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Forwex Review 2024

Written By

Christian Harris

Written By

Christian Harris

Christian is a seasoned journalist with decades of experience. He transitioned from tech journalism to finance to follow his interest in investing. He has been trading stocks, futures, forex, and cryptocurrencies for more than 5 years, becoming an eToro Popular Investor. With hands-on expertise across various assets, he offers valuable trading insights.

» Christian Harris Profile Page

Edited By

James Barra

Edited By

James Barra

James is an investment writer with a background in financial services. As a former management consultant, he has worked on major operational transformation programmes at prominent European banks. James authors, edits and fact-checks content for a series of investing websites.

» James Barra Profile Page

Fact Checked By

Jemma Grist

Fact Checked By

Jemma Grist

Jemma is a writer, editor and fact-checker focused on retail trading and investing. Jemma brings a unique perspective to the forex, stock, and cryptocurrency markets and works across several investment websites as a researcher and broker analyst.

» Jemma Grist Profile Page

Updated

Sep 3, 2024

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Available in United States

Overall Rating

1.3 / 5

Forwex is #15 in our CFD broker rankings.

No Customer Reviews Yet

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Customer Reviews

Regulation & Trust

0.5 / 5

Accounts & Banking

3 / 5

Assets & Markets

2 / 5

Fees & Costs

3 / 5

Platforms & Tools

2.5 / 5

Customer Support

0.5 / 5

Minimum Deposit $10

Trading Platforms Own

Instruments CFDs, Forex, Precious Metals, Crypto

Regulators

Account Currencies USD, EUR, GBP

Payment Options Debit Card, Credit Card, Mastercard, Visa, Wire Transfer, Ethereum Payments, Bitcoin Payments, Paybis

Pros

• Opening a Forwex account is a breeze, with no fees for deposits or withdrawals and activation taking less less than 24 hours during testing, making you feel ready to start your trading journey.
• Support for crypto accounts, based in BTC, makes the broker an attractive option for clients familiar with digital assets and interested in cryptocurrency trading.
• Forwex's high leverage up to 1:2000 will pique the interest of day traders with smaller account sizes, offering the potential for exciting profits (or significant losses).

Cons

• Forwex's customer support is the worst we've encountered with a basic ticketing system that marked our unanswered queries as closed, making for a frustrating user experience that will deter beginner traders.
• The website contains inaccurate information, such as the range of available assets and the minimum trade size (in units), which alongside the lack of regulatory oversight, doesn't instil confidence.
• Day traders of all levels will miss an integrated newsfeed that keeps them updated with significant market news and technical analysis from third-party providers such as Trading Central and Autochartist.

Regulation & Trust

Forwex gets a near-rock-bottom trust score. It’s a relative newcomer, lacking the industry clout and accolades of our safest brokers.

It’s also not regulated anywhere globally, meaning no recognized financial authority oversees them. This poses significant risks, as no external body ensures the broker follows fair trading practices, maintains adequate capital, or protects client funds.

Operating unregulated means Forwex may operate with less transparency, potentially engage in unethical behavior, and offer little recourse if issues arise.

Accounts & Banking

Live Accounts

Forwex offers three types of live accounts, the main differences being spreads and leverage:

1. The ‘Zero’ account is the entry-level account, offering leverage up to 1:500 and spreads from 2.0 pips. A minimum deposit of just $10 is required to fund this account, but withdrawal time is up to 72 hours.
2. The ‘Start’ account requires a minimum deposit of $100 but increases available leverage to 1:1000 and reduces typical spreads to 0.8 pips. Withdrawal time is also decreased to 24 hours.
3. The ‘Prime’ account requires a minimum deposit of $5000. You can have a maximum leverage of 1:2000 and enjoy tighter spreads from 0.1 pips. Withdrawal time is also reduced to around 1 hour.

Margin call and stop-out levels are also reduced as you progress through the accounts, and chart look-back data is increased from 30 days to 365+ days.

Forwex incorrectly states on its site that crypto payments are only available on the Prime account, but I was able to fund my Zero account with USDT.

Forwex does not offer Islamic accounts that adhere to Sharia law, nor does it offer PAMM account functionality for money managers.

The broker also does not offer VPS support for autonomous algorithmic trading, limiting its appeal to advanced traders.

Demo Accounts

Forwex is one of the only brokers we’ve evaluated that doesn’t offer a demo account funded with virtual money, so you can only practice trading across its range of available instruments if you risk real money.

Therefore, I had to open a live account from the outset, which I then funded with a small amount of capital to test the platform. This was far from ideal, and I recommend investing only in a live account once you become entirely comfortable with a broker and its platform.

Opening An Account

Getting started with a live account with Forwex is quick and easy.

I simply registered on the site, which took me to a client dashboard where I could set up a maximum of five live accounts.

The only potential delay occurs during the approval process, which can take up to 24 hours due to time zone differences after providing identification documents to verify personal details and country of residence.

There is a reasonable number of five live accounts supported for casual traders, but I’m used to the flexibility of brokers like IC Markets and TopFX, which let me utilize up to 10 live accounts for trading different assets using various strategies.

There’s also no social sign-in option, so unfortunately, I couldn’t dismiss with passwords, but I did have the option to turn on Google Authenticator 2FA for added security.

Christian Harris

Author

Deposits & Withdrawals

Forwex offers flexible funding options. The minimum deposit for the Zero account starts at just $10, making the platform accessible to those with small trading budgets.

The broker provides a range of deposit and withdrawal methods, including credit/debit cards (Visa, Mastercard), bank wire transfers, and local e-wallets in a few supported countries, though annoyingly, excludes prominent global providers like Skrill, PayPal, or Neteller.

There is also a wide range of crypto funding options, including Bitcoin (BTC), Ethereum (ETH), and stablecoins Tether (USDT) and USD Coin (USDC).

Deposits to my Forwex account have typically been instant, except for wire transfers, which take longer. I’ve found withdrawals are usually processed within 48 hours. While Forwex doesn’t charge fees for these transactions, your bank or crypto exchange might impose charges.

Forwex provides an excellent deposit and withdrawal experience. The speedy processing times and absence of unnecessary fees significantly enhanced my overall user satisfaction.

However, it is worth noting that I could only withdraw funds once I verified my account.

Assets & Markets

Forwex primarily caters to forex and CFD traders, but offers a more limited asset selection than the vast majority of the around 500 brokers we’ve evaluated.

Assets include 62 currency pairs (e.g., EUR/USD and USD/JPY), 9 cryptocurrencies (e.g., BTC/USDT and ETH/USDT), and just 2 precious metals (e.g., gold and silver).

Unusually, there are no indices (e.g., S&P 500 and FTSE 100), commodities (e.g., oil and natural gas), stocks, ETFs, or options.

If cryptocurrency trading is a priority, platforms like Eightcap, boasting over 120 crypto pairs, might be a better fit. Similarly, consider CMC Markets, which has over 300 pairs for extensive forex options, while IG offers over 17,000 instruments for a broader asset range.

Another notable area for improvement at Forwex is either a proprietary or third-party solution for copy trading, which may be a disadvantage if you are looking to replicate the strategies of experienced traders.

Fees & Costs

Forwex offers competitive spreads across various assets in its Start and Prime accounts, though the spreads from 2.0 pips in the entry-level Zero account seriously trail DayTrading.com’s cheapest brokers.

The broker incorporates all fees into the spread, eliminating separate commission charges, which may appeal to aspiring day traders looking for straightforward pricing.

However, the Prime account has a small fee of 0.0008% per trade. For example, typical spreads are 0.1 pips for EUR/USD and 2.4 pips for XAU/USD. Overnight rollover fees apply to all positions, though day traders can swerve these.

Forwex is commendable for waiving fees on both deposit and withdrawal bank transfers. However, it’s important to note that additional charges may apply.

Credit card companies often impose transaction fees, and currency conversion fees might be incurred using a different currency than your trading account – either EUR, USD, GBP, or BTC.

Platforms & Tools

Forwex’s proprietary web-based platform is a mixed bag.

On the positive side, the platform is well-presented and very easy to use, even if there’s no dedicated mobile app for iOS or Android.

The dashboard makes it a snap to find assets in the search box, and I’ve found it easy to create a favorites shortlist of my most frequently traded assets.

I also really like the sessions pop-up window, which allows me to visualize global trading sessions’ open and close times, and the split screen option, which lets me open a second chart using TradingView data.

On the downside, the proprietary platform offers minimal chart types and built-in indicators – a huge drawback for experienced day traders. Chart types include only candlestick and tick, so unlike cTrader, there’s no bar, dot, line, area, or HLC option.

There are only eight built-in indicators, too, but switching to a TradingView chart offers a choice of over 100. Frustratingly, though, I haven’t been able to actually place a trade using the TradingView chart. Instead, I have to either toggle back to the proprietary candlestick chart or use a split-screen view – one for technical analysis and one for placing trades – extremely irritating.

I also miss a built-in economic calendar to help me reduce risk by not trading around important events, depth-of-market sentiment (DOM) to see where most traders are heading, and symbol data.

Regarding the latter, I find it important to be able to see a summary of an asset’s fees before making a trade, such as minimum lot size and swap fees (short and long).

Christian Harris

Author

A neat feature is that, like cTrader, you can also use pending orders even while the market is closed, unlike MT5, which doesn’t support this feature.

Forwex doesn’t offer any sophisticated risk management tools. For instance, the platform does not include a trailing stop-loss feature that automatically adjusts stop-loss to break even once positions gain a specified number of pips (e.g., 15).

You can’t set up multiple take-profit levels either, to secure profits in increments. These features can be found in cTrader and can help you to maximize returns while mitigating potential losses.

Research

Forwex’s research offerings will disappoint inexperienced traders who often rely on such features for short-term trading ideas. The platform lacks resources such as market news, webinars, and expert analysis.

Unlike FBS, no economic calendar, pip calculator, or Telegram channel provides market and technical analysis.

However, an inconvenient workaround is that Forwex provides TradingView-powered news, an economic calendar, and basic technical analysis on its website.

Still, if Forwex wants to succeed in this highly competitive market, it has to ramp up its support materials.

Education

Forwex lacks dedicated educational resources. To compete effectively and support its clients, the broker must significantly invest in academic content, including expert insights and trading concepts.

Industry-leading brokers typically offer robust educational platforms encompassing video tutorials, webinars, and written guides on fundamental, technical, and risk management principles. This comprehensive approach is crucial for empowering novice day traders.

For example, TD Ameritrade (Thinkorswim) is renowned for its in-depth analysis tools and educational resources, IG provides a wealth of educational video content for active traders of all experience levels, while Interactive Brokers (IBKR) provides advanced research tools and market data.

Customer Support

As far as customer support is concerned, Forwex is the most disappointing broker we have encountered.

Reputable brokers offer multiple contact channels, including live chat and phone, which makes it easy to get in touch when you have any technical or account issues. Forwex, on the other hand, only provides a ticketing system and basic email services.

Although the ticketing system is conveniently implemented directly into the trading platform, throughout my entire experience, I have yet to receive a single answer to any of my questions.

Infuriatingly, Forwex also marked all my tickets as completed and closed them.

Christian Harris

Author

There is a basic FAQ section on their site, but I was left wanting when trying to find answers to my common questions regarding account types and funding.

Should You Trade With Forwex?

Based on our hands-on experience with the trading platform, Forwex would be far from our first choice.

Although some day traders may like the potential of the proprietary platform and high-leverage options, the number of misleading errors on its website and poor customer support raises red flags.

While the low minimum deposit and competitive spreads make it accessible to day traders at various skill levels, the lack of regulation reduces trustworthiness, the range of tradable instruments could be more extensive, and there are no educational resources.

Overall, there are much better day trading brokers.

FAQ

Is Forwex Legit Or A Scam?

It’s difficult to say whether Forwex is 100% legitimate due to the website’s lack of legal transparency. Furthermore, the need for regulation and multiple registered business addresses raises concerns for our experts.

For example, the registered company address on their website is ‘Positive Markets Ltd. – Nr. 2024-00144, Ground Floor, The Sotheby Building, Rodney Village, Rodney Bay, Gros-Islet, Saint Lucia’, but within the trading platform, the registered address for sending bank payments is ‘Biliq Sunset office space, Bali Ruko Sunset Indah II No. 10, Kuta, Badung, Bali, 80361, Indonesia’.

We suggest caution until Forwex is more transparent about its operating history and becomes regulated by reputable financial authorities.

Is Forwex A Regulated Broker?

Forwex is not regulated in any region based on our investigations, so there is no legal oversight to ensure the company meets specific legal and financial standards.

We suggest choosing a platform licensed by “green-tier” bodies in accordance with DayTrading.com’s Regulation & Trust Rating, such as the FCA in the UK or ASIC in Australia.

Is Forwex Suitable For Beginners?

Forwex may appeal to beginner traders due to its straightforward account opening process, user-friendly platform, and convenient deposit/withdrawal options.

However, the absence of demo accounts and educational resources is a significant drawback for those new to day trading. A risk-free practice environment and guidance are essential for building confidence and knowledge.

Does Forwex Offer Low Fees?

Forwex don’t charge deposit or withdrawal fees, and their spread costs are competitive if you opt for their mid- or top-tier accounts, but they do charge a $10 inactivity fee if no trade is made within the calendar month.

This is a harsh fee, especially for investors who trade infrequently. Other brokers tend to charge inactivity fees after a longer non-trading period, such as 6 months or more.

Is Forwex A Good Broker For Day Trading?

Forwex could be a reasonable broker for day trading because it offers tight spreads, high leverage, and fast execution speeds, which are essential for this trading style.

However, the range of assets is small, there is no support for more advanced third-party trading platforms, and their assistance needs serious improvement.

Furthermore, after examining the broker’s T&Cs, prohibited platform use incredulously includes martingale strategies, pattern strategies, scalping, straddle strategies, swing, and team trading.

Top 3 Alternatives to Forwex

Compare Forwex with the top 3 similar brokers that accept traders from your location.

1. IG – Founded in 1974, IG is part of IG Group Holdings Plc, a publicly traded (LSE: IGG) brokerage. The brand-US offers spread betting, CFD and forex trading across an almost unrivalled selection of 17,000+ markets, with a range of user-friendly platforms and investing apps. For 50 years, IG has maintained its position as an industry leader, excelling in all key areas for traders.
   Go to IG
2. Interactive Brokers – Interactive Brokers (IBKR) is a premier brokerage, providing access to 150 markets in 33 countries, along with a suite of comprehensive investment services. With over 40 years of experience, this Nasdaq-listed firm adheres to stringent regulations by the SEC, FCA, CIRO, and SFC, amongst others, and is one of the most trusted brokers for trading around the globe.
   Go to Interactive Brokers
3. Plexytrade – Established in 2024 and headquartered in Saint Lucia, Plexytrade is an ECN/STP broker. Geared towards active traders, it supports four account options, crypto deposits and withdrawals, plus very high leverage up to 1:2000 made possible by its unregulated status.
   Go to Plexytrade

Forwex Comparison Table

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