This Trading Platform is available in Ukraine
FreshForex generally receives mixed feedback from users. Traders appreciate the broker's competitive spreads and a variety of account types, which cater to different trading styles. The ease of account setup and the speed of execution are also highlighted as positives. However, some users express concerns over customer service responsiveness, with reports of slow support and difficulties in communication when issues arise. Additionally, there are occasional mentions of challenges with withdrawals, where users have faced delays or complications in receiving their funds. It's important for potential clients to weigh these user experiences and consider testing the platform with smaller amounts before fully committing.
- High leverage
- Variety of account types
- Bonuses and promotions
- Educational resources
- Not regulated by a top-tier financial authority
- Inactivity fee
* The amount that will be credited to the account in the case of a successful deal
* General Risk Warning: Your capital might be at risk
If you are looking for a reliable broker for online forex and CFD trading, you may be familiar with how frustrating it can be to find one that meets all your needs. Frustration was mounting within John (a close friend and an avid trader) as he searched through yet another online forex trading site.
Time and time again, we had both come across a site that looked promising but then would discover hidden fees and restrictions that made it not worth our time. We were both beginning to feel like we would never find a good online forex broker… until John stumbled across FreshForex.
I will be honest: when John first told me about this broker, I was skeptical. I had been burned too many times in the past and was not interested in trying FreshForex. But John is a persuasive guy, so he eventually talked me into giving it a go. I’m glad he did.
Since we started trading with FreshForex, we have not had any issues whatsoever. The customer service is excellent, and the platform is user-friendly. Launched in 2004, FreshForex is a well-established broker that has built a solid reputation over the years.
Based in St. Vincent and the Grenadines, its operations are regulated by the Commodity Futures Trading Commission (CFTC) and the National Futures Association (NFA), a self-regulatory organization. One of the first things you will notice about FreshForex is its extensive range of account types.
In this FreshForex review, I will take you through the five different account types you will find on FreshForex, how to set them up, and other relevant features that forex traders will appreciate.
FreshForex was established in 2004 as an offshore brokerage company operated by Riston Capital Limited. The company is based in St. Vincent and the Grenadines, a popular jurisdiction for forex brokers.
In 2013, FreshForex received an FSMA license from the Financial Services Authority (FSA), making it one of the few regulated brokers in the country. Today, the company is one of the leading brokers in terms of its monthly trading volume.
In addition, the broker boasts more than 20 international awards, including the title the “Best ECN Broker” in 2015 and 2016 and the “Best Bonus Program” in 2017. With its offer of more than 130 trading instruments ranging from CFDs to Forex and even energy products, FreshForex is suitable for both beginner and experienced traders.
The broker’s services are available in 7 languages: English, Russian, Spanish, Portuguese, Chinese, Hindi, and Bahasa Indonesia.
Types of Accounts Offered
As for the account types, FreshForex offers four main account types for its clients: Classic, Market Pro, and ECN. The good news is that there is no minimum deposit requirement for any of these accounts, which makes them very accessible for beginner traders.
The Classic account is the most basic account type and is designed for beginner traders who want to get their feet wet in forex trading. With this account type, you will get access to leverage of up to 1:2000 and tight spreads starting from 2 pips. The Market Pro Account is designed for more experienced traders looking for lower spreads and faster order execution.
It supports over 130 trading instruments. Spreads on this account start from 0.1 pips, and you will get access to leverage of up to 1:1000. The ECN account is the most advanced account type offered by FreshForex. This account gives you direct access to the interbank market with spreads starting from 0 pips. You will also enjoy lightning-fast order execution and leverage of up to 1:1000.
They also offer Islamic accounts or non-swap accounts for clients who are of the Muslim faith. These accounts comply with Shariah law and do not charge overnight swap fees. Keep in mind that the amount of leverage you get to enjoy depends on the regulator in your country as well as your account type.
For example, EU clients will only be able to get leverage of up to 1:30 due to the new ESMA regulations. Also, it is important to note that at such high leverage levels, there is a greater risk of your account being wiped out, so you need to trade carefully.
How to Open an Account
Opening an account with FreshForex is a very straightforward process. All you need to do is go to the broker’s website and fill out the online registration form. First, register with details such as your name, phone number, and email address as you open your account.
Once you have registered for an account, you will need to go through the verification process. You will need to upload a copy of your passport or national ID and proof of address. The verification process is usually quick and easy. Once your account has been verified, you can deposit funds into your account and start trading.
Deposit and Withdrawal Methods
FreshForex offers a wide range of deposit and withdrawal methods to its clients. These include bank wire transfers, credit/debit cards, and popular e-wallets such as Skrill, Neteller, and WebMoney.
Cryptocurrencies are also accepted as payment; therefore, if you have Bitcoin, Bitcoin Cash, Litecoin, USDC, USDT, Ethereum, Ripple XRP, and ZCash, you can use them to fund your account.
The minimum deposit amount is $1 for most methods except bank wire transfer which has a minimum deposit amount of $500. This broker charges zero deposit fees. As for withdrawals, you can withdraw a minimum of $1 via bank wire transfer and $5 via all other methods.
You can withdraw your profits via the same method that you used to deposit funds into your account. There is also no maximum withdrawal limit except the ones put in place by your bank or payment method. The good news is that when you need your money, you can withdraw it within 24 hours.
FreshForex Markets and Products
The main focus of FreshForex is forex trading; however, the broker offers a decent selection of other markets for its clients to trade. These include CFDs on indices, precious metals, energies, and cryptocurrencies.
In total, there are over 130 financial instruments available for trading. The list of currency pairs offered by FreshForex includes all the major, minor, and exotic pairs.
There are over 40 currency pairs on the platform. Some of the more popular currency pairs that are traded include EUR/USD, GBP/USD, USD/JPY, AUD/USD, and NZD/USD.
The broker also offers CFDs on several popular indices such as the Dow Jones Industrial Average (DJIA), NASDAQ, S&P 500, and Nasdaq Composite, to mention a few. You will also be able to trade commodities such as gold, silver, oil, and gas.
If you want to diversify your portfolio, FreshForex offers CFDs on several cryptocurrencies, including Bitcoin, Ethereum, Litecoin, and Bitcoin Cash.
One thing that makes FreshForex stand out from other brokers is its choice of trading platforms. The broker offers the popular MetaTrader 4 (MT4) platform as well as its own custom-built web trading platform.
The web trading platform is designed for traders who want to trade on the go and do not want to be constricted by having to download and install any additional software. The web trading platform can be accessed from any internet-enabled device such as a laptop, smartphone, or tablet.
The broker also offers the MetaTrader 4 mobile trading app for those who prefer to trade on the go. The MT4 app is available for Android and iOS devices and can be downloaded from the respective app stores. The MetaTrader 4 platform is the most popular forex trading platform in the world and is used by millions of traders.
The platform comprises a wide range of features and tools that novice and experienced traders can use. Some of the more popular features include advanced charting tools, a wide range of technical indicators, as well as backtesting, and automated trading capabilities. The MetaTrader 4 platform is available in over 20 languages, making it accessible to traders worldwide.
Moreover, FreshForex also supports the new Meta Trader 5, an advanced version of the MetaTrader 4 with more powerful features. Meta Trader 5 offers more timeframes for detailed analysis and a diverse collection of technical indicators suitable for professional traders looking for a more sophisticated trading experience.
Education and Research
FreshForex offers a wide range of educational resources that can be accessed by both its clients and non-clients. There is a comprehensive education center on the website that contains a wide range of tutorials, articles, webinars, and video courses that cover all aspects of forex trading.
The tutorials and articles are categorized into different levels, which makes it easy to find the content that is most relevant to your level of experience. The video courses are also grouped into beginner, intermediate, and expert levels. In addition to the educational resources, FreshForex also provides a range of research tools and resources that can be used by its clients.
These include an economic calendar, market analysis, as well as a range of trading signals. The economic calendar provides traders with information on upcoming events and releases that could have an impact on the markets. The market analysis is provided by professional analysts and covers a wide range of asset classes.
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Bonuses and Promotions
FreshForex offers several bonuses and promotions that can be used by both new and existing clients. New clients can take advantage of the welcome bonus, which is offered on the first deposit.
Some of the platform’s active promotions include a 10% plus replenishment on all crypto deposits.
There is also a 300% bonus for every deposit made with selected payment methods. Additionally, the broker also offers a cashback program which gives traders up to $20 per lot traded. While most brokers in the market also offer bonuses and promotions, it is important to note that FreshForex’s promotions come with very favorable terms and conditions.
For example, the 300% deposit bonus has a maximum limit of $3,000, which is significantly higher than what is offered by other brokers. The 10% replenishment bonus on crypto deposits also has no maximum limit. The cashback program is also one of the most generous in the market as it gives traders a chance to add more to the profits gained in their trading activities.
Commission and Fees
FreshForex is a commission-free broker, which means that it does not charge any commissions on trades. Instead, the broker makes its money through the spread. The spreads offered by FreshForex are very competitive and start from as low as 0.0 pips for major currency pairs to as high as three pips for the GBP/USD pair.
The average spread for major currency pairs is 1.2 pips. In addition to the spreads, FreshForex also charges a small overnight fee which is calculated as a percentage of the total value of the trade. The overnight fee starts from 0.003% and goes up to 0.011%.
The broker also charges a small inactivity fee of $5 per month for accounts that have been inactive for more than three months. Overall, the fees charged by FreshForex are very reasonable and are in line with what is charged by other brokers in the market.
Ease of Use
When it comes to ease of use, you will be pleased to know that FreshForex offers one of the most user-friendly trading platforms in the market.
The broker’s website is easy to navigate. The platform can be accessed directly from the website or through the mobile app, which is available for Android and iOS devices.
The platform is also available in several languages, which makes it accessible to traders from all over the world. What’s more, there is a demo account that beginners can use to practice their trading strategies without having to risk any real money.
FreshForex offers customer support 24/5 in a number of languages, including English, Russian, Chinese, and Vietnamese. You can easily contact them through email, live chat, or telephone. In my experience, their customer support was responsive and helpful. The team was able to answer all relevant questions in a timely and professional manner.
Is FreshForex a regulated broker?
Yes, FreshForex is a regulated broker. The broker is licensed by the Financial Commission, an independent organization providing dispute resolution services for the forex and CFD industry.
What is the minimum deposit required to open an account with FreshForex?
The minimum deposit required to open an account with FreshForex is $100.
What is the maximum leverage offered by FreshForex?
The maximum leverage offered by FreshForex is 1:1000.
What are the deposit and withdrawal methods available with FreshForex?
FreshForex offers a number of deposit and withdrawal methods, including credit/debit cards, bank wire transfers, and several e-wallets.
How do I withdraw money from my FreshForex account?
Withdrawals can be made through the same method that was used to make the deposit. The minimum withdrawal amount is $1.
So there you have it, a complete review of FreshForex. Overall, I was impressed with what the broker has to offer. The broker is ideal for both beginner and experienced traders as it offers a wide range of tradable assets, competitive spreads, and generous bonuses and promotions.
What’s more, the broker also offers a user-friendly trading platform and excellent customer support. If you are looking for a reliable and reputable broker to trade with, I would recommend giving FreshForex a try.
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