ForevereFX – Is It Trustworthy?

Website URL: http://foreverefx.com/

Founded: N/A

Regulations: Unregulated

Languages: English

Deposit Methods: Credit card, Bank wire, and Bitcoin

Minimum Deposit: $10,500

Free Demo Account: None

Number of Assets: N/A

Types of Assets: Forex, Commodities, Indices and Cryptocurrencies

Trading Accounts and Conditions 

If you want to trade with this broker, there are four accounts that you can choose from.

• Silver – The least you can deposit is $10,500, with a 1:200 leverage, and a 25% margin loan.
• Gold – The minimum deposit is priced at $50,000, with a leverage of 1:200, and a margin loan of 35%.
• Platinum – The initial capital for this account is $100,000, with a leverage of 1:200, and a 50% margin loan.
• Diamond – The smallest amount to deposit with this account is a whopping $250,000, with a leverage of 1:300, and a margin loan of 75%.

ForevereFX  – Advantages

With its high capital requirement, mediocre trading platform, and many red flags this broker has displayed, we don’t see any advantage for traders investing with this firm. Don’t risk your money with this unregulated broker.

ForevereFX  – Disadvantages 

After spending a significant amount of time investigating this broker, we have seen many red flags that imply it being a SCAM.

• Unregulated and unlicensed

As displayed on its website, ForevereFX states that it has a company address in Switzerland. However, when we fact checked FINMA (Swiss Financial Market Supervisory Authority), this company is nowhere to be found. This is a common practice among many fraudulent companies in the trading industry today, using a dummy company address to look legitimate.

Currently, the strongest and safest regulators in the world are the FCA of the UK and CySEC of the EU. Both regulators require strict standards before they approve the licenses of trading firms. For instance, both agencies require a minimum capital of 730,000 EUR to start a business. Moreover, firms will also be asked to contribute to a compensation fund wherein traders will be compensated a certain amount in the event the broker gets bankrupt.

With the above mentioned requirements, it’s easy to screen off the scammers from the legit brokers. Hence, we advise traders to only do business with a broker that is regulated by either FCA or CySEC to ensure that your hard earned money is safe.

If you’re living in the US or Australia, these countries also have pretty good regulatory bodies. Though not as strong as the two previously mentioned, brokers that receive licenses from the jurisdictions of both countries are pretty much reputable.

Plus500

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Minimum Deposit

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82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money

Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.

 

AvaTrade

$100

Minimum Deposit

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The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.

• Unavailability of a demo account

Upon checking its website, this broker doesn’t provide a free demo account to potential customers. Hence, there’s no way to check the features of its trading platform. But what we can say is that it offers a web trader platform to its clients. Web trading platforms, however, usually have limited features and don’t provide much help to traders.

If you’re looking for a better trading platform, choose brokers that offer the  MetaTrader 4 or MetaTrader 5. 80% of traders across the globe prefer to use either of these trading platforms due to their sophisticated and helpful features.

Unlike web based trading platforms that only provide basic features, the two have a wide array of amazing tools and instruments in trading which include technical analysis indicators (e.g. moving averages Fibonacci retracement, etc.), VPS, app market trading signals, and so much more. With these features, it’ll be easier to predict the direction of the exchange rates in the market and make a profit from your trade.

Another thing we noticed is that this broker offers very high leverage of 1:200 to 1:300. Imposing this much cap on leverage is another sign that this broker is not legit. Legit brokers that have received licenses from CySEC and FCA strictly adhere to the limitation set to them which is not to exceed 1:30 in leverage.

High leverages are attractive to traders because they will get a big profit if the trade is successful. However, if the trade is unsuccessful, the loss is also big. As a rule of thumb, traders must always protect its capital. Since the market is highly volatile and you don’t always win in every trade, you must always include risk management in your trading philosophy.

• Very HIGH capital requirements

ForevereFX offers unbelievably high capital requirements to traders. The smallest amount to invest when trading with them is $10,500. This amount is too high compared to the average minimum capital requirement set by most legit brokers which is only $100.

In addition, the other accounts are priced too expensive as well and even go up to $250,000. This implies that they’re targeting only the big money shakers. Again, legit brokers will never require such big capital from traders, but most scammers do. Be wise!

• Very HIGH leverage

Aside from the high capital requirements, this broker offers very high leverage. Compared to the industry standard, a leverage of 1:200 to 1:300 is considered to be a gamble already. Renowned regulatory bodies such as the FCA and CySEC prohibited brokers to offer such high leverages and limits the value to 1:30. Firms offering more than this value have violated the law and only those with bad intentions will go through such lengths.

• Discrepancies found on payment and withdrawal methods, plus HIGH fees

The payment methods supported by the firm as displayed on its website include Bitcoin, credit card, and bank wire. However, when we clicked on the deposit button, we were only given the option to pay using our credit card.

Moreover, the information stated on its terms and conditions versus its trading accounts section don’t match. The former states that the minimum deposit is 250 USD/EUR/GBP but the latter states a minimum of $10,500. No legit broker will make such a mistake and cause confusion to its investors.

In addition, the minimum amount for withdrawal is $100 which will take seven business days to be processed. The withdrawal fee is at 0.5% or $30 whichever is higher. Which means for every $100 withdrawal, you’ll be charged $30, which is not worth it at all.

If your account is dormant for 90 days, you’ll also be charged a fee of 1% of your total deposit or 30 USD/EUR/GBP, whichever is greater.

Conclusion  

ForevereFX is an unregulated broker that’s trying to appear as legit by registering a fake company address and offering false promises to lure investors in. It offers a ridiculous amount of capital, a mediocre trading platform, unfair fees, and inconsistency on information in its deposit and withdrawal methods. With these red flags, we can conclude that it’s NOT trustworthy and you’ll only lose your money if you fall into its trap. Thus, we highly discourage anyone to invest with this broker.

ForevereFX

2.5

User Experience

3.3/10

Payment Options

2.3/10

Security

2.5/10

Support

2.2/10

Reputation

2.4/10

Pros

• None

Cons

• Unregulated and unlicensed
• Unavailability of a demo account
• Very HIGH capital requirements
• Very HIGH leverage
• Discrepancies found on payment and withdrawal methods, plus HIGH fees