SuperForex ReviewCategory: Reviews | Author: Trading Brokers | Date: November 17, 2022
SuperForex is an online forex broker that has a generous selection of over 400 trading instruments, including Forex, Cryptos & Stocks. They provide you with 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 at some of the best prices. In addition to this, the broker also lets you choose from multiple trading account types, various funding options and high leverage that goes all the way up to 1:2000. If you are a beginner, you can learn from lots of free educational resources and practice on a demo account. For those of you who do not have the time to trade, you may find the social trading platform useful where traders can share and copy signals. I was impressed with the number of power tools available that can be a great help for analysing the markets. All of this is backed up by 24/5 support. I have had an account with them for a while now and think they can be a great choice for anyone who is primarily looking to trade forex.
Pros & Cons
- User-friendly trading platforms
- Hundreds of trading instruments
- Various account types to choose from
- Low minimum $1 deposit to get started
- Great range of convenient deposit and withdrawal options
- Tight spreads and rapid trade execution speeds
- No commission fees charged on trades
- Range of training resources to educate traders
- Multiple trading tools for powerful market analysis
- Managed accounts via SuperForex Bank
- Social trading via Forex Copy
- Islamic accounts for Muslim traders
- Free demo accounts to practice trading
- 24/5 customer support
- Clients from some countries are not accepted
- Could add a top-tier regulator
- No MetaTrader 5 or cTrader platforms
- No FIX API trading solutions
Founded in 2013, SuperForex is a broker with a goal to exceed customers’ expectations by providing quality and innovative online trading services. They are a global brokerage that offers a good choice of over 400 CFD instruments for trading online via the intuitive 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 an impressive 13 languages which I feel emphasises their support for a global clientele. Some of the prominent broker features from my experience include tight spreads, competitive fees, high leverage and low minimum deposit. Aside forex and CFD trading, I feel that it is admirable how the broker is committed helping the less privileged around the world through its Social Responsibility programmes. They have assisted families, orphanages and helpless people in Malaysia, Indonesia, Thailand, Egypt, amongst others.
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 the broker streams on its trading platforms for desktop and mobile. In its execution policy document, the broker states that it is the sole execution venue for all orders and acts as principal to all client orders. This means that you can get your trades placed quickly, at some of the best market prices with minimal slippage. Generally speaking, the more liquidity that a broker has, the better prices and execution they can provide. I would always prefer to use an NDD broker so that there is no conflict of interest between our positions.
SuperForex is authorized and regulated by the International Financial Services Commission (IFSC) of Belize. I like how the broker is regulated as this gives me peace of mind that they must abide by some rules and regulations that have been put in place to try and protect investors. I would always prefer to use a regulated broker as it means that I am able to focus on my trading without worrying too much. I would have preferred a top-tier regulator but I don’t have any problem with this, simply because I understand this regulation means that the broker is able to give us access to certain trading products and services that some other regulators wouldn’t allow. I think it is important that traders are given the freedom to trade how they want to, provided they are doing so responsibly. If you would prefer top-tier regulation, AvaTrade are regulated across multiple jurisdictions.
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.
In its Anti Money Laundering (AML) policy document, they state 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.
To ensure the safety of its clients, they have 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, the broker recommends that you verify your email and phone number.
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.
The broker states that its services are not available to residents of the USA and Ukraine. If you find that they cannot serve clients in your country, please feel free to browse our broker reviews for alternative options.
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. The desktop version of the platform has complete functionality. The web platform is great for accessing your account on any device and is always up to date. The trading app is perfect for taking the markers with you in your pocket.
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.
I have been an MT4 user for many years and never felt the need to switch to anything else. It does all that I need to and is capable of so much more. I like how I can analyse the charts using any combination of indicators and automate my trading strategies. I think it is the ideal platform for new traders because it is very user-friendly when compared to some of the more complex platforms such as cTrader. There is a newer version of MetaTrader, MT5. It is very similar to MT4 just with some additional features and functionalities. I believe that MT4 will be more than enough for most traders. If you want to see what MT5 has to offer, you can get access to both MetaTrader platform through RoboForex.
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. I love how the app makes it easy for me to place and manage positions whenever I feel like it. I also like how it gives me the option to check what is going on around the markets at any time.
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. I found this app sleek, modern and extremely easy to use. Granted it is basic, but all of the information that you need is there without unnecessary complications that I have seen from some other brokers.
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.
Fore Copy is a social trading platform where you 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. I actually prefer to maintain control over my own trading. I don’t think anything can beat learning how to trade by yourself so that you can take responsibility for all of your trades. I like to know when and why every position was taken, even when I have a losing trade it can still be a good experience to learn from.
Technical analysis comes up periodically on the brokers 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. I am impressed to see that the economic news is updated every day on the website. This section includes the market overview as well as the different economic news from several countries especially UK and USA. Fundamental analysis is also updated a few times every week and is mainly focused on currency pairs, gold and oil. Video analysis is presented once or twice a week on the brokers website and YouTube channel. It is presented by an inhouse analyst who uses technical analysis principles and indicators to forecast the possible movement of prices of some major currencies. The ‘Weekly Review’ comes up every Friday and is presented as a video. I think it is great that they provide all of this market analysis free of charge. I feel that it can be help to inspire trade ideas. I was able to see some opportunities that I may have otherwise overlooked. PaxForex also have some handy analysis if this is something that you are looking for.
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. If you are looking for a managed account based on your own risk preferences, this might be worth checking out along with FXGiants. 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. I found this to be a decent tool for price action analysis which I think is an important part of an overall trading strategy. I would personally be verifying all signals with my own technical and fundamental analysis.
The broker 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. IronFX also have some interesting seminars if they are something you would like to consider.
There is a informative 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. Whilst this isn’t anything ground breaking, I find it useful to have everything in one place.
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. I like how everything is so well organised and think that everybody can learn something new here.
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. If you are primarily a forex trader then I do not think you will find a broker with more currency pairs, making SuperForex a great choice. You can also diversify your portfolio with a good range of stocks, indices, commodities and cryptos. However, they don’t quite have the range of non-fx instruments that brokers such as FP Markets have. The following instruments are available for online trading through the provided trading platforms:
- 105 Forex Currency pairs including the major, minor and exotic crosses
- 10 Metals
- 84 Stock CFDs
- 87 Futures
- 19 Indices
- 9 Cryptocurrencies
I really like how the broker 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. They give 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. I think they could improve by adding support for some more currencies. However, unless you are moving large amounts around then the conversion fee shouldn’t be too bad.
This forex broker is one of a few that you will find who provide fixed spreads, along with the likes of easyMarkets. Fixed spreads can great if you are planning to trade a strategy that relies on a certain level of spread. I have used scalping strategies in the past that needed low spreads and found that they tend to perform better on brokers with low fixed spreads. Just make sure that you check if the spreads are fixed during your preferred trading hours. This is because they may be increased during hours of low liquidity.
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 makes the broker an option for Muslim traders.
The broker 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’, read and 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. I managed to complete the whole process in just a few minutes and like how everyone is done online.
The brokers 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. I have always had a quick response from them and would not hesitate to contact them in future if need be.
This is one of the most impressive aspects of this broker for me. You can choose from an excellent range of 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. if you are like me and like plenty of options, FXChoice also have a good selection.
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. This is my preferred method simply because I find it the quickest and easiest way to fund my trading account.
- 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. You will need to cover the blockchain fee which can eat into the funds which is why I would try to use an alternative method.
- 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.
Overall, I believe that SuperForex can be an excellent choice for those of you who want easy access to trade lots of currency pairs with very good trading conditions. They are 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.
I like how the broker has multiple account types so that every trader can choose what works for them depending on their background, investment size and trading experience. You can access 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 you to trade how you want 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, the broker also provides you with a plethora of educational resources, various trading tools and 24/5 customer support.