What is Forex4you? Is Forex4you a Legitimate Platform?

Forex4you may already be known to many traders as a broker providing access to platforms that allow the buying and selling of foreign currencies. To assess whether Forex4you is reputable domestically or globally, traders need to consider multiple aspects.

Below is an in-depth review of Forex4you to help you make an informed decision before opening an account or trading on their platform.

1. WHAT IS FOREX4YOU?

Forex4you was launched in 2007 and is headquartered in Tortola, British Virgin Islands. It is a forex broker that offers the MT4 platform, along with additional tools including copy trading signals, an economic calendar, and market news.

Forex4you operates as a brand developed by E-Global Trade & Finance Group, Inc., which provides online trading services.

Accordingly, Forex4you offers more than 150 tradable instruments including currency pairs, indices, stocks, commodities, and cryptocurrencies. It also provides traders with various account types to suit different needs and utilizes reliable trading platforms.

Forex4you caters to beginner, professional, and advanced traders.

2. FOREX4YOU ACCOUNT TYPES

Forex4you offers traders a choice between four different account types: Cent, Classic, Cent NDD, and Pro STP.

2.1. Cent Account

This account is suitable for beginners who want to experience trading with a small amount of capital. It is the most accessible trading option, featuring fixed spreads starting from 2 pips and flexible leverage ranging from 1:10 to 1:1000.

Key features of the Cent Account include:

• No minimum deposit and zero commission fees
• Near-instant order execution with an average speed of 1.58 seconds
• Base currency options – USD and EUR
• Hedging is allowed, but swap-free is not offered

2.2. Classic Account

This account offers similar features to the Cent Account, except it has fixed spreads starting from 2 pips and significantly faster order execution speeds.

2.3. Cent NDD (No Dealing Desk) Account

This account allows traders to execute market orders with floating spreads starting from 0.1 pips. It shares similarities with the previous two account types and charges a commission fee of 10 cents per lot.

2.4. Pro STP Account

This account supports market order execution at some of the best speeds compared to the other three accounts. It also features floating spreads starting from 0.1 pips, with a commission of $8 per lot.

3. TRADING INSTRUMENTS

Similar to most brokers, Forex4you offers all or a selection of the following types of market instruments for trading:

Forex

Forex trading, also known as foreign exchange trading, involves the currency exchange market, where individuals, companies, and financial institutions trade currencies with each other at floating exchange rates.

Commodities

Like currency exchange markets, commodity markets offer various investment opportunities for traders. Investing in contract-based tradable commodities is a reliable way to hedge against risks during inflation or economic uncertainty.

Indices

Equity indices or stock indices are actual stock market indicators that measure the value of a specific portion of the stock market. They may represent a particular group of a country’s largest companies or a specific stock exchange.

Precious Metals

Trading gold and other precious metals involves hard commodities that are contract-based tradable assets.

Energy

High price volatility in energy markets caused by political and environmental factors, supply and demand, extreme weather conditions, and global economic growth are typical features of this product, making it another popular trading choice.

Forex4you offers trading in a wide range of instruments across five asset classes, including:

• 41 Currency/Forex pairs
• 14 Indices
• 6 Commodities
• 5 Cryptocurrencies
• 74 Share CFDs

4. TRADING PLATFORMS AT FOREX4YOU

The forex trading software provided by a broker to its clients is called a platform and is used to execute their trades.

Forex4you offers traders a choice between the popular MetaTrader 4 and its own proprietary trading platforms.

MetaTrader 4

This is the most popular professional forex trading software available, offering superior tools and features for trading and market analysis. It includes the ability to create or use trading robots and is available for Apple iOS, Android, and Windows.

Forex4you WebTrader

This trading platform features proprietary, award-winning technology and is accessible via most web browsers.

Forex4you Desktop

This platform is unique and easy to use, offering a range of useful trading features. It can be downloaded on desktop computers using Windows or Mac operating systems.

Forex4you Mobile App

The Forex4you mobile application places trading power directly in traders’ hands. It allows users to trade on the go, from anywhere in the world, with a quick and easy download via the App Store or Google Play. The app provides access to:

• A user-friendly interface

• Advanced trading tools

• Customizable trading options

• Profile verification for enhanced security

• Deposit and withdrawal capabilities

• Access to a real-time economic calendar

5. COMMISSIONS & FUNDING FEES

Trading costs are one of the factors that directly affect a trader’s final profit and this cost depends on various factors such as commissions, spreads, deposit and withdrawal fees and profits.

Margin is the amount of money required in your account to open a position. Margin is calculated based on the current price of the base currency against the USD, the size (volume) of the position and the leverage applied to your trading account.

Commissions are fees charged by investment brokers to traders for executing trades on their behalf. Commissions vary between different brokers and depend on the asset being traded and the type of service the broker provides.

Execution-only brokers typically do not involve any personal investment advice and allow traders complete control over how they trade the markets, so they tend to have lower commissions.

Trading contracts for difference (CFDs), a popular form of derivatives trading that allows traders to speculate on rising or falling prices in fast-moving global financial markets, incurs a commission on stocks.

Trading CFDs on other markets is commission-free but involves a spread around the market price of a given instrument

– Forex4you does not require any minimum deposit to be made when opening any of the available accounts.

– There is a commission fee of 10 cents per lot charged on the Cent NDD account and $8 per lot on the Pro STP account.

– Forex4you does not charge any fees for using Neteller, Skrill or WebMoney when funding a trading account. However, there is a fee of 2.8% plus $0.50 charged for Debit/Credit card transactions.

– Withdrawal fees for different payment methods are as follows:

• Neteller – 2% service fee (minimum $1 and maximum $30)
• Skrill – 1% service fee
• WebMoney – $1 service fee (maximum $50 or €50)
• Credit/Debit card – $2.50/€2.50 service fee as well as 2.5% for both

6. DEPOSIT & WITHDRAWAL METHODS

Forex4you offers a range of convenient deposit and withdrawal options, including Neteller, Skrill, WebMoney, and Credit/Debit Cards.

Each method comes with specific withdrawal limits and processing times:

• Neteller has a base currency of USD/EUR. The minimum withdrawal amount is $2 and the maximum is $2500. The processing time is instant.
• Skrill has a base currency of USD/EUR. The minimum withdrawal amount is $1 and there is no maximum withdrawal limit. Skrill’s processing time is instant.
• WebMoney has a base currency of USD/EUR. The minimum withdrawal amount is $1 and there is no maximum withdrawal limit. WebMoney’s processing time is instant.
• Debit/credit card payments have a base currency of USD/EUR. The minimum withdrawal amount is $20 or 20 Euros with a maximum of $2000 or 2000 EUR. Processing time is 2 – 6 business days.

Note: For withdrawals of $1,000 or more via credit/debit card or bank transfer, an identity verification process is required, typically taking around half a business day.

Forex4you strictly prohibits third-party payments. The name on the deposit/withdrawal account must match the registered trading account name.

7. CUSTOMER SUPPORT

Traders will always need to be assured that the broker they have chosen can provide the necessary support and assistance whenever they may need it.

Forex4you offers customer support via email, phone, live chat, submitting tickets in the Trader Room or making calls using web-based calling applications 24/7. For customer support by phone in other languages, please refer to the official website.

8. SUMMARY

Overall, Forex4you is a broker that is suitable for beginner and intermediate traders. The tools and services offered are not really geared towards professional traders who trade with large volumes.

Low commissions and no minimum deposit requirements are big pluses for Forex4you. Although there are fees associated with withdrawals, it is not a big deal.