ForexVox Review – Is ForexVox Scam or a Proper Broker?

ForexVox Review

ForexVox is an international broker company that was started in 2020. Even though it is a recently established broker, it is expanding fast and gaining a good reputation in the industry. The owners of this company are also traders so they know what traders need and how to fulfill those requirements. This is why it considers the needs of traders along with their expectations.

Furthermore, ForexVox has partnered with traders and tutors to make sure the clients get the best possible experience while trading with this brokerage company. Along with advanced features, there is also an available online chatting room where multiple traders can interact with one another.

Regulation

The financial conduct authority in UK makes sure to tightly regulate this broker. It is one of the strictest regulatory authorities so you don’t need to worry about regulatory issues when it comes to ForexVox. The FCA regulates nearly all of the top brokers in the Forex market and makes sure to set out a clear set of rules to be followed by these brokers.

Account types

ForexVox has two account types you can choose from i.e. standard account and ECN account. The standard account is free of commissions; it is recommended for traders using this account to make a $100 deposit in the beginning. The ECN account is different. It has commission and tighter spreads than those in a standard account. In this account, the recommended amount to deposit first is $500.

The standard account and ECN account are just the main accounts offered by this broker. Apart from those two, there is also a swap-free account. This is for those traders who cannot give or receive interest because of religious beliefs. This proves how inclusive ForexVox is as they try to support individuals with different morals.

Lastly, you can also create a demo account to get the hang of how this broker works and some of the tools it offers its clients. They can test spreads and conditions and decide which account they want to make. Through this, ForexVox has given its customers the opportunity to test their potential and skills.

Fees

For standard account holders, there is absolutely no commission fee, while ECN accounts have commissions. The fees offered by this broker are based on spreads. The fees are one of the big advantages when trading with ForexVox since there are no deposit, withdrawal or inactivity fees. The other fees are ranked low or average, while brokers like ETFinance have high fees ranking.

Instruments

Even though this broker is recent, it has various instruments you can trade. There are over 100 assets to choose from that include Indices, Cryptocurrencies, and Commodities like gold and silver. This way, clients can choose whichever instrument fits their needs.

Deposits and withdrawal

It is crucial to see the deposit options provided by ForexVox as some of them may not be available in certain regions because of some countries’ regulations.  You can deposit funds into your account through Visa, Skrill, Inpay, Neteller, Ukash and many more.

With so many options, it is recommended to check their availability in your country. While many brokers charge a minimum deposit of $500. This broker does not have a minimum deposit amount so clients can deposit even $1.

When withdrawing funds, you can even withdraw all the money in your bank. There is a withdrawal fee imposed only if you are using bank transfer. Clients should also consider the conversion fee. Most of the time, this fee is based on the certain currency that is withdrawn.

Education

ForexVox also provides educational material to its clients to increase their knowledge about trading. Since the owners are also traders, they are aware that traders today need such material. This material includes courses, a glossary and more. This is especially beneficial for new traders looking for professional advice.

Conclusion

To conclude, ForexVox is an expanding broker company that aims to provide accessibility along with convenience for new and experienced traders. The feature of chatrooms is a distinguishing feature that this broker has and it benefits traders worldwide.