About the company:
Forex.ee is an Estonian broker with more than 10-year experience. It offers attractive conditions for trading on the popular MT4 platform and operates under the STP/ECN schemes.
About company. Safety of funds
The project was launched in 2004. But its history began a few years earlier, in 1998, when the company started to provide brokerage services for the Estonian market. Forex.ee states that it has registration in the EU, however, it is registered only with the Estonian Ministry of Economic Affairs and Communications and has no right to provide investment services in the country. The Estonian Financial Supervision Authority (EFSA) has even issued a warning against NetStock Ltd. (the company owning and operating the Forex.ee brand and website) in 2014.
Today Forex.ee operates under the jurisdiction of St. Vincent and the Grenadines (SVG 23783 IBC 2016). Registered offshore companies provide financial services in accordance with the local financial regulation, which is one of the most liberal in the world. Thus, customer funds are not protected by any compensation fund.
Let's sum up a little. The company is not regulated. Trading with unregulated brokers registered offshore is risky. Therefore, if you are planning to invest a large amount of money, we advise you to choose among brokers licensed by the EU supervisory authorities or other regulatory body that can guarantee return of investments in the event of a broker’s bankruptcy.
The Estonian broker offers trading 45 currency pairs, gold, and silver on MetaTrader 4. The website indicates that all transactions are processed directly on the market using the ECN/STP technology without broker intermediation. This model has been implemented since 2014.
Forex.ee offers its customers a choice of five accounts: STP, ECN Basic, ECN Advance, ECN Premium, and Crypto. There is no commission on the STP account. The ECN accounts feature the lowest spreads from 0 pips. Micro-lots are available on all accounts.
Forex.ee developed a special type of account for traders who already have significant work experience and are ready to make a solid investment - the Advanced ECN account. Low spreads and commission allow traders to increase profits (2.5 units of base currency per 1 lot). To open this account, it is necessary to deposit at least $1,000.
Professional traders with large deposits can also take advantage of the Premium ECN account, which allows to modify the trading conditions.
In addition, the broker offers the Crypto account (where you can trade 13 cryptocurrency pairs). For the Litecoin based accounts, all values are specified in LTC, for the Bitcoin accounts in mBTC (millibitcoin). The PAMM accounts are also available.
The deposit varies depending on the account, the minimum deposit is $50.
In practice, the spreads on the ECN accounts are 0.4 pip for EUR/USD on average. If we add a commission that is charged on Basic ECN, then the trading costs will be 1.4 pips per lot. This is the average value in the industry. Commissions on other ECN accounts are lower, however, an initial deposit required for trading is several times higher.
The available leverage is quite high, up to 1:500. However, before using such a leverage, a trader needs to learn how to manage risks.
Forex.ee supports MetaTrader 4 (MT4), the most popular platform among brokers and forex traders. The platform is available on PC and mobile devices.
The MT4 platform is a fully equipped trading software that provides all the necessary tools and resources for analyzing price dynamics, performing transactions, creating, and using automated trading strategies (expert advisors).
Moreover, MT4 provides direct access to a wide range of trading signals.
Traders can also earn extra money attracting new customers. The three-level affiliate program allows traders to receive income from attracted customers, as well as from their referrals.
The commission size directly depends on the trading volume made by attracted traders and their account types.
Forex.ee client can contact the support service team via several ways. The company has a support department for general issues directly related to trading, a sales department, as well as a department for partners. The phone number is the same for all departments.
A live chat is available for quick communication. Forex.ee does not work with customers from the US.
FOREX.EE offers its customers the following ways for depositing/withdrawal of funds: through a credit/debit card, bank transfer, or such electronic wallets as Neteller, Skrill, WebMoney, Payza, FasaPay, Perfect Money, and Bitcoin.
The broker charges an additional fee for withdrawal and depositing.
Forex.ee 1/10 (votes 2186)