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Forex4Group Review - Is it scam or safe?

Forex4Group  Review - is Forex4Group scam or good forex broker?

RATING: 3 / 0 REVIEWS Forex4Group
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Trading Accounts

 

Account type

Minimum deposit

Minimum trade size

Maximum leverage 

Spreads

Trading platform 

Micro 

$100

0.01

1:200

3 pips

MT4/Sirix

Standard

$2 500 

0.1

1:200

3 pips

MT4/Sirix

VIP

$20 000

0.5

1:200

N/A

MT4/Sirix

 

Forex4Group offers three account types, depending on the client’s initial deposit. All accounts are commission-free and offer fixed spreads with leverage up to 1:200. You can trade in in micro lots on the Micro account only.

 

There is no ECN account, nor account management (PAMM) services. 

 

The Company. Security of Funds

 

Company

Country

Regulation

Stocks Forex AF Limited

Cyprus

CySEC

 

Forex4Group offers trading in over 45 currency pairs, and CFDs on bonds, commodities, stocks and indices through both MetaTrader 4 and Sirix WebTrader.

 

Forex4Group is the trading names of Stocks Forex AF Limited, which is licensed by Cyprus Securities and Exchange Commission (CySEC) since 2015.

 

Cypriot Investment Firms are required to hold at least €730 000 (as a proof of good financial standing) and maintain it. Client funds must be held in segregated accounts and regulated brokers are required to report to the Commission on a regular basis. 

 

Furthermore, CySEC applies a compensation scheme as an additional guarantee to clients’ funds. All licensed brokers are members of the Investor Compensation Fund, which may cover a maximum of 20,000 EUR per person in the event of broker insolvency.

 

Besides, as Cyprus is subject to the EU MiFID regulations, all CySEC-licensed brokers are free to operate in all Member States of the European Union. 

 

Trading Conditions

 

Minimum Initial Deposit

The minimum deposit required to open an account with Forex4Group is $100, which is average. easyMarkets requires the same amount to start with.

 

Spreads & Commissions

Forex4Group offers fixed spreads, amounting to 3.0 pips for the EUR/USD pair, which is comparatively high pricing. Most fixed-spread brokers provide spreads of 2 pips for this pair and others – even better.  easyMarkets, for example, offers fixed spreads averaged spread of 1.0 pips on EUR/USD and charges no commission.

 

For more information, you may look up real-time spreads of 15 leading brokers here.

 

Leverage

The maximum leverage level offered by Forex4Group is 1:200, which is average. In order to protect traders from the risk associated with using higher leverage levels, CySEC has proposed the default leverage to be set at 1:50.

 

Still, many Cyprus-based brokers offer considerably higher leverage levels: for example, easyMarkets offers leverage up to 1:400.

 

Trading Platforms

 

This broker supports the most widely used forex trading platform MetaTrader4 (MT4), as well as Sirix Web trader. 

 

MT4 remains the preferred choice of most traders (and brokers) worldwide, as it provides a full range of trading tools and features: a number of built-in technical indicators, advanced charting package, automated strategies (EAs) and extensive back-testing environment. Besides, traders can download ready-made or create their own EAs (and Indicators) and let the program do all the work.

 

The other platform supported by this broker is Sirix Web Trader – a simple trading terminal that requires no download and installation, which is also equipped with useful charting tools, and a number of technical analysis indicators, as well as 128-bit encrypted security.

 

 Forex4Group's Sirix web. Click for larger image.

 

Methods of Payment

 

Forex4Group supports a limited range of payment methods - only bank wire transfer.

 

The processing of the withdrawal request takes up to 3 business days.

 

Conclusion

 

Forex4Group is a Cypriot FX and CFD brokerage that is duly regulated and supports two trading platforms. The main problem with it is that its spreads are too high. It claims to be a STP broker, but we suspect it is acting as a Market Maker (fixed spreads, no ECN environment). To sum up the above, here are the Pros and Cons with regards to this broker:

 

Pros

Cons

Well-regulated 

High fixed spreads

MT4 available

No ECN accounts

Commission-free trading

Limited payment methods

 

 

                                                              

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Traders` reviews for Forex4Group

Spread

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Slippage

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Requotes

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Price feed

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Platform

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Deposit/Withdraw

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Customer service

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Summary

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