Beware! This is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
ForexBull offers three account types – Micro Standard and ECN. The Leverage they offer is rather high, even by today’s industry standards. As you may know, high leverage can create significant risk for your capital, if you are not careful. A useful feature in terms of risk management, both for them and for the clients is that the leverage goes down with the increase of the account value.
|Trading Account||Minimum deposit||Min. trade size||Maximum leverage||Spreads|
|Micro||$5||0.01||1:888||From 1.0 pips|
|Standard||$5||0.01||1:888||From 1.0 pips|
|ECN||$100||0.01||1:500||From 0 pips|
Here is the leverage lowering scheme:
|1:1 to 1:888||$5 – $20,000|
|1:1 to 1:200||$20,001 – $100,000|
|1:1 to 1:100||$100,001 +|
ForexBull is a trademark of ELKTON INC, which is registered in Saint Vincent and the Grenadines. Generally we don not recommend trading with off-shore brokers, as the regulation in these destinations is sometimes less than ideal. For instance, there is no capital requirement for International Business Companies (IBC) in SVG.
The company claims to have offices in the UK, Spain and China.
Spreads are in line with the industry average, going as low as 1 pip for the Micro and Standard accounts. The ECN account offers different conditions, with a floating spread and commissions (which weren’t mentioned on the website).
Islamic accounts are also supported, as well as hedging (having a long and shot position in the same instrument, at the same time).
The company offers quite the assortment of trading instruments – FX, Spot Metals, Indecies and lots of equity CFDs. There is a surprisingly wide variety of stock-specific CFDs – even some Japanese shares are being offered. US ETFs are also very well covered.
ForexBull offers the proven MetaTrader 4 platform. Although it is a great tool for FX trading, we have our doubts regarding its capabilities to handle the seemingly endless list of products, which are offered. You may know that MT4 has a tendency to lag if too many instruments are loaded.
Deposit and withdraw methods
The company supports quite a few payment methods including:
- Debit/Credit Cards
- Skrill (formerly known as Moneybookers)
- Wire Transfer
- K-net Payment Gateway.
ForexBull offers 24/5 live support which is to be expected. At the time of our review the live chat functionality wasn’t working.
We would not recommend trading with FOREXBULL at this point in time. The company’s license and regulation don’t inspire trust. At the moment the site seems barely operational, with some repeating content. The news feed is outdated, live support isn’t exactly live yet. This broker may evolve into an interesting alternative, but it’s just not worth your time, at the moment.