Forexland foreign exchange brokers specializing in providing foreign exchange trading services, the company's official website https://memberarea.forexland-fx.com/en/live_signup, about the company's legal and temporary regulatory information, the company's address Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH 96960.
Forexland Forex Broker
Basic Information
Marshall Islands
2-5 years Suspicious Regulatory License Suspicious Scope of Business High potential riskCompany profile
Rating Index
STP Standard
Forexland Forex Broker - Complete Information Guide
1. Broker Overview
Forexland, operating under the trading name of Nidex Limited, was established in 2021. The brokerage is headquartered in Beachmont Business Centre, Kingstown, Saint Vincent and the Grenadines. As a private entity, Forexland primarily serves retail forex traders, offering a range of financial instruments and trading services.
The company claims to provide a platform for trading various assets, including forex, commodities, and cryptocurrencies. However, it has been flagged by multiple sources as lacking regulatory oversight, which raises concerns about its legitimacy and the safety of clients' funds. The development history of Forexland is marked by significant milestones, including its establishment and the launch of its trading platform, but it has not yet achieved any notable regulatory recognition.
Forexland operates primarily in the retail forex market, catering to individual traders looking for opportunities in currency trading. The business model appears to focus on providing access to leveraged trading, which is appealing to many retail investors. However, the absence of a regulatory framework casts a shadow over its operations, making it essential for prospective clients to exercise caution.
2. Regulatory and Compliance Information
Forexland is not regulated by any major financial authority. The broker claims to be registered in Saint Vincent and the Grenadines, a jurisdiction known for its lenient regulatory environment. According to various sources, the Financial Services Authority (FSA) of Saint Vincent and the Grenadines does not license forex brokers, which means that Forexland operates without any regulatory oversight.
The absence of regulation implies that Forexland does not have a regulatory license number, nor does it participate in any investor compensation schemes. This lack of oversight raises significant concerns regarding the protection of client funds, as there are no legal safeguards in place. Furthermore, Forexland's operations do not adhere to Know Your Customer (KYC) and Anti-Money Laundering (AML) compliance measures, which are standard in regulated environments.
In summary, the lack of regulatory oversight and compliance measures makes Forexland a risky choice for investors. It is crucial for traders to consider these factors and seek regulated alternatives to ensure the safety of their investments.
3. Trading Products and Services
Forexland offers a limited range of trading products, primarily focusing on forex currency pairs and a few commodities. The broker provides access to major currency pairs such as EUR/USD, GBP/USD, and USD/JPY, as well as various minor and exotic pairs. However, the total number of forex pairs available is not explicitly stated.
In addition to forex trading, Forexland claims to offer Contracts for Difference (CFDs) on commodities and cryptocurrencies. However, details regarding the specific commodities and cryptocurrencies available for trading are sparse, with no clear indication of product updates or new additions to their offerings.
The broker primarily targets retail traders, offering a single account type with a minimum deposit requirement of $500. While Forexland does provide some rebates on trading activity, the overall product range is limited compared to more established brokers, which often provide a wider variety of instruments, including stocks and indices.
Forexland's services do not appear to extend to institutional clients or offer white-label solutions, which further limits its appeal in the broader financial services market.
4. Trading Platform and Technology
Forexland offers its clients access to the popular MetaTrader 4 (MT4) trading platform, which is widely recognized in the forex trading community. The platform is available for various operating systems, including Windows, macOS, iOS, and Android. However, there is no mention of support for the newer MetaTrader 5 (MT5) platform.
The trading execution model used by Forexland is not clearly defined, with indications suggesting a potential STP (Straight Through Processing) model. The broker's technical infrastructure, including server locations, remains unspecified, which raises concerns about latency and execution speed.
Forexland does not appear to offer any proprietary trading platform or advanced trading tools, such as algorithmic trading capabilities or custom indicators beyond what is available on MT4. This limitation may hinder traders seeking a more sophisticated trading experience.
Additionally, Forexland does not provide API access for automated trading, which further restricts the trading capabilities for more experienced traders. Overall, the technological offerings of Forexland may not meet the expectations of traders looking for advanced trading functionalities.
5. Account Types and Trading Conditions
Forexland offers a single trading account type, the STP standard account, which requires a minimum deposit of $500. The account features spreads starting from 0.8 pips, with average spreads reported at around 1.8 pips for major currency pairs like EUR/USD and USD/JPY. However, the specific commission structure is not clearly defined.
The broker does not appear to offer any advanced account types, such as VIP or professional accounts, nor does it provide options for Islamic accounts or corporate accounts. The lack of a demo account is another notable drawback, as it limits the opportunity for potential clients to practice trading before committing real funds.
Forexland provides a maximum leverage of 1:500, which can be appealing to traders looking to amplify their trading potential. However, such high leverage also comes with increased risk, and traders should exercise caution when utilizing it.
The broker's overnight fees and policies regarding margin calls or stop-outs are not explicitly detailed, which may leave traders uncertain about potential costs associated with holding positions overnight.
6. Fund Management
Forexland supports a limited range of deposit methods, including bank transfers and cryptocurrencies. The minimum deposit requirement is set at $500, which is relatively high compared to many regulated brokers that offer accounts with lower minimums.
The processing time for deposits varies, with bank transfers taking up to three business days and cryptocurrency transactions typically processed within 24 hours. However, Forexland does not disclose any deposit fees, although clients should be aware that their payment providers may impose additional charges.
Withdrawal methods are not well-defined, and there are indications that clients may face challenges when attempting to withdraw their funds. The processing time for withdrawals is also unspecified, which could lead to delays and frustration for traders trying to access their capital.
Furthermore, Forexland does not provide a clear fee structure for withdrawals, raising concerns about potential hidden fees that could impact clients' ability to retrieve their funds.
7. Customer Support and Educational Resources
Forexland offers customer support through various channels, including phone, email, and an online chat feature. The support team is available 24/5, which allows them to assist traders during the trading week. However, the quality and responsiveness of customer support have not been thoroughly evaluated in available reviews.
The broker claims to provide multilingual support, but specific languages offered are not detailed. This could pose challenges for non-English speaking clients seeking assistance.
Unfortunately, Forexland does not appear to offer any educational resources or market analysis services, such as webinars, tutorials, or research reports. This lack of support may hinder the development of novice traders who rely on educational materials to enhance their trading skills.
The absence of trading tools, such as calculators or signal services, further limits the resources available to clients, making it essential for traders to seek external educational opportunities to improve their trading knowledge.
8. Regional Coverage and Restrictions
Forexland targets a global market, primarily focusing on regions such as Asia, including countries like Vietnam, China, Japan, and South Korea. However, the broker's regulatory status raises questions about its legitimacy in these markets.
There is no clear information regarding regional offices or the specific countries from which Forexland accepts clients. Additionally, it is important to note that potential clients from certain jurisdictions may face restrictions due to local regulations regarding unregulated brokers.
In conclusion, Forexland presents itself as a forex broker with various trading opportunities; however, the absence of regulatory oversight, limited product offerings, and unclear fund management policies raise significant concerns. Traders are strongly advised to conduct thorough research and consider regulated alternatives to ensure the safety of their investments.
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During a period of about two hours on August 2nd, more than ten trades were conducted and funds were lost. Although they were associated with four traders, the lots were different, but all of them were the same trades and were likely carried out through automated trading + alpha. Despite the fact that FOREXLAND prohibits trading with more than 80 lots or scalping within one minute, the trading results ignored these restrictions. They are considered to be part of the same group because they have the same IB code for FOREXLAND. Furthermore, I have previously purchased products from them, and the receipt at that time was issued under the name "Solid Arise Co., Ltd.", so they must be affiliated with that company. I pray that the damage does not spread any further and report this. I am attaching the copy trading results of one of the four individuals, Yamato: yamatosmarflash. FOREXLAND intends to compensate for slippage, but the payment will be made in Bitcoin.
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