What is ForexEE?
ForexEE is an online brokerage firm that mostly caters to clients interested in trading in Forex and Cryptocurrency markets. It was founded in Estonia, 2004 and is has garnered a reputation for its dynamic and modern ECN, STP, and Cryptocurrency services. Furthermore, ForexEE claims to also provide innovative trading accounts and money manager. The online brokerage’s ECN technology is also popular in the industry for its advantages when it comes to the trading process. This can come in the form of low spreads, competitive commissions, and interbank liquidity.
However, while ForexEE 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.
ForexEE: 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
ForexEE offers a decent selection minor, exotic, and major currency pairs, while their cryptocurrencies listings seem to have no markets available as of writing this. In contrast to other online brokerages, this can be seen as limited as there are other brokers out there that offer the same financial instruments but includes stocks, commodities, indices, and much more.
• Account Types
ForexEE offers its clients five different account types that are designed to cater to most trading strategies. These account types are the STP account, Basic ECN account, Advanced ECN account, Premium ECN account, and the Crypto account.
The STP account requires a $50 minimum deposit where clients can trade commission-free with spreads starting from 0.5 and a miximum leverage of 1:500. Minimum trading lot is 0.01 and the account’s base currency can be the Japanese Yen, Ruble, Euro, and U.S. Dollar.
The Basic ECN account requires a $200 minimum deposit where clients can trade with spreads starting from 0 and a maximum leverage of 1:500. Minimum trading lot is 0.01 and the account’s base currencies are the same as the STP Account with the added Bitcoin for those investing in Cryptocurrency. Commission is 5 units of the base currency per lot.
The Advanced ECN account requires a $1,000 minimum deposit where clients can trade with spreads starting from 0 and a maximum leverage of 1:500. Minimum trading lot is 0.01. Commission is 2.5 units of the base currency per lot.
Premium ECN account requires a $25,000 minimum deposit where clients can trade with spreads starting from 0 and a maximum leverage of 1:500. Minimum trading lot is 0.01. Commission is 1.8 units of the base currency per lot.
The Crypto account requires a $10 minimum deposit where clients can trade with maximum leverage of 1:3. Commission is 0.5% of the trade volume in the base currency. Base currencies accepted are LTC, MBT, USD, RUB, and EUR.
• Trading Platform
ForexEE 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.
• 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.
There are no 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.
ForexEE: Is it safe?
Safety and security are the two most important aspects that every online brokerage must look into. It protects its clients and assures that its operations have met with industry standards. Unfortunately, ForexEE seems to lack any proper regulations from authoritative entities.
Being located in Estonia, ForexEE claims that it is registered with the Ministry of Economic Affairs (MEA). However, there seems to be little evidence that the broker is authorized to offer investment services.
It’s true that ForexEE’s trading conditions are some of the most competitive to be found out there. The online brokerage’s Forex and Cryptocurrencies offerings are great but when it comes to other financial instruments outside of the two, it isn’t too diverse but still basic enough to meet the needs of novice traders.
However, one of the biggest downsides to ForexEE is its lack of proper regulation, which could be enough to deter most potential clients. In addition, the broker does not offer any daily market analysis. Therefore, it is safe to say that there are other decent online Forex brokers that offer almost the same requirements and are fully regularized to boot.