Forex FS Review
Forex FS offers its clients a choice of several live account types: Classic commission-free one, a DMA account which provides tighter spreads, but also involves a small commission, as well as a J Forex account. The latter provides the same trading conditions as Dukascopy Bank on its trading platform, while the other two accounts use the MetaTrader 4 platform.
Micro lots are available for trade on both account types and, of course, the broker also provides free Demo accounts for one month.
What is more, Multi Account Manager solutions, such as PAMM accounts are also available with this broker.
The Company. Security of Funds
Established in 2008, Forex FS is an Australian financial services company which acts as a straight through processor between its clients and its banks, holding no proprietary positions. It offers trading in more than 50 currency pairs, as well as precious metals on two trading platforms.
The company behind the Forex FS brand is Forex Financial Services PTY LTD., which holds an Australian Financial Services License and is regulated by the Australian Securities and Investment Commission (ASIC).
ASIC requires licensed financial services providers to meet certain capital requirements and to comply with internal standards including risk management, staff training, accounting and audits. Australian forex brokers must hold at least $ 1 million in order to prove their good financial standing. In addition, all client funds must be held in fully segregated client trust accounts.
Unlike UK and Cyprus-based brokers, however, Australian ones are not covered by any compensation scheme.
Minimum Initial Deposit
Traders are required to deposit $100 in order to open an account with Forex FS, which is average. In comparison, another Aussie broker, IC Markets, demands $200 from its clients to open an account.
Average Spreads & Commissions
As Forex FS offers both fixed and variable spreads, which are quite competitive. Fixed spreads on its commission-free account amount to 1.9 pips on EUR/USD, and variable ones are averaged 0.3 pips on EUR/USD and include a commission of $7 round turn. So average trading costs for the EUR/USD pair are around 1 pips per lot, which is an attractive pricing.
In comparison, IC Markets, provides spreads averaged 1.1 pips on EUR/USD on its Standard commission free-account, and typical ECN spreads of 0.1 pips involving a commission of $6 per standard lot round-turn on the cTrader.
For more information, you may check out and compare real-time spreads of 15 leading brokers here.
The maximum leverage level for clients of Forex FS is high, reaching 1:500. Yet, a number of brokerages, including IC Markets, offer leverage up to 1:500, or even higher.
You should keep in mind that high leverage involves higher risk of losses in excess of initial investments.
Forex FS supports the standard forex trading platform MetaTrader 4 (MT4), as well as Dukascopy’s J Forex.
J Forex Platform comes in as desktop, web & mobile versions with this broker. The platform is designed for traders interested in automated trading and/or developing and testing trading strategies based on the JAVA programming language. In addition, integrated technical analysis tools also allow to follow positions directly from charts.
MT4, on the other hand, provides a full spectrum of trading tools and resources: a number of built-in technical indicators, advanced charting package, wide range of Expert Advisers (EAs) and extensive back-testing environment. By using EAs traders may sit back, while the software does all the work, as these robots allow full automatization of trades.
If you are running EAs, it is vital that your platform is connected to our servers 24 hours a day. The best solution in this case is VPS and Forex FS provides such.
Besides, traders who wish to combine the functionality of the JForex platform with their existing MT4 accounts may consider the third party MT4 to JForex Bridge solution.
Methods of Payment
Forex FS offers its clients the following deposit/withdrawal methods: bank transfer, and popular e-wallet payments Skrill, POLi & Neteller.
Forex FS is a reliable STP broker, offering competitive conditions for trading in around 30 currency pairs, precious metals and crude oil on MT4.
Forex FS Review Conclusion
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