Is Forex4You Safe? Is Forex4You a Scam?
Forex4You is a forex broker that offers CFD and Forex trading. However, those who have not yet used such platforms may be doubtful of the platform's credibility. With that in mind, the following is a closer look at Forex4You.
Is Forex4You Legit?
Yes, it’s a legit company that is regulated in British Virgin Islands. Launched in 2007, Forex4You is a forex broker offering a full range of both active and passive trading services.
Is Forex4You Legit in My Country?
Although Forex4You seems to be reputable, it is not available in every country . Either way, you Forex4You are essentially available in every country except the following:
United Kingdom
Latvia
Japan
Singapore
Afghanistan
Bosnia and Herzegovina
Guyana
Iraq
Iran
Lao People’s Democratic Republic
Myanmar
Papua New Guinea
Syria
Uganda
Vanuatu
Yemen
the United States of America and European Economic Area residents and citizens of the United States of America and the United Kingdom.
Moreover, this could change in the near future.
Is Forex4You Legit in My Country?
Forex4You is regulated by the BVI FSC (British Virgin Islands Financial Services Commission). This allows the platform to provide high-quality trading platforms for all users. The license was first acquired in 2012. This means the platform is mandated to ensure that the reserves and the share capital levels do not fall below a certain level. This threshold is increased each year.
Is Forex4You Legit?
Although the platform is well regulated, this does not mean it isn't a scam. Indeed, there are lots of ways in which a platform could become simultaneously legitimate and shady. Luckily, this is not the case. In order to keep the platform as safe as possible, Forex4You provides the following protections:
Advanced risk control systems: One of the top safeguards supplied by Forex4You is their advanced risk control systems. Offering some of the most advanced risk control tools in existence, Forex4You's advanced technology and risk control systems allow users to quickly and easily control the risks and limit losses. Overall, it ensures that traders cannot risk more capital than they invested.
Reputable and regulated liquidity providers: Forex4You goes above and beyond to work with reputable financial institutions. This helps ensure that money can be traded and withdrawn at will and can also be another barrier against fraud.
Client fund segregation: Forex4You also does its part to protect client funds by keeping their funds separate from the company's operating funds. Moreover, client funds are also held in a wide array of banks to decrease risk on behalf of the client. This prevents clients from being left holding the bag even if the platform dissolves.
Capital adequacy: As mentioned, being regulated by the BVI FSC requires the platform to constantly increase its level of reserves and capital. This is a direct result of the fact that the clients’ investment value also increases every single year. This also allows the platform to eliminate financial risks during turbulent time periods.
Forex4You Background
Created in 2007, Forex4You was started to make investing more accessible. The company grew steadily over the next several years, and in 2013, it launched a revolutionary social trading service known as Share4you. This allowed virtually anyone to participate in financial markets regardless of their level of experience or liquid capital.
In 2016, they launched MarketPlace, which is the platform’s exclusive order execution technology and liquidity aggregator. This allowed client requests to be executed at the best prices available. Presently, the platform continues to thrive. It has reached 2,000,000 opened client accounts and has exceeded 1,000,000,000 total orders executed.
Forex4You Pros and Cons
If you are interested in investing with Forex4You, the pros and cons are as follows:
👍 Forex4You Pros
•Great trading conditions: One of the top benefits of Forex4You is that it offers the best trading conditions for beginner traders.
•Create passive income: Those who learn how to use the platform properly can create passive income on their social trading platform, Share4you.
•No trading restrictions: There are virtually no trading restrictions on algorithmic trading and scalping.
•Excellent coverage: Forex4You also provides the broker with insurance of $10 million on an exigency basis.
•Small Investments: Forex4You also offers cent accounts requiring a minimum transaction of 2 cents.
•Excellent customer service: Lastly, customer support is always available and responds to customer inquiries within 8 hours every day of the week, weekends included.
👎 Disadvantages of Forex4You
•Limited availability: Not available in the USA, Japan, or for EEA clients.
•Limited currencies: The platform only accepts EUR and USD-based currencies.
•Withdrawal fees: The platform also assesses fees upon withdrawal. The fees are anywhere from 0.8% to 2%.
Top 10 Reviews on Forex4You
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Comment
There is nothing as cool as having someone attending to your trading needs promptly. Forex4you customer service is responsive and they integrate flexible channels for contacting customer support teams. Recently I contacted them to inquire about trading bots. The customer service agent was quick to get back to me that they do not develop or sell trading bots.
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Comment
As a beginner trader, you can trade with experienced traders strategies, profit, and cashout without knowing how to truly analyze the market on Forex4You. The share4You service is copy trading service where inexperienced traders follow the activity world class traders and can copy their trades. Start by signing up for share4you once you are logged in, you will be presented with a list of many traders you can copy from. I would use the filter to select a traders based on performance, risk, commissions, profile, etc. Using the filter helps you focus on the type of traders you want to copy. So to start copying, click on the trader you want to copy, enter the investment amount which must be equal or higher than the minimum, then click start copying to proceed. You will be redirected to deposit the investment amount you choose instead if you have not funded your account yet.
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Comment
FOREX4YOU is a low-cost trading platform with a minimum trade volume of 0.01 for all five account types on Forex4You. The cent Pro and classic have a floating spread starting from 0.1 pips, the classic standard account starts from 0.9 pips while the fixed and classified accounts have a fixed spread starting from 2 pips. Since I trade with the pro cent account, I trade with leverage starting from 1:10 to 1:50 with a minimum trade volume of 0.01 lot and a floating spread of 0.1 pip.
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Comment
Becoming a top trader is a mile you can cover without committing any funds if you trade with the Forex4You MT4 demo account. The trading environment you trade on the demo account is the same as the one you will be using when you trade on a real account. You have everything you need on the demo account, ranging from the chart types to the indicators, risk management tools, and unlimited opening of orders. One of my favorite indicators is the MACD and it is my favorite when I want to identify moving averages that are about adapting a new trend. To know when there is a new trend the MACD line (blue line) which is the faster moving average, crosses the signal line (red line) which is slower.
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Comment
Forex4you has a good service. Although I can’t say that there are no problems at all. Sometimes they charge a fairly high fee for copying trades. Although, I don’t understand why one account has a higher subscription fee than another. Alsol, it happens that the Forex4you platform malfunctions. But in general, you can trade profitably here.
FAQs
What is Trading?
Trading is a financial process that involves the buying, selling, and trading of various financial instruments. These trades are typically completed relatively short-term but may also become long-term investments.
Which Currencies are Acceptable on the Platform?
The Forex4You platform accepts the most major forms of currency such as the US dollar, Euro, Japanese yen, pound sterling, Canadian dollar, Australian dollar, and the Swiss franc.
What Does it Mean to Get a Quote?
Also known as a currency pair quotation, getting a quote means you are given a quote of the relative value of a given asset or currency when compared to another currency or asset.
Who Sets the Prices on Forex4You?
Prices for financial assets are formed by trading participants during a trading session.
Team that worked on the article
Mikhail Vnuchkov joined Traders Union as an author in 2020. He began his professional career as a journalist-observer at a small online financial publication, where he covered global economic events and discussed their impact on the segment of financial investment, including investor income. With five years of experience in finance, Mikhail joined Traders Union team, where he is in charge of forming the pool of latest news for traders, who trade stocks, cryptocurrencies, Forex instruments and fixed income.
Olga Shendetskaya has been a part of the Traders Union team as an author, editor and proofreader since 2017. Since 2020, Shendetskaya has been the assistant chief editor of the website of Traders Union, an international association of traders. She has over 10 years of experience of working with economic and financial texts. In the period of 2017-2020, Olga has worked as a journalist and editor of laftNews news agency, economic and financial news sections. At the moment, Olga is a part of the team of top industry experts involved in creation of educational articles in finance and investment, overseeing their writing and publication on the Traders Union website.