ForexVox Review 2024

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ForexVox is an online broker, offering forex, commodities, indices, and cryptocurrencies. Trading is supported through MetaTrader 4 (MT4), as well as the FV Social copy trading platform. Our ForexVox review explores frequently asked questions about the broker, from trading platforms, to account types, fees, and more. We also share our opinion on trading with ForexVox.

We liked that ForexVox has no minimum deposit and a straightforward sign-up process. The broker also supports 10+ secure payment methods. Yet whilst ForexVox offers an ECN account and a proprietary social trading platform, investing conditions could be more competitive. We also noted there was a lack of transparency around fees and no oversight from the UK’s FCA.

Market Access

Our review of ForexVox found the range of currencies alone is good, however, we were disappointed to see that the broker offers a limited overall selection of assets. If you only plan on trading currency pairs, then ForexVox might be a suitable option.

The broker’s 100+ instruments consist of:

• Commodities – UK and US oil futures and spot contracts
• Forex – Over 70 currency pairs available, including majors, minors and exotics
• Indices – World indices including FTSE, DAX, Dow Jones, NASDAQ, S&P and ASX
• Precious Metals – Only gold and silver are available, quoted in several currencies such as USD, EUR and AUD

Trading Fees

ForexVox charges fees in the form of spreads and commissions, though there is limited transparency regarding trading fees. It was disappointing that prospective clients are forced to register for an account before being able to view spreads and commissions for the ECN account.

When we used the platform, we were offered a spread of 2 pips on EUR/GBP. This is fairly wide compared to alternative brokers. On a lighter note, we were pleased to see no inactivity fees.

ForexVox Accounts

Standard

The standard account is the most popular profile offered by ForexVox. Traders can access over 100 instruments with no minimum deposit, though there is a recommended transfer of 100 USD.

On the plus side, there are no commissions in the standard account. Leverage is also available up to 1:500, which is in line with other offshore brokers.

We found it a shame that you can only deposit in USD, which isn’t ideal for traders in the UK.

Overall, we were not impressed with the conditions of the standard account and the lack of competition when compared with market leaders such as City Index.

• Minimum lot size: 0.01
• Max number of positions: Unlimited
• Margin call: 100%
• Stop out: 50%

ECN

The ECN account is a better option for professional traders, with a minimum recommended deposit of 500 USD. Commissions are also charged and leverage is available up to 1:500.

• Minimum lot size: 0.01
• Max number of positions: Unlimited
• Margin call: 100%
• Stop out: 50%

Note, a Muslim-friendly trading account is also available with no swap fees.

Funding Options

Deposits

We were pleased to see a decent range of deposit and withdrawal methods at ForexVox including Visa/ Mastercard, FasaPay, Neteller, Skrill, Local Bank Deposits, Sticpay, Crypto and payment agents.

Again, the broker isn’t transparent about deposit processing times which we found frustrating when testing the platform. In addition, the only base currency available is USD, so you may need to pay foreign exchange fees when depositing into the account.

You can deposit funds with ForexVox as follows:

1. Log in to your ForexVox account using your username and password
2. Click on the ‘Deposit’ button
3. Select your preferred payment method
4. Enter the amount that you wish to deposit
5. Follow the instructions to enter your bank account details or card information
6. Confirm the transaction

Withdrawals

Withdrawals are made using the same methods and can take up to three days to process. This is similar to most brokerages.

Fortunately, there is a minimum withdrawal amount of $50 which is relatively low compared to other brokers.

Trading Platforms

ForexVox offers MetaTrader 4 (MT4) and a social trading platform, VF Social.

MetaTrader 4

MT4 is a trusted option for forex and CFD trading, and investors will have access to sufficient tools to trade the broker’s list of instruments.

MT4 is popular for its user-friendly interface, advanced charting tools and customisable technical indicators and Expert Advisors (EAs). The platform can be accessed directly via a web browser, or you can download it from the broker’s website.

How To Place A Trade

Placing a trade within the MT4 platform is straightforward. You will first need to sign in using the login details provided by the broker, then:

1. Select ‘New Order’ from the MetaTrader platform menu
2. Choose your asset from the list of available options
3. Enter the trade volume and value
4. Choose either market execution or pending order
5. Enter stop loss/take profit and order type
6. Input the price and expiration time, then place the order

VF Social

VF Social is the broker’s proprietary copy-trading platform.

The terminal allows you to access ‘trading rooms’ where you can follow and copy the strategies of other users within the online community. You can also view the performance of other ForexVox traders, including their win rates, profit/loss ratios and more. We also appreciated that the platform includes an economic calendar, live charts, and a forex heatmap.

Traders should be aware that access to the chatrooms is not free, with subscriptions costing up to £99 per month with only a 7-day free trial.

Overall, we found the VF Social platform fairly mediocre and doesn’t compete with platforms offered by eToro or AvaTrade.

Mobile App

Unlike many brokers, ForexVox does not offer a proprietary trading app. Instead, traders can use the MT4 mobile app. Traders can benefit from MT4’s feature-rich and user-friendly app, a range of technical indicators, live charts and one-click trading capability.

The app can be downloaded from App Store or Google Play.

Leverage

ForexVox offers high leverage up to 1:500 for forex trading. This means that traders can gain exposure to up to 500 times their trading capital. Be aware that greater exposure also means a greater risk of losses.

Traders should take care when trading with such high levels, given that the Financial Conduct Authority (FCA) limits leverage to 1:30 for UK-regulated brokers.

Demo Account

We were pleased to see that ForexVox offers an unlimited demo account for traders to practice their trading strategies without risking real money. On the downside, the broker isn’t clear about how much virtual money is available in the account, though we were able to open an account with 10,000 USD.

You can sign up for the simulator account with a few basic contact details. Simply head to the broker’s official site, click ‘Client Login’, and then select ‘Register Demo’

UK Regulation

A key drawback for our team was the lack of robust licensing. ForexVox is regulated off-shore, by the Financial Services Authority (FSA) of Seychelles, with license number SD142.

As such, regulatory standards and legal protections for British traders will be limited compared to those offered by the UK’s Financial Conduct Authority (FCA). These include access to compensation schemes should the broker go bankrupt.

For the best level of protection and peace of mind, we always recommend choosing brokers regulated by top-tier agencies.

Bonuses

When we used ForexVox, we were offered several deposit bonuses, including a 100% deposit bonus, a 10% floating bonus and a Sticpay bonus. These can be attractive to beginners, in particular.

However, we were disappointed to find that challenging trading volumes must be met within a time limit before you get unrestricted access to the capital.

Extra Features

Our team were disappointed with the lack of additional tools and features at ForexVox. Aside from the social trading platform, there isn’t much to offer in terms of trading education or market analysis.

For traders looking for comprehensive market analysis, forex calculators or trading tutorials, we recommend market leaders, such as Pepperstone or XTB.

Customer Service

We ranked ForexVox fairly low for customer support.

The broker can be reached via email or live chat. However, when we tested the live chat feature, we received a response after 5 minutes (not comparable to the 1-minute waiting time at competitors). Responses were also rather vague and unhelpful, again pointing to the broker’s lack of transparency.

• Email – support@forexvox.com
• Live chat – Located in the bottom right of the website
• Address – CT House, Office 9A, Providence, Mahe, Seychelles

You can also follow the broker on its social channels, including Facebook, Twitter and YouTube.

Company Details

ForexVox is a forex and CFD broker that provides online trading services to clients worldwide. Based in Seychelles, the company was founded in 2020 and claims to provide a user-friendly, secure, and reliable trading platform for investors of all experience levels.

The broker offers the MT4 platform, alongside a proprietary social trading platform, FV Social, consisting of the broker’s own curated chatrooms. There is also a choice of two accounts and ECN pricing.

The company is regulated by the Financial Services Authority (FSA) of Seychelles.

Security

While using ForexVox, it was unclear what security protections were available to clients. Most top brokers comply with the highest security standards, including SSL encryption and two-factor authentication (2FA) upon login. However, when we used the broker’s platform, we were not offered 2FA.

Thankfully, MT4 is a secure and reliable platform. Data exchange between services and client terminals is encrypted and one-time passwords are used in the mobile app.

Opening Hours

The trading hours for each instrument can vary depending on the specific market and trading session.

For example, forex majors such as EUR/USD are open from 12:01 am to 11:59 pm. But again, full details on trading hours in the client dashboard are lacking.

Should You Trade With ForexVox?

Overall, our team were disappointed with the trading products and service offered by ForexVox. With only around 100 instruments and a limited choice of platforms, the broker does not have much to offer traders when compared to top brands. We also find the lack of transparency, poor customer service and costly social trading features troubling.

FAQ

Article Sources

ForexVox Website

ForexVox FSA License

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ForexVox Feature Comparison

Trading Instruments Comparison

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