forex4you review

Regulators: FSC in BVI

Cryptocurrencies: YES

Minimum Deposit: $1

Maximum Leverage: 1:1000

Spreads: Medium

My Score: 5.2

Forex4you is a broker who has been in the forex industry since 2007 and offers online trading for investors. It is a brand of E-Global Trade & Finance Group, Inc. I can say that Forex4you mainly serve Asian countries. As far as I can see, the vast majority of investors in this broker are Russia, Ukraine and Southeast Asian countries. The awards won by the company are also directed towards Asian countries such as the “South East Asia 2017 IAIR Award”.

Besides these, the company launched the social trading service named “Share4you” in 2013. Share4you is a social trading service where you can see and follow the trades of other investors. You can even look at the past trading success of these investors. With the tools in the site, you can follow the trades of investor X and make measurements like how much you would earn in 1 month or 6 months. The number of investors using this service is quite high.

What account types are offered by Forex4you and what are the spreads and advantages of these account types? Is it worth opening an account with Forex4you? What are the deposit and withdrawal methods? Are there any chronic problems and user complaints about withdrawals? In this Forex4you review you will find all these questions! Do not open an account without reading this review!

Regulation

I can say that Forex4you is very weak in terms of regulation. Because it is regulated by only one regulator. It is regulated by FSC in British Virgin Islands.

CompanyCountryRegulation
E-Global Trade & Finance GroupBritish Virgin IslandsFSC

This regulator is not a very reputable institution among forex traders. There are many requirements required by reliable and reputable regulators such as FCA, ASIC, CySEC. For example; these regulators require that brokers keep a minimum net capital in their bank accounts at a certain amount. They also protect clients’ funds by creating some compensation schemes. Thus, even if the broker you have opened accounts in bankruptcy, you can get your money back. Since the brokers that provide the required conditions already have a strong financial structure, there are not many cases that will distress the customers.

But FSC in British Virgin Island has none of these powerful features. Therefore, the customers of FSC-regulated brokers are not as guaranteed as the customers of other reliable brokers.

Account Types & Spreads at Forex4you

There are fixed spread option and variable spread option for account types offered by Forex4you. But I can not say that there are enough options in terms of account types.

Account TypeMinimum DepositMaximum LeverageSpreads
Cent$11:1000Fixed spread
from 1.5 pips
Classic$11:1000Fixed spread
from 2 pips
Cent NDD$11:1000Floating spread
from 0.1 pip + Commission
10$ cents per lot
Classic NDD$11:1000Floating spread
from 0.1 pip + Commission
8$ per lot
Pro STP$11:200Floating spread
from 0 pips + Commission
10$ per lot

There is no fixed spread option for the Cent and Classic account types offered with the No Dealing Desk model. As a result, you may encounter a problem widening spreads during important news moments. In addition, spreads and commissions are quite high and far from competitiveness. Minimum deposit is $ 1 in all account types, but this amount may vary depending on your payment method.

The maximum leverage is 1: 200 for the ProSTP Account type while the maximum leverage is 1: 1000 for the other account types. You can determine the leverage between 1:10 and 1: 1000. If you are a beginner trader do not forget that the very high leverage include high risk.

Deposit & Withdrawal Methods at Forex4you

Deposits and withdrawal methods offered by Forex4you is limited, but I can say enough for a standard forex trader. Because there is wire transfer and credit card method. You can also use Neteller, Skrill and Webmoney from popular e-wallet systems. However, the method variety could be more. Also I can say that fees charged by the broker are higher than its competitors. You can review the payment methods in detail in the table below.

CompanyCountryRegulation
E-Global Trade & Finance GroupBritish Virgin IslandsFSC

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Forex4you

5

Trust

3.0/10

Commissions and fees

5.0/10

Customer Service

6.0/10

Platform & Tools

5.0/10

Product Portfolio

6.0/10

Cons

  • Spreads are not competetive.
  • Fees on payment methods are higher.
  • Weak regulation.