- What is ForexVox?
- ForexVox Pros and Cons
- Is ForexVox Safe or a Scam?
- Account Types
- Market Instruments
- Funding Methods
- Trading Platforms
- Customer Support
What is ForexVox?
ForexVox is an international brokerage firm established in 2020 in London. It is quickly expanding, becoming the choice of many traders. The founders of the brokerage firm are traders, that are very well acquainted with traders’ needs. This is why ForexVox has considered the needs and expectations of traders while establishing the firm. In our ForexVox Review, we will introduce more of the details and conditions ForexVox proposes so that you’ll be able to decide whether this broker is good for you.
ForexVox Pros and Cons
ForexVox has a good reputation. The broker offers user-friendly trading conditions, with a choice of trading platforms, fast and straightforward account opening process. Besides, ForexVox has grouped together the leading Tutors, traders, and specialists in the market to create a favorable trading environment. Also, the broker has created special chatting rooms, where traders can write their questions and concerns and get answers from specialists and other traders. This way, traders can share their trading experiences and enhance their skills and knowledge.
10 Point Summary
|📉 Instruments||Forex, indices, metals, commodities|
|💰 EUR/USD Spread||0.1 pips|
|🎮 Demo Account||Available|
|💳 Minimum deposit||$0|
|💰 Base currencies||USD, EUR|
|📚 Education||Forex Courses|
|☎ Customer Support||24/5|
At the moment ForexVox has gained only one award. It has been announced as the United Kingdom Most Innovative Trading Community – UK.
Is ForexVox Safe or a Scam?
Is ForexVox a regulated broker?
ForexVox is registered in England and Wales, and it is tightly regulated by the UK’s Financial Conduct Authority (FCA), which is considered one of the strictest and most trustworthy regulations in the Financial market throughout Europe. The FCA ensures a stable and financial environment, by providing a series of rules and regulations. Almost all the Top UK Forex Brokers hold a license from the Financial Conduct Authority (FCA).
How are you protected?
ForexVox, and any other FCA-licensed brokers protect the clients in case of insolvency under the FSCS (Financial Services Compensation Scheme) with a guarantee of up to £85,000 in compensation
Leverage is a loan given by the broker to the trader. It enables the trader to conduct the trades in a multiplied volume, raising the potential gains. However, it may be risky, too, if the market goes against the trader.
Due to the fact, that leverage is a risky tool, the world leading regulatory bodies have set certain restrictions, allowing a certain level of leverage that is considered safer.
ForexVox offers 30:1 for major FX and less for other products. However, professional clients can use up to 500:1 leverage.
To get more information about ForexVox leverage, check their official website.
ForexVox offers two main account types: Standard Account and ECN Account. The Standard account is a commission-free STP account. The spreads start from 1 point. Traders are recommended to make a $100 initial deposit. On the other hand, the ECN account is an advanced account with commission. It offers tighter spreads, starting from 0 pip. To start with, traders are advised to make a $500 deposit.
A Swap-Free account
Besides the two main accounts that the broker offers, the ForexVox team has also created swap- free accounts for the traders who are prohibited to receive or pay interest according to the Islamic faith. To open a Swap-free account, traders need to cover several steps:
- Register a live account
- Finalize the verification
- Send the request to the support team at email@example.com
ForexVox also offers a Demo Account and gives new traders the opportunity to put their skills to the test on free Demo accounts. Through the Demo Account traders can test ForexVox tools, conditions, and spreads. It provides a perfect opportunity to become acquainted with the broker’s platform, test the trading assets, and practice building out a trading strategy.
How to open an Account?
To open an account with ForexVox traders need to cover three main steps. First, traders will need to choose the entity to use.
- With the first step, traders are required to provide their personal information
- Provide a valid ID and a bank/credit card statement
- Answer questions regarding the prior trading experience
After the account is verified by the broker, clients can fund their trading account and start trading.
ForexVox trading fees are based on spreads. For Standard accounts, there is no commission fee. However, ECN accounts are commission-based.
See the ForexVox in the table below. Also, see the comparison with other leading brokers in the industry.
|Fees||ForexVox Fees||ETFinance Fees||OctaFX Fees|
|Fee ranking||Low/ Average||High||Average|
ForexVox Standard account fees are all included in the spread. For ECN account, there is also an additional commission fee. ForexVox offers tight spreads, that are considerably lower, compared to the industry average.
To get a closer look, check below the comparison of the most popular assets applicable to the ForexVox Standard Account type. Also, you can compare FoerxVox fees to other popular brokers listed below.
|Asset/ Pair||Axiory Spread||AvaTrade Spread||Plus500 Spread|
|EUR USD Spread||1 pip||1.3 pips||0.6 pips|
|Crude Oil WTI Spread||3.6||3||2|
ForexVox provides access to trading through the great range of 100+ underlying assets, choosing from the leading instruments: Indices, Forex, Commodities, and Cryptocurrencies. Thus, ForexVox enables its clients to trade with the most popular markets. Clients, therefore, can choose the most suitable instrument, taking into account their trading needs.
ForexVox offers over ten-top rated world payment methods. The wide range of choices gives traders from different countries the opportunity to have access to the payment methods available in their region.
Clients can choose the most convenient deposit method for them and fund their accounts immediately. The starting deposit is $0.
When signing with ForexVox, it is important to pay attention to the available deposit methods and check whether they are available in the country where the clients trade for. This is important, as payment options might vary due to the country’s regulations. Thus, double-checking is always recommended.
ForexVox payment methods are the following:
- Unioin Pay
- Yandex Money
ForexVox Minimum deposit
ForexVox minimum deposit is $0, which is a great opportunity for many traders, as they do not need to make a large deposit to start with. However, for Standard accounts, the recommended deposit is $100, while for ECN accounts it is $500. Also, ForexVox does not charge any additional fees on credit card and electronic wallet deposits.
ForexVox charges a withdrawal fee if you create a bank transfer. Every time you transfer money back into your bank accounts, these withdrawal fees become important.
It is possible to withdraw money from the ForexVox account at any moment. Clients can withdraw all the money that comprises their account balance. The money that clients withdraw is transferred to the account clients used for the deposits. However, the broker also gives chance to choose another withdrawal method. When withdrawing funds, traders should also pay attention to conversion fees. Usually, the conversion fee is based on the currency clients choose to withdraw.
As a software solution, ForexVox offers one of the industry-leading platforms – MetaTrader4 platform. MT4 provides clients with comprehensive trading features and a range of solutions.
MT4 is perhaps the most demanded platform for trading worldwide. It enables access to unlimited charts, over 50 technical indicators, and 9 time frames. The platform enables traders to conduct their trades from anywhere. Also, MT4 provides advanced tools and indicators to manage and foresee risks.
The MT4 platform is available on desktop, mobile, and web. All three options afford functionality and are constantly developed and enhanced.
|Leading trading platform||None|
|User friendly design and login|
|MT4 platform supported in multiple languages |
ForexVox MT4 WebTrader is online-based. Clients can access it right from the broker’s page, only entering their logins and passwords. The platform is clear and straightforward and includes powerful analysis features and tools.
The demand for Fix API is gradually growing. To access ForexVox’s ECN matching engine clients can use FIX 4.4 API.
API stands for Application Programming Interface. It is a set of definitions and protocols to build application software. FIX 4.4 API design enables real-time, custom institutional interfaces, able to push hundreds of prices per second.
Using FIX 4.4 API, it is possible to reduce costs and improve the efficiency and transparency of the trading process.
Some of the benefits of API trading are high-speed execution, platform agnostic, customized price feeds, tight pricing, and system reliability.
ForexVox Customer Support is good. The service is available 24/5 through two main options: live chat and email. The support is bilingual, and quite satisfying, solving the issues customers may face.
In fact, one of the most essential parts of a forex broker’s offerings are educational materials. Especially new traders need guidance and support to find their way in the market. One of the strengths of ForexVox is the educational materials it provides. This is due to the fact, that the brokerage firm was founded by avid traders, who very well know what clients expect and look for.
The educational offerings of ForexVox include are courses, forex glossary, and mentoring. Besides, one of the benefits of the broker is that it has created special chatrooms, where traders can interact with one another, share their experiences, and get advice from the leading specialist.
One of the main aims of ForexVox is to support clients with helpful and unique materials and make them better traders. Besides the general tools, such as Economic Calendars, charts, and quality market analysis, the broker also has a range of unique offerings: Techtrader, Reflex Trading, and HF systems.
Tech Traders provides a daily 5-minute morning market scan video, daily trade ideas, weekly market analysis videos, an exclusive channel for daily posts, and access to a dedicated trading mentor.
Reflex Trading offers a unique color-coded trading strategy, daily pre-market video analysis, daily evening video review, proven track record, and daily charts with colored key levels provided pre-market.
HF Systems provides access to short-term, systematic trading signals covering a wide range of currency pairs, open positions viewed in real time over the Metatrader platform, screenshots posted frequently to highlight system entry and exit levels, and long-term market analysis based on Elliott Wave theory.
Although ForexVox is a considerably new brokerage firm, it has managed to win traders’ trust and build its client portfolio. The broker’s proposals are favorable. For ForexVox clients’ convenience is a priority. The proposals suit worldwide clients. Besides, one of the advantages the broker stands out for are the specifically created chatrooms, where traders can get their answers, discuss the market trends, and find useful advice and recommendations from experts.