ForexVox Review 2023
Go to the Brokers List for alternatives
ForexVox is a multi-regulated broker offering 100+ assets and copy trading.
- MT4 integration
- Demo account
- Copy trading
- Joining bonuses
- Low minimum deposit
- Strong regulatory oversight
ForexVox is an FX broker that facilitates trading on margin. Through the MT4 platform, customers can also invest in other markets including indices, commodities and metals. This review of ForexVox will explore deposits and withdrawals, spreads and fees, account options, and the broker’s online trading community. Read on for the pros and cons of trading with ForexVox.
ForexVox is operated by ValuTrades Limited, which is regulated by both the Financial Conduct Authority in the UK and the Financial Services Authority in the Seychelles.
The broker was launched to provide a better trading experience for aspiring investors through education and support services. This includes mentoring and the broker’s own social network where investors can interact with other traders.
ForexVox accepts clients from most countries around the world such as Australia, Canada and the UK. Traders based in the US cannot register an account.
MetaTrader 4 Platform
MetaTrader 4 is a world-leading trading platform that can be accessed either as a downloadable app or through a web browser.
Created by MetaQuotes, MT4 is a reliable terminal with various customization options. For instance, over 50 technical indicators and analytical objects with nine time frames ranging from one minute up to one month.
Clients can choose from either market execution or pending orders for opening contracts as well as enabling one-click trading to speed up the investment process.
How To Place A Trade
- Using the login details provided by ForexVox, sign into the MetaTrader platform
- Select ‘New Order’
- Choose the asset you want to trade
- Input the trade volume and value
- Specify between market execution and pending order
- If market execution, type in the stop loss and take profit prices and click either buy or sell to open the contract
- If pending order, choose from buy limit, sell limit, buy stop or sell stop and then type the price at which the order triggers and the expiration time
Markets & Assets
100+ instruments are available:
- Forex – More than 70 major, minor and exotic currency pairs
- Indices – Nine indices such as the S&P500 and FTSE100
- Commodities – UK and US oil as either future or spot
- Metals – Gold and silver paired with AUD, EUR, USD and GBP (gold only)
The maximum leverage you can use on a single contract is 1:500. When you first register your account, you can select the maximum leverage from 1:100, 1:200 or 1:500.
If you are a retail trader and based within the jurisdiction of the European Securities and Markets Authority or the Financial Conduct Authority, this leverage limit will not apply. This is because both the ESMA and FCA have imposed a maximum limit of 1:30 for regulated brokers.
ForexVox charges tight spreads and fixed commissions.
Across all markets and assets, the commission fee is $6 per lot traded. To determine the exact commission, required margin and swap rate for a given trade, you can use the trading calculator on the broker’s website.
The swap fees for overnight positions will vary depending on your trade side and the asset you are trading. For example, for the EUR/CAD forex pair at the time of writing, the swap rates are 9.47 points for short and -12.69 points for long. Whereas for gold paired with USD, the swap rates for short and long positions are 2.57 and -3.2, respectively.
ForexVox Mobile App
There is no dedicated mobile app from ForexVox, but customers can use the MetaTrader 4 app.
When we used ForexVox’s MT4 app, our experts could easily analyze popular assets using powerful charts and indicators. One-click trading and price alerts are also available.
You can find download links for both iOS and Android devices via the Apple App Store and Google Play Store. Ensure that the download page has the correct logo and name to help reduce your exposure to scams and fraudulent platforms.
To deposit funds into your ForexVox account, you can use bank wire transfers, Visa and Mastercard debit and credit cards and e-wallets such as PayPal, Neteller and SticPay.
All deposits are free and are processed instantly but the limits vary depending on your chosen method. Debit and credit cards for instance can be used for deposits up to $10,000 whereas for most e-wallets the limit is $50,000. PayPal and SticPay are the exceptions as their limits depend entirely on your country.
There is no minimum deposit.
Withdrawals from ForexVox typically take between one and three business days and each user is entitled to three free withdrawals per month. Each subsequent withdrawal request during this period comes with a 5% fee.
The minimum withdrawal that ForexVox will accept is $50, however, the broker will permit smaller requests if you are withdrawing your entire balance. For example, if you only have $40 in your account, the broker will accept a withdrawal of all $40 only. A $30 withdrawal request would not be accepted in this situation.
How To Transfer Funds
- Log into your account on the ForexVox website
- Go to the ‘My Funds’ dropdown list and select ‘Make A Deposit’
- Select your chosen deposit method
- Input the account you are depositing to and the amount
- Click ‘fund account’
- You will be redirected to a pop-up asking for confirmation of the account where funds are coming from. For example, if you selected an e-wallet, you will need to sign into your account and confirm the request
ForexVox offers two account types and the main difference is how they are charged. Both accounts have access to the same features and tools such as micro lot trading with minimum lots of 0.01 and 1:500 maximum leverage limits.
- No commission is charged
- Recommended deposit of 100 USD
- Trading commission charged on all positions
- Recommended deposit of 500 USD
Account Opening Requirements
When you first register your live account, you need to complete an account verification process before you can access all of the broker’s features and services. This involves submitting documents to prove both your identity and address, which are then checked by the ForexVox customer service team. Depending on your country, you may be asked for additional information. For instance, if you are based in the UK, the broker will ask for your National Insurance number.
All potential ForexVox clients can open a free demo account. This is an ideal way to get to grips with the broker and practice your day trading strategy on the MetaTrader 4 platform.
When you first sign up for a demo, you need to specify the maximum leverage you want to practice with and the quantity of simulated funds.
Bonuses & Promotions
Our experts found that ForexVox offers three deposit bonus schemes:
100% Deposit Bonus
The first time that you deposit funds into your ForexVox account, you are entitled to a 100% bonus, which in effect, doubles your deposit size.
To receive the bonus, you need to deposit at least $100 and the maximum you can receive is $1,000. After depositing your funds, contact the support team to claim the reward.
For every subsequent deposit to ForexVox, you can receive a smaller bonus. If you transfer at least $50, the broker will reward you with a cash prize equal to 10% of what you deposit, up to a maximum bonus of $200.
Note that you have 60 days to use the bonus before it is rescinded.
If you use the e-wallet service SticPay to deposit funds to your account, ForexVox will reward you with a bonus equalling 20% on your transfer. The minimum you can deposit to qualify for the bonus is $50 and the maximum that you can receive is $500.
Keep in mind that you need to use the bonus in a trade within 30 days of being awarded or it will be removed from your funds.
Benefits Of ForexVox
- Various methods for depositing funds
- Licensed by both FCA and FSA
- Several promotional schemes
- MetaTrader 4 trading platform
- No deposit fees or minimum limits
- Mentoring from industry experts
- Chatrooms and social network
- Multi account manager
- Free VPS service
- No requotes
- Copy trading
Drawbacks Of ForexVox
- No cryptocurrency trading
- High minimum withdrawal limits
- Restricted to only three free withdrawals per month
Education & Support
A key part of ForexVox’s services is the free mentoring for each account, The broker employs top mentors Beat Nussbaumer and Adam Harris, who both have years of experience to share with clients. For instance, Nussbaumer has spent more than 35 years in the forex trading industry and Harris has been mentoring for over 12 years.
Both industry experts help traders of all experience levels, covering topics such as evaluating fundamentals, day-trading strategies, money management techniques and trading psychology.
To provide further support to clients, ForexVox has created a community specific to the brokerage. On this social media platform, users can join channels and discuss trading topics with other investors. It is a good way to pick up tips and tricks as well as share knowledge on markets and potential strategies.
This is also where you will find brief guides prepared by ForexVox, with key fundamental information that can aid your strategizing and trading. For example, using technical analysis indicators, forex heatmaps and economic calendars to your advantage.
Through the ForexVox community, clients can also access the copy trading feature. This involves following along with the trades made by other investors and copying their positions.
On the broker’s trading portal, you can see the trader’s name, portfolio percentage change, returns since starting, profit and loss, average win size and the total number of trades. Using all this information, you can evaluate which traders you should copy.
ForexVox offers its clients access to a free virtual private server from Beeks VPS. This allows traders to run strategies 24/7 without downtime or disruptions.
As long as users have registered a live account, deposited funds and traded at least 10 lots per month, the broker will cover the subscription fee. If you do not meet the requirements, you can purchase one of the subscriptions from Beeks VPS, which start at £27 per month.
Regulation & Licensing
ForexVox holds licenses with two regulatory bodies through its operator ValuTrades Limited. It is regulated by the Financial Services Authority of Seychelles with license number SD026 and the Financial Conduct Authority of the UK with license number 586541.
Oversight from the FCA, in particular, is a good indication the broker is legit and trustworthy.
If you need help and require support from ForexVox, you can contact the customer service team through any of the following channels:
- Live chat
- Enquiry form on the website
- Email firstname.lastname@example.org
ForexVox is a decent CFD broker that is worth considering. Compared to competitors, it supports customers through mentoring, education and an online investing community. A beginner-friendly copy trading platform is also available. Furthermore, through MetaTrader 4 (MT4), clients can tailor the platform to suit their needs and desired strategy.
ForexVox accepts traders from Australia, Thailand, Canada, United Kingdom, South Africa, Singapore, Hong Kong, France, Germany, Norway, Sweden, Italy, Denmark, United Arab Emirates, Saudi Arabia, Kuwait, Luxembourg, Qatar and most other countries.
Traders can not use ForexVox from United States, India, Nigeria.
Compare ForexVox with similar brokers that accept traders from your location. Among available brokers these are the most similar to ForexVox:
InstaForex – InstaForex is a CFD broker providing access to forex, stocks, cryptocurrencies, commodities, energies, indices, and more. With competitive fees and a huge range of available assets, the brand offers safe and reliable trading.
Kwakol Markets – Kwakol offers trading on the MT4 & MT5 platforms with high leverage & copy trading.
World Forex – World Forex offers commission-free trading with a $1 minimum deposit and 1:1000 leverage. Digital contracts are also available, offering beginners a straightforward way to speculate on popular financial markets.
Videforex – Videforex accepts deposits in a range of cryptos and fiat currencies. Payouts reach 98% per trade.
ForexVox Comparison Table
|ForexVox||InstaForex||Kwakol Markets||World Forex||Videforex|
|Markets||CFDs, Forex, Indices, Commodities, Metals||Forex, shares, indices, metals, oil and gas, futures, cryptos, binary options||CFDs, Stocks, Indices, Commodities, Forex, Cryptos||Forex, CFD Stocks, Metals, Energies, Cryptos, Digital Contracts||Binary Options, CFDs, Forex, Commodities, Indices, Cryptos|
|Minimum Trade||0.01 Lots||0.01 Lots||0.01 Lots||0.01 Lots||$1|
|Regulators||FCA, FSA||BVI FSC||ASIC, FINTRAC||SVGFSA||–|
|Bonus||100% Deposit Bonus||30% – 100% Welcome Bonus||–||100% Deposit Bonus||100% Deposit Bonus Up To $3000|
|Platforms||MT4||MT4, MT5||MT4, MT5||MT4, MT5||–|
Compare Trading Instruments
Compare the markets and instruments offered by ForexVox and its competitors. Please note, some markets may only be available via CFDs or other derivatives.
|ForexVox||InstaForex||Kwakol Markets||World Forex||Videforex|
ForexVox vs Other Brokers
Compare ForexVox with any other broker by selecting the other broker below.
Is ForexVox Regulated?
Yes, ForexVox holds licenses with both the Financial Services Authority of Seychelles and the Financial Conduct Authority of the UK under the name of ValuTrade Limited.
What Trading Platform Does ForexVox Use?
ForexVox offers trading through the MetaTrader 4 (MT4) platform. MT4 is a highly regarded terminal with many tools to help support technical analysis and online trading. Clients can access the platform through a computer application, mobile app and web browser.
What Payment Methods Can I Use To Deposit Funds To ForexVox?
To transfer funds to your ForexVox account, you can use a bank wire transfer, credit and debit cards or e-wallets such as PayPal and SticPay.
The process is easy as after you log in. Go to the funding page, select ‘Make A Deposit’ and choose your desired method. From here you can fill in the details such as the amount to transfer.
Does ForexVox Offer An Islamic Account?
Yes, ForexVox clients can register for a swap-free Islamic account that allows them to trade in accordance with Sharia Law. If you are interested in learning more, then go to the broker’s website and select ‘Islamic Account’ from the ‘Trading’ drop-down list.
What Can I Trade With ForexVox?
Through ForexVox, clients can open leveraged trades on a range of markets. This includes over 70 forex pairs, nine indices, futures and spot trades on UK and US oil, as well as gold and silver paired with several currencies.
|ForexVox is a multi-regulated broker offering 100+ assets and copy trading.|