ForexNewsNow – This forex broker review covers Forex-Metal, a great forex broker run on the popular MetaTrader4 platform that offers its traders a array of currencies, metals, and futures to trade. Forex-Metal offers instant trade execution, a generous 30% deposit bonus (+ $100 instant cash bonus for new traders) and is available in several languages.
Forex Metal offers over fifty different currency pairs, covering all the major currencies and some ones you would have thought about trading before. You can also trade gold, silver, and oil and index CFDs.Traders can make their trades with up to 1:500 leverage, but this amount is decreased to 1:200 for accounts that have over $500 in them.Also offered by this top forex broker are free technical analysis, educational materials to help you get your head around the basics, an economic calendar, and even an active trader community where you can trade tips and strategies with other active traders.
Forex Metal is run on the very popular MetaTrader4 platform. MetaTrader is the industry gold standard for forex platforms and outperforms nearly every other proprietary platform offered by brokers covered in our other forex broker review pages. Some of the benefits to using MetaTrader include:
• Multilingual interface
• Internal emails with broker technical support
• Ability to quickly and easily identify trading actions and signals
• Real time news
• The most powerful charting tools on the market
• A bevy of indicators and tools that you can put at your own disposal
Forex Metal also offers a downloadable mobile platform for smartphones that is based on the MetaTrader platform. You’ll be able to execute and monitor trades wherever you go and not have to worry about market moves while you go about your day.
Unlike many a top forex broker, Forex Metal doesn’t have account levels based on your deposit amounts. The minimum deposit in any account is $50 and you are allowed to trade with whatever strategy that you want.This broker also offers a forex demo account. With a forex demo account you can try out the platform and your strategies without having to risk any of your own money. It’s a great way for beginning and advanced traders alike to test their theories before getting involved n the market.
Forex Metal offers zero commission trading and a spread of 1.8 to 2 pips on major currency pairs like the USD/EUR and USD/JPY. Mid-major currency pairs generally have a 3 to 4 pip spread range when traded against major currencies. Spreads for more obscure currency pairs are progressively higher going up to a 300 pip spread between the British Pound and Norwegian Krona.Spreads are always fixed with one rate during off hours trading and another rate for the most active trading times. This allows you to plan your trading and not have to worry about spreads loosening as the market starts to become more volatile.
Deposits and Withdrawals
Forex Metal offers a huge amount of deposit and withdrawal options, more than almost any other broker. The ways that you can deposit include:
• Wire Transfer
• Liberty Reserve
• Major Credit Cards
Forex Metal offers customer support via live chat, phone, and email. Support response times vary depending on the time of that that you contact them and range from a few minutes to several hours.
Forex Metal is currently only regulated by the Ministry of Commerce of Panama and the Finance Ministry of Uruguay. Unfortunately, the lack of oversight by major countries most other brokers have, like Germany, the UK, or the US might deter some more cautious traders.
Forex Metal is a quality broker, but they suffer because they don’t offer a signup bonus, perks for traders with larger accounts, or oversight from the major world financial regulators. If none of this matters to you, or your aren’t planning on opening a large account, access to MetaTrader and a large amount of deposit options makes them a great broker.