ForexPlexOption, established in 2020 and based in the United States, offers miscellaneous financial products. It provides several account types with leverage up to 1:500 and spreads. Despite claiming to be regulated by ASIC, FCA, and CYSEC, it is flagged as a suspicious clone under all these regulators.
Pros and Cons
Is ForexPlexOptions Legit?
ForexPlexOptions claims it is overseen by three institutions: the Australian Securities and Investments Commission (ASIC), the Financial Conduct Authority (FCA) and the Cyprus Securities and Exchange Commission (CySEC). However, all of them are suspected to be fake clones!
What Can I Trade on ForexPlexOptions?
ForexPlexOptions supports trading in forex, CFDs, stock, cryptocurrencies, metals, indices, commodities, futures, shares, energies, and bonds.
Account Type
ForexPlexOptions offers four kinds of live accounts including Classic, Standard, Premium and VIP accounts with the minimum deposit of $1,000, $2,500, $5,000 and $10,000 respectively. However, their amounts are too high compared with those regulated brokers at an average of $100.
These accounts also offer different tools and functions:
Leverage
ForexPlexOption offers a uniform leverage ratio across all its account types, which is set at a high level of up to 1:500. This leverage allows traders to control large positions with a relatively small amount of invested capital, amplifying both potential profits and losses.
ForexPlexOptions Fees
ForexPlexOptions implements a structured tiered spread system across its various account types, with spreads beginning at 1.9 pips for the Classic Account, 1.5 pips for the Standard Account, 1.2 pips for the Premium Account, and an attractive 0.6 pips for VIP Accounts.
ForexPlexOptions also imposes an inactivity fee of 20 USD, 20 EUR, 20 GBP, or 20 PLN, depending on the account holders base currency. This monthly inactivity fee will be deducted from the account balance until sufficient funds are available or the account reaches a zero balance. Furthermore, if a dormant account remains inactive for a consecutive period of twelve months, it will be automatically classified as closed starting the day after the twelfth month of inactivity.
Trading Platform
ForexPlexOptions offers Web Trader trading platform. It offers real-time trading capabilities across a wide range of assets, including currencies, precious metals, commodities, and stock indices. Its user-friendly interface and seamless lot size adjustments make it beneficial for beginners who can leverage its intuitive design and social trading features to learn and trade simultaneously.
Deposit and Withdrawal
ForexPlexOptions accepts multiple options for depositing and withdrawing without fees. Besides, the processing time for each method varies depending on the country and the specific method chosen. Electronic wallets generally offer the fastest processing times, while bank transfers may take longer.
Research & Education
ForexPlexOptions provides an extensive array of educational and analytical resources. These resources include guides on introductory topics such as “What is Forex,” and “Forex Trading Strategies”. Additionally, the platform offers detailed explanations on Contract for Difference (CFD) trading as well as a glossary of CFD-specific terms.
Formarket analysis, ForexPlexOptions provides tools such as Forex Cross Rates, an Economic Calendar, and Trading Charts.
