Forex4you ReviewCategory: Reviews | Author: Trading Brokers | Date: May 22, 2023
Forex4you is an offshore broker that offers a range of trading services with flexible account types, social trading & market analysis. However, educational materials & regulations are limited.
Pros & Cons
- Latest news and commentaries from Dow Jones
- Technical analysis powered by Trading Central
- Social Trading via the proprietary Share4you
- Multiple account types including cent account with no minimum capital
- Autochartist is available to clients at no cost
- Regulation could be improved
- Clients from USA, Japan, Canada, Australia and some other countries are not accepted
- No educational contents on the website
- Not the lowest commission fees
Forex4you describes itself as a company with a philosophy of bringing transparency and easy accessibility to the online trading industry. Founded in 2007, the broker has grown in strength and numbers and has become a global brand. Forex4you claims to have over 1.7 million customer accounts and executed over 700 million orders.
Forex4you has its own liquidity aggregator and order execution technology known as ‘Marketplace’. It collates quotes from the liquidity providers and presents the best prices available to the clients’ terminals. Two types of executions are available; instant and market executions depending on the trading account. Over 150 trading instruments are available for trading.
The parent company of Forex4you, which is “E-Global Trade & Finance Group, Inc.” is authorized and regulated by the Financial Services Commission (FSC) of the British Virgin Islands.
Forex4you states that the company takes client security very seriously. All investors’ funds are kept in segregated bank accounts, separate from the company’s funds and thus not used for any other purposes. To ensure accuracy of records and compliancy to stipulated regulatory provisions, Forex4you’s financial records are audited yearly by KPMG which is a renowned world class auditing firm.
Forex4you states that the brokerage has sufficient operating capital and constantly increases its share capital and reserves. This is done so as to ameliorate any financial disasters or risks that may occur due to market fluctuations or other risks involved in the brokerage business.
Forex4you sources its liquidity from reputable institutions. The broker asserts that it only deals with regulated financial institutions and has several FIX API connections to liquidity providers regulated in Europe.
All clients are properly verified using “Know Your Customer” (KYC) methods. For registration to be complete, clients must upload a ‘proof of id’ and a ‘proof of address.’
Forex4you states clearly that its service is not available for US, Japan, Canada, Australia and European Economic Area residents. This makes them a very limited option when compared to many other online brokers.
This is a simple, user friendly trading platform developed by Forex4you for forex and CFD trading. It is available in the following formats:
- WebTrader: This is the platform version that runs on the web browser. It is easily accessible from the Forex4you website without any downloads or installation.
- Mobile Version: This is the mobile app version developed for iOS and android devices. It can be downloaded from a link on the Forex4you website.
- Desktop Version: This version can be downloaded from the website and installed on Windows or MAC OS computers.
The Forex4you platform has the following features:
- Live ‘bid’ and ‘ask’ prices of all the trading instruments.
- Multiple orders types including ‘Buy Stop’, ‘Sell Stop’ orders which can be used to eliminate slippage.
- Equity stop loss can be used to specify the risk limit forcing the order to close at a defined price.
- Full charting of all the tradable assets in various timeframes including the tick chart.
- Traders can view prices from different liquidity providers.
This is one of the most widely used trading platform that has become a standard for forex and CFD traders. The platform is user friendly, powerful and full of premium tools and features used by all types of traders.
Forex4you provides the MT4 as a windows desktop application and also as mobile apps which can be installed on Android and iOS devices. Here are some of the features of the MT4:
- Fully customizable user interface, layouts and windows.
- Live currency quotes display on the Market Watch which can be customized to show only the trader’s favourite assets.
- Dow Jones news and market alerts are updated on the platform.
- Full charting of all the tradable assets in real time and displayable over 9 timeframes from one minute to one month.
- 30 technical indicators and 24 analytical tools are available for technical analysis.
- The platform features can be extended via plugin apps developed by the scripting language (MQL).
- Forex and CFD trading can be automated via software forex robots.
- Alert notifications vis pop ups, SMS and email.
This is a social trading platform designed to allow investors to copy the strategies and trades of other traders called ‘leaders’. You can choose from over 1,300 leaders and replicate their trades automatically without any knowledge, training, analysis or trading skills. The platform is web based and it is accessible from the Forex4you clients’ area or from its own website. A minimum deposit of $5 is required to start copying trades via share4you.
This is an important fundamental analysis tool that shows the location and time when important economic news or events will take place. It also shows analysts’ consensus on the impact of the news or event. Previous figures are compared to the present and analyzed. The trader can use this as part of their fundamental market analysis. The Forex4you economic calendar is powered by FXStreet: a popular online source of forex news, charts and analysis.
This is a very popular technical analysis tool that monitors the charts of several trading instruments at the same time. The Autochartist keeps looking for trading opportunities. When it finds one, the trader is alerted to make a trading decision. The Autochartist comes as a desktop application and also as an MT4 plugin. Forex4you provides the Autochartist to its clients as a free downloadable MT4 plugin.
Dow Jones is a leading source of financial news and analysis. About 200 market news headlines are updated every day. Daily technical analysis and reviews about major central banks are also updated frequently. This service is provided to Forex4you clients at no extra cost.
This is a certified financial markets research firm that provides news and expert technical analysis on a number of trading instruments. From the clients’ area, traders can access news and analysis on 6 major currency pairs; EURUSD, GBPUSD, USDCHF, USDJPY, USDCAD, AUDUSD. Forex4you clients can also watch financial news on Trading Central through the online WebTV.
Webinars are scheduled on the website occasionally. Previous webinars are recorded and can be viewed on the website. The recorded webinars’ main focus is towards beginner traders as they are introduced to basic forex trading principles. However, the webinars are not updated very frequently. There are no other training articles, videos or eBooks on the website.
Forex4you offers major, minor and exotic forex currency pairs for trading on its platforms. There are approximately 41 currency pairs, 14 indices, 6 commodities, 74 share CFDs and 5 cryptocurrencies available for trading.
For all brokerage accounts, the minimum deposit is $0 and the maximum leverage is 1:1000. The maximum order is 500 and all accounts are available for Share4you.
- Cent Account: This account is for newcomers who want to try out a live account with minimum risks. It has the slowest trade execution speed of 1.63 seconds. The contract size is 1,000 per lot.
- Classic Account: This is the standard account for traders. Trades are executed within 1.13 seconds. The contract size is 100,000 per lot.
- Cent NDD: This account is charged a commission of 10 cents per lot and trades are executed at the market within 0.95 seconds.
- Pro STP: This account is designed for professional and expert traders. Trades are executed within 0.37 seconds. A commission of $8 per lot is charged.
For the Cent and Cent NDD accounts; the fixed spread starts from 2 pips, trades are executed instantly and no commissions are charged. For the Classic and PRO STP accounts, the floating spreads start from 0.1 pips. The trades are executed at the market and commissions are charged. Demo accounts are free and unrestricted. It is loaded with virtual funds up to $100,000.
The Forex4you support team is available from Monday 12am to Friday 11pm. They can be reached via live chat and phone lines in English, Hindi, Malay, Mandarin/Cantonese, Thai and Vietnamese. The English support phone line is available 24/7. The customer support desk can also be contacted via email. Registered clients can also get support by submitting a ticket in the traders’ room. Clients can also receive support via a web calling feature on the website. This feature allows a website visitor to call the customer care from the website using the client’s computer microphone and speakers. This service is powered by zingaya.com.
The FAQ section gives the answers to pertinent questions normally asked by prospective clients. Forex4you is on social media; Facebook, YouTube and Instagram.
Forex4you asserts that the account name from the funding source must exactly match the trading account name. All deposits in cash or from third parties will be rejected and returned.
- Electronic Payment Systems
- Credit/Debit Cards
- Online Banks
Forex4you is an experienced online broker that has been operating for a number of years. The brand is regulated by the FSC BVI and has clients from all over the world. It must abide by the principles brought about by the regulators and has a desire to protect clients’ funds and operating environment.
The proprietary Forex4you platform is powerful and has very useful tools suitable for a variety of trading styles. The inclusion of the MT4 platform makes Forex4you a desirable broker because many experienced traders are already familiar with MT4 and its abundance of integrated trading tools.
The Share4you platform is easy to use and very flexible. Beginner traders can quickly invest in other traders without needing to trade themselves (there is no guarantee of results). The other trading tools provided such as Autochartist, Trading Central analysis, Dow Jones news and analysis, etc are all very useful and can assist traders in their daily decisions.
Though, there are no educational contents, beginners can benefit from demo accounts, recorded webinars and Share4you.
In summary, Forex4you is an offshore broker that offers its online brokerage service to a very limited number of countries and is also not under regulation that is as respected in the industry as other trading brokers are.