Forex Metal Review
Forex Metal Review
Clients of Forex Metal are offered a choice of three trading account types: a Standard commission-free one with no minimum initial requirement, where micro lots are available for trade, and ECN account offering tighter spreads, but involving commission; there is also a Professional account type, which also is commission-free, but requires high minimum initial deposit – $10 000.
What is more, this broker provides Islamic (swap-free) accounts which completely satisfy Islamic religious prohibitions of not receiving or paying interest. Those accounts do not have any swaps calculated for open positions. There could be a small maintenance fee taken at the end of each trading day.
If you are new to the forex trading and don’t know where to start, you can participate in the forex market and make profits without actually making trades yourself. Like most brokers, Forex Metal provides various Managed account solutions, the minimum initial deposit for which is $1000.
The Company. Security of Funds
Forex Metal is an offshore forex broker headquartered in Panama, offering over 60 currency pairs, oil and index CFDs precious metals, as well as binary options for trade.
Althogh this broker has almost 10 years of experience in the FX business, it is not regulated. The site forex-metal.com even does not indicate the company which operates it. That is why, if you intend to invest a large amount of funds, we advise you to select among well-regulated brokers, keeping client funds in segregated accounts, regularly reporting to the respective authorities and adhering to a number of rules that guarantee their good financial standing and non-fraudulent practices.
Minimum Initial Deposit
In order to open an account with Forex Metal, one may deposit just $1, which is an attractive, yet reasonable offer, considering that this broker is not regulated. In comparison, ForexBrokerInc, registered ion the Marshal Islands, demands $100 for all account types as a start.
Average spreads & Commissions
Forex Metal provides floating spreads, which vary depending on the account type. The ones on the Standard account are averaged around 1.8 pips on EUR/USD, which is a comparatively high value for the forex market. However, no extra charges apply, as this account is commission-free.
ECN spreads, on the other hand, start from 0.2 pips on EUR/USD, but a commission of $4 per standard lot applies, so minimum trading cost per lot are around 1 pips, which is comparatively low for the FX market.
In comparison, Belize-based FX Choice offers variable spreads averaged 1.2 pips on EUR/USD on its commission-free account, while the Pro account provides spreads from 0.5 pips on EUR/USD, and a commission of $3.86 per lot (per side). For further information, you may look up and compare real-time spreads of 15 leading brokers here.
This broker offers dynamic leverage up to 1:500, which is a relatively high ratio. Most brokers provide maximum leverage levels between 1:200 and 1:400. More forex brokers offering leverage equal to or exceeding 1:500 can be checked out here.
What is more, Forex metal states that leverage higher than 1:500 is also possible upon request (up to 1:2000). Please, be advised that higher leverage levels carefully, for they may not only multiply their profits on a small deposit, but also lead to heavy losses in excess of initial investments.
Like most brokers, this one supports MetaTrader 4 (MT4), available as a desktop and mobile version. MT4 is the preferred choice of most experienced traders, as the platform offers a number of technical indicators, advanced charting package, a wide range of Expert Advisors (EA), allowing clients to fully automate their trades, and extensive back-testing environment.
EAs are advanced automated trading systems written in MQL4, that are able to analyze market conditions automatically, open/close positions and place/modify/delete orders, so that traders are free from manual trading routines.
Moreover, Forex Metal has partnered with FX Replitrader to provide traders with forex signals. FX Replitrader is an automated trading system, which lets traders receive daily trading signals for free. FX Replitrader incorporates signals, sent from experienced and professional traders and signal providers from around the world into its trading system, which is fully compatible with Metatrader 4 platform. The Minimum deposit required to join to start receiving signals is $500.
By the time of writing this review, Forex Metal runs the following promotions:
– 100% on deposit bonus, which may not exceed $15 000;
– Losses refund from the first five open trades up to the deposit (Minimum deposit required – $250), but may not exceed $500.;
– Rebates of 0.5 pip per lot (deposit of at least $100 required)
– a Virtual Visa credit card equal to 1% of the deposit for deposits amounting to at least $5000.
Methods of Payment
Forex Metal offers its clients a wide range of payment options: bank wire, credit card, e-wallets Neteller, Skrill, FasaPay, POLI, Perfect Money, Yandex, mBank, Bank Pekao, pagosonline, giropay, ePay.bg, Perfect Money, Sofort banking, UnionPay China, Allpay.com and Bitcoin. In fact, Forex Metal is the first forex broker to offer Bitcoin as deposit option.
Forex Metal is a Panama-based broker with almost 10 years of experience on the FX market. It offers reasonable trading conditions and attractive promotions. The only concern one might have with this broker is the fact that it is not regulated.
Forex Metal Review Conclusion
For more information about currency trading brokers visit TopForexBrokers.com forex brokers comparison website, Tip ForexSQ.com foreign exchange trading experts please by share this article about Forex Metal Review.