BROKER REVIEW
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GENERAL INFORMATION
Broker Name:
Forex Optimum Group Limited
Broker Type:
Forex
Country
St. Vincent and the Grenadines
Operating since year:
2012
Regulation:
FSA (St. Vincent & the Grenadines), 20603
Address:
(1 Floor, First St. Vincent Bank Ltd Building, James Street, Kingstown, St. Vincent and the Grenadines)
Broker status:
Offshore regulaion
CUSTOMER SERVICE
Phone:
442080682796
Email:
Languages:
English
Availability:
24/7
TRADING
Trading platforms:
MetaTrader 4
Trading platform Time zone:
GMT+2
Demo account:
YES
Mobile trading:
YES
Web-based trading:
N/A
Bonuses:
YES
Other trading instruments:
Forex1:500
Gold & silver1:500
CFD1:500
ACCOUNT
Minimum deposit ($):
$10
Maximal leverage:
1:200
Spread:
YES Fixed
Scalping allowed:
N/A
GENERAL INFORMATION
Forex Optimum is a broker with nearly a decade of experience. It was founded in 2012 and has been working ever since.
The broker is based in St. Vincent & the Grenadines. The firm’s address is 1 Floor, First St. Vincent Bank Ltd Building, James Street, Kingstown.
Throughout the years, however, there were numerous reports that make us doubt the credibility of the broker. Namely, multiple users have reported the usual – refusing or delaying deposits. Even worse than that, however, there are accusations of them draining users’ accounts. Lastly, many users complained about their customer support, stating that they are unresponsive and unhelpful.
The reports span a meaningful period of time, which would indicate a repeating pattern of malicious behavior. However, before expanding on that, we should cover some of the things Forex Optimum actually does right.
Some of the most stand-out features of Forex Optimum are:
• 24/7 SUPPORT AND TRADING
While many competitors choose to keep their trading shut down during the weekend, Forex Optimum does not. Their support options and trading are available around the clock, letting you trade whenever.
• 1:1000 LEVERAGE
The broker provides above-average leverage at 1:1000. Many consider leverage to be one of the cornerstones of turning a profit, and a high rate is quite a significant benefit to those traders.
• MULTIPLE BONUS OFFERS
Bonuses aren’t anything ground-breaking in the brokerage world. However, most brokers opt not to offer any. Forex Optimum offers a few in the form of deposit matches or cashbacks.
FUNDS TRADING AND SECURITY
The first thing that raises a red flag is the regulation at Forex Optimum. Namely, although they are licensed by the FSA, that doesn’t mean much, due to the regulator being offshore. That leaves space for malicious behavior to go unpunished, so users should be wary.
Now, an offshore regulator is a significant concern, but perhaps it wouldn’t be crucial if the broker didn’t have a shady history. Multiple users, as we already mentioned, have accused them of withholding funds and draining their accounts. The reports are numerous and span across multiple years, with some being quite recent.
The reports also state that customer service has been silent, barely responsive, or unhelpful in trying to solve the issues that arose.
All of the above is evidence of the broker intentionally scamming its users. And although we can’t guarantee that Forex Optimum is intentionally being malicious, all signs point towards that. We wouldn’t recommend investing via the broker, but if you decide to, you should at least be extremely careful.
TRADING ACCOUNTS
Another area Forex Optimum severely lacks in is the variety of their accounts. Namely, for regular traders, there are only two live account options, standard, and cent, which aren’t even that much different from each other (aside from the deposit size). The broker seemed to have hoped to attract whales, as they ensured there were three options for VIP accounts. We found it a bit ridiculous that there was more variation between the three types of high-end accounts than the regular ones.
Demo accounts are, at least, available, so if you want to test out how the service works before signing up, you will be able to do so.
However, most traders are more concerned with live account specifications, so here they are:
• STANDARD
Trading instruments: Forex, CFD on Metals, CFD on Indexes, and CFD on Commodities, CFD on stocks
Minimum deposit: $300
Spread: From 1.2 pip
Maximum leverage: up to 1:1000
Trade size increment: 0.01 lot
Deposit currency: USD
• CENT
Trading instruments: Forex, CFD on Metals, CFD on Indexes, and CFD on Commodities
Minimum deposit: $10
Spread: From 1.2 pip
Maximum leverage: up to 1:1000
Trade size increment: 0.1 lot
Deposit currency: USD cent
VIP accounts, however, provide additional benefits.
• VIP – CLASSIC
Minimum deposit: $10000
Accumulation bonus on deposit: 26.8% per annum
Repayment of negative
SWAPs: Yes
Trading account cash back: 20%
Free training: Yes
Personal account manager: No
• VIP – GOLD
Minimum deposit: $30000
Accumulation bonus on deposit: 29.3% per annum
Repayment of negative
SWAPs: Yes
Trading account cash back: 25%
Free training: Yes
Personal account manager: Yes
• VIP – PLATINUM
Minimum deposit: $100000
Accumulation bonus on deposit: 31.8% per annum
Repayment of negative
SWAPs: Yes
Trading account cash back: 30%
Free training: Yes
Personal account manager: Yes
As you can see straight away, if you aren’t ready to invest a generous sum of money, you can’t expect any personalization. Even the VIP account specifications, which we assume should’ve been the main draw, are unspecific and leave a lot unclear. All in all, the account options are severely underwhelming, even more so when compared to what some of the competition offers.
TRADING CONDITIONS
The trading conditions at Forex Optimum are a bit hit-and-miss. They do well in providing large leverage and helpful bonuses, as well as around the clock trading. However, their account options are severely limited and pricy, with even the standard account requiring a $300 investment.
When we add and subtract everything, we’d call the trading conditions themselves mediocre. However, there’s one thing that makes the conditions fall apart, and that’s the security. For many, trustworthiness is the number one factor when choosing a broker. There aren’t many worse feelings than being scammed, especially after making a series of successful trades that led to significant financial gain.
As such, it’s not worth risking for something like that to happen to you. And if you look at Forex Optimum’s shady history, that risk is quite real. The risk is made even more significant by the fact that the broker requires a sizable investment for you to get a decent account.
Unless you’re fond of living on the edge, we can’t recommend doing any serious trading via Forex Optimum.
TRADING PLATFORM
As far as trading platforms go, the firm made the responsible choice of going with the most common, MetaTrader4 platform. MT4 is a tool nearly anyone who isn’t a first time trader has experienced. It holds the top spot among trading platforms for a reason, with its accessibility and ease of use, allowing anyone to slide into the trading world.
But the benefits it provides don’t end there, as there’s also a ton of analytical tools that serve to assist experienced traders. It’s a great all-round platform and is an excellent option for both beginner and long-time traders.
Forex Optimum also offers a mobile client, as most firms do in present days. The client can be downloaded free of charge from the Google Play and Apple App online stores and allows for trading on the go. Combined with Forex Optimum’s 24/7 work hours, it allows you to buy or sell at any time or any location as long as you have mobile data.
FOREX OPTIMUM’S TRADING PRODUCTS
The broker does itself a disservice by not even showing some of the products they offer on their website. Namely, cryptocurrencies are entirely hidden, and only show up once you open up MT4.
• Over twenty currencies and pairs – The selection of currencies and currency pair is quite limited on Forex Optimum, and most will find the options lacking. However, the most popular pairs, such as USD/EUR, are present.
• Spot energies – The broker made the same mistake as with currencies, as there are only three energy assets available, being the two oil types and US natural gas.
• Spot commodities – For other commodities, there are common options such as gold and silver, but again, the collection is nothing to be in awe over.
• Spot shares – Shares are one of the firm’s most diverse sections, as its users can buy and sell stocks from over a hundred large companies located mostly in the US and Russia.
• Digital currencies – Why the broker hides their cryptocurrency offers is beyond us, as the selection is certainly above average. Namely, there are 17 different coins to pick from, with both common options like BTC, and less common ones like 0x, TRON, and NEO present.
FOREX OPTIMUM’S TRADING PRODUCTS
Forex Optimum has quite a large advantage in their support working 24/7. However, that advantage is nullified by numerous users stating that the service representatives are unhelpful and rude, and slow on top of that.
Although their support shows some clear weaknesses, most want to know about their availability. As far as that goes, you can reach them via multiple phone numbers, an email, or What’s App or Telegram if you’re located in Malaysia or Indonesia.
All of the support options are available before signing up, which allows their users to get answers to any questions they might have before committing to an account.
English phone number: +442080682796
Email: [email protected]
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Forex Optimum Group Limited Review
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Support
(2)
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Platform
(1.5)
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Spread
(1.5)
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Trading Instrument
(1.5)
1.6
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