In this Forex Broker Inc review, all the truths will reveal about a beginner to the retail fx industry that currently claims to accept US and Japanese clients. Well, the company is not regulated, but it still offers a good deal for the traders and evades client recognition procedures.
Forex Bonus Lab suggests dealing with the brokers that are regulated in your area.
Forex Bonus Inc Overview
In the Marshall Islands, the main office of Forex Broker Inc is situated. Another branch is located in Malta. This broker was launched in 2012; comparatively, it is new, unreliable, and inexperienced in the industry.
Currently, it is seeking to trick traders by promoting its compact spreadsheets and by focusing more on the particular needs of the customers. However, this Forex Broker Inc review shows that you should avoid connecting with it.
Forex Broker Inc Trading Instruments
In the Forex Broker Inc website, lots of trading instruments are available. It has more than 50 currency pairs, CFDs, and futures, together with quotes that are offered in real-time. Furthermore, spot metals and commodities are available, which makes it quite obvious that the people in charge of running this fraud broker put in a real effort to extend the fooled customer’s choice.
Forex Broker Inc Accounts
Three types of accounts are offered with Forex Broker Inc, and these accounts have been named Gold, Platinum, and Platinum Fixed Spread based on their characteristics. Surprisingly, not a single account is superior to others in terms of advantages. So, the kind of account that customers choose will most likely depend on how fooled they will be. The expertise level of the trader has a significant role when it comes to choosing the broker and account.
Each account has the same amount of $10 for a deposit, but it does not indicate that you should deposit money with them.
The Gold Account
This account is limited to compare it with others somewhat. On the maximum amount of money for depositing, there are no restrictions with both Platinum accounts. The Gold account avoids its user from depositing an amount of more than $10,000.
The Gold account users are permitted to trade with micro lots only, and each one of them equals to 1,000 units. The primary benefit of opening up a Gold account is the option of enjoying greater leverage for up to 1:500, but users are limited to trade with 100 micro-lots.
The Platinum Account
Two reasons are there to be considered why someone has to open a Platinum account at Forex Broker Inc. At first, this account has the best spread of 0.3 pips, and it has a lower commission of 1 pip. 20 standard lots are the lot restriction, but this broker still can take your money and will not give back.
The Platinum Fixed Spread
In this type of account, you are not needed for a commission that is the primary benefit. For this account, the spreads are much greater. More like the Platinum account, the Platinum Fixed Spread account sets a limit of 20 standard lots for the users.
With this broker, you can have 24/5 customer support by using chat, telephone, and email. An account manager will guide you for setting up an account together with answering questions you may have. The support is available in English and Japanese language.
Deposits & Withdrawals
The main drawback the company has is the minimum deposit of just $10, and there are no charges for deposit. You don’t have to pay any fee for withdrawals if they are more than $500. Within 24 hours of the request, the withdrawals get processed, but they can be made only once a trader has traded at least 2 standard lots. All the major credit cards are accepted.
You can set an account in USD, EUR, or JPY. A specific amount of documentation is needed to open an account. Make sure that the deposits and transfers are made in the same name as the one corresponding to the account.
For wire transfers, you may have to wait for longer to get completed between 3 to 5 days, and the minimum amount is $100.
From the competition, the broker needs to differentiate by offering low implementation times, spreads that are along with the lowest on the market, and an imposing number of promotions.
Even if they accept clients from Japan and the US, they have an expansion plan in order to access a bigger part of customers.