Forexer review: During the past decade, considering FOREXer’s Win/Win attitude, its well experienced experts have put in their effort to figure out the main causes of failure and success in the financial markets in order to provide a safe trading environment for traders.
FOREXer was initially established in 2004 in Wilmington (Delaware), USA. Back then, it was called NTWO Capital Markets. The company has established several offices around the globe: in Zurich, Switzerland, Dubai and New Zealand. FOREXer New Zealand allows only trading in currency pairs, while USA also offers precious metals, energy and agricultural products.
Minimum Initial Deposit
The minimum initial deposit required by FOREXer is $200, which is average. In comparison, another NZ-based STP brokerage, Circle Markets, require $1000 to start with, however its clients get access to a pure STP environment.
Commission & Spreads
According to the information on its website, offers variable spreads, averaged 2.5 pips on EUR/USD, however, when we tried out the broker`s demo account, we found out that the spreads are in fact fixed at 2.5 pips on EUR/USD. Either way, such spreads are considered high for the forex market, despite the fact that no commissions apply.
In comparison, Circle Markets’ spreads start from 0.7 pips on EUR/USD on its commission-free accounts. For further information, you may check out and compare real-time spreads of 15 leading brokers here.
The maximum leverage level offered by FOREXer is 1:500, which is a high ratio. Nonetheless, a number of brokers offer leverage up to 1:500 or higher. FOREXer, however, recommends leverage up to 1:10 for better risk management.
Leverage is a powerful tool that allows traders to operate with large amounts of money by depositing rather small deposits. Yet, there is another side to this story: the higher the leverage level, the greater the risk. That is why some jurisdictions cap leverage to certain levels. In USA, for example, the maximum allowed leverage is 1:50. UK’s FCA recently proposed the same maximum leverage ratios.
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