ForexVox Review 2023 - The Good and the Bad
By TheTradingBible.com , Updated on: Apr 07 2023.
ForexVox in a Nutshell
61% of retail CFD accounts lose money.
|💡 Score||2.5 out of 5.|
|🏛 Regulators||FCA, FSAS.|
|💳 Minimum Deposit ($)||0|
|💰 Payment Methods||Credit Card, Debit Card, Skrill, Neteller, UnionPay, USDT, Bank Transfer, Sticpay|
|💵 Base Currencies||3 - EUR, USD, GBP.|
|📚 Assets Offered||
🔹 Currency CFDs 🔹 Commodities CFDs 🔹 Indices CFDs 🔹 Crypto CFDs 🔹 Future CFDs
|💪 Retail Leverage||1:30|
|💪 Pro Leverage||1:500|
|✍ Custom Leverage||Yes|
|🎲 Deleveraged Trading||No|
|🎓 Demo Account||Yes|
ForexVox in 60 seconds
- FCA and FSAS Regulated (also a Trading Name of ValuTrades)
- Over 104 CFDs from which 74 are currency pairs
- MetaTrader 4 and $7 per lot round turn commissions on ECN account
ForexVox is a new trading name from Valutrades, a broker operating since 2012 that offers currencies, indices and commodities under FCA and FSAS regulation.
ForexVox Full Review
Here’s what we’ll talk about during our review:
- Is ForexVox Safe?
- ForexVox Minimum Deposit and Withdrawal
- ForexVox Account Types
- ForexVox Trading Fees
- ForexVox Available Assets
- ForexVox Trading Platforms
- ForexVox Research and Analysis Tools
- ForexVox Educational Tools
Is ForexVox Safe?
ForexVox (a trading name of ValuTrades, founded in 2012) is considered safe as it holds one top-tier license from the Financial Conduct Authority (FCA).
We're definitely looking forward to ForexVox acquiring more high reputation financial licenses.
ForexVox Minimum Deposit and Withdrawal
ForexVox has no minimum deposit. Below you'll find a list of all their available payment methods:
- Credit Card
- Debit Card
- USDT (Tether)
- Bank Transfer
- Local Bank Deposits
ForexVox supports the following base currencies:
- Great British Pound
- United States Dollar
Bear in mind that not all payment methods or base currencies are available in all locations as there can be geographical restrictions.
ForexVox Account Types
ForexVox offers two different accounts, here's how they compare:
|Standard Account||ECN Account|
As per ForexVox's website, there is no clear or evident benefit to choose the ECN account over the standard account as they don't specify if there is a price difference in spreads or any major advantages rather than just calling one account "ECN" and the other one "standard".
We're definitely looking forward to ForexVox improving their account offering in order to provide clear and valuable offers that appeal to different types of traders.
ForexVox Trading Fees
ForexVox charges spreads, commissions (only on their ECN account) and overnight fees on leveraged positions.
Here's how ForexVox's spreads compare to similar brokers:
|EUR/USD Spread||Dynamic - From 1 Pip||Dynamic - From 0 to 0.77 Pips||Dynamic - From 0 to 0.6 Pips|
|SP500 Spread||Dynamic - From 135 Pips||Dynamic - From 0.4 to 1.5 Pips||Dynamic - From 20 to 45 Pips|
|Gold Spread||Dynamic - From 16 Pips||Dynamic - Average 13.81 Pips||Dynamic - From 30 Pips|
|TSLA Spread||Unavailable||Dynamic - Market Spread||Dynamic - Market Spread|
|XLK Spread||Unavailable||Dynamic - Market Spread||Unavailable|
|BTC Spread||Unavailable||Dynamic - From $30||Dynamic - From $8.7 to $42|
Overall, their spreads are not the highest or the lowest being a broker that mostly specialises in currencies. We're definitely looking forward to ForexVox creating a custom lower spread offer for those ECN account customers that really need an edge on the markets and are willing to pay commissions for it.
Commissions & Fees
ForexVox only charges commissions on their ECN account, here's how they compare:
No commissions in standard accounts but rather a 1 Pip spread markup on interbank prices received. For Raw spreads accounts, $7 per lot round turn.
Overall, ForexVox's commission structure would definitely be attractive if we actually knew what was the benefit we're gaining by opening an ECN account. The commissions were not easy to obtain and the benefits are definitely not clear at all beyond naming.
Overall we believe that their commission structure and account offering needs improvement.
ForexVox Available Assets
Here's how ForexVox's asset offering compares:
|Currency Pair CFDs||74||60||61|
As you can see in the above chart, ForexVox's asset offering is quite low when compared to other brokers but at least their currencies seem to be at par and sometimes even higher than their competitors.
ForexVox Trading Platforms
ForexVox offers only MetaTrader 4 in the following formats:
- Web Trader
- IOS app
- Android App
Here's how the web version looks like:
Additionally ForexVox offers FIX 4.4 API trading for those professional traders with the knowledge and the tools to take advantage of the markets via their own code.
ForexVox Research and Analysis Tools
ForexVox provides an interesting tool called FVSocial (ForexVox Social). In this separate platform both experienced traders looking to offer their expertise or new traders looking to learn can meet and benefit from each other.
Inside FV Social, any user can subscribe to various types of signal channels, packages or different offers created by traders while at the same time get the feeling of community by chatting with other ForexVox traders.
From all of ForexVox's offering, the most appreciated element is FV Social. While it is true that it looks a bit raw and in need of more development, we can definitely see the potential value in it.
ForexVox Educational Tools
ForexVox offers the following educational tools:
- A trading glossary
- Access to two trading mentors by the names: Beat Nussbaumer and Adam Harris
We definitely look forward to ForexVox creating a more diverse educational offering in order to help new clients get a better experience.
VerdictForexVox overall rating is 2.5 out of 5.
Founded in 2020, ForexVox is quite new to the game. Their offer seems to be created for currency traders yet there are many holes yet to be filled when it comes to the benefit of choosing one account over another or what makes Forex Vox different to their competitors.
The area where ForexVox took a nice and well thought out initiative is their FV Social platform. It's something new and interesting that not everyone is offering yet it also needs a lot of work to become an internationally recognised product amongst the financial services industry.
Here's whom we think can be best served by ForexVox's offering:
- New traders looking to explore their trading chatroom and gain access to a variety of signals while communicating with other traders
- Experienced traders looking to monetise their skills by offering their own services in FV Social