FreshForex Review 2024
United States not accepted.Pros
- Competitive range of account types, including ECN, Cent and Swap-Free, plus a flexible demo account for beginners
- A choice between MT4 and MT5, plus Huckster EA shop and VPS server access for algorithmic traders
- Wide selection of free and fast payment methods, including e-wallets, cryptocurrencies and local banks
Cons
- US, UK, China and other countries not supported
- Offshore and unregulated broker
- Limited range of instruments compared to alternatives
FreshForex Review
FreshForex is a broker offering forex and CFD trading through several account types and the MT4 platform. This review covers bonuses, demo accounts, leverage, and deposits. We also unpack the broker’s regulation status and determine whether FreshForex is a good, legitimate broker.
FreshForex Company Details
FreshForex, operated by Riston Capital Ltd, is an offshore brokerage established in 2004 and registered in Saint Vincent and the Grenadines. The broker provides over 130 financial instruments to clients from over 200 countries worldwide, as well as a range of educational tools for both beginners and experts.
FreshForex does not accept clients from certain locations, including the United States, Spain, the UK, and North Korea.
Trading Platforms
MetaTrader 4
The MetaTrader 4 (MT4) desktop platform is the ideal trading solution for all levels of traders. The award-winning, multilingual platform is the most popular forex trading software, delivering a convenient and user-friendly interface with advanced technical features. Users can develop strategies using customisable charting tools, one-click trading, and more. Features include:
- 30+ technical indicators and 24 graphical objects
- 9 time-frames and 3 chart types
- Automated trading (EAs)
- Market execution mode
- Real-time data
The MT4 trading platform is compatible with Windows 7/8/9 and Mac OS PCs and is downloadable once you have completed website registration.
MetaTrader 5
The more advanced MetaTrader 5 (MT5) platform offers a host of advanced tools suitable for professional traders. Users benefit from more timeframes for detailed price movements and a wider range of technical indicators and graphical tools, including moving averages and Fibonacci retracements. Trading robots are also available as well as detailed historical data. Other features include:
- 38+ technical indicators and 44 graphical objects
- 21 time-frames and unlimited number of charts
- Economic calendar
- Market Depth
The MT5 platform is available for download onto Windows and Mac PCs.
MetaTrader WebTrader
FreshForex offers both the MT4 and MT5 web-based terminals, suitable for anyone looking to trade quickly and easily, without the need for a software download. The platforms can be accessed straight from any internet browser and provide all the same features as the desktop platforms. The client member area is also available.
Simply enter your account login details and begin trading straight away.
Markets
FreshForex offers six main asset classes:
- Currencies – Trade on over 40 currency pairs including the EUR/USD, GBP/USD and GBP/EUR
- Cryptocurrencies – Access 5 of the most popular cryptos, including Bitcoin and Litecoin
- Stocks – Trade 60 CFDs on corporate stocks, including Microsoft and Ford
- Indices – 11 global indices are available including the FTSE 100 and NASDAQ
- Precious metals – Trade gold and silver CFDs on spot markets
- Energies – Trade on oil and gas
Spreads & Commissions
Spreads at FreshForex are fixed with the Classic account at 2 pips for the EUR/USD and 3 pips for the GBP/USD. Spreads are floating with the Market Pro account, starting at 1.3 pips for the EUR/USD. These are by no means the tightest spreads out there. Minimum spreads at regulated brokers such as XM start from 0.1 pips, for example.
Commission is charged with the ECN account, starting from 0.0030% for forex. Other charges include overnight swap fees which are tripled from Wednesday to Thursday. Overall, FreshForex is a relatively expensive broker to trade with.
Leverage
The maximum leverage accessible with the Classic account is high at 1:2000. The Market Pro and ECN accounts cap leverage at 1:1000, but even this is higher than most. These leverage rates should be approached with caution as they can seriously increase losses as well as returns.
Mobile Apps
Both the MT4 and MT5 platforms are available as mobile apps and are compatible with iOS and Android (APK) smart device users. Once the app has been downloaded, users can conveniently access trades and manage their accounts from anywhere, with many of the same desktop features available.
Payment Methods
Deposits
FreshForex offers over 20 fast and free funding methods, including credit/debit cards, e-wallets, cryptocurrencies, Malaysian bank wire, and local deposits in Africa. Deposit requests need to be made within the personal client area, by completing the online payment form. The minimum deposit amounts for cards are 10 USD/EUR. Minimum deposits with other payment methods vary.
Note, PayPal is not available.
Withdrawals
Most of the same methods are available, including cards, e-wallets, cryptos, and Malaysian bank wire. Fees are charged for withdrawals, which range from 0.5% for FasaPay and Perfect Money, to 2.5% for cards. The only free e-wallet method is OnlineNaira, though the withdrawal currency is Nigerian Naira.
Withdrawal times for cards and Malaysian banks are 1 – 5 business days and e-wallet applications are processed within 10 minutes. Minimum and maximum withdrawal amounts vary depending on the method and can be found on the website.
Demo Account
FreshForex offers a demo account for users to practice their trading strategies before committing real money in a live account. Traders can choose the amount of virtual funds they wish to trade, however reviews and forums do take issue with the fact the account is archived after 30 days of inactivity.
Bonuses & Promotions
FreshForex offers several promotions, including a $2020 no deposit welcome bonus and a Trade Non-Stop deal which awards users for making a trade every day for 5 consecutive days. Other welcome bonuses include a 200% deposit bonus, a 101% drawdown bonus plus a 30% top-up and stop-out insurance, however, in most cases, you have to deposit or have a balance of $500 to qualify. Referral codes for promos are also occasionally released.
Many offshore brokers offer seemingly attractive bonuses like this, the terms and conditions of which can be challenging and may be too good to be true.
Regulation
Riston Capital Ltd (FreshForex) is an offshore broker, operating from Saint Vincent and the Grenadines. The lack of a respectable regulatory framework means that some brokers can avoid vigorous financial supervision. We would recommend you think carefully before you create an account with offshore providers due to the risk of scams.
Additional Features
FreshForex offers a range of educational resources and trading tools geared at both beginners and expert traders. The education centre contains articles with tips for profitable trading and price movements, as well as webinars. There is a reading section, though this just contains books on each topic that the broker recommends.
The Forex Analytics section provides various analysis forecasts, as well as practical tools like economic calendars and holiday schedules. Traders can also sign up for a signals service and there is also a shop where you can purchase MT4 expert advisors.
Account Types
Accounts at FreshForex are rather confusing. The website presents several account types – Real, Partner, Pro Cent, etc. Information is provided on three accounts within the contract specifications page: Classic account, Market Pro account, and ECN account.
There is no minimum deposit requirement, though they recommend $200 for Classic, $400 for Market Pro, and $2,000 for ECN. Base currencies are USD, RUB, EUR, and BTC. All assets are available in all three accounts, as well as the MT4 and MT5 trading platforms. Spreads are fixed with the Classic and floating in the other two accounts and all require a minimum order size of 0.01 lots.
Islamic swap-free accounts are also available at request.
Trading Hours
Trading times for forex are Monday to Friday from 00:05 am to 24:00 midnight EET (UTC+2, UTC+3 during the summer). Precious metals hours are Monday to Friday from 01:00 to 24:00 EET. Most cryptocurrencies are available 24/7. Specific timings on stocks and indices vary.
Customer Support
You can contact support via:
- Email – info@freshforex.com
- Telephone number – +442070992124
- Live chat – accessible from the top of the page
FreshForex is headquartered at St. Vincent and the Grenadines, Kingstown, Beachmont, P.O. Box 1510, Suite 305 Griffith Corporate Centre.
Security
The MetaTrader trading platforms are both protected with 128-bit secure sockets layer (SSL) encryption to keep data exchanges between servers secure. There is also the option to add dual-factor authentication at the sign-in stage.
FreshForex Verdict
FreshForex initially seems like an attractive option for traders, with the selection of bonuses, as well as the educational resources and tools on offer. However, as this review has highlighted, there are red flags, including the offshore regulation, very high leverage and uncompetitive spreads. There are other brokers that we’d recommend first.
Top 3 Alternatives to FreshForex
Compare FreshForex with the top 3 similar brokers that accept traders from your location.
- IG – Founded in 1974, IG is part of IG Group Holdings Plc, a publicly traded (LSE: IGG) brokerage. The brand-US offers spread betting, CFD and forex trading across an almost unrivalled selection of 17,000+ markets, with a range of user-friendly platforms and investing apps. For 50 years, IG has maintained its position as an industry leader, excelling in all key areas for traders.
- World Forex – World Forex is an offshore broker registered in St Vincent and the Grenadines, offering commission-free trading with a $1 minimum deposit and 1:1000 leverage. Digital contracts are also available, offering beginners a straightforward way to speculate on popular financial markets.
- Interactive Brokers – Interactive Brokers (IBKR) is a premier brokerage, providing access to 150 markets in 33 countries, along with a suite of comprehensive investment services. With over 40 years of experience, this Nasdaq-listed firm adheres to stringent regulations by the SEC, FCA, CIRO, and SFC, amongst others, and is one of the most trusted brokers for trading around the globe.
FreshForex Comparison Table
| FreshForex | IG | World Forex | Interactive Brokers | |
|---|---|---|---|---|
| Rating | 2.5 | 4.7 | 4 | 4.3 |
| Markets | Forex, CFDs, indices, commodities, cryptocurrencies | CFDs, Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, Crypto, Spread Betting | Forex, CFD Stocks, Metals, Energies, Cryptos, Digital Contracts | Stocks, Options, Futures, Forex, Funds, Bonds, ETFs, Mutual Funds, CFDs, Cryptocurrencies |
| Demo Account | Yes | Yes | Yes | Yes |
| Minimum Deposit | $10 | $0 | $1 | $0 |
| Minimum Trade | 0.01 Lots | 0.01 Lots | 0.01 Lots | $100 |
| Regulators | FSA | FCA, ASIC, NFA, CFTC, DFSA, BaFin, MAS, FSCA, FINMA, CONSOB, AFM | SVGFSA | FCA, SEC, FINRA, CFTC, CBI, CIRO, SFC, MAS, MNB, FINMA, AFM |
| Bonus | $2020 no deposit bonus | – | 100% Deposit Bonus | – |
| Education | No | Yes | No | Yes |
| Platforms | MT4, MT5 | Web, ProRealTime, L2 Dealer, MT4, TradingView, AutoChartist, TradingCentral | MT4, MT5 | Trader Workstation (TWS), IBKR Desktop, GlobalTrader, Mobile, Client Portal, AlgoTrader, OmniTrader, eSignal, TradingCentral |
| Leverage | 1:2000 | 1:30 (Retail), 1:250 (Pro) | 1:1000 | 1:50 |
| Payment Methods | 11 | 6 | 10 | 6 |
| Visit | – | Visit | Visit | Visit |
| Review | – | IG Review |
World Forex Review |
Interactive Brokers Review |
Compare Trading Instruments
Compare the markets and instruments offered by FreshForex and its competitors. Please note, some markets may only be available via CFDs or other derivatives.
| FreshForex | IG | World Forex | Interactive Brokers | |
|---|---|---|---|---|
| CFD | Yes | Yes | Yes | Yes |
| Forex | Yes | Yes | Yes | Yes |
| Stocks | Yes | Yes | Yes | Yes |
| Commodities | Yes | Yes | Yes | Yes |
| Oil | No | Yes | Yes | No |
| Gold | Yes | Yes | Yes | Yes |
| Copper | No | Yes | No | No |
| Silver | Yes | Yes | Yes | No |
| Corn | No | No | No | No |
| Crypto | Yes | Yes | Yes | Yes |
| Futures | No | Yes | No | Yes |
| Options | No | Yes | No | Yes |
| ETFs | No | Yes | No | Yes |
| Bonds | No | Yes | No | Yes |
| Warrants | No | Yes | No | Yes |
| Spreadbetting | No | Yes | No | No |
| Volatility Index | No | Yes | No | No |
FreshForex vs Other Brokers
Compare FreshForex with any other broker by selecting the other broker below.
FAQ
How do I open a live FreshForex account?
You can open a live account using the link on the main website page. Once you have provided your personal details, you will then be able to use your member login to access the client area and login to your chosen platform.
Does FreshForex offer a demo account?
Yes, the broker offers a demo account that will expire if not used for 30 days. You can set your own amount of virtual funds.
Does FreshForex offer a no deposit bonus?
Yes, FreshForex offers a $2020 no deposit welcome bonus. Other promotions include a 200% deposit bonus and stop-out insurance.
Does FreshForex accept PayPal?
FreshForex does not currently accept PayPal, however it does accept e-wallets, card payments, and bank wire.
Is FreshForex a legit broker?
FreshForex is an offshore provider and not regulated by a respectable financial supervisory body. This makes it hard to verify the legitimacy of the provider and the broker does receive some negative customer reviews online.
Does FreshForex have trading on the NASDAQ?
Yes – clients can trade on close to a dozen major stock indices, including the NASDAQ.
Customer Reviews
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