they had more educational resources|Desktop app not available on Linux
I found PrivateFX while looking for alternatives to my previous provider and the initial impression was positive. But since I retired last year later, I have encountered so many issues that I cannot recommend them. Trades failing, charts not loading, and support tickets going unanswered for days at a time.
Pros: Easy withdrawals|Two-factor authentication|Regular platform improvements|Personal attention
Cons: Wait times can be long during peak hours
The spread at PrivateFX is not what they advertise. During volatile markets it widens so much that you lose before the trade even starts. I found them through word of mouth in my investment club and initially thought the platform was good - until I started trading seriously.
Pros: Customizable dashboard|Professional team
Cons: Help articles are sometimes vague|Website design could be more modern
I referred a friend to PrivateFX after hearing about them at a conference. 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: Fast execution|Segregated accounts|Low minimum deposit
Cons: Cannot customize dashboard fully|Could offer more webinars