FreshForex Review 2024


2.5 / 5
FreshForex is #107 in our CFD broker rankings.

FreshForex is a good choice for algorithmic traders looking for extensive expert advisor resources or crypto traders looking for a wide variety of digital assets.

- Daytrading Review Team

FreshForex is an established forex and CFD broker offering 270+ assets on the MT4 and MT5 platforms. This offshore broker promises rapid NDD execution and average withdrawal times of 10 minutes. There are also several account types, high leverage, and algo trading tools to suit different trading experience levels and strategies.

$10
MT4, MT5
Forex, CFDs, indices, commodities, cryptocurrencies
$2020 no deposit bonus
RUB
Visa, Neteller, Skrill, WebMoney, Yandex Money, QIWI, FasaPay, Mastercard, Perfect Money, EasyPay, RBK Money
Forex Trading

FreshForex offers over 40 currency pairs with spreads from 2 pips for EUR/USD, which is not the most competitive vs other brands which typically offer spreads below 1 pip.

Stock Trading

Access a small range of 60+ major corporate stocks including Visa and Deutschebank. Traders can also automate their stock trades using the broker's library of Expert Advisors (EAs).

CFD Trading

Trade CFDs across key asset classes with high leverage up to 1:2000, more than almost every other broker we have evaluated. You can also analyze the broker's 120+ assets using the useful CFD heatmap tool.

Crypto Trading

An impressive selection of over 70 crypto-fiat pairs with a competitive 0.05% commission. You can also access the market 24/7 whilst on-the-go using the broker's mobile apps.

✓ Pros

  • Competitive range of account types, including ECN, Cent and Swap-Free, plus a flexible demo account for beginners
  • Wide selection of free and fast payment methods, including e-wallets, cryptocurrencies and local banks
  • A choice between MT4 and MT5, plus Huckster EA shop and VPS server access for algorithmic traders
  • Good additional trading tools on offer, including forex, CFD and stocks heatmaps
  • A range of attractive bonuses including deposit bonuses and cashback deals

✗ Cons

  • Offshore and unregulated broker
  • Limited range of instruments compared to alternatives
  • US, UK, China and other countries not supported
  • Some poor user reviews

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.

Trading Platforms

MetaTrader 4

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:

FreshForex MT4 platform
FreshForex MT4 platform

The MT4 trading platform is compatible with Windows 7/8/9 and Mac OS PCs and is downloadable once you have completed website registration.

MetaTrader 5

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:

The MT5 platform is available for download onto Windows and Mac PCs.

MetaTrader WebTrader

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.

Markets

FreshForex offers six main asset classes:

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.

Leverage

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.

Mobile Apps

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 mobile trading
FreshForex mobile trading

Payment Methods

Deposits

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.

Withdrawals

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.

Demo Account

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.

Regulation

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.

Additional Features

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.

FreshForex economic calendar
FreshForex economic calendar

Account Types

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.

Trading Hours

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.

Customer Support

You can contact support via:

FreshForex is headquartered at St. Vincent and the Grenadines, Kingstown, Beachmont, P.O. Box 1510, Suite 305 Griffith Corporate Centre.

Security

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 Verdict

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.

Top 3 Alternatives to FreshForex

Compare FreshForex 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. World Forex – World Forex is an offshore broker registered in St Vincent and the Grenadines, offering 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.
    Go to World Forex
  3. Interactive Brokers – Interactive Brokers (IBKR) is a premier brokerage for experienced traders, 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

FreshForex Comparison Table

Compare FreshForex With Similar Brokers
FreshForex IG World Forex Interactive Brokers
Rating 2.5 4.4 4 4.3
Markets Forex, CFDs, indices, commodities, cryptocurrencies CFDs, Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, Crypto, Spread Betting Forex, CFD Stocks, Metals, Energies, Cryptos, Digital Contracts Stocks, Options, Futures, Forex, Funds, Bonds, ETFs, Mutual Funds, CFDs, Cryptocurrencies
Demo Account Yes Yes Yes Yes
Minimum Deposit $10 $0 $1 $0
Minimum Trade 0.01 Lots 0.01 Lots 0.01 Lots $100
Regulators FSA FCA, ASIC, NFA, CFTC, DFSA, BaFin, MAS, FSCA SVGFSA FCA, SEC, FINRA, CBI, CIRO, SFC, MAS, MNB
Bonus $2020 no deposit bonus 100% Deposit Bonus
Education No Yes No Yes
Platforms MT4, MT5 Web, ProRealTime, L2 Dealer, MT4, AutoChartist, TradingCentral MT4, MT5 Trader Workstation (TWS), Desktop, GlobalTrader, Mobile, Client Portal, AlgoTrader, OmniTrader, eSignal, TradingCentral
Leverage 1:2000 1:30 (Retail), 1:250 (Pro) 1:1000 1:50
Payment Methods 11 6 10 6
Visit Visit Visit Visit
Review IG
Review
World Forex
Review
Interactive Brokers
Review

Compare Trading Instruments

Compare the markets and instruments offered by FreshForex and its competitors. Please note, some markets may only be available via CFDs or other derivatives.

Compare FreshForex Trading Instruments
FreshForex IG World Forex Interactive Brokers
CFD Yes Yes Yes Yes
Forex Yes Yes Yes Yes
Stocks Yes Yes Yes Yes
Commodities Yes Yes Yes Yes
Oil No Yes Yes No
Gold Yes Yes Yes Yes
Copper No Yes No No
Silver Yes Yes Yes No
Corn No No No No
Crypto Yes Yes Yes Yes
Futures No Yes No Yes
Options No Yes No Yes
ETFs No Yes No Yes
Bonds No Yes No Yes
Warrants No Yes No Yes
Spreadbetting No Yes No No
Volatility Index No Yes No No

FreshForex vs Other Brokers

Compare FreshForex with any other broker by selecting the other broker below.

 

Customer Reviews

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FreshForex is an established forex and CFD broker offering 270+ assets on the MT4 and MT5 platforms. This offshore broker promises rapid NDD execution and average withdrawal times of 10 minutes. There are also several account types, high leverage, and algo trading tools to suit different trading experience levels and strategies.

FAQ

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.