More of a Forex Broker for Retail Traders – Forex4You
Forex4You was established in 2007, and is the brand name of holding company E-Global Trade and Finance Group Inc. This holding company is registered in the British Virgin Islands, and specializes in offering forex trading online for retail traders all over the world. Forex4You is a relatively small fish for personal traders, but has made quite a name for itself with retail traders, however big or small their volume may be. One big plus for beginners is the fact that there are cents trading accounts. Something that very few other brokers offer. We always advise novices to start small and this account offers ample opportunity. Another big plus which is certainly worthy of a mention is the Forex4You bonus program of up to 25% on deposits.
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Forex4You offers the MetaTrader4 trading platform
There is currently only one trading platform available. However, this shouldn’t be considered too much of a disadvantage, as it is the ever popular, MetaTrader 4 (MT4). MetaTrader 4, is also known as MT4, and is one of the platforms developed by MetaQuotes Software. It is used by a large number of online Forex brokers, and can be downloaded directly from the website, or via an MT4 broker, such as Forex4You. With MT4, Forex4You can offer all the tools and resources needed for traders to analyze prices, places, and to manage their trades.
MT4 has proved to be pretty robust, and many traders looking for new brokers will be pleased in the familiarity of this very popular trading platform. There is an Advanced Charting Package, Automated Scripts, Trade Alarms and Market Alerts, Trailing Stops, along with a wide range of technical indicators.
Forex4You offers 4 different types of account
The Forex trading community has a wide diversity of traders, and while the options with Forex4You are smaller than many other brokers, there should still be something to suit most.
- Cent accounts – This type of account is primarily aimed at new traders. Those that would much prefer to try things out before venturing into the Forex market and trading with larger amounts of cash. There are two options for those with smaller amounts to invest and these are the Open Cent and Cent NDD accounts. And for those who would like a bit of practice before investing anything at all, there is of course a demo account.
- Classic accounts – Once a trader has gained some experience, and has a few hundred dollars to invest there is a classic account. Again, there is an Open and NDD classic account to choose from.
- PAMM accounts – These are Percentage Allocation Money Management accounts and are really aimed at Money Managers who have their own list of investors.
- Pro accounts – Traders who have decided to trade Forex professionally will be pleased with the option of a Pro Account. Larger volumes and the best spreads will turn the heads of traders making a career of Forex trading.
How much it costs to trade with Forex4You
Forex4You have made the choice to not charge commission. Instead a slight spread is added to the prices that traders receive from the market quotes. For a normal trading account the spread payable starts at 2 pips for the most popular currency pairs. Classic Non Dealing Desk (NDD) Accounts pay spreads that start at 0.75 pips.
Customer support is available 24/5
For any problems or questions, Forex4You offers customer support 24 hours a day, 5 days a week. To contact one of the team there are the usual methods such as Live Chat, FREE phone number, and an email option. The general feeling is that the level of service is pretty good, with calls and chat being answered in less than a minute. Emails naturally take a little longer, but you should expect to receive a reply within 24 hours.
Payment options with Forex4You
There are a number of different options for clients of Forex4You to deposit and withdraw their funds. These currently include bank wire transfer, prepaid and credit cards, and electronic payment systems such as FasaPay, WebMoney, Neteller, and Skrill. There is also the option to withdraw funds via a Payoneer Mastercard, which generally takes place in less than 24 hours.
There are plenty of attractive features for both new and experienced traders. These include:
- Support available in a number of different languages including Mandarin, Russian, Cantonese, and Thai
- A good choice of trading accounts
- Low spreads that are reasonable
- Customer support is responsive
- Education center that is very informative
- Payment options are good, and include support for Payoneer Mastercard
There are, however, a couple of disadvantages which are the occasional requote that happens, and the fact that only MT4 is offered as the trading platform. There are plenty of other platforms to be considered after all.