Forex4You offers its clients a choice of several basic account types in order to suit the needs of traders of all levels of experience and preferences. What is more, on Cent and Classic account types traders can choose between fixed and variable spreads, Dealing Desk (DD) and No Dealing Desk execution (NDD).
In addition, micro lots can be traded on all account types, and swap-free (Islamic) services, tailored at clients who are not willing to earn interest for religious reasons, are available to Cent account holders.
Besides, Forex4You provides VIP services: individual approach and special conditions are offered to clients with account balances amounting to $50,000 or more.
The Company. Security of Funds
Forex4You is a FX broker, offering online trading in currency pairs, stock CFDs, as well as precious metals through the MetaTrader4 platform.
Founded in 2007, Forex4You is a brand of E-Global Trade & Finance Group, Inc., a financial services company registered in the British Virgin Islands and licensed by the BVI Financial Services Commission.
The BVI Financial Services Commission is the single financial services Regulator within this jurisdiction. Although offering regulated status, the British Virgin Islands currently still allows companies to be entirely based overseas. Furthermore, BVI-registered financial services providers do not face many of the requirements that brokers based in the US or UK do. For example, BVI-registered brokers are not required to contribute to a compensation scheme and are not subject to any minimum capital requirements.
So, if you intend to invest more money, we would advise you to choose among UK, Swiss or other well-regulated brokers, where your funds will be protected. If you, however, prefer offshore ones for some reason, Forex4You is a reliable choice. It may not be compared to all emerging brokers, choosing an offshore island as their place of registration because of the less costly registration procedure and the light touch regulation, if any. Forex4You is an award-winning broker with almost 10 years of experience in this sphere. What is more, this broker ensures proper client fund segregation and has trustworthy well-regulated liquidity providers.
Minimum Initial Deposit
In order to open an account with Forex4You, one has to deposit just $1 for Dealing Desk accounts, which is a reasonably low amount, considering the looser regulation. In comparison, ForexBrokerInc registered in Marshall Islands demands $100 from its clients as a start, and LiteForex – $10.
Spreads & Commissions
Forex4You offers both fixed and variable spreads. Fixed ones are available on the Dealing Desk (commission free) Cent and Classic accounts and amount to 2 pips on EUR/USD, which is average for the forex market.
Variable spreads, on the other hand, are averaged 0.3/0.2 pips on EUR/USD and involve a commission of $8/$10 per standard lot respectively (on the Classic/Pro account). So basically the trading costs on variable spread accounts are around 1.2 pip, commission included, which is also average.
In comparison, LiteForex offers variable spreads averaged 1.1 pips on EUR/USD on its ECN account. You may look up and compare real-time spreads of 15 leading brokers here.
As for leverage, the maximum leverage, offered by this broker is: 1:1000. Such leverage ratios are considered high, nevertheless many offshore brokers offer similar ones: LiteForex, for instance, also provides leverage up to 1:1000, and ForexBrokerInc – up to 1:500. Such leverage levels enable traders to make striking profits when the markets move in their favor, however, this also could result in excessive losses if the market moves against them.
You may look up a list of FX brokers, offering leverage equal to or exceeding 1:500 here.
Forex4You offers its clients the standard forex market trading platform MetaTrader4 (MT4). It is available as desktop and mobile versions.
MetaTrader 4 is the preferred choice of most trading professionals. This platform offers all a trader needs: a number of technical indicators, advanced charting package, a wide range of Expert Advisors (EAs) and extensive back-testing environment. Traders can download ready-made or create their own automated trading strategies and simply let the program do all the work.
What is more, Forex4You has partnered with Plug & Cloud (Infobox subsidiary) to provide its clients with a VPS (Virtual Private Server) which allows them to run automated algorithmic strategies 24 hours a day 7 days a week on a virtual machine.
Besides, this broker has developed its own copy trading platform, called Share4You. It enables instant order auto-copy service for orders made on Forex4you.
In addition, this broker offers its clients up to 25% on deposit bonus program, with which you can get back up to 17.5% of the spread. This program does not apply to the STP Pro accounts.
Methods of Payment
Forex4You account deposits and withdrawals can be performed by the following payment modes:
– Bank wire transfer;
– Credit/Debit card – Visa, MasterCard;
– e-wallets: Skrill (Moneybookers), FasaPay, WebMoney, Neteller and China UnionPay.
The broker recently announced it will compensate 100% of commissions for deposits via e-payment networks Neteller and Skrill and 1.5% of the fees of clients of all other payment systems it supports.
Forex4You is an award-winning FX broker operating under the looser regulation of BVI’s Financial Services Commission. T
Forex4you Review Conclusion
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