SuperForex is an online forex broker that is located in Belize. They offer traders over 300 trading instruments for trading online via the popular MetaTrader 4 platforms. Despite the broker offering multiple account types, high leverage and a social trading platform, the regulation is not ideal and thus we would take great caution and prefer to use a broker with more regulation.
SuperForex Review, Pros & Cons
- Managed accounts via SuperForex Bank
- Social trading via Forex Copy
- Multiple trading tools & training resources
- Offshore regulation not ideal
- Clients from USA are not accepted
- No proprietary platforms or other choices apart from MT4
- Spreads not the lowest
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 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 JustForex.
SuperForex Review: Summary
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 300 forex and CFD instruments for trading online via the MT4 trading platform. 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. Despite this, the regulation is lacking and we would prefer a broker that has regulation from an EU, Australian or US authority.
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.
SuperForex Review: Regulation
SuperForex is authorized and regulated by the International Financial Services Commission (IFSC) of Belize. This is not considered by many professionals to be one of the most popular regulators in the brokerage industry.
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.
SuperForex Review: Countries
SuperForex states that its services are not available to residents of the USA. Some SuperForex broker features and products mentioned within this SuperForex review may not be available to traders from specific countries due to legal restrictions.
If you are looking for a trading broker in a particular country, please see our best brokers USA, best brokers UK, best brokers Australia, best brokers South Africa, best brokers Canada or our best brokers for all other countries.
SuperForex Review: Trading Platforms
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 Review: 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 Review: Education
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.
SuperForex Review: Trading Instruments
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 Review: Trading 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 following are the 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.
- Standard account: 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.
- Profi STP: This account is only available in USD. The minimum deposit is $5,000 and there no maximum deposits. The maximum leverage is 1:200 and the lot size is 100,000.
- Crypto account: 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.
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.
- ECN Standard: 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.
- ECN Crypto: 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.
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.
SuperForex Review: Customer Service
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 Review: Deposit & Withdrawal
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 Review: 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.
SuperForex Review: Conclusion
SuperForex is a broker that is out to satisfy its customers. Regulated by the IFSC, the broker states that clients’ accounts are secured and digitally protected. Clients’ funds should be safely kept in segregated accounts.
SuperForex offers multiple account types so that every trader can choose what works for them depending on their investment size and trading experience. The broker also offers multiple payment options to accommodate clients from different countries with differing needs.
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.
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.
Despite this, the IFSC Belize regulation is not at par with that of FCA, CySEC or ASIC. This is why several industry experts warn traders to avoid such brokers. Although SuperForex seems to be a genuine and respectable broker, we would proceed with great caution when dealing with this broker. It should also be mentioned that the spreads are not also the tightest when compared to other online brokers.
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.