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I have been with Forex FS since April 2014 and so far they are good. Deposits or withdrawal take about 24h, which is the fastest I've seen so far. They introduced Dukascopy bank for deposits so for traders in EU this is great as banking fee is now lower as it goes under SEPA rules. Support is excellent and they always reply within few hours. Spread on DMA account is competitive, metals could have lower spread, but since I don't trade them it's OK. The client portal is still new and they have some "glitches", but they always repair them, so I give them a 4 star. I also express some concern that they do not offer negative balance protection if they would offer that I would give them all 5 stars.
I have been an IB going on 8 years.
Been with PFG, Forex Club, and now Forex FS.
EXCELLENT - in every facet. Tremendous customer support. ZERO issues with any client withdrawals, MT4 platform is super. Executions a breeze. No hunting stops, etc. Pip slippage normal - NO problems ever.
Been with Forex FS for 3 years. HIGHLY recommend this broker. Sad that they dropped North American business last year.
I have been using Forex FS since one year. I am satisfied customer. Fast execution and tight spreads, at least for the dma accounts. They are comparable to GoMarkets.
However, I inquired about negative balance policy, which has become important after the CHF drop on 15Jan2015. They replied that all customers would be held accountable for any losses made during black swans.
PS Reviews from US citizens are fake. Forex FS does not accept US citizens.
Review Moderation Team Note: According to ForexFS, they did allow US clients until October 2014, then stopped accepting US applications. Existing US clients were given until the end of the year to close out their accounts. If you read the review from Tom D on 2014-11-23, you will see that he had already been told that he needed to close his account.
I had an amazing experience with these guys. I live really close to their main server so my trades were executed INSTANTLY. I traded both manually and with EAs. My EAs used market orders only and I always ran a demo account concurrently with my live account. I found that my orders were always executed exactly at the same price on both accounts. The customer service was great and I am very happy with everything. I unfortunately had to close my account as they no longer accept clients from the United States.
However, anyone else interested in a simple broker without any gimmicks definitely needs to give these guys a look. All you need to do is use their demo account and you will know exactly how it will feel to trade on live. No differences at all (aside from standard market conditions -- slippages on pending orders, TP, SL like a real DMA/ECN).
Thank you so much for your excellent service Forex FS.
Best Forex Broker I've ever used. Excellent customer service, fast deposits & withdrawals. Regulated by Australian Authority; Segregated Funds in a regulated bank. 2 types of accounts - one with spread & no commission and one directly with liquidity pool (low spreads) and commission of $7.00 (USD) per $10,000 (USD) contract
I've been meaning to post a review here for a while but I wanted to wait longer before I did. I've been using ForexFS for almost 1 year now and was introduced to them by another money manager, although I had never heard of the company I decided to give them a go. I have now been there for as I said for almost a year, and after trying almost every single brokerage out there I have to say and in a totally unbiased manner that ForexFS has truly been the best I have used. I can generally tell when I'm being B booked or stop hunted or anything of that sort as I have lots of experience as a money manager, trader, etc. ForexFS has always given me excellent execution, never hunted my stops, never did anything to make me question the platform. I did on a few occasions have a few problems here and there that my contact Rory rectified immediately. Contacting them has never been an issue, I have also withdrawn a lot of money from them and never had a single day delay or excuse about my transactions. I thought I'd recommend them as they are not widely known, and although I don't want to mention other brokers, I can tell you I have used some of the biggest brokers in this industry and no one has provided me with their service yet. I figured they deserved this acknowledgement and the time I put into writing this. I highly recommend them to anyone managing money or anyone that wants to trade their own capital without the stress of not being able to communicate with broker, or broker playing games on the platforms. Thank you.
Just an update. I have been testing many EAs on a ForexFS demo account. My last one was Fap Turbo. This robot actually tells you what the spread is when it's attached to the chart. None of the others have.
Anyway, I was wrong about the spreads. They can be as low as 3 during popular trading sessions, but a lot of the time the EURUSD, EURGDP, EURCAD and the other currency Fap trades on (I forget off the top of my head) are 7 pip spreads. This of course means the EA won't trade. It allows a max spread of 5.
I opened an Alpari UK account with MT4 to see if there was a difference and the highest spread Alpari ever had was 5 pips on these currencies. Anyone who has bought an EA will no that broker selection is probably the most important thing.
Having said that Fap Turbo wouldn't trade on Alpari either so I put it down to a settings issue and sought a refund on FapTurbo. Maybe I'll try it agains one day with FapWinner service to help with the set up, although it pisses me off that Marcus Leary and his team won't give you the optimal setting when you buy the robot. The default settings are rubbish, if they weren't services like Fap Winner wouldn't be around.
It did make me think that the Forex Megadroid EA, which also never traded once in the 1st week, may have been a broker-spread issue too. Maybe I should have held off seeking a refund and should have trialed it on another broker!
I still rate ForexFS high on customer service. I just think I will only use them live if they do indeed develop their own EA meant for trading through their services.
As for manual trading, I guess it depends on what style of trading you are doing. For intraday trading off 5min and 1min charts (scalping 5 pips here, 5 pips there), the spread at ForexFS is too high to make it profitable. You really need a broker like Oanda with spreads ranging from 0.9 to 1.4 pips on major currencies (you just have to get used to their awful charting system!).
All hail FPA, the host with the most!!!
2009-07-13 No rating I can't submit a rating on this one because I only have a demo account. But I've found this company to be great. There customer service is excellent (although I wish they had a toll-free number!).
I've been busy testing EAs on a demo account over the last few weeks. One EA turned my demo account from $60k to $62k in 2 days. Then I went to bed one night and woke up too find the demo account had only just over $800 left in it. I rang them and they instantly re-floated the demo account.
The reason I chose this broker is that they actually welcome EAs and don't care if you scalp. Furthermore, I was told by one of their employees that they are actually developing their own EA!
The other thing I like (only important for Australians though) is that your deposit stays here in Australia in a NAB account.
I was not informed that they make their money on commission. I thought they solely make their money through the spreads. So far, on a demo account, I have not got a spread worst than 3 pips. So I hope that's what happens when I go live.
In conclusion, so far, so good but I'll update when I go live with them and give them a rating.
I am interested in this broker. They are based in Australia, so have an Aust Financial Services Licence. I know this means they must have a PDS statement and they must comply with whatever they have written in the statement, so hopefully, no funny business.
Also, funds are held in with NAB, National Australia Bank. No Australian bank needed government money or went broke in the last year when many banks from USA and even some in Europe did, I think this is due to the over regulation of all things financial in Australia, but in this instance, it means funds are completely secure.
They are MT4 broker but charge a commission. What to say about that, I guess if it means they make their money from that and don't screw me, it's possibly a good thing.
Anyway, keen to hear anyone else's experience with this Company.