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FOREXEE

FOREXEE
About company:

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.

 

Trading conditions

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.

 

Spreads

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.

 

Leverage

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.

 

Trading platforms

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.

 

affiliate program

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.

 

Support service

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.

 

Pros:

 

competitive spreads; MT4; STP / ECN broker.

 

Minuses:

 

not regulated; does not offer CFDs for trading.

 

 

FOREXEE is a company whose task is to provide intermediary services to traders. Brokers / Crypto exchanges provide access to currency / cryptocurrency trading, first of all. Also, many of them, if we are talking about brokers, give the opportunity to make transactions with company shares, bonds, commodities, precious metals, indices, cryptocurrency and other assets. A private person can make transactions with all these instruments only on a trading platform, access to which is provided by a broker or a crypto exchange.

 

In addition, thanks to such companies, an individual can operate in the market with amounts significantly exceeding the amount of his own funds. This is called the provision of leverage. For example, having a deposit of 1,000 USD with a leverage of 1:400, a trader can make transactions for 400,000 USD.

 

As well, the broker / crypto exchange opens access to analytics, auxiliary tools, trading signals. Without all this, modern trading is impossible.

 

What is the benefit of a broker / crypto exchange?  

 

FOREXEE profits from traders' trades, usually in two main ways

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First – most common. Using spreads. This word refers to the difference between the best prices for buying and selling a certain asset at a particular moment. Moreover, in a transaction between a trader and a broker, the price is one, and between the broker and market users - another. The mediator takes the difference.

 

The second method is easier to understand. This is a fee for each operation performed. Most often it has a standard value, but can also be measured as a percentage.

 

Therefore, the company is interested in attracting as many clients as possible and that they conduct active trading.

 

The ways to deceive customers 

 

How honest brokers / crypto exchanges should work and how they work, we found out. And now let's look at how scammers act, they are also called kitchens.

 

The most common way to cheat – is to twist quotes. Broker / crypto exchange gives the trader quotes that differ from the real market. There is a substitution of data in order to make operations unprofitable. The deposit is reduced, and then completely reset. At the same time, the trader thinks that his operations were made on the market, but in fact – just on the site of scammers.

 

Bonus – traps. They are generously distributed for anything: 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 actually impossible conditions. For example, to conduct trading operations in the amount of ten times more than the size of the deposit.

 

The User Agreement may also mask a clause that allows the broker / crypto exchange to dispose of the client's money. Inattention when reading such an agreement most often turns into a complete loss of the deposit.

 

Where do brokerage companies and crypto exchanges register?

 

One of the key points – it is the place of registration and regulation of the company's activities.

 

First let's talk about registration. As a rule, traders are more trusted by companies either from their own country or from an economically developed country, for example, a member of the European Union. Of course, compliance with UK law is reassuring, and compliance with the laws of an unknown island in the Indian Ocean does not mean anything to most at all.

 

On fact, most brokerage companies are registered offshore, and we are talking not only about small offices, but also about world leaders. Saint Vincent and the Grenadines, Belize, Marshall Islands, Mauritius are popular offshore zones among companies. Registering there, companies pay significantly less taxes than in the place of actual location, which is sometimes carefully hidden.

 

If a trader has claims against such a company, then it is likely that he will have to deal with it in accordance with the laws of the same conditional Belize. It is possible to be physically present there at court hearings. And this is extremely expensive and difficult.

 

No is it worth running like fire from just the word «offshore»? As an answer, we will cite the names of companies that are not related to brokerage, but with an impeccable reputation and also save on taxes with the help of offshore registration: Apple, Pfizer, Microsoft, General Electric, Intel.

 

And here we come to the second important point – this is the regulation of the broker / crypto exchange. 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 brokering. So, in Russia it is the Central Bank of the Russian Federation. The trader can find permits on the websites of such authorities. But there are also supranational structures. For example, the International Financial Commission, which is an independent self-regulatory organization,   specifies disputes between its members – brokers and their clients.

 

If there is no information on the broker's website / crypto exchange about the regulation of its activities or license, then it is almost certainly a scammer. Or on the site there is data on some license issued by him, but this information is not confirmed anywhere else. Most likely, these are also scammers.

 

What else to look out for?

 

When choosing a brokerage company, or crypto exchanges, study its history. Look at the links to its experts. If one of the leading TV channels in the economic news for 5 years in a row refers to the opinion of the analyst of the broker in question – this is good. If the broker / crypto exchange assures that it has been working for 15 years, but there is no information about it on the Internet at all – this is bad.

 

It is important to pay attention to reviews about the company. And read them not only on the website of the broker itself / crypto exchange. In the kitchen, they will certainly be only praiseworthy. It is better to view as many sites as possible.

 

Pay attention solely to the specifics in the offers on the websites of brokers / crypto exchanges. Honest companies openly write about interest, spread size, minimum deposit, etc. Scammers lure loud streamlined phrases about a rich tomorrow, a stable income, mislead with incomprehensible terms about multi-sites, superfunctions and so on.

 

Specify the company's connection with well-known brands, financial institutions, public organizations. For example, it can be sponsored. Large brokers / crypto exchanges sometimes hold social promotions. Scammers will definitely not do this.

 

Therefore, the process of choosing a broker / crypto exchange is complicated. But if you approach it carefully, it will allow you to enter the world of trading, which has made millions of people rich around the world

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FAQ - company questions

  • 1. Do the trader reviews impact on a rating of FOREXEE ?

    Any feedback can raise or lower the rating company. To read reviews, go into the rating and select your broker or crypto exchnage.

  • 2. How to leave a comment about FOREXEE on the website 4ex.review ?

    In order to leave a review about the company, 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.

  • 3. Can we assume the company FOREXEE is decent?

    Before any trade and choosing a broker You must always read reviews on this site and on other sites. Companies 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 company you chose. FOREXEE received a score of 1 of 5 on our resource.

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