Info

Name Forex Place
Website 4XP.com
Established 2007
Platform None
Country British Virgin Islands

Advantages

  • Mobile Platform
  • Easy-to-Use Website
  • Easy deposit and withdrawal process

Disadvantages

  • Not Regulated
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Forex Place Review

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Forex Place Review

Forex Place is ranked #27 of 316 Forex Brokers.
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Info

Name Forex Place
Website 4XP.com
Established 2007
Regulation None
Country British Virgin Islands

Advantages

  • Mobile Platform
  • Easy-to-Use Website
  • Easy deposit and withdrawal process

Disadvantages

  • Not Regulated

**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.

4XP Website

General Information

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.

4XP Payments

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.

Trading Platforms

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!

4XP Platform

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.

Products

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.

Overview

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!

Customer Service

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.

4XP Chat

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.

Review info :
Broker reviewed : Forex Place Rating : 4 out of 10
Reviewed By : Review Date :
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24 User Reviews Add Comment
  • danoodle72

    I received my money on October 12th. Exactly10 days after I requested the closure of my account. They kept their word. I would recommend this broker to anybody.

    danoodle72 October 2012
  • danoodle72

    Today (October 2nd 2012) I was contacted by Mr. Barilla who checked my withdrawal form and assured me that my account will be closed and the balance transferred to my bank account by the end of the week. So far so good

    danoodle72 October 2012
  • danoodle72

    October 1st 2012.....sorry!!

    danoodle72 October 2012
  • danoodle72

    Yesterday being October 1st 2010

    danoodle72 October 2012
  • danoodle72

    A couple of months ago I opened a trading account with 4XP. I funded the account with a bank transfer and after 3 days I was ready to trade. I found the staff to be very friendly and professional. My account manager Jacky Barilla has always been in contact with me and always willing to give some help. I realized though that trading was not for me, so yesterday (dXXX) I decided to close my account and withdraw all my funds. I heard some bad stories about withdrawal procedures being somehow too lengthy and painful with this broker. Mr. Barilla said it should take 7 days to have my money back to my bank account, let's hope for the best!! I will keep you guys updated

    danoodle72 October 2012
  • IngridA

    Igor - I've been using 4xp for quite some time, and have been quite satisfied with their service. I've been able to withdraw relatively quickly (my last broker took about 10 days!), and while I do lose sometimes, I also profit a good amount. I'm pretty sure any losses are my fault, not theirs. :( But I'm working on it.

    IngridA November 2011
  • igorl

    i'm just starting trading forex and someone told me about 4 xp i'm thinking to start trading there anybody can recommend them

    igorl November 2011
  • roni

    not bad company. see many more bad.
    lot curences. help on forum and training. not bad rates. i like iphone app. good spreads, and pays.

    roni October 2011
  • Jayden_Hamilton

    Hello Junior Trader, my name is Jayden Hamilton and I am a customer service representative for 4XP.
    I am sorry to hear about your experience with 4XP and I would like to help solve the issue and make sure that it will not happen again. Please send me further details of your complaint and your account number to customersupport@4xp.com. Thank you, best regards, Jayden

    Jayden_Hamilton September 2011
  • Junior Trader

    4XP everything else being Ok, withdraw is so painful. Hi, firstly, withdraw is subject to 35 dollar fee which is quite expensive!! Secondly, I sent my documents a month ago. Then the account manager is quite ok since he follows up with my document. However, he only created the withdraw after I chase a few times 2 weeks ago. So far I haven't seen my money back. My account manager disappeared, not sure if he is on holiday or deliberately not replying my emails. When I called the customer service, they just say that they will contact my account manager whose whereabout is unknown..... O'right, I must say i could probably got scammed. I only made 300 USD profit, and it's so hard to get my money out. I will follow up here...If I don't get my money out soon, I surely will file a complaint. And of course, warn people to stay away from 4XP !!!!!!!!!!

    Junior Trader September 2011
  • Shaun

    I like the site, and it's easy to use. I had a tech problem with the withdrawal and talked to customer service and they were prompt and efficient. I'm enjoying my trading experience with this company and the variety of currencies and ease of use of the site. Keep up good work.

    Shaun August 2011
  • Samy

    I hav god with 4XP. site easy play. nice lots currcny and options, more othr compnis I contine happi. Somtims I lose and win but not of compny.

    Samy August 2011
  • bilton joe

    heya, tried to trade with 4xp they where ok...not the best in the market cause they hold my money aprox 4 days too much (!) but I got it and made good day profit on the binary options - its creazy !! but works. any good tips anyone?

    bilton joe August 2011
  • 4XP Rep

    Hi Ramneet and Alex, My name is Jayden Hamilton, I represent 4XP. First of all, I'd like to thank you for using 4xp. I'd also like to learn more about the specific issues you've had with 4XP so that i can solve them for you. please contact me at customersupport@4xp.com thanks!

    4XP Rep May 2011
  • Ramneet

    Dear Alex Since you are not quite conversant with 4xp statements and their implied meanings, you are confused. For your convenience , I have provided the meanings for various words and phrases they use: You won’t find them in any dictionary, though. 1.’ Thanks for your quick response’ : We never expected you to ask for your money so soon. We are shocked. 2. Decided to delete your trades: we are used to traders losing money. we dont encourage guys making profits. Accordingly, your trades are deleted. 3. Result of arbitrage: Result of arbitrary decision vested with 4xp. 4. This will suffice: No more arguments. Shut all your nine holes and keep quiet. 5. Trying to solve: Trying the client’s patience. 6. Going an extra mile : This happens when you ask for your money when they go an extra mile in the opposite direction. If you persist, they will cover more miles. 7. Accounts Manager: Accounts Damager. 8. Country Head. ( GOD....Head of the house and silent spectator )

    Ramneet December 2010
  • Alex

    4xp.com - SCAM. I had a bad experience with 4xp.com. I was trading with them about three months and made a good profit. After that I got e-mail from 4xp.com. It says : ``Thanks for your quick response. We have decided to delete your trades as a result of arbitrage. I hope that this will suffice.`` I asked them to explain what they mean under ``result of arbitrage`` but they did not reply. I traded just one currency pair most of the time. Now I can see that 4xp.com do not like if someone can get profit. My profit was about $ 3200 and they decided to delete those money.

    Alex December 2010
  • Sandeep Gowda

    Hi this is prety intresting broker which not only allows to do trading in Currency/commodities ans indices ...They have new products like Zulu trade/binary options/forexpret/funds and lot more popl do not now what are this deals with.........Hmmmmm

    Sandeep Gowda October 2010
  • Emma T. Rahman

    well, i had my account since 1 year with them, i lost some money because of my own mistakes..... fortunately i made some profits in the last 3 months, and i withdrew 5000$ and 6500$ , they took about 6 and 9 days to arrive, but they were following up with me to make sure the money arrived. so far, i think they were honest with me.

    Emma T. Rahman September 2010
  • Bela Földes

    I am Bela. I try new broker called 4XP. I have been with this broker for 2 month now. Great service, good spreads and a good bonus on my deposit. No complaint so far.

    Bela Földes August 2010
  • Roberto

    My experience so far with Forex Place has been a good one. My account manager Joelle has been very helpful with the explanations about forex place. The spreads seem good and I received a nice bonus on my first deposit. So far, so good. :)

    Roberto August 2010
  • Jody

    I have been trading forex with a few brokers for about 2 years now including 4xp (Forex Place) for about 6 months now. I definitely think that they have a few pros and cons that need to be taken into consideration. At the beginning when I wanted to withdraw it took a while but the process is has improved and is much quicker after I sent in necessary docs. The support take a bit long to answer the live chat. 1 thing that I was very fond of in the beginning that they provide a 100% back on your deposit after the 1st month. If anybody has any other info about them please let me know.

    Jody July 2010
  • Jayden Hamilton

    Hello marino oddone, My name is Jayden Hamilton and I am an official representative of 4xp (Forex Place). With 4xp(Forex Place) you are able to trade ANYWHERE in the world with your 4xp user name and password.You are NOT required to send identification every time you use your 4xp (Forex Place) account from an IP which is not your registration IP. I would like to investigate further as to why your account was closed and I would appreciate if you could send me your details so that I will be able to do this. If you feel more comfortable you can send your details to customersupport@4xp.com and I will be happy to assist you. Awaiting your reply, Jayden Hamilton

    Jayden Hamilton July 2010
  • marino oddone

    I don't agree.I had very bad experience with them.Their service and spread are not competitive on the market.I had and I have other account with different broker agency and UI rthink that Forex Place is the worse.I am working abroad and everytime I open my platform from different IP they close my Account,after that they ask me to send them a copy of my passport and a copy of utility bill that states my address.Belive me is not easy find a home utility while working abroad. I wrote them that they should change their rule otherwise people cannot work if change IP adress.I send them this link http://www.comuni.it/autocertificazione/certificati/residenza.htm where they can check the residence og their costumers but the result was the close of my account.Worst service,worst spread,what you need more to close or not open an account to Forex Place,please lissen to me,leave them as soon as possible.

    marino oddone April 2010
  • Jack Herby

    While Trading Metatrader 4 with Forex Place i had a great experience. Forex place dealing room answered me quickly with direct answers and gave me excellent service.

    Jack Herby August 2009

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