4xp - Forex Place Review
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Forex Place, or as they call themselves, 4XP, is one of the more impressive brokers I have reviewed. They clearly invest time and money on your first impression when accessing their website. It is clean, fast, straight forward, visually appealing, and simple to use. It is available in 10 languages, so people from around the world can benefit from its ease of use. I was so impressed with the site that I was convinced I would be disappointed when reviewing their service. However, that was not the case. They offer all the basic and common services offered by many other Forex brokers, but Forex Place definitely includes services that separates them from the pack in a major way, but we will talk more about that later.
When it comes to depositing money, there is no reason Forex brokers should not make this process easy for the trader, unless of course they do not want your money. Well, Forex Place enables you to deposit money in every possible way, including some options most people have never even heard of. The options available to you are bank wire, credit card, direct ebanking, money bookers, and much more. The only option that seems to be missing is Paypal, but with so many different payment methods to choose from, any trader can find their own preference with Forex Place.
While most brokers make the deposit process relatively easy seeing as they want your money, it is not a rare occurrence for brokers to make the withdrawal process a painful one. With Forex Place, you send one fax and you have your money after 3-4 business days, it is as simple as that.
Regarding the core issue at hand, the Forex trading, Forex Place did well here too. While most brokers offer a downloadable trading platform, and some offer a Web-based interface, Forex Place offers both in the form of the famous Meta Trader 4 platform with access to advanced charts and technical indicators. In addition, they offer a mobile trading platform enabling you to trade on the go. This is a huge advantage, as the mobile industry is a billion dollar arena and it shows no signs of weakening any time soon. The fact that Forex Place offers a mobile platform, is an indication that they really do strive to be a top Forex broker, and not just another one to add to the long list.
Forex Place supports Forex trading of over 50 different pairs, with the typical spread of the majors being 3 pips. Their spreads are also fixed and not dependent on anything. As I mentioned earlier, they do not disappoint when it comes to the market standards, and they offer a free $50,000 demo account, as well as a mini account in which the minimum deposit is $500. Another aspect in which Forex Place stands out is their leverage. It is not the highest you have ever encountered, but 300:1 is definitely above average. Without getting into the debate regarding high leverage, that is for the trader to decide and not the brokers, so offering the option is always a good initiative on the part of the broker.
At this point of the review, I figured there has to be a catch. They must charge high commission or some sort of hidden fees. So when it became apparent that Forex Place charges no commission or fees of any kind, not on deposit, not on withdrawal, and not during trading, I kept looking for that catch.
Forex Place offers 24/6 support via phone, email, or live chat, and they proved to be highly responsive, patient, and helpful. Contrary to many other brokers, Forex Place does not focus solely on getting your money, they spend a lot of resources on educating traders as well. They offer an entire platform of educational courses, as well as live training. In addition, Forex Place offers daily market analysis, an economic calendar, and what they refer to as a Live Dealing Room. This is for all intents and purposes a forum-like experience in which you can ask questions and offer solutions, while communicating with other Forex experts and traders.
All in all, Forex Place seems like a very impressive broker, the only thing that might turn off a trader is their lack of FSA regulation, but from what I was told by their support, they are currently in the last stages of the process. One other negative aspect I encountered was some small glitches in their site, specifically when it came to registering and accessing the Live Dealing Room. It worked itself out in the end, but their site does not seem to be compatible with all browsers.
Forex Place declares that they offer their customers “Honesty, integrity and service par excellence”, and based on my thorough review of Forex Place, that is an accurate description of their service as a whole.
