Rubix FX Review 2024
Website: www.rubixfx.com
Min. Deposit: US$ 500
Leverage: 1:400
Trading Platforms: MT4
Regulation: ASIC
Headquarters: Australia
Founded: 2014
Regulatory Licenses:
- Gleneagle Securities (Aust) Pty Ltd - authorized by ASIC (Australia) registration no. AFSL 337985 ABN 58 136 930 526 not active
Updated on January 18, 2024
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At Broker Insight, our review methodology for evaluating brokers is comprehensive and multi-faceted, ensuring a well-rounded analysis. We start by examining the broker's regulatory compliance and background, assessing the security and reliability of their operations. This is followed by a thorough evaluation of the range and diversity of trading instruments and markets offered, as well as the variety and suitability of account types available for different trader profiles. We delve into the trading platforms and tools provided, focusing on user experience, functionality, and technological robustness. Fees, spreads, and overall cost structure are scrutinized for transparency and competitiveness. A key component of our review involves testing the effectiveness and responsiveness of customer support. Additionally, we consider the ease and efficiency of the deposit and withdrawal processes. Finally, we incorporate real user feedback and the broker’s community reputation into our assessment to present a holistic and unbiased review that serves as a valuable resource for traders seeking reliable and insightful broker evaluations.
Rubix FX operates under the trading name of Gleneagle Securities (Aust) Pty Ltd, an established broker rooted in Australia and regulated by the Australian Securities and Investments Commission (ASIC). ASIC's reputation as one of the most reputable regulatory authorities globally ensures that trading with Rubix FX guarantees transparency and integrity in their operations. More insights on the benefits of trading with ASIC-regulated brokers can be found here.
As an Australian registered company, Rubix FX is mandated by law to conduct its activities in full compliance, thus offering secure trading and investor protection while maintaining transparency at all times.
Furthermore, obtaining an ASIC license requires brokers to adhere to a comprehensive set of regulations designed to safeguard traders. Continuous oversight is conducted to ensure compliance. This underscores our recommendation to trade only with well-regulated brokers and to steer clear of offshore entities, which often do not adhere to any regulatory standards.
Rubix FX includes the market-leading MetaTrader4 (MT4) in its offering, aligning with the technological expectations of many brokers. MT4 is celebrated for its advanced charting features and compatibility with various trading styles, accessible across multiple devices including PC, iOS, and mobile platforms. Additionally, Rubix FX provides access to core electronic offerings through FIX API, facilitating connectivity to any platform.
Rubix Prime introduces the TrueFX Partner program, offering direct trading with price quotes from market-making banks or companies, accessible to all. Rubix Prime is an institutional GUI, integrated with Integral FX Inside for trading based on real-time currency rates, with free access to historical rates.
The broker also supports the use of the Autotrade system via the myFXbook extension, a leading platform in mirroring or social trading. This platform offers myriad opportunities from professional traders worldwide, charging only a small volume-based fee. This straightforward strategy is particularly suitable for novice traders or investors seeking to engage in trading without constant personal intervention.
Rubix FX offers a diverse range of account types to cater to the varied needs of traders, from beginners to seasoned professionals. Each account is designed with specific features to provide the most suitable trading conditions based on individual trading strategies, experience, and capital requirements.
Spread, being a critical aspect of trading costs, is competitively structured at Rubix FX. The broker ensures transparency and competitiveness in its spread offerings, making it an attractive choice for traders looking for cost-effective trading solutions.
Rubix FX introduces a variety of account options, including three primary types plus the Rubix Prime account, which offers a highly customized trading experience. The key differences among these accounts hinge on the choice between Straight Through Processing (STP) execution with only spreads, or Electronic Communication Network (ECN) connectivity featuring raw spreads plus a commission per trade. As traders increase their trading volume, they can benefit from even lower costs through the Alpha Account, or opt for a tailored solution designed to meet specific investment requirements.
The trading costs at Rubix FX vary based on the selected technology and account type. Below is a comparison of Rubix FX's floating spreads on several popular instruments against those of another well-regarded broker, TMGM. Additionally, traders must consider the rollover or overnight fee, which amounts to approximately -7.3 for short positions and 1.7 for long positions on EUR/USD, for positions held for more than a day.
Pros
Competitive spread offerings
Variety of account types to suit different trading needs
Transparent fee structure
Cons
Rollover fees for positions held overnight
Asset/ Pair
EUR/USD
Crude Oil WTI
Gold
BTC/USD
Rubix FX Spread
1.4
6.4
11
75
While engaging in trading activities with Rubix, traders have the advantage of utilizing floating leverage. This potent tool has the potential to significantly amplify your prospective earnings by multiplying your initial account balance. However, it is crucial to apply the correct leverage to various financial instruments, as improper use can also magnify potential losses.
Operating as an Australian broker, Rubix offers high leverage ratios, including 1:200, 1:300, and even 1:400. Nonetheless, traders should assess their level of trading expertise, as different leverage ratios may be applicable based on individual proficiency in trading.
Deposits and Withdrawal Methods ▲
The deposit methods feature a variety of base currencies accepted by the broker, coupled with conditions that ensure the security of funds. In this regard, all client funds are stored in segregated accounts at Westpac Banking Corporation, with no fees charged for deposits made via Bank Wire Transfers.
Nevertheless, withdrawing to an overseas bank account may incur a bank transfer fee, which will be subtracted from the remitted amount. Additionally, funds can be transferred using China Union Pay, POLi Pay, and Neteller.
The initial deposit requirement for a first-grade STP account at Rubix is set at $500, whereas other accounts necessitate higher initial deposit amounts.
Regulated by the Australian ASIC authority, Rubix FX has demonstrated remarkable technological solutions and advancements within the Forex trading sphere, conducting operations securely along with regulatory compliance.
Like the majority of Australian brokers, Rubix has emphasized critical contemporary features, including a technological foundation, swift connectivity, competitive pricing, and leading software. The broker warmly welcomes traders of any strategy, even offering the option of social trading through market-leading software.
Pros
Utilizes leading technology for trading
Offers high leverage ratios for trading
Funds are secured in segregated accounts
Cons
Lacks educational and analytical resources
Although the absence of educational and analytical resources is noted, the wealth of information available elsewhere may mitigate this shortfall. Most importantly, Rubix FX has established a safe and comprehensive trading environment, maintaining a high standard of operation.
Rubix FX Updates
Rubix FX has ceased operations, with the parent company now operating FXTRADING.com. However, it no longer operates a regulated entity in Australia, instead functioning through an offshore entity in Vanuatu, despite using the name associated with its Australian regulated operations. We advise conducting thorough research on Rubix FX or FXTRADING and recommend caution when considering trading with offshore brokers due to the potential risks associated with the lack of regulatory oversight.
