Forex4you, operating under E-Global Trade & Finance Group, Inc., has been offering Forex trading services since 2007 and has expanded its portfolio to include various trading activities. As part of its comprehensive service offering, Forex4you engages in Forex trading, PAMM-account systems, a copy trading service known as Share4you, and ensures client fund safety with significant deposits stored in Swiss bank accounts. Additionally, they focus on educating traders and offer a multi-level affiliate program.
Regulation and License Forex4you
Forex4you is registered in the British Virgin Islands (BVI) under the number 1384287 and regulated by the BVI Financial Services Commission (BVIFSC) with the license number SIBA/L/12/1027. The broker is also regulated by FSC Mauritius. Their liquidity providers include prominent banks and financial institutions like Sucden Financial Limited, Boston Technologies, and INTL FCStone Inc., among others.
Trading Platforms and Account Types
Forex4you offers several trading platforms, including MetaTrader 4 and their proprietary WebTrader, which provides features like Trading Control, Equity Stop Loss, and a Liquidity Pool. The broker caters to different types of traders with accounts such as:
- DDE Accounts (Cent and Classic): These accounts involve a dealing center and are suitable for beginners.
- NDDE-Accounts (Cent NDD and Classic NDD): Offering direct access to the interbank market without the participation of a dealing center.
- STP PRO Account: Designed for professional traders, this account type provides end-to-end processing of applications with high-speed performance.
Features and Services:
- Share4you Copy Trading Service: This allows clients to copy the trades of professional traders. The service also offers the option to scale trades and choose leverage independently.
- Educational Resources: The broker provides educational resources, making it a good option for novice traders. They offer a free demo account and a cent account with a minimum deposit of just $1, ideal for beginners to start trading under favorable conditions.
- Client Fund Safety: Client funds are segregated, and Forex4you offers negative balance protection, although there’s a lack of a compensation scheme.
- Global Presence: Forex4you serves a wide client base globally, with significant popularity in countries like Thailand, Vietnam, Russia, and India.
- Customer Support: The broker provides multilingual customer support in English, Hindi, Russian, Malay, Mandarin, Cantonese, and Thai, with varying support times depending on the language.
Fees and Commissions
Forex4you’s commission structure varies with the account type. For instance, the Classic Pro account has a commission of $8 per lot, which is above the market average. Spreads and swaps are also critical cost factors, with the minimum spread for the EURUSD pair being 0.9 pips on standard accounts.
In conclusion, Forex4you presents itself as a versatile broker suitable for a range of traders, from beginners to professionals. Its regulatory framework, account options, and additional services like copy trading and educational resources make it a comprehensive choice for individuals looking to engage in Forex trading. However, potential clients should consider the fee structure and lack of a compensation scheme when making their decision.
Frequently Asked Questions about Forex4you
Forex4you is a brand of E-Global Trade & Finance Group, Inc., offering brokerage services in Forex trading. It’s known for providing a range of trading instruments, user-friendly platforms, and educational resources for traders of different experience levels.
Forex4you offers various services, including:
- Forex Trading: Access to major, minor, and exotic currency pairs.
- CFDs Trading: Trading on CFDs for commodities, indices, and stocks.
- Trading Platforms: Offering MetaTrader 4 and their proprietary Forex4you desktop, mobile, and web platforms.
- Educational Resources: Providing learning materials for both beginners and experienced traders.
- Customer Support: 24/5 customer service for technical and trading inquiries.
Potential Risks and Pitfalls
- Market Risk: The Forex market is volatile; prices can fluctuate rapidly.
- Leverage Risk: High leverage can lead to significant losses.
- Regulatory Risk: Always check the broker’s regulatory compliance in your jurisdiction.
Forex4you for Beginner Traders
Yes, Forex4you is suitable for beginners due to:
- Educational Resources: Comprehensive materials for learning Forex trading.
- Demo Account: Practice trading without risking real money.
- Low Minimum Deposit: Makes it accessible for beginners to start small.
Assessing Customer Support Quality
Forex4you’s customer support is generally considered reliable. They offer:
- 24/5 support through chat, email, and phone.
- Multilingual support.
- Quick response time and helpful assistance.