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ForexBroker Inc (out of business) Review, Rating and Comparison

Forex Broker Inc review, rating and comparison

RATING: 0 / 4 REVIEWS ForexBroker Inc (out of business)
ForexBroker Inc (out of business) is an offshore broker. Your money is not safe.

RECOMMENDED FOREX BROKERS


ForexBroker Inc is now closed. The website now reffers clients to AvaTrade, PaxForex and FxChoice.

  

Account type  Minimum deposit  Minimum trade size  Maximum leverage  Spreads from
ECN Micro $100 0.01 1:500 0,3 pips on EUR/USD + 1.5 pip commission
ECN Standard $100 0.1 1:200 0,3 pips on EUR/USD + 1 pip commission 
Pro  $100 0.1 1:200 1,0 pips on EUR/USD

 

Clients of ForexBrokerInc are offered a choice of three main account types. All of them require a minimum initial deposit of $100. The Pro account is commission-fee and the orther two onvolve a commission for the ECN environment.


The broker has developed the ECN Micro account especially for newbies, as micro lots are available for trade.


What is more, ForexBrokerInc offers MAM accounts which allow multiple MT4 accounts to be managed simultaneously from a single interface.


VIP Service is also available to account holders with minimum deposit of $ 5000 or such who execute trades with a combined value of at least $2.5 million. ForexBrokerInc’s VIP service includes:

- Participation in upcoming forex tournaments and monthly raffles;
- No fees for Deposits or Withdrawals;
- Allocated account manager 24/5.

The broker has also introduced a new VIP account type, called VIP Plus status account, where traders are required ti deposit a minimum of $15,000 and trade at least $5.0 million. The benefits of the VIP Plus Status Program include the ones from the simple VIP status plus advanced MT4 platform setup, free VPS and subscription to Trade Recommendations.


The Company. Security of Funds


ForexBrokerInc is an offshore broker, offering trading in a wide range of products, such as forex, various CFDs, spot metals and energy products.


Behind the brand ForexBrokerInc is brokerage company Gridley Enterprises SA., established in 2011. Formerly registered in Belize, ForexBrokerInc has changed their registration to Marshall Islands, however both destinations are offshore zones and forex brokers registered there are not under any regulation.


Brokers based in Marshall Islands don’t have to meet any of the stringent requirements US or UK-based brokerages do: they are not required to report regularly to any authority, nor to conduct external audits; companies registered in Marshall Islands are not obliged to hold clients’ funds in segregated accounts, to possess certain minimum capital in order to prove their financial standing, nor to arrange a compensation scheme in the event of insolvency.


So, if you intend to invest a large amount of money, we would advise you to select among FCA-regulated brokerages, US-based or Swiss brokers, for example, where the respective financial watchdogs have set strict rules and see to their observance, so that clients’ investments with forex brokerages are safe and secure.


We have to point out that despite the above said, ForexBrokerInc cannot be compared to all those emerging offshore brokers who chose the Marshall Islands or the Seychelles as their headquarters because of the less costly registration procedure and light touch regulation. ForexBrokerInc has more than 5 years of experience on the forex market, it is a reputable broker who has received the Excellence Award 2015 and has been named Trader's Choice 2015 by DailyForex.


Trading Conditions


Minimum Initial Deposit
ForexBrokerInc has one and the same minimum deposit requirements for all trading account types - $100. Such initial amount is average for the forex market. Belize-based FX Choice demands the same amount as a minimum for opening an account.


Average spreads & Commissions
ForexBrokerInc provides variable spreads averaged 0.7 pips on EUR/USD on the ECN accounts, where a 1/1.5 pip commission applies. This broker’s Pro account, on the other hand, is commission-free, offering typical spreads of 1,9 pips on EUR/USD. So, basically the trading costs with ForexBrokerInc are around 1.7 – 1.9 pips (commission, where applicable, included), which is considered as relatively high value for the forex market.


In comparison, LiteForex (which is also registered in the Marshall Islands) provides average variable spreads amounting to 1.1 pips on EUR/USD, and FX choice – floating spreads averaged 1.2 pips on EUR/USD on their commission-free accounts.


You may look up real-time spreads of 15 leading brokers here


Maximum Leverage
The maximum leverage levels available with this broker are high, reaching 1:500. Belize-based FXCL also provides leverage up to 1:500 and Lite forex – up to 1:1000. You may look up more forex brokers offering leverage equal to or exceeding 1:500 here.


We advise traders to exercise caution when using higher leverage levels, for they may not only multiply their earnings on a small deposit, but also lead to heavy losses in excess of initial investments made.


Trading Platforms


ForexBrokerInc provides its clients with a choice of two trading platforms: the most popular Metatradeer 4 (MT4) and Sirix.


MT4 offers a number of technical indicators, extensive back-testing environment, advanced charting package and a wide range of Expert Advisors (EA), allowing clients to fully automate their trades. In this regard, the broker also provides the use of VPS (virtual private server) to customers who are using EAs to trade, allowing trading robots work more efficiently due to a high-quality broadband Internet connection, and also enabling traders to make timely adjustments to the advisors’ operation. MT4 comes in desktop, and mobile versions.

Sirix is available as web, desktop, mobile & tablet versions. Sirix’s format is convenient to use. Sirix Station (desktop version) has a user-friendly interface, advanced charting and provides fast execution and sophisticated social trading service, allowing traders to observe and mirror other users’ trading performances.


The ForexBrokerInc’s Sirix Webtrader is powered by Leverate a worldwide recognized forex brokerage software provider. The platform allows Mac users and PC users to access the forex market with no requirements to download or install anything to their computer.


Promotions

ForexBrokerInc runs a variety of promotions. At the time of writing this review the following bonuses are available:


- $100 no-deposit welcome bonus;
- Loyalty Bonus for existing members, its percentage depending on the payment method and the deposit amount;
- Welcome on deposit bonuses under the following scheme:
100% on minimum initial deposit of $500 via bank wire to a maximum of $ 5000;
40% on initial deposits from $100 to $10 000 via Neteller;
20%/30% on initial deposits from $100 to $499 / $500 to $10 000 respectively via credit card;


Methods of Payment


ForexBrokerInc offers its clients the following payment modes: credit cards (Visa, Visa Electron, Mastercard), e-wallet Neteller, and bank wire.


Conclusion


ForexBrokerInc appears to be a decent broker, offering reasonable conditions for trading in a variety of products through different platforms. Our only concern with regards to it is the lack of regulation. Here are, in a nutshell, the advantages and disadvantages of ForexBrokerInc:

 

Pros  Cons
Variety of platforms, MT4 available Not regulated
High leverage levels offered Market Maker model
Transparent pricing  
Variety of promotions  

 

Latest news about ForexBroker Inc (out of business)
Broker Country Regulation Platform Min Deposit Review
US CFTC, NFA MT4, Web,
in-house
$50 Review Website
US NFA, CFTC MT4 $250 Review Website
Cyprus, UK, Mauritius CySec, FCA, IFSC MT4, MT5, Web $10 Review Website
Cyprus, Australia CySec, ASIC MT4, Web,
Mobile app
$100 Review Website
Australia, Cyprus 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
Cyprus CySEC MT4, MT5, Web $1 Review Website
Belize IFSC MT4, MT5 $100 Review Website
Cyprus, UK, South Africa, UAE CySec, FCA, FSCA, DFSA MT4, MT5, Web $5 Review Website
Cyprus, UK CySEC, FCA MT4, MT5 $1 Review Website
Australia ASIC MT4, MT5 $100 Review Website
UK FCA MT4, Web, MT4
for Mac
$100 Review Website
Australia, UK ASIC, FCA MT4, MT5,
cTrader
$200 Review Website

Traders` reviews for ForexBroker Inc (out of business)

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

Pros

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Broker INC

Average broker with average trading conditions and offshore registration. I didn’t get a lot of problems with them, but still I had some big negative slippages and requotes, especially during volatility periods. So i changes it for ECN broker and now using all benefits of trading at real market.

Andrew 04/04/2016

Great Broker!!!!!!!!

I have been with them for about a year. They are excellent "non Scam" broker. I also am a MAM with them. I just won the Free Roll contest and am extremely pleased. They always get right back to me quickly, never a withdrawal delay etc. I know I sound like I work for them but I don't. Just very happy customer :)

Richard Smith 01/04/2015

make trading funny

Forexbrokerinc offer such great forex bonus promotions that others do not! I love their tournaments and payroll competitions!

FXDJ 09/11/2014

a decent broker for u.s traders

I really enjoy trading with Forexbrokerinc. It's really easy to open and close trades or to deposit, support is polite and fast and their bonuses are always welcome!

FJR 11/12/2013
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