- Full transparency
- Excellent trading platform
- Live trading room and quality signals available
- Relatively high minimum deposit
- No chat support
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FX Renew is ranked #39 of 267 Forex Brokers.
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FX Renew is a Florida-based Forex brokerage that is looking to revolutionize the Forex industry by offering accessible, professional guidance to all clients so that they can have profitable, long-term trading careers. Run by a group of licensed traders who monitor the market 24 hours a day, FX Renew offers excellent customer support, a live trading room and free Forex signals (some restrictions apply) so that traders will trade comfortably, intelligently and successfully. Read our full FX Renew review to learn more about this top notch brokerage.
Maximum leverage: 50:1
Minimum deposit: $250
Languages available: English
Regulation: NFA and CFTC
As a partner of FX Club, FX Renew has chosen to offer the company’s ACT Trader platform, which is an excellent platform that is available in both downloadable and web-based versions, as well as a mobile application. The downloadable and web-based versions cannot be accessed simultaneously. What is noticeable about the platform at first glance is that it has several different tabs through which traders can easily find what they’re looking for. The tabs include the trading platform, the company’s website, access to the company’s signals and trading room, and to the popular AutoChartist software which affords technical traders excellent charting tools.
The downloadable ACT Trader platform has large buy and sell buttons and clear differentiations for each currency pair so that traders can easily choose which pair they wish to trade and which action they wish to take. Other critical information such as the account balance, used margin and equity is permanently affixed to the bottom of the platform so that traders can see their account at a glance.
Clearly-labeled buttons at the top of the platform allow traders to trade and to perform other actions including depositing and advanced charting capabilities.
The web-based platform has a similar look and feel, though it doesn’t offer all of the functionality of the downloadable version. For starters, the top tabs are absent in the web version, making it less convenience to navigate back to the site or to the trading room. Still, this platform will be a good choice for traders who wish to trade when they’re away from the desk where they’ve downloaded the platform. Another thing we noticed is that the password is the same for both the downloadable platform and the web-based version, so that you can access both without having to reregister.
We did not test the mobile trading capabilities as part of our FX Renew review.
Unlike some Forex brokers that offer services such as autotrading or managed accounts which demand that traders relinquish some autonomy over their trades, FX Renew offers features that empower traders to trade both profitably and independently. We especially appreciated the company’s signal service, which provided reliable signals at intervals that weren’t too frequent. You can read our full review of this service in our FX Renew signals review. The live trading room which was easily accessible from the trading platform was also an excellent service which is available on Tuesday and Thursday mornings so that traders can plan their day around these sessions.
Other highlights of FX Renew are the one-click execution which is not standard with the MetaTrader 4 platform offered by many competing brokers, and the trading videos, offered to members only. Though training videos aren’t specifically unique to FX Renew, the videos offered by this company are extremely well done and easy to understand.
Customer support is available via email and phone support. Because the company caters primarily to US traders, we found a toll-free US phone number to be a more than sufficient means of communication. We called the company at random hours of the day and never waited on hold for support. The representatives we spoke with were friendly and eager to ensure that we were entirely satisfied. Unlike most other Forex brokers, FX Renew doesn’t offer live chat support.
The only way to email FX Renew is via a form submission on their site, but in our test of this service we found that the request was received nearly immediately, and that a relevant response was quickly forthcoming.
Ease of Use
It’s no accident that FX Renew is among the most user-friendly NFA regulated brokers on the market, because the company clearly takes every effort to make it that way. With a no-nonsense website, an easy registration process, and site security validations displayed prominently on the site, we felt entirely comfortable from start to finish.
We did find it slightly unusual that the company trumpets its connection to FX Club, though this shouldn’t be misconstrued as a bad thing. Many brokers that are partnered with other companies tend to hide this fact in an effort to woo traders – sharing this information publicly is just another way that FX Renew provides full transparency to their clients. It should also be noted that the FX Renew team is entirely separate from the FX Club team, and that all members of the company’s 24 hour trading team hold series 3 and series 34 licenses.
Perhaps because they aim to reach a largely American trader base, FX Renew doesn’t get the international recognition bestowed upon other brokerages…but they definitely deserve not only global notice, but praise for their efforts to return honesty and integrity into the Forex world. Despite a relatively high minimum deposit, we found the service to be not only worthwhile, but highly recommendable.