ForexVox is a prominent FX broker that specializes in margin trading. It operates through the popular MT5 platform, providing customers with opportunities to invest in various markets, including indices, commodities, and metals. In this comprehensive review of ForexVox, we will delve into crucial aspects such as deposit and withdrawal methods, spreads and fees, available account options, and the broker's active online trading community. Continue reading to discover the advantages and disadvantages of trading with ForexVox.
ForexVox is managed by ValuTrades Limited, a company regulated by both the Financial Conduct Authority (FCA) in the UK and the Financial Services Authority in the Seychelles. The broker's primary mission is to enhance the trading experience for aspiring investors by offering educational resources and support services. This includes mentoring from industry experts and access to the broker's social network, where traders can connect and share insights. ForexVox welcomes clients from numerous countries, including Australia, Canada, and the UK. However, please note that traders based in the US are not eligible to register an account with ForexVox.
ForexVox employs the MetaTrader 5 (MT5) platform, a globally renowned trading terminal available for download as an app or access through a web browser. Developed by MetaQuotes, MT5 is a reliable platform known for its extensive customization options. Traders can choose from a wide range of technical indicators and analytical tools, with nine different timeframes available, ranging from one minute to one month. Clients can opt for market execution or pending orders and also enable one-click trading to expedite their investment process.
Markets & Assets
ForexVox offers a diverse selection of over 100 instruments, including:
- Forex: Over 70 major, minor, and exotic currency pairs.
- Indices: Nine indices, including the S&P500 and FTSE100.
- Commodities: UK and US oil, available as both futures and spot contracts.
- Metals: Gold and silver, paired with AUD, EUR, USD, and GBP (gold only).
It's important to note that ForexVox does not support cryptocurrency trading or stock trading.
The maximum leverage available for a single contract with ForexVox is 1:500. During the account registration process, clients can choose from three leverage options: 1:100, 1:200, or 1:500. However, it's essential to be aware that if you are a retail trader under the jurisdiction of the European Securities and Markets Authority (ESMA) or the Financial Conduct Authority (FCA), the maximum allowable leverage is limited to 1:30, as mandated by these regulatory authorities.
ForexVox imposes competitive spreads and fixed commissions. The commission fee for all markets and assets is $6 per lot traded. To calculate the precise commission, required margin, and swap rates for a specific trade, you can utilize the broker's trading calculator available on its website. Swap fees for overnight positions may vary based on the trade direction and the asset being traded. For example, as of the time of writing, the EUR/CAD forex pair has swap rates of 9.47 points for short positions and -12.69 points for long positions, while gold paired with USD has swap rates of 2.57 for short and -3.2 for long positions.
While ForexVox does not offer a dedicated mobile app, clients can use the MetaTrader 4 app for mobile trading. The MT5 app provided by ForexVox offers robust charting capabilities, technical indicators, one-click trading, and price alerts. To download the app, you can find links for both iOS and Android devices in the Apple App Store and Google Play Store. Ensure that you download the app from the official sources to avoid potential scams and fraudulent platforms.
Deposits: To fund your ForexVox account, you can choose from various methods, including bank wire transfers, Visa and Mastercard debit/credit cards, and e-wallets like PayPal, Neteller, and SticPay. Deposits are generally free and processed instantly, with specific deposit limits varying based on your chosen method. For instance, debit and credit cards may have a deposit limit of up to $10,000, while e-wallets often have a limit of $50,000. However, the limits for PayPal and SticPay may vary depending on your country of residence. ForexVox does not impose a minimum deposit requirement.
Withdrawals: Withdrawals from ForexVox typically take between one to three business days, and each user is entitled to three free withdrawals per month. Subsequent withdrawal requests during this period are subject to a 5% fee. The minimum withdrawal accepted by ForexVox is $50, but the broker allows smaller requests if you are withdrawing your entire account balance. For example, if your account balance is $40, you can withdraw the full amount of $40. However, a withdrawal request for $30 would not be accepted in this scenario.
ForexVox offers two primary account types, differing primarily in their fee structures. Both account types provide access to the same features and tools, such as micro lot trading with minimum lot sizes of 0.01 and a maximum leverage of 1:500. The account types are as follows:
- No commission charges.
- Recommended initial deposit of $100.
- Trading commission is applied to all positions.
- Recommended initial deposit of $500.
Account Opening Requirements
When registering your live account with ForexVox, you must complete an account verification process before gaining access to the broker's full range of features and services. This process involves submitting documents to verify your identity and address, which will be reviewed by the ForexVox customer service team. Depending on your country of residence, additional information may be required. For example, if you are based in the UK, the broker may request your National Insurance number.
ForexVox offers a free demo account to all potential clients. This is an ideal way to familiarize yourself with the broker's offerings and practice your day trading strategies using the MetaTrader 4 platform. During the demo account setup, you can specify your desired maximum leverage and the quantity of simulated funds you wish to use for practice.
Bonuses & Promotions
ForexVox provides three deposit bonus schemes for its clients:
1. 100% Deposit Bonus:
- When you make your initial deposit into your ForexVox account, you are eligible for a 100% bonus, effectively doubling your deposit.
- To qualify for this bonus, you must deposit at least $100, and the maximum bonus you can receive is $1,000. After depositing funds, contact the support team to claim your reward.
2. Floating Deposit Bonus:
- For subsequent deposits into your ForexVox account, you can receive a smaller bonus.
- If you deposit at least $50, you will receive a cash prize equivalent to 10% of your deposit, up to a maximum bonus of $200.
- Keep in mind that you have 60 days to utilize the bonus before it expires.
3. SticPay Deposit Bonus:
- If you use the e-wallet service SticPay to deposit funds into your ForexVox account, you will receive a 20% bonus on your transfer.
- The minimum qualifying deposit for this bonus is $50, with a maximum bonus of $500.
- Be aware that you must use the bonus for trading within 30 days of receiving it, or it will be removed from your account.
Education & Support
ForexVox offers a range of educational and support services to its clients:
- Mentoring: One of the standout features of ForexVox is its free mentoring program, which is available to all account holders. The broker employs experienced mentors, including Beat Nussbaumer and Adam Harris, both of whom have extensive experience in the forex trading industry. Nussbaumer, with over 35 years of experience, and Harris, with over 12 years of mentoring, provide valuable insights to traders of all experience levels. They cover topics such as fundamental analysis, day-trading strategies, risk management techniques, and trading psychology.
- Community: ForexVox has established a dedicated online community for its clients, providing a platform where users can join channels and engage in discussions on various trading topics. This community is an excellent resource for traders to exchange tips, share knowledge on markets, and discuss potential trading strategies. Additionally, ForexVox provides brief guides on key fundamental information, including the use of technical analysis indicators, forex heatmaps, and economic calendars to enhance trading strategies.
- Copy Trading: Through the ForexVox community, clients can access the copy trading feature, which allows them to follow and replicate the trades made by other investors. The broker's trading portal provides essential information about each trader, including their name, portfolio percentage change, returns since inception, profit and loss figures, average win size, and the total number of trades. Armed with this data, you can make informed decisions on which traders to follow and emulate.
- VPS (Virtual Private Server): ForexVox offers its clients access to a free virtual private server provided by Beeks VPS. This service enables traders to run their trading strategies 24/7 without downtime or interruptions. To qualify for the free VPS service, clients need to have a registered live account, deposit funds, and trade at least 10 lots per month. If you do not meet these requirements, you have the option to purchase a subscription from Beeks VPS, starting at £27 per month.
Regulation & Licensing
ForexVox holds licenses from two regulatory bodies through its operating company, ValuTrades Limited. It is regulated by the Financial Services Authority of Seychelles with license number SD026 and the Financial Conduct Authority of the UK with license number 586541. The oversight from the FCA, in particular, provides confidence in the legitimacy and trustworthiness of the broker.
ForexVox offers multiple channels for customer support, ensuring that clients can easily reach out for assistance:
- Live Chat
- Enquiry Form on the Website
- Email: firstname.lastname@example.org
Pros and Cons
- Diverse range of deposit methods.
- Licensed by both the FCA and FSA.
- Multiple promotional schemes.
- MetaTrader 5 trading platform.
- No deposit fees or minimum limits.
- Forex VPS service for active day traders.
- Expert mentoring from industry professionals.
- Access to chatrooms and a social network.
- Multi-account manager.
- No requotes.
- Copy trading functionality.
- Limited to a single trading platform.
- Restricted asset list with no stocks or cryptocurrencies.
- Regulatory oversight may be weaker in some regions.
- Limited to three free withdrawals per month.
- High minimum withdrawal limits.
ForexVox is a reputable CFD broker that deserves consideration. It distinguishes itself from competitors by providing extensive support through mentoring, education, and an active online trading community. The inclusion of a beginner-friendly copy trading platform is another noteworthy feature. Additionally, the availability of MetaTrader 5 (MT5) allows clients to customize the platform to align with their trading strategies and preferences.
Forexvox Broker Details
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