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Forex.ee Account Types

Forex.ee Account Types

 

 

Overall Rating

4.7/5

Rated #242 of
Recommended FX Brokers

💰Minimum Deposit

USD 50

🌐 Regulators

MEAE

📱 Trading Desk

MetaTrader 4

Crypto

Yes

📈 Total Pairs

49

☪️ Islamic Account

No

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

Forex.ee provides five different account types e.g., STP Account, Basic ECN Account, Advanced ECN Account, Premium ECN Account, and Crypto Account. Each account type has its own set of conditions for commission, margin call, and leverage, and minimum deposits. (get the correct answer in the content).

Finding a reputable list about Forex.ee account types local or worldwide can be a difficult process, especially finding a complete list from a trustworthy reputable source.

Below is an in-depth account types Review regarding this regulated Forex company, which will assist traders to make an informed decision when it comes to the various Forex trading accounts made available.

 

Forex.ee Overview

Forex.ee is an Estonian-based ECN broker which has been in operation since 2004. There is no known regulatory entity that oversees this broker. Thus, traders are cautioned against opening a live trading account until details such as the safety of funds can be confirmed.

Forex.ee is both a modern and dynamic broker which offers trading solutions and services to traders from around the world.

Forex.ee offers traders the opportunity to trade in forex and cryptocurrencies through the popular and powerful MetaTrader 4. There is a range of flexible account types offered, but trading conditions are neither competitive nor favorable.

ECN technology ensures that there is no conflict of interest between brokers or traders. It delivers valuable advantages in the execution of trades such as tight spreads, competitively low commissions, and interbank liquidity.

 

Forex.ee Account Types

Forex.ee offers traders a choice between five unique and dynamic account types. Each designed to suit the needs and objectives of various traders despite their trading experience or style.

In addition, Forex.ee also offers the option for PAMM accounts which can be used by account managers.

 

Forex.ee Account Features

 

STP Account

When making use of this account, traders can expect some of the following features:

  • Minimum deposit of $50 when registering an account.
  • STP execution on trades.
  • Minimum lots of 0.01.
  • Spreads from 0.5 pips.
  • Maximum leverage up to 1:500.
  • Commission-free trading.
  • A choice between USD, EUR, RUB, and JPY for the account base currency.
  • The option to convert this account to an Islamic account.

 

Basic ECN Account

When making use of this account, traders can expect some of the following features:

  • Minimum deposit of $200 when registering an account.
  • ECN execution on trades.
  • Minimum lots of 0.01.
  • Spreads from 0.0 pips.
  • Maximum leverage up to 1:500.
  • Commissions of $3.5, or currency equivalent, per lot traded.
  • A choice between USD, EUR, RUB, JPY, AUD, and BTC for the account base currency.
  • The option to convert this account to an Islamic account.

 

Advanced ECN Account

When making use of this account, traders can expect some of the following features:

  • Minimum deposit of $1,000 when registering an account.
  • ECN execution on trades.
  • Minimum lots of 0.01.
  • Spreads from 0.0 pips.
  • Maximum leverage up to 1:500.
  • Commissions of $2.5, or currency equivalent, per lot traded.
  • A choice between USD, EUR, RUB, JPY, AUD, and BTC for the account base currency.
  • The option to convert this account to an Islamic account.

 

Premium ECN Account

When making use of this account, traders can expect some of the following features:

  • Minimum deposit of $25,000 when registering an account.
  • ECN execution on trades.
  • Minimum lots of 0.01.
  • Spreads from 0.0 pips.
  • Maximum leverage up to 1:200.
  • Commissions of $1.8, or currency equivalent, per lot traded.
  • A choice between USD, EUR, RUB, JPY, AUD, and BTC for the account base currency.
  • The option to convert this account to an Islamic account.

 

Crypto Account

When making use of this account, traders can expect some of the following features:

  • Minimum deposit of $10 when registering an account.
  • ECN execution on trades.
  • Minimum lots of 0.01.
  • Spreads depend on liquidity.
  • Maximum leverage up to 1:3.
  • Commissions of 0.5% of the trade volume in the account base currency.
  • A choice between USD, EUR, RUB, MBT, and LTC for the account base currency.

 

 

Forex.ee Demo Account

Forex.ee offers traders the option of opening a Demo Account which can be utilized in various ways, including, but not limited to the following:

  • A practice account for beginner traders who wish to improve their trading skills and experience in a risk-free environment using virtual funds.
  • Traders who are evaluating and comparing brokers who would like to explore Forex.ee’ trading conditions in a risk-free environment, and
  • Traders who wish to test their trading strategies in a mimicked live trading environment without risking their capital.

 

Forex.ee offers traders with a demo account. Traders can register for the demo and use it as per the above, or any other preference that they have.

The demo account features will mirror the functions and features available to the trader on the MetaTrader 4 trading platform. Traders can either trade on the MT 4 Web Trader, the desktop version, or the mobile application.

It should be noted that the quotes that traders see on the demo account will differ greatly from those on a live trading account. This is because the quotes come from more than 10 liquidity providers on live accounts. The difference is attributed to Forex.ee continuously testing out new liquidity providers.

 

Overall Rating

4.7/5

Rated #242 of
Recommended FX Brokers

💰Minimum Deposit

USD 50

🌐 Regulators

MEAE

📱 Trading Desk

MetaTrader 4

Crypto

Yes

📈 Total Pairs

49

☪️ Islamic Account

No

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

Forex.ee Islamic Account

The purpose of an Islamic Account is that it caters specifically to Muslim traders who strictly follow Sharia law. The law prevents its followers from paying any type of interest, such as overnight fees, which is seen as wasteful or exploitive.

Overnight fees are charged should traders hold positions open for longer after the trading day has concluded and this type of account allows exemption from such fees or interest, should they hold positions open for longer.

Forex.ee offers Muslim traders four of its five accounts which can be converted. All accounts except the Crypto Account are available for conversion. The features that traders can expect will depend on the account type that they choose to convert.

There is no indication whether Forex.ee charges extra fees when traders convert their live trading account. However, traders must verify this information with the broker before registering for a live trading account, and before converting their account.

 

Pros and Cons

✔️ PROS ❌ CONS
Variety of account funding options provided Unregulated
Variety of accounts offered Limited trading instruments – only forex and crypto
PAMM Service provided The daily market analysis not provided
One-click trading offered US Clients not accepted
MetaTrader supported Fixed spread accounts not offered

 

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You might also like: Forex.ee Islamic Account

 

 

Forex.ee at a Glance

Broker’s Name Forex.ee
Headquartered Estonia
Year Founded 2004
Regulating Authorities None
Countries not accepted for trade United States
Islamic Account (Swap Free) Yes
Demo Account Yes
Institutional Accounts No
Managed Accounts Yes
Maximum Leverage 1:500
Minimum Deposit $50
Deposit Options
  • Credit/Debit Cards
  • Bank Wire Transfer
  • Skrill
  • WebMoney
  • Neteller
  • Perfect Money
  • Qiwi
  • FasaPay
  • China UnionPay
  • Crypto Wallet
  • Internal Transfer
Withdrawal Options
  • Credit/Debit Cards
  • Bank Wire Transfer
  • Skrill
  • WebMoney
  • Neteller
  • Perfect Money
  • Qiwi
  • FasaPay
  • China UnionPay
  • Crypto Wallet
Platform Types MetaTrader 4
OS Compatibility Windows, Linux, macOS, web browsers, Android, iOS
Tradable Assets
  • Forex
  • Cryptocurrencies
Languages supported on Website English
Customer Support Languages Multilingual
Customer Service Hours 24/5

 

FAQ’s

 

Trading Environment

 

How many instruments can I trade with Forex.ee?

You can trade the following financial instruments:

  • Forex
  • Cryptocurrencies

 

Which platforms are supported by Forex.ee?

MetaTrader 4.

 

Does Forex.ee offer leverage?

Yes. Traders have access to leverage up to 1:500.

 

What spreads can I expect with Forex.ee?

You can expect spreads that start from 0.0 pips.

 

Does Forex.ee charge commission?

Yes. Depending on the trading account the trader uses, and the financial instrument traded, traders will be subjected to the following commissions:

  • Basic ECN Account – $3.5, or currency equivalent, per lot traded.
  • Advanced ECN Account – $2.5 or currency equivalent, per lot traded.
  • Premium ECN Account – $1.8 or currency equivalent, per lot traded.
  • Crypto Account – 0.5% of trade volume in base account currency.

 

Are there additional charges on the Islamic account?

No. There are no additional fees indicated.

 

Is Forex.ee regulated?

Yes. Forex.ee is not regulated.

 

Is Forex.ee a recommended forex trading broker for experts and beginners?

Forex.ee is an unregulated broker and for this reason, it cannot be recommended. Traders must ensure that client fund safety and security can be ensured before using this broker.

 

What is the overall rating out of 10 for Forex.ee?

6/10.

 

Accounts

 

What is the difference between a demo and a live trading account?

A demo account offers the use of virtual funds instead of actual capital. This allows for risk-free trading as well as exploring both the broker’s offer and the trading platform.

A demo account can be used for a variety of reasons including practice trading, testing trading strategies, exploring platforms and offers, and more.

 

Does Forex.ee offer a demo account?

Yes.

 

For how long is the demo account valid?

Demo accounts are generally available for 30 days.

 

Does Forex.ee offer the option of an Islamic Account?

Yes. Forex.ee offers the option of an Islamic Account on all accounts except the Crypto Account.

 

Which live trading accounts does Forex.ee offer?

  • STP Account
  • Basic ECN Account
  • Advanced ECN Account
  • Premium ECN Account, and
  • Crypto Account.

 

What are the available deposit currencies for a live trading account?

This will depend on the account that the trader chooses.

  • STP Account – USD, EUR, RUB, and JPY.
  • Basic, Advanced, and Premium ECN Account – USD, EUR, RUB, JPY, AUD, and BTC.
  • Crypto Account – USD, EUR, RUB, MBT, and LTC.

 

Deposits and Withdrawals

 

What is the minimum deposit for Forex.ee?

$50.

 

How do I make a deposit and withdrawal with Forex.ee?

  • Credit/Debit Cards
  • Bank Wire Transfer
  • Skrill
  • WebMoney
  • Neteller
  • Perfect Money
  • Qiwi
  • FasaPay
  • China UnionPay
  • Crypto Wallet
  • Internal Transfer

 

Please note that Credit/Debit cards, Qiwi and Internal Transfers cannot be used with withdrawals. China UnionPay is only available for use by China, Hong Kong, Macao, Taiwan, and the Republic of China.

 

Does Forex.ee charge withdrawal fees?

Yes.

  • Bank Wire Transfer – 31 USD, 31 EUR
  • Skrill – 1% or a minimum of 0.5 EUR.
  • WebMoney – 0.80%, not less than 0.01 WM and not more than 50 WMZ, WME or 1500 WMR.
  • Neteller – 2%, not less than 1 USD but not more than 30 USD.
  • Perfect Money – 0.50%
  • FasaPay – 0.50%
  • Bitcoin – BTC 0,001
  • Bitcoin Cash – BCH 0,001
  • Litecoin – LTC 0.01
  • Ethereum – ETH 0.005
  • China UnionPay – 2%

 

How long does it take to make a withdrawal?

This will depend on the payment method used. Payments can reflect instantaneously or take up to several days.

 

 

Author Details

Louis Schoeman

Louis Schoeman

Featured Forex and Stocks writer

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