Forex Broker Inc is an up and coming broker with a great promise and lots of attractive features but lacking some others that might be deal-breakers for some. Founded in 2012, it is a relatively new player on the market but have established a sizable market share already. One of the most important properties of the firm is that they accept US residents as clients which is a very rare feat because of the tight regulations.
How they do it? Let’s see their legislative background!
Legislation and type of vendor
The company is an unregulated ECN/Retail Broker meaning that that there is no authority overseeing the services provided. This is probably the biggest drawback of Forex Broker Inc, but this is why they are able to offer forex trading to US residents.
The company is based in Malta and operates worldwide but with only English as an operating language.
Being an ECN and a retail broker means that you can choose from a fixed spread account (retail side) or a variable spread one (ECN side) where your orders are directly put to the market without the Broker pairing them.
You are able to trade both forex and several CFDs with the company, but the offering is a bit limited compared to other top brokers. Still all the important pairs are there so for a beginner it is a great place to start, but some might miss some individual stocks and more exotic assets.
The company offers five choices for traders with options to every OSs but a clear focus on Apple products as they target the US market where those are very popular. The five platforms are:
- Meta Trader 4
- Meta Trader 4 Mobile
- IPhone Trader
- Sirix Tablet
- The proprietary Sirix Webtrader platform
Their own Sirix software includes some extra features that make it attractive for traders like the comprehensive live news feed, very good technical analysis and charting functions, and a trading journal.
All the platforms are real-time synchronized so trading on the go is a seamless experience, although there are some reports of minor glitches when switching to MT4.
The dedicated, and greatly optimized, IPhone software underlines the efforts of Forex Broker Inc to attract Apple users although it is now compatible with Android too.
Spreads and other costs
Spreads and costs differ somewhat between the various account types on offer. There are three different accounts: Gold (an ECN mini account), Platinum ECN, and Platinum fix spread (the retail version).
The Gold account is geared towards beginner traders spreads as low as 0.3 pips (the broker claims an average of 0.8 pips) but with a 1.5pip commission, adding up to a still relatively low 1.8 pip minimum spread for the major pairs.
The Premium ECN account has the same low spreads and a lower 1 pip commission with the retail version is offering a no commission but variable spread structure.
Opening an account
The Gold account is very easy to open with a minimum deposit of $5 and free deposits and withdrawals for all account types.
- Maximum leverage of 400-500:1 depending on the account type
- Free E-book and other quality materials about trading
- Personal Account Manager
- High initial bonuses
Other pros and cons
- Negative Balance Protection
- Free deposits and withdrawals
- No re-quotes, no order rejections
- 1/100 mini lots on the Gold Account
- Phone orders accepted
- Variable spreads even for the retail account
- Missing some payment methods (Pay Pal, Skrill, Webmoney etc.)
Who should choose Forex Broker Inc?
The Gold account is great for beginners with the mini-lots and the low minimum deposits and the low spreads make the company attractive for scalpers too.
The Premium accounts are good choices for the more advanced traders so the broker covers a broad range of clients.
US citizens who are not held back by an unregulated entity have not too many better choices as an off-shore broker with high maximum margins and several platform choices