Yet another Forex/CFD broker claims that its top priority is reliability and security. Representatives of the project assure traders that navigating global markets is effortless with an intuitive platform, exclusive trading conditions, expert educational resources, and premium support. But behind these bold statements lies nothing more than a set of generic promises, unsupported by real facts or concrete actions.
Today, we present our FXRoad review — an in-depth analysis of a platform whose offerings are so attractive that they might just be another trap. Can this broker be trusted, or are its clients facing bitter disappointment and irreversible financial losses? Read our carefully prepared materials to find out all the details.
Key Features
- Company Name: 4Squares (SY) Limited
- Website: https://www.fxroad.com/
- Available Contacts: [email protected]; +5561947565589, +911171279109
- Foundation: 2024
- Services: Forex/CFD trading
- License: SFSA (Seychelles Financial Services Authority) № SD052
- Initial Deposit: 250 USD/EUR
From Sign-Up to Payout
Some may say that the official FXRoad website deserves high praise. It does indeed look quite appealing and is well-optimized. However, there are still a few noticeable flaws — for example, someone mistakenly swapped the invitations under the real and demo account registration buttons, which resulted in an amusing mix-up. But such minor issues are unlikely to deter those eager to trade on this platform.
Unfortunately, more serious drawbacks exist, and they are not just simple staff errors.
- The number of countries whose residents can become clients of the broker is limited. For example, the platform does not accept registrations from the USA, Canada, Japan, and most European countries. In short, the company does not operate in jurisdictions with strict regulatory requirements. Traditionally, this also applies to countries under international sanctions. As a result, the broker is left with only a small list of Asian and South American nations.
- Registering a new client is also quite complicated. Users must fill out a lengthy multi-page questionnaire, providing not just standard personal and contact information but an extended list of details, including taxpayer identification numbers, income sources and amounts, and trading experience.
The purpose of such an extensive questionnaire is unclear. This level of detail is not required to classify a trader as a professional, nor does FXRoad’s regulator impose such strict demands. Additionally, the broker offers the same trading conditions to all clients. So why spend so much time answering questions that seem irrelevant?
Another notable downside is the combination of the trading terminal and the personal account into a single platform. This approach contradicts the company’s claims of prioritizing security. What is the reason behind this software choice? We don’t have an answer yet.
There are also some concerns regarding non-trading operations. From a security and legality standpoint, everything seems fine. The company even promises commission-free deposits and withdrawals. However, transaction fees from payment systems and agents still apply. The payment processor is 4Square (CY) Ltd, registered in Cyprus. The similarity in names is no coincidence — the broker’s owners clearly do not want to part with any money they can extract from traders.
Our Trading Experience With FXRoad
The broker offers trading on its so-called “ultimative” platform. According to the company’s representatives, it boasts numerous advantages and is designed to meet the needs of all traders — both experienced market participants and complete beginners.
However, from our point of view, this software has significant drawbacks:
- No multi-chart mode — users can only work with a single chart in the main window.
- No one-click trading — this feature is not supported.
- Limited interface customization — the only adjustable element is window size; the overall layout cannot be modified.
- Market overview is inconvenient — like most web-based platforms, it displays a full list of assets at all times, limiting search capabilities. Adding symbols to “Favorites” does not solve the issue.
- No support for custom or third-party indicators and trading robots — users cannot develop or integrate their own tools.
An experienced trader would only need to glance at this list to recognize the serious limitations. To operate effectively, at the very least, trading strategies would need adjustments. Otherwise, losses — especially in fast-moving markets — are almost inevitable. This platform is far from ideal for traders, but it seems to perfectly suit the company’s interests.
That said, FXRoad does offer a demo account on its trading servers. Users can explore the platform, develop, and refine trading strategies without risking real money.
Important Note! This trading terminal was not developed by FXRoad. The same software is used by both scam brokers and licensed firms. The reason behind FXRoad’s reluctance to disclose the actual software provider remains unclear.
FXRoad offers three account types: Silver, Gold, and Platinum. Some key parameters are mentioned in their descriptions. For example, the broker provides leverage rates for different asset classes:
- Forex pairs — 1:200.
- Indices & Commodities — 1:50.
- Stocks & ETFs — 1:10.
- Cryptocurrencies — 1:5.
Based on information published on the website, the spreads are far from competitive. For a Silver account, spreads start at 2.6 pips. Compared to similar accounts offered by most regulated brokers, this is over three times higher. Even for a Platinum account — with two consecutive 20% discounts — the difference remains more than double.
FXRoad does not disclose swap rates. The only mention is that Gold accounts receive a 20% discount, and Platinum accounts get another 20% off. However, the broker does not specify the base value from which these discounts are applied.
FXRoad also provides a contract specification table in XLSX format. It includes details such as standard lot size, trading volume limits, and margin requirements.
The margin requirements are listed separately for retail and professional traders. When converted into leverage, they correspond to 1:30 for retail traders and 1:200 for professionals. However, FXRoad disregards this classification and offers the maximum leverage to all clients.
As a result, traders are exposed to significant risks that are unsuitable for most market participants. FXRoad, on the other hand, appears to benefit from this setup — allowing them to drain traders’ deposits while technically staying within legal and regulatory boundaries.
The Reality Check
Overall, in our opinion, FXRoad does not deserve a high rating. The broker operates solely for its own enrichment, ignoring the interests of traders — a common trait of scam platforms. However, the project owners claim their activities are conducted under a valid license.
According to official data, FXRoad is managed by 4Squares (SY) Limited, a company registered in Seychelles. This entity holds license SD052, issued by the Seychelles Financial Services Authority (SFSA). These details are indeed confirmed.
We found that the company operates under two trade names: Capitalix and FXRoad. Its securities dealer license allows it to provide brokerage and dealing services.
FXRoad does not display a copy of this certificate on its website, but it can be found in Capitalix’s legal documents. However, this certificate expired on May 9, 2024. There is no information on whether the company has renewed it.
Another key issue is that the SFSA license only grants permission to operate within Seychelles. To provide international services, a broker must obtain a CSL (Special License Company) status. 4Squares (SY) Limited has not disclosed any information about holding such a license. This raises serious doubts about the legality of its services. Perhaps this is the reason why FXRoad imposes strict geographic restrictions, barring clients from regions with strong financial regulations.
How Long Has FXRoad Been in the Game?
The broker’s operational history is an important factor to consider. Since FXRoad does not disclose its launch date on the official website, we checked WHOIS records for domain registration details.
Unfortunately, the server data was unhelpful. The domain fxroad.com is relatively old — it has existed since 2011. However, it’s clear that FXRoad started operating much later. One way to estimate its launch date is by reviewing the issuance date of its business name certificate in mid-2023.
Snapshots from Web Archive confirm that as recently as March 2024, the website was still under development. The first signs of real activity appeared only in May 2024.
Extra Fraud Indicators
We found that FXRoad has been active for at least eight months. This is enough time for traders to share their experiences. However, we were surprised by the unusually high number of reviews: Trustpilot currently lists 452 FXRoad reviews.
The majority of these reviews are overwhelmingly positive. Users praise the broker’s trading conditions and services. However, most of these reviews contain generic statements claiming everything is “excellent” — without any real details. The sheer volume and lack of substance in these comments strongly suggest that FXRoad is paying for positive reviews.
At the same time, 31% of the reviews are negative. Dissatisfied clients report numerous issues — some even claim that Indian authorities have launched an investigation into FXRoad and its employees.
Even expert opinions on FXRoad are divided. Most industry review sites classify it as a scam broker and strongly advise against any dealings with this platform.
Is FXRoad the Right Fit?
The FXRoad review materials do not allow us to definitively label the broker as a scam. It is officially registered and operates under a Seychelles financial license. However, some of its practices, such as buying fake reviews or offering the same high leverage to all clients, can only be described as scam-like. In our view, FXRoad should not be trusted blindly, nor should traders deposit funds on this platform.
I received an invitation to FXRoad via email, followed by aggressive calls from their sales team. Clearly, they got my contact details from a scam database. I made the mistake of depositing $1,500. After a month of excuses about ‘technical issues,’ my withdrawal request was denied. Then, they accused me of violating their terms and permanently banned my account. I reached out to customer support multiple times: no response. Now, I’m filing a complaint with the regulator, hoping for justice.
The creators of FXRoad are outright scammers. They officially operate two platforms, but who knows how many more exist under the radar? They lure in beginners and wipe out their deposits. Their trading terminal is completely unreliable!! Сonstant failures at critical moments will ruin anyone. I lost nearly $7,000 this way, with no legal violations on their part. Now, I’m looking for lawyers to help recover my funds.