The Forex market is susceptible to change, and the fluctuations of prices at the global scene can happen very quickly, which can result in severe losses and a lot of frustrations. To avoid those unpleasant situations, prospective investors should learn as much as possible about their broker since this knowledge can be pretty valuable in the long run. For instance, by reading our SuperForex review traders can acquire the necessary information about this particular enterprise, and then they can make an informed decision whether they want to sign up with such a trading provider or not.
SuperForex – about the company
Malicious activities and fraudulent operations are relatively common in the foreign exchange market, and regulatory bodies seem to be powerless when it comes to preventing scam sites from popping up all across the globe. The chance of a potential SuperForex scam is not that high since IFSC in Belize licenses this broker (International Financial Services Commission), but to be honest – this agency is not the most strict governing body in the market. SuperForex was established in 2013, and they are still operating as an offshore business, and also they are not licensed by any other, more reputable regulatory organization.
Types of trading accounts
Besides the fact that IFSC offers a weak compensation scheme, many SuperForex reviews are also focusing on the lack of options that are provided by this broker when it comes to types of accounts. In other words, only one category of Live accounts is available, besides the swap-free Islamic version. SuperForex is promising that you can trade currency pairs and CFDs with this account, and they are also claiming that this broker is offering fixed spreads and that they charge no commission. The minimum amount that traders need to deposit is $1, which surely looks like the oldest trick in the book to attract gullible and less experienced investors.
According to the promises and numbers given on their official website, SuperForex broker offers 300 currency pairs to trade with, and this number is exaggerated, to say the least. But, the platform that they are using, MetaTrader 4 is, in fact, a very powerful software package, and it could support such an immense amount of trading assets. However, SuperForex is not exploiting the full range of features of MT4, and clients only have access to several technical indicators, charting package, and Expert Advisors.
Bonuses and trading incentives
The range of promotions at SuperForex is pretty large, and the abundance of options can even confuse the traders and overwhelm them. In our expert SuperForex opinion, these “generous gifts” are nothing but generous, and they all come tied to demanding trading requirements. SuperForex is offering 40% Welcome Bonus on your first deposit, 60% Energy Bonus on your each subsequent deposit, and a no deposit bonus of up to $100. Also, their site supports a loyalty program and Refer-a-friend feature.
The quality of payment processing services was a significant element when coming up with our SuperForex opinions, and this broker does not offer anything exciting or unusual. They have a standard offer of various credit/debit cards, wire transfers, and several e-wallet services that you can use to deposit and withdraw the funds. No PayPal means that some clients will not be happy with the offer, and the range of banking methods is an area that will have to undergo urgent repairs when it comes to SuperForex.
The quality of customer support
Taking care of your clients is an essential duty of every company, no matter the line of business you are in, and the same “rule” applies to the Forex world as well. That is why it seems strange that SuperForex Forex broker did not put a bit more effort into this segment of their offer, and clients can contact their staff through just a couple of methods. For instance, there seems to be no live chat option, and you can only use e-mail, phone, or Skype. The staff should be available 24/7, but it may take a while before you receive a reply to your e-mail.
SuperForex is an aspiring broker company, but it is evident that they still need to work hard to reach that top level in the foreign exchange market. Our SuperForex FX broker review presented all the features and characteristics of this intermediary, and we urge our readers to double-check their decision to start trading with this particular enterprise.