SBI FXTrade Forex Trade Platform and Broker Review

SBI FXTrade Forex Trade Platform and Broker Review

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SBIFX Broker Review

SBI FXTrade, operating under SBI Holdings, is a Japan-based Forex broker that provides trading in options on the Forex market with low spreads and swap points.  

SBI FXTrade was established in 2012 and is headquartered in Tokyo, with approximately 50 employees. SBI Holdings, Inc. is regulated by the U.S. Security and Exchange Commission.

Is SBI FXTrade Regulated?

Yes, SBI Holdings, Inc., which is the parent company of SBI FXTrade, is regulated by the U.S. Security and Exchange Commission and incorporated in the state of Japan.

According to the official website, SBI FXTrade is under regulation for offering licensed brokerage services as per the auspices of the Security and Exchange Commission.

SBI FXTrade’s regulations guarantee sound financial practices, regular audits, and legal recourse for client disputes. 

Is SBI FXTrade Regulated in the United States?

Yes, SBI FXTrade is regulated in Virginia and the other US States by the U.S. Security and Exchange Commission.

Is SBI FXTrade Regulated in Europe?

No, SBI FXTrade is not regulated in Europe.

Is SBI FXTrade regulated in a Tier-1 Jurisdiction?

According to the SBI FXTrade website, SBI FXTrade is regulated under Tier-1 jurisdiction. 

This type of jurisdictional regulation refers to specific licensing that pertain to the following countries: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Israel, Japan, Luxembourg, Netherlands, New Zealand, Norway, Puerto Rico, Singapore, Sweden, and Switzerland.

Is SBI FXTrade regulated in Tier-2 Jurisdiction?

According to the official SBI FXTrade sources, SBI FXTrade is not regulated under Tier-2 jurisdiction. 

With this type of jurisdictional licensing, the broker would be able to offer regulated services in the British V.I., Cayman Islands, Cyprus, Italy, Malaysia, Mexico, Poland, Portugal, Spain, and Taiwan.

What are the Platforms and Tools for Forex Trading in SBI FXTrade?

SBI FXTrade offers proprietary trading software called the Rich Client, which provides a number of features and tools.  

  1. With the Rich Client trading platform from SBI FXTrade, users can check the chart, candlestick, and current price at the same time, making it possible to make quick investment decisions. 

Users can check up to 6 simple charts, candlesticks, and rate panels in a list.

The screen layout can be selected from “MDI (a format in which windows for each operation such as new orders and inquiries are displayed in the parent window)” and “SDI (a format in which individual windows are displayed independently)”. 

This makes it possible to handle multi-monitor transactions and customize the screen layout to your liking.

Does SBI FXTrade Have a News Blog for Forex News?

Yes. SBI FXTrade has a free news blog available on its official website. Traders can navigate to the blog under the Market News section of the broker’s website. 

The news blog covers a number of topics and categories, including a Daily Report, Trading data by currency, today’s featured currency topics, and the Weekly market outlook. 

Does SBI FXTrade Have a Traders Dashboard?

No, SBI FXTrade does not offer a Trader’s Dashboard. This is a central area on some brokers’ websites that allows users to monitor various data streams at once. However, SBI FXTrade’s Market Information section has various useful analytical resources. 

Does SBI FXTrade Have an Educational Section?

Yes, SBI FXTrade has an education system for Forex Traders. To join the education system, traders should click on the First Time tab on the broker’s website and choose from the various resources listed on the dropdown sheet.  

What is the content of SBI FXTrade Forex Education?

There are 3 learning categories in the Forex Education section, each with its own lectures. 

The Basic Knowledge of FX for Beginners category covers topics such as FX Basics, Forex Trading Flow, “Buy” and “Sell”, and an FX Reading column. 

The Technical Analysis category has 15 lectures. These lecture topics are listed below. 

  1. How to read the chart
  2. Moving average
  3. Candlestick
  4. Simple analysis
  5. Trend 
  6. RSI
  7. Divergence 
  8. Indicator
  9. Bollinger band
  10. Fibonacci 
  11. MACD
  12. Average foot
  13. Golden cross and dead cross
  14. Support line
  15. Harami line

The How to Start Trading category has 10 lectures covering various topics. These lectures are listed below. 

  1. New order
  2. Settlement order
  3. Basic ordering method
  4. 2-way order
  5. Market order
  6. Limit order/stop order
  7. OCO Order
  8. IFD Order
  9. IFDOCO Order
  10. Trail order

The Forex Education provided by SBI FXTrade offers the most important aspects of Forex trading knowledge and should be used by beginner traders. 

Is SBI FXTrade Legit?

Yes, SBI FXTrade is a legit Forex Broker and Trade Platform. SBI Holdings, the parent company of SBI FXTrade, has an SEC legal certificate to perform Forex Broker and trading services.

Is SBI FXTrade Safe?

SBI FXTrade is a reliable and safe Forex Trade platform in terms of its regulation and safety protocols. The broker is regulated by the Security and Exchange Commission (SEC) in the United States and incorporated in Japan.

The SEC is the most reputable financial sector regulatory body in the US. The Securities and Exchange Commission (SEC) is active in overseeing many aspects of the financial sector, focusing on the stock market.

The agency is one of 4 key market regulators in the United States. The others are the CFTC, NFA, and FINRA. That said, a broker must register with the SEC particularly if they are offering any stock brokerage services to traders.

Is SBI FXTrade a Good Broker?

Yes. According to the Forex Suggest review, for security, trading speed, online support, and crypto currencies, SBI FXTrade is a good broker. 

  1. In terms of trading speed, the broker’s Rich Client trading platform is equipped with a price board for faster transactions. 
  2. In terms of security, SBI FXTrade, under the auspices of its parent company SBI Holdings, is very well-regulated by the Securities and Exchange Commission (SEC) in the United States.  
  3. In terms of online support, SBI FXTrade does not provide an online chat function from its website. Traders can contact the broker’s client support team via telephone or an online query submission form. 
  4. In terms of crypto currencies, SBI FXTrade offers CFD trading on cryptocurrencies as well as Forex. 

What is the Offering of Investment in SBI FXTrade?

Offerings of SBI FXTrade can be found below.

Feature SBI FXTrade
Forex Trading Yes
CFDs Yes
Forex Pairs Yes
Cryptocurrency (Physical) No
Cryptocurrency (CFD) Yes
Social Trading  No

Does SBI FXTrade have Nasdaq?

No, SBI FXTrade does not offer to trade on the Nasdaq 100 Stock Index. However, the broker’s parent company, SBI Holdings, is listed on the Nasdaq, which lists the stock of the 100 largest companies in the world by market capitalization. 

What are the Awards of SBI FXTrade?

According to the official sources and Forex Trading platforms, SBI FXTrade does not have any awards listed to date. 

How to Use SBI FXTrade for Forex trading?

To use SBI FXTrade, a forex trader should have the necessities below:

  1. The consent of a parent (legal representative) is required to open an account for minors (18 to 20 years old).
  2. Minors (18 to 20 years old) cannot open an account for option FX and crypto-asset CFD.
  3. Corporate customers cannot open an account for crypto assets CFD.

If a Forex Trader has the conditions above, they can open a forex trading account to use SBI FXTrade. 

How to open a Forex trading account with SBI FXTrade?

To open a Forex Trading account with SBI FXTrade, a trader should follow the steps below.

  1. Navigate to the account registration section of the SBI FXTrade website
  2. Enter your email address in the required field. The broker will send the account opening application URL to the email address you entered. Please confirm and consent to the documents delivered before the conclusion of the contract from the URL, and enter the required items.
  3. Please enter the same content as the identity verification document.
  4. Send your number (individual number) notification documents and identity verification documents by either “shooting with a smartphone (online identity verification)”, “web upload”, “email”, “mail (postage paid by the customer)” 
  5. The designated documents to be submitted are “(1) Individual Number Card”, “(2) Notification Card + Driver's License”, “(3) Notification Card + Basic Resident Register Card”, “(4) Notification Card + Residence Card”, and “(5) Notification Card + Special Permanent Resident Certificate”. There are 5 types. For other documents to be submitted, please submit by WEB upload, email, or mail.
  6. If you submit the documents by “shooting with a smartphone”, after the account opening is completed, the login ID, password, and the transfer destination specified by the company will be sent to the registered email address together with the “account opening completion email”. 
  7. SBI FXTrade will send you a URL where you can view the “Information on Completion of Account Opening Procedures” that describes your bank account. The viewing period is about 10 days, so please save and print it yourself and manage the documents.
  8. If you submit the documents by “WEB upload” or “email/mail”, the broker will send the “account opening completion email” to the registered email address after the account opening is completed. 
  9. At a later date, SBI FXTrade will send you a document containing the login ID, password, and bank account specified by registered mail (no forwarding required) to confirm your identity.
  10. You can make a transaction by depositing to the bank account designated by the broker or depositing to the trading account by quick deposit.

What is the Forex Trader Account Types with SBI FXTrade?

Forex Trading Platform and Financial Asset Management Institution SBI FXTrade have 3 different account types. Every Forex trading account type has different features and conditions with SBI FXTrade. 

SBI FXTrade Account Types are listed below. 

  1. FX Trading Account

  2. Reserve FX Trading Account

  3. Cryptocurrency CFD Trading Account

  • FX Trading Account

This is the Standard Trading Account from SBI FXTrade. The account can be opened with just 1 unit of your base currency, and up to 10 million currencies can be traded at one time. The account is a good choice for beginner traders. 

  • Reserve FX Trading Account

The Reserve FX Trading Account from SBI FXTrade allows for a variety of different currency pairs which can be traded against the Japanese Yen as well as the US Dollar. 

Various simulations are possible, including AI exchange forecast simulation, swap point simulation, loss cut simulation, and reserve FX simulation.

  • Cryptocurrency CFD Trading Account

The cryptocurrency CFD trading account from SBI FXTrade allows for the trading of Cryptocurrency CFDs in one dedicated account area. 

Crypto asset CFD trading is possible for 3 stocks of BTC (Bitcoin), XRP (XRP), ETH (Ethereum) with double leverage and trading against yen and dollar.

Added to this, users can trade 24 hours a day, 365 days a year, including Saturdays and Sundays when FX cannot be traded.

How to Withdraw Money from SBI FXTrade?

To withdraw money from SBI FXTrade, the following should be done:

  • Log in to your account area
  • Submit a withdrawal request via the deposit/withdrawal portal
  • The withdrawal will first be processed by the accounts department before being credited to the account from which your initial deposit was made

How many days do deposits take with SBI FXTrade?

Deposits with SBI FXTrade take one working day to be processed by the accounts department. The time it takes for deposits to reflect in the broker’s account will depend on your chosen payment method and your location.  

What are the costs and fees with SBI FXTrade?

SBI FXTrade does not appear to charge commissions on trading and offers tight spreads and low swap fees. 

A Forex Trading Cost is one that is applied by the broker in return for its services and is charged as commissions, spreads, and swaps, in general. Spreads are expressed in pips, which are the difference between the bid and the asking price.  

Commissions are charged on round trades and will not apply to all accounts. Swap fees are interest charged on positions held overnight. 

The Forex Trading Fees with SBI FXTrade are below. 

Commissions: none

Spreads: 

  • Average at 0.00 to 0.09 pips for major currency pairs

Swaps: 

  • Swap rates are charged on positions held open overnight. These consist of interest accrued on these positions and can be either debited or credited to your account, depending on the conditions. 

What are the Trading Fees with SBI FXTrade?

Apart from the spreads and swaps, SBI FXTrade does not charge any additional fees. There are no fees for making deposits or withdrawals, and no inactivity fees on dormant accounts.   

What is the minimum deposit in SBI FXTrade?

There is no minimum deposit requirement with SBI FXTrade. A trading account can be opened with as little as 1 USD. 

What are the contract specifications in SBI FXTrade?

Feature SBI FXTrade
Forex Trading Yes
CFDs 12000+
Forex Pairs 34+
Cryptocurrency (Physical) 0
Cryptocurrency (CFD) 5+
Social Trading  No

Does SBI FXTrade have promotional offers?

Yes, SBI FXTrade runs various promotional offers on its website. These promotions are listed below. 

  1. First 2021 Twitter Campaign
  2. Unlimited Cashback Campaign
  3. Mexican peso/yen spread campaign
  4. Deposit Charity Planning 
  5. 500 yen deposit privilege 

Does SBI FXTrade have a welcome bonus?

No, SBI FXTrade does not have a welcome bonus. 

However, the broker does offer a deposit bonus for existing customers. The parameters of the broker bonus are discussed below. 

Does SBI FXTrade have a deposit bonus?

Yes, SBI FXTrade does offer a deposit bonus. This deposit bonus is offered to existing clients on deposits of $500 yen. 

Is there a commission-free trade bonus in SBI FXTrade?

No, SBI FXTrade does not offer a commission-free trade bonus. However, the broker does appear to offer commission-free trading on all of its accounts.  

Is there a VIP bonus in SBI FXTrade?

No, SBI FXTrade does not offer a VIP bonus. SBU FXTrade does not offer a special VIP account for clients of high net worth.   

Can you start trading with no money at SBI FXTrade?

No, you cannot start trading with no money at SBI FXTrade. This is because SBI FXTrade does not offer any deposit bonus, therefore traders will need to deposit their own funds when opening a Trader Account.

How does leverage work with SBI FXTrade?

Leverage is a tool that allows traders to increase their available funds in order to open larger positions. Using margin, leverage is expressed as a ratio of the client’s deposited funds. 

Traders can use leverage with SBI FXTrade by contacting the broker’s client support team to set their desired leverage ratio. The following leverage ratios are provided by SBI FXTrade:

  • Personal account: 25 times, 10 times (RUB / JPY, BRL / JPY)
  • Corporate account: Calculated from the assumed exchange risk ratio (different for each currency pair)

Where are the headquarters of SBI FXTrade?

SBI FXTrade is headquartered in Tokyo, Japan. 

Who is SBI FXTrade’s CEO?

The CEO of SBI FXTrade is Yoshitaka Kitao. He was born on 21 January 1951 and has a degree from Christ’s College, Cambridge.  

What are the social media accounts of SBI FXTrade?

Traders can follow SBI FXTrade on the following social media accounts:

  • Twitter
  • Facebook
  • YouTube

How many employees do work for SBI FXTrade?

According to the official LinkedIn profile, SBI FXTrade has approximately 50 employees. 

What are the opinions about SBI FXTrade?

SBI FXTrade provides a decent trading environment, with advanced proprietary software and a very large selection of trading instruments. The broker stands out in particular for its competitive pricing on spreads and commission-free trading.  

However, SBI FXTrade appears to position itself solely towards the Asian market, with the website not available in English at this stage. 

What are SBI FXTrade Contests?

SBI FXTrade does not run any kind of Forex Trading Contests. Forex Contests can be performed for brokers who offer them to traders to profit on contest winnings. 

SBI FXTrade didn't perform any Forex Contest in the past. For future forex exchange contests and competitions, SBI FXTrade didn't perform any official announcements yet.

Does SBI FXTrade have online support?

No, SBI FXTrade does not have an online support team for Forex trade account users. The online support team can be contacted via telephone or through an online query submission. 

Does SBI FXTrade offer demo accounts for Forex trading?

SBI FXTrade does not appear to offer a demo account for new traders. 

Does SBI FXTrade have a mobile app for Forex trading?

Yes, SBI FXTrade offers a proprietary smartphone trading app. 

The SBI FXTrade app features a high-performance chart, 2-way orders that can be fulfilled with one click, and a highly visible transaction screen. 

Does SBI FXTrade publish an economic calendar?

An economic calendar is a resource used by many traders to conduct fundamental analysis. It lists upcoming market announcements that may impact currency prices. 

SBI FXTrade does not offer an economic calendar. 

What is the communication information of SBI FXTrade?

SBI FXTrade has two telephone numbers and one local address. 

SBI FXTrade’s main telephone number is: 0120-982-417

SBI FXTrade’s main local address is: Izumi Garden Tower SBI FX Trade Co., Ltd., 1-6-1 Roppongi, Minato-ku, Tokyo 106-6019

Alternate telephone number: 03-6747-2909