Forexee Review 2020
Forexee is an unregulated trading broker providing forex and crypto trading on the MT4 platforms across multiple devices including desktop, web and mobile. They do have competitive trading conditions, a range of flexible account types and multiple funding options. Despite this, the broker has a very limited asset range and do not offer clients any daily market analysis. Lack of regulation is our main concern with this brokerage.
Forexee Review 2020, Pros & Cons
- Variety of account funding options
- Popular MT4 trading platform with built in trading tools
- PAMM service
- One Click Trading Level2 Plugin
- Unregulated forex broker
- Limited trading instruments (only forex/cryptos)
- No daily market analysis
- No US clients
- No fixed spread accounts
- Account inactivity fees
In this detailed Forexee review, our online broker research team have covered some of the most important aspects for you to consider when choosing the best broker for your online trading needs.
Forexee is not ranked in our best forex brokers, best stock brokers, best cfd brokers, best crypto brokers or best online brokers categories. You can use our free broker comparison tool to compare online brokers including Forexee.
Forexee Review: Summary
Founded in Estonia in 2004, Forexee is a modern and dynamic ECN broker that offers online forex trading. They also offer a PAMM service for investors and money managers. They state that their mission is to provide a selection of innovative trading accounts that give traders access to the global financial markets from anywhere in the world. The broker caters to different traders needs by offering ECN, STP and Crypto accounts. ECN technology eliminates conflicts of interest between a broker and clients, while delivering the valuable advantages of trading process, such as low spreads, competitive commissions and Interbank liquidity.
Forexee Review: Regulation
Forexx is a trading name of NTS Systems Ltd who are incorporated in St. Vincent and the Grenadines with registration number 24957 IBC 2018. The broker is not regulated and that is a huge red flag for us. With so many regulated brokerages to choose from, we would look for an alternative broker that can help to give clients the peace of mind and protection an unregulated broker cannot. You can see our list of best forex brokers for more information on regulated forex brokers.
Forexee Review: Countries
Forexee trading as NTS Systems Ltd does not provide services for United States residents. Some Forexee broker features and products mentioned within this Forexee review may not be available to traders from specific countries due to legal restrictions.
Forexee Review: Trading Platforms
MetaTrader 4 (MT4)
Forexee provide online trading via one of the most popular trading platforms MetaTrader 4 (MT4). MT4 is used by hundreds of brokers and millions of traders all over the globe. It is popular due to its user-friendly interface and multiple easy-to-use trading tools. The software was introduced in 2005 and since then has been greatly improved by the developers who are Russian company MetaQuotes Software.
MT4 supports advanced charting. It has a wide range of technical indicators and graphical drawing objects to set in a chart window. It allows traders to monitor market changes, perform technical analysis and develop trading strategies of their own. MT4 also has an option of one-click trading directly on the chart window.
MT4 also provides support for Expert Advisors (EAs). An EA is a fully automated trading system that is designed for analysing charts and places trades on behalf of the user. EAs may be modified according to the requirements of a particular trader using the built in MetaEditor and programming language MQL4.
Mobile versions (iOS/Android) of MT4 allow traders to always manage their accounts and monitor financial markets with no need to be by their desktop PC. The mobile platform is useful for those who need to access their trading account and manage positions whilst on the go from anywhere in the world where they have an internet connection.
The MT4 WebTrader version lets users connect to the platform from directly within the web browser without needing to download or install any additional software.
The Forexee MT4 trading platforms include:
- Real time charting
- Technical analysis indicators
- Drawing objects for price analysis
- Multiple order types
- Multiple chart timeframes
- Automated trading
- Trading signals
- Alert notifications
- True ECN/STP brokerage execution model
- Deep liquidity with direct processing of orders to the liquidity providers
- Level2 Market depth (traders can see all orders placed for a chosen financial instrument)
- Slippage control
- Freely available on desktop, web and mobile devices
Forexee Review: Trading Tools
One Click Trading Level2 Plugin
This is a user-friendly tool for placing orders at the best price available with just one mouse click. With the One Click Trading Level2 Plugin you can:
- Open and close positions with one mouse click
- Create pending orders
- Set order volume
- Set Stop Loss and Take Profit levels
- Have access to the Market Depth (level2)
Margin & Pip Value Calculator
The broker offers a user-friendly tool for easy and quick calculation of margin and pip value before placing an order. Current prices, account’s equity and leverage are used for conducting the calculations. When one or several parameters are changed you can quickly recalculate the data.
Currency Exchange Rates
This is a user-friendly tool to calculate exact conversion rates when transferring between accounts with different base currencies. Exchange rates are available for any date needed.
This is a user-friendly tool for accurate and quick ECN commission calculations. You can calculate half-turn and round-turn commission for any volume on any currency pair or metal.
Forexee Review: Education
Forexee claim to offer you the Daily Economic Digest, which includes a full analysis of the dynamics of major currency pairs, a review of economic and political events and their impact on financial markets. However, we have not seen any evidence on the website of this market analysis currently being provided. The broker does however provide an economic calendar.
The broker has an economic calendar widget that is embedded from myfxbook. This shows the latest news releases along with the impact they are expected to have on various markets. Traders will often use this tool as part of their fundamental market analysis as news releases can cause markets to move.
Forexee Review: Trading Instruments
Forexee offer a choice of minor, exotic and major forex currency pairs for trading online. In addition to FX, they also have some cryptocurrencies but no other markets are available at this time. This is a very limited selection when compared to some brokerages who offer thousands of instruments including stocks, indices, commodities, etc.
Forexee Review: Trading Accounts & Fees
Forexee have three types of ECN accounts with differing trading conditions including: no requotes, competitive spreads and the ability to trade in periods of higher market volatility. The broker also offers STP accounts with no commission charges and low initial deposit requirements. STP commissions are included into the spread. On the STP account, 1:100 leverage applies for deposits below $50 (or other currency equivalent). Exchange-like Crypto-currency trading is available on their Crypto accounts.
All trades are processed directly to the market by means of ECN/STP technology without any interventions from the broker’s side. There is an inactive account maintenance fee of $10 USD per month and a reactivation fee of $50. Clients can add an unlimited number of trading accounts to the eWallet but can register only one Forex.ee eWallet.
There are demo accounts available for those who would like to test out the trading platforms and practice their trading strategies with virtual funds before trading live. Quotes on demo accounts differ from quotes on real trading accounts. On real trading accounts the quotes come from more than 10 liquidity providers. Quotes on demo accounts are different as the broker is constantly testing new liquidity providers.
Forex.ee provides SWAP-free accounts for Muslim clients. In Islamic accounts, no SWAP fee will be charged or added when your open positions are rolled over the night or weekend. Otherwise, Islamic accounts trading conditions are exactly the same as regular ECN or STP accounts. Traders will be charged an additional commission for overnight positions on STP and ECN Islamic accounts. The commission equals to SWAP.
Forexee accounts include:
- Leverage up to 1:500
- Spreads from 0 pips
- Deposits from $50
- Commissions from $1.8
- Competitive execution speeds
- No trading restrictions (including scalping, hedging, EAs & high frequency trading – HFT)
- No requotes or interventions
ECN (Electronic Communications Network) is an order processing system that excludes conflicts of interest between a broker and clients. Due to the Forex market being largely unregulated with no Central Exchange, trading is performed in an OTC (Over the Counter) market. ECN technology provides direct access to the Forex Interbank market, where orders of traders can be offset one against another, making it possible to trade directly with other retail market participants. In order to provide execution at the best price, the system automatically allocates all buy/sell orders to the counterpart orders with matching parameters. With STP technology (Straight-Through Processing), all orders are transferred directly to the liquidity providers and can be seen on the platform by other traders. Thus, trading with use of ECN/STP technology is performed in such a way that all orders are placed in the common liquidity pool, which allows selecting orders of the matching instrument, price and volume for automatic ultra-fast execution.
STP accounts provide the advantage of trading with access to the real market. On an STP account, the broker’s commission is included into the spread (unlike ECN commission, which is separate from the spread). Spreads on STP accounts are floating according to the current balance of buy and sell orders placed in the ECN pool. Orders of each client are executed by matching them with other orders available on the market, which means commission is charged only for using broker’s liquidity. For both ECN and STP accounts, a wide range of financial instruments are availabe for trading without any restrictions on strategies you may want to apply, including scalping and algo-trading. There are no restrictions on Pending, Stop Loss or Take Profit orders either: you are free to place such orders just a couple of pips away from the current market price or even within the spread.
Forexee PAMM Service
A percent allocation management module (PAMM) service is a technology solution created to copy trades from Master account (manager) to the Slave accounts (investor), as well as for automated distribution of profits and losses. Master uses his own capital and the capital of Slaves to perform trading operations in the Forex market, while Slaves get the instruments needed for analysing the performance of the Master.
The value of this service derives from the possibility of merging the knowledge and experience of providers with the capital of subscribers in order to attain mutually beneficial results.
Another advantage of this service is the protection of Slaves funds from inappropriate actions of the Master. This is achieved by means of keeping the funds in the Slaves own accounts instead of processing them to Master account.
Forexee offer the chance for you to open a PAMM account to provide a trading signal or to choose a current signal that suits your needs according to the level of risk and profitability. It should be strongly emphasised that past performance of a PAMM account is by no means any guarantee of future results and you should have a clear understanding of all the risks involved with trading online.
As broker fees can vary and change, there may be additional fees that are not listed in this Forexee review. It is imperative to ensure that you check and understand all of the latest information before you open a Forexee broker account for online trading.
Forexee Review: Customer Service
Forexee customer support is available via online live chat, email and telephone. The working hours are Monday to Friday from 7AM to 4PM GMT. There is also a FAQ section that can give you some instant answers to some of the most commonly asked questions.
Forexee Review: Deposit & Withdrawal
Forexee have a variety of convenient methods for depositing and withdrawing funds from your trading account. This includes bank wire, credit/debit card and online payment systems such as Neteller and Skrill. Please note that some methods may only be available to specific countries and not all are available for both deposit and withdrawal.
The broker does not charge any commissions for deposits or withdrawals. When performing transactions, you are only charged the commission of your local bank or the payment system you use. Clients can get the bank commission refunded for wire transfer deposits. All payments are processed in USD or EUR.
Some additional fees may be charged when using certain payment methods. Withdrawal requests are processed within the same day or next if outside working hours. Please note that depositing funds to your account may take up to five working days (in case of wire transfer). The withdrawal time can vary depending on the payment provider and method.
Some payment systems may have transaction limits, restrictions, and requirements which are indicated on their respective websites. You may need to verify your account to remove limits on particular methods in some countries. Forexee strictly does not accept third-party payments. All funds deposited into your trading account must be under the same name as your Forexee trading account. Internal transfers take 24-48 hours. There is no fee for Internal transfers.
Accounts can be opened in USD, EUR, RUB, JPY, AUD, BTC, MBT, LTC. The different currency options are beneficial as currency conversion fees do not apply when using an account in your own currency.
Forexee Review: Account Opening
Its quick and easy to open a trading account with Forexee. You just need to fill out a short online form with some personal information to register for an eWallet. Once your account has been verified by the accounts team you will be able to fund it and start trading online.
Forexee Review: Conclusion
Overall, Forexee has a basic forex offering with competitive trading conditions. There is a variety of different account types and funding options to choose from. Traders get the popular MetaTrader platform, PAMM accounts and some additional trading tools. Customer support are also prompt and polite in their responses.
Despite this, the broker is unregulated which is a major concern for us. They do not supply daily market analysis and trading instruments are limited to forex/cryptos. There are also no social trading platforms integrated. For these reasons, we would consider looking at an alternative trading broker.
Trading on the Forex market involves substantial risks, including complete possible loss of funds and other losses and is not suitable for all members. The use of leverage in trading poses additional risks to traders as it implies an additional loss due to possible non-fulfilment of their obligations to the creditor. Before starting to trade clients should make an independent judgment as to whether trading is appropriate for them in the light of their financial condition, investment experience, risk tolerance and other factors.