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Trade Forex Review: Exploring Forex.ee – A Detailed Analysis
Introduction
In this comprehensive review, we’ll delve into Forex.ee, a Forex broker that has been operating since 1998. Originally founded in Estonia, the company relocated its office to Saint Vincent and the Grenadines in 2004. Our evaluation will encompass key aspects, including regulation (or lack thereof), types of accounts offered, trading platforms, available trading instruments, minimum deposit requirements, and more.
Regulatory Status: Unregulated but not without perks
Forex.ee is an offshore Forex and CFD brokerage firm registered in Saint Vincent and the Grenadines. Notably, it operates without regulation from any government agency. While this may raise concerns for some traders, it also presents certain advantages. Registration and verification processes are notably simpler, and high leverage is a defining feature. Forex.ee offers leverage of up to 1:500 on the most liquid trading instruments, surpassing the limits imposed by brokers in the EU or North America.
Types of Accounts
Forex.ee provides traders with a variety of account options:
- STP Account: A classic account without a commission, featuring a minimum deposit of $50 and a spread of 0.5 pips.
- Basic ECN Account: With a minimum deposit of $200, this account offers spreads from 0 pips and a commission of $3.5 per lot.
- Advanced ECN Account: Popular among traders, this account requires a minimum deposit of $1000, offering zero spreads and a reduced commission of $2.5 per lot.
- Premium ECN Account: Geared towards professional traders, it necessitates an initial deposit of $25,000, provides zero spreads, and maintains a low commission of $1.8 per lot.
- Crypto Account: Tailored for cryptocurrency enthusiasts, this account requires a minimum deposit of $10, offers a leverage of 1:3, and imposes a commission of 0.5%.
Additionally, Forex.ee accommodates Islamic accounts upon request. For inactive accounts, a monthly fee of $10 is charged, while account restoration incurs a $50 fee.
Trading Platforms
Forex.ee employs the widely respected MetaTrader 4 (MT4) as its trading platform of choice. Despite the introduction of MT5 in 2010, MT4 remains favored among retail Forex traders due to its extensive selection of trading robots known as Expert Advisors.
Trading Instruments
The trading instruments available on Forex.ee encompass more than 50 major and minor currency pairs, along with CFDs based on precious metals such as gold and silver. However, what sets this broker apart is its remarkable array of cryptocurrencies available for trading. Traders can access numerous cryptocurrencies, including Bitcoin, Bitcoin Cash, Ethereum, Litecoin, and many more. Furthermore, they can trade these cryptocurrencies against various fiat currencies, providing flexibility for crypto enthusiasts. It’s important to note that leverage when trading cryptocurrencies is capped at 1:3.
Minimum Deposit
To open an account with Forex.ee, a minimum deposit of $50 is required. Funding methods accepted by the broker include Visa and MasterCard credit and debit cards, with a 0% commission, as well as e-wallets like Neteller, WebMoney, and PerfectMoney, subject to a commission ranging from 0.5% to 4%. Additionally, Forex.ee accepts several cryptocurrencies for deposits, with no associated fees.
Welcome Bonus
New customers can benefit from a $15 Welcome No Deposit bonus by opening an STP account and providing a trading account statement from their previous broker, indicating a deposit of at least $50.
Conclusion
In summary, while Forex.ee operates as an unregulated Forex and CFD broker, it offers unique advantages, particularly for cryptocurrency traders. The extensive selection of cryptocurrencies and high leverage options make it an intriguing option for those interested in digital assets. However, due diligence and thorough research are crucial before choosing this broker, given its unregulated status. As with any investment, it’s advisable to read reviews and consider your trading objectives carefully.
For more information on Forex.ee and other brokers, consult our comprehensive rating of Forex brokers.
General Information:
- Broker’s Name: Forex.ee
- Year of Foundation: 1998
- Headquarters: Saint Vincent and the Grenadines
- Regulation: N/A
- Trading Platforms: MT4
- EURUSD Spread: 0.5 pips
- Demo Account: Available
- Minimum Deposit: $50
- Base Currencies: USD, EUR, RUB, JPY, AUD, BTC
- Maximum Leverage: 1:500
- Assets: Currency pairs, metals, cryptocurrencies
- Deposit Replenishment: BankTransfer, Visa/MasterCard, Skrill, Neteller, FasaPay, Perfect Money, BTC, BCH, LTC, ETH, USDT
- Withdrawal Fee: Varies
- Payment for Inaction: $10/month
- Islamic Accounts: Available upon request
- Segregated Accounts: N/A
- PAMM Accounts: Available
- Partner Account: Available
- Scalping: Permitted
- Automatic Trading: Supported
- Mobile Trading: Available
- Web Terminal: Provided
- Social Trading: Supported
- Signals: Not available
- VPS: N/A
- Deposit Bonuses: Available
- Contests: Not available
- Customer Support: 24/5
Disclaimer: Please exercise caution and conduct thorough research before choosing a broker for your trading activities. Trading involves risks, and it’s essential to make informed decisions.
