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Forex Metal Review

Forex Metal rating: 8 votes, average: 3.75 out of 58 votes, average: 3.75 out of 58 votes, average: 3.75 out of 58 votes, average: 3.75 out of 58 votes, average: 3.75 out of 5 (8 votes, average: 3.75 out of 5, rated)
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forex-metalForex Metal was established in Panama in the year 2007 and is an independent brokerage firm providing clearing services for forex traders to trade in foreign currencies and CFDs. Unlike most other forex brokerages, Forex Metal is not aligned with any large bank or financial institution. Nevertheless they have established a niche position in the forex brokerage business. Their site is supported in Spanish, Portuguese, Japanese, Chinese, French, German, Arabic, Bahasa, and Russian and of course in English.

Forex Metal has their own White Label program for potential clients wanting to operate their own forex brokerage business. In other words, Forex Metal helps other institutions to create their own trading platform which could be operated under their business name.

Company’s Market Position

Forex Metal’s market position is augmented by the fact that they are always striving to constantly develop new financial products, and provide more forex trading and analysis tools to their customers.

Types of Services Offered

Forex Metal has very competitive trading conditions like $0 commission on Forex trading, instant execution of orders, and the ability to trade all instruments from a single account whether it is trading in forex, precious metals or CFDs.

The leverage you could get depends on the amount of funds you have in your account. Most accounts would have leverage of 1: 500 but you could go by the following specifics. If your account has $1-$500 balance, the leverage would be 1:500;

if your account has average balance $501 – $1000 the leverage is 1:200; if your account has balance of $1001 – $5,000, the leverage is 1:100; and for above $5,000, the leverage is 1:50. The highest leverage possible is 1:1100 and it applies only to accounts with up to $50 balance. The increased leverage now available for accounts with current balance of up to $500 means that with every $1 you could open a forex position for $500. But remember this leverage applies only to forex trading and does not apply for CFDs.

The number of currency pairs that could be traded is over 40, the spreads on majors is starting from 1.5 pips. The usual lot size $100,000 and of course the commission is zero. On ECN accounts the spread for EURUSD is as low as 0.2 pips.

They say minimum deposit has no limit which means you could start off with say $1 and remember the spreads are variable. Yes, if you start trading with as little as $50 you could open position equal to 0.01 of standard lot.

You can get a Free ATM debit card and $100 cash when you open a new trading account with Forex Metal. Money could be sent and withdrawn from the accounts using credit cards, bank wires, Skrill, ClicknBuy, Webmoney, Giropay, FasaPay, PerfectMoney, Bitcoin, and local payments. Forex Metal does charge a withdrawal fee and this varies depending on the method you would prefer to withdraw your money. For instance there is $ 35 for wire transfer, 1.5% for Webmoney, and 1.5% for withdrawal through debit card. There is another important point you got to remember before submitting your withdrawal requests and that is you should close all open positions in your trading account before you submit a withdrawal request.

If you open a forex trading account with them you can even get commissions from them as an Introducing Broker without doing much of actual forex trading yourself. As an Introducing Broker you could avail of 3 commission options which can be used independently or together. This could be $100 per every trading account opened, 10% from every deposit made by the customers, and 1 pip per lot from every lot traded by the customer you referred. Higher commissions are offered to VIP clients.

Islamic swap free accounts are also available. These accounts do not calculate daily swaps for each open position and that is why it is particularly suitable for those customers, whose religious beliefs do not permit lending money or receiving interest payments, as for example in Islamic countries.

Trading Platform

Forex Metal provides their clients with the MetaTrader 4, which is one of the best platforms for Forex and CFD trading available today on the market. The main features of this platform are of course the ability to trade various FX and CFD instruments from one single account. It has a multilingual interface that supports English, Russian, German, French, Chinese (simplified), Japanese, Indonesian and other languages. You also have the facility of getting unlimited charts coupled with real time data feeds and news, and real time instant execution of orders. That apart, the platform has internal e-mail and completely printable transactions statements with export facility, and of course the usual technical analysis indicators and tools. You can download the trading platform for free and open a Free Demo Account to do practice trading. This platform has facility for trailing stop and you could also do hedging. Precious metal and oil can also be traded in the platform

You can do mobile trading using your PDA device, place orders, view charts and monitor your account from anywhere in the world provided you have an internet connection. But to access your trading account via the PDA you need to download the Metatrader 4 Mobile Terminal from the Forex Metal site. Once you have downloaded and installed Metatrader 4 Mobile on your PDA device, you can access your demo and real trading accounts via their dedicated servers. The system requirements for mobile trading is PDA, Windows Pocket PC 2002 or higher. Forex-Metal offers free mobile apps for iPhone, iPod, iPad, Android, and Blackberry devices.

The features of the mobile terminal include the ability to trade over the Internet, instant execution of orders, charts and technical analysis package, multilingual interface, which includes 14 languages, internal mail, news, and many other features. In other words, whether you use the MetaTrader or the mobile version of it, you get good automated trading conditions.

Trader Support

You could fax them and also contact them on toll free numbers. They even have a toll free number in Hong Kong. Customer support agents can be also reached via Skype, Yahoo Messenger, e-mail, contact form, and of course online chat. Support is available on a 24/5 basis.

On the whole customer service is friendly and e-mail response is quick.

Site Design and Ease of Navigation

The Forex Metal site is not cluttered with advertisements and the page loads quickly and you can easily get the information you were looking for. The FAQ page is neatly done and answers a lot of questions.

Advantages

They provide you with a step by step guide on how to get started in the FX market, apart from having a tutorial at their site which focuses on everything you need to know to start using your trading platform.

The tight spreads offered by them starting from 0.2 pips.

Since there are many currency pairs to choose from, it gives the best opportunity to those traders who would like to do cross-currency trading.

Apart from currencies you could also trade in major indices, gold, silver and other precious metals CFDs etc.

You can open an account in a matter of minutes, and not much of documentation is needed.

Live chat facility available 24/5

Bonuses and promotions: $100 no-deposit bonus, up to 40% bonus on first and subsequent deposits, rebate offer, debit card promotion.

Disadvantages

Although their spreads are fine, the execution may not be good at all times as the price sometimes needs to move past the level before the position is actually closed.

From whatever comments on forex forums, they seem to be pretty good.

Write your own review of Forex Metal

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11 Comments»

Comment by Bourbour
2009-06-26 15:04:55

Excellent broker, with excellent service. The platform is very powerful and logical.I trade with Forex-Metal for one year and I have nothing bad to say.

Bourbour ratings for this post: Bourbour gives a rating of 5Bourbour gives a rating of 5Bourbour gives a rating of 5Bourbour gives a rating of 5Bourbour gives a rating of 5
 
Comment by abigail
2009-07-13 15:33:25

What makes me stay with this broker is the small spreads although they have this negative of charging a withdrawal fee.But they do accept e-gold,webmoney and Solid Trust pay to deposit cash and I like this feature as it gives me flexibility with my other internet businesses.Above all they are pretty honest with their customer support and that makes me very comfortable. Really no negatives to say at all.

abigail ratings for this post: abigail gives a rating of 4abigail gives a rating of 4abigail gives a rating of 4abigail gives a rating of 4abigail gives a rating of 4
 
Comment by akhil
2009-08-20 12:26:55

Forex Metal are fairly new guys in forex trading. Site is pretty attractive with multi-lingual support in Chinese, French, German and Russian.

Platform is Meta Trader 4, and that is something versatile as I could trade forex and CFD’s from the same account. I had put in $250 and got a leverage of 1:500, and its funny you get a higher leverage as your account balance gets lower. So all the more reason to be careful or else get your account wiped out. As for currency pairs, there were plenty of them to trade, more than 30 at rough count. For majors, spreads were in 2-5 pip range and for exotics it was in 1-6 pip range. With forex metal you could even start off with $1. However spreads were fixed and that was great relief. They did provide me with free ATM debit card but I guess that is not of much use to me as I am yet to run into profits. But Forex Metal does charge a withdrawal fee and that is something I got to keep in mind when I run up profits.

Another interesting feature with Forex Metal is you could make a bit of money if you refer others to the trading platform. Call it a kind of referral system. Charting and real time data feeds are super, and so is the news. Practicing with Forex Metal demo account was really enjoyable. One of these days I am going to get a PDA handheld device and do my trading whenever I am traveling, and that’s something I have been doing frequently these days. Good support via email and skype and great toll free numbers gives Forex Metal a super cutting edge over other platforms!!

akhil ratings for this post: akhil gives a rating of 4akhil gives a rating of 4akhil gives a rating of 4akhil gives a rating of 4akhil gives a rating of 4
 
Comment by sarah Subscribed to comments via email
2010-06-05 19:18:14

Is Forex-Metal a scam company?
I open an account with them on 13th of May this year. They rose up 2 pips for my account one week ago without any notice. I sent the 100,000usd withdraw request on 25th of May, but the money still in their bank up to now. Do you know this company?

sarah did not rate this post.
 
Comment by sarah Subscribed to comments via email
2010-06-18 12:20:28

Forex Metal tempts people to open accounts with them by providing bonus with no swaps account at the following link,
https://forex-metal.com/discount/discount05. I opened account with them on 13th of May 2010, I traded more than 1,500 lots with them up to 25th of May, but only 300 lots calculated to get the bonus (It was not fair to me). Afterwards they rose up 2 pips for my account without any notice, few days later; they gave me the following email:
Dear Mrs. Mei Ling Chen,
We believe that forex trading is a two-way street: it should be profitable to both parties. We make our money from hedging customers trades through other forex companies or banks. Your trading pattern over the past few days shows that you prefer to hold positions for a short period of time, ripping 5-10 pips profit in most cases. At the same time your friend gets 1 per lot in commission payments. Of course it is your choice how you want to trade, but in such circumstances we cannot keep extra low spreads and make profits from hedging. Besides, our counterpart where we hedge our risks has changed our trading conditions, this prompted us to act.
We are re-assessing the situation and if we can offer you something better, we will. Rest assured that we want to keep our customers happy, but at the same time we cannot put our business at greater risk.
Regards,
Forex-Metal Customer Support 31th/May/2010
I was forced to withdraw my money back; the money not belongs to me alone (two of my friends involve as well). I sent them 100K withdraw request on 25th of May; I shall get the money back at the end of May if Froex- Metal processed it properly. Unfortunately, they made the excuse like: One of our banks has a very strict anti-money laundering procedures for over 25,000 international payments. I asked them to separate into 4 wires, each one 25,000. With the help from PFA, they sent the first wire 25,000 to me on11th of May. But up to now, I have not heard from them regarding the next payments. I still have 75,000 with them. I am suffering a lot from withdrawal and trading experience with forex-metal. There is no way to contact their payments through the telephone.
I contact with their live chat twice per day. The answers are the same — Please email your enquiry to the payments. I am under depression with this withdraw issue. What shall I do if they continually keep me waiting? Shall I report the government department which regulated the forex coms in Panama?

sarah did not rate this post.
 
Comment by Godwin Subscribed to comments via email
2010-07-19 08:46:16

I trade with them is about a year and still had no problems with the withdrawal of money.
But when I won $ $38,550 I received them only after 2 weeks. Although at first they paid me my deposit. So I would not have cursed them scam.

Godwin ratings for this post: Godwin gives a rating of 5Godwin gives a rating of 5Godwin gives a rating of 5Godwin gives a rating of 5Godwin gives a rating of 5
 
Comment by Rama
2010-08-25 15:14:24

Forexmetal ist great broker with customer support I never had with other brokers. You can trade during the news and you can use EAs, they allow this.I recommend Forex-Metal as good and relible brocker.

Rama ratings for this post: Rama gives a rating of 2Rama gives a rating of 2Rama gives a rating of 2Rama gives a rating of 2Rama gives a rating of 2
 
Comment by Ashel
2011-03-04 18:20:46

why do you say they do not have live chat? they have live chat 24 hours a day.

Ashel did not rate this post.
 
Comment by Gena
2011-06-01 05:45:41

Actually I can understand sarah, who posted the comment about her withdrawal issue with Forex Metal. Sarah, have you got your money back? I have to say that I succeeded to withdraw money from my FM account without any problems. They allow scalping and EA’s using – that’s realy good for me.

Gena ratings for this post: Gena gives a rating of 4Gena gives a rating of 4Gena gives a rating of 4Gena gives a rating of 4Gena gives a rating of 4
 
Comment by Evgenia
2011-06-09 04:27:16

I have been trading with this broker about a year already and I satisfied with their services. At the beginning I had got a 30% bonus on my initial deposit. Orders execution is fast, customer support helps in a timely manner. My experience with them is positive.

Evgenia did not rate this post.
 
Comment by Don Julio Subscribed to comments via email
2014-06-19 17:43:36

Forex Metal RIPPED US OFF!!! Names REVEALED! (e-ForexGold.com too!)

We expose Forex Metal and owner VLADISLAV KOGAN (Born 1973, living in Sydney, Australia) in this Video: https://www.youtube.com/watch?v=SMruhPTsXBY

We will post this info at many popular trading forums (complete list under video); many already have posts on Forex Metal.

Where possible, we will start a new thread “Forex Metal Ripped Us Off!” for victimized traders to post comments.
To warn other unsuspecting traders, we will also post in the most viewed relevant threads.
Search “Forex Metal” for specific threads until we list them under Video Description.

We suspect Forex Metal created several personalities or used its affiliates either to say what a great broker they are or to market promotions, or both. Usually details are vague. Click on the names; often all their posts talk more about Forex Metal than actual trading.

We apologize for any repetition, but VLADISLAV KOGAN must be stopped from ripping off traders.

Rather than reposting at every site, WE WILL POST THE LATEST UPDATES AND LINKS IN ONE PLACE, UNDER THE VIDEO’S “DESCRIPTION.”

Please post your personal stories in this forum, and ALSO under the VIDEO’S “COMMENTS,”
This way, you have a record of your post at each forum and well as at one CENTRAL LOCATION for ALL traders to share comments.

A fellow trader that produces many videos exposing Forex, binary trading, and other financial scams has also created videos about Forex Metal:
Forex Metal – Avoid this Broker:
http://www.youtube.com/watch?v=BbK6gzCYvOc
Forex Metal – This Broker is a Scam, BEWARE:
http://www.youtube.com/watch?v=nbBT6hOqYDw
Forex Metal – Use this Currency Broker and Feel the Pain:
http://www.youtube.com/watch?v=9IQEuzLJbBk

He also recommends that victims create and post their own videos (Ezvideo.com is free and simple), and include a link to our detailed video.

VLADISLAV KOGAN is Forex-Metal Payments Department at payments@forex-metal.com
Traders, let him know what you think of Forex-Metal.
Email him your comments and copy his employees at:
business@forex-metal.com
contact@forex-metal.com
info@forex-metal.com
support@forex-metal.com

If VLADISLAV KOGAN eventually returns ALL of our funds, we will post that information in the future.

Traders, thank you all for your time, as well as any additional help or information you may offer.

Don Julio ratings for this post: Don Julio gives a rating of 4Don Julio gives a rating of 4Don Julio gives a rating of 4Don Julio gives a rating of 4Don Julio gives a rating of 4
 
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