Verdict

/ 5

ForexEE review

By Dmitry Shalikovsky

Updated on Dec 8, 2024

10 mins read

0 customer reviews

Overview

Introduction Forex.ee is an NDD, ECN, STP, and CFD broker providing online trading services since 2004. Based in Saint Vincent and the Grenadines, the broker initially focused on...

See full overview for ForexEE

Introduction

Forex.ee is an NDD, ECN, STP, and CFD broker providing online trading services since 2004. Based in Saint Vincent and the Grenadines, the broker initially focused on serving clients in the Baltic and Scandinavian regions. However, it has since expanded to offer its services to clients worldwide, subject to regulatory restrictions in certain jurisdictions.

Forex.ee offers a variety of trading instruments, including major and minor currency pairs, precious metals, energies, and indices, and provides access to popular trading platforms such as MetaTrader 4, MetaTrader 5, and its proprietary trading platform. The broker also offers flexible leverage options up to 1:1000 and low spreads starting from 0.0 pips, making it an attractive option for traders seeking potential profits with cost-effective trading.

In this Forex.ee review, we will look closer at the broker’s features, services, and trading conditions to help you determine whether it is the right broker for your trading needs.

Supported Countries

Forex.ee supports traders from over 200 countries, such as countries in Asia, Africa, and South America. However, there are certain jurisdictions where Forex.ee cannot offer their services due to regulatory restrictions.

The countries supported by Forex.ee are: Albania, American Samoa, Andorra, Antarctica, Antigua and Barbuda, Argentina, Armenia, Aruba, Australia, Austria, Azerbaijan, Bahamas, Barbados, Belarus, Belgium, Belize, Benin, Bermuda, Bhutan, Bolivia, Bonaire, Sint Eustatius and Saba, Bosnia and Herzegovina, Botswana, Bouvet Island, Brazil, British Indian Ocean Territory, Brunei Darussalam, Bulgaria, Burkina Faso, Burundi, Cambodia, Cameroon, Cape Verde, Cayman Islands, Central African Republic, Chad, Chile, China, Christmas Island, Cocos Islands, Colombia, Comoros, Congo, Republic of the, Cook Islands, Costa Rica, Croatia,, Curaçao, Cyprus, Czech Republic, Côte d’Ivoire, Denmark, Djibouti, Dominica, Dominican Republic, Ecuador, Egypt, El Salvador, Equatorial Guinea, Eritrea, Estonia, Eswatini (Swaziland), Ethiopia, Falkland Islands, Faroe Islands, Fiji, Finland, France, French Guiana, French Polynesia, French Southern Territories, Gabon, Gambia, Georgia, Germany, Ghana, Gibraltar, Greece, Greenland, Grenada, Guadeloupe, Guam, Guatemala, Guernsey, Guinea, Guinea-Bissau, Guyana, Haiti, Heard and McDonald Islands, Holy See, Honduras, Hong Kong, Hungary, Iceland, India, Indonesia, Ireland, Isle of Man, Israel, Italy, Jamaica, Jersey, Jordan, Kazakhstan, Kenya, Kiribati, Kuwait, Kyrgyzstan, Lao People’s Democratic Republic, Latvia, Lebanon, Lesotho, Liechtenstein, Lithuania, Luxembourg, Macau, Madagascar, Malawi, Malaysia, Maldives, Mali, Malta, Marshall Islands, Martinique, Mauritania, Mauritius, Mayotte, Mexico, Micronesia, Moldova, Monaco, Mongolia, Montenegro, Montserrat, Morocco, Mozambique, Myanmar, Namibia, Nauru, Nepal, Netherlands, New Caledonia, New Zealand, Nicaragua, Niger, Niue, Norfolk Island, North Korea, North Macedonia, Northern Mariana Islands, Norway, Oman, Palau, Palestine, State of, Panama, Papua New Guinea, Paraguay, Peru, Philippines, Pitcairn, Poland, Portugal, Puerto Rico, Romania, Russia, Rwanda, Réunion, Saint Barthélemy, Saint Helena, Saint Kitts and Nevis, Saint Lucia, Saint Martin, Saint Pierre and Miquelon, Saint Vincent and the Grenadines, Samoa, San Marino, Sao Tome and Principe, Saudi Arabia, Senegal, Serbia, Seychelles, Sierra Leone, Singapore, Sint Maarten, Slovakia, Slovenia, Solomon Islands, Somalia, South Africa, South Georgia, South Korea, South Sudan, Spain, Sri Lanka, Sudan, Suriname, Sweden, Switzerland, Taiwan, Tajikistan, Tanzania, Thailand, Timor-Leste, Togo, and Tokelau.

Forex.ee does not accept clients from the United States, Japan, Canada, Afghanistan, Algeria, Angola, Bahrain, Bangladesh, Cuba, Democratic Republic of Congo, Egypt, Eritrea, Ethiopia, Iran, Iraq, Kuwait, Libya, Malaysia, Morocco, Myanmar, Nigeria, North Korea, Oman, Pakistan, Qatar, Somalia, Sudan, Syria, Tunisia, Yemen, and Zimbabwe.

Forex.ee supports multiple languages to cater to their global client base. The website is available in English, Arab, Indonesian, Spanish, Chinese, Malay, Deutsch, Polish, and Russian; their customer support team can also assist clients in these languages.

Customer Service Rating

Forex.ee is a forex broker offering clients trading services worldwide. When it comes to customer service, the company has received mixed reviews from its clients. On Trustpilot, Forex.ee broker review has a 3.8-star rating based on two reviews, which indicates that some customers have had a positive experience with the company.

However, on the Traders Union website, the broker has a lower rating of 3.67 stars, indicating that some clients have had issues with the broker’s customer service. While the rating is not exceptional, it’s important to note that customer service experiences can vary, and it’s always a good idea to research a broker’s reputation before making any financial decisions.

Forex.ee Trading Platforms

Forex.ee offers three trading platforms: MetaTrader 4, MetaTrader 5, and cTrader, providing traders with a wide range of options to choose from.

MetaTrader 4: MetaTrader 4 is a popular trading platform widely used in the forex market. It offers advanced charting capabilities, automated trading through expert advisors (EAs), and a user-friendly interface. With MetaTrader 4, traders can also access a wide range of technical indicators and analysis tools to help them make informed trading decisions.
MetaTrader 5: MetaTrader 5 is a newer version of the MetaTrader platform, which provides enhanced trading capabilities for traders. It offers an improved user interface, advanced charting tools, and multiple order execution modes, including market, pending, and stop orders. MetaTrader 5 also allows traders to access a broader range of financial instruments, including stocks and futures.
cTrader: cTrader is a powerful trading platform for beginner and experienced traders. It offers a user-friendly interface and advanced charting tools, including customizable chart layouts and multiple timeframes. With cTrader, traders can execute orders quickly, access various technical analysis tools, and use automated trading strategies to maximize their profits.

Trading Denominations

Forex.ee offers its clients trading in various denominations, including USD, EUR, GBP, AUD, CHF, JPY, CAD, SGD, HKD, RUB, and BTC. These currencies can be used for funding trading accounts, as well as for deposit and withdrawal transactions.

The availability of different currency denominations allows clients to choose their preferred currency and avoid unnecessary conversion fees, providing more flexibility in their trading activities.

Company Structure

Forex.ee is an online forex and CFD broker that was established in 2004. The company is headquartered in Saint Vincent and the Grenadines and is regulated by the Estonian Financial Supervision Authority (EFSA). Forex.ee provides traders with access to a wide range of financial markets, including Forex, commodities, indices, and cryptocurrencies. Since its inception, the company has been dedicated to providing traders with reliable and secure trading services.

As of 2021, Forex.ee has a team of over 20 employees who work tirelessly to ensure that the company’s clients receive the best possible trading experience. The team is made up of experienced professionals who are passionate about the financial markets and who are committed to providing traders with the tools they need to succeed.

In addition, the company’s management team has decades of combined experience in the financial industry, ensuring that Forex.ee is well-equipped to handle the needs of its clients.

With a focus on transparency, Forex.ee has built a reputation for providing traders with fair and honest trading services. The company’s commitment to its clients is evident in the quality of its customer service and the numerous awards it has won over the years.

Despite being a relatively small company, Forex.ee has managed to establish itself as a reputable broker that is trusted by traders all over the world.

Forex.ee Licenses and Regulatory Compliance

Forex.ee is a legitimate forex broker, but it currently does not hold any active licenses from major financial regulatory bodies. The broker was previously regulated by the Estonian Financial Intelligence Unit (FIU), but this license was withdrawn in 2020. As a result, Forex.ee now operates without regulatory oversight, which means traders should be aware of the associated risks when considering this broker.

It’s important for traders to understand the implications of trading with a broker that is not regulated, as it may impact the level of protection and recourse available in case of disputes or issues.

Forex.ee Customer Protection

Forex.ee prioritizes the safety and security of its clients’ funds and personal information. The company implements various measures to ensure the protection of customer accounts, including the use of SSL encryption technology and two-factor authentication. Forex.ee is also a member of the Compensation Fund, which provides compensation for eligible clients in the event of the company’s insolvency.

Additionally, the company adheres to strict Anti-Money Laundering (AML) and Know Your Customer (KYC) policies, as required by its regulatory bodies. These policies ensure that customer accounts are not used for illegal activities and help to prevent fraud and money laundering. Overall, Forex.ee is committed to providing its customers with a safe and secure trading environment.

Trading Information

Regarding trading information on Forex.ee, one vital aspect to consider is the lots. Forex.ee allows traders to trade with different lot sizes, including standard lots (100,000 units of the base currency), mini lots (10,000 units of the base currency), and micro-lots (1,000 units of the base currency).

This flexibility allows traders to manage their positions and risk according to their trading strategies and preferences. It’s worth noting that different account types may have different minimum and maximum lot sizes, so checking the specific account type’s trading conditions before placing trades is essential.

Tradable Instruments

49+ currency pairs
2 metals (gold and silver)
3+ cryptocurrencies (Bitcoin, Litecoin, and Ethereum)
3 indices (US500, NAS100, and GER30)

Leverage on Forex.ee

Forex.ee offers flexible leverage options to its clients, allowing them to adjust their trading leverage based on their preferences and risk appetite. The maximum leverage available on Forex.ee is up to 1:500 for Forex trading, 1:200 for metals, and 1:50 for cryptocurrencies.

The table below shows a summary of the available leverage for different asset classes on Forex.ee:

Asset class	Leverage
Forex	Up to 1:500
Metals	Up to 1:200
Cryptocurrencies	Up to 1:50

It’s important to note that while leverage can increase potential profits, it also increases the risk of losses. Therefore, traders are advised to use leverage cautiously and within their risk management strategy.

Deposits and Withdrawals

Deposits and withdrawals are free. However, bank transfers may attract a fee charged by the banks involved, not Forex.ee.

Deposits

The minimum deposit required to start trading is $10, which is a relatively low amount compared to other brokers. The deposit methods available include bank transfers, credit/debit cards, and electronic payment systems such as Skrill, Neteller, and WebMoney.

Deposit Method	Minimum Deposit	Processing Time
Bank Transfer	$50	1-5 working days
Credit/Debit Card	$10	Instant
E-wallets	$10	Instant

Withdrawals

For withdrawals, the same methods are available, and the processing time varies depending on the method chosen. Bank transfers take between 3-5 business days, while electronic payment systems such as Skrill and Neteller take between 1-2 business days.

Forex.ee does not charge any fees for deposits or withdrawals, but clients are advised to check with their payment providers for any fees they may charge.

Withdrawal Method	Minimum Withdrawal	Processing Time
Bank Transfer	$50	3-5 working days
Credit/Debit Card	$5	1-3 Working Days
E-wallets	$5	1-2 Business Days

Forex.ee Trading Education and Training

Forex.ee is dedicated to supporting its clients’ growth and development in the financial markets. The broker offers a comprehensive range of educational resources to enhance clients’ knowledge and skills, including webinars, video courses, market analysis, and tutorials.

The educational materials cover diverse trading topics, including technical and fundamental analysis, trading strategies, risk management, and market psychology. Clients of all levels, from beginners to advanced traders, can benefit from these resources, which are available for free.

Additionally, the broker provides a demo account for practice trading, enabling traders to test their strategies and improve their trading skills without the risk of losing real money.

Conclusion

Forex.ee is a reputable forex broker that provides a variety of trading instruments, robust trading platforms, competitive spreads, and excellent customer support. The broker is regulated by the Estonian Financial Supervision Authority, ensuring the safety of clients’ funds and adherence to regulatory standards.

Furthermore, Forex.ee caters to traders of all levels and offers various account types suitable for different trading styles. The broker also provides extensive educational resources and a demo account for practice trading, allowing traders to hone their skills and improve their trading strategies. Forex.ee is a reliable and trustworthy broker for traders looking to trade in the forex market.

Countries

+185

Devices

Minimum deposit

$50

Withdrawal fee

Deposit fee

Max insured

Our Verdict

/ 5

See our process of evaluating brokers

Commissions & Fees

4.2

/ 5

Deposit & Withdrawal

1.8

/ 5

Customer Support

1.2

/ 5

Account Opening

2.5

/ 5

Regulation & Safety

0.5

/ 5

Our 5-step process of verification and evaluation – How do we obtain information?

General inspection – 30%

Trading experience – 30%

Technical audit – 20%

Collective experience from collaborations with the broker – 10%

Interviews with real traders – 10%

See the entire process here.

Pros

Regulated for the safety of funds.
Flexible leverage up to 1:1000 for potential profits.
Wide range of assets including currency pairs, metals, energies, and indices.
No commissions are charged, making it cost-effective.
Fully compatible with iOS and Android for convenience.

Cons

Limited educational resources for beginners.
The high minimum deposit for certain account types.
Limited trading restrictions.
Limited research tools and market analysis.
No affiliate program

General details

Type of accounts

STP accounts

ECN accounts

Trading platforms

Execution Model

NDD

ECN

STP

Deposit currency

USD

EUR

JPY

AUD

RUB

Regulatory complience

Deposit payment systems

Withdrawal payment systems

Support Languges

English

Autotrading

Contact details

[email protected]

+372 6143776

Customer reviews

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Accounts

Forex.ee offers a variety of trading account types to cater to the diverse needs of its clients. Here are the types of trading accounts available:

Unlimited Demo Accounts: Forex.ee offers unlimited demo accounts to its clients, allowing them to practice trading strategies and familiarize themselves with the trading platforms without risking any real money. Traders can use the demo account for as long as needed before switching to a live account.
ECN Accounts: Forex.ee offers ECN accounts, which are known for their tight spreads and fast order execution. ECN accounts charge a commission for each trade, which is typically lower than the spread markup charged by other account types. ECN accounts also provide traders with direct access to the interbank market, enabling them to trade with institutional liquidity providers.
STP Accounts: Forex.ee also offers STP accounts, which operate on a no-dealing-desk (NDD) model. STP accounts execute trades without any intervention from the broker and offer tight spreads, fast execution, and no requotes. STP accounts also charge a spread markup.

Tradable instruments

Forex.ee tradable instruments includes:

Currencies

Commodities

Cryptocurrencies

Indices

Frequently asked questions

Find the right answer to your question below:

Is Forex.ee a scam?

How to open a Forex.ee trading account?

To open a trading account with Forex.ee, simply visit their website and click on the “Open Account” button. You will then be prompted to provide your personal information and complete the registration process.

Does Forex.ee accept US residents?

Unfortunately, due to regulatory restrictions, Forex.ee does not accept clients from the United States.

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