3angleFX Review

3angleFX Review

3angleFX is a relatively newly established forex broker that offers a rather limited and uncompetitive package of services. 3angleFX has only one license, but because this license is from an EU member state, the broker is allowed to take clients from all over the European Economic Area. The Cyprus-based broker has experienced regulatory problems, but as the licence is valid, clients can rely on compliance with all the best practices and consumer protections set out in European financial regulations. 3angleFX only offers one trading platform, but it is nonetheless the most widely used trading software in the industry, MetaTrader 5 (MT5).  Tradable instruments are around 300, which is a respectable number. But 3angleFX  does not offer different types of trading accounts, which significantly limits the trading strategies that can be applied. And more importantly, the price per trade offered by this broker is double the industry average. The 3angleFX  website is low quality and lacks basic information regarding trading parameters. This broker does not offer social trading or other passive income options. The interface is available in several languages, but customer support is only available via email. The minimal deposit is relatively low, but against everything else this is not of great importance. Overall, 3angleFX  seems rather unconvincing. In this review, we will show you in detail what this broker offers so you can decide if it is worth giving it a chance.

3angleFX Licenses and Regulation

The legal entity that manages the 3angleFX brand is Triangleview Investments Limited. This company is based in Cyprus and is licensed and regulated by the Cyprus Securities and Exchange Commission (CySEC).

This license enables 3angleFX to offer its services in a large number of jurisdictions. It is common for brokers to also maintain offshore subdivisions in offshore areas such as the Seychelles or Mauritius, through which they can serve clients in growing markets in Asia, Africa and South America, as well as offer higher leverage and bonuses. But 3anglefx has no such offshore division.

The CySEC license was issued in 2020. In 2022, the regulator announced that Triangleview Investments Limited had paid a substantial fine of €50,000 as part of a settlement for a “violation or possible violation” of the regulatory regime. To the extent that the broker’s license has not been revoked, this should ensure that 3anglefx is currently in compliance with all regulatory requirements. But given the overall suspiciousness of this broker, that’s something to keep in mind.

Many forex and CFD brokers operating within the European Union have opted to base themselves in Cyprus, largely due to the island’s well-developed financial and accounting infrastructure. This has positioned the Cyprus Securities and Exchange Commission (CySEC) as one of the leading and highly respected financial regulators globally. A CySEC license allows companies to offer their services across the entire European Economic Area (EEA).

Forex and CFD brokers in the EU are primarily regulated by the Markets in Financial Instruments Directive (MiFID II) and the Markets in Financial Instruments Regulation (MiFIR). These regulations impose stringent requirements on brokers, including adherence to capital adequacy standards and participation in investor compensation schemes.

The regulatory framework serves several essential purposes. First and foremost, it promotes transparency by requiring brokers to provide clear disclosures about the nature and risks of CFD products to potential investors. Additionally, brokers must regularly report on their financial status, which includes submitting audited financial statements and disclosing their risk management practices.

The initial capital requirement for forex brokers varies depending on their operational scope and the types of financial instruments they manage, ranging from €50,000 to €730,000. Brokers are also required to manage risks effectively, covering areas like market, credit, and operational risks, while maintaining enough liquidity to meet their immediate obligations and operate smoothly under various stress conditions.

EU regulations are designed to protect retail clients. For instance, limits are placed on the amount of leverage available to retail traders, capping it at 1:30 for major currency pairs and even lower for other asset classes. This is intended to minimize potential losses during periods of market volatility.

Retail traders in the EU also benefit from guaranteed negative balance protection, ensuring they cannot lose more money than they have deposited in their accounts. In addition, licensed brokers must participate in investor compensation schemes aimed at protecting clients if a broker becomes insolvent or ceases operations. Under these schemes, eligible clients can recover a portion of their funds, up to €20,000 per investor.

While a forex broker with a Cyprus Securities and Exchange Commission (CySEC) license benefits from strong regulatory oversight, there are some potential disadvantages, particularly for traders seeking certain trading conditions or services. Traders who prefer higher leverage for more aggressive strategies might find these restrictions limiting. Offshore brokers, on the other hand, often offer much higher leverage, sometimes up to 1:500 or more.

Brokers operating solely under CySEC tend to have higher operating costs, including compliance with strict regulatory requirements, investor compensation schemes, and audit expenses. These higher operating costs can be passed on to traders in the form of higher spreads or commissions. Offshore brokers operating in jurisdictions with more lenient tax and regulatory frameworks might offer lower fees. CySEC, following EU rules, imposes restrictions on certain high-risk products, including crypto derivatives, binary options, and other speculative instruments. Some traders looking for a wider range of speculative products, or less-restricted trading environments, might prefer offshore brokers not bound by CySEC’s limitations.CySEC regulation primarily focuses on serving clients within the European Economic Area (EEA). This limits the broker’s ability to attract clients from regions with different regulatory preferences. Бrokers without an offshore division may have difficulty reaching global clients, especially in countries with preferences for higher leverage, different products, or less restrictive regulations.

CySEC-regulated brokers must adhere to stringent Know Your Customer (KYC) and Anti-Money Laundering (AML) procedures, which may add additional steps for account opening and funding. Traders seeking quick and easy account setup may find the extra verification steps cumbersome. Offshore brokers in lenient jurisdictions often have simpler and faster onboarding processes. Professional clients can access higher leverage, but the process of obtaining professional status under CySEC is stringent and requires meeting high capital and experience thresholds. Traders who don’t meet the criteria for professional status but still prefer higher leverage will be limited by CySEC regulations. Offshore brokers can provide these conditions more readily.

3angleFX Trading Software

3angleFX offers the MetaTrader 5 (MT5) platform, which is the most popular trading software in the industry. Yet having only one platform can be limiting for some traders. MT5 is the successor to the highly popular MetaTrader 4 (MT4) trading platform, developed by MetaQuotes Software and released in 2010. MT5 was designed to cater to a broader range of financial markets and to provide more advanced features compared to MT4. While MT4 remains a favorite among forex traders, MT5 has grown in popularity due to its enhanced capabilities, particularly for those who trade multiple asset classes or who require more sophisticated trading tools. Unlike MT4, which is primarily focused on forex trading and CFDs (Contracts for Difference), MT5 supports trading in a wide variety of financial instruments, including forex, stocks, commodities, indices, bonds, and futures. This multi-asset capability allows traders to manage all their investments from a single platform, making MT5 suitable for those who want to diversify their portfolios across different markets. MT5 features a more modern and intuitive interface compared to MT4. The platform is designed to be user-friendly while providing access to a comprehensive set of trading tools. The layout is customizable, allowing traders to arrange charts, indicators, and other tools according to their preferences.

MT5 significantly expands on the charting and analysis capabilities found in MT4. It includes 21 timeframes (compared to 9 in MT4) and provides access to over 80 built-in technical indicators and analytical tools. Traders can open up to 100 charts simultaneously, offering greater flexibility in analyzing multiple assets or applying different trading strategies. MT5 also supports more types of graphical objects, including Gann, Fibonacci, and Elliott Wave tools, which are useful for advanced technical analysis. One of the standout features of MT5 is its Market Depth (DOM) functionality, which provides real-time information about the volume of buy and sell orders at different price levels. This feature is particularly valuable for day traders, scalpers, and those using strategies that require precise entry and exit points. Market Depth allows traders to see the liquidity available at each price level, helping them make more informed trading decisions.

MT5 supports a wider range of order types compared to MT4. In addition to the standard market and pending orders, MT5 includes Buy Stop Limit and Sell Stop Limit orders, as well as Request Execution and Exchange Execution. The platform also includes netting and hedging modes, allowing traders to choose how positions are managed. Netting is used in exchange markets and allows only one position per instrument, while hedging allows multiple positions (long and short) on the same instrument, similar to MT4. MT5 includes an integrated economic calendar that provides real-time updates on economic events and news that can impact the markets. This feature allows traders to stay informed about key events such as interest rate decisions, employment reports, and GDP releases, helping them to anticipate market movements and adjust their strategies accordingly.

MT5’s strategy tester is more advanced than the one in MT4. It supports multi-threaded, multi-currency, and real tick data testing, enabling traders to backtest their Expert Advisors (EAs) with greater accuracy and speed. The strategy tester also includes a visual mode, which allows traders to see how their strategies would have played out in the past, providing valuable insights for optimizing trading systems. MT5 uses the MQL5 (MetaQuotes Language 5) programming language, which is more powerful and versatile than MQL4, used in MT4. MQL5 is designed for developing more complex trading algorithms, indicators, and scripts. It supports object-oriented programming and provides faster execution, making it suitable for high-frequency trading and more sophisticated automated trading strategies. MT5 is optimized for faster execution and better performance, particularly for trading large volumes or multiple instruments. The platform’s architecture is designed to handle more data and process trades more efficiently, reducing latency and slippage. MT5 has a built-in market for purchasing trading robots (EAs), indicators, and other tools, similar to MT4. However, the marketplace in MT5 is more extensive, offering a broader range of tools and resources. Additionally, MT5 has a larger online community and a social trading network, where traders can share strategies, signals, and trade ideas.

Taking full advantage of the automated trading capabilities of the MetaTrader and cTrader platforms requires the scripts and algorithms to function reliably 24/7. Retail traders can achieve this through the Virtual Private Server (VPS) service. Some brokers offer their own VPS service or bear the cost of a subscription for clients meeting certain capital and/or volume traded conditions. But 3anglefx is not one of them. To use VPS with this broker, you must turn to a third-party provider. Unlike many of its competitors, 3anglefxl also does not provide as part of its services subscriptions to popular add-ons and extensions for MetaTrader software, such as Autochartist and Trading Central. These packages include a host of analytical and technical tools that greatly assist in making informed investment decisions.

3angleFX does not offer its own mobile app. While trading activities can be conducted through the MT4 and MT5 mobile apps, the broker’s lack of its own app limits the ability to manage the account from a mobile device.

A forex broker that only offers the MetaTrader 5 (MT5) platform may encounter several disadvantages, particularly when it comes to catering to traders who are accustomed to the older MetaTrader 4 (MT4) platform or prefer alternative platforms like cTrader or TradingView.

MT4 remains extremely popular, especially among forex traders who have been using the platform for years and are accustomed to its simplicity and functionality. Traders who have invested time and resources in developing custom indicators, Expert Advisors (EAs), or scripts for MT4 will find that these cannot be directly transferred to MT5 due to differences in the programming languages (MQL4 vs MQL5). This may discourage long-time MT4 users from switching to a broker that only offers MT5, as they’d need to rebuild or modify their tools. MT5 is a more complex platform with additional features such as more order types, Market Depth, and support for multiple asset classes (stocks, futures, etc.). While this is a positive for professional or multi-asset traders, it can overwhelm beginners or traders who prefer a simpler interface like that of MT4. Some traders, especially those focusing solely on forex trading or who are less experienced, might find MT5’s advanced features excessive and prefer the simplicity of MT4, which could deter them from choosing a broker offering only MT5. MT4 has a large and active community of traders, developers, and third-party service providers who have created countless tools, indicators, and EAs specifically for MT4. These resources cannot be used on MT5 due to differences in code structure and platform architecture. Traders relying on the extensive library of MT4 tools might not want to give up access to these resources, thus limiting the broker’s appeal to traders who rely heavily on MT4’s ecosystem.

Some traders prefer platforms like cTrader or TradingView for their specific advantages—cTrader for its superior charting, automated trading features, and institutional-like trading environment, and TradingView for its ease of use, extensive social trading features, and charting tools. By not offering these alternatives, brokers could miss out on attracting a broader range of traders who prefer these platforms for technical analysis, social trading, or specific features that MT5 doesn’t offer. Platforms like TradingView and cTrader offer a more interactive trading experience, with built-in social trading, community features, and easy sharing of strategies and chart analysis. MT5, while powerful, is primarily a technical platform with limited social trading functionality unless integrated with third-party solutions. Traders who value community interaction, strategy sharing, and copy trading features may prefer platforms like TradingView or brokers that offer more social and collaborative trading options.

3angleFX Account types and trading conditions

It could be said that this part of the review is the most important in evaluating a broker. But in the case of 3angleFX, there is very little to describe. This broker provides almost no information about trading conditions on its website. 3anglefx also does not offer different types of trading accounts, as is common practice in the industry. Established brokers offer account types with different pricing models, in addition to providing detailed information on all key parameters – minimum deposit, minimum and average spread, commissions, order execution model, minimum and maximum order size, tradable instruments, base currencies, stop-out levels, margin call levels, swap fees, etc. This information is largely missing from the 3anglefx website.

3angleFX allows easy Demo account registration that only requires an email confirmation. But curiously, the confirmation email we received after registering a Demo account included a text to decline registration of a Live account because “on the basis of the information provided to us by you, you do not seem to possess the appropriate experience and knowledge”. Such technical errors are not acceptable even for a brand new website of a financial services provider, let alone one that has been operating for years.

EU regulations require retail clients of forex brokers to complete a questionnaire on personal details, financial situation, origin of funds, experience with trading financial instruments and investment intentions. The 3anglefx questionnaire is actually more lax than usual for brokers based in Cyprus. After completing the questionnaire and before verification of identity documents and proof of address, you are given the ability to deposit funds, which is not usual for brokers in the EU.

When registering for a demo account, the choice of base currencies is USD, EUR or CZK. 3anglefx seems to be aimed mainly at Central European customers, as the website is available in Czech, Slovenian, Polish and Hungarian in addition to English, German and Spanish. But when signing up for a live account, there is surprisingly one more option for a base currency – ZAR.

Since 3angleFX does not give a choice of different account types, our presumption is that the only available option is a standard STP account where the customer only pays a floating spread. Brokers also often offer ECN accounts where the client pays a raw spread and a fixed commission. These accounts are more suitable for high volume traders. However, we should note that the lack of mention of commissions on the 3anglefx website does not make us completely confident that there are no such commissions. Furthermore, the spread offered by 3anglefx itself is extremely high. With both a demo account and a live account we see a spread of 3 pips. This level is double the industry average. This means that the trading offered by 3anglefxis not competitive at all and is very disadvantageous to customers.

The average spread figures for individual contracts on the 3anglefx website do not correspond to the truth. The website also does not mention certain asset classes that are available in the trading software at all, such as cryptocurrency CFDs. The tradable symbols on 3anglefx’s MT5 platform include 49 currency pairs, 10 index CFDs, 219 stock CFDs, 12 cryptocurrency CFDs and 19 commodity CFDs.

There is no minimum deposit stated on the website. The deposit menu sets a minimum of 50 EUR or equivalent for most payment methods. This is in line with industry practice at the moment. But it also means that for the same amount you could open a trading account with a more trustworthy broker.

The maximum levels of leverage with which 3anglefx’с retail clients can trade is set by current European Union regulations. All EU regulators limit leverage to 1:30 for major currency pairs, 1:20 for non-major pairs, gold and major indices, 1:10 for other commodities and non-major indices, and 1:2 for cryptocurrencies. EU regulations allow brokers to offer higher leverage to traders with professional status who meet very high requirements for available capital and trading experience. These traders are deprived of negative balance protection and cannot benefit from the Investor Compensation Fund. On 3anglefx’s website we see generic information about client categorisation, but nowhere is it stated what terms the broker offers to traders with this status.

3angleFX does not offer any passive income options. Many other brokers maintain copy trading platforms or offer PAMM accounts.

A forex broker that only offers one type of account with a floating spread and lacks ECN accounts with fixed commission, Micro or Cent accounts, copy trading, or PAMM accounts significantly limits its potential customers. Offering only one account type limits the broker’s ability to cater to different types of traders with varying risk appetites, trading strategies, and capital levels.

Offering only one type of account with a floating spread limits traders’ choices. Floating spreads can widen during periods of market volatility, increasing trading costs for traders who rely on precise spread levels for their strategies, such as scalping. This might not appeal to professional traders or those who prefer greater cost transparency, as ECN accounts with fixed commissions are often favored for providing lower and more stable trading costs, especially for high-volume traders or those who scalp. Scalpers and short-term traders rely on small price movements to generate profits. Floating spreads can widen significantly during periods of volatility, making it more expensive for these traders to execute trades profitably. Without access to fixed commission ECN accounts or tighter spreads, the broker may lose potential clients who specialize in scalping or other short-term trading strategies.

Micro and Cent accounts allow traders to trade in smaller lot sizes (e.g., 0.01 lots or smaller) and manage risk with minimal capital. These accounts are ideal for beginners who are just learning to trade or traders who want to test strategies with less financial risk. By not offering Micro or Cent accounts, the broker may deter novice traders or those with limited capital from opening accounts. This also limits traders’ ability to experiment with new strategies in a low-risk environment, potentially reducing the broker’s appeal to the beginner segment of the market.

Copy trading allows less experienced traders to automatically copy the trades of successful, more experienced traders. It is especially popular with beginners who want to profit from the skills of others without having to analyze the markets themselves. Without copy trading, the broker misses out on attracting novice traders who want to participate in the forex market but lack the knowledge or confidence to trade independently. Copy trading also appeals to traders who are time-constrained and want to automate their trading activity. PAMM (Percentage Allocation Management Module) accounts allow investors to allocate funds to a professional trader who manages their investments in exchange for a share of the profits. This setup is appealing to traders who prefer a more passive role in the market. The absence of PAMM accounts limits the broker’s appeal to passive investors or clients looking for managed accounts. It also excludes experienced traders who want to become money managers and earn fees for managing client accounts, thus narrowing the broker’s user base.

If the account has no trading activity, has not opened any positions and has not made any deposits for 12 months, the broker will start charging an inactivity fee of 5 EUR. 5 USD or 110 CZK per month.  The monthly inactivity fee is debited from the assets until the assets are used up.

3angleFX Deposit and Withdraw Methods

The only information on the website is on bank transfers and credit card deposits. After registering an account we find that there are more deposit options. Credit/debit card deposits can be made through two payment processors – Total Processing and Paydoo. Transactions can be in EUR or PLN. The broker automatically converts the deposit into the base currency of the account.

The website states that the minimum deposit when using a card is 100 EUR/USD. However, the deposit menu sets other minimums – 50 EUR or 100 PLN. The maximum amount for a single deposit with both currencies is 10,000 EUR or 20,000 PLN.

3angleFX also allows deposits via Neteller and Skrill e-wallets. These payment methods can be used for transactions in EUR, USD, PLN and ZAR. When using Neteller there are the same minimum and maximum deposit amounts in EUR and PLN as with the above methods. When depositing in USD, the minimum deposit amount is 50 currency units and the maximum is 10,000. For a deposit in ZAR the minimum and maximum amounts are 50 and 500,000 respectively.

When using Skrill, the minimums and maximums are the same, but with one exception – the minimum specified deposit for a EUR transaction is 1 currency unit. It is possible that this is a technical error.

Apart from this, 3anglefx provides several options for depositing via wire transfer. Deposits in EUR, USD, CZK and PLN can be made through AstroBank, in EUR, USD and PLN through Eurobank Cyprus, and in ZAR through Swiffy. There are no minimum or maximum deposit amounts when using bank transfer.

The withdraw menu specifies a minimum of 1 USD.  The maximum amount you can withdraw depends on your available balance. 3anglefx does not provide information on deposit and withdrawal fees. However, we would again point out here that this does not mean with certainty that there are no such fees. The broker also does not set deadlines for processing transactions and withdrawal requests.

3angleFX Bonuses and Promotions

Existing European Union regulations do not allow brokers operating in the block to use bonuses and promotions to attract and retain clients. Since 3angleFX has no offshore company that is not subject to such regulatory restrictions, the broker does not offer any deposit bonuses, cashback, prize games, loyalty program and the like.

3angleFX Tools and Education

As might be expected from a broker that is so disappointing in every respect, 3angleFX has nothing to impress with in terms of educational and research resources either. The website has a page called Academy, where you’ll find short, seemingly AI-generated articles on the basics of forex trading, as well as a glossary. 3angleFX also promises to offer webinars soon, but we doubt this is true. The Tools page includes calendars for dividends and public holidays, as well as links to financial news from Reuters.

Notes from the author:

3angleFX is one of those puzzling brokers that seems like it doesn't want to attract customers even though it has invested significant resources to acquire regulatory licenses and software. Having only one license and only one trading platform are not the problem with this broker because the license is from CySEC and the platform is MetaTrader 5. Even the lack of choice of different account types is not necessarily a deal breaker, because there are probably enough traders whose specific needs and preferences are covered by this offering. But when that single account type comes with twice the usual cost per trade for the industry, that's already very strange. 3angleFX doesn't provide any good argument to choose this broker over any other. The website is low quality and uninformative, the tradable instruments are relatively few, there are virtually no educational and research resources. The customer area looks and functions in a way that hasn't been acceptable for decades, plus 3angleFX doesn't even have its own mobile app. We cannot in good conscience recommend that you at least test this broker because there really is no good reason to do so.