Founded in 2007, the name Forex4You originates from the British Virgin Islands (BVI) holding company called Finance Group and E-Global Trade, Inc. the company is based in providing services for forex online retail traders all over the world. Although this broker has a relatively small function in the world of forex, the company is sincerely popular when it comes to most retail traders. This has been possible for them by providing quality service for each trader and not taking into consideration their trading volume. They are among the first few brokers who created ideal trading accounts for beginner traders with a relatively small budget.
Forex4You Reliability – Is Forex4You a Scam?
With a 6 years’ service of experience, Forex4you has happened to be a young company existing in the forex word. Most leading brokers of forex have existed for more than a decade such as Alpari and FXCM. Although Forex 4you has a short history of operation, the company has a made a good name for itself. The main fact is not that the company is young in the industry where traders will have to hold on to. The main challenge is that the company has to challenge is that it is operating from the British Virgin Islands (BVI)
The community of the retail traders has a notion which states that brokers located in a tax haven area are best to be avoided like the Caymans Islands or the BVI. This is because regulatory authorities in this areas are known not to take breaching of laws serious. Traders dealing with this agencies could hope for very small legal protection from them.
When the occurrence of the 2008 credit crunch begun, most financial institutions with the debacle responsibility were companies based in America. Although one of the world’s strongest financial regulatory regime is found in the U.S, their regulations were not able to stop what happened. According to the BVI, in 2010, IMF issued a statement which says the financial crisis was not about the registered financial companies in the BVI. This is to prove the fact that, the BVI’s Financial Service Commission (FSC) has an upper hand in its duties of supervisions. To boost its standing at an international level, an MOU was signed in 2013 by the FSC with 31 regulatory bodies in Europe with regards of supervision of investment funds sector. This is to show that, the FSC body has a worldwide recognition by regulatory authorities.
Adding to the advantage that they have the opportunity to operate in a highly regulated area, they are able to succeed due to how committed they are to their traders. This broker carries the pain of transparency by working hand in hand with its traders in order to resolve issues at hand. For this approach, the company has succeeded in building a group of loyal traders over the past years. Most traders are willing to continue trading with Forex4you because they have a proven reliability.
Forex for you is currently in place of only one trading platform which is the (MT4) platform, this platform is the backbone of the forex online trading platform. Despite the fact that the MT5 platform is also available to be downloaded from the website, this platform is available just for testing and demo accounts. But with MT4 as robust as it is, traders have no reason to rely on other forex trading platform. Some enjoyable features used by the MT4 platform includes:
Advanced Charting Package
Wide Array of Technical Indicators
Understand the fact that a different group of traders is machining u y=the trading community with different experience levels of trading, different types of trading account have been provided by Forex4you for its trader.
This account has been created for new traders with the desire to try out the forex market but has worries about the risk. Cent account holders can begin trading with just $1 to $10 and test their trading experience with just small risk involved.
Traders with some trading experience and have the ability to spare some hundreds of dollars can get a Classic account.
Percentage Allocation Money Management (PAMM) this account has been made for money managers who have their own investors list.
Commission & Spreads
No commissions are charged by Forex4you for their offered services but a slight spread is imposed on the prices which the traders can see from the market quotes. The payable spread for normal trading account begins at 2 pips for known majors like EUR/USD. For classic Non Dealing Desk (NDD) the minimum spreads start from 0.75 pips.
Forex4you has a customer support service that is available on a 24/5 basis. The team can be contacted by traders by usual means such as email, live chat, or by telephone. By telephone or live chat, the response time is quite encouraging with an average of I minutes response time. Adding to that, they have an available support in several languages such as Mandarin, Malay, Hindi, and Cantonese. The response time for email is a little longer though with an average response time of about 21 hours.
To convenient their traders, the company has offered them with several funding or withdrawal choices. The listed methods below are supported by Forex4you.
They have another advantage for making it possible to carry out withdrawals through Payoneer MasterCard. This option has a normal withdrawal time of below 24 hours.
Multi Language Support
Multiple choices of Trading account
Reasonably Low Spreads
Reliable and Transparent Broker
Just one available Trading platform
Despite the fact that the company manages to offer everything for traders in the sun just as other brokers more established, they cannot be denied the fact of their outstanding quality of service. Despite their trading volume size, they try their best to make every single client feel special. Adding to that, their cent account is really good for starting traders who want to take the plunge.
TRADING ACCOUNT OPTIONS
Account Type Info
Min. Deposit $1
Max. Leverage 1:500
Mini Account Yes
Demo Account Yes
Segregated Account No
Islamic Account Yes
Managed Account Yes
Liberty Reserve, Moneybookers, Neteller, Webmoney, Wire Transfer
Credit Card, Liberty Reserve, Moneybookers, Webmoney, Wire Transfer