ForexVox group includes 2 related companies.
ForexVox UK - located in the United Kingdom, regulated by the Financial Conduct Authority (FCA).
ForexVox SEY - located in the Seychelles, regulated by the Seychelles Financial Services Authority (SFSA).
Be aware, UK company has some trading restrictions because of the European Securities and Markets Authority (ESMA) influence.
At the same time, SEY company accepts European traders, so one can open a trading account there.
ForexVox accepts clients from all over the world, excluding USA and some other countries where restrictions apply.
Forex broker offers the following underlying assets for trading.
|70+ Currency Pairs||Based on major and minor world currencies.|
|22 Indice CFDs||Based on baskets of different blue-chip stocks and US Volatility Index.|
|9 Metal CFDs||Based on Gold, Silver and Platinum.|
|6 Energy CFDs||Based on Crude Oil (WTI, Brent).|
Regulated in both the UK and the Seychelles, ForexVox is a forex broker that has served traders in Europe and across the world since its formation in 2020. The broker offers trading mainly in forex and equity index CFDs, with tight spreads, and a leverage of up to 1:500 in the Seychelles-based entity.
Interestingly for EU-based traders, the broker does not seem to restrict them from signing up with the offshore entity if they want, which opens up a possibility even for these traders to enjoy the rather high trading leverage.
Despite being regulated offshore, ForexVox is not among the brokers that offer trading in cryptocurrencies, an asset class that has become very popular with traders in recent years. Instead, the broker has chosen to focus on the traditional financial market, with leveraged CFD trading in certain energy commodities and precious metals, in addition to forex and stock indices.
A unique thing about ForexVox is what it calls “The Terminal,” which is essentially a group of chatrooms where traders can discuss the market, follow trade signals, read market commentary, and get access to an up-to-the-second newsfeed. The broker promotes this as a way to help traders deal with the loneliness of trading, and we can definitely see the value in letting clients interact with each other via a service like this.
In terms of platforms, ForexVox has chosen to stick with the legendary MetaTrader 4 (MT4) platform. Despite being one of the oldest trading platforms on the market now, MT4 remains a favorite among many retail traders that are focused on the forex market, largely thanks to a huge selection of trading algorithms that are available on it. As usual, the platform is available in a downloadable version for Windows computers, as well as in a web-based version that runs directly in any web browser.
Like many other brokers we have reviewed here on FX-List, ForexVox offers two account types; one STP-style account without commissions and one ECN account with commission-based trading but tighter spreads. In the case of this broker, the STP account (called “Standard”) comes with spreads starting from 1 pip and a “recommended” initial deposit of USD 100. Meanwhile, the ECN account has a USD 500 recommended deposit, and spreads from 0 pips, making this account type the better option for traders who trade with bigger volume. Both account types give access to all trading instruments offered by ForexVox.
Once an account type has been chosen, the new account must be funded with an initial deposit of at least USD 100. For this, the broker accepts regular bank transfers, as well as the e-wallet services Skrill and Neteller as its main options. Depending on the user’s location, however, other funding methods may also be available upon request, as outlined in the broker’s Funding and Withdrawal Policy document.
Moving over to customer service, it’s pretty clear to us that this broker could and should have done more to make itself more easily reachable. For now, the only way to contact this broker for clients is to use a contact form inside the client area where users can leave their phone number, email address, and a short message. The broker will then get back in touch (hopefully) with a solution to the problem. Unlike many of the larger forex brokers out there, ForexVox has not listed any phone number to its customer service department, and there is also no information about working hours for the support team.
In summary, we believe ForexVox still has a way to go before it truly stands out from its competitors, which there are many of. The broker does not offer a particularly large selection of trading instruments, and also has a way to go to improve its customer support. On the positive side, however, the spreads do appear fairly good on the ECN account. The broker may thus be attractive for those who trade mainly forex pairs on the MT4 anyway.