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ForexoToday Review - is it scam or safe?

FOREXOTODAY Review - Is forexotoday.com scam or good forex broker?

RATING: 3.1 / 0 REVIEWS ForexoToday
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FOREXOTODAY is a registered in Cambodia White Label forex and CFD broker in partnership with FXPRIMUS, which has a license by respected financial regulators in Europe and the UK.

 

Account type  Minimum deposit  Maximum leverage Spread
Standard Account $100 1:400 1,6 pips
ECN Account $500 1:400 0,4 pips

  

FOREXOTODAY Advantages:

 

Solid regulation

 

Being a White Label broker of FXPRIMUS means that FOREXOTODAY operates under the same strict regulations as FXPRIMUS, which is licensed by CySEC in Cyprus, the Financial Conduct Authority (FCA) in the UK and BaFin in Germany - solid regulation that by definition should give traders a sense of security for their investment.

 

Brokers, regulated by respected financial authorities such as CySEC, FCA or the Australian Securities and Investment Commission (ASIC) have to abide by strict financial and ethical rules, including the requirement for a minimum operational capital and the obligation to secure their clients money in a segregated account.

 

Because of their well calibrated regulatory regimes Cyprus, the UK and Australia are the destinations of choice for most forex brokers. The regulation offered by CySEC, FCA and ASIC is strict enough to ensure the credibility of the broker and the safety of the invested capital, but without excessive fiscal requirements, which chased most players out of the US and Japan.

 

CySEC and FCA brokers have to keep at all times a minimum operational capital of 730 000 EUR. On top of that brokers with CySEC or FCA license have to participate in clients money protection schemes, which give traders additional security. Under the FCA backed scheme, clients can receive back up to 50 000 GBP of their trading capital in case the broker goes insolvent. With the CySEC the compensation is up to 20 000 EUR. Here you can check our list of  FCA regulated brokers:

 

>>Find FCA regulated Brokers here<<

 

Different account types

 

FOREXOTODAY offers two basic account types with the option for a Percentage Allocation Money Management (PAMM) service, which allows you to copy the trade of skilled traders. The Standard Account offers spreads starting form 1,6 pips and has no commission on the trade, while the spreads for the ECN Account start as low as 0,4 pips, but with a 7 USD commission pre lot, which in practice adds 0,7 pips to the spread. For all the account the minimum trading volume is set at 0,01 lot or a 1000 currency units.

 

Various trading instruments

 

Apart form CFDs on indices, commodities, spot metals and stocks, FOREXOTODAY offers 40 currency pairs, including trade with more exotic currencies such as the Polish Zloti, Hungarian Forint, Turkish Lira, Mexican Pesso, the Chinese Renminbi and South African Rand.

 

Relatively low minimum deposit requirement 

 

To open a Standard Account with FOREXOTODAY you should deposit at least 100 USD, while for an ECN Account the minimum deposit is 500 USD. Also if you choose to have the PAMM option, the minimum deposit requirement for the Standard Account is 300 USD and for the ECN Account – 1000 USD. 

 

Good Leverage

 

The maximum leverage for all accounts offered by FOREXOTODAY is 1:400, which is reasonable for most trading strategies. Still 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 <<

 

MetatTrader4 platform offered

 

FOREXOTODAY offers the  platform of choice for most traders – the legendary MetatTrader4. With its intuitive interface, great charting and analytical tools and the option for automatic trading with custom indicators the MetatTrader4 is an obvious choice for both beginner and professional traders. Here you can check our list of brokers aslo offering the MT4 paltform:

 

>>Find other MT4 brokers here<<

 

FOREXOTODAY Disadvantages:

 

Mediocre spreads

 

When tested with a demo Standard Account the EURUSD spread reached between 1,5 pips and 1,7 pips, which is slightly higher then what traders usually expect to see. We should note however that no commission for the trade was taken.

 

In the same time with the 7 USD commission per traded lot charged with the ECN Account, the actual EURUSD spread reaches 1,1 pips, which is better, but still not impressive for a premium account. Here you can check our list with brokers, offering tighter spreads.

 

No swap-free account 

 

FOREXOTODAY does not offer a swap-free or Islamic account, with no interest payed for positions being held overnight. That could be explained by the fact that the broker is focused on Thailand, which is not a Muslim country. (The support of FOREXOTODAY web site is in English and Thai.) Here you can check our list of brokers, offering Islamic accounts.

 

Conclusion:

 

FOREXOTODAY is a White Label forex and CFD broker for FXPRIMUS, which has solid regulation in Europe and the UK. That fact should give traders a peace of mind for the safety of their investment. And although the maximum leverage and the minimum deposit amount are reasonable, spreads are not impressive and traders can easily find regulated brokers offering better trading conditions.

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Traders` reviews for ForexoToday

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