SuperForex Review by professional Forex trading experts the “ForexSQ” FX trading team, Finding out everything you need to know about the broker is in this SuperForex Review.
SuperForex Review
SuperForex offers its clients the above account types. In addition, swap-free (Islamic) option is available for Standard acount holders who are not willing to earn interest for religious reasons. To compensate for the lack of swaps, Islamic accounts work on a fixed commission.
Furthermore, this broker provides PAMM system for customer who prefer their accounts to be managed by experienced traders (managers). On the other hand, such professional traders have the opportunity to generate additional income.
The Company. Security of Funds
Operating since 2013, SuperForex is an offshore broker offering trading in over 300 currency pairs, a wide range of CFDs on various assets, cryptocurrencies included (Bitcoin, Ethereum and Litecoin). Trading with this broker is done through the popular MetaTrader 4 and its services are offered to both retail and institutional customers from Europe, Asia and the Middle East.
It is licensed by the International Financial Services Commission (IFSC). Belize is known as an offshore destination for financial service providers, where the regulation and licensing requirements are not as strict as in other jurisdictions. Many forex brokers choose to register in Belize, since they are obliged to meet fewer and softer requirements and to comply with less strict rules than if they were regulated in the UK or US for example. In fact, IFSC rather relies on self-regulation of forex brokers.
Recently, as of the end of 2015 and the beginning of 2016, Belize regulation tightens. IFSC increased the minimum requirement for initial capital for financial and commodity-based derivatives brokers from $100,000 to $500,000. Furthermore, IFSC has increased the annual license fee from $5,000 to $25,000. In comparison, the minimum capital requirement for UK-based brokers is 730 000 EUR and for US-based ones – 20 million.
So, regulation in Belize is better than the one in the St. Vincent and the Grenadines, where brokers follow simple registration procedure and don’t have to comply with any requirements as regards minimum capital or segregation of client’s’ funds, for instance. Still, IFSC supervision cannot be compared to the one exercised by US or UK financial watchdogs.
if you intend to invest a large amount of money, we would advise you to select a forex broker licensed in UK, Cyprus, US for instance, where regulation is strict and there are compensation schemes, which will protect your money in the event that your broker is at default.
Trading Conditions
Minimum Initial Deposit
The minimal sum required to open an account with SuperForex is just $1, a symbolically low amount, which is reasonable, considering the looser regulation.
Average Spreads & Commissions
This broker offers mostly fixed spreads, amounting to an average of 2 pips on EUR/USD and says that it doesn’t charge any commission. Such fixed spread is considered average for the forex market. Yet, some brokers have better offers: easyMarkets offers spreads fixed at 1.0 pips on EUR/USD for those who deposit more than $250.
You may look up real-time spreads of 15 leading brokers here.
Maximum Leverage
The maximum leverage rates at SuperForex are high, reaching 1:1000. In comparison, easyMarkets provides leverage up to 1:400, which allows for better risk management strategy.
Many jurisdictions set limitations on leverage, which are considerably lower, for instance 1:50 in USA and 1:25 in Japan. The reason for this is that trading on margin involves a risk of heavy losses, exceeding the initial investments and that is why traders should exercise caution.
Trading Platform
SuperForex supports the award-winning MetaTrader 4, the preferred choice of trading professionals. The platform offers all a trader needs: a number of technical indicators, extensive back-testing environment, advanced charting package and a wide range of Expert Advisors (EAs). Traders can download ready-made or create their own automated trading strategies and simply let the program do all the work.
Here is a list of more forex brokers offering MT4 platform.
Bonuses & Promotions
This broker offers a variety of bonuses:
– 40% Welcome Bonus on First Deposit;
– No Deposit Bonus- new members can get up to $100 just by opening a real trading account, no initial deposit is required. The No Deposit Bonus cannot be combined with other bonuses.
– 60% Energy Bonus on Each Deposit – Every time you make a deposit to your account, you will receive a 60% bonus, regardless of the amount of the deposit;
– 120% Hot Bonus – it is intended for traders who want to operate with a larger trading volume and earn a better profit;
– Friends & Family Invitation Bonus up to $100 (the person referred to us also will also get a reward in the form of bonus depending on their initial deposit).
Moreover, there is the Trading Points Loyalty Program. Upon registration all members automatically enter the contest and start collecting points for rewards. For each trade order the corresponding amount of points is credited to members’ accounts (1 point = 1 lot = $0.01).
SuperForex has also organized the Lucky Draw contest, which is open for any real account holders with an Account Balance of at least $300 for the whole period of the contest. They get the chance to win a tradable bonus of $1000, based on Account Balance calculations.
In addition, this broker offers fixed annual interest rate of 5% for its clients ‘equity, regardless of their trading volume.
Methods of Payment
The following payment modes are available to clients of SuperForex: Credit/debit cards (Visa, MasterCard, UnionPay), bank wire transfer, and the following e-wallets: Skrill, Neteller, WebMoney, PayCo, QIWI, Yandex, ePayments transfer, Boleto Transfer, Latin America Transfer, Деньги Online, FasaPay and 10 cryptocurrrencies.
Clients can open accounts and deposit funds in USD, EUR, and RUB.
SuperForex provides competitive conditions for trading in various currency pairs and CFDs on the popular MT4. However, there is no choice of trading platforms, and what is most important – forex broker regulation in Belize is quite loose.
Instead of the forex broker you can use Plus500, XM, eToro, Fxpro or AvaTrade forex brokers.
SuperForex Review Conclusion
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