Forex Optimum Review
Forex Optimum Review
Forex Optimum offers its clients a choice of two live account types – StartUP and Standard STP. Both of them offer floating spreads, commission-free trading and leverage up to 1:500. The StartUP is intended for beginner traders, as it allows them to start trade with the small initial deposit and to open micro-volume transactions from 0,001 lot. Thus newbies can practice and trade with minimum risk, but, respectively smaller profitability. This account type offers only currency pairs for trade.
As its name suggests, the Standard STP account offers straight-through-processing (STP) execution. If an account holder achieves balance of $10 000, he or she gets Premium status and personal manager & personal trader assistance.
If a client`s balance reaches $500 000, that is a VIP status that involves more benefits, such as an accumulative bonus to 31,83% per annum, credit line – up to 50% and more.
What is more, Forex Optimum offers percent allocation management module (PAMM) solution, called PAMM Masters – a service of interaction between experienced traders and investors who wish to entrust their money to be managed by professionals and experienced traders.
The Company. Security of Funds
Established in 2009, Forex Optimum offers online trading in forex, CFDs on stocks, futures & metals, as well as binary options on the most widely used MT4 platform. The broker is represented in 32 countries worldwide, but is mostly active in Russia, Indonesia and several other countries in South-Eastern Asia.
The company behind the brand, Forex Optimum Group Limited, provides a business address in St. Vincent & the Grenadines (SVG). SVG-based International Business Companies (IBC) provide financial services under the local financial regulatory regime, which is one of the most liberal ones. Registration procedure is easy and less costly, that is why this Caribbean island is a popular jurisdiction for forex start-ups (and, of course, scams). In fact, to say that brokers registered in the SVG are regulated, would be an exaggeration.
So, if you intend to invest a large amount of money, we would advise you to select among brokers regulated in the EU, US or Australia, or another jurisdiction, where the respective financial watchdogs are on alert.
Minimum Initial Deposit
In order to open an account with Forex Optimum, one has to deposit just $10 – a reasonably low minimum initial deposit, considering the broker`s regulation status.
In comparison, Belize-based ForexBrokerInc requires $100 as a start, which is considerably higher amount, however it applies to ECN accounts too.
Average Spreads & Commissions
Forex Optimum offers variable spreads, starting from 0.1 pips, however the average value is around 1 pip on the EUR/USD pair, which is on the lower end of average for the forex market. Overall, this broker`s trading conditions seem quite attractive, also taking into account that no commission fees apply.
In comparison, ForexBrokerInc’s variable spreads on the ECN Pro commission-free account start from to 1.0 pips on EUR/USD, while ECN Standard account offers spreads from 0.3 pips on EUR/USD, and a commission of 1.0 per standard lot applies. For further information, you may look up and compare real-time spreads of 15 leading brokers here.
The maximum leverage rates offered by this broker are high, reaching 1:500. Although some jursdictions cap leverage to levels significantly lower than this (1:50 in the US), many forex brokers offer leverage equal to or exceeding 1:500, including ForexBrokerInc.
Traders, however, should be aware of the risks associated with trading on margin – the higher the leverage levels, the greater the risk.
With this broker investors can trade forex, various CFDs and even binaries through the most popular MetaTrader 4 (MT4) platform. MT4 is available as a desktop download and, along with mobile trading apps, a web trader is also accessible at Forex Optimum.
MT4 provides all the tools and resources a trader needs: a number of built-in technical indicators, advanced charting package, a wide range of Expert Advisers (EAs) and extensive back-testing environment. EAs allow full automatization of trades, so traders may sit back and let the program do all the work.
Clients of Forex Optimum who would like to make use of auto trading, can check out Metatrader trading signals. All they have to do is register a MQL5 account to subscribe.
Bonuses and Promotions
Forex Optimum company offers a 30% bonus on each deposit.
Active Standard STP account holders involved in the loyalty program can receive a monthly accumulation bonus of up to 26.8% per annum (after 3 months of trading).
Besides, at the time of writing this review the broker is running a “GET YOUR REWARD, RIDE THE MARKET” contest with $1500 pool prize.
Methods of Payment
Forex Optimum offers its clients the following deposit/withdrawal methods: via credit/debit card, wire transfer, local transfers, Neteller, Skrill, FasaPay, OKPay, WebMoney, Perfect Money, ePayments and Qiwi.
Keep in mind that the minimum transaction size for a bank transfer is $100.
Forex Optimum is an offshore broker, offering competitive conditions for trading in currency pairs and CFDs on the ever popular MT4 platform. Our main concern with it is the regulation issue.
Forex Optimum Review Conclusion
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