Risk Warning
Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information contained in this article is for general information purposes only.
General Information
What is Castle Rock FX？
Launched in 2020, Castle Rock FX is an unregulated STP forex broker registered in the Saint Vincent and the Grenadines, offering its clients access to a wide range of trading instruments including currency pairs, cryptocurrencies, precious metals, energy, and other financial derivatives with flexible leverage up to 1:500 on the worlds most popular MT4 trading platform.
In the following article, we will analyze the characteristics of this broker from various aspects, providing you with simple and organized information. If you are interested, please read on. At the end of the article, we will also briefly make a conclusion so that you can understand the broker's characteristics at a glance.
Pros & Cons
Castle Rock FX Alternative Brokers
There are many alternative brokers to Castle Rock FX depending on the specific needs and preferences of the trader. Some popular options include:
FxPrimus - A regulated forex and CFD broker with a range of account types and trading platforms, suitable for traders of all experience levels.
Vantage FX - A regulated broker with low spreads, fast execution, and a range of trading platforms, ideal for traders seeking competitive pricing and reliable execution.
Markets.com - A regulated broker with a broad range of accessible markets and trading tools, suitable for traders seeking a user-friendly platform and educational resources.
Ultimately, the best broker for an individual trader will depend on their specific trading style, preferences, and needs.
Is Castle Rock FX Safe or Scam？
Castle Rock FX appears to be unsafe and potentially a scam. The fact that it is unregulated and only holds a suspicious clone Financial Conduct Authority (FCA, No. 612233) license raises concerns about the safety and security of a trader's funds. Additionally, the unavailable website and numerous reports of unable to withdraw and severe slippage indicate potential fraudulent activity.
Traders should prioritize safety and security when working with any broker and should conduct their own research and due diligence before depositing any funds. It is highly recommended to avoid unregulated brokers and to consider working with regulated brokers for increased safety and security.
Market Instruments
Castle Rock FX offers an extensive range of trading assets that include currency pairs, cryptocurrencies, precious metals (Gold, Silver, Platinum), energy (Brent, WTI, NATGAS), and other financial derivatives on its brokerage platform. Traders can access a variety of markets and instruments to create a diversified portfolio and potentially profit from the fluctuations in different asset classes.
It is important to note that the contract is priced in the USD currency, and the corresponding USD is used as the margin. This means that traders will need to have sufficient funds in USD to open and maintain positions on Castle Rock FX's trading platform.
Accounts
Trading accounts from Castle Rock FX are available for both retail and professional traders. Three tiered accounts including Standard, Pro, and Raw Spreads. The Standard account is designed for all types of clients, especially retail traders, with its initial deposit requirement from $5. Pro and Raw accounts are ideal for professional traders, with minimum deposit requirement for the first time from $2,000 and $5,000, respectively.
Leverage
The trading accounts offered by Castle Rock FX determine the maximum trading leverage that a trader can use. The Standard account offers a maximum leverage of up to 1:1000, which is a generous offering that can be suitable for scalpers and experienced traders. The Pro account and the Raw Spreads account both offer a maximum leverage of up to 1:500, which is still higher than the industry standard.
It is important to note that the leverage level offered by Castle Rock FX is also dependent on the instrument being traded. Traders should exercise caution when utilizing leverage as it amplifies both profits and losses and can increase the risk of financial losses. It is recommended for traders to carefully consider their risk tolerance and use appropriate risk management strategies when trading with leverage.
Spreads & Commissions
As for the spreads and commission of Castle Rock FX, they are determined by the type of trading account selected. The Standard account offers spreads starting from 1 pip, with a commission of $5 on forex trading. The Pro account offers tighter spreads starting from 0.5 pips, with a commission of $4.5 on forex. The Raw account incurs lower commission fees of up to $3.5, with spreads as low as 0.0 pips.
It is important to note that the spreads and commission fees offered by Castle Rock FX are competitive, but traders should prioritize safety and security when working with any broker.
Below is a comparison table about spreads and commissions charged by different brokers:
Note: The information presented in this table may be subject to change and it is always recommended to check with the broker's official website for the latest information on spreads and commissions.
Trading Platforms
Castle Rock FX offers its clients a range of popular trading platforms, including MetaTrader 4 & 5 and FIX API. These platforms can be accessed on any device, giving traders the flexibility to trade anytime, anywhere. The MetaTrader 4 & 5 platforms offer powerful charting tools and multiple technical indicators, allowing traders to analyze financial markets and make informed trading decisions. Additionally, these platforms enable traders to operate trading bots such as EA, potentially streamlining the trading process.
Overall, Castle Rock FX's trading platforms are well-designed, user-friendly, and offer a range of advanced features suitable for both beginner and experienced traders.
See the trading platform comparison table below:
Social Trading
Castle Rock FX also give its clients access to social trading: PAMM and CR-Copy. The PAMM programme offered by Castle Rock FX is a type of investment vehicle that gives individuals of all experience levels the chance to invest without requiring them to trade in the markets. CR-Copy is a strong instrument that enables traders to band together and cooperate as partners in an effort to gain market dominance.
Deposits & Withdrawals
Concerning deposit and withdrawal, Castle Rock FX gives its clients a few payment options to make a deposit and withdrawal. For deposit, traders can fund their account through Wire Transfer, PatRetailers, BitCoin, and Tether. It is recommended to consider using payment methods that are known for their security and safety, such as regulated payment providers or electronic payment systems.
Castle Rock FX minimum deposit vs other brokers
It varies depending on different payment options concerning minimum deposit & withdrawal amount, processing time, service fees. Details are listed on the following screenshot:
User Exposure on WikiFX
On our website, you can see that reports of unable to withdraw and severe slippage. Traders are encouraged to carefully review the available information and consider the risks associated with trading on an unregulated platform. You can check our platform for information before trading. If you find such fraudulent brokers or have been a victim of one, please let us know in the Exposure section, we would appreciate it and our team of experts will do everything possible to solve the problem for you.
Customer Service
A broker's ability to provide excellent customer service cannot be understated. As for the contact information, clients have quick access to multilingual customer care via live chat. In addition to a web form, there is a phone number and an email address. It is accessible and available, although operating hours are not stated. Company Address: Suite 305, Griffith Corporate Centre, Kingstown, St. Vincent and the Grenadines.
It is important for traders to have access to reliable customer service when working with any broker. The ability to quickly and efficiently resolve any issues that may arise can be crucial to the success of a trader's portfolio.
Conclusion
In conclusion, Castle Rock FX is an unregulated forex broker that offers a range of trading assets and markets, with access to popular trading platforms such as MetaTrader 4 & 5 and FIX API. However, the company's safety and legitimacy are questionable due to reports of being unable to withdraw, severe slippage, and holding a suspicious clone FCA license. Traders are advised to prioritize safety and security when considering working with Castle Rock FX and to conduct their own research and due diligence before depositing any funds. It is recommended to consider working with regulated brokers to ensure the safety and security of a trader's funds.
Frequently Asked Questions (FAQs)
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