Forex Broker Inc review uncovers the truth about a new comer to the retail fx industry that is currently claiming to accpet US and Japanese clients. While the company is not regulated, it still provides quite a good deal for the traders and avoids client identification procedures. Forex Bonus Lab recommends you to deal only with the brokers regulated in your country or region, yet we are still welcoming you to check the Forex Broker Inc review.
Leverage: 1:500 Licences: N/A
Min. Deposit: 100 USD Bonus: N/A
Spreads: from 1 pips US Clients: Yes
This is an offshore & unregulated broker. Be careful!
Forex Broker Inc Review at a Glance
In order to escape from the laws and regulations in the US by the NFA, a lot of brokers have moved elsewhere, by opening subsidiaries. It becomes hard to find a reliable broker that allows US customers, because now a lot of brokers are located in Cyprus and target mainly customers from European countries. A solution may be Forex Broker Inc. It has its main office in the Marshall Islands and also has an office in Malta. It was founded in 2012, so it’s relatively new, but aims to attract traders with its reduced spreads and increased customer focus.
The founders of this company have a background in dealing rooms as well as banks. The customers’ deposits are separated from operating funds and kept in reliable banks in Europe, still be cautious. They also give an above average number of promotions. Forex Broker Inc wants to create the perfect environment for new traders to learn and for advanced traders to develop their skills.
Forex Broker Inc Features
The number of trading instruments available is large, over 50 currency pairs, CFDs and futures are available and quotes are offered in real time. In addition spot metals and commodities are also offered.
There are three types of accounts: Gold, Platinum and Platinum fixed spread. There is no account that is clearly better than the others and instead the customer must select the one that is more suitable for him. They all require a minimum deposit of just $10. The Gold account has the advantage of permitting higher leverage, up to 1:500, but only allows trading with micro lots. The Platinum account has the best spread of 0.3 pips and a lower commission of 1 pip. The Platinum fixed spread account doesn’t require a commission but has higher spreads. There is also the possibility of managing multiple accounts with the same platform with the Multi Account Manager functionality. This allows that the lots corresponding to opening a position
are opened on multiple accounts so that the eventual profits and losses are spread proportionately with the size of the account.
As previously stated, the leverage is up to 1:500, but this level is available for accounts under $20,000. This isn’t a great inconvenient, as even large accounts can benefit from a leverage of 1:100.
There is no VIP account, but users can become VIP customers by residing in the US and depositing at least $500 by wire transfer. This has the advantage of allowing them to benefit from a larger number of promotions, such as a loyalty bonus.
In order to keep the costs low for traders, the spreads are also as low as 0.3 pips but they average at about 1 pip. The market execution times are less than one second, with no slippage and requotes, because of the processing that is bothECN and STP. The registration is free and is quickly realized, allowing new traders to jump right in. The platform is compatible with the Mac OS and there are also versions for mobile and tablet devices.
There are a lot of promotions for normal as well as VIP accounts that change frequently so the amount of promotions a trader is eligible to participate in varies over time, but there will be at least one active at a time. They range from 30% deposit bonus to 120% welcome bonus, depending on the size of the deposit. The broker targets both US and Japan customers, but most of the promotions are for US customers, so it is safe to say that most of the customers will be from the US.
Forex Broker Inc Reviews of the Trading Platforms
The broker offers a number of platforms, the main choice being MetaTrader 4 that is offered by almost every broker and couldn’t be missing here. They also have a proprietary platform called Sirix that doesn’t require download and is for the PC and Mac. This platform is integrated with the other two platforms offered by this broker: MetaTrader 4 and Mobile Trader.
That means that a position opened with any one of these platforms can be maintained and closed with another platform. That means that traders can use those platforms in tandem and try to gain from the advantages of each one: for example using one platform for charting and another one for the execution times. The demo account is also professionally realized and permits the use of those platforms so that the traders can get used to them before opening a real account.
Forex Broker Inc Deposits and Withdrawals
The main draws that the company has are a minimum deposit of just $10 and no charges for deposits. The withdrawals are also free of commissions if they are over $500. The withdrawals are also processed quickly, within 24 hours of the request being received, but they can be realized only after a trader has traded at least 2 standard lots. All the major credit cards are accepted.
The account can be set up in EUR, USD or JPY. There is a certain amount of documentation required in order to open an account. The deposits and transfers must be made in the same name as the one corresponding to the account, there is no transfer between accounts permitted. For wire transfers there is a longer period of time required for them to be completed, between 3 to 5 days and the minimum amount is $100.
Forex Broker Inc Customer Support
The support is offered 24/5 by means of telephone, chat and e-mail. The customers also can benefit from guidance from an account manager that can help them set up their account as well as answering any questions they might have. The support offered is available in English and Japanese.
Forex Broker Inc Review Conclusion
The broker wants to distinguish itself from the competition by offering low execution times, spreads that are among the lowest on the market and an impressive number of promotions. Even if they only accept clients from the US and Japan, they have an expansion plan in order for them to access a larger segment of customers.
The customers can also rest assured that their money is in a safe place, because they are deposited in European banks. The number of features and promotions are enough so that this broker can earn a recommendation.
Due to numerous disputes about Forex Broker Inc and the way it treats clients, Forex Bonus Lab does not recommend opening an account wit this broker. If you need a solid broker that accepts US clients – try FXCM.