Forex4you Review 2024 - Is it a Scam? Fees, leverage, minimum deposit
Forex4you was founded as a Forex and CFD broker in 2007 and is part of the E-Global Trade & Finance Group Inc. based in the British Virgin Islands. Since then, the Forex4you brand has been registered in several countries.
The broker offers many possibilities for clients who enter the interesting Forex market with a very small account (the so-called "Cent Account", see below) and can also learn its basics with real money. Afterwards, most of the customers open a Classic Account or even a higher capitalized Pro Account.
Traders can evaluate their trading performance at their leisure and continuously improve their strategy with recommendations from the broker. This offer is flanked by the latest technologies in trading software and NDD accounts (No Dealing Desk).
Customers receive immediate BBO order execution (Best Bid & Offer) and can carry out the execution with convenient One Click Trading. With Market Depth (Level 2), traders have access to 16 price levels from high-ranking liquidity service providers.
The broker also offers a social trading service called Share4you. Forex4you has won many awards and more than half of all accounts are profitable. The most profitable trade in 2014 closed with a profit of USD 141,601.
The Broker holds a license under No. 1384287 according to Companies-Act Chapter 285 of the Virgin Islands and International Business Companies-Act Chapter 291. SIBA/L/12/1027.
As a British overseas territory, the British Virgin Islands are governed by a legal system based on British law. Resident brokers work according to international standards defined by the International Monetary Fund and the International Organization of Securities Commissions, among others.
In 2010, the International Monetary Fund noted that financial services providers and banks based in the British Virgin Islands did not suffer any negative consequences of the financial crisis.
The regulatory authority FSC has also been certified to comply with the principles of financial market surveillance. FSC cooperates very closely with the regulatory authorities in Europe in this area. Customers of local financial service providers can therefore rely on transparency, customer interests and lawful performance.
The MT4's tools allow traders to perform a graphical analysis as a sub-method of technical analysis. Various tools are available for the identification of chart patterns. Chart patterns can be indicators of future price development, derived from a graphical analysis. Some of these chart patterns are reversal information, indicating the end of a trend and contrasting with continuation information. A graphical analysis can be done manually and automatically, the MetaTrader 4 allows both.
The automatic graphical analysis is built into a chart as a plug-in and then identifies the chart patterns including trading recommendations.
At Forex4you, customers can also use MetaTrader 4 for Android and iOS mobile devices. Also here the MT4 is downloaded (important, because there is also a purely web-based MT4 version, but not on Forex4you). Customers can track price quotes in real time and get the full functionality for trade orders, trade from the chart, perform technical analysis, view their trading history and use all order types available in the MT4 desktop version.
The interactive course graphic is equipped with scaling and scrolling functions and provides access to 30 popular technical indicators (slightly limited compared to the desktop version). These include True Range, Bollinger Bands, Envelopes, MACD, Force Index, Momentum, Moneyflow, Standard Deviation, GD, RSI, Stochastic, Williams Percent Range and many interesting oscillators.
Three chart displays (Candle, Line, OHL) and seven time windows are offered. The user-friendly interface including volume display and the display of trade levels, an offline mode and the overall low data consumption also make mobile trading with Forex4you very convenient.
An autochartist is available for automated trading. This is a specially developed software that continuously analyzes the markets and identifies trading points based on resistance and support levels at which a trade can or should be initiated or closed. With this system, traders save time and get rich in their sleep.
Far too few people in the world take advantage of this opportunity, even though they then pursue their passions and hobbies, consume without restraint and thus stimulate the economy and take care of their families.
This will come to an end when finally more German traders join the broker Forex4you, a small group of islands located between the Caribbean and the Atlantic Ocean, which is registered on the Virgin Islands.
The autochartist also uses chart patterns, this huge subset of technical analysis with its countless possibilities that traders traditionally learn.
Fibonacci patterns are also used, which have proved very successful in trading because they apply the Golden Ratio theory in practice.
Fibonaccio levels play a key role when it comes to defining brands for stop-loss and take-profit. Furthermore, the autochartist identifies retracements and straightforward extensions, identifies continuation patterns and offers the trader countless trading recommendations that can be implemented manually or automatically by Expert Advisor.
Customers can open a demo account at Forex4you and train trading on the real trading terminal. You can also download the MT4 via demo account, a possibility that we highly recommend here. The MT4 terminal offers so many possibilities that a trader can spend some time with it.
The demo account of Forex4you offers the full functionality of live accounts. Traders learn a lot about the psychological and technical aspects of trading.
After the demo account we recommend the Cent Account, which allows trading with lowest stakes. Just two cents is enough to carry out a trade - that's sensational!
Traders now learn how they personally react to real gains and losses. The demo account at Forex4you can be easily upgraded to the Cent Account, from this account you can then go straight to the Classic and Pro Account.
For the training of traders, over 50 instructional videos and countless explanations in text form are available. The courses even offer tests similar to those at school, so that traders know how fit they are. Traders can also download an eBook, and there is also a very large and helpful FAQ section.
There is a bonus program at Forex4you with cash back options up to 17.5 % and single bonuses between 5 - 25 %. Traders can choose a bonus level, but must make the appropriate turnovers to receive the bonus.
The amount of these revenues is not communicated at first glance.
Furthermore, social trading with Share4you is possible, traders can register as followers and copy the trades of successful traders (mirror trading). Leader traders can earn a small commission.
The broker is technically well-positioned, a PAMM service is also installed. This means "Percent Allocation Management Modules" and allows the trader to trade on multiple subaccounts from one account.
A big advantage of Forex4you is that there is no minimum investment.
Also, the broker does not require any special activity, the traders can trade as often as they want or do not want. Regulation appears to be sufficient, but there is nothing about deposit protection.
The training program is very good, the download of MT4 is considered to be slightly outdated. The overall picture remains positive.
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