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ForexVox Review 2022 - The Good and the Bad

By TheTradingBible.com , Updated on: Nov 29 2022.

ForexVox in a Nutshell

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61% of retail CFD accounts lose money.

🏛 Regulators FCA, FSAS.
💳 Minimum Deposit ($) 0
💰 Payment Methods Credit Card, Debit Card, Skrill, Neteller, UnionPay, USDT, Bank Transfer, WebMoney, Yandex Money.
💵 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
💰 Commissions
  • No commissions on their standard account
  • A $7 per lot round turn commission on their ECN account

Compare ForexVox

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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 (a trading name of ValuTrades, founded in 2012) is considered safe as it holds one top-tier license from the Financial Conduct Authority (FCA).

Financial
Licenses

Regulation

Regulated

Top-tier Licenses

1

Other Licenses

1

Provided by
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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
  • Skrill
  • Neteller
  • UnionPay
  • USDT (Tether)
  • Bank Transfer
  • Sticpay
  • Local Bank Deposits

Base Currencies

ForexVox supports the following base currencies:

  • Euro
  • 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
  • Minimum deposit of $100
  • No commissions
  • Leverage (under FSA regulation is up to 1:1000, under FCA leverage is 1:30 for retail clients and 1:500 for professional clients)
  • Minimum deposit of $500
  • Leverage (under FSA regulation is up to 1:1000, under FCA leverage is 1:30 for retail clients and 1:500 for professional clients)
  • Commission of $7 per lot round turn

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.

Spreads

Here's how ForexVox's spreads compare to similar brokers:

Asset ForexVox Pepperstone IC Markets
EUR/USD SpreadDynamic - From 1 PipDynamic - From 0 to 0.77 PipsDynamic - From 0 to 0.6 Pips
SP500 SpreadDynamic - From 135 PipsDynamic - From 0.4 to 1.5 PipsDynamic - From 20 to 45 Pips
Gold SpreadDynamic - From 16 PipsDynamic - Average 13.81 PipsDynamic - From 30 Pips
TSLA SpreadUnavailableDynamic - Market SpreadDynamic - Market Spread
XLK SpreadUnavailableDynamic - Market SpreadUnavailable
BTC SpreadUnavailableDynamic - From $30Dynamic - 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:

ForexVoxPepperstoneIC Markets
Commissions
  • No commissions on their standard account
  • A $7 per lot round turn commission on their ECN account
  • For Standard account : All fees included in the spread
  • For Razor account: From $7 per Lot round turn

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:

Asset ForexVox Pepperstone IC Markets
Stocks000
Stock CFDs013001600
Currency Pairs000
Currency Pair CFDs746061
Commodities000
Commodities CFDs33122
Indices000
Indices CFDs152525
ETFs000
ETF CFDs01000
Cryptocurrencies000
Cryptocurrency CFDs52018
Bonds000
Bond CFDs0011
Options000
Option CFDs000
Futures000
Future CFDs700

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:

ForexVox MetaTrader Web

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.

ForexVox - FV Social

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.

Verdict

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

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