Forex4you is a trading name of E-Global Trade & Finance Group, Inc, which is authorized and regulated by the Financial Services Commission (FSC) of the British Virgin Islands (BVI) under the license number SIBA/L/12/1027. The company provides online trading in currency pairs, commodities, indices, and shares through the MetaTrader 4 (MT4) terminal and their own developed terminal, which is also called “Forex4you”. The leverage can be up to 1:1000 and you can start trading with as low as you would like. The company claims it ensures proper client fund segregation by separating client funds from the company operating funds and keeping them in a variety of banks simultaneously.
Forex4you offers nearly 150 instruments for trading distributed as currency pairs (41), commodities (Gold, Silver, Crude Oil, and Brent Oil), indices (15), and shares (over 50). Spreads depend on the account type. The Cent and Classic accounts offer fixed spread, which is 2 pips for the EUR/USD pair. The Cent NDD and Pro STP accounts offer floating spread, and the minimum value starts at 0.1 pips at the expense of commission. You can trade through the award-winning MetaTrader 4 (MT4) platform and its own developed trading terminal. MT4 provides a variety of powerful interactive charts, analytical functions, and technical indicators. You can trade from anywhere using MT4 for iOS and Android. Quick trading features allow placing orders directly from the carts. Each asset can be shown in 9 timeframes. There are 30 technical indicators and 24 graphic objects included. availableMT4 allows users to trade with custom strategies and automated trading systems through the Expert Advisors.
In addition, E-Global provides its own platform, available as a download version for PC and Mac, as a mobile application for iOS and Android devices, and as a web-based version. It is simple and offers a range of useful trading features such as market depth (level II quotes), slippage control, equity stop loss, etc., the company claims.
There are four types of live accounts, which differ mainly in the offered spread, stop out level, and the imposed commission.
Cent account – The stop out level is 10%, spreads are fixed starting at 2 pips for major currency pairs. Trading is commission free, and the leverage can be up to 1:1,000.
Classic account – The stop out level is 20%, spreads are fixed starting at 2 pips for major currency pairs. Trading is commission free, and the leverage can be up to 1:1,000.
Cent NDD account – The stop out level is 10%, spreads are floating starting at 0.1 pips for major currency pairs. You will be charged a commission of USD10 per lot traded. The leverage can be up to 1:1,000.
Pro STP account – The stop out level is 20%, spreads are floating starting at 0.1 pips for major currency pairs. You will be charged a commission of USD8 per lot traded. The leverage can be up to 1:1,000.
No minimum deposit is required for all types of accounts. However, the company recommends that the Cent account and the Cent NDD account be funded with at least USD50. For the Classic account, the recommended deposit amount is USD500, and for the Pro STP account it is USD1,000.
Customers can make their deposits by card (Visa or Mastercard), Neteller, Skrill and WebMoney The company does not charge fees when you deposit or withdraw. There is a minimum deposited amount depending on the payment providers (USD2-USD10). All deposits are instant. Withdrawals are subject to a service fee (0.8%-2.5%). The transaction time can reach 2-3 business days. The deposited amount should be withdrawn to the same payment system as the one used for deposit. Profits can be withdrawn to any desired payment system.
An inactivity fee of USD10 will be charged if a client has not placed any trade, or does not have any current open trades, or has not performed any balance operations, for a period exceeding 12 (twelve) months. After 24 (twenty-four) months, the inactivity fee becomes USD20.
The “Regulation” document shows that if there is a gap, stop loss orders will be executed at the first available market price. This means that all orders are subject to slippage and stop loss orders are not guaranteed. The company executes stop loss orders only after three accepted price ticks. No document mentions the way the company executes customer’s orders. The FAQ section reveals that Forex4you uses a hybrid business model. It is explained that the company has two licenses and can work as a dealer and as a broker. Working as a dealer means that the company acts as a counterpart of the order. This usually happens if the liquidity provider does not process transactions below a certain volume and such orders are processed within the company, it says. Working as a broker means that Forex4you acts as an intermediate in the order and each order is transmitted directly to the liquidity provider. All this means that the company may act as a market maker at its discretion. In these cases, it is a market maker, and a conflict of interest arises.
It is not clearly stated anywhere whether the company provides a negative balance protection policy. The risk disclosure document informs that the client realizes that there is a chance to lose all invested funds. It is not stated that the client cannot lose more than the initial investment, so be careful.
As a conclusion, Forex4you has only offshore regulation in the British Virgin Islands. It can act as a market maker, so there is a general conflict of interest. You can trade currency pairs, commodities, indices, and shares through the MT4 terminal and the Forex4you platform. You can deposit by debit/credit cards, and e-wallets. Live trading can be started with as low as you would like. Spreads are both fixed and variable depending on the type of account. Pro and ECN accounts offer raw spreads at the expense of commission.