Forex4you Broker Review
Risk Warning: Your capital may be at risk
Our Review of Forex4you
Forex4you is based in the British Virgin Islands. The company provides foreign exchange brokerage services using electronic online trading platforms. The company is an authorized and regulated securities and investment broker. Forex4you offers different account types based on the customer’s level of knowledge and expertise. The company also offers high tech professional services to its customers. Forex4you makes currency trading affordable for ordinary investors.
Account Types, Commissions, Spreads and Leverage
Forex4you offers 3 primary account types. These are named the Cent account, the Classic account and the Pro account.
The Cent account is a starter package for beginners. You can choose from Cent Lite, Cent or Cent NDD. It takes only a few minutes to register the account. These account types allow customers to risk as low as $1 to $10. The average execution speed ranges from 0.98 seconds to 1.81 seconds. The spread varies from 1 pip to 2 pips depending on the account type. The leverage varies from 1:10 to 1:500. The recommended capital starts from $1. The Cent accounts are eligible for bonus programs.
The Classic accounts are offered for experienced traders, who can trade without assistance. The recommended deposit ranges from $1 to $500. The account types allowed are Classic Lite, Classic and Classic NDD. The accounts are easy to setup and register. The execution types include instant order, re-quotes, market only, without re-quotes and with possible slippages. The spread varies from 0.5 to 2 pips. The Classic Lite and Classic accounts have no commissions. The Classic NDD comes with a fee of $8 per lot. The leverage varies from 1:10 to 1:500. All these account types are eligible for bonus programs.
Forex4you offers professional accounts for advanced forex traders. The execution types include Market, possible slippage and without re-quotes. The spread starts from 0 pip. The commission for pro accounts starts at$5 per lot. The trading instruments allowed are forex and commodities. These accounts offer a leverage of 1:10 to 1:100. These accounts allow 1-click trading, viewing current market prices and viewing trading volumes. The recommended capital starts from $100. The account is not eligible for bonus programs.
Forex4you offers multiple software platforms for trading. The company’s flagship platform is the MetaTrader trading terminal. You can download the MetaTrader into your computer for free. This trading platform is also available for iOS, Android and Windows mobile devices. The MetaTrader is a full-featured trading platform, which offers instant order execution, fast quote updates, technical indicators, linear instruments, confidential transactions, quick news updates and chart printing. Forex4you also provides detailed user guides on using its various trading platforms.
Deposits and Withdrawals
The customers can deposit funds by logging into the trading room and selecting the Add Funds option. You can select the option Bank Transfer and specify the amount of the deposit. Select the currency and confirm the transaction details. You will receive an invoice with the details of the deposit transaction.
You can withdraw money using the deposit mechanism used initially to deposit funds. All newly added funds will be available for withdrawal only after 30 days. Typically, you can withdraw funds within 48 hours on most business days. All withdrawals can be performed online. A verification process applies for withdrawing funds more than $1,000.00 for international bank transfers, applying for pioneer MasterCard or to use Moneybookers payment system.
Forex4you offers customer support via phone, chat, online and email. A toll free number is available to report any issues, and request information on products and accounts.
Forex4you is licensed by the Financial Services Commission, and is registered in the British Virgin Islands. The company adheres with all of the industry best practices and international standards. The company follows policies that focus on transparency, protection of customer interests and law-abiding performance.
Forex4you offers various mutually benefitting partner programs. You can become an online partner, official representative or an offline partner.
Additionally, the company rewards frequent FX traders with a bonus program. The bonus is up to 25 percent of the spread on a trade. The customer needs to fund the trading account, trade for three months, and a bonus is automatically credited when the bonus reaches a threshold level. The bonus program is designed to benefit those who gradually increase the amount of trading. A credit shows up in your trading account corresponding to the bonus awarded.