FreshForex Review 2022
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FreshForex is a broker offering forex and CFD trading through several account types and the MT4 platform. This review covers bonuses, demo accounts, leverage, and deposits. We also unpack the broker’s regulation status and determine whether FreshForex is a good, legitimate broker.
FreshForex Company Details
FreshForex, operated by Riston Capital Ltd, is an offshore brokerage established in 2004 and registered in Saint Vincent and the Grenadines. The broker provides over 130 financial instruments to clients from over 200 countries worldwide, as well as a range of educational tools for both beginners and experts.
FreshForex does not accept clients from certain locations, including the United States, Spain, the UK, and North Korea.
The MetaTrader 4 (MT4) desktop platform is the ideal trading solution for all levels of traders. The award-winning, multilingual platform is the most popular forex trading software, delivering a convenient and user-friendly interface with advanced technical features. Users can develop strategies using customisable charting tools, one-click trading, and more. Features include:
- 30+ technical indicators and 24 graphical objects
- 9 time-frames and 3 chart types
- Automated trading (EAs)
- Market execution mode
- Real-time data
The MT4 trading platform is compatible with Windows 7/8/9 and Mac OS PCs and is downloadable once you have completed website registration.
The more advanced MetaTrader 5 (MT5) platform offers a host of advanced tools suitable for professional traders. Users benefit from more timeframes for detailed price movements and a wider range of technical indicators and graphical tools, including moving averages and Fibonacci retracements. Trading robots are also available as well as detailed historical data. Other features include:
- 38+ technical indicators and 44 graphical objects
- 21 time-frames and unlimited number of charts
- Economic calendar
- Market Depth
The MT5 platform is available for download onto Windows and Mac PCs.
FreshForex offers both the MT4 and MT5 web-based terminals, suitable for anyone looking to trade quickly and easily, without the need for a software download. The platforms can be accessed straight from any internet browser and provide all the same features as the desktop platforms. The client member area is also available.
Simply enter your account login details and begin trading straight away.
FreshForex offers six main asset classes:
- Currencies – Trade on over 40 currency pairs including the EUR/USD, GBP/USD and GBP/EUR
- Cryptocurrencies – Access 5 of the most popular cryptos, including Bitcoin and Litecoin
- Stocks – Trade 60 CFDs on corporate stocks, including Microsoft and Ford
- Indices – 11 global indices are available including the FTSE 100 and NASDAQ
- Precious metals – Trade gold and silver CFDs on spot markets
- Energies – Trade on oil and gas
Spreads & Commissions
Spreads at FreshForex are fixed with the Classic account at 2 pips for the EUR/USD and 3 pips for the GBP/USD. Spreads are floating with the Market Pro account, starting at 1.3 pips for the EUR/USD. These are by no means the tightest spreads out there. Minimum spreads at regulated brokers such as XM start from 0.1 pips, for example.
Commission is charged with the ECN account, starting from 0.0030% for forex. Other charges include overnight swap fees which are tripled from Wednesday to Thursday. Overall, FreshForex is a relatively expensive broker to trade with.
The maximum leverage accessible with the Classic account is high at 1:2000. The Market Pro and ECN accounts cap leverage at 1:1000, but even this is higher than most. These leverage rates should be approached with caution as they can seriously increase losses as well as returns.
Both the MT4 and MT5 platforms are available as mobile apps and are compatible with iOS and Android (APK) smart device users. Once the app has been downloaded, users can conveniently access trades and manage their accounts from anywhere, with many of the same desktop features available.
FreshForex offers over 20 fast and free funding methods, including credit/debit cards, e-wallets, cryptocurrencies, Malaysian bank wire, and local deposits in Africa. Deposit requests need to be made within the personal client area, by completing the online payment form. The minimum deposit amounts for cards are 10 USD/EUR. Minimum deposits with other payment methods vary.
Note, PayPal is not available.
Most of the same methods are available, including cards, e-wallets, cryptos, and Malaysian bank wire. Fees are charged for withdrawals, which range from 0.5% for FasaPay and Perfect Money, to 2.5% for cards. The only free e-wallet method is OnlineNaira, though the withdrawal currency is Nigerian Naira.
Withdrawal times for cards and Malaysian banks are 1 – 5 business days and e-wallet applications are processed within 10 minutes. Minimum and maximum withdrawal amounts vary depending on the method and can be found on the website.
FreshForex offers a demo account for users to practice their trading strategies before committing real money in a live account. Traders can choose the amount of virtual funds they wish to trade, however reviews and forums do take issue with the fact the account is archived after 30 days of inactivity.
Bonuses & Promotions
FreshForex offers several promotions, including a $2020 no deposit welcome bonus and a Trade Non-Stop deal which awards users for making a trade every day for 5 consecutive days. Other welcome bonuses include a 200% deposit bonus, a 101% drawdown bonus plus a 30% top-up and stop-out insurance, however, in most cases, you have to deposit or have a balance of $500 to qualify. Referral codes for promos are also occasionally released.
Many offshore brokers offer seemingly attractive bonuses like this, the terms and conditions of which can be challenging and may be too good to be true.
Riston Capital Ltd (FreshForex) is an offshore broker, operating from Saint Vincent and the Grenadines. The lack of a respectable regulatory framework means that some brokers can avoid vigorous financial supervision. We would recommend you think carefully before you create an account with offshore providers due to the risk of scams.
FreshForex offers a range of educational resources and trading tools geared at both beginners and expert traders. The education centre contains articles with tips for profitable trading and price movements, as well as webinars. There is a reading section, though this just contains books on each topic that the broker recommends.
The Forex Analytics section provides various analysis forecasts, as well as practical tools like economic calendars and holiday schedules. Traders can also sign up for a signals service and there is also a shop where you can purchase MT4 expert advisors.
Accounts at FreshForex are rather confusing. The website presents several account types – Real, Partner, Pro Cent, etc. Information is provided on three accounts within the contract specifications page: Classic account, Market Pro account, and ECN account.
There is no minimum deposit requirement, though they recommend $200 for Classic, $400 for Market Pro, and $2,000 for ECN. Base currencies are USD, RUB, EUR, and BTC. All assets are available in all three accounts, as well as the MT4 and MT5 trading platforms. Spreads are fixed with the Classic and floating in the other two accounts and all require a minimum order size of 0.01 lots.
Islamic swap-free accounts are also available at request.
Advantages of opening a real-money FreshForex account include:
- Mobile app
- Bonuses & promos
- Copy trading available
- MT4 and MT5 trading platforms
There are several disadvantages of choosing FreshForex:
- Offshore broker
- Unclear website
- Limited product list
- Some poor customer reviews
Trading times for forex are Monday to Friday from 00:05 am to 24:00 midnight EET (UTC+2, UTC+3 during the summer). Precious metals hours are Monday to Friday from 01:00 to 24:00 EET. Most cryptocurrencies are available 24/7. Specific timings on stocks and indices vary.
You can contact support via:
- Email – email@example.com
- Telephone number – +442070992124
- Live chat – accessible from the top of the page
FreshForex is headquartered at St. Vincent and the Grenadines, Kingstown, Beachmont, P.O. Box 1510, Suite 305 Griffith Corporate Centre.
The MetaTrader trading platforms are both protected with 128-bit secure sockets layer (SSL) encryption to keep data exchanges between servers secure. There is also the option to add dual-factor authentication at the sign-in stage.
FreshForex initially seems like an attractive option for traders, with the selection of bonuses, as well as the educational resources and tools on offer. However, as this review has highlighted, there are red flags, including the offshore regulation, very high leverage and uncompetitive spreads. There are other brokers that we’d recommend first.
FreshForex accepts traders from Australia, Thailand, Canada, South Africa, Singapore, Hong Kong, India, France, Germany, Norway, Sweden, Italy, Denmark, United Arab Emirates, Saudi Arabia, Kuwait, Luxembourg, Qatar and most other countries.
Traders can not use FreshForex from United States, United Kingdom, Spain, Japan, Korea.
Alternatives to FreshForex
If you are looking for alternatives to FreshForex we have compiled a list of the top 5 brokers that are similar to FreshForex below. This list of brokers like FreshForex is in order of similarity and only includes companies that accept traders from your location.
- EagleFX – EagleFX is a popular trading broker offering forex, stocks, cryptos & commodities.
- LQDFX – LQDFX offers online trading with multiple STP accounts and MT4 analysis tools.
- IG Group – IG-US offer spread betting, CFD and Forex trading across a range of markets. They are FCA regulated, boast a great trading app and have over 47 year track record of excellence.
- eToro – eToro is a multi-asset platform which offers both investing in stocks and cryptoassets, as well as trading CFDs. eToro USA LLC does not offer CFDs, only real crypto assets available.
- Pocket Option – Pocket Option is a global binary options broker with sleek proprietary trading platform and competitive range of assets.
How do I open a live FreshForex account?
You can open a live account using the link on the main website page. Once you have provided your personal details, you will then be able to use your member login to access the client area and login to your chosen platform.
Does FreshForex offer a demo account?
Yes, the broker offers a demo account that will expire if not used for 30 days. You can set your own amount of virtual funds.
Does FreshForex offer a no deposit bonus?
Yes, FreshForex offers a $2020 no deposit welcome bonus. Other promotions include a 200% deposit bonus and stop-out insurance.
Does FreshForex accept PayPal?
FreshForex does not currently accept PayPal, however it does accept e-wallets, card payments, and bank wire.
Is FreshForex a legit broker?
FreshForex is an offshore provider and not regulated by a respectable financial supervisory body. This makes it hard to verify the legitimacy of the provider and the broker does receive some negative customer reviews online.
Does FreshForex have trading on the NASDAQ?
Yes – clients can trade on close to a dozen major stock indices, including the NASDAQ.
|FreshForex is a CFD and forex broker offering the MT4 and MT5 trading platforms.|
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