ForexEE is a brokerage firm that offers its clients access to trade online in the Forex and Cryptocurrency markets. ForexEE was established in Estonia around 2004 and has grown ever since. The brokerage is well-known for its cutting-edge ECN, STP, and Cryptocurrency services as well as its trading accounts and money manager.
ForexEE also claims that its ECN technology allows the broker to provide its clients with various advantages, which include competitive spreads, low commission prices, and favorable interbank liquidity.
In this review, we will look into a more in-depth look into the offerings and various key aspects of ForexEE and see whether the exchange still lives up to its reputation as well as some of its pros and cons.
ForexEE: Services and Offerings
While NPBFX 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. Furthermore, clients residing in the United States may also not be able to gain full access to its services due to legal restrictions.
• Trading Instruments
ForexEE offers a good variety of major, cross, and exotic currency pairs in its Forex listings, 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 account types that focuses on covering most trading strategies as well as its clients’ trading experience. 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.
• Bonuses and Promotions
ForexEE does not offer any bonuses or promotions at the time of writing this.
• Trading Platform
ForexEE uses 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.
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 in this ForexEE review may often be subject to change. Therefore, for updated information, please check the broker’s official website.
ForexEE: Is it safe?
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.
ForexEE is the business end of NTS Systems Ltd, which is located in St. Vincent and the Grenadines. Obviously, this can be a major downside for more professional traders as this could potentially put their funds at risk.
In conclusion, while ForexEE does offer some of the most competitive trading conditions, there seems to be a lot of limitations when it comes to its financial assets. One of the main reasons why this broker may turn away potential clients is its lack of any regulation from a well-known financial authority such as the CySEC or ASIC.
Therefore, many will believe that there are better Forex brokers that meet the same amount of criteria but with actual regulatory licenses for guaranteed safety.