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Forex Optimum Review

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Forex Optimum was founded in 2009 as a CFD and FX broker. The company is located in St. Vincent & the Grenadines and has served more than 3,000,000 clients since its establishment ten year ago. Although the company offers only two types of account, minimum deposit requirements and leverage options are extremely high. Except for trading CFDs on stocks, both accounts come with no commissions. This broker could be the right choice for you.

Account Types

Forex Optimum allows you to choose from two account types. The options are either the Cent or Standard account. There are two additional bonus opportunities for Standard accounts, as well as differing deposit requirements. The rest of the details, such as leverage options and trade sizes, are identical regardless of which account you choose. Below is a comparison of the account types.

Standard account
Cents Account

For the Cent account, the deposit minimums are particularly low, which should make it attractive for beginners or those who don’t have much. The Standard account has a minimum deposit that is quite low, so traders will have a lot of options. Spreads, leverage options and commission fees for both accounts are the same. Both account types offer swap-free accounts. Demo accounts are also available for free.

Platform

Forex Optimum only offers MetaTrader 4, a popular trading platform. This program is suitable for traders of all skill levels. It can be used by beginners as well as more experienced traders who want to gain access to more data. Many prefer the older version of the platform as it is more user-friendly and intuitive. Traders shouldn’t be disappointed by MT4’s advanced charting capabilities, multiple technical indicators and graphical objects, as well as automated trading. MT4 is available for download on MAC or PC through Forex Optimum. Navigate to ‘Make a Profit, Trading Platform’ and select the device. You can also download MT4 for mobile trading via the App Store and Google Play.

Leverage

Both account types have leverage options up to 1:1000. This broker offers a 5-star service for this type of account. It is considerably higher than the minimum leverages available elsewhere. You shouldn’t choose a higher leverage, especially one that high, if this is something you don’t have the ability to handle. If you are less experienced, we recommend starting with a lower leverage. It’s incredible to see the options available. You won’t have any problems moving up if you start with a lower option. You should not have any complaints if you are a fan of high-risk, high-reward trading.

Trade Sizes

Standard accounts allow trading micro lots. However, the Cent account has a minimum trade size of 0.1 lot. The volume limit for trades that can be opened is between 20 and 40 lots. For exact information on the maximum size of your trade, click the “Specification” button in the Market Watch window. Then, refer to the “Maximal Volume” line. This broker has a margin call level of 20% and a stop loss level of 50%. Margin call will prevent you from placing new trades. However, reaching the stop loss level will force your positions to close automatically. Every Forex broker has this process in place to prevent accounts from reaching negative balances.

Trading costs

Commissions are charged at 0.1% of the trading transaction, but they are not charged for trading with CFDs on Stocks. This means that you can trade currency pairs as well as CFDs on commodities, metals, and ADRs without having to pay any commission fees. Swap fees are also applicable. Swap fees will be applicable if a position remains open for more than 24 hours from Wednesday through Thursday. The trading terminal updates daily data on the swap size at 23:55. You should also pay attention to spread, which is the difference in the ask and bid prices. These fees make the broker a profit, but we’ll say that they are reasonable as they are only applicable to stocks.

Assets

Forex Optimum has more than 100 instruments. It offers CFDs on stocks and metals, indexes and commodities in 29 currency pairs. ADRs are available with spreads starting at 1.2 pips. This broker does not offer crypto trading. By selecting “Make a profit” and selecting “Financial Instruments” from the drop-down menu, you can see all available assets. You can also view the minimum spread for each asset and the swap fees.

Spread

Spreads are available for both accounts types at 1.2 pip each, so it is not necessary to compare them. Although this is not the best offer we have seen, it is an option for account types that only require small deposits. Spreads can be higher than this and commission fees are often added by other brokers. Trading fees are not charged for stock CFDs. However, commissions can be avoided.

Minimum Deposit

A Cent account can be opened with a minimum of $10 deposit. Although we do occasionally see such a low offer, the industry average is closer to $100. This option is great for beginners or people who are afraid of making large deposits. Although the $300 minimum deposit for the Standard account may be higher than the average, it is still reasonable and traders should not feel limited by this minimum.

Deposit Methods and Costs

Fasapay and Neteller are all available for deposits. Some popular options such as Visa/MasterCard or bank wire are not included in the list. The good news is that WebMoney is the only deposit option that charges fees. This method charges a 0.8% fee for transfer and a 0.8% bonus on the amount that was deposited. You’ll get a 50% bonus for your first deposit using any payment method, provided you deposit at least $100.

Withdrawal Procedures and Costs

You can withdraw from all deposit options. Only AccentPay, QIWI and local exchange offices charge no fees. Fasapay charges 0.5%, WebMoney charges 2%, and Neteller charges 2%. However, the maximum fee for withdrawals is $30. We’ve seen worse and better fees. The fees are average. There will be withdrawal fees for all payment methods with brokers. It’s good to have a few options that don’t charge any fee.

Withdrawal Processing and Wait Time

Withdrawals can be processed in seven business days. You should plan your withdrawals well in advance. It is frustrating that withdrawals can take so long. This would make it difficult to get funds in time for urgent needs. Although it is possible for withdrawals to be processed faster, there is no guarantee that funds will be available within a week. Forex Optimum falls short in this category. However, withdrawals are often processed by other brokers within a few days.

Promotions and Bonuses

You will instantly be eligible for a 50% deposit bonus if you deposit at least $100. The bonus is available for both accounts types. However, the Cent account requires a lower deposit requirement so you will need to deposit more to be eligible for it. A security bonus is available only for the Standard account type. The bonus can be up to 50% or 100% depending on the amount you have deposited. This bonus can only be used for trading and is not subject to withdrawal.

Cashback bonuses are also possible. Standard accounts are eligible for a 100% deposit bonus if they make deposits greater than $500. This bonus is $200 more than the minimum deposit requirement, but it could be very beneficial if you make a larger deposit. This bonus is available for all deposits, not just initial deposits. Although you may find bonus offers from other Forex brokers, this is not something they offer in every case, especially in larger increments. This broker offers bonus options if you are planning on making a deposit that meets the requirements.

Educational & Trading Resources

Forex Optimum provides news, market reviews, trading signals, and a calendar directly from their website’s ‘Analytics” section. News and Market Reviews are useful tools for providing information about trades. Additional tools are also available in the MT4 platform. Demo accounts only have limited educational resources, so it will disappoint those who are looking for more learning opportunities. FO is not as well-known for offering glossaries, video tutorials or strategies guides like other brokers.

Demo Account

Demo accounts give you an insight into MetaTrader 4’s trading platform, and allow you to practice trading virtual currency. The demo account features are identical to those in the real account, except that you trade with virtual money. Click on “Make a Profit” at the top to sign up. You can then choose ‘Trading Account Types,’ and click on the ‘Training Demo account’.

Customer Services

Forex Optimum provides live support via phone and email. The company trades the popular LiveChat contact option for a similar contact option. To be transferred to a support representative, you will simply click on the “Online Consultant” link at the top of this website. We were pleasantly surprised that the instant support option was so easy to use.

Telephone support is available in English and Thai, as well as Russian, Malaysian, Thai, and Malaysian. Forex Optimum is active on a number of social media platforms, including Facebook, Instagram YouTube and Twitter. Links to their social media accounts will be found at the top of the screen. Another option is email. You’ll find the contact information for all the listed contacts and the hours of operation for the phone lines.

Email: info@forexoptimum.com

Phone

Countries Accepted

Forex Optimum doesn’t list any restrictions for countries on its website. We decided to test the process at our US offices because US citizens are not often allowed to open accounts with brokers. We were able to open an accounts with no issues. The company is located in St. Vincent & the Grenadines and is usually able to accept US clients without any problems. If you are from the US, this could make this broker more appealing. There are fewer options.

Conclusion

Forex optimum is a broker offering FX and CFDs. It offers over 100 instruments. This includes CFDs on stocks and metals, indexes and commodities. Two account types are available, with easy-to-satisfy deposit requirements. This broker offers a much greater leverage option than the average broker, which is why they have earned 5 stars in this category. Spreads are lower than average, but trading costs are more appealing due to the low commission fees. Demo accounts are the only educational tool on the site, and will not be satisfactory for beginners. The funding options are not perfect. While there are some deposit and withdrawal options, the most popular options such as Visa/MasterCard are absent.

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