Expand Forex Review by professional Forex trading experts the “ForexSQ” FX trading team, Finding out everything you need to know about the broker is in this Forex Expand Review.
Expand Forex Review
Forex Expand is forex broker, offering several account types as described above. The company is mostly targeting the Chinese market. A lot of sections of both the English and Chinese websites contain conflicting information about the trading conditions, which leaves a rather negative feeling.
The Company. Security of Funds
Forex Expand Group Limited Vanuatu VFSC
Forex Expand Gruop Limited is the legal entity, operating this broker. It is registered in Vanuatu and is licensed by the local VFSC. We generally recommend avoiding off-shore brokers, as they usually operate under less strict rules, than companies, who are registered with a more reputable agency
Vanuatu is probably the current most popular destination for shady forex companies. Receiving the “Dealer in Securities” license, requires having only $2,000 in capital. As a comparison, the Australian Securities and Investments Commission (ASIC) demands AUD 1 million. This is done in order to ensure the financial stability of a broker, in case major market turmoil occurs and also, to prevent scammers from even attempting to register. Furthermore, ASIC forces companies to keep client funds in the so called “segregated accounts”. This means there are special rules in place, which prevents the broker from simply stealing its’ clients funds, while offering trading with “monopoly money”.
Minimum Initial Deposit
Forex Expand requires a minimum initial deposit of $10. This is pretty low, even by contemporary standards. Some companies go even lower, in the pursuit of new clients. For instance, the FCA-regulated industry leading broker and spread-betting provider, IG has removed the initial deposit requirement. You can deposit even under $10 with them.
That being said, a broker’s credibility is not directly impacted by the minimum initial deposit. This is only important for beginners who do not want to risk large sums, but are also tired of demo-trading.
Average spreads & Commissions
Forex Expand offers different spreads, based on the size of one’s initial deposit. The Micro and Standard account spreads are almost competitive with the current offers by other brokers. The VIP account provides slightly better conditions, but the reliability of the ECN feed is very important. Our testing with the platform revealed a EUR/USD spread, varying between 1.4 and 1.7 pips, which is in line with estimations.
The maximum leverage, provided by Forex Expand is 1:1000, for the smallest account types. This level may appear to be absurdly high, but not totally unheard of.
Keep in mind, you do not have to utilize the maximum leverage provided by your broker at the same time. This is one of the biggest mistakes, which beginners make. Learn the basic principles of risk management before you start trading.
Forex Expand provides its services via MetaTrader4(MT4). This is the current industry staple, which is provided by many companies. The platform has earned its popularity due to the relative ease, with which it handles lots of trading instruments and the amazing charting environment.
The latter is additionally reiterated by the ability to install custom technical indicators, which are available at the MQL marketplace. This is a broker-independent store, at which you can get custom made tools for the platform. Automated trading systems (or Expert Advisors) are also popular there.
Methods of Payment
Forex Expand accepts deposits via Credit/Debit Card. E-wallets such as Skrill or Neteller are not supported.
Expand Forex Review Conclusion
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