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Forex.ee Review - Is it scam or safe?

Forex.ee Review - is www.forex.ee scam or good forex broker?

RATING: 2 / 1 REVIEWS ForexBrokerz Forex.ee
Forex.ee is an offshore broker. Your money is not safe.

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Trading Accounts & Conditions

 

Account type Minimum deposit  Minimum trade size Maximum leverage Average Spreads (& Commission)
STP $50 0.01 1:500 From 0.5 pips
Basic ECN $200 0.01 1:500 0.4 pips + $5 / lot (per side)
Advanced ECN $1000 0.01 1:500 0.4 pips + $2.5/ lot (per side)
Premium ECN $25 000 0.01 1:200 .4 pips +$1.8/ lot (per side)

 

Forex.ee offers its clients a choice of one STP and several ECN account types. The STP account is commission-free, while ECN ones offer tighter spreads, but commission fees apply. Leverage levels available are pretty high, reaching 1:500, and there are micro lots available for trade on all account types.

 

Besides, this broker offers a special Crypto account (where you can trade in 24 pairs and various crypto currencies) and provides PAMM services.

 

In fact, ECN spreads are pretty good, averaged 0.4 pips on EUR/USD spreads. If we add the commission applicable to Basic ECN account, trading costs are standard, amounting to 1.4 pips per lot on average. The commissions on the other ECN accounts are lower, however one must invest a lot more as initial deposit.

 

The Company. Security of Funds

 

Company

Country

Regulation

NetStock LLC

Estonia, SVG

N/A (only registered in SVG and with the Ministry of Economic Affairs in Estonia)

 

Active since 2004, Forex.ee is an Estonian broker offering online trading in 45 currency pairs, gold and silver on the good old MetaTrader 4. It says that all trades are processed directly to the market by means of ECN/STP technology without any interventions from the broker’s side.

 

Forex.ee claims to be regulated by the Ministry of Economic Affairs in Estonia, but in fact it is only present in the Ministry’s online register and is not authorized to provide investment services in the country by the competent body, which is the Estonian Financial Supervisory Authority (EFSA). The EFSA has even issued a warning against NetStock Ltd. (the company owning and operating the Forex.ee brand and website) in 2014.

 

The broker also operates under St Vincent and the Grenadines (SVG) jurisdiction. SVG-based International Business Companies (IBC) provide financial services under the local financial regulatory regime, which is one of the most liberal ones.

 

To sum things up, Forex.ee is not a duly regulated broker, and trading with non-regulated and/or offshore brokers is a risky business. That is why, if you plan to invest a large amount of money, we would advise you to select among brokers regulated in the EU or Australia, or another jurisdiction, where the respective financial watchdogs are on alert and your money will be safe.

 

Trading Platforms

 

Forex.ee supports MetaTrader 4 (MT4), the most popular platform among both forex brokers and traders. It is available as a desktop download and mobile apps.

 

The MT4 terminal is a perfectly equipped trading software which provides all the necessary tools and resources to analyze price dynamics of financial instruments, execute transactions and create & use automated trading strategies (Expert Advisors).

 

What is more, MT4 provides you with direct access to a wide selection Trading Signals. All you need to do is register at MQL5.com.

 

Methods of Payment

 

FOREX.EE offers its clients the following deposit/withdrawal methods: via credit/debit card, wire transfer, or e-wallets Neteller, Skrill, WebMoney, Payza, FasaPay, Perfect Money and Bitcoin.

 

Additional charges apply to withdrawals.

 

Conclusion

 

Forex.ee is an Estonian broker with more than 10 years of experience in the forex industry. It offers attractive trading conditions on the popular MT4 platform and claims to be a pure STP/ECN broker. The main problem with Forex.ee is that it is not licensed by the EFSA, nor by any other authority. Instead, it is simply registered offshore, as well as with the Ministry of Economic Affairs in Estonia. To sum things up, here are the advantages and drawbacks with regards to Forex.ee:

 

Pros Cons
Competitive spreads  Not regulated
STP/ECN execution No CFDs in indices and stocks
MT4 available No web-based trading platform

 

Latest news about Forex.ee
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Traders` reviews for Forex.ee

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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