Forex4You offers online trading of Forex and stock CFDs. Forex4You was established in 2007 by E-Global Trade & Finance Group, Inc., a licensed financial service company by the BVI Financial Services Commission. forex4you review
Forex4You offers its clients, just like other forex brokers, the choice of several basic account types to suit their trading needs. Fixed or variable spreads and Dealing Desk execution (DD) are available on Cent and Classic accounts.
Forex4You provides a rare 1,000,000 forex leverage. This can lead to excessive losses that are greater than the initial deposits if they move in their favor.
The broker is “offshore”, which means we can’t expect too much of it in terms of regulation and home jurisdiction. Forex4You: Legit, Scam or Legit? Is it legal to withdraw your earnings?
Many traders look for brokers to work alongside them. Although there are many reviews on the internet, not all are accurate. There are many websites that specialize in reviewing forex brokers. You can also find a lot discussion on brokers on forums, social media channels, and groups. While some information is based upon real trading experiences, others are meant to promote the broker. Promoting forex brokers can be legal and acceptable as long as it’s transparent.
As of today, there aren’t many forex websites that trust broker reviews. Forexpiecearmy.com is trusted the best because it filters out false reviews. Forex4You reviews are best if you trust your gut instincts.
Their overall rating is the average rating they have from the largest portal of broker review sites. What do Forex4You’s unhappy trader complain about?
- Withdrawal fees are one of the issues.
- Spread manipulation and denial of profits are two major problems with online trading.
- Forex4You is not an ECN broker. Their representatives informed clients via the forums about their wider spread and longer execution times than scalpers or robot traders (forex EAs).
- This broker is also well aware of technical issues encountered by people trying to change their passwords for MT4.
Forex4You Scam?
We shouldn’t expect too many from the “offshore” broker when it comes to regulation and home jurisdiction.
Forex4You is actually E-Global Trade and Finance Group Inc., based in the British Virgin Islands. This isn’t a highly regulated jurisdiction.
This broker’s exact address is First Floor Mandar House Johnson’s Ghut. Box 3257 Road Town Tortola (British Virgin Islands).
Forex4You isn’t fraudulent but it isn’t a trusted and reputable broker. Their main base is in Russia. They then move to Thailand and Vietnam. These are their most lucrative markets.
Forex4You isn’t well-known in the EU or AU, nor other regulated regions. They tend to work with clients from the above-mentioned regions.
Forex4You Trading Accounts
The broker offers a Demo account, which allows traders the opportunity to test the platform and setup without risking any money. It is simple to open a Demo account, but it will require you to provide some personal information.
Five options are available for real-money accounts.
- The Cent account has the easiest access. It’s worth noting that real-money accounts do not have minimum deposits. In all aspects, the Cent Account is still considered to be “entry-level”. Spreads offered by the Cent Account are fixed at 1.5 pip. It’s very flexible. This account can have leverage as high as 1:10. The broker claims it can go as high as 1:0. Cent Account holders can receive a bonus program from the broker.
- The Classic Account, like the Cent Account, also offers instant execution. This account executes much faster than the Cent Account. Except for the fixed spreads, which begin at 2 pip, the account features are nearly identical.
- The Cent NDD account permits market execution and floating spreads beginning at 0.1 pip. It does however have a 10% commission per lot.
- With the Classic account, floating spreads are also possible. This account charges $8 per lot in commission. It does however increase the stakes trade size.
For serious traders who wish to trade, the Pro STP account is ideal. You can also execute market orders. Spreads start from 0 pip, and there is a 10% currency commission per lot. Admiral Markets offers an ECN Account with spreads starting from 0 pip and a fixed commission per lot.
Forex4You Trading Platforms
There are many trading platforms available, but the broker’s primary focus is MetaTrader 4. There are three other options: Forex4You’s creations, which were created to support the mobile and web-based markets.
Traders who have previous online experience with MT4 will find it easy to use. It is a fully customizable trading environment, both charting-analysis-wise and tools-wise.
Advanced traders are adopting MetaTrader 5, the multi-award-winning Forex&CFD platform MetaTrader 5. Because it integrates with other exchanges, it has more features and better execution. Read our MT4 vs MT5 guide for more details.
Forex4You Trading Conditions
Minimum Initial Deposit
Forex4You requires you to deposit $1 in order to open a Dealing Desk Account. This is quite reasonable considering the looser regulations. Admiral Markets requires clients to deposit $100 minimum.
Spreads & Commissions
Forex4You offers both fixed and variable spreads. Fixed spreads can be found on the Dealing Desk (commission-free) Cent or Classic accounts. These spreads are 2 pip on EUR/USD, which is more than the average forex market spread.
Variable spreads average 0.3/0.2 pips for EUR/USD and require an $8/$10 commission per standard lot (on Classic/Pro accounts). Variable spread accounts have an average trading cost of 1.2 forex pip. This includes the commission.
Admiral Markets offers variable spreads beginning at 0 pip EUR/USD on its ECN account.
Maximum Leverage
This broker can offer leverage as high as 1 000. These leverage ratios can be quite high but there are many offshore brokerages that offer them. These leverage ratios enable traders to make large profits when the markets favor them. If the market is against traders, however, they could suffer huge losses.
Payments
These payment options can be used for Forex4You account withdrawals or deposits:
- Bank wire transfer;
- Visa, MasterCard Credit/Debit Card
- E-wallets available: FasaPay, Skrill and WebMoney. Neteller is also available.
Conclusions
Forex4You looks like a great destination for trading, with a solid reputation as well as a variety of trading platforms. You can trade with some accounts that offer very attractive conditions, as well as decent market coverage.
We can recommend this operation 100%. It is a bit difficult to determine the jurisdiction and regulatory status of this operation. We also highlighted negative feedback that Forex4You clients received at the beginning.
Profit withdrawal issues are a problem, but execution in different circumstances like automated trading or scalping seems to be the biggest problem.
