What is Forex4You?
Forex4You is an online brokerage that offers a wide range of trading services to its clients. The company was founded in 2007 by E-Global Trade & Finance Group, Inc and has grown in popularity and client base of over 1.7 million. Over its years in operation, it further extended its offices to several countries and has become recognized as a global brand.
According to the broker, Forex4You has its own liquidity provider simply named the ‘Marketplace.’
Forex4You also boasts numerous awards for its services in the field, bagging the ‘Forex Broker of the Year South-East Asia’ in the IAIR Awards in 2017, and the ‘Best Forex Broker in Russia and CIS’ in the 2013 Forex Expo Awards event.
In addition, Forex4You has been involved in numerous sponsorships, mostly in the field of sports. Over the years of operation, Forex4You has sponsored a Blancpain GT racing event, the FIA World Touring Car championships, and was the official partner of the Continental Hockey League for a time.
However, while Forex4You does get its share of positive user reviews, there is an equal amount of negative ones around as well. In this review, we will take a brief look at some of the features and services that this online brokerage provides and see if it does hold up to its reputation or not. In addition, we will investigate into its history to see if the broker is a safe choice for traders.
Forex4You: Services and Offerings
While ForexEE offers the following services to clients residing in almost any part of the globe, some offers may differ depending on the location of the client.
• Trading Instruments
Forex4You’s offerings are much more focused on its currency offerings, offering over 41 Major, Cross, and Exotic pairs. Its listings also include over 14 Indices, 6 Commodities, 74+ Stock CFDs, and 5 Cryptocurrencies.
• Account Types
Forex4You has four account types – the Cent Account, Classic Account, Cent NDD account, and the Pro STP account. Opening any of these accounts is relatively cheap, mostly requiring no minimum deposits. All accounts allow clients to trade a maximum of 500 lots per trade with a maximum leverage of 1:1000.
The Cent Account is built for novice traders in mind, allowing trades with minimal risks. However, the downside of this account is its execution speeds when trading, carrying orders out as fast as 1.63 seconds only.
The Classic Account is the broker’s standard account. Clients are able to trade commission-free with a contract size of 100,000 per lot. Trades are carried more quickly here, reaching up to 1.13 seconds in execution.
The Cent NDD account quickens trade execution, carrying out orders in less than 0.95 seconds. However, each trade has a commission of 10 cents per lot.
The Pro STP account is built for professional or expert traders in mind. Here, trades are the fastest, carrying out orders near 0.37 seconds. There is a commission of $8 per lot.
Below are the details for each account details for Forex4You as of writing this:
• Trading Platform
Forex4You mainly incorporates the MetaTrader4 (MT4) trading platform by MetaQuotes. MT4 is one of the leading trading platforms in the industry, most notable for its easy-to-use interface, lightning-quick execution time, and flexible customizability. It features real-time market quotes as well as over 80 pre-installed technical indicators, charting tools, and automated trading options, to name a few.
It is available for desktop, web browser, and mobile for iOS and Android.
In addition, its proprietary platform Share4You, is a trading platform that focuses on the social aspect of trading. Here, clients can follow strategies and transactions of other traders. Share4You also features an automatic trading system which requires a minimum $5 deposit to copy the trading executions from their peers for a hands-free trading experience.
Furthermore, its trading platform features an economic calendar, auto-charting tools and an economic news platform to update clients with events from the market.
• Payment Options
Payment options include credit/debit cards, bank wire transfers, and online payment services such as Neteller and Skrill. Deposits and withdrawals can also be done with cryptocurrency.
Withdrawals are usually processed within the same day, though it could take more if requests are done outside of business hours. Bank transfers usually take one to three business days to process, though some options can take a few seconds. Withdrawal fees range between 0.8% to 2% of the total amount for payment services, and around 2.8% for credit/debit cards.
There are some fees for deposits; however, bank processing fees may apply depending on which service has been chosen. Online payment services may charge additional fees for deposits or withdrawals.
Most of the details listed above may often be subject to change. Therefore, for updated information, please look into the broker’s official website.
H2: Forex4You: Is it safe?
E-Global Trade & Finance Group, Inc, the owner of Forex4You, is fully authorized and regulated by the Financial Services Commission in the British Virgin Islands.
All client accounts in Forex4You are kept in segregated accounts to prevent the brokerage from using its funds for other obligations or if the company were to be insolvent.
Overall, Forex4You can be seen as an experienced broker that has the years and experience operating in the industry. Apart from its MT4 platform, its proprietary trading platform is quite useful which is able to supports a variety of trading styles with its flexible and easy-to-use interface.
However, as its platforms are centered to cater to novice traders, Forex4You could do with more educational materials and resources. Its financial instruments offerings can also be seen as very limited when compared with other brokers that offer almost over 1,000 instruments.
In addition, its lack of regulation under any well-respected financial authority may be enough to turn away potential clients, even if the broker provides a clean track record in the industry.