ForexEE Review

Based in St Vincent and the Grenadines, ForexEE is indeed an ECN broker offering excellent trading conditions (attractive ECN spreads), which does enjoy an outstanding reputation among traders, despite the fact that it does not seem to be regulated.

The regulatory position of the brokerage is indeed special to say the least. One of the primary reasons why brokerages set up shop in St Vincent and the Grenadines is that the local regulatory environment is rather lax. It is easy to obtain a license there. ForexEE is indeed based there, but for some reason it hasn’t bothered picking up a license yet…the story does not seem to add up.

Overview

As said above, the broker is based in St. Vincent and the Grenadines. The exact address of the operation is First St Vincent Bank Ltd Building, James street, Kingstown.

The corporate entity behind the ForexEE brand is a certain NTS Systems Ltd, which is a registered company. Its registration number is: 24957 IBC 2018. What that tells us is that this is a relatively new company, a fact that might explain its peculiar regulatory status too.

Despite that, the official ForexEE site proclaims that the brokerage has effectively been around since 2004 – perhaps it belonged to a different corporate entity in the past.

The broker does not allow US residents to access its services.

 

The main selling point of the operation is its ECN-based nature and the attractive commissions it features (which start from as little as $1). In addition to that, the broker supports a massive range of deposit and withdrawal methods – more than its peers generally do.

Account Types

The broker features no fewer than 5 different account type options, beginning with the STP account and wrapping up with the Crypto one.

The STP Account is the most accessible. It features:

– a minimum deposit requirement of USD 50

– spreads from 0.5 pips

– STP execution

– no commission charged

 

The next step up the account type ladder is the Basic ECN Account. Requiring a minimum deposit of just USD 200, this account type is very accessible as well.

In addition to that, the account offers:

– 0 pip spreads

– ECN execution

– commission of 5 units of base currency per lot

– maximum available leverage of 1:500

The account is a swap-free one.

 

The Advanced ECN Account ups the stakes quite a bit. The minimum required deposit on this one is $1,000. The other perks offered by the account are largely the same as the ones delivered by the Basic ECN account, with the exception that the commission is even smaller at 2.5 base currency units per lot.

Those looking for higher stakes action will probably opt for the Premium ECN Account. This one is not for everyone though. The minimum deposit it requires is $25,000. The commission charged by the ECN Premium account is just 1.8 units of base currency per lot. The maximum available leverage is 1:200.

 

Interestingly, together with a basket of fiat currencies, all ECN  accounts accept BTC as base currency.

The Crypto Account stands out from among the ones discussed above. It too features ECN execution and  a minimum deposit requirement of just $10.

The maximum available leverage on this account type is 1:3. This one is not a swap-free account and it accepts LTC as base currency too. The commission charged by the Crypto Account is 0.5% of trade volume in the base currency.

In addition to all the above, a Demo account is also available. The broker offers a PAMM service as well.

Unlike most of its peers, ForexEE does indeed run an impressive number of promotions.

Such promotions are its 0% commission deposits, its $15 Welcome Bonus for STP as well as its free trial trading signals.

To claim the above said bonus, traders need to register an STP account and they need to contact support via live chat.

Trading Platform/Software

The trading platform featured by the broker is MT4. While there is not much of a selection available in this regard, it has to be said that MT4 is the best in the business. It makes a fully customizable trading environment which allows traders to add and to code their own technical indicators as well as EAs.

The compatibility of MT4 is amazing as well: it works on all major OSs, as well as on Android and iOS, and it even offers a Web Terminal option.

Deposit Options

As mentioned above, the broker accepts a surprisingly diverse range of deposit and withdrawal methods.

VISA and MasterCard make up the backbone of the broker’s payment system, together with Wire Transfer, which is of course also accepted. In addition to this fairly standard range of payment methods, the broker also accepts eWallets, such as Neteller and Skrill.

WebMoney and Visa Qiwi Wallet are also accepted. The transfer methods used for deposits can be used for withdrawals too.

FasaPay, Bitcoin, Bitcoin Cash and even Litecoin are accepted, not to mention Ethereum.

Markets

The market coverage of the broker is fairly standard. It has to be pointed out again that it does not act as a market maker, so price manipulation is really not an issue with Forexee.com.

Customer Support

ForexEE support can be contacted through email ([email protected]), live chat and phone (442035198249).

Safety

The safety of financial transfers to and from ForexEE is excellent.

Final Thoughts

ForexEE is a more than decent trading destination. Its ECN trading conditions are downright impressive. The MT4 trading platform it offers is a major mark in the + column as well.

 

Foreexee Overview
Regulation: N/A