Fair Forex review and ratings

Company information

Fair Forex group includes several related companies.

Fair Forex SVG - legally registered entity located in Saint Vincent and the Grenadines, but not regulated by any government agency.
Fair Forex VU - located in the Republic of Vanuatu, regulated by the Vanuatu Financial Services Commission (VFSC).

Availability

Fair Forex accepts clients from all over the world, excluding some countries where restrictions apply.

Distinctive features

• Simple registration and verification process.
• Telegram group with free trading signals for the clients.
• Tight spreads on major currency pairs.

Trading instruments

Forex broker offers the following underlying assets for trading.

Comprehensive review

Established in 2018 and headquartered in Saint Vincent and the Grenadines and Vanuatu (regulated by VFSC), 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 located in two offshore jurisdictions, and prospective clients should therefore evaluate it carefully before depositing funds.

In terms of the trading experience, Fair Forex has chosen a somewhat untraditional path, offering cTrader as its only trading platform. This marks a change of strategy from earlier ,when the broker offered only the classic MetaTrader 5 (MT5) platform to its clients. Still, cTrader is also a relatively well-known platform that has its own loyal fan base in the forex trading community. The platform was developed by the Cyprus-based company Spotware in 2011, and has remained popular ever since.

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 and Ethereum 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 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.