de | cn | ru

Forex Optimum Review - Is it scam or safe?

Forex Optimum Review - Is it scam or safe?

RATING: 2 / 5 REVIEWS Forex Optimum
Forex Optimum is an offshore broker. Your money is not safe.

RECOMMENDED FOREX BROKERS


Trading Accounts

 

Account type Minimum deposit  Minimum trade size Maximum leverage Spreads
StartUp $10 0.001 1:500  From 0.1 on EUR/USD
Standard STP $300 0.01 1:500 From 0.1 on EUR/USD

 

Forex Optimum offers its clients a choice of two live account types - StartUP and Standard STP. Both of them offer floating spreads, commission-free trading and leverage up to 1:500. The StartUP is intended for beginner traders, as it allows them to start trade with the small initial deposit and to open micro-volume transactions from 0,001 lot. Thus newbies can practice and trade with minimum risk, but, respectively smaller profitability. This account type offers only currency pairs for trade.


As its name suggests, the Standard STP account offers straight-through-processing (STP) execution. If an account holder achieves balance of $10 000, he or she gets Premium status and personal manager & personal trader assistance.


If a client`s balance reaches $500 000, that is a VIP status that involves more benefits, such as an accumulative bonus to 31,83% per annum, credit line – up to 50% and more.


What is more, Forex Optimum offers percent allocation management module (PAMM) solution, called PAMM Masters - a service of interaction between experienced traders and investors who wish to entrust their money to be managed by professionals and experienced traders.


The Company. Security of Funds


Established in 2009, Forex Optimum offers online trading in forex, CFDs on stocks, futures & metals, as well as binary options on the most widely used MT4 platform. The broker is represented in 32 countries worldwide, but is mostly active in Russia, Indonesia and several other countries in South-Eastern Asia.


The company behind the brand, Forex Optimum Group Limited, provides a business address in St. Vincent & the Grenadines (SVG). SVG-based International Business Companies (IBC) provide financial services under the local financial regulatory regime, which is one of the most liberal ones. Registration procedure is easy and less costly, that is why this Caribbean island is a popular jurisdiction for forex start-ups (and, of course, scams). In fact, to say that brokers registered in the SVG are regulated, would be an exaggeration.


So, if you intend to invest a large amount of money, we would advise you to select among brokers regulated in the EU, US or Australia, or another jurisdiction, where the respective financial watchdogs are on alert.


Trading Conditions


Minimum Initial Deposit

In order to open an account with Forex Optimum, one has to deposit just $10 – a reasonably low minimum initial deposit, considering the broker`s regulation status.


In comparison, Belize-based ForexBrokerInc requires $100 as a start, which is considerably higher amount, however it applies to ECN accounts too.


Average Spreads & Commissions
Forex Optimum offers variable spreads, starting from 0.1 pips, however the average value is around 1 pip on the EUR/USD pair, which is on the lower end of average for the forex market. Overall, this broker`s trading conditions seem quite attractive, also taking into account that no commission fees apply.


In comparison, ForexBrokerInc’s variable spreads on the ECN Pro commission-free account start from to 1.0 pips on EUR/USD, while ECN Standard account offers spreads from 0.3 pips on EUR/USD, and a commission of 1.0 per standard lot applies. For further information, you may look up and compare real-time spreads of 15 leading brokers here.


Maximum Leverage
The maximum leverage rates offered by this broker are high, reaching 1:500. Although some jursdictions cap leverage to levels significantly lower than this (1:50 in the US), many forex brokers offer leverage equal to or exceeding 1:500, including ForexBrokerInc.


Traders, however, should be aware of the risks associated with trading on margin – the higher the leverage levels, the greater the risk.


Trading Platforms


With this broker investors can trade forex, various CFDs and even binaries through the most popular MetaTrader 4 (MT4) platform. MT4 is available as a desktop download and, along with mobile trading apps, a web trader is also accessible at Forex Optimum.


MT4 provides all the tools and resources a trader needs: a number of built-in technical indicators, advanced charting package, a wide range of Expert Advisers (EAs) and extensive back-testing environment. EAs allow full automatization of trades, so traders may sit back and let the program do all the work.


Clients of Forex Optimum who would like to make use of auto trading, can check out Metatrader trading signals. All they have to do is register a MQL5 account to subscribe.


Bonuses and Promotions
Forex Optimum company offers a 30% bonus on each deposit.


Active Standard STP account holders involved in the loyalty program can receive a monthly accumulation bonus of up to 26.8% per annum (after 3 months of trading).


Besides, at the time of writing this review the broker is running a “GET YOUR REWARD, RIDE THE MARKET” contest with $1500 pool prize.


Methods of Payment


Forex Optimum offers its clients the following deposit/withdrawal methods: via credit/debit card, wire transfer, local transfers, Neteller, Skrill, FasaPay, OKPay, WebMoney, Perfect Money, ePayments and Qiwi.


Keep in mind that the minimum transaction size for a bank transfer is $100.


Conclusion


Forex Optimum is an offshore broker, offering competitive conditions for trading in currency pairs and CFDs on the ever popular MT4 platform. Our main concern with it is the regulation issue. To sum things up, here are the advantages and drawbacks with regards to Forex Optimum:

 

Pros Cons
Low spreads & commission-free trading Not regulated
Low initial deposit required No choice of trading platforms
MT4 available, including web version  
High leverage levels and bonuses available  

 

Latest news about Forex Optimum
No news about Forex Optimum. Check back later.
Broker Country Regulation Platform Min Deposit Review
US CFTC, NFA MT4, Web,
in-house
$50 Review Website
Cyprus, UK, Belize CySec, FCA, IFSC MT4, MT5, Web $5 Review Website
Cyprus, Australia CySec, ASIC MT4, Web,
Mobile app
$100 Review Website
Australia ASIC MT4, MT5,
IRESSTrader
$100 Review Website
UK, Cyprus, Australia FCA, CySec, ASIC MT4, MT5 $5 Review Website
UK, Australia FCA, ASIC MT4, Trading
Station,
NinjaTrader
$50 Review Website
UK, Cyprus, UAE, South Africa FCA, CySEC, DFSA, FSB MT4, MT5, FxPro
Markets,
cTrader
$100 Review Website
Hong Kong SFC MarketSpeed FX,
Trading Station
$1 Review Website
Cyprus CySEC MT4, MT5, Web $1 Review Website
Belize IFSC MT4, MT5 $100 Review Website
Cyprus, South Africa, UAE CySec, FSCA, FSC MT4, MT5, Web $5 Review Website
Cyprus CySEC MT4, Web $25 Review Website
Cyprus, UK CySEC, FCA MT4, MT5 $1 Review Website

Traders` reviews for Forex Optimum

Spread

Pros

Cons

 

 

Slippage

Pros

Cons

 

 

Requotes

Pros

Cons

 

 

Price feed

Pros

Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

Cons

 

 

Summary

Pros

Cons

 

 

Good broker

I've been trading with the broker since 2013. Have no complaints about the broker. The withdrawal arrives same day or the next day. The terminal works steadily, speed is good. In terms of conditions, all is good.

Smith 04/18/2017

Review for Forex Optimum

Average broker with average trading conditions and offshore registration. A lot of bonuses mean that it’s a market maker, which have a conflict of interest with you. So I advise you to choose true ECN brokers and use all benefits of trading at real market.

Andrew 03/23/2017

It's comfortable to trade

It's comfortable to trade, the conditions are decent, withdrawal is honest and most importantly, it's fast. I've started trading here in the summer of last year, since then I've almost doubled my deposit, that's not considering the several profit withdrawals. In a nutshell, the broker has exceeded my expectations.

romeo 03/18/2017

Not bad

What I like about this broker is that he lets its traders to earn. I've been trading for a year on a standard account, periodically order cash outs – very quickly. No one bothers to trade me doesn’t cancelled lucrative transactions.

Likator 09/17/2016

Nice broker

My friend told me about this broker. I started with Cent account in order to try the terminal’s work and the orders’ execution, which went successfully. After that, I put 100$ on the deposit to try their withdrawal, which also was with no problems. They did it according to regulations. It makes me happy!

runas 09/16/2016
de | cn | ru