A General Understanding Of ForexVox
Founded In 2023, MarketsVox Is A Seychelles-based Financial Company. It Holds An Offshore License Under The FSA. MarketsVox Offers MT5 And MVSocial Trading Platforms That Offer Market Instruments Such As Forex, Indices, Commodities And Metals. In Addition, Three Types Of Accounts (Cent, Standard, ECN) Are Also Available.
Pros And Cons
ForexVox Offers A Range Of Pros And Cons To Potential Investors. On The Positive Side, The Company Claims To Be Regulated By The Seychelles Financial Services Authority, Which Provides Some Assurance. Traders Can Choose From More Than 70 Currency Pairs And Also Trade World Indices And Commodities, Including Precious Metals. The Availability Of Swap-free Account Options Allows For Adherence To Religious Beliefs. In Addition, The Platform Offers Valuable Educational Resources, Such As 1-2-1 Mentoring Programs, And Supports The Widely Recognized Metatrader 5 (mt5) Trading Platform. In Addition, Multiple Top Payment Methods Make Trading More Convenient. However, There Are Concerns About The Legitimacy Of ForexVox, As It Has Been Suspected To Be A Clone Broker. The Offshore Regulation Of The Seychelles Financial Services Authority May Increase The Risk Factor. In Addition, The Company Offers A Limited Variety Of Market Instruments And Lacks Specific Information On Spreads. Traders Should Use High Leverage (up To 1:1000) With Caution, As It Increases Risk. The Minimum Deposit Requirements For ECN Accounts Are Relatively High, Which May Be A Drawback For Some Investors. Finally, No Detailed Information About Customer Support Is Provided, Which May Leave Traders Unsure Of The Level Of Help Available.
Regulatory Information
ForexVox Claims To Be Regulated By The Seychelles Financial Services Authority (license Number: SD142) As A Retail Forex Broker, But There Are Suspicions That It May Be A Clone Company And Does Not Currently Have Effective Regulation. Therefore, Potential Investors Should Proceed With Caution And Understand The Associated Risks. The Regulation Provided By The Seychelles Financial Services Authority Is Considered Offshore Regulation, Which May Further Increase The Risk Factor.
What Can I Trade On MarketsVox?
On MarketsVox, You Can Trade More Than 100 Products Related To Forex, Indices, Commodities (Oil) And Precious Metals.
Account Types
Standard Account:
Standard Account ForexVox Offered Is The Most Popular Choice Among Traders. It Offers Leverage Up To 1:1000 And Does Not Charge Trading Commissions. The Account Is Denominated In USD And The Recommended Deposit To Open This Account Is $100. Traders Using A Standard Account Have Access To A Variety Of Trading Tools With Over 90 Options To Choose From. The Minimum Lot Size To Trade Is 0.01 And There Is No Limit On The Maximum Number Of Positions That Can Be Opened. The Account Has A Margin Call Of 100% And A Stop Loss Level Of 50%.
ECN Account:
For Professional Traders, The ECN Account Is Preferred. It Also Offers Up To 1:1000 But Unlike The Standard Account, A Commission Is Charged On Every Trade. The Account Currency Is USD And It Is Recommended To Deposit A Higher Amount Of $500. It Is Recommended To Open This Account. Traders Using An ECN Account Have Access To Over 90 Trading Instruments. Similar To A Standard Account, The Minimum Lot Size Is 0.01, And There Is No Limit To The Maximum Number Of Positions. Margin Call And Mandatory Position Squaring Levels Are Set At 100% And 50%, Respectively.
In Addition To The Standard And ECN Accounts, ForexVox Also Offers A Demo Account Option. The Demo Account Provides Traders With A Risk-free Environment To Practice And Become Familiar With The Trading Platform And Market Conditions.
ForexVox Also Offers A Swap-free Account Option For Traders Who Are Unable To Pay Or Receive Swaps Due To Religious Reasons, Especially In Accordance With Sharia Principles. This Interest-free Account Allows Traders To Access Financial Marekt Without Paying Swap Fees, Making It Ideal For Those Who Wish To Trade On Their Convictions.
Leverage
Cent Account Has A Maximum Leverage Of Up To 1:2000. Please Note That High Leverage Is A Double-edged Sword That Can Lead To Not Only Huge Profits, But Also Huge Losses.
Spreads And Commissions
Standard Accounts Do Not Have Commissions, While ECN Accounts Charge Trading Commissions. No Specific Spread Details Were Provided.
Minimum Deposit
The Minimum Deposit Amount For A Standard Account Is $100, And For ECN Accounts, It Is $500.
Promotions And Bonuses
ForexVox Offers Two Promotions And Bonuses To Its Customers. First, There Is A 100% Deposit Bonus Where Customers Can Double Their Deposits With This Special Offer. Second, There Is A 10% Floating Deposit Bonus That Provides Additional Support During Withdrawals When Funding Their Accounts. In Addition To These Bonuses, STICPAY Customers Can Also Enjoy Special Bonuses When Making Deposits.
Deposit And Withdrawal
ForexVox Offers More Than 10 Of The World's Top Payment Methods For Deposits And Withdrawals. Traders Can Choose From The Following Options: Mastercard, Visa, Stripe, Neteller, Alipay, AdvCash, UnionPay, Trustly, Sticpay And Remessa. Multiple Payment Methods Make Trading Easy.
Trading Platform
ForexVox Offers Its Clients The MetaTrader 5 (MT5) Trading Platform, An Industry-leading Software Widely Used By Financial Traders Worldwide. Tailored For Forex And CFD Trading, The Platform Features A Range Of Features Including A Wide Range Of Chart Types, Multiple Time Ranges And Over 50 Technical Indicators. MT5 Is Available On Desktop, Mobile And Web, Providing Access To Monitor Trading Activity Instantly. Traders Can Benefit From Unlimited Charts, 50 Technical Indicators And 9 Time Frames, Resulting In Comprehensive Market Analysis And Customized Chart Views. The Platform Supports Automated Trading By Expert Advisors And Ensures Deep Liquidity And Fast Execution, Making It A Reliable Choice For Traders Looking For A Robust Trading Experience.
Customer Support
ForexVox Offers Customer Support Through Various Channels, Including Email And A Contact Form On The Website. Traders Can Ask For Help By Providing First Name, Last Name, Email Address And Comments. In Addition, The Company Also Appears On Social Media Platforms Such As Facebook, Instagram, Twitter, Linkedin And Youtube, Potentially Offering Its Users Another Means Of Communication And Updates.
