Forex Place Review
**Update - As of October 20, 2013 we understand that 4xp has ceased all of its operations around the world. We have not been able to confirm what is happening with the client funds that are still being held by 4xp, and we highly recommend that no traders use this Forex broker until further notice.
4XP, also known as Forex Place, is one of the least impressive brokers we have ever reviewed. Around since 2007, the company has yet to be regulated, which is something that we find entirely troublesome, and should serve as a 'red flag' for anyone looking for a truly honest and reliable Forex broker. Nevertheless, 4xp clearly invests time and money on your first impression when accessing their website. It is clean, fast, straight forward, visually appealing, and simple to use. It is available in 10 languages, so people from around the world can benefit from its ease of use. They offer all the basic and common services offered by many other Forex brokers, including webinars, one-on-one coaching and a very clear stepping-stone for beginners.
Maximum leverage: 1:300
Minimum deposit: $500
Platform Type: MetaTrader4 (Multilingual)
Languages available: English, Arabic, Turkish, French, Spanish, Italian, Russian.
Ease of use
When it comes to depositing money, there is no reason Forex brokers should not make this process easy for the trader, unless of course they do not want your money. Well, 4XP enables you to deposit money in every possible way, including some options most people have never even heard of, including: bank wire, credit card, direct e-banking, money bookers, payoneer, liberty reserve and many more. The only option that seems to be missing is PayPal, but with so many different payment methods to choose from, any trader can find their own preference with 4XP.
While most brokers make the deposit process relatively easy, it is not a rare occurrence for brokers to make the withdrawal process a painful one. With Forex Place, you send one fax/mail/web form and you have your money after 3-4 business days - it's that simple.
4XP offers both a web-based platform and a downloadable option. Not surprisingly, it offers the MetaTrader 4 and 5; an industry standard leading platform that is popular for traders at all levels. Both platforms are extremely easy to access and use, however some prefer the webtrader, as there is no necessary download, you just enter your username and password and off you go!
In addition, 4XP offers a mobile trading platform enabling you to trade on the go on almost any web-enabled mobile device (iPhone, Android, Blackberry). This is a huge advantage, as the mobile industry is a billion dollar arena and it shows no signs of weakening any time soon. The fact that Forex Place offers a mobile platform is an indication that they really do strive to be a top Forex broker, and not just another one to add to the long list.
Forex Place supports Forex trading of over 50 different pairs, with the typical spread of the majors being 3 pips, and with many promotions that include up to 1 pip on all majors! Their spreads are also fixed and not dependent on anything. As I mentioned earlier, they do not disappoint when it comes to the market standards, and they offer a free $50,000 demo account, as well as a mini account in which the minimum deposit is $500.
Another aspect in which Forex Place stands out is their leverage. It is not the highest you have ever encountered, but 300:1 is definitely above average. Without getting into the debate regarding high leverage that is for the trader to decide and not the brokers, so offering the option is always a good initiative on the part of the broker.
As with any forex broker, we seem to be always looking for the catch. I was sure that they may charge high commission or some sort of hidden fees. So when it became apparent that Forex Place charges no commission or fees of any kind, not on deposit, not on withdrawal, and not during trading- you could say I was pleasantly surprised!
4XP offers 24/6 support via phone, email, or live chat, and they proved to be highly responsive, patient, and helpful. Contrary to many other brokers, the company does not focus solely on getting your money; they spend a lot of resources on educating traders as well.
They offer an entire platform of educational courses, as well as live training. In addition, 4XP offers daily market analysis, an economic calendar, and what they refer to as a Live Dealing Room. This is for all intents and purposes a forum-like experience in which you can ask questions and offer solutions, while communicating with other Forex experts and traders. Throughout our 4XP review, we were impressed with the service.
Forex Place claims to offer their customers “Honesty, integrity and service par excellence”, and based on my thorough Forex Place review, this claim is entirely accurate.Back to Top
- Headquarter : British Virgin Islands
- Regulation : None
- U.S. Clients Allowed :
- Maximum Leverage : N/A
Pros and Cons
- Mobile Platform
- Easy-to-Use Website
- Easy deposit and withdrawal process
- Not Regulated
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