Forex Metal Review

Forex Metal rating: (4 votes, average: 4.50 out of 5, rated)

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Forex Metal was established in Panama in the year 2005 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 Chinese, French, German, 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 CFD’s.

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 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 40, the spreads on majors is 2-5 pips, and 1-6 pips for cross currency rates. The usual lot size $100,000 and of course the commission is zero.

They say minimum deposit has no limit which means you could start off with say $1 and remember the spreads are fixed and not variable. Yes, if you start trading with as little as $50 you could open position equal to 0.01 of standard lot.

You are sure to 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 C-Gold, E-Gold, Liberty Reserve, Pecunix, MoneyBookers, and WebMoney. Forex Metal has now started accepting another payment system known as Solid Trust Pay, which allows making payments using credit and debit cards, just like Moneybookers or PayPal.

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, $5 for check, 1.5% for Webmoney, 1% for Liberty Reserve, 2% for Pecunix, 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 $5 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.

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, who’s 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.

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. But the phone support is usually between 9am-6pm GMT Monday to Friday. However, technical support is available on a 24/7 basis, via e-mails or by using their contact forms. If you have skype then you can use skype to contact them.

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 2 pips is good especially as they are fixed and not variable.

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.

Disadvantages

They do not have “live chat” facility.

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.

Also, connection to their servers is sometimes slow and that increases the risk for requotes.

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

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