FreshForex Review 2024 - Is it legit or a scam! (2024)

FreshForex General Information

Our FreshForex Review

FreshForex is an international broker that offers forex and CFDs for trading on the MetaTrader platforms. The brokerage brand is operated by ‘Riston Capital Ltd’ which is a financial services firm incorporated in Saint Vincent and the Grenadines. FreshForex was founded in 2004 and since then, it has continued to expand its services. The broker provides access to trade over 130 forex and CFDs to a global clientele.

FreshForex asserts that it operates the Non Dealing Desk (NDD) brokerage model and for over 15 years now, it has partnered with licensed liquidity providers from Europe. This has ensured swift trade executions, low spreads and reliable services that has won multiple excellence awards. Trading education, analysis and multiple promotions are available. The broker boasts of thousands of clients from over 158 countries.

Pros

• ECN broker that offers competitive charges with spreads starting from 0 pips.
• No minimum deposit on accounts. You can open an account for as little as $1.
• Very high leverage; up to 1:2000
• Market news and expert analysis are provided.
• Traders are encouraged with multiple promotions

Cons

• No service to clients from the US, UK, Spain, North Korea, etc.
• Tradable assets are limited; only
• No social trading platforms.

FreshForex Security and Regulation

FreshForex is operated by the company ‘Riston Capital Ltd’ which is an international company that is registered and licensed by the Financial Services Authority of Saint Vincent and the Grenadines (FSA-SVG).

Trading instruments

FreshForex account holders can trade the following instruments:

• 49 forex pairs
• 5 Precious metals
• 60 stocks
• 6 Cryptocurrencies
• 3 Energy futures
• 11 indices

Account opening

Click the ‘start trading’ button on FreshForex website to open the 2-step registration form. Input your phone number and email address. Enter your name and email verification code, click on ‘open real account’. You will be logged into the clients’ area where you will confirm your phone number, upload verification documents and wait for confirmation. Then, make a deposit, download the trading platform and commence trading.

FreshForex does not welcome clients from Belgium, France, the DPRK, Spain, UK, USA and the Russian federation.

FreshForex Deposits and Withdrawals

Credit/Debit card: The cards accepted are Visa, MasterCard and Maestro. There are no commissions on deposits but withdrawals charge is 2.5% + $5. Deposits are processed instantly but withdrawals may take up to 10 bank days.

e-Wallets: The e-wallets accepted are as follows: WebMoney, Skrill, Neteller, FasaPay, ADVCash, Perfect Money. There are no deposit commissions but withdrawal charges are 0.5% for Perfect Money and FasaPay, 0.8% (maximum of $50) for WebMoney, 1% for Skrill, 2% for Neteller, and ADVcash.

Online Naira: This is for Nigerian clients and the payment is made with Nigerian Naira NGN or USD. No deposit or withdrawal fee is charged.

Cryptocurrencies: Bitcoin and Tether are accepted. USDT is free but BTC withdrawals are charged at 1% with a minimum of 0.0001BTC.

Internet banking: Banks in Malaysia, the Philippines, Indonesia, Vietnam, and Thailand can instantly fund their FreshForex accounts via banking apps. The withdrawal fee is 3% (minimum of $1) and it takes up to 5 days to complete.

Fees and account types

FreshForex does not impose a minimum deposit for opening any of its accounts; rather it recommends an amount depending on the account type. Commissions are charged on Cryptocurrency and stocks CFDs irrespective of the account type.

FreshForex clients are offered 3 account types as follows:

Classic account

Designed for newbies who are just starting out their forex trading career, this account offers maximum leverage of 1:2000 and FreshForex recommends a trading capital of $200. Forex quotes are given in 2 or 4 decimal places depending on the quote currency. Spreads are fixed and it starts from 2 pips.

Market Pro account

This account is designed for experienced traders and scalpers. FreshForex recommends a capital of $400. Floating spreads start from 0.9 pips and there are no commissions. Forex quotes are expressed in 3 or 5 decimal places. Leverage ranges from 1:25 to 1:1000 while the floating spreads start from 0.9 pips.

ECN account

This is the premium account designed for advanced professional traders. FreshForex has an Electronic Communications Network (ECN) that collates price quotes from several liquidity providers and automatically selects the best ask and bid prices for display on the trader’s platform. The result is deep liquidity, instant execution without requotes, and spreads starting from 0.0 pips. FreshForex recommends a capital of $2,000. A commission of 0.003% per lot is charged and the maximum leverage is 1:1000. Account-holders are not eligible for promotions and bonuses.

Swap free account

This is a special account that does not incur interest fees when an open position is left overnight. It is mainly designed for Muslim faithful who are also forex traders. FreshForex clients can request swap-free accounts only on the MT4 platform. Commissions are charged on Swap-free accounts depending on the traded asset. For example; a commission of $8 per lot is charged for the EURUSD and some major currencies. Exotic currencies like EURTRY are charged $200 per lot.

Procent account

This account is offered via a separate website; www.fxprocent.com. It is denominated in cents and the maximum leverage is 1:1000. It is beneficial to new traders who are testing out their knowledge on a real trading platform; perhaps after practicing on demo accounts. Experts also use this account to test and hone their strategies.

Demo account

FreshForex provides demo accounts to all clients for trading practice. You can register for a demo account or create it in the personal area for registered clients.

FreshForex Trading platforms

FreshForex offers its clients the MetaTrader platforms; MT4 and MT5. These platforms were developed by MetaQuotes Software Inc; which is a Cyprus-based Software Company. The MT4 was launched in 2005. Today; it is the most widely used forex trading platform among traders and brokers. Already, there are thousands of plugin apps and forex robots known as Expert Advisors (EAs) that are currently in use on the MT4 platform. The MT4 has an intuitive user interface and comes with a charting package, technical indicators, and multiple tools for analysis.

The MT5 was developed in 2010 to replace the MT4 but up until now, it has not been able to do that mainly because of compatibility issues. Plugin apps, EAs, and tools designed for the MT4 will not run on the MT5 and MT4 installations do not upgrade to MT5. Though, the software look-alike like the physical interface and functions, the MT5 is more advanced and has more tools than the MT4. For example, MT4 comes with 30 technical indicators, 4 pending orders, and 9 timeframes; but MT5 comes with 38 indicators, 6 pending orders, and 21 timeframes.

FreshForex clients are at liberty to choose any of the trading platforms. Each of the platforms is available as a downloadable Windows desktop application, Mac OS version, WebTrader, android, and iOS versions.

Education

On its website; FreshForex presents an interactive tutorial to all its website visitors. At the end of each section, there are questions just to test your knowledge. The tutorial is divided into four sections:

• Introduction to the forex market: This focuses of what is sold in the forex market, charts and platforms.
• How to predict the price movement: explains the on the types of market analyses
• What do you need for profitable trading: teaches psychology and money management.
• Trading system: focuses on trading systems and automation of forex trading.

Webinars

These are frequently scheduled on the website. It is facilitated by FreshForex analysts. Clients can indicate their interest by filling the enrolment form earlier before the webinar date. You can also login to watch previous seminars.

Forex reading

FreshForex recommends a set of books to its clients for further forex training. The books are grouped according to the following categories:

• Beginners
• Fundamental analysis
• Technical analysis
• Money management
• Trading psychology

Forex Glossary

This webpage contains about 30 forex trading terms and their definitions.

Forex Encyclopaedia

This contains numerous short articles on forex trading and terminologies. It is arranged alphabetically and by category such as technical analysis, forex market, regulation, etc.

Fresh Forecast

This is a daily fundamental and technical analysis review of selected forex pairs. It is prepared by the broker’s in-house experts. Charts and illustrations are used to present the analysis. Traders are given trading insights and target price levels. It is divided into 4 segments;

• Fundamental analysis
• Elliot waves analysis
• Technical analysis
• Analysis of margin levels.

Trading signals

FreshForex provides trading signals to its clients at no extra cost. The signals are given on the forex major pairs, commodities, indices, and stocks.

Forex economic calendar

This tool keeps a trader informed about the financial events that normally affect the financial markets. You can customize it to show only countries, event importance level, and dates of interest. It also shows the analyst’s forecast as well as previous records.

Huckster Forex Advisor Shop

This is an online shop where FreshForex sells EAs, indicators and forex signals. The broker asserts that most of the robots were created by leading developers and only a few are paid, most are free to download and use.

VPS

FreshForex provides a reliable and high speed virtual private server (VPS) that is suitable for EAs and complex trading systems. A free trial period of 24hours is given to all clients who activate the VPS after which payment is as follows:

• $10 per month.
• $27 for 3 months
• $49 for 6 months
• $95 for 1 year.

FreshForex easy bot

This is a trading service provided through Telegram: a social media messaging app that runs on multiple platforms; mobile, desktop and web. Telegram Easy bot provides assets quotes and easy trading functions that enable clients to place trades without charts and platforms.

Customer Support

The client support desk is available on a 24/5 basis from 10:00 pm on Sunday to 10:00 on Friday UTC. They can be reached through instant webchat on the website. You can also get support through email or phone calls. The support team also has a page on frequently asked questions (FAQs) where they answered over 100 questions about FreshForex services, operations, and trading.

Bonus and Promotions

The following promos are ongoing as published on the FreshForex website

• Deposit bonus 300%: To celebrate its 16^th anniversary, FreshForex is offering 300% on every deposit above $100. It is capped at $5,000 and open to only verified accounts. Promo ends 31^st May 2021.
• 120% per year on margin: Interested clients will have their accounts credited with up to 120% real funds of the margin amount involved. The funds are paid weekly.
• Drawdown bonus 101%: This promo is open to accounts that have no other promo activated. For every deposit from $10, up to 101% bonus is credited. It ends on 31^st May 2021.
• Cashback: FreshForex offers rebates of up to $20 per lot to its clients. The offer is in 3 schemes. Clients can choose any of the following: $20/lot for losing trades, $10/lot for profiting trades, and $5/lot for each closed trade.
• Goldman VIP club: This is a VIP club for FreshForex premium traders. To join, first, maintain a deposit of $10,000 for a month and then send a member request to the Manager. VIP clients enjoy 0% commission on deposits and withdrawals, 20% swap refund, access to personal consultant, individual credit leverage, etc.
• Trade Non-stop: Trade non-stop from Monday to Friday every week and you will be rewarded. The more the traded volume, the more the reward.

Summary

FreshForex is an offshore broker that offers multiple assets for trading on the sophisticated and popular MT4 and MT5 trading platforms. The choice of platform is commendable because MetaTrader platforms are popular and thousands of EAs and apps created for these platforms are already in use. Multiple payment options are available; this includes Bitcoin and multiple e-wallets. The broker uses premium liquidity providers and ECN technology to bring about low spreads and fast executions. It is, therefore, no surprise that the broker has won over 10 awards in honor of its outstanding performances. Traders are supported with cent accounts, multiple analyses, trading signals, and education.

A major drawback with this broker is its regulatory status. The broker’s operations are not authorized and regulated by reputable brokers such as FCA, CySEC, FSCA, etc. So, this is a major concern for experts and industry professionals. Also, the asset listing is small compared to thousands of instruments offered by its competitors.

FreshForex has remained in the market for 16 years and still counting. There is every hope that it will conquer some of its challenges and emerge as a better broker.

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