Forex4you Review: Is This Broker Really for You?

Forex4you is a forex trading company that started in 2007. It’s well-known for offering good trading services and is based in the UK. In this forex trading broker review, we’ll look at Forex4you review, its trading platforms, different types of accounts, and how it follows trading rules.

Whether you’re new to trading or have been doing it for a while, this review will help you see if Forex4you is a good choice for you.

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Forex4you: Overview 

Forex4you, established in 2007 and based in the United Kingdom, has rapidly evolved into a trusted name in forex trading. Over the years, it has consistently expanded its services and global reach, attracting a diverse and growing clientele. From its inception, Forex4you has focused on making forex trading accessible and user-friendly. 

In its early years, Forex4you distinguished itself by adopting innovative technologies and offering a range of trading platforms, including the now widely used MetaTrader 4 and MetaTrader 5. This early adoption of advanced technology positioned the broker as a forward-thinking player in the market. As it grew, Forex4you continued to expand its offerings, introducing various account types to suit different trading styles and risk tolerances.

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Regulation and Registration 

Forex4you acquired a license from the Financial Services Commission (FSC) in the British Virgin Islands (BVI), an authority regulating financial market companies. The company holds the certificate number SIBA/L/12/1027, authorizing it under Category 1B to deal in investments as a principal and under Category 2 to arrange deals in investments.

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Account Types of Forex4you

Below is a summary of each account type provided by Forex4you, highlighting key features such as minimum deposit, spread, commission, maximum leverage, and available trading instruments:

Cent Fixed Account

• Minimum Deposit: $0
• Spread: From 2 pips
• Commission: No commission
• Maximum Leverage: 1:1000
• Instruments: Forex
• Features: Instant execution, leverage from 1:10 to 1:1000, 1 lot = 1,000, maximum lot 1000, margin call 50%, stop out 10%

Classic Fixed Account

• Minimum Deposit: $0
• Spread: From 2 pips
• Commission: No commission
• Maximum Leverage: 1:1000
• Instruments: Forex
• Features: Instant execution, leverage from 1:10 to 1:1000, 1 lot = 100,000, maximum lot 200, margin call 50%, stop out 10%

Cent Pro Account

• Minimum Deposit: $0
• Spread: From 0.1 pip
• Commission: $0.10 per lot
• Maximum Leverage: 1:1000
• Instruments: Forex, precious metals
• Features: Market execution, leverage from 1:10 to 1:1000, 1 lot = 1,000, maximum lot 1000, margin call 50%, stop out 10%

Classic Pro Account

• Minimum Deposit: $0
• Spread: From 0.1 pip
• Commission: $8 per lot
• Maximum Leverage: 1:1000
• Instruments: Forex, precious metals
• Features: Market execution, leverage from 1:10 to 1:1000, 1 lot = 100,000, maximum lot 500, margin call 50%, stop out 10%

Classic Standard Account

• Minimum Deposit: $0
• Spread: From 0.9 pip
• Commission: No commission
• Maximum Leverage: 1:1000
• Instruments: Forex, precious metals
• Features: Market execution, leverage from 1:10 to 1:1000, 1 lot = 100,000, maximum lot 500, margin call 50%, stop out 10%

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Deposit and Withdrawal

The minimum deposit amount for these systems starts as low as $1, with the maximum cap typically at $10,000, and the processing time is instant. Additionally, bank card transactions are also facilitated, supporting both USD and EUR, with no service fees. The minimum deposit for bank cards is set at $10, and the maximum is $10,000, with instant processing.

For withdrawals, USD and EUR transactions, the service fees range from 0% to 2%, with the minimum withdrawal starting at $1 and the maximum withdrawal capped at $10,000. Additionally, Forex4you supports bank card transactions in both USD and EUR. These incur a service fee of $2.5 plus 2.5% of the transaction amount. The minimum withdrawal amount for bank cards is $20 (or EUR equivalent), and the maximum is $2,000 (or EUR equivalent), with a processing time of 2 to 6 working days.

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Products in Forex4you

Forex4you offers a diverse range of trading instruments across various asset classes, providing traders with ample opportunities in the financial markets. Here’s a list of their products:

• Forex Trading: Over 50 currency pairs.
• Commodities Trading: Includes Gold, Brent, WTI, and more.
• Indices Trading: Access to more than 15 major indices.
• Stocks Trading: Offers trading for more than 50 companies.

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Trading Platform of Forex4you

Forex4you provides its clients with access to two of the most acclaimed and widely used trading platforms in the industry:

• MetaTrader 4
• MetaTrader 5

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Fees of Forex4you

Forex4you’s fee structure varies depending on the account type. For Cent and Classic accounts, the spreads start from 2 pips, while for Cent NDD and PRO STP accounts, spreads begin from as low as 0.1 pips. Commissions are charged in the Cent Pro and Classic Pro accounts at rates of $0.10 and $8 per lot, respectively. There are no deposit fees, but withdrawal fees range from 0.8% to 2.5%, subject to the payment method. 

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Forex4you Promotions

Forex4you currently offers a diverse range of 11 promotional opportunities for their clients. These promotions vary from rewarding trading contests to cashback programs, and referral bonuses. 

Here is the list of the promotion offers: 

1. Trade for Rewards: Win from a $12,000 rewards pool.
2. Congratulations to Winners – Deposit to Win Lucky Draw: Cash prizes for traders in Vietnam.
3. New Year Gift Bonanza – Trade to Win: $28,000 in prizes for trading and deposits.
4. Winners of 16 Anniversary Lucky Draw: Celebrating lucky draw winners.
5. Deposit to Win $14,000 worth of prizes!: Exclusive to Vietnamese traders.
6. Winners take it all!: Deposit and trade to win prizes.
7. Start your engines! India 2023: Top 4 Partners can win a car.
8. Refer a Friend: Get $50 for each successful referral.
9. Trading Hero Contest: Monthly contest with up to $400 cash prizes.
10. 100% Deposit Bonus: Bonus varies from 5% to 100%.
11. 40% Cashback Program: Up to $8 back per lot on EUR/USD.

For detailed information on each promotion, please visit Forex4you’s Promotions page.

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Customer Support

• Email: General inquiries can be sent to [email protected], with separate emails for partners ([email protected]) and marketing ([email protected]) 
• Phone: +44 330 027 1824
• Online Support: Live Chat, submitting tickets in Trader Room, and web-based calling app for free calls. 

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Pros & Cons 

Pros Explained

• Forex4you caters to a wide range of traders by offering various account types. This diversity allows traders, from beginners to professionals, to find an account that fits their trading style and experience level. The availability of different accounts, such as Cent, Classic, and Pro.
• The platform provides round-the-clock customer support, ensuring that traders can get assistance whenever needed. This is particularly beneficial for traders who operate in different time zones or those who trade outside of traditional market hours.

• Forex4you is known for its rapid order execution. This is crucial for traders who rely on timely trades, especially those using strategies like scalping or day trading where every second counts.

• The broker offers a variety of promotional activities, providing additional incentives and benefits to traders. These promotions can range from deposit bonuses to trading contests, adding value to the trading experience.

Cons Explained

• One major limitation of Forex4you is its restricted service in several key regions, including the U.S., Canada, Japan, and the European Union. This restriction means traders from these areas cannot access the platform’s services, limiting its global reach.

• The absence of a demo account is a significant drawback, especially for new traders. Demo accounts are essential tools for beginners to practice and hone their trading skills without risking real money. Their absence could make it challenging for newcomers to adapt to the platform.

• Some of Forex4you’s account types are known to have high spreads. High spreads can impact traders’ profits, especially for those who trade frequently or with large volumes. This aspect might make the platform less appealing to traders who prioritize low-cost trading.

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 Is Forex4you Worth Considering?

Forex4you stands out for its variety of account types, which are great for traders at all levels. It offers different accounts to match your trading style and how much risk you’re comfortable with. Plus, their customer support is available 24/7, which is really helpful for traders in different time zones or for those who trade at unusual hours.

However, there are some downsides to the platform. One is that it’s not available in some major markets, including the U.S., Canada, Japan, and the EU. This is a big problem for traders in these areas. Also, there’s no demo account, which is a letdown for new traders or those who like to try out strategies without risking real money. 

Lastly, some of their account types have higher spreads, which means higher costs. This could turn away traders who want to keep costs low, especially if they trade a lot or with big amounts.

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FAQs

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