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.
FAQ - BROKER QUESTIONS FOREXEE
- Do trader reviews affect the rating of FOREXEE?
- How to leave a review about FOREXEE on the ita.promo website?
To leave a review about the broker, scroll down the page, enter a valid email and your review with an overall rating. Reviews are moderated and tracked by the number of comments left from one IP or email. The site's technical support may request real documents proving that the user was or is a client of the broker. This rule applies to both negative and positive reviews. We want our portal to be honest and independent.
- Can the broker FOREXEE be considered honest?
Before any trading and choosing a broker, you should always read reviews on our portal, as well as on other resources. Brokers that are honest have a rating above 3.8. There is also always a risk of losing investments when trading CFDs. Be careful and read the risk warning on the broker's website. FOREXEE received a rating of 1 out of 5 on our resource.
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