There is always an air of scepticism that surrounds the arrival of any new broker in the Forex Trading industry. Such is the case with Forex Broker Inc. The main reason why people doubt the legitimacy of this broker is because of the fact that it is not a regulated company. That being said, it does not offer any decent deal for traders but allows clients to avoid the complications of complex identification procedures. So, is this broker reliable or not, read in our full Forex Broker Inc Review.
Leverage: 1:500 Licences: N/A
Min.Deposit: 10 USD Bonus: N/A
Spreads: from 1 pip US Clients: Yes
Forex Broker Inc at a Glance
The main office of Forex Broker Inc is located in the Marshall Islands. It has another office in Malta. This Forex broker was established in the year 2012, so it is comparatively new, inexperienced and unreliable in the industry. It is currently looking to fool traders by promoting its reduced spreadsheets and by focusing more on the specific needs of the customers. But, Forex Broker Inc Scam Review suspects that you should not sign up with such brokers.
Scam Forex Broker Inc Trading Instruments
There are plenty of trading instruments available in the Forex Broker Inc website. More than 50 currency pairs, CFDs and futures can be found here along with quotes that are offered in real time. Additionally, you have spot metals and commodities available which makes it quite clear that the people in charge of running this scam broker put in a genuine effort to expand the fooled customer’s field of choice.
ForexBrokerInc Accounts Reviews
Forex Broker Inc Scam Review found out that there are three types of accounts on offer. The accounts have been dubbed Gold, Platinum and Platinum Fixed Spread on the basis of their specifications. Interestingly but not surprisingly, none of the accounts have a superior advantage over the other. Therefore, the type of account that customers select will mostly depend on how fooled they will be. The trader’s level of expertise plays an important role when it comes to selecting the broker and account. All three accounts have the same minimum deposit amount of $10 but this does not mean that you should deposit money with them.
- The Gold Account
The Gold account is somewhat limited when compared to the other two. While both the Platinum accounts impose no restrictions on the maximum amount of money that can be deposited, the Gold account prevents its user from depositing an amount greater than $10,000. Users of the Gold account are only allowed to trade with micro lots, each of which equals to 1,000 units. The primary advantage of opening up a Gold account is the option of enjoying higher leverage, up to 1:500, but users are restricted to trading with 100 micro lots.
- The Platinum Account
There are two reasons why someone may want to open up a Platinum account at Forex Broker Inc. Firstly, this account offers the best spread of 0.3 pips. It also has a lower commission of 1 pip. The lot restriction is 20 standard lots. But still, this broker will just take your money and will not give you them back.
- The Platinum Fixed Spread
There is no need for a commission in the Platinum Fixed Spread account, which is its primary advantage. The spreads for this account are much higher. Much like the Platinum account, the Platinum Fixed Spread account lays down a limit of 20 standard lots for its users.
Multiple Accounts at Forex Broker Inc
Unreliable Forex broker, Forex Broker Inc allows its traders to manage multiple accounts in the same platform by using the Multi Account Manager functionality. The final profits made or losses incurred are spread proportionately with the size of the account.
VIP Account for US Residents
There are no VIP accounts per se. However, there is a possibility of becoming a VIP customer if you are residing in the United States. All you have to do is make a wire transfer of $500. This will allow you to reap additional rewards such as the loyalty bonus.
The demo account exposes you to no risk or reward. It simply serves as a learning curve for new and inexperienced traders.
Forex Broker Inc Review of Scam Promotions
As mentioned before, traders will not be disappointed by the number of scammy promotions on offer at Forex Broker Inc. Both the normal account users as well as the VIP account users can enjoy a number of different promotions that are altered on a regular basis. There is always one active promotion for traders to make use of. Promotions range from 30% deposit bonus to 120% welcome bonus. The more money you deposit, the higher are your chances of enjoying a great promotional offer. But, most of Forex Broker Inc Reviews agree on one thing, none of these offers is actually good. The broker will never give you your profits.
Forex Broker Inc Review was actually surprised by the amount of trading platforms that this unreliable Forex broker offers. There are a total of 6 different trading platforms on offer for the customers at Forex Broker Inc. These are:
The SIRIX is a proprietary platform that does not require a download and is applicable for users of the PC and Mac. Here are some of the key features of the MetaTrader 4 that you should know about:
- EA Friendly
- Complete technical analysis with more than 50 indicators and charting package
- Assurance of full data back-up and state of the art security
- Built in news
- Internal mailing system
- Management of history database and export/import of historic data
The integration of the platforms allow users to open a position with one platform and close it with another. You could use different platforms for different purposes such as one for charting and the other one for execution. These platforms can also be accessed by the demo account. Most of the dirty Forex Brokers do not offer so much platforms, but this does not mean that this broker is clean.
Forex Broker Inc Deposits and Withdrawals
One of the main ways Forex Broker Inc attracts customers is through its minimum deposit of $10. In addition to that, there are no deposit charges which further impress new traders. All of this helps to take money from traders and do not return them ever. Deposits can be made with all the major credit cards. The withdrawal policy is nearly as a good as the deposit one since withdrawals in excess of $500 are free from commissions. Furthermore, withdrawals are never processed even though it is written that they are made 24 hours of a request being placed, Forex Broker Inc Reviews did not get its money back at all.
Customer Support and Trading Tools of Forex Broker Inc Scam
The customer support at Forex Broker Inc is nothing out of the ordinary. They have a 24/5 customer care support that can be availed through telephone, chat or email. There is also an account manager to help customers set up their account and have their queries answered.
One more way in which this unreliable broker tries to attract more clients in order to fool them is resources. Forex Broker Inc review found out that this broker has a pretty decent collection of academic and technical resources which include the following
- Forex News
- Forex Signals
- Forex Webinars
- Foex Calculators
- Forex Glossary
- Technical Analysis
- Economic Calendar
- Video Tutorials
- Forex eBooks
Forex Broker Inc Review Conclusion
This Forex broker is resorting to the strategy of fooling clients via low execution times, low spreads and a high number of promotions in a bid to stand apart from the crowd of newcomers in the industry. However, operations at Forex Broker Inc have not run smoothly since there has been a fair bit of controversy about its doubtful legitimacy and its alleged mistreatment of clients. Long story short, there are plenty of other Forex brokers that you should try out before opening an account with Forex Broker Inc. This is why we would recommend you to sign up with Plus500 instead.