BROKER REVIEW


Comments Rating 2.92 (3 reviews)

GENERAL INFORMATION

Broker Name:

FreshForex

Broker Type:

Crypto

Country

Russia

Operating since year:

2004

Regulation:

N/A

Address:

513, building 14, Leningrad Avenue 39 Moscow, Russian Federation

Broker status:

Independent Broker

CUSTOMER SERVICE

Phone:

+44 20 7099 2124

Languages:

Russian, English, Chinese,Indonesian, Arabic

Availability:

24/5

TRADING

Trading platforms:

MetaTrader 4

Trading platform Time zone:

GMT+3

Demo account:

YES

Mobile trading:

YES

Web-based trading:

YES

Bonuses:

YES

Other trading instruments:

Forex, Metals, CFDs, Equity Indices , Energies

ACCOUNT

Minimum deposit ($):

$400

Maximal leverage:

1:1000

Spread:

0

Scalping allowed:

YES

A quick glance at FreshForex

FreshForex is a global online broker founded in 2004 and registered by the name Riston Capital Ltd. It is one of the leaders on the Forex market in Russia offering Forex trading, CFD trading, Social trading, and Share Dealing trading. The broker’s head office is located in St. Vincent and the Grenadines. The company has a long history. However, is it trusted and worth your time?

Regulations & Licenses at FreshForex

Regulation is an essential measure for any broker you’re considering. The broker you are thinking about investing with must be regulated. A regulated broker is a safe and legit broker. It can not manipulate market prices since the regulatory bodies will take necessary action if needed. Those who have issues with a broker, the regulation gives them some support. This way, if anything goes wrong, you will be covered and compensated.

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Sadly, FreshForex is not regulated in St. Vincent and the Grenadines by the financial authority. This one alone is a serious warning signal and should be the reason for you to remove the FreshForex broker from your list.

 

Before trading online with such a broker, you should be sure they’re reliable online agents. 

Opening an account with FreshForex

Upon registering, every new customer needs to pass several compliance checks. You will be asked for a scanned colour copy of your passport, national ID or driving license. Also, you will be requested for a utility bill or bank statement from the past three months where your address is displayed. Besides, you will have to answer some compliance questions about your trading experience. It will approximately take 3 minutes.

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After this process, you will have access to the broker’s platform. However, you won’t be able to make any trades until you pass the compliance. Unfortunately, the verification process can stretch for a very long time. Even though it notifies you upon registration that it will be verified in three hours, it can take several days and even weeks. The fact that the account is not verified could be used as an advantage by the broker. Few customers have complained about losing money from their account.

Trading Platforms provided by the broker

FreshForex offers MT4 and MT5 trading platforms. The MetaTrader platform is widespread throughout the online trading world.

 

With MT4, traders can easily trade on CFDs, Forex, and Futures. The platform has both back-office elements and front-end components. MT4 offers everything needed for trading FX.

MT5 efficiently works with financial markets.

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This platform offers Forex, CFDs, and futures, and as MT4, it allows users to analyze financial instruments and receive essential market news in real-time. MetaTrader 5 provides a variety of expert advisors that are making automated trading simple. MT5 provides the power required to perform any number of forex strategies.

Even though the broker uses this highly respected platform, it doesn’t give traders reason to ignore the red flags that show up about this broker. Lots of trustworthy brokers use the MetaTrader platform. Still, untrustworthy ones use them too.

Trading Conditions Offered by FreshForex

FreshForex offers a trading tool such as an economic calendar, which displays detailed info, charts and history.

Trading instruments offered at FreshForex are currency pairs, stock CFDs, indices, energies, metals and cryptocurrencies.

Classic and ECN accounts can be leveraged up to 1:1000, while Market Pro accounts can be leveraged up to 1:500. Better to avoid going over 1:500 since the risk factor grows as you go up.

Trade size specifications differ by account. However, trade sizes start from 0.1 lots and then climb in gains of 0.01 lots. Maximum trade size limit for the Classic Account is 20 lots and for the Market Pro Account 100 lots. ECN account has a maximum trade size limit of 10,000 lots.

The Classic and Market Pro account don’t have added commissions. However, ECN account commissions average between $6 and $10 per round lot based on the pair traded.

There are swap charges for holding trades overnight. However, a swap-free version of account is available too.

Spreads

Spreads on the Classic account start at two pips, and they are fixed. An average spread starts at 1.3 pips on the Market Pro account, while spread on the ECN account begins as low as 0 pips.

FreshForex deposit/withdrawal methods and fees

Quite a few withdrawal methods are available to use on FreshForex. There will be no extra charges upon withdrawal. Payment methods offered at ProfitiX are Credit & Debit Cards such as Visa, Mastercard, Maestro;

Electronic Payment Systems – Yandex Money, ePayService, Neteller, QIWI Wallet, Webmoney, Skrill, FasaPay, ADVCash, Perfect Money, OnlineNaira; Cryptocurrencies – Bitcoin; and Internet Banking service provided by the Banks of Malaysia.

Even though the broker does not add fees, you should check with your bank or processor if they add any.

The withdrawal process on FreshForex takes one or two days. Visa/MasterCard and Banks of Malaysia take 1-5 Business Days to proceed with the withdrawal. Yandex.Money, ePayService, Neteller, QIWI Wallet, ADVCash, Skrill, FasaPay, Perfect Money process it within 10 minutes.

Account types on FreshForex

FreshForex offers several available accounts. They don’t have a minimum deposit, which seems like a marketing trick. Every account provides market swap rollovers, expert advisors and a 50% margin hedge.

The Classic Account has both MT4 and MT5 platforms. Leverage is 1:25 – 1:1000, requiring a margin of 0.1%. The account has fixed spreads starting from 2p.

Maximum order size is 20 lots with the whole being 100 lots. No commission is available except for CFDs on corporate stocks and the investment portfolio.

Market Pro account only offers MT4 platform. The minimum deposit here is $400 with leverage 1:25-1:500. It has floating spreads starting from 0.9p. There is no minimum limit on order size; Maximum order size is 100 lots. Commissions are not available except for investment portfolios.

ECN Account – this account offers both MT4 and MT5 platforms. The minimum deposit here is $2000. Leverage is the same as the previous account – 1:25-:1:500. The maximum order volume is 10,000 lots. Commission starts at 0.003% per contract.

FreshForex Bonus

Usually, brokers attract clients through bonuses, offers and competitions. The FreshForex Broker is no different than them. It provides multiple offers to attract new clients and maintain current ones. There are several promotions FreshForex offers. However, there is no welcome deposit bonus for new customers.

It happens with lots of brokers when you make a profit, and you have to trade an enormous volume to be able to make a withdrawal. It is also the case with FreshForex since many traders across the world have shared their experiences.

Education and training at FreshForex

The website offers a seven-step course which is teaching the fundamentals of trading. The course is elementary and is intended for the beginners rather than the ones who look to learning more.

Customer Service at FreshForex

You can get in touch with a broker with a phone, live chat, email or use the online form. It’s valuable they are providing multiple communication channels. However, customer service is terrible.

Livechat works well. Still, upon sending messages, there is no response at all. The response on the phone is slow, and you may not even get the answer. Phone, live chat, and Email services support only a limited amount of languages. The fastest response to the email was 4 hours, and the slowest one was five days. Several times, there was no response. Phone support at FreshForex is better than other services. The support team were able to answer questions and issues over the phone successfully.

Conclusion

FreshForex has 15 years of experience in the market. The broker provides competitive trading fees and minimal requotes. MetaTrader platforms are also a popular choice to serve as experts as beginners.

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FreshForex also provides lots of trading resources and courses. The broker also offers daily market analysis giving traders potential trading signals.

However, the fact that the broker is not regulated is a source of enormous concern, and only this reason would be crucial to opt for a regulated broker offering customers more transparency and protection. With this in mind, it is quite shocking how the trader managed to remain in business for such a long time.

On the other hand, reviews from the customers have been negative complaining about robbed deposits and profits by this scam broker.

COMMENTS

3 Comments

  1. Avatar Herbert Ramsey 04.08.2020
  2. Avatar Darius Mitchell 04.08.2020
  3. Avatar Myra Holt 04.08.2020

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