SuperForex is an online forex broker that offers traders a generous selection of over 400 trading instruments, including Forex, Cryptos & Stocks. They provide very competitive online trading conditions via the popular and user-friendly MetaTrader 4 platforms for web, desktop and mobile. This includes tight spreads (fixed or variable), no commission fees and rapid trade execution speeds. In addition to this, SuperForex also offers multiple trading account types, various funding options, high leverage and a social trading platform.
Pros / Cons
- User-friendly trading platforms
- Hundreds of trading instruments
- Various account types
- Minimum $1 deposit
- Convenient deposit/withdrawal options
- Tight spreads & rapid trade execution speeds
- No commission fees
- Range of training resources
- Multiple trading tools
- Managed accounts via SuperForex Bank
- Social trading via Forex Copy
- Islamic accounts
- 24/5 customer support
- Clients from USA are not accepted
- No MetaTrader 5 platforms
In this detailed SuperForex 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.
SuperForex is a broker with a goal to exceed customers’ expectations by providing quality and innovative online trading services. Founded in 2013, SuperForex is a global brokerage that offers over 400 CFD instruments for trading online via the MT4 trading platform, including Forex, Cryptos, Stocks, Indices and Commodities. The broker operates from Belize where it is registered and regulated by the relevant authorities. It also has other subsidiaries around the globe. SuperForex boasts of over 200,000 clients from 150 countries. The official website is available in 13 languages. The broker features competitive spreads, high leverage and low minimum deposit.
SuperForex states that it is a ‘No Dealing Desk’ (NDD) broker that has partnered with premium liquidity providers (LPs). Some of the LPs mentioned are Citibank, UBS, BNP PARIBAS, NATIXIS, etc. These LPs are responsible for the prices that SuperForex streams on its platforms on desktop and mobile. In its execution policy document, SuperForex states that it is the sole execution venue for all orders and acts as principal to all client orders.
Aside forex and CFD trading, SuperForex is committed helping the less privileged around the world through its Social Responsibility programmes. The broker has assisted families, orphanages and helpless people in Malaysia, Indonesia, Thailand, Egypt, amongst others.
SuperForex is proud to announce that its hard work has been acknowledged by industry experts that have honoured the broker with awards. In 2015, SuperForex was declared the ‘Fastest Growing Broker’ and in 2016, the broker won the ‘Best Forex Broker’ in the MENA region. Both awards were courtesy of ShowFXWorld; an international financial services organization. They have also won the Best ECN Broker in Africa for 2021 by International Business Magazine, Best New ECN Broker in Africa 2020 by Global Brands Magazine.
SuperForex is authorized and regulated by the International Financial Services Commission (IFSC) of Belize.
SuperForex states that it uses the ‘segregated funds’ policy which means that it does not use clients’ money for its day to day operations. Clients’ deposits should be safely kept away in separate bank accounts and are only used to fund the trading activities of the clients. SuperForex should not use the funds for any other purposes such as business running costs.
To ensure the safety of its clients, SuperForex has installed a ‘Secured Socket Layer’ (SSL) Certificate. This technology protects the communication channel between the clients’ access devices and SuperForex servers.
To further protect clients’ accounts, SuperForex recommends that they verify their email and phone number. In its Anti Money Laundering (AML) policy document, SuperForex states that in order to comply with the anti-money laundering laws, it requires every client to upload a government issued ID card and a utility bill document. This is the compulsory verification that is required during registration of new clients.
Clients have access to view a log-in history on their accounts. The log shows all IP addresses, location, time, operating system and the internet browser used for each login. The aim is for a client to easily detect any login activity that is not from him. Clients can also add all their access devices in the clients’ cabinet. Any device not found in the list will not be able to login to that clients’ account. Additionally, a client can create a list of allowed IP addresses that are authorized to access his account. These functions help to secure clients’ account and shuts off hackers.
Our #1 Broker 2022
SuperForex states that its services are not available to residents of the USA and Ukraine. Some SuperForex broker features and products mentioned within this SuperForex review may not be available to traders from specific countries due to legal restrictions.
MT4 Trading Platform
MetaTrader 4 (MT4) is a free, popular and professional trading platform that has been adopted by many brokers and traders across the world. The MT4 platform is versatile; it has the WebTrader version, Windows desktop and mobile app versions for Android and iOS devices. Already, there are thousands of plugin apps including indicators and automated trading systems developed for the MT4 platform, thus encouraging numerous traders to continue using it.
Here are a few of the MT4 platforms key features:
- Fully customisable layouts, interface, charts and windows.
- All tradable assets can be displayed on 3 chart styles over 9 timeframes.
- It is preloaded with 30 indicators and 24 analytical tools.
- Traders can create, test and use automated trading robots called expert advisors (EAs) to automate their forex and CFD trading.
- Strategy tester to back test EAs over historical data.
- Supports multiple orders including pending orders and market orders.
- Alert notifications via platform pop-ups, emails and SMS.
MT4 Mobile Trading App
This is the mobile version of the MT4 platform which is available as iOS and Android apps. The apps can be downloaded from the relevant app stores. The MT4 app has almost all of the same features of the MT4 desktop platform and integrates seamlessly with the MT4 accounts. The mobile trading app is useful for traders who wish to trade whilst on the go.
Here are some of the MT4 mobile trading app features:
- The app is user friendly and the appearance, colours and other features are customisable.
- Shows the selling and buying prices of all the assets in real time.
- Shows the charts of all instruments over 9 timeframes.
- The ‘trade’ tab shows all the open trades as well as the account balances in real time.
- Multiple order types including ‘market execution’ and pending orders.
- Set price alerts via push notifications.
SuperForex Trading Cabinet
This is an Android app developed by SuperForex. It integrates with the clients’ cabinet area of the website and also has other features for account analysis and statistics.
Here are some of the primary features of the SuperForex app:
- Manage accounts from the app; create new demo or real accounts.
- Fund or withdraw from your accounts right from the app.
- View the complete trading history.
- View all SuperForex Bonus programs.
- Full access to the client support desk.
SuperForex Trading Tools
Fore Copy is the SuperForex social trading platform where traders are able to automatically copy the trades of other traders known as a ‘Master’. This is beneficial to investors and new traders because they can easily copy signals without needing to conduct analysis and follow market news. A master trader can also benefit from the service by receiving commissions on any profits made by their signals. An investor only needs a minimum deposit of $100, then they can choose a master account and start copying trades. SuperForex profiles a long list of master accounts and their performance statistics so that a copier can carry out a thorough assessment before settling for a master to copy. It must be strongly emphasised that the past performance of trading signals is by no guarantee an indication of future performance and there are always risks involved with trading online.
Technical analysis comes up periodically on the SuperForex website. The analysis is done on selected forex currency pairs. Several indicators are used to analyse selected charts and are rounded off by giving trading ideas to traders.
The economic news is updated every day on the SuperForex website. This section includes the market overview as well as the different economic news from several countries especially UK and USA.
Fundamental analysis is updated a few times every week on the website. It is mainly focused on currency pairs, gold and oil.
Video analysis is presented once or twice a week on the SuperForex website and YouTube channel. It is presented by a SuperForex analyst who uses technical analysis principles and indicators to forecast the possible movement of prices of some major currencies.
‘Weekly Review’ comes up every Friday on the SuperForex website and YouTube channel. It is presented as a video.
This is SuperForex managed investment portfolio of CFDs, shares and cryptocurrencies. Investors are required to deposit at least $100 within a period of 15 days to 1 year. Commissions are charged on withdrawals and on the investment portfolios. There is no guarantee on the performance of this managed portfolio and all online trading carries a significant element of risk.
This is an expert advisor (EA) that is offered free of charge to all clients by SuperForex. The ‘Pattern Graphix’ identifies chart patterns and gives the trader suggestions on how to approach the trading of an instrument based on these patterns. The trader still retains control and can choose to ignore or follow the advice of the expert advisor.
SuperForex has held several trading seminars in different towns and in different countries. These seminars aim to give traders and prospective clients the opportunity to interact with SuperForex experts and learn from them. The seminars focus on practical approach to trading which includes key concepts and strategy development. Seminars have been held in Cotonou, Lusaka, Windhoek, Kota Salatiga, Kuching, Kenya, Lagos, Kuala Lumpur, Port Harcourt, Samarinda and other cities within Africa and Asia.
A glossary of over 200 trading terms along with explanations are provided on the website. This can be useful to new traders who are looking to familiarise themselves with some of the more popular trading terminologies.
There are several videos grouped as ‘our services’ and ‘Forex trading’. There are 16 video lessons teaching technical analysis strategies and principles. There are other video tutorials explaining how users can utilize SuperForex services like Forex Copy, Bonuses, MT4, etc.
If you care to go more in-depth into a particular topic that you struggle to understand or want to learn more about, there are online Forex courses that might be a better option. The course consists of eight lectures that cover the most fundamental concepts in Forex trading in great detail.
Though more time-consuming than the brokers video series, this can be a great way to learn Forex on your own. If you are patient, take notes, and complete the exercises at the end of each lecture, you can prepare yourself to tackle anything that the Forex market throws at you.
SuperForex have a generous selection of trading instruments across different asset classes. The following instruments are available for online trading through the SuperForex trading platforms:
- 105 Forex Currency pairs including the major, minor and exotic crosses
- 10 Metals
- 84 Stock CFDs
- 87 Futures
- 19 Indices
- 9 Cryptocurrencies
SuperForex Accounts & Fees
SuperForex provides multiple account types to suit the different needs and experience levels of traders. All of the accounts are grouped into either STP or ECN accounts. The broker gives you the option to open accounts in USD, EUR, GBP and also in your local currency, without any conversions. The local currency account can allow you to avoid additional fees.
STP Account Types
Micro Cent account
This account is denominated in USD or EUR cents. The minimum deposit is $1/€1 while the maximum deposit is $3,000/€3,000. The lot size is 10,000 cents and the maximum leverage is 1:1000. The spreads are fixed.
The minimum deposit is $1 and the maximum leverage is 1:1000. Spreads are fixed and the lot size is 10,000.
Swap Free account
$1 is the least deposit amount while the leverage is capped at 1: 1000. Swap charges are waived on this account and the lot size is 10,000.
No Spread account
The minimum deposit is $1,000 and the maximum spread is 1:1000. This account is swap-free and the lot size is 100,000.
This account is only available in USD. The minimum deposit is $5,000 and there no maximum deposits. The maximum leverage is 1:2000 and the lot size is 100,000.
The account currency is USD. Even though clients operate the account using cryptocurrencies, the conversion is still displayed. The lot size is 10 BTC and the maximum leverage is 1:10. The minimum deposit is $100 and the account features only fixed spreads.
ECN Account Types
The ECN accounts are similar to the STP accounts except for a few features. There are no maximum deposits, all spreads are floating and Forex Copy is not available. The account currencies can be in USD, EUR or GBP except for ECN Crypto that is only denominated in USD.
The following are the ECN account types:
ECN Standard Mini
Minimum deposit is $1, lot size is 10,000 and the maximum leverage is 1:100.
Minimum deposit is $1, lot size is 100,000 and the maximum leverage is 1:1000.
ECN Swap Free Mini
Minimum is $1, lot size is 10,000 and the max leverage is 1:1000.
ECN Swap Free
Minimum deposit is $1, lot size is 100,000 and max leverage is 1:1000.
Minimum deposit is $100, lot size is 10 BTC and the max leverage is 1:10.
Demo accounts are available to all clients at no costs. These demo trading accounts can be useful to try the different trading platforms available and to practice your trading strategies, risk free.
SuperForex offer both STP and ECN Islamic accounts which comply with Sharia law as they are swap free, and thus SuperForex is suitable for Muslim traders.
As broker fees can vary and change, there may be additional fees that are not listed in this SuperForex review. It is imperative to ensure that you check and understand all of the latest information before you open a SuperForex broker account for online trading.
The SuperForex Customer support desk is available 24/5 during market hours. They have provided a Frequently Asked Questions (FAQs) section for the website visitors to first check for answers to questions they might want to ask. If you wish to receive a call from support desk, then fill the ‘call back’ form available on the website. A support representative will call you at your convenience. The fastest way of getting support is through the instant web chat facility on the website. There are other chat options which are: Yahoo messenger, WhatsApp, Skype, Telegram and WeChat. You can also receive support by calling the international support help line and also by sending email. On social media, SuperForex is on Facebook, YouTube, Twitter, LinkedIn and Instagram.
SuperForex Deposit & Withdrawal
SuperForex provides you with more than 30 methods for depositing and withdrawing money. Since they work only with trusted financial partners, they will cover in full or partially the intermediary fees charged by the payment systems when customers deposit funds with them.
SuperForex has a commitment to localising payments and is still expanding it to different countries. Deposits are free but withdrawal commissions are charged depending on the method used.
The following funding methods are accepted:
- Local bank transfers: This method is available to clients in Malaysia, Indonesia, Nigeria, Kenya, Zimbabwe, Namibia and Iran. The deposits are processed instantly while withdrawals generally take 1-3 business hours. The transfer is done in the local currencies.
- Bank Wire transfers: It takes 2-4 business days to process international bank deposits. Withdrawals are charged 3% + $35 and it takes up to 4 business days.
- Debit/Credit Cards: All major credit and debit cards are accepted including Visa, MasterCard and UnionPay. Card deposits are processed immediately. Withdrawal charge is 3% + $7 per withdrawal and the minimum withdrawal is $20. It takes up to 3 business days to completely process a withdrawal.
- Electronic Payments: Deposits are instantly processed while withdrawals can take up to 4 business days to complete. The accepted channels are; Skrill, SticPay, Neteller, PayCo, Triv, FasaPay, Perfect Money, Payeer, Online Naira, iPay, Flutterwave, Ngan Luong. Withdrawal charges range from 0.5%-3.5% depending on the method used.
- Cryptocurrencies: The cryptos accepted are BTC, LTC, DOGE, PPC, DASH, RDD, ZEC and BLK. Deposits are processed instantly while withdrawals take 1-3 hours. A commission of 0.9% is charged on withdrawals.
- SuperForex Money: These are SuperForex money vouchers denominated in $10, $50, $100, $500 and $1,000 used for making deposits. The broker rewards its voucher users with a discount of 7% on all vouchers. Deposits are credited immediately to the trader’s account. Withdrawals to vouchers take 1-3 working days and no commissions are charged. The vouchers have no expiry dates and no limitations.
SuperForex Account Opening
SuperForex asserts that it takes only 3 easy steps to open an account and start trading online. First click on the ‘open account’ button found on the top right-hand side of any webpage on the website. On the drop-down list that displays, select ‘trader’, click on the checkbox to agree with the SuperForex public offer agreement if you agree to it and then click ‘open account’. The client registration form displays.
Fill the form and click ‘next’ to display the second page of the form. Select the account type, leverage and currency, then, click on ‘open account’. You are automatically logged onto the client cabinet area where you can fund your account, download trading platforms, etc.
What is the SuperForex minimum deposit?
SuperForex have a minimum deposit requirement starting from just $1 although it varies depending on the account type that you opt for. The minimum deposit amount is what you would need to fund your trading account with in order to start trading online with SuperForex.
The fact that there the SuperForex minimum deposit required is so low, means that you can try out the brokers products and services with a minimal investment to see if they are suitable for your needs before committing more funds. Keep in mind, some brokers have a minimum deposit into the thousands!
How do I deposit money into SuperForex?
You can quickly and easily deposit funds into your SuperForex account via bank transfer, credit/debit card and various e-Wallets such as Neteller, Skrill. They also accept Cryptocurrency deposits.
What are the SuperForex deposit fees?
SuperForex does not charge any internal fees for deposits. Keep in mind that your bank or e-Wallet provider may charge you a fee and if using Cryptos, there will be a blockchain fee.
How do I withdraw money from SuperForex?
You can quickly and easily deposit funds into your SuperForex account via bank transfer, credit/debit card and various e-Wallets such as Neteller, Skrill. They also accept Cryptocurrency withdrawals.
What are the SuperForex withdrawal fees?
SuperForex withdrawal fees vary depending on the method used and amount being transferred. Bank transfers fees vary from 1.4% to 3.8% or 3% + 35 USD. Card payments cost 3% + 7 USD. Skrill is 1 USD if amount is less than 50 USD or 1.5% and Neteller is 1 USD if amount is less than 50 USD or 2%. For other withdrawal options, you can find the latest fees on the SuperForex website.
What is the SuperForex commission fee?
SuperForex offer commission free trading on some accounts where there is a spread mark-up and on other accounts, they offer lower spreads with competitive commission fees from around 3.4% per round trip – depending on the instrument you are trading.
Are there any SuperForex inactivity fees?
SuperForex does not currently mention that there is any inactivity fee.
What are the SuperForex account types?
With SuperForex you are free to choose among a wide variety of trading accounts. Each individual type of account comes with different conditions, so it is important that you choose the one that is right for your strategy and goals.
The accounts are split into STP and ECN groups. The main difference between each of the account types are the minimum deposit, spread, leverage and commission fee.
- STP Standard
- STP Swap-Free
- STP No Spread
- STP Micro Cent
- Profi STP
- STP Crypto
- ECN Standard
- ECN Standard Mini
- ECN Swap-Free
- ECN Swap-Free Mini
- ECN Crypto
Is there a SuperForex demo account?
Yes, the SuperForex demo account is free to open and can be an excellent way for you to practice your trading strategies and familiarise yourself with the brokers platforms before opening a live account and trading with real funds.
What are the SuperForex spreads?
SuperForex offer variable spreads and fixed spreads. Depending on your needs, you can choose an account with the spread type that works best for you. Those who use scalping strategies may want fixed spreads so they know what to expect. Swing traders who hold trades for a longer period of time may not be so concerned with the spreads.
What is the SuperForex leverage?
The SuperForex maximum leverage goes all the way up to 1:2000. They have flexible leverage depending on your location, account type and instruments you are trading.
Leverage is expressed as a ratio, for example if your leverage is 1:1000, this means that you can hold a position that is the 1000 times the value of your trading account. E.g. If your account had a balance of $100, you could take a position size of $100,000.
Whilst trading with leverage can increase the profit potential of a trade, it also has a greater risk. It is important that you understand what leverage is and how it works before trading with leveraged positions.
What are the SuperForex margin & stop-out levels?
SuperForex standard account Margin Call is set to 80% and Stop Out is at 50%. Once your account’s margin level reaches 80% or below, you will receive a warning on the platform.
In this scenario, you can choose to fund your account or close one or some positions to maintain the margin level higher.
Once your account’s margin level reaches 50%, all positions will be closed forcefully by the system and profit/loss will be realized.
Does SuperForex allow hedging, scalping & expert advisors?
Yes, SuperForex allow all types of trading strategies including scalping, hedging and automated trading with expert advisors (EAs) in the MetaTrader 4 platform.
Is there a SuperForex Islamic account?
Yes, SuperForex offer swap-free Islamic accounts. This makes them a Muslim friendly broker for traders of Islamic faith who must comply with Sharia law.
What are the SuperForex trading instruments?
SuperForex offer different markets including CFDs on Forex, Cryptos, Stocks, Indices and Commodities. A contract for difference (CFD) is a financial derivative. CFDs enable you to speculate on rising or falling prices without taking ownership of the underlying asset.
How do I open a SuperForex live account?
It is quick and easy to open a SuperForex account. You just need to visit the SuperForex website and click on the “open live account” button. Make sure you read the terms and complete the short application for correctly. You will then be automatically logged into your account and emailed your account details.
How do I verify my SuperForex account?
You can verify your SuperForex account with a proof of identification (passport, driver’s license, identity card, etc) and proof of address (bank statement or utility bill, no more than 3 months old). Account verification can take up to 48 hours. You do not necessarily need to verify your account to make deposits/withdrawals and trade with SuperForex.
What is the SuperForex trading platform?
SuperForex provide clients with the ever popular MetaTrader 4 platform which is used by millions of traders all over the globe. It is widely renowned for being easy to use and packed with plenty of tools and features for a seamless trading experience.
Where can I download the SuperForex platform?
You can download the SuperForex MetaTrader platforms free of charge from the brokers website. The web platform runs directly in your web browser without the need to download or install any additional software. Additionally, you can download the MetaTrader apps from the relevant app store on your iOS or Android mobile device.
Where is SuperForex located?
Founded in 2013, SuperForex are located in Belize.
Is SuperForex regulated?
Yes, SuperForex is regulated by the International Financial Services Commission of Belize (IFSC).
What countries do SuperForex accept?
SuperForex welcome clients from around the globe, although they cannot accept clients from the USA and Ukraine.
Is SuperForex a scam?
No, we do not believe SuperForex is a scam. They have been providing very competitive trading services to a global client base for many years now.
How can I contact SuperForex support?
You can contact SuperForex customer support 24/5 via email, online chat and social media. You can also request a call back from the broker.
SuperForex is an established broker that is out to satisfy its customers, regardless of their trading requirements. Whatever your needs, there is something for everyone to trade, with hundreds of trading instruments and user-friendly platforms to choose from.
SuperForex offers multiple account types so that every trader can choose what works for them depending on their background, investment size and trading experience. The broker has a good range of convenient, quick and easy payment options to accommodate clients from different countries with differing needs.
Regulated by the IFSC, the broker states that clients’ accounts are secured and digitally protected. Clients’ funds should be safely kept in segregated accounts.
They allow all trading strategies and traders with small capital are welcome. The MetaTrader platforms give multiple options for traders and are a popular choice for both beginner and experienced traders alike.
The provision of market analytics and educational materials further demonstrates the broker’s commitment to supporting traders. Managed portfolios via SuperForex bank and Forex Copy are designed for investors and traders who wish to copy or provide trading signals.
In addition to very competitive trading conditions, SuperForex also provides traders with educational resources, various trading tools and 24/5 customer support.
CFD and FX trading on margin carry high levels of risk. Traders should ensure they understand the risks associated with leveraged CFD and FX trading before deciding to trade.