In the trading and financial world, there are numerous brokers offering variations in services. The brokers that cover the market can either be authentic or fake ones. If you invest your money with a wrong broker, then you can lose all of it in a second. Therefore it is very important that you analyse the broker thoroughly and see whether the broker is a scam or safe to trade with. In this review, we will talk about various aspects of Freshforex and whether it is safe to trade with the broker or not.
Freshforex Scam or not?
How do we know whether the broker is a scam or safe? When top tier authorities regulate the broker, we can say that your capital is safe and secured. Also, the broker which provides fair security features will keep your data and information safe.
Well, let us spill the facts about Freshforex. The broker is not regulated by any authority and does not imbibe any security softwares to keep the data of its clients safe and secure. This is an outright signal inferring that one should not go with Freshforex. Therefore, you need to think twice before investing your hard-earned money with the broker.
Products and markets for trading
There are very limited products available under each category of the instrument for trading with Freshforex. There are only 49 currency pairs, 5 metals with the broker. The stock CFDs or cryptocurrencies are limited in number too. This restricts the trading opportunities and diversification opportunities for traders and investors.
Many other well-reputed brokers like PrimeFin or HFTrading provide a vast array of instruments and products for trading.
Freshforex: Unrealistic Leverage
On the website, the broker claims that it provides leverage of 1:2000. This seems extremely superficial and plastic. Such high leverage is nothing but a straight red flag and manipulation. Most well-reputed and famous brokers provide a leverage of 100 or 200, 1:500 is the maximum leverage provided by brokers. This unrealistic number puts the broker’s integrity in suspicion and question.
High Minimum Deposit
The broker charges a minimum deposit as high as 200 dollars. There are many brokers that let you make an account with just 5 dollars. We do not think the minimum deposit charged by Freshforex is worth the services and functionalities it provides.
Complicated trading application and platform
The user interface of mobile application as well as desktop trading, is quite distorted and chaotic. The application sees a lot of tabs stacked together without any structure. It can be challenging for new traders and beginners to understand and get accustomed to the platform’s complicated design and structure.
Withdrawal and deposit
The broker offers a sparse and conventional range of withdrawal and deposit methods. Moreover, a high fee is associated with the withdrawal of funds.
Customer support and service
The inferior customer support team does not offer dedicated services to its clients. Most of the time, the response time of calls is quite elongated, and emails are answered in eternities. This can turn out critical when a query or issue has to be solved quickly or immediately.
Research and education
The research and education material seems outdated and worn out. It needs some serious upgrading. If the broker doesn’t care about its clients and traders’ growth and education, then we do not think it a good match. Research tools are pretty essential to depict the right entry and exit points in any trade. Without the education material, it can be very hard for new traders to understand various aspects of the market.
The account opening process of Freshforex is pretty cumbersome and time-consuming. The broker will put you through multiple, elongated steps. You would need to go through tests and questionnaires. The document verification can take up to hours. All of this can be pretty annoying and frustrating. Therefore, we can say that the instant account opening is not a forte of Freshforex.
We do think trading with Freshforex will be a sound decision. First of all, the broker is regulated, and then it claims unrealistic leverage. These two major red flags should be enough for any trader to understand that trading with the broker can be detrimental. But apart from these, the services and functionality offered by the broker on high minimum deposit do not do justice.