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ForexCFDs Review - is it scam or safe?

ForexCFDs Review - Is forexcfds.com scam or good forex broker?

RATING: 3 / 0 REVIEWS ForexCFDs
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FOREXCFDS is an Australian forex and CFD broker, regulated by the Australian Securities and Investment Commission (ASIC), which offers a wide variety of trading instruments, including cocoa, coffee and sugar futures.

 

Account type Min. deposit Max. leverage Spreads
Advanced Account 100 AUD 1:200 1,2 pips
Pro Account 500 AUD 1:200 0,9 pips

FOREXCFDS Advantages:

 

Regulation by ASIC

 

ForexCFDs is a registered trading name of Finsa Pty Ltd, which holds a license by ASIC. We have identified another forex broker – TradeDirect365, which is also owned and operated by Finsa Pty Ltd.

 

Brokers with ASIC license have to follow strict financial and ethical rules, including a requirement to support a minimum financial adequacy ratio, as well as to keep all clients funds in a segregated account.

 

After the US and Japan adopted tougher regulations on the forex industry, including higher minimum capital requirements and lower maximum leverage option, in recent years most forex and CFD brokers flocked to Australia, Cyprus and the UK because of their reasonably well balanced regulatory regimes.

 

ASIC brokers in particular had to maintain at all times a minimum operational capital of 1 000 000 AUD. Here you can check our list of ASIC regulated brokers:

 

>>Find other ASIC regulated brokers<<

 

Other well respected financial authorities are the Financial Conduct Authority (FCA) in the UK and the CySEC in Cyprus. Here you can check our list of FCA regulated brokers:

 

>>Find FCA regulated Brokers here<<

 

Choice of account types

 

With FOREXCFDS you can choose between two account types – an Advanced Account with spreads advertised to start at 1,2 pips and a minimum trading volume of 0,02 lots or 2000 currency units for a forex trade and a Pro Account with spreads starting at 0,9 pips and a minimum trading volume of 0,5 lots or 50 000 currency units. With the Advanced Account  no commission for the trade is charged, while for the Pro Account the commission  is 3 USD per traded lot.

 

Various trading instruments

 

FOREXCFDS offers trade with 54 forex pairs, including more exotic currencies such as Czech Krona, Polish Zloti, Hungarian Forint, Turkish Lira, Mexican Pesso, the Chinese Renminbi, South African Rand, Swedish Krona and Norwegian Krona. The broker also offers CFDs on indices, spot metals, stocks and commodities, as well as futures on  cocoa, coffee and sugar.

 

Reasonable minimum deposit requirement

 

For an Advanced Account with FOREXCFDS the minimum deposit is 100 AUD, while for a Pro Account the minimum deposit is 500 AUD. Still some big international brokers do not have a requirement for a minimum deposit at all. You can check our list of brokers, offering competitive trading conditions.

 

MetatTrader4 platform offered

 

FOREXCFDS offers the favored among traders MetatTrader4. Besides the versatile charting and analytical tools the platform has the option for automated trading with the use of custom indicators. In addition to that FOREXCFDS offers a VPS or “Virtual Private Server” service, which is especially useful for traders using the automated trading option on their MetatTrader4. Here you can find other brokers offering the MT4 platform:

 

>>Find other MT4 brokers here<<

 

FOREXCFDS Disadvantages:

 

Mismatch between the spreads in the Demo account and the spreads advertised on the web site

 

When tested with a demo account EURUSD spreads were fixed at 1,9 pips, while the spreads, advertised on the FOREXCFDS website are 1,2 pips for the Advanced Account and 0,9 pips for the Pro Account, both floating. The purpose of a Demo Account is to introduce the potential trader to the real trading environment, but here the Demo Account does not match any of the live accounts.

 

 

Further more as trade on the Pro Account goes with a commission of 3 USD per lot, which adds 0,3 pips to the spread the actual minimum spread is 1,2 pips. In that case there is no clear advantage to register a Pro Account, as with the Advanced Account you can also get 1,2 pips as there is no commission for the trade. Otherwise a minimum spread of 1,2 pips is more or less in line with market average, but still here you can check our list of brokers, offering even tighter spreads.

 

 

Conservative Leverage

 

The maximum leverage for all accounts offered by FOREXCFDS is 1:200, which seem a bit too conservative. That is way you may want to check our list of brokers, offering maximum leverage of 1:500 or higher:

 

>> Brokers offering at least 1:500 in leverage <<

 

No information about the payment methods

 

We could not find any information about the payment methods on the website of FOREXCFDS and that is clearly a disadvantage.

 

Conclusion:

 

FOREXCFDS is a regulated Australian broker that can guarantee the security of its clients funds. The broker offers a variety of trading instruments and has decent minimum deposit requirements. On the negative side we should note the mediocre spreads, as well as the lack of information on the payment methods.

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Traders` reviews for ForexCFDs

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