Overview of ForexVox
ForexVox is a company based in Seychelles, operating under the name VALUTRADES (SEYCHELLES) LIMITED. It claims to be regulated by the Seychelles Financial Services Authority (license number: SD028) as a retail forex broker, but there are suspicions that it may be a clone and lacks valid regulation. The market instruments offered by ForexVox include access to over 70 different currency pairs, world indices like DE30 and UK100, global commodities such as oil, and precious metals like Gold and Silver, all traded through their MetaTrader 5 (MT5) platform.
ForexVox provides two main account types: the Standard Account and the ECN Account, both offering leverage of up to 1:1000. The Standard Account has no commissions and requires a minimum deposit of 100 USD, while the ECN Account charges commissions and needs a higher recommended deposit of 500 USD. The company also offers a Swap Free Account for traders who follow Sharia Law principles.
ForexVox offers a range of bonuses, including a 100% Deposit Bonus and a 10% Floating Deposit Bonus, as well as special bonuses for STICPAY clients. The company supports over 10 payment methods for deposits and withdrawals. Additionally, ForexVox provides educational resources, including a 1-2-1 mentoring program with global market analyst and FX expert Adam Harris, who has over 35 years of experience.
Pros and Cons
ForexVox offers a range of advantages and disadvantages for potential investors. On the positive side, the company claims to be regulated by Seychelles FSA, providing some assurance. Traders can access a diverse selection of over 70 currency pairs, as well as trade in world indices and commodities, including precious metals. The availability of a Swap Free Account option allows for compliance with religious beliefs. Additionally, the platform provides valuable educational resources, such as a 1-2-1 mentoring program, and supports the widely recognized MetaTrader 5 (MT5) trading platform. Moreover, various top-rated payment methods facilitate easy transactions. However, there are concerns regarding ForexVox's legitimacy, as suspicions persist about it being a clone broker. The offshore regulation by Seychelles FSA may add to the risk factor. Furthermore, the company offers a limited variety of market instruments and lacks specific information on spreads. Traders should exercise caution with the high leverage (up to 1:1000), as it can increase risk. The minimum deposit required for the ECN account is relatively high, which might be a drawback for some investors. Lastly, detailed information about customer support is not provided, potentially leaving traders uncertain about the level of assistance available.
Is ForexVox Legit？
ForexVox claims to be regulated by the Seychelles Financial Services Authority (license number: SD028) as a retail forex broker, but there are suspicions that it may be a clone and does not currently possess valid regulation. As such, potential investors should exercise caution and be aware of the associated risks. The regulation provided by Seychelles FSA is considered offshore, which may further add to the risk factor.
Market Instruments
1. Currencies: ForexVox offers access to the foreign exchange market, allowing traders to trade over 70 different currency pairs. Some examples of currency pairs available for trading include USD/EUR, GBP/JPY, AUD/CAD, and EUR/USD.
2. Indices: Traders can access world indices through the same trading account used for Forex trading. ForexVox provides the opportunity to trade indices such as DE30 (Germany 30), UK100 (UK 100), US30 (US 30), US100 (US 100), US500 (US 500), and AUS200 (Australia 200).
3. Commodities: ForexVox enables trading in the global commodities market, allowing traders to benefit from price movements in oil. Examples of oil-related instruments include UK Oil Future, US Oil Future, UK Oil Spot, and US Oil Spot.
4. Precious Metals: Traders can also participate in the trading of precious metals, such as Gold (XAU) and Silver (XAG). These metals are quoted in multiple currencies, including USD, EUR, and AUD.
Pros and Cons
Account Types
Standard Account:
The Standard account offered by ForexVox is the most popular choice among traders. It provides leverage of up to 1:1000, and there are no commissions charged for trades. The account is denominated in USD, and the recommended deposit to open this account is 100 USD. Traders using the Standard account can access a wide range of trading instruments, with over 90 options available. The minimum lot size for trades is 0.01, and there is no limit on the maximum number of positions that can be opened. The account features a margin call at 100% and a stop-out level at 50%.
ECN Account:
For professional traders, the ECN account is the preferred option. It also offers leverage of up to 1:1000, but unlike the Standard account, there is a commission charged for each trade. The account currency is USD, and a higher recommended deposit of 500 USD is advised to open this account. Traders using the ECN account have access to over 90 trading instruments. Similar to the Standard account, the minimum lot size is 0.01, and there are no restrictions on the maximum number of positions. The margin call and stop-out levels are set at 100% and 50%, respectively.
In addition to the Standard and ECN accounts, ForexVox also offers a Demo Account option. The Demo Account provides traders with a risk-free environment to practice and familiarize themselves with the trading platform and market conditions.
ForexVox also provides a Swap Free Account option, catering to traders who cannot pay or receive swaps due to religious reasons, particularly in accordance with Sharia Law principles. This interest-free account allows traders to access the financial markets without incurring swap fees, making it an ideal choice for those who wish to trade in compliance with their beliefs.
Pros and Cons
Leverage
ForexVox offers leverage of up to 1:1000 for both its Standard and ECN accounts. Traders can take advantage of this high leverage to amplify their trading positions, potentially increasing their profit potential. However, it is important for traders to exercise caution when using high leverage, as it also magnifies potential losses.
Spreads & Commissions
The Standard account has no commissions, while the ECN account charges commissions for trades. Specific spread details are not provided.
Minimum Deposit
The minimum deposit for the Standard account is 100 USD, and for the ECN account, it is 500 USD.
Promotions & Bonus
ForexVox offers two promotions and bonuses to its clients. Firstly, there is a 100% Deposit Bonus where clients can double their deposit with this special offer. Secondly, there is a 10% Floating Deposit Bonus that provides additional support during drawdowns when funding the account. In addition to these bonuses, there are special bonuses available exclusively for STICPAY clients when they deposit their accounts.
Deposit & Withdrawal
ForexVox offers a diverse range of over 10 top-rated world payment methods for deposits and withdrawals. Traders can choose from options such as Mastercard, Visa, Stripe, Neteller, Alipay, AdvCash, UnionPay, Trustly, Sticpay, and Remessa. This variety of payment methods allows for easy transactions.
Pros and Cons
Trading Platforms
ForexVox provides its clients with the MetaTrader 5 (MT5) trading platform, a widely recognized industry-leading software utilized by financial traders worldwide. This platform is tailored for trading Forex and CFDs and comes with an array of features, including various chart types, multiple time frames, and over 50 technical indicators. Available on desktop, mobile, and web, MT5 offers accessibility to monitor trading activities instantly. Traders can benefit from unlimited charts, 50 technical indicators, and 9 time frames, allowing for comprehensive market analysis and customized chart views. The platform supports automated trading with Expert Advisors and ensures deep liquidity and fast execution, making it a reliable choice for traders seeking a robust trading experience.
Pros and Cons
Educational Resources
ForexVox offers a comprehensive set of educational resources to cater to traders of all levels. One of their standout features is the 1-2-1 mentoring program, where traders can receive personalized guidance and insights from Adam Harris, a renowned global market analyst and FX expert with over 35 years of experience. Whether you are a beginner or an advanced trader, Adam can teach you about market dynamics, common retail trading mistakes, macro fundamentals, technical analysis, and trading tactics. By learning from Adam's expertise, traders can gain a deeper understanding of market psychology and implement strategies to improve their trading performance.
Customer Support
ForexVox offers customer support through various channels, including email and a contact form on their website. Traders can reach out for assistance by providing their first name, last name, email address, and comments. Additionally, the company is present on social media platforms like Facebook, Instagram, Twitter, LinkedIn, and YouTube, potentially providing another means of communication and updates for their users.
Conclusion
In conclusion, ForexVox is a Seychelles-based retail forex broker that claims to be regulated by the Seychelles Financial Services Authority (license number: SD028). However, there are suspicions that it may be a clone and lacks valid regulation. Traders should exercise caution and be aware of the associated risks, as the provided regulation is considered offshore, adding to the risk factor. ForexVox offers a range of market instruments, including currencies, indices, commodities, and precious metals, providing traders with diverse trading options. The brokerage offers two main account types, the Standard and ECN accounts, with leverage of up to 1:1000. While the Standard account has no commissions, the ECN account charges commissions for trades. ForexVox also provides a Swap Free Account for traders adhering to Sharia Law principles. The broker utilizes the MetaTrader 5 trading platform, offering traders a wide range of features and tools for a robust trading experience. ForexVox offers a variety of payment methods for deposits and withdrawals. Additionally, the brokerage provides a comprehensive set of educational resources, including a 1-2-1 mentoring program with renowned market analyst Adam Harris. Traders can access customer support through email and social media platforms. Overall, potential investors should carefully consider the risks associated with ForexVox's regulatory status and conduct thorough research before making any decisions.
FAQs
Q: Is ForexVox a legitimate forex broker？
A: ForexVox claims to be regulated by the Seychelles Financial Services Authority, but there are doubts about its current valid regulation status. Caution is advised.
Q: What market instruments are available on ForexVox？
A: ForexVox offers trading in currencies, indices, commodities, and precious metals, providing access to over 70 currency pairs and various other assets.
Q: What are the account types offered by ForexVox？
A: ForexVox offers a Standard account with no commissions and an ECN account with commission charges for professional traders.
Q: What is the leverage provided by ForexVox？
A: ForexVox offers leverage of up to 1:1000 for both Standard and ECN accounts, enabling traders to amplify their positions but with higher risk.
Q: What payment methods are available for deposits and withdrawals？
A: ForexVox offers over 10 top-rated payment methods, including credit cards, e-wallets, and bank transfers, for easy transactions.
Q: Which trading platform does ForexVox provide？
A: ForexVox offers the MetaTrader 5 (MT5) platform, featuring a wide range of tools and indicators for comprehensive market analysis and automated trading.
Q: What educational resources does ForexVox offer？
A: ForexVox provides comprehensive educational resources, including a 1-2-1 mentoring program with an experienced market analyst.
Q: How can I contact customer support at ForexVox？
A: Customer support is available through email, a contact form on their website, and their social media platforms.
Q: Are there any special promotions or bonuses for clients？
A: Yes, ForexVox offers a 100% Deposit Bonus and a 10% Floating Deposit Bonus, along with exclusive bonuses for STICPAY clients.
