Summary: What to expect from Forexee
Has been an ECN broker since 2004, but was founded in Estonia in 1998. Currently, they offer traders the opportunity of entering the most liquid market in the world: foreign exchange.
Forex trades an average of $6.6 trillion, making it the largest market. You can also trade cryptos if you would like to expand your portfolio. You can trade through the MT4 platform they offer which is downloadable to your phone, tablet, or desktop.
If you would like to know more about their regulations, supported languages, and other features, we invite you to take a look before making your final broker choice.
3 Ways to Get the Most Out of Forexee
The analytical department offers clients an analysis made for longer periods of time. This way, this forex broker intends to identify market trends to help their clients increase their financial gains.
2. Demo Account
You can open a crypto, ECN or STP demo account. This will allow you to trade with paper money. You will be able to trade with real-time quotes without risking any funds. This can be useful to practice as a beginner or try out a new strategy.
Forexee offers signals. All clients must do is subscribe. When they make their payment, signals should be activated. Signals are usually activated by senior traders that will send essential information to buy or sell a specific asset.
Forexee Fees to Trade Forex
As a broker, Forexee charges their clients fees and commissions. We have included a list of these below.
- Inactivity fee: after being inactive for a number of consecutive months you will be charged a monthly $10 fee.
- Reactivation fee: If your account is classified as inactive you must pay $50 to reactivate it.
- Account commissions: ECN accounts have a $1 commission.
- Deposit and withdrawal commissions: they will depend on the method and if it is either deposit or withdrawal.
- Spreads: it is the difference between the ask and the bid price. Forexee offers only fixed spreads.
- Swaps: these are calculated according to a formula.
Regulation and security
Regulation is of utmost importance since it will keep your funds safe. Regulated brokers are monitored by government officials that seek to protect the public interest. They will keep you away from unnecessary risk.
Forexee’s parent company is NTS Systems Ltd which is part of St. Vincent and the Grenadines. Their registration number is 24957 IBC 2018. In other words, Forexee is not regulated by a financial watchdog.
Countries Where Forexee is Available
It is important that brokers are globally present. Some of the accepted clients can sign up from Egypt, France, Japan, United Kingdom, Uruguay, Poland, and more. Because of regulations, U.S clients are not accepted.
Forexee is from Estonia, and its CEO is Vlad Karpejev. The company started in 1998 driven by global retail forex interest. In 2001 they introduced MetaTrader 4 platform because of its features and tools.
Another of their milestones was in 2013 when ECN/STP technology. Only two years later they included cryptos and an analytics section on the website to complement trader’s fundamental market analysis.
Breaking Down Forexee
Hereunder you will find crucial features and tools that are provided by Forexee. They are important because they should help boost your trading strategies.
Website Interface and Usability
Forexee’s website is mostly user-friendly. However, there is no button that takes you directly to the tradable instruments they offer. The information is available if you read about their history when they explain that they began with forex and later added cryptos.
Creating an account is 100% digital which makes it fast and easy. They will ask for basic personal information like your email, phone number, the account you want, and a password.
Which Forex Pairs Can I Trade?
Forex is the most liquid market in the world. With Forexee, you can have access to this financial opportunity and trade major, minor, and exotic pairs. For example USD/EUR, GBP/USD, USD/CHF, USD/TRY, EUR/HUF, and more.
Other Assets available on Forexee
The other only tradable instruments offered by Forexee are cryptos. Crypto currency’s highest daily trading volume is $62.5 billion. Cryptos have had a steady growth even though COVID-19 affected the markets and the world.
Account Limits and Liquidity
Forexee is an ECN broker that stands for Non-dealing Desk. This means that your trade will not go through a market maker. You trade directly with other individuals that match your trade.
Thus, the execution is STP or Straight Through Processing. This is positive for many traders, but it depends on your needs and goals.
As for account limits, all accounts have a minimum trade size of 1 lot. Commissions will depend on the type of account.
Deposits and Withdrawals
Depending on the payment methods you can use the following base currencies: USD, EUR, RUB, AUD, JPY, RUB, IDR. Even crypto is available like BTC, LTC, and ETH.
Both withdrawal and deposit methods include bank wire transfers, and electronic payments like Skrill, Netteler, and Web Money. However, only deposits allow credit cards like VISA or Mastercard. Debit cards and checks are not permitted as payment methods.
If you want to deposit or withdraw you will have to do so directly from your account by choosing the method, the amount, and confirmation.
Did you Know that…
Forexee has PAMM service. PAMM stands for Percent Allocation Management Module. It is a software application, mostly used by forex traders, usually beginners. It allows them to assign a certain amount or percentage of money in a shared pool. This pool is managed by one of the traders, and profits are split.
Opening an Account
Opening an account is fully digital. You must enter information like your name, number, country of residence, email, and password. Your password must have at least 10 Latin letters. Because of this, Forexee offers to generate a password for you. Once you verify your email you can continue the registration process.
Forexee offers STP, ECN, and crypto accounts. They are subdivided into STP, Basic ECN, Advanced ECN, Premium ECN, and crypto. The crypto execution type is ECN.
Spreads will vary depending on the account as well as commissions and spreads. The maximum leverage is 1:500 except for the Premium ECN and Crypto account which is 1:200 and 1:3 respectively.
Forexee Customer Support
If you have a doubt you can contact their customer support through live chat, emails, or phone numbers. Although their live chat says agents are online, they do not answer quickly. Because an answer was never sent, we cannot
Educational Resources and Additional Perks
Forexee does not have a page or section dedicated to educational resources. However, it does offer an FAQ section with information about their fees, commissions, accounts, payment methods, and more.
They also offer basic information on PAMM, ECN, and STP technology. There are no webinars, daily market analysis, news, or other additional perks. So, if you have to learn something new you might have to complement it with another site.
Forexee Trading Platforms
Forexee offers one trading platform and it is MetaTrader4. It is a globally known and popular platform that offers an app. So, you can download it to your phone or tablet to trade on the go. All you need is a computer and an internet connection.
MT4 has built-in trading tools that can help you maximize your gains. This platform also has notifications, trading signals, technical analysis indicators, real-time quotes, and much more.
What Makes Forexee Unique?
Forexee is unique because it is an ECN/STP broker that offers tools like PAMM or Signals. You can access the most liquid and popular market in the world with them and trade major, minor, and exotic pairs.
Forexee Pros & Cons
All brokers have advantages and disadvantages. It is important to find your own balance after going through these points to make your final choice.
- They offer signals.
- You can open a demo account.
- Forexee has live chat.
- Many base currencies for the payment methods.
- They have PAMM service
- They have MetaTrader4
- They only offer fixed spreads.
- They are not licensed by government financial officials.
- They have an inactivity fee.
- Forexee has a reactivation fee.
Bottom Line: Is Forexee a Good Choice to Trade Forex?
Whether a broker is or not a good choice will depend on your needs and goals as a trader. Your strategies and what you are looking for to make these possible are important.
However, keep in mind that Forexee does not have competitive fees and commissions. They are also not regulated by a government financial authority. They are only registered.
On the bright side, they have been in the forex industry since 1998, aiming to improve for their clients around the world. They offer PAMM services, Signals, and other features and tools to help you increase your gains and complement your trading strategies.
Is Forexee regulated?
This broker is registered, but not regulated. They are registered with St. Vincent and the Grenadines under the license number 24957 IBC 2018.
Where is Forexee based?
They are based at First St Vincent Bank Ltd Building, James Street, Kingstown, St. Vincent and the Grenadines.
When was Forexee founded?
Forexee was established in 1998.
How does a Forexee make money?
They make money through fees and commissions.
How do I deposit in a Forexee account?
You must choose your deposit method and amount.
How do I withdraw money from Forexee?
Check your base currency, method, and how much you want to withdraw.
How do I open an account Forexee?
You must only add basic personal information.
Does Forexee offer margin accounts?
You can use leverage on all of the accounts. The maximum leverage depends on the account type.
Are funds at Forexee secured or insured?
Because Forexee is not regulated, it may be possible that your funds aren’t as secured or insured as a regulated broker.