Forex FS

Overview of Forex FS

Forex FS, known as Forex Financial Services Pty Ltd, is an Australian company that has been in operation for 5-10 years. However, the legitimacy of Forex FS is currently under suspicion, as it has been classified as a suspicious clone by the Australia Securities & Investment Commission. While the broker claims to be regulated by ASIC with license number 323193, it has been verified that they do not possess a valid regulation. Negative field survey reviews and potential scam concerns are associated with this broker, leading to caution being advised when dealing with Forex FS due to the risks involved.

Forex FS offers a variety of market instruments for trading, including currencies, commodities, indices, stocks, bonds, and cryptocurrencies. The broker provides three account types: Standard Account, Premium Account, and VIP Account. Leverage of up to 1:500 is offered on all accounts. The spreads vary, with the Standard Account having a spread of 1.0 pips, the Premium Account offering a spread of 0.8 pips, and the VIP Account boasting a spread of 0.6 pips. There are no commissions charged on trades for any account type. The minimum deposits for the accounts range from $100 to $10,000.

Forex FS offers two trading platforms, MetaTrader 4 (MT4) and cTrader, which are available for desktop, web, and mobile devices. Customer support is available through a helpline and email. However, based on a review on WikiFX, there have been accusations of fraudulent activities associated with the company.

Pros and Cons

Forex FS offers a range of pros and cons for traders to consider. On the positive side, the platform provides a wide variety of market instruments, different account options to suit individual needs, high leverage on all accounts, and access to popular trading platforms like MT4 and cTrader. Additionally, Forex FS offers a demo account for platform testing and provides an account manager for the Standard Account. However, traders should be cautious as there are some concerning aspects, including the classification of Forex FS as a suspicious clone by ASIC, the lack of valid regulation by ASIC, and customer reviews accusing the company of fraudulent activities. Moreover, the main website being down and limited customer support channels might hinder user experience. Traders should carefully weigh these pros and cons before deciding to engage with Forex FS.

Is Forex FS Legit？

Forex FS is currently under suspicion and has been classified as a suspicious clone by the Australia Securities & Investment Commission. The broker claims to be regulated by ASIC (Australian Securities & Investment Commission) with license number 323193, but it has been verified that they do not possess a valid regulation. Moreover, there are negative field survey reviews and potential scam concerns associated with this broker. Therefore, caution is advised when dealing with Forex FS due to the risks involved.

Market Instruments

1. Currencies: Forex FS offers a wide range of currency pairs for trading, allowing clients to exchange one currency for another. Examples include EUR/USD (Euro/US Dollar), GBP/JPY (British Pound/Japanese Yen), and AUD/CAD (Australian Dollar/Canadian Dollar).

2. Commodities: Traders at Forex FS have the opportunity to invest in various commodities. These include precious metals like gold and silver, energy products such as crude oil, and agricultural commodities like wheat and coffee.

3. Indices: Forex FS provides access to a selection of global stock market indices. Traders can speculate on the performance of these indices, such as the S&P 500, FTSE 100, and Nikkei 225.

4. Stocks: Clients can engage in stock trading through Forex FS, gaining exposure to the shares of prominent companies. Examples of available stocks may include Apple Inc., Microsoft Corporation, and Amazon.com Inc.

5. Bonds: Forex FS offers the opportunity to trade government bonds and corporate bonds. Traders can invest in bonds issued by countries like the United States or companies like IBM and Coca-Cola.

6. Cryptocurrencies: The platform allows clients to trade various cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP).

Pros and Cons

Account Types

The Standard Account is the basic account option, requiring a minimum deposit of $100. It provides a spread of 1.0 pips and offers leverage of up to 1:500. Traders using this account have access to various trading instruments, including Forex, CFDs, metals, indices, and cryptocurrencies. The account can be accessed through popular trading platforms MT4 and MT5. Additionally, users of the Standard Account benefit from an account manager, access to educational resources, and free webinars.

For those looking for more features and tools, Forex FS offers the Premium Account. This account requires a higher minimum deposit of $500 and provides a spread of 0.8 pips, still offering leverage of up to 1:500. The trading instruments and platforms are the same as the Standard Account. In addition to the features available in the Standard Account, the Premium Account holders gain access to more trading tools and resources.

The VIP Account is the most exclusive account option for seasoned traders and high-volume investors. To open a VIP Account, a minimum deposit of $10,000 is required, providing a spread of 0.6 pips and leverage of up to 1:500. The trading instruments and platforms remain the same as the previous accounts. VIP Account holders enjoy all the benefits of the Standard Account and Premium Account, along with exclusive perks such as an account manager, priority customer support, and access to exclusive trading events.

Pros and Cons

Account Types

Account types offered by Forex Financial Services Pty Ltd (Forex FS) include Standard Account, Premium Account, VIP Account, and Islamic Account. Specifics are as follows:

Standard Account: The Standard Account offered by Forex Financial Services Pty Ltd (Forex FS) is designed to accommodate traders with a minimum deposit requirement of $100. Traders using this account type can access a leverage of up to 1:100. The spread for this account starts from 1.0 pip, providing a moderate trading environment for those starting in the forex market.

Premium Account: Forex FS provides a Premium Account option with a higher minimum deposit requirement of $500. Traders utilizing this account type can take advantage of a leverage of up to 1:200. The spread for the Premium Account starts from 0.5 pip, offering potentially tighter trading conditions for more experienced traders seeking improved execution.

VIP Account: The VIP Account caters to seasoned traders, with a minimum deposit of $1,000. This account type grants access to a higher leverage of up to 1:400. With a spread starting from 0.2 pip, traders opting for the VIP Account may benefit from lower trading costs and enhanced opportunities for precision in their trading strategies.

Islamic Account: For traders seeking a Sharia-compliant option, Forex FS offers an Islamic Account with a minimum deposit requirement of $100. This account type offers a leverage of up to 1:100, and the spread starts from 1.0 pip, adhering to Islamic principles by excluding overnight interest charges.

Leverage

Forex FS offers leverage of up to 1:500 on all its trading accounts.

Spreads & Commissions

The Standard Account provides a spread of 1.0 pips, the Premium Account offers a spread of 0.8 pips, and the VIP Account boasts a spread of 0.6 pips. There are no commissions charged on trades for all three account types.

Minimum Deposit

Forex FS requires a minimum deposit of $100 for their Standard Account, $500 for their Premium Account, and $10,000 for their VIP Account.

Deposit & Withdrawal

Forex FS offers a variety of deposit and withdrawal methods, including credit/debit cards, bank transfers, e-wallets, and cryptocurrency. The minimum deposit is $100 and the maximum deposit is $100,000. The minimum withdrawal is $20 and the maximum withdrawal is $100,000. Processing times for withdrawals are typically 1-3 business days. Forex FS does not charge any fees for deposits or withdrawals, but some third-party payment providers may charge fees.

Trading Platforms

Forex FS offers two trading platforms: MetaTrader 4 (MT4) and cTrader.

METATRADER 4

MT4 is a popular trading platform that is used by millions of traders around the world. It is a powerful platform that offers a wide range of features, including charting, analysis, and trading tools.

CTrader

cTrader is a newer trading platform that is gaining popularity among traders. It is a fast platform that offers a number of features that are not available on MT4, such as hedging and margin trading.

Both MT4 and cTrader are available for desktop, web, and mobile devices. Forex FS also offers a demo account that allows traders to test out the platforms before they start trading with real money.

Customer Support

Forex FS offers customer support through its helpline, with the contact numbers being 1800 186 364 for English-speaking clients and +61 2 9048 3800 for international inquiries. Additionally, customers can reach out to the support team via email at service@forexfs.com.au for any assistance they may require.

Reviews

According to a review on WikiFX, Forex FS has been accused of being a scam and inducing fraudulent activities. The reviewer claims that the company embezzled a total of $210 from their account, and when confronted, the company denied any wrongdoing. The specific incident in question occurred on June 21, 2021, and the reviewer's identification number is FX3478857882.

Conclusion

Forex FS, an Australian-based broker with 5-10 years of operation, is currently under suspicion and classified as a suspicious clone by the Australia Securities & Investment Commission. The broker claims to be regulated by ASIC but lacks valid regulation, and there are negative reviews and scam concerns associated with it. While offering a variety of market instruments and account types with leverage and spreads, the absence of its main website raises questions about accessibility and reliability. Caution is advised when considering Forex FS due to the potential risks involved.

FAQs

Q: Is Forex FS a legitimate company？

A: Forex FS is currently under suspicion and has been classified as a suspicious clone by the Australia Securities & Investment Commission. Caution is advised when dealing with this broker due to potential risks and negative reviews.

Q: What trading instruments are available at Forex FS？

A: Forex FS offers a variety of market instruments, including currencies, commodities, indices, stocks, bonds, and cryptocurrencies.

Q: What are the different account types at Forex FS？

A: Forex FS provides Standard, Premium, and VIP accounts, each offering varying features and benefits.

Q: What is the leverage offered by Forex FS？

A: Forex FS offers leverage of up to 1:500 on all trading accounts.

Q: What are the minimum deposits for each account type？

A: The minimum deposit for the Standard Account is $100, for the Premium Account is $500, and for the VIP Account is $10,000.

Q: What are the spreads and commissions at Forex FS？

A: Spreads range from 0.6 to 1.0 pips, and there are no commissions charged on trades for all account types.

Q: What are the available trading platforms at Forex FS？

A: Forex FS offers MetaTrader 4 (MT4) and cTrader as their trading platforms.

Q: How can I contact customer support at Forex FS？

A: Customer support can be reached through the helpline at 1800 186 364 (English-speaking clients) or +61 2 9048 3800 (international inquiries), or via email at service@forexfs.com.au.

Q: Are there any reviews or complaints about Forex FS？

A: According to one review on WikiFX, there were allegations of fraudulent activities and embezzlement by Forex FS.