Forex Prince Review
Forex Prince offers 2 trading account types. Both of them offer variable spreads and the option to trade in micro lots on the standard MetaTrader 4 platform. The Premium account is commission-free and provides high leverage levels up to 1:1000, while the Pro account involves a commission but offers tighter spreads.
Forex Prince also offers Multi Account Manager (MAM) module, designed for money managers, as well as Islamic (swap-free services) for Muslim clients.
While the minimum initial deposit required by this broker is indeed low, the spreads offered are above the average range of 1.0 – 1.5 pips per standard lot for the EUR/USD pair. In order to get tight spreads, one has to invest at least $2 000, however we do not recommend it, as Forex Prince is an offshore broker.
Besides, maximum leverage levels provided by Forex Prince are too high to allow proper risk management strategy. With leverage of 1:1000 a trader may easily lose a lot more than he or she has deposited.
The Company. Security of Funds
IC GLOBAL LTD
St. Vincent and the Grenadines
Online since 2012, Forex Prince is an offshore broker and Market Maker, offering trading in wide range of currency pairs, precious metals, as well as indices & commodities CFDs on the MT4 platform.
The company behind the brand, IC GLOBAL LTD operates under St. Vincent and the Grenadines (SVG) jurisdiction. Even though the Financial Services Authority is said to regulate and supervise the international financial services providers, the local forex regulatory regime is one of the laxest ones.
In view of all the risks associated with doing business with an offshore broker, we would advise you to select among reputable brokers regulated in the EU (by FCA of CySEC for example) or Australia.
What is more, the Forex Peace Army (FPA) recommends caution dealing with Forex Prince, as there is an FPA Traders Court guilty vote against this company. So, you’d better stay away from this broker.
Forex Prince offers its clients the good old MetaTrader 4 (MT4), available as a desktop download and mobile apps.
MetaTrader 4 is offered by the majority of brokerages. The platform provides all the necessary tools and features for traders to analyze price dynamics of financial instruments (advance charting tools, built-in indicators, back-testing options), execute trades and create & use automated strategies (Expert Advisors).
Note: We’ve tried out Forex Prince’s demo MT4 and were surprised to find out that the spreads on the EUR/USD amount to 0.1 pips and no commission applies. It just looks too good to be true:
Methods of Payment
Forex Prince offers its clients wide range of payment options: via credit/debit card, wire transfer, and third party payment providers such as FasaPay, Skrill, Neteller, WebMoney, Perfect Money, advcash, PayCo, and Bitcoin.
Forex Prince is a forex and CFD broker and Market Maker that supports the MT4. However, we find spreads indicated on its website above the average, and the ones on the demo account too good to be true. Of course, the main problem with this broker is that it is registered offshore.
Forex Prince Review Conclusion
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