Thad’s Review of the 4XP Broker

If you’re presently considering trading with 4XP, or Forex Palace as they are otherwise known, I would highly recommend that you give them a miss. They seem to have major issues when it comes to processing withdrawals and account closures, meaning that any funds in your account (deposits and profits) will be extremely troublesome to retrieve.

Based on numerous complaints aired on Forex Peace Army, among other forums, this is an issue that isn’t going away any time soon. While there have been many a positive 4XP review since they first launched, their standards of service have seriously eroded over time. As it stands right now, they have a number of serious issues that would be a major concern for any Forex trader trading with them.

The Major Issues Plaguing 4XP

First and foremost, you should be aware that 4XP are no longer allowed to solicit clients from the US. In other words, if you are a US citizen with no other nationality, 4XP is prohibited from allowing you to trade with them. To me, this is a major warning sign. If a broker isn’t up to scratch in the eyes of the US regulators, then that tells me that there are some serious problems within the organization.

Due to this recent regulation change, many US nationals with an account with 4XP were forced to close their accounts and withdraw their funds. This is when a more serious problem came to light – withdrawal requests were being flat out ignored and customer support was non-existent. Following this, many fearful traders took to the popular Forex review forums to air their complaints. Thankfully, this prompted 4XP’s customer representatives to take notice and remedy these complaints before it got out of hand.

Since then, many of these withdrawal requests have been processed and the money returned to their rightful owners, but the length of time that it took for these requests to be processed is truly alarming. Some reported that it took weeks, even months for this to happen. The major excuse that was offered up by 4XP was that a few of their customer representatives had quit the company and the emails directed to them simply fell through the cracks. I don’t know about you, but to me this is simply not good enough.

So Are 4XP A Scam?

Some traders have taken their views of 4XP’s recent actions as an indication that they are a scam. However, to my knowledge, they have not stolen anyone’s deposit so that’s an extreme accusation to say the least. In my view, the problem is that they aren’t very well run. Hopefully they will buck up their ideas and get back to the lofty standards of service they were once known for, but in the meantime I won’t be holding my breath.

If you are still interested in trading with them, then you should think long and hard before you do so. Having hundreds or even thousands of dollars tied up with any broker for weeks at a time is never a pleasant experience, especially if you rely on your trading for part of your monthly income. There have also been unconfirmed complaints about 4XP closing out their accounts and returning the deposits, but not the profit that they have made. Obviously, that’s another major worry if these reports are indeed true.

All in all, I will have to say that this 4XP review is negative and I would not recommend that you trade with them. There are many better brokers who handle withdrawals and account closures professionally and without delay, so why not investigate our recommended brokers to see which one of them are right for you?