Broker Review Contents
ForexVox is a provider of forex trading services. Traders can access a wide range of products in a variety of markets, including currencies, indices and commodities.
- Segregates client funds
- Regulated by Financial Conduct Authority and Financial Services Authority of the Seychelles
- Min. deposit from $100
- Social Trading Platforms
- Not regulated by ASIC
A minimum deposit of $100 is required for a live account. ForexVox, on the other hand, provides a free demo account that you may utilize to experiment and familiarize yourself with their platform.
Regulated by the UK Financial Conduct Authority (FCA), registration No 586541 and Financial Services Authority of the Seychelles. Securities Dealer License No SD028. All ForexVox client funds are held in a segregated bank account and they work with tier-1 banks. Their head office is located in the UK.
Before we get into the specifics of ForexVox’s spreads, fees, platforms, and trading tools, you might want to open their website in a new tab by clicking the button below to get the most up-to-date information directly from the company.
Disclosure: If you sign up with a broker through one of our links, we may receive a commission.
What are ForexVox’s spreads & fees?
ForexVox, like most brokers, charges a fee based on the spread, or the difference between the bid and ask price of an instrument.
The commissions and average monthly spreads shown here are taken from ForexVox’s website.
|EUR/USD(Average: 0.7 pips)||1.0 pips||0.7 pips||0.1 pips|
|GBP/USD(Average: 1.1 pips)||1.3 pips||1.7 pips||0.1 pips|
|USD/JPY(Average: 1.1 pips)||1.0 pips||0.6 pips||0.1 pips|
|AUD/USD(Average: 0.8 pips)||1.2 pips||0.6 pips||0.2 pips|
|USD/CHF(Average: 2.3 pips)||0.4 pips||2.3 pips||0.2 pips|
|USD/CAD(Average: 2.9 pips)||1.2 pips||0.5 pips||0.3 pips|
|NZD/USD(Average: 3.6 pips)||1.3 pips||2.8 pips||0.3 pips|
|EUR/GBP(Average: 2.4 pips)||1.0 pips||0.5 pips||0.1 pips|
The spreads are variable and are displayed for information purposes.
As you can see, ForexVox’s average EUR/USD spread is 1.0 pips, which is normal when compared to the average EUR/USD spread of 0.70 pips.
The table below compares the costs of trading one lot of EUR/USD with ForexVox vs. similar brokers.
How much does ForexVox charge to trade 1 lot of EUR/USD?
You would likely spend $3.97 if you bought one standard lot of EUR/USD (100k units) with ForexVox at an exchange rate of 1.1719 and then sold it the next day at the same rate. Here’s a quick rundown of the fees and how they compare to IG and XTB.
|Spread from:||$ 10.00||$ 6.00||$ 2.00|
|Total cost of a 100k trade:||$ 10.00||$ 6.00||$ 2.00|
|$4 less||$8 less|
|VISIT ForexVox||VISIT IG||VISIT XTB|
Fees and quotes are displayed for information purposes and could change.
What can you trade with ForexVox?
Over 100 different instruments, including over 80 currency pairs, are available to trade at ForexVox. Below, we’ve summarized all of ForexVox’s several types of instruments, as well as the instruments given by IG and XTB for comparison.
|FX / Currencies||ForexVox||IG||XTB|
|# of forex pairs offered||80+||90||48|
|Major forex pairs||Yes||Yes||Yes|
|Minor forex pairs||Yes||Yes||Yes|
|Exotic forex pairs||Yes||Yes||Yes|
|# of commodities offered||4||34||21|
|Index & Stock CFDs||ForexVox||IG||XTB|
|# of stocks offered||0||8000||1606|
|SEE FOREXVOX’S INSTRUMENTS||SEE IG’S INSTRUMENTS||SEE XTB’S INSTRUMENTS|
What’s the ForexVox trading experience like?
1) Platforms and apps
The popular MT4 forex trading software is available from ForexVox. See our MT4 broker comparison for a list of the best MT4 brokers. Traders can trade on their preferred device thanks to a combination of downloadable programs for Mac and Windows.
They offer Android and iOS mobile apps, making it easy to keep track of and execute deals while on the go.
Still not sure?
Open a demo account and learn how to trade.
2) Executing Trades
You can trade as little as 0.01 Lot with ForexVox. Depending on the account you open, this may differ. Maximum trade size depends on the account type. You can expect tighter spreads and more transparency over the amount you pay to execute your trades because ForexVox offers STP and market maker execution.
ForexVox, as a market maker, may have lower entrance criteria than an ECN broker, which benefits from the bigger number of trades and often has higher capital and minimum trading requirements.
Market makers usually offer a lower minimum deposit, fewer minimum trade requirements, and zero commission trading.
Margin requirements vary by trader, account, and instrument, as they do with most brokers. Clients of the FCA entity are subject to ESMA leverage. Clients of the Seychelles (FSA) entity can access leverage of up to 1000:1.
We have included a list of some of the most common funding options that ForexVox provides to its traders.
- Allows scalping
- Allows hedging
- Offers STP
- ECN account
- Direct Market Access
- EconQ Social Platform
- Demo account
- Standard account
- Zero Spread account
- Professional account
- VIP Account
- Credit cards
- Bank Transfer
- China Union Pay
- Rapid Transfer
- Advanced Corretora
3) Client support
ForexVox offers support in languages like Chinese, English, French, Greek, Korean, Romanian.
Contact methods include: Email, Phone, Live Chat, Skype, WhatsApp, Call Back Request
4) What you’ll need to open an account with ForexVox
Because ForexVox is regulated by the Financial Conduct Authority, every new client must pass a few simple compliance tests to confirm that you are aware of the risks associated with trading and that you are permitted to trade. You’ll probably be asked for the following information when you register an account:
- a colour copy of your passport, driver’s license, or other government-issued identification
- a three-month utility bill, bank or credit card statement that shows your current address
You’ll also need to answer a few questions regarding your trading experience, so set aside at least 10 minutes to finish the account opening procedure.
You may be able to explore their platform right away, but you will not be allowed to make any transactions until you pass verification, which depending on the circumstances could take from a few hours up to a few days.
To begin the on-boarding process with ForexVox, you can go to their website.
ForexVox and the EconQ Social Platform
What is EconQ?
EconQ Social platform is a way for popular traders and influencers to monetise their trading community.
The customizable web platform allows you to set up everything you and your community needs in one place including:
- Trading platforms
- private and public chatrooms
- Content sharing
- Affiliate dashboard
- Social media
All of this backed by ForexVox – a regulated and trusted broker.
How can EconQ help you to monetise and improve the engagement with your trading community?
EconQ allows you to customize your space in a way that your community can follow everything and stay up to date. You can create different subscription levels – free and paid. Public and private channels of communication with your followers. You can share trading signals, charts and rssfeeds. This allows you to also share social media posts. All of this in one space which your community can easily follow.
And the best part is that they can also access their MT4 or MT5 platform and trade directly from the EconQ platform, thus making it a fully integrated solution for them and for you.
EconQ also allows you to incorporate widgets such as live chart, economic calendar, heatmaps, newsfeed etc.
Example of rich messages – a way to customize signals/messages for your community
All of this means that EconQ can be a great aggregator for all of your content and services. This leads to cost and time saving for you as the creator and leader of the community and also much easier to keep your community engaged.
Last but not least, EconQ allows you to also track your affiliate dashboard within the platform, so you as the creator can trade, share content and track sign ups in one place as well.
Interested in using EconQ for your trading community? Sign up here.
Why EconQ is one of the best places for traders to join a trading community?
Study, read, trade – all in one place. Find some of the top influencers on the EconQ platform. You will be able to see everything which they share on their EconQ space. Signals, charts, social media and more. Not only that but you can access your MT4 and MT5 on the EconQ platform and trade directly once you receive a signal or trading idea which you like.
Example EconQ space
Ready to become a part of the fastest growing trading communit?
61% of retail investor accounts lose money when trading CFDs with this provider.