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Looking for a Broker with Low Investment Requirements? Read our Forex4you Review.
When you’re first starting out in the world of Forex trading it’s highly likely you are looking for a way to test the waters without risking huge amounts of cash. While for many this means opening a demo account with a broker and trading using a pot of virtual cash, others much prefer the thrill of the trading experience that comes with a real live account. Many brokers choose to impose quite hefty minimum deposit requirements, which can be rather bothersome, but there are also a few that require very little or nothing at all. One of these is Forex4you, and here is our honest Forex4you review.
- Special Gifts: Returning commission
- Max Leverage: 1:500
- Spread: 2
- Forex Licence: FSC
A brief introduction to Forex4you
Established in 2007, Forex4you is one of the brand names used by E-Global Trade and Finance Group Inc., which is registered in the British Virgin Islands. The trading name of Forex4you is licensed and regulated by the FSC. The specialty of this broker is providing online trading services for traders all over the world, but so far, it has remained one of the smaller players. What has made it attractive for a number of traders is its commitment to providing the best possible service regardless of trading volume. The ideal place for beginners to start is its Cent trading account.
Forex4you is currently offering a 25% Forex4you bonus
The bonus offer that Forex4you is currently offering is a reward for frequent foreign currency traders. On average it is possible to get back up to 17.5% of the spread, providing you meet certain requirements. The possible amount of bonus ranges from 5% to 25%.
So how does it work? When placing funds into a trading account a choice has to be made regarding the % credit bonus. The larger the bonus chosen, the higher the trading turnover required. The bonus takes the form of a credit that allows a larger trade volume. Once trading has been taking place for 3 months, a trading turnover will be apparent, and for each trade, part of the spread commission is given back. The bonus cannot be used until the Forex trading target has been reached. This bonus can also attract certain other gifts; for example, additional Forex bonuses and returning foreign exchange commission.
Forex4you clients receive MetaTrader 4 for free.
For its platform, Forex4you has chosen the ever-popular MetaTrader 4, in all its favourite guises. There is also a specially designed Forex4you mobile trading platform that allows clients to trade using their smartphones or tablets. The Forex4you mobile platform enables clients to open and close positions; set stop loss and take profit limits; create pending orders; view account balances, margin and equity; view reports; and receive “market closed and open” notification.
For traders who enjoy the convenience of MT4, there is the usual range of tools and features including market alerts, trade alarms, trailing stops, and a great number of technical indicators.
Forex4you has accounts for big and small traders.
As well as the Forex4you demo account, there are five other options, including one that is aimed specifically at new traders. Opening a Cent account is a great way to start trading without risking huge amounts of money, but still experiencing the real market. Trades can be made for just 2 cents, and are available in a dealing-desk or no-dealing-desk account. The Classic account is the next step up, for those with a little more cash to invest and slightly more experience. Trades can be made in dollars or euro, from 1/100th of a lot up to 200 lots.
One further step takes traders to the Pro account level. This is a pro STP account, and orders are executed in less than half a second. Spreads are variable, as you would expect, and start from 0 pip. For those of you who might be looking to manage other investors’ money, making a profit for them and yourself, there is a PAMM trader account. With this account, it is possible to manage one or more investor funds. Finally, there is the PAMM investor account, which will give you the opportunity to profit from the Forex market without the worry of making trades.
Making payments into or out of a trading account is easy, and a number of payment methods are supported, such as Visa and Mastercard, WebMoney, Neteller, Skrill, China Unionpay and bank wire transfers.
Forex4you customer support is available 24 hours a day.
The lines of communication are open 24 hours a day, 5 days a week, should the need arise for some support or guidance. The usual means are offered such as live chat, telephone or email. Support is available in a number of different languages including Mandarin, Cantonese, and Hindi.
While the educational offering is a little limited there is more than enough information for the average trader. It might not include fancy seminars or video tutorials, but the same information is there in black and white. We noticed that a new section, including webinars for beginners, has recently been added to the site, and we hope this is an indication that there is more to come.
Now do you want to know what we think of Forex4you? All in all, we were pretty impressed. It may not have reached the dizzy heights of some other better-known Forex brokers, but who knows what might be around the corner. It certainly offers a service and features that can easily rival the best of the best, so we’re going to be keeping our fingers crossed for its continued success. There is a good range of language support, choice of trading account, reasonably low spreads, minimal deposit requirements, and excellent customer support. What more could you want from a Forex broker? The fact that only MetaTrader trading platforms are available we found a little disappointing, but this is a minor fault, and certainly not one that is going to keep all new traders away.
|Company||E-Global Trade & Finance Group, Inc.|
|Headquarters||British Virgin Islands|
|Languages||English, Croatian, German, Spanish, French, Hindi, Indonesian, Italian, Malay, Russian, Thai, Chinese, Hong Kong.|
|Deposit Methods||Visa, MasterCard, Neteller, Skrill, UnionPay, Bank Wire, WebMoney and more|