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Forwex is a forex broker located in Saint Lucia, regulated by the Financial Services Regulatory Authority (FSRA).
Forwex accepts clients from all over the world, excluding some countries where restrictions apply.
Forex broker offers the following underlying assets for trading.
| 60+ Currency Pairs | Based on major and minor world currencies. |
| 9 Crypto Pairs | Based on Bitcoin, BNB, Dogecoin, Ethereum, Ethereum Classic, Matic, Solana, Ripple, Quant. |
| 4 Metal CFDs | Based on Gold and Silver. |
Registered in 2024 in Saint Lucia, Forex is a relatively new forex broker that offers very high leverage on a fairly small selection of trading instruments. LIke most other offshore forex brokers, Forwex accepts clients from most countries in the world and only requires a very basic sign-up and ID verification (KYC) process for new clients.
Unfortunately for some traders, Forwex does not have a very good selection of assets available for trading. The broker appears to be primarily focused on forex trading, with around 60 such pairs to choose from. Besides that, the only assets Forwex offers is gold and silver, as well as nine crypto pairs. What this means is that pure forex traders will find what they need at this broker, while others will likely find better opportunities elsewhere.
One thing that is certainly an advantage with Forwex, though, is the very high trading leverage that is available here. With up to 1:2,000 in leverage on the most liquid instruments, Forwex is among the forex brokers in the world that offers the highest leverage. This can be a benefit for traders with small trading accounts but solid and profitable trading strategies, but it can also be a danger for traders without good risk management skills. As is well-known in the trading world, leverage is a double-edged sword.
In terms of trading platforms, Forwex has developed its own user-friendly solution that runs directly in the web browser. The platform offers a basic selection of technical analysis and charting tools, as well as a few different types of charts, including basic candlestick charts, TradingView charts, and tick charts. The platform does, in other words, have the tools that most independent traders would need, although very advanced traders may find it lacking in some respects.
New traders who sign up with Forwex will be assigned one out of three types of trading accounts, depending on the size of their initial deposit. At the time of writing, these are:
– Zero account, with no minimum deposit, spreads from 2 pips, and no commissions
– Start account, with a $100 minimum deposit, spreads from 0.8 pips, and no commissions
– Prime account, with a $5,000 minimum deposit, spreads from 0.1 pips, and tiny commissions of 0.0008%.
For any questions about the sign-up process, trading, deposits and withdrawals, etc, Forwex's customer support team can only be reached through email. This certainly puts Forwex behind most other brokers, who generally provide at least a live chat option and sometimes a direct phone number. We do not know why Forwex has not made it easier to contact the support team, but in either case the broker promises that its team is available 24 hours a day, 7 days a week. Whether this is true or not is of course hard to tell when there is no live chat or phone number to call.
In summary, we believe that while Forwex is working to establish itself as a player in the world of offshore forex brokers, there is still some work left to be done. In our view, the broker should first and foremost set up a live chat option on its website to make it easier and faster to reach the support team. Once that is done, a better selection of trading instruments would also make this broker more attractive for a larger number of traders. Until then, there are other offshore brokers out there that offer better terms for most traders.
