General Information & Regulation
Snowball Forex LTD was established in 2016, a company registered in China, providing hundreds of foreign exchange currency pairs, precious metals, European and American indices, international stocks, commodity futures and other trading products to global investors. There is no regulatory license details displayed on its website, which means Snowball Forex does not fall under any regulatory agencies.
Market Instruments
Snowball Forex advertises that it offers more than 40 popular trading products such as forex exchange, precious metals, indices, as well as digital currencies and more.
Minimum Deposit
The minimum required to active a real trading account is 1000 USD, which is way too high. Most legit brokers only ask traders to deposit around $100 or even less to start trading.
Leverage
The maximum trading leverage for forex trading offered by Snowball Forex is up to 500:1. Since margin trading is full of risks, inexperienced traders are not advised to use too high leverage level.
Spreads & Commissions
Snowball Forex advertises that it offers competitive spreads for its traders, starting from 0 pips. This is absurdly impossible, especially for unregulated brokers. They just want to attract new traders by using these tactics.
Trading Platform Available
To our surprise, what Snowball Forex offers is the white label MT5 trading platform. MT5 is a powerful software with complete trading varieties, widely used by most brokers and traders in the world. MT5 is equipped with advanced chart analysis, one-click transaction, moving stop loss function, drawing tools and technical analysis indicators.
Deposit & Withdrawal
In terms of payment methods supported, Snowball forex does not make this part clear. When clicking the “online withdrawal” button, it leads to a mistaken page, with nothing on it. In most cases, brokers would accept traders to fund their accounts though Credit/Debit Card, wire transfer, as well as Skrill and Neteller.
Customer Service
The Snowball Forex customer support can be reached only through email, even telephone unavailable, which is the absolutely scam-looking behavior.
