FastOne
Pros and Cons
Pros
- Regulated by Mauritius FSC
- Trading instruments: Forex, metals, cryptocurrencies, stocks, indices, energies
- Platforms: MetaTrader 4 and MetaTrader 5
- Leverage up to 1:500
- Minimum deposit starting at $100
Cons
- Suspicious clone FCA license
- High minimum deposit of $1000 for certain accounts
- Limited educational resources available
- Restricted product offerings (no bonds, options, or ETFs)
- Offshore regulation by Mauritius FSC
Basic Information
User Reviews
FastOne Overview
FastOne, established in 2013 and headquartered in Mauritius, is a forex broker that provides a robust online trading platform for a diverse range of instruments, including forex, cryptocurrencies, and commodities. It operates under the regulatory oversight of the Financial Services Commission (FSC) in Mauritius, holding a license number C113011860. While its regulatory status is a point of consideration for traders, it is essential to verify its compliance and operational integrity through reputable sources.
Is FastOne Safe? Regulation Analysis
Regulatory Information
| Regulatory Authority | Country/Region | Fund Protection Measures |
|---|---|---|
| Financial Services Commission (FSC) | Mauritius | Segregated Funds |
| Financial Conduct Authority (FCA) | United Kingdom | Suspicious Clone |
Is FastOne Regulated and How Are Client Funds Protected?
FastOne is regulated by the Financial Services Commission (FSC) in Mauritius, where client funds are protected through measures such as segregated accounts. However, it also claims to hold a license with the Financial Conduct Authority (FCA) in the UK, which has classified it as a suspicious clone. This raises serious concerns regarding its legitimacy and the safety of investor funds. Trading with FastOne may involve higher risks due to its dual regulatory status, with the FCA warning indicating potential issues related to trustworthiness. Traders should be aware of these factors when considering their investments with this broker.
Trading Products and Services
What Trading Instruments Does FastOne Offer?
| Asset Category | Available Products | Total Count (if available) |
|---|---|---|
| Forex | EUR/USD, GBP/JPY, AUD/NZD | 50+ |
| Commodities | Gold, Silver, Crude Oil | 3 |
| Indices | S&P 500, NASDAQ, FTSE 100 | 3 |
| Stocks | Apple, Tesla, BP | Many |
| Cryptocurrencies | BTC, ETH, LTC | Many |
FastOne provides a diverse range of trading instruments designed to cater to various trader profiles, including beginners, professionals, technical traders, and long-term investors. With a comprehensive selection of products across major asset categories such as Forex, commodities, indices, stocks, and cryptocurrencies, traders can effectively diversify their portfolios and implement flexible trading strategies. The inclusion of popular Forex pairs alongside key commodities and stock options ensures that FastOne meets the varying needs of its users, allowing for both short-term trades and long-term investments. This wide product range not only enhances trading opportunities but also supports a robust trading experience for users at all levels of expertise.
Account Types and Trading Conditions
What Account Types and Fees Does FastOne Offer?
| Account Type | Target User Group | Essential Characteristics | Applicability Notes |
|---|---|---|---|
| Retail Account | Beginners and retail traders | Low minimum deposit, access to educational resources | Suitable for those starting their trading journey |
| Professional Account | Experienced traders | Higher leverage and tighter spreads | Requires verification of trading experience and capital |
| Corporate Account | Corporate clients | Customizable trading solutions, enhanced support | Requires corporate documentation and compliance verification |
| Islamic Account | Traders seeking Sharia-compliant options | Swap-free trading, tailored to Islamic finance principles | Requires verification of religious compliance |
| Demo Account | All trader levels | Risk-free practice environment with virtual funds | Ideal for testing strategies before trading live |
Account Opening Process
To open an account with FastOne, prospective traders must follow a straightforward process. First, they need to provide personal information, including their name, address, and contact details. Next, employment and financial information will be required to assess the applicant’s trading experience and financial standing. Identity verification is crucial; this typically involves submitting a government-issued ID and proof of address, such as a utility bill. Once the application is submitted and verified, traders can start with their chosen account type. Additionally, there is flexibility to upgrade to a professional account later as traders gain experience and meet the necessary requirements.
Trading Fees
| Product | Spread (pips) | Commission | Notes |
|---|---|---|---|
| Forex (EUR/USD) | 0.8 | $0 (ECN: $3.5/lot) | Tight spreads for major pairs |
| Forex (GBP/USD) | 1.0 | $0 (ECN: $3.5/lot) | Competitive rates for minors |
| CFDs (Stock Index) | 1.5 | $5 per lot | Standard commission structure |
| CFDs (Commodities) | 2.0 | $4 per lot | Varies by commodity |
| Cryptos (BTC/USD) | 1.0% | 0.1% | Variable depending on volatility |
Other Fees
In addition to trading fees, FastOne may charge various other costs. Deposit and withdrawal fees may vary depending on the method used, with bank transfers typically being free, while card transactions might incur charges. An inactivity fee may apply if an account remains dormant for an extended period. There may also be platform usage fees if applicable. Traders should be aware of overnight interest (swap rates) on positions held overnight and possible currency conversion fees for trades involving different currencies.
Trading Platforms and Apps
What Trading Platforms and Apps Does FastOne Offer for Traders?
| Platform | Device Support | Key Features | Additional Services |
|---|---|---|---|
| MetaTrader 4 (MT4) | Windows, macOS, iOS, Android | 2FA, encryption, multiple order types, price alerts, technical indicators | Demo account, VPS |
| MetaTrader 5 (MT5) | Windows, macOS, iOS, Android | 2FA, encryption, multiple order types, economic calendar, advanced charting tools | Demo account, VPS |
| Web Version | Any device with internet browser | Encryption, symbol lookup, one-click trading, price alerts | Demo account |
| Mobile App | iOS, Android | Biometrics, push notifications, market search, order execution | Demo account |
FastOne provides traders with a diverse selection of platforms, including MT4 and MT5, both designed for advanced trading capabilities and multi-asset trading. The web version ensures accessibility across devices, while the mobile app enhances trading convenience with secure login options and real-time alerts. Each platform features robust security measures, fast order execution, and efficient search tools to support traders in their decision-making processes.
Overall, FastOne’s offerings cater to different trading preferences, ensuring that users can operate efficiently whether on desktop or mobile, with strong attention to security and support services.
Deposit and Withdrawal
Deposit and Withdrawal Options
| Payment Method | Processing Time | Fees | Limits | Base Currency Options |
|---|---|---|---|---|
| SEPA Transfer | 1–3 days | No platform fee; €2 charge | Min €50, Max €10,000/day | EUR, USD |
| GrabPay | Instant | No platform fee, 1.5% charge | Min $20, Max $5,000/day | USD, SGD |
| SPEI | Instant | No platform fee | Min 500 MXN, Max 50,000 MXN/day | MXN, USD |
| Bank Wire | 3–5 days | $30 per transaction | Min $100, Max $20,000/week | USD |
Minimum Deposit
FastOne requires a minimum deposit of $100 for standard accounts. This deposit requirement may vary based on the chosen payment method; for instance, e-wallets may have a lower minimum of $20. Additionally, different account types, such as VIP accounts, may have specific deposit thresholds based on regional regulations.
How to Withdraw
- Log in to your FastOne account.
- Navigate to the ‘Withdrawal’ section in your account dashboard.
- Select your preferred withdrawal method from the available options.
- Enter the amount you wish to withdraw, ensuring it meets the minimum and maximum limits.
- Confirm your withdrawal request and check for any notifications regarding processing times.
- You will receive a confirmation email once your withdrawal is processed.
Customer Support
FastOne Customer Support Overview
Support Channels
FastOne offers multiple channels for customer support to ensure that traders can easily get the help they need. Customers can reach out through the following methods:
- Email: For detailed inquiries, users can contact support via email at support@fastoneglobalmarkets.com.
- Live Chat: Instant support is available through the live chat feature on the FastOne website, providing quick answers to urgent questions.
- Telephone: Customers can call FastOne at +230 698 3426 for direct communication with support representatives.
- Social Media: FastOne is active on social media platforms, allowing users to connect and receive updates through channels like Facebook.
Service Availability
FastOne’s customer support is available 24/5, ensuring that traders can receive assistance during standard trading hours. The support team is multilingual, offering help in several languages to cater to a diverse client base.
Additional Resources
In addition to customer support, FastOne provides several educational resources to enhance traders’ knowledge:
- Video Tutorials: Comprehensive guides covering various aspects of trading.
- Webinars: Live sessions where traders can learn from experts and ask questions.
- Market Analysis: Regular updates and insights into market trends.
- Trading Signals: Expert recommendations to assist traders in making informed decisions.
With a strong commitment to customer service, FastOne aims to provide efficient support and valuable resources to enhance the trading experience.
Frequently Asked Questions
FastOne is regulated under the Financial Services Commission (FSC) of Mauritius, holding a retail forex license (License No. C113011860). However, please be aware that it is classified as offshore regulation, which may come with varying compliance standards compared to onshore regulations. It’s essential for clients to understand the associated risks of trading with offshore brokers.
FastOne offers a maximum leverage of up to 1:500, with a minimum deposit requirement of $100 for Standard accounts. The spread starts from 1.2 pips for currency pairs and 10 pips for gold. Clients can trade various instruments, including Forex, Metals, Cryptocurrencies, Stocks, Indices, and Energies, using the MT4 and MT5 trading platforms.
FastOne implements strict security measures, including segregating client funds in separate accounts to protect them from operational risks. Additionally, they utilize secure payment methods for deposits and withdrawals. However, as with any offshore broker, clients should exercise caution and conduct thorough due diligence regarding fund security.
FastOne provides customer support via email at support@fastoneglobalmarkets.com and through phone at +230 698 3426. They are known for their responsive service, answering client inquiries promptly. Additionally, a demo account is available for traders to familiarize themselves with the platform and services before committing real funds.
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Risk Disclosure
Trading forex/CFDs via brokers carries high risks, including potential total loss. For any data changes, please refer to the latest information on the brokers' official websites. Trade with caution and seek independent advice.