Forexer is a global brokerage firm established in 2004, initially named N2 Capital Markets. The company is headquartered in Labuan, Malaysia, and has additional offices in Dubai and other locations. Forexer primarily operates under the regulation of the Labuan Financial Services Authority (LFSA), although it previously held a revoked license from New Zealand's Financial Service Providers Register (FSPR). The broker offers a trading platform based on MetaTrader 5 (MT5), providing access to various asset classes including forex, commodities, and cryptocurrencies.
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Regulatory Regions: Forexer is regulated in Malaysia by the Labuan Financial Services Authority (LFSA). However, the broker's previous license from New Zealand has been revoked, which raises concerns about its regulatory compliance. Users should exercise caution when trading with Forexer due to this mixed regulatory status.
Deposit/Withdrawal Currencies/Cryptocurrencies: Forexer supports deposits and withdrawals primarily through bank wire transfers, credit cards, and e-wallets like Neteller and Skrill. However, the absence of cryptocurrency funding options may limit flexibility for some traders. The broker requires a minimum deposit of $1,000, which is significantly higher than many competitors.
Minimum Deposit: The minimum deposit for opening a live account with Forexer is set at $1,000. This requirement is higher than the industry standard, which typically ranges from $100 to $500, making it less accessible for novice traders.
Bonuses/Promotions: Forexer offers various bonuses and promotions, including a welcome bonus for new clients. However, details regarding these promotions are often vague and may require direct inquiry with customer support for clarification.
Tradeable Asset Classes: Forexer provides a limited selection of tradeable assets, including over 10 forex pairs, several cryptocurrencies like Bitcoin and Ethereum, and a few commodities such as gold and oil. The lack of access to stocks, indices, and a wider range of commodities may deter some traders looking for diversification.
Costs (Spreads, Fees, Commissions): The spreads at Forexer start from 2.5 pips, which is considered high compared to the industry average. While the broker does not charge commissions on trades, the overall trading costs may still be significant due to the high spreads.
Leverage: Forexer offers leverage of up to 1:500, which is attractive for traders looking to maximize their potential returns. However, it is recommended to use lower leverage levels for better risk management, especially for inexperienced traders.
Allowed Trading Platforms: Forexer exclusively utilizes the MT5 platform, which is known for its advanced trading features and user-friendly interface. The platform is available on desktop and mobile devices, catering to traders who prefer flexibility.
Restricted Regions: Forexer accepts clients from various regions but does not cater to traders from the USA, Iran, Syria, Sudan, and North Korea, among others. Potential clients should verify their eligibility before attempting to open an account.
Customer Service Languages: Forexer provides customer support in multiple languages, including English, Arabic, and Persian. The support team is available 24/5 through various channels, including live chat, email, and phone.
Repeated Rating Overview
Detailed Breakdown
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Account Conditions: Forexer's high minimum deposit requirement and limited account types may deter new traders. The absence of a demo account further complicates the onboarding process for beginners.
Tools and Resources: While Forexer offers a range of trading tools within the MT5 platform, the lack of educational resources and market analysis tools may limit traders' ability to make informed decisions.
Customer Service and Support: Forexer has received positive feedback regarding its customer support, with many users noting quick response times and helpful assistance. However, some complaints regarding withdrawal issues remain a concern.
Trading Setup (Experience): The overall trading experience with Forexer is hindered by high spreads and limited asset classes, making it less appealing for traders seeking a comprehensive trading environment.
Trustworthiness: Forexer's mixed regulatory status and negative user reviews regarding withdrawal difficulties raise significant trust concerns. Traders should approach with caution and conduct thorough research before investing.
User Experience: Users have reported a generally positive experience with the MT5 platform, appreciating its features and usability. However, the lack of competitive trading conditions and high costs may lead to dissatisfaction over time.
In conclusion, while Forexer offers a robust trading platform and customer support, potential clients should carefully consider its high minimum deposit, limited asset offerings, and regulatory concerns before making a decision. As highlighted in this Forexer review, due diligence is essential for any trader considering this brokerage.
