- 1 Forex4you Review 2018
Forex4you Review 2018
- BONUS & PROMOTIONS
- USER REVIEWS
Forex4You Video Review
Forex4You, established in 2007, is the brand name of a British Virgin Islands (BVI) holding company called E-Global Trade & Finance Group, Inc. The company specializes in providing online forex trading services for retail traders from all around the world. Despite being a relatively small operation in the forex world, Forex4You is immensely popular among many retail traders due to its commitment in providing quality service to each individual trader regardless of their trading volume. In fact, they are one of the very few forex brokers who have cents trading accounts which are ideally suited for beginner traders with a small trading budget.
Forex4You Reliability – Is Forex4You a Scam?
Operating for roughly 6 years so far, Forex4You is a relatively young company in the forex industry. Many of the leading online forex brokers like Alpari or FXCM each have more than a decade of operating history behind them. Nevertheless, despite its relatively short operational history, Forex4You have actually done pretty well for itself. It is not only with the fact that Forex4You is relatively young player in the industry which traders have to grapple with. Another issue which Forex4You have to overcome when competing with our brokers is the fact it is operating from the British Virgin Islands (BVI).
There is a perception among the retail trading community that it is best to avoid dealing with any brokers which are located in a tax haven location like the BVI or the Caymans Islands. This is largely due to the fact that regulatory authorities in these places are considered by many to be lax in their enforcement for breaches of the law. In other words, a trader can hope for very little legal protection from these agencies. Actually the truth couldn’t be further away.
When the 2008 credit crunch occurred, many of the financial institutions responsible for the debacle were American based companies. We all know that the U.S have one of the toughest financial regulatory regime in the world yet all those regulations couldn’t help prevent what happened. In contrast to the BVI, the IMF in 2010 actually issued a statement that financial crisis did not about the financial of the companies that were registered in the BVI. This goes to prove that the BVI’s Financial Services Commission (FSC) is more than capable in its supervisory duties. In a further boost to its international standing, the FSC in 2013 signed an MOU with 31 European regulatory authorities regarding cooperation in the supervision of investment funds sector. In other words, the FSC is recognized by regulatory authorities from all over the world.
In addition to operating in a well regulated environment, Forex4You have succeeded due to its commitment to its traders. This broker takes pains to be transparent and work together diligently with its traders to resolve any issue which they might have. Because of this approach, Forex4You have managed to build up a following of loyal traders over the years. Many traders are inclined to remain trading with Forex4You over the years for the simple fact the broker has proven itself to be reliable.
Currently, Forex4You only have one standard trading platform which is the MetaTrader 4 (MT4), the mainstay of the online forex trading platform. Although the MetaTrader 5 is also available for download at the website, it is available only for demo accounts and testing. Nevertheless, with a platform which is as robust as the MT4 platform, there really isn’t any need for traders to rely on any other type of forex trading platform. Some of the features which MT 4 users get to enjoy include:
- Advanced Charting Package
- Automated Scripts
- Market Alerts
- Trade Alarms
- Trailing Stops
- Wide Array Of Technical Indicators
Understanding that the trading community comprises of a diverse group of traders with differing levels of trading experiences, Forex4You have provided their traders with 4 different types of trading accounts.
The cents accounts are designed for new traders who want to try out the forex market but are worried about the risk. With just $1 to $10, cents accounts holders can start trading and test out their trading strategies with minimal risks.
For traders who have gained some trading experiences and can spare a few hundred dollars, they can opt for the Classic accounts.
PAMM (Percentage Allocation Money Management) accounts are geared towards money managers with their own list of investors.
For professional traders who want to trade in larger volume and want the best spreads, they can opt for Pro accounts.
Commission & Spreads
Forex4You doesn’t charge any commission for their services but they impose a slight spread on top of the prices which traders get from the market quotes. The spread payable for normal trading account starts from 2 pips for the popular majors such as the EUR/USD. For classic NDD (Non Dealing Desk) accounts, spreads starts from 0.75 pips.
Customer support at Forex4You is available 24/5. Traders can contact the support team through the usual means such as Live Chat, email or the telephone. The response time through live chat or the telephone is quite fast with an average response time of 1 minute. In addition, support is available in several languages such as Malay, Mandarin, Cantonese and Hindi. Email response time is longer though with an average response time of 21 hours.
For the convenience of their traders, Forex4You offer them several choices to fund or withdrawal their funds. Currently the following methods are supported by Forex4You:
Another good thing about Forex4You is the provision to withdraw fund through a Payoneer MasterCard. With this option, the withdrawal time is normally less than 24 hours.
- Multi Language Support
- Multiple choices of Trading account
- Reasonably Low Spreads
- Reliable and Transparent Broker
- Response Customer Support
- Support for Payoneer MasterCard
- Well Equipped Educational Center
- Occasional requotes
- Only One type of Trading Platform offered
Although Forex4You offer traders everything under the sun like most more established brokers, it cannot be denied that the quality of their services is outstanding. Regardless of the size of your trading volume, they really do make an effort to make you feel that you are special to them. In addition, their cents accounts really make it easy for beginner traders to take the plunge.