Fair Forex is a legally registered forex broker located in the Saint Vincent and the Grenadines, but not regulated by any government agency.
Fair Forex accepts clients from all over the world, excluding some countries where restrictions apply.
Forex broker offers the following underlying assets for trading.
|45+ Currency Pairs||Based on major and minor world currencies.|
|13 Crypto Pairs||Based on Bitcoin, Bitcoin Cash, Dash, Ethereum, Ethereum Classic, Litecoin, Ripple, Monero.|
|30+ Indice CFDs||Based on baskets of different blue-chip stocks, US Dollar Index and Volatility Index.|
|5 Metal CFDs||Based on Gold, Silver, Copper, Zinc, Aluminium.|
|6 Energy CFDs||Based on Crude Oil (WTI, Brent) and Natural Gas.|
|7 Soft CFDs||Based on Coffee, Corn, Cotton, Cocoa, Sugar, Soybean, Wheat.|
|3 Bond CFDs||Based on US and German securities.|
|25+ Stock CFDs||Based on shares of US companies.|
Established in 2018 and headquartered in Saint Vincent and the Grenadines, Fair Forex is an offshore forex and CFD broker that offers trading in forex, stock CFDs, many popular cryptocurrencies, as well as most other traditional asset classes. The forex broker is unregulated, and prospective clients should therefore evaluate it carefully before depositing funds.
In terms of the trading experience, Fair Forex has chosen to follow a traditional and familiar path with MetaTrader 5 (MT5) as the only trading platform it offers. As most of our readers probably know, MT5 is the successor of the wildly popular MT4 platform developed by MetaQuotes Software - one of the true pioneers of online forex trading for retail investors. In addition to advanced technical analysis tools, intuitive charts, and easy order placement, MT5 also comes with a huge selection of custom indicators and trading strategies in the built-in marketplace for “Expert Advisors.”
During the sign-up process, Fair Forex offers new clients the choice between three types of trading accounts; Raw Spread, Standard, and Pro. In addition, the broker also has an Islamic account type available on request.
As the name implies, the lowest spreads can be found on the Raw Spread account, but this is also the account where traders pay the highest commissions. At the time of this review, the standard commission on the Raw Spread account is USD 6 per round-turn per lot, and with spreads from 0 pips.
Because of the relatively high commission fee on the Raw Spread account, smaller traders will probably find that the STP-style Standard account offers a better deal. Here, spreads start from 0.8 pips on the most liquid trading pairs, and all trades are commission-free.
Lastly, the Pro account also offers low spreads starting from 0 pips and commissions from USD 5. However, the catch here is that a minimum deposit of a whopping USD 10,000 will be required in order to open the account.
Once signed up, trading accounts with Fair Forex can be funded with bank wire transfers, major credit and debit cards, PayPal, Zelle, Cash App, as well as direct Bitcoin payments. No fees are charged by the broker to process deposits, but a USD 5 to 10 fee will be charged for withdrawals via bank wire. Further, the broker also makes it clear that a 5% fee will be charged if a client decides to withdraw a deposit without having made any trades.
When it comes to customer service, Fair Forex’s support team can be reached via phone, email, or by joining the broker’s own chat group on the popular messaging app Telegram. Unfortunately, the broker does not state its support team’s working hours, which makes us doubt that 24 hour live support is really available.
All in all, we believe it’s important for new traders to be aware that Fair Forex is still a relatively new player in the forex broker industry. This essentially means that it does not have much of a track record to show yet, which could pose a problem for the perceived credibility of offshore-based unregulated brokers like Fair Forex. However, that is not to say that this is a bad forex broker.
Lastly, we view the broker’s spreads and commissions as acceptable, although calling them “some of the industry’s lowest and most enticing,” as Fair Forex does, is a bit of an exaggeration in our view.