Forex.ee is an Estonian broker that has been in trading for over 10 years. It offers attractive trading conditions on the popular MT4 platform and operates under the STP / ECN scheme.
About company. Fund security
The project was launched in 2004. But his story began several years earlier. Its origins date back to 1998, when the company began offering brokerage services targeted at the local Estonian market. Forex.ee claims to be registered in the EU, but in fact it is only present in the online register of the Estonian Ministry of Economy and is not entitled to provide investment services in the country. The Estonian Financial Supervision Authority (EFSA) even warned NetStock Ltd. (the company that owns and operates the Forex.ee brand and website) in 2014.
Today Forex.ee operates under the jurisdiction of Saint Vincent and the Grenadines (SVG 23783 IBC 2016). Offshore registered business companies provide financial services under the local financial regulatory regime, which is one of the most liberal in the world. Thus, customer funds are not protected by any service compensation scheme.
Let's summarize. The company is not regulated. Trading with unregulated offshore registered brokers is risky business. Therefore, if you are planning to invest a large amount of money, we advise you to choose among brokers licensed by the supervisory authorities of the EU or another jurisdiction, where you can be guaranteed the return of all invested investment or any part of it in the event of a broker's bankruptcy.
The Estonian broker offers 45 currency pairs, gold and silver trading on MetaTrader 4. The website states that all transactions are processed directly on the market using ECN / STP technology without any intervention from the broker. This model has been implemented since 2014.
Forex.ee offers its clients a choice of five accounts: STP, ECN Basic, ECN Advance, ECN Premium, Crypto. There is no commission on STP account, and the lowest spreads are available on ECN accounts, starting from 0 pips. Micro-lot trading is available on all accounts.
For traders who already have significant experience and are ready to make a solid investment, an Advanced ECN account is provided. Reduced spreads and a minimum commission (2.5 units of the base currency per 1 lot) allow to increase profits. To open this account, you will need to deposit at least $ 1,000.
For professionals with a large deposit, a Premium ECN account is suitable, where it is possible to modify trading conditions.
In addition, this broker offers a dedicated Crypto account (where you can trade 13 pairs of different cryptocurrencies). For accounts with the main currency Litecoin, all values are indicated in 1 LTC (Litecoin), and for Bitcoin - in mBTC (milibitcoin). PAMM account services are also available.
The deposit varies depending on the account, but you can get started with $ 50.
In fact, the spreads available on ECN average 0.4 pips per EUR / USD. If we add the commission that is charged on Basic ECN, the trading cost is 1.4 pips per lot. This is the average supply in the industry. Commissions on other ECN accounts are lower, however, to trade, you need to make an initial deposit, the amount of which is many times higher.
The available leverage is quite high and reaches 1: 500. However, remember, before using such leverage, you need to learn how to manage your risks.
Forex.ee supports MetaTrader 4 (MT4), the most popular platform among Forex brokers and traders. The terminal is available on PC and via mobile applications.
The MT4 platform is a well-equipped trading software that provides all the necessary tools and resources to analyze the price dynamics of financial instruments, execute transactions, create and use automated trading strategies (advisors).
What's more, MT4 provides direct access to a wide variety of trading signals.
Traders can also earn extra money by attracting new clients. The three-level affiliate program will allow you to receive income from attracted customers, as well as from their referrals.
The amount of remuneration directly depends on the trading volume of the attracted traders and their account type.
Forex.ee supports several ways to contact support. The company has a department for general inquiries, support directly related to trade, a sales department, and a department for partners. Although everyone has a different email address, the phone number is the same for all departments.
Chat is available for quick communication. The site is available in Russian. Does not accept US customers.
Ways of payment
FOREX.EE offers its clients the following deposit / withdrawal methods: by credit / debit card, bank transfer or electronic wallets Neteller, Skrill, WebMoney, Payza, FasaPay, Perfect Money and Bitcoin.
The broker takes an additional fee for depositing and withdrawing funds.
competitive spreads; MT4; STP / ECN broker.
not regulated; does not offer CFDs for trading.
FOREXEE is a brokerage company whose task is to provide intermediary services to traders. Brokers provide access to currency trading in the first place. Many of them also provide an opportunity to transact with company stocks, bonds, commodities, precious metals, indices, cryptocurrencies and other assets. A private person can make transactions with all these instruments only on the trading platform, which the broker provides access to.
In addition, thanks to the brokerage company, an individual can operate on the market with amounts that significantly exceed the size of their own funds. This is called providing leverage. For example, having a deposit of 1,000 USD with a 1: 400 leverage, a trader can make deals for 400,000 USD.
The broker also opens access to analytics, auxiliary tools, and trading signals. Modern trading is impossible without all this.
The broker FOREXEE makes profit from traders' transactions, as a rule, in two main ways.
The first is the most common. Using spreads. This word refers to the difference between the best prices for buying and selling a particular asset at a particular moment. Moreover, in a transaction between a trader and a broker, the price is one, and between a broker and users of the Forex market - another. The mediator takes the difference for himself.
The second way is easier to understand. This is the collection of a commission for each transaction performed. Most often it has a standard value, but it can be measured as a percentage.
Thus, the brokerage company is interested in attracting as many clients as possible and for them to conduct active trading.
We have found out how honest brokers should work and how they work. Now let's look at how scammers operate, they are also called the kitchen.
The most common way to cheat is to tweak quotes. The broker provides the trader with quotes that differ from the real market ones. Data substitution occurs in order to make operations unprofitable. The deposit is reduced, and then completely zeroed out. At the same time, the trader thinks that his operations were carried out in the market, but in fact - only on the site of scammers.
Bonuses are traps. They are generously distributed for anything: for registration, account replenishment, etc. Only after that, in order for the client to withdraw his own money, mixed with bonus money, it will be necessary to fulfill a number of virtually impossible conditions. For example, conduct trading operations for an amount tens of times greater than the size of the deposit.
In the User Agreement, a clause can also be disguised that allows the broker to manage the client's money. Inattention when reading such an agreement most often turns into a complete loss of the deposit.
One of the key points is the place of registration and regulation of the company's activities.
Let's talk about registration first. As a rule, brokers from either their own country or from an economically developed country, for example, a member of the European Union, are more credible to traders. Of course, compliance with UK legislation is reassuring, and compliance with the legislation of an unknown island in the Indian Ocean does not mean anything to most.
However, most brokerage companies are registered offshore. And it's not only about small offices, but also about world leaders. Saint Vincent and the Grenadines, Belize, Marshall Islands, Mauritius are offshore zones popular among brokers. By registering there, companies pay significantly less taxes than in the place of actual location, which is sometimes carefully hidden.
If a trader has any claims against such a company, then it is likely that he will have to deal with it in accordance with the legislation of that very conditional Belize. It is possible to be physically present there at the court sessions. And this is extremely expensive and difficult.
But is it worth running like fire from just the word "offshore"? As an answer, we will give the names of companies that are not related to brokerage, but with an impeccable reputation and also save on taxes through offshore registration: Apple, Pfizer, Microsoft, General Electric, Intel.
And here we come to the second important point - this is the regulation of the broker's activities. First of all, it is carried out at the level of the state where the company is registered. Each country has its own regulatory body for brokerage activities. So, in Russia it is the Central Bank of the Russian Federation. A trader can find permissive documentation on the websites of such bodies. But there are also supranational structures. For example, the International Financial Commission (The Financial Commission), which is an independent self-regulatory organization, considering disputes between its members - brokers and their clients.
If the broker's website does not contain information about the regulation of its activities, then these are almost certainly scammers. Or the site contains information about a certain license issued to him, but this information is not confirmed anywhere else. Most likely, these are also scammers.
When choosing a brokerage company, study its history. Check out the links to her experts. If one of the leading TV channels in economic news for 5 years in a row refers to the opinion of the analyst of the broker in question, this is good. If a broker claims to have been working for 15 years, but there is no information about him on the Internet at all, this is bad.
It's important to pay attention to company reviews. And read them not only on the website of the broker itself. In the kitchen, they will probably only be laudatory. It is best to browse as many sites as possible.
Pay attention exclusively to the specifics in the offers on the brokers' websites. Honest companies openly write about interest, spread size, minimum deposit, etc. Fraudsters lure with loud, streamlined phrases about a rich tomorrow, stable income, misleading with incomprehensible terms about multi-sites, super functions, and so on.
Find out the company's connection with well-known brands, financial institutions, public organizations. For example, it can be sponsored. Large brokers sometimes hold social promotions. Fraudsters will definitely not do this.
Thus, the process of choosing a broker is complex. But if you approach it carefully, it will allow you to enter the world of trading, which has made millions of people rich all over the world.
Any feedback can raise or lower the rating company. To read reviews, go into the rating and select your broker.
In order to leave a review about the broker, go down page, enter a valid email and Your review with an overall score. Reviews are moderated and tracked by the number of comments from the same IP or email. Tech support may request the actual documents that prove that the user was or is a customer of the broker. This rule applies to negative and positive reviews. We want our portal to be honest and independent.
Before any trade and choosing a broker You must always read reviews on this site and on other sites. Brokers who are honest, have a rating of above 3.8. Also there is always the risk of loss when trading CFDs. Be careful and read the disclosure on the website of the broker. FOREXEE received a score of 1 of 5 on our resource.