Registered In St. Lucia In 2024, Forex Is A Relatively New Forex Broker That Offers Very High Leverage For Fairly Small Trading Instruments. Like Most Other Offshore Forex Brokers, Forwex Accepts Clients From Most Countries Around The World, And New Clients Only Require A Very Basic Registration And Identity Verification (KYC) Process.
Unfortunately, For Some Traders, Forwex Does Not Have A Good Selection Of Assets Available For Trading. The Broker Appears To Focus Primarily On Forex Trading, With Around 60 Such Currency Pairs To Choose From. Other Than That, The Only Assets Forwex Offers Are Gold And Silver, As Well As Nine Cryptocurrency Pairs. This Means That Pure Forex Traders Will Find What They Need With That Broker, While Others May Find Better Opportunities Elsewhere.
One Advantage Of Forwex, Though, Is Undoubtedly The Very High Trading Leverage Offered Here. With Leverage Of Up To 1:2,000 On The Most Liquid Instruments, Forwex Is One Of The Forex Brokers In The World That Offers The Highest Leverage. This Can Be A Benefit For Traders With Small Trading Accounts But A Reliable And Profitable Trading Strategy, But It Can Also Be A Danger For Traders Without Good Risk Management Skills. As Is Well Known In The Trading World, Leverage Is A Double-edged Sword.
On The Trading Platform Side, Forwex Has Developed Its Own User-friendly Solution That Can Be Run Directly In A Web Browser. The Platform Offers A Basic Selection Of Technical Analysis And Charting Tools, As Well As Some Different Types Of Charts, Including Basic Candlestick Charts, TradingView Charts, And Tick Charts. In Other Words, The Platform Does Have The Tools Most Independent Traders Need, Although Very Advanced Traders May Find It Lacking In Some Respects.
New Traders Who Sign Up For Forwex Will Be Assigned One Of Three Types Of Trading Accounts, Depending On The Size Of Their Initial Deposit. At The Time Of Writing, These Are:
- Zero Account, No Minimum Deposit Amount, Spread From 2 Pips, No Commission
- Starting Account, Minimum Deposit Of $100, Spread From 0.8 Pips, No Commission
- Prime Account, Minimum Deposit Of $5,000, Spread From 0.1 Pips, Commission Of 0.0008%.
Any Questions Regarding The Registration Process, Trading, Deposits And Withdrawals, Etc., Can Only Be Reached By Email To Forwex's Customer Support Team. This Certainly Puts Forwex Behind Most Other Brokers, Who Usually Offer At Least A Live Chat Option And Sometimes A Direct Phone Number. We Don't Know Why Forwex Hasn't Made It Easier To Contact The Support Team, But In Either Case, The Broker Has Committed Its Team To Being Available 24 Days A Week, 7 Hours A Day. Whether This Is True Or Not Is Certainly Difficult To Tell When There Is No Live Chat Or Phone Number To Call.
In Conclusion, We Believe That While Forwex Is Working Hard To Establish Itself As A Player In The Offshore Forex Broker Space, There Is Still Some Work To Be Done. In Our Opinion, A Broker Should First Set Up A Live Chat Option On Its Website To Make It Easier And Faster To Reach The Support Team. Once Completed, A Better Choice Of Trading Tools Will Also Make This Broker More Attractive To More Traders. Until Then, There Are Other Offshore Brokers That Offer Better Terms For Most Traders.
