What is Forex4You?
Forex4You is an online brokerage that offers its clients access to the currency market through convenient tools, and cutting-edged technology. Forex4You was founded in 2007 by E-Global Trade & Finance Group, Inc and boasts over 1.7 million traders worldwide. As of now, the company currently has several offices located in countries abroad, making the online brokerage recognized as a global brand.
Apparently, Forex4You utilizes its own proprietary liquidity provider simply named the ‘Marketplace’, to offer their clients the best and competitive of prices.
Forex4You also has won several awards for its services and quality, with the ‘Forex Broker of the Year South-East Asia’ in the 2017 IAIR Awards, and the ‘Best Forex Broker in Russia and CIS’ in the 2013 Forex Expo Awards event.
In addition, Forex4You has been involved in numerous sponsorships, mostly in the field of sports. Over the years of operation, Forex4You has sponsored a Blancpain GT racing event, the FIA World Touring Car championships, and was the official partner of the Continental Hockey League for a time.
However, while Forex4You does get its share of positive user reviews, there is an equal number 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.
Forex4You: Services and Offerings
Do keep in mind that some of the products and services listed below may be different or inaccessible, depending on the location of the client due to legal restrictions.
• Trading Instruments
Forex4You’s offers its clients with over 41 Major, Cross, and Exotic pairs to trade with. In addition, its listings also include over 14 Indices, 6 Commodities, 74+ Stock CFDs, and 5 Cryptocurrencies.
• Account Types
Forex4You offers four account types – the Cent Account, Classic Account, Cent NDD account, and the Pro STP account. Opening any of these accounts is relatively cheap, mostly requiring no minimum deposits. All accounts allow clients to trade a maximum of 500 lots per trade with a maximum leverage of 1:1000.
The Cent Account is built for novice traders in mind, allowing trades with minimal risks. However, the downside of this account is its execution speeds when trading, carrying orders out as fast as 1.63 seconds only.
The Classic Account is the broker’s standard account. Clients are able to trade commission-free with a contract size of 100,000 per lot. Trades are carried more quickly here, reaching up to 1.13 seconds in execution.
The Cent NDD account quickens trade execution, carrying out orders in less than 0.95 seconds. However, each trade has a commission of 10 cents per lot.
The Pro STP account is built for professional or expert traders in mind. Here, trades are the fastest, carrying out orders near 0.37 seconds. There is a commission of $8 per lot.
• Trading Platform
Forex4You 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.
In addition, it has its own proprietary platform called Share4You. This trading platform heavily emphasizes on social trading where users can follow strategies and automatically copy the transactions of other fellow traders.
In addition, Share4You also comes with its own in-built economic calendar, auto-charting tools, and economic news panel to keep clients up-to-date with events from the market.
• 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 review may often be subject to change. Therefore, for updated information, please check the broker’s official website.
Forex4You: Is it safe?
Forex4You is owned and operated by E-Global Trade & Finance Group, Inc, which is fully authorized to do business and is regulated by the Financial Services Commission in the British Virgin Islands.
All client accounts in Forex4You are kept in segregated accounts to prevent the brokerage from using its funds for other obligations or if the company were to be insolvent.
Overall, Forex4You does seem to show a level of competency in the industry with the success and experience gained over its years of operating. Its implementation of the MT4 platform is a decent choice as it has proved itself a staple in the industry. Apart from that, the broker’s Share4You trading platform proves to be of full convenience with its support of various trading styles and comprehensive user interface.
However, while novice traders will definitely benefit from its beginner-friendly platforms, Forex4You does not seem to host enough educational materials and resources when compared to other brokers that follow the same business structure. Its financial instruments offerings can also be seen as very limited given that it sells itself as a Forex broker.
One of its biggest downfalls may be its lack of regulation under any well-respected financial authority which may be enough to turn away potential clients.
Other than that, Forex4You is a decent online currency broker with the potential of a promising and successful road ahead of it, provided they get their regulations in check.