ForexNewsNow – 4xp also known as Forex Place, is a relatively new broker that offers superior service and great bonuses to traders of all levels. However, it doesn’t offer the bells and whistles that other top forex brokers do to their account holders and is currently unregulated, making it riskier than other more established forex brokers. It offers several different markets to trade in and support for the new MetaTrader5. But for traders that don’t require these features, it probably isn’t the best brokerage for you.
Forex Place Ltd. is an online forex broker that has been online since 2009 and is based in the British Virgin Islands. However, unlike most other top forex brokers they are currently unregulated and not a member of any futures trading organizations.
Because of this, it is illegal for U.S. citizens to open account with them. The only exception is citizens that hold dual citizenship. Then they can open an account in their second citizenship only.
4XP offers you four types of accounts. The first, and best place to start is with a demo account. The demo account lets you try out the system and perfect your trading strategy. It comes with $50,000 and gives you full access to the trading platform.
Beginners can also enjoy the security of a protected account. Protected accounts last for thirty days and allow you to trade your own money, but they are insured against losses. With the protected account you will have thirty days to get used to trading your own money and keep all the wins, but not have to deal with any of the losses.
Traders can also open classic or ECN accounts. Classic accounts are the accounts that are opened at most other online forex brokers. You get flexible execution of your orders through a dealing desk. The ECN account, on the other hand, gives you direct access to the market without having to go through a dealing desk. It’s a great option for more advanced traders.
4XP requires a $500 minimum deposit, but offers various promotions on every single deposit. Currently, you can get up to a 50% bonus on every deposit that you make. Trading is done on 300:1 leverage. There is also a guaranteed stop loss for all orders. No longer will you have to worry about slippage cutting into your profits when the market blasts past your stop-loss order.
You are able to trade over 50 different currency pairs. The spread on most major pairs is fixed at three pips, so you won’t have to worry about the spread suddenly increasing during turbulent market times. Trading spreads for other currencies varies depending on how common the currencies are. You are also able to trade gold, oil, and binary options.
The backbone of 4XP’s trading is the MetaTrader4 platform. While they don’t offer a proprietary downloadable platform, many of the world’s top forex brokers and traders use MetaTrader4 because of its intuitiveness and ease of use. You can also use the beta version of the new MetaTrader5 platform.
4XP also offers a web-based trading platform, a mobile trading application for your phone, and a separate platform that allows you to trade binary options with the same account.
4XP offers 24/7 support in ten different languages over email, online chat, and the phone. They pride themselves on giving all traders VIP service and provide you with a learning center, daily market analysis, and an updated economic calendar.
4XP offers its clients and interesting mix of promotions, a proven trading platform, and the ability to trade many currencies and other securities. However, they are unregulated and closed to U.S. citizens, unlike most other top forex brokers. They’re worth a look if you want to trade binary options or plan on taking advantage of the deposit bonuses, otherwise you might want to look elsewhere for an online forex broker.