There are two basic accounts available with Land-FX: commission-free Standard account and ECN one with tighter spreads and commission fee.
Micro lots are available for trade on the Standard account type and besides, inexperienced traders are offered free demo accounts.
Unlike most FX brokers, Land-FX doesn’t offer swap-free (Islamic) accounts to investors of Islamic belief.
The Company. Security of Funds
Land-FX offers trading in more than 60 currency pairs and various Contract for Difference (CFDs) on the most popular trading platform, MetaTrader 4.
Founded in 2013, the broker is now operating through 13 offices worldwide: in USA, UK, Singapore, Indonesia, Malaysia, China, Russia, Nigeria and the Philippines. Besides, Land-FX is a proud sponsor of 1. FSV Mainz 05, a prestigious football team in the Bundesliga league.
Land-FX is the trading name of Land Prime Ltd., a New Zealand based company, registered in the Financial Service Provider Register (FSPR) and as such regulated by the Financial Markets Authority (FMA). The company also has a UK unit, Land-FX UK Ltd., which holds a license from the Financial Conduct Authority (FCA).
In order to acquire a license from the UK financial watchdog, brokers have to prove their financial stability: they must hold net tangible assets of at least €730 000. A minimum capital requirement for NewZealand-based forex brokers is about to be introduced later in 2016 and they will be obliged to hold at least $1,000,000. Currently, however, such requirement does not apply yet.
Furthermore, both FCA and FMA have set money rules, requireing client funds have to be kept in segregated accounts, separated from the company’s operational funds.This separation of accounts ensures that, in the event that a broker goes bankrupt, clients’ money cannot be claimed by its creditors.
Regulation by FCA also involves additional guarantee to clients’ funds, since they fall under the umbrella of the Financial Services Compensation Scheme (FSCS), where the maximum compensation cover is £50,000 per person in the event that a broker becomes insolvent.
Moreover, Land-FX is a member of NZ FSCL (Financial Services Complaints Limited), a qualified independent dispute resolution company associated with NZ FMA, able to awarding up to $200,000 in compensation to consumers. Besides, it was awarded as Best Retail Forex Provider in China Forex Expo 2014.
Minimum Initial Deposit
The minimum initial deposit required by Land-FX is $300. This is a reasonable amount to start trading with, however it may prevent some small investors from trading with this broker, taking into account that CMC Markets, a leading NZ-based brokerage, does not require any minimum deposit.
Commission & Spreads
Being a STP/ECN broker, Land-FX offers variable spreads. The typical ones on the commission-free account are average, amounting to 1.4 pips on EUR/USD, while thosex on the ECN accounts provide tighter spreads, averaged 0.3 pips on EUR.USD, however commission of 0.35 pip/lot (per side) applies. So, basically the trading costs on ECN accounts are low, amounting to an average of 1 pips (0.3+0.35+0.35 pips) per traded lot round turn.
In comparison, CMC Markets offers spreads averaged 0.9 pips on EUR/USD, and charges an average commission amounting to 0.10 % of the volume traded. You may check out and compare real-time spreads of 15 leading brokers here.
The maximum leverage level offered by Land-FX is 1:500, which is a high rate, yet most brokers usually offer similar leverage ratios. CMC Markets, for instance, also provides leverage up to 1:500. A list of more forex brokers offering leverage levels equal to or exceeding 1:500 may be viewed here.
We advise traders to operate carefully with high leverage, for trading on margin may lead to heavy losses exceeding their initial investments.
Like most FX brokers, Land-FX supports the industry standard, MetaTrader 4, coming in desktop and mobile versions.
MT4 is globally popular for its innovative, on the go trading capabilities, variety of built-in indicators, technical analysis tools, advanced charting package, automated trade options with Expert Advisor strategies (EA) and extensive back-testing environment. Not to mention its fast and user-friendly technology, designed to let you trade with ease. Here is a list of more forex brokers offering MT4 platform.
This broker also offers MAM accounts to money managers and investors through the Land-FX MT4 MultiTerminal. It is equipped with a professional and easy-to-use interface for managing multiple accounts simultaneously from one account.
According to Land-FX website, the brokers provides fast order execution within 0.035s.
At the time of writing this review, this broker offers 10% welcome on deposit bonus up to $3,000, which can be withdrawn after certain volumes are traded.
Methods of Payment
Land-FX’ clients are offered a wide range of payment methods: Credit cards (Visa and MasterCard accepted), bank wire transfer, and the following e-wallets: Skrill, Neteller, FasaPay, Perfect Money, WebMoney, Qiwi, AstroPay, China UnionPay, giropay and Land-FX Mastercard (available to account holders with a combined total balance of $2,000 more).
On its website, the broker advertises deposit/withdrawal time of just 1 hour.
Land-FX is a reliable FX and CFD broker operating under the licensing and regulation requirements of New Zealand. Here are, in a nutshell, the Pros and Cons with regard to this broker: