FreshForex Review 2021 – Top Key Points we found out

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FreshForex Review 2021Overview

FreshForex Review: FreshForex is an online Forex and CFD broker. It’s was founded in 2004 by Riston Capital Ltd and primarily regulated by an offshore entity (SVG) Saint Vincent and the Grenadines, its parent country Russia. It offers a small selection of 137 tradeable instruments in multiple classes from FX pairs, Index, Metal, Stock CFDs, and cryptocurrency CFD trading. FreshForex charges higher trading costs compare to the industry average. FreshForex mainly offers third-party trading platforms MetaTrader 4 & MetaTrader 5, there is no proprietary trading platform available for mobile devices. At FreshForex the minimum deposit starts from $1, so it’s easily accessible for newbie traders.

It may create a good environment for beginner traders but advanced traders might be disappointed because of all the lack in core areas. FreshForex broker struggles to compete with the industry average brokers in the core categories that are the most important concern for forex and CFD traders. The FreshForex broker was not featured in our 2021 Broker recommended broker list.

Choosing an online broker like FreshForex can be difficult. For a beginner, the first few hurdles can come in the form of what appears to be a complex mobile or online trading platform, hard-to-understand investment terminology and confusing fee structures.

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FreshForex: Top Key Points

  • Founded in 2004, Licensed and authorized by offshore entity (SVG) Saint Vincent and the Grenadines.
  • Only 137 popular tradeable instruments are available, including forex, metal, stock indexes, stock CFDs, cryptocurrency
  • Trading cost very high compare to the industry average broker, while deposits are free, withdrawal charges different fees depending on methods.
  • FreshForex broker doesn’t accept clients from certain locations, including the United States, Spain, the UK, and North Korea
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Is FreshForex Safe?

FreshForex is considered a high-risk broker due to its offshore entities regulation. We would suggest you think twice before trading with a highly risky offshore regulated broker.

This broker is not publicly traded and does not operate a bank. FreshForex is authorized by zero tier-1 regulators (high trust), zero tier-2 regulators (average trust), and zero tier-3 regulators (low trust), and 1 offshore regulator (very low trust).

As it is regulated and licensed by offshore entities, so you may face several unwanted coincidences while trading with this broker.

SVG Regulation: Saint Vincent and the Grenadines is a very low-quality regulatory jurisdiction. TopTrustedForexBrokers.com doesn’t include this jurisdiction in our Trusted jurisdiction list, due to the extremely low regulatory requirements required to operate in SVG regulation. Most scam brokers are regulated by this type of jurisdiction due to the extremely low regulatory requirements required to get a legal license.

Since FreshForex is an offshore entity regulated broker traders have so many serious complaints and issues with this brokerage, most complaints are about withdrawals declined. You can easily find out them from any public review website. Therefore we are concerns about FreshForex’s trustworthiness. We are not any financial advisors, So, please do your own research on FreshForex before trading with them.

We think FreshForex completely failed to create a safe, secure, and user-friendly trading environment, traders might not feel safe depositing their funds with FreshForex.

Please Note: FreshForex doesn’t provide an investor compensation fund that would protect customers against any unforeseen financial issues at this broker.

PROS:
+

  • Deposit Bonuses
  • Providing MT4 and MT5 trading platfrom
  • Copy trading service
  • Making deposits are free but withdrawal methods are charge a certain amount.

CONS:

  • Regulated by an offshore entity, no compensation fund available (if anything goes wrong)
  • Not accept traders from Belgium, the DPRK, France, the Russian Federation, Spain, the UK, and the USA.
  • Trading cost is higher than the industry average.
  • Only 137 tradeable instruments are available
  • Not all withdrawals methods are free.
  • So many bad customer reviews on public review sites, and hard-to-use websites.

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FreshForex Review: Trading Instrument

FreshForex offering small tradeable instruments selection contains only popular currency pairs and CFD products. FreshForex is struggling to compete with market leaders like XM GroupCMC Markets, or SAXO Bank, each of them offers thousands of instruments in multiple assets, also comes with a cheaper trading cost, and highly trusted.

Currently, it’s offering only 137 tradeable instruments including forex (52), Index, Metal, Stock CFDs, and cryptocurrency CFD trading. Trading forex support up to 1:1000 leverage for non-UK clients, and up to 30:1 leverage available for UK clients due to its regulation. There are limited opportunities to diversify your portfolio, maybe it’s adequate for beginner traders, however advanced traders looking for cross-asset diversification could be disappointed.

Cryptocurrency: You can cryptocurrencies as CFDs but can’t trade the underlying asset (e.g. buying Bitcoin). FreshForex offers only 6 major cryptocurrencies with comparably higher fees, but there are other alternative brokers that offering a larger selection of cryptos and give higher leverage. Currently, the best option for crypto traders could be eToro or AvaTrade.

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Tradeable Instruments

FreshForex offers six main asset classes:

  • Currency Pairs– Trade 52 currency pairs including the EUR/USD, GBP/USD, and GBP/EUR
  • Cryptocurrencies – Access 6 major cryptos, including Bitcoin and Litecoin
  • Stock CFDs – Trade 60 CFDs on corporate stocks.
  • Indexes – 11 popular global indices are available including NASDAQ
  • Precious metals – trade gold and silver CFDs on spot markets
  • Energies – Oil and Gas

The following table summarizes the different Instrument available at FreshForex broker:

Features FreshForex
Total Instruments 137
Copy Trading Yes
Cryptocurrency No
Cryptocurrency (CFD) Yes
Forex Pairs 52
Stock CFDs 60
Cryptocurrencies 6
Energy CFDs 3
Indexes CFDs 11

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FreshForex Review: Commissions and Fees

FreshForex offers both commission-based and commission-free trading opportunities. Different account types are available Real Account, Partner Account, ECN, Swap Free, ProCent, and Demo Account. Where the Real account is commission-free and operates under the market maker model with a minimum spread listed at 2 pips in EUR/USD pair and 3 pips for the GBP/USD. ProCent and Market Pro accounts operate under the NDD model, where they offer floating spreads start from 1.3 pips, and a commission of $10/lot per side and $20 per round turn. It may increase to $200 per lot depending on the currency pair you are trading. All account types support a minimum of 0.01 lots order size.

Besides these, a swap-fee and operates under a fixed commission of $10 per lot. ECN account has a better advantage over other account types. But it doesn’t mean this is the tightest spreads out there, low-cost brokerages like XM GroupCMC Markets, or SAXO Bank, providing the tightest spreads with the strictest regulation.

ECN account: ECN account commission starting from 0.003% for forex pairs. And other charges like overnight swap fees which are tripled from Wednesday to Thursday.

At FreshForex swap rates on overnight positions apply, dividends, splits, and mergers impact the equity and index CFDs.

Overall, FreshForex broker’s commission and fees are relatively expensive compare to the industry average brokers. Our question is if they are charging a higher price, they should provide higher-quality service that customers deserve.

Note: FreshForex’s trading cost is much higher than the cost-effective brokers XM GROUP, or Saxo Bank.

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Deposit and withdrawal fees at FreshForex

At FreshForex there are multiple payment methods available for funding and withdrawal procedures. Deposits are free of cost while withdrawals methods charge certain fees.

Different deposit methods offered by FreshForex:

  • Bank Wire Transfer
  • Credit/Debit Cards, Visa
  • E-wallets (Perfect Money, Webmoney, AdvCash)
  • Cryptocurrencies (Tether, LIteCoin, Bitcoin, Ethereum, Bitcoin Cash, Ripple, Zcash)
  • Local Payment also supported from some countries

Withdrawal Fees:

Withdrawal fees are different based on the payment method,  fees vary from 0.5% to 2%. Electronic withdrawals are faster than the more traditional payment methods will take about 1 to 5 business days.

FreshForex withdrawal methods:

  • Bank of Malaysia
  • Visa (2,5%+5 USD/EUR)
  • Debit/Credit Card, Mastercard (2,5%+5 USD/EUR)
  • Bitcoin
  • Neteller (2%)
  • Skrill
  • other electronic payment methods

Cryptocurrencies:

  • Tether: (Commission fees: 0%)
  • Bitcoin: (Commission fees:1%, min. 0.0001 BTC)

Standard withdrawals processing time is 1 business day but it’s not guaranteed as it’s dependent on the type and location of your bank. Larger withdrawals take a longer time.

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FreshForex Review: Trading Platforms and Tools

FreshForex mainly offers third-party trading platforms MT4 & MT5 developed by MetaQuotes Software Corporation, and the proprietary MT5 web trading platform provides only the most basic functionality. There is no proprietary mobile trading app available for Android and iOS devices.

FreshForex features a proprietary web trading platform that is fully compatible with any modern browser Chrome, Firefox, Safari, and Opera. Mobile app for both Android and iOS platforms. They tried to keep its user interface clean and simple. FreshForex Platform gives access to 48 technical indicators and 6 chart types. more advanced tools for more advanced traders.  Also through a web trading platform, you can choose from over 100 instruments.

Features FreshForex
Proprietary Desktop Platform No
Mobile App No
MT4 Yes
MT5 Yes
cTrader No
DupliTrade No
ZuluTrade No
NinjaTrade No
Charting Indicators 51
Charting Drawing tools 31
Copy/social Trading Yes
Demo Account Yes

Attention: No fees for Deposit and Withdrawal also spread is highly competitive in the XM broker. Read our detailed review about the XM broker. Click Here.
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Mobile Trading

FreshForex: FreshForex doesn’t offer any proprietary trading platform for mobile devices. But traders always can use MT4 and MT5 mobile apps which are available for Android and iOS. MT4 and MT5 let you directly access daily analysis, trading signals, or strategies on your tablet or smartphone. You can easily manage your account, setting up Stop Loss and Take Profit levels, transparent charts. News updates can be filtered and so will get up-to-date information only for currency pairs or other trading instruments you are interested in.

However, FreshForex AppTrader is far behind the proprietary mobile apps offered by competitors such as IG Markets or Saxo Bank.

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FreshForex Review: Research Tools

FreshForex broker provides research tools from the combination of in-house and third parties resources, analysis prepared by Elliott waves analysis. FreshForex falls far behind research leaders Saxo Bank and XM GROUP. Fundamental analysis Publish daily market updates in the market news section, an economic calendar, technical and fundamental forex analysis, forex calculator, Economic Calendar MetaQuotes
Trading Sessions, Holiday Schedule, Interest Rates, Forex Calculator, Fibonacci calculator fore forex current currency rates and quotes charts, and latest economics news from the forex world.

The FreshForex market analysis combination of technical and fundamental analysis. FreshForex also has a Huckster forex advisors shop.

HUCKSTER FOREX ADVISORS SHOP

  • New Expert Advisors
  • Popular Expert Advisors
  • Free Expert Advisors
  • MT4 Expert Advisors
  • MT4 Indicators
  • MT4 Scripts
  • How to Make Purchases?
  • Huckster Shop on Forex EAs
  • and Trading Systems

Overall FreshForex broker offers comprehensive market coverage and trading idea.

Features FreshForex
Market Insights Yes
News Yes
Trading Signals Yes
Autochartist No
Copy Trading Yes
Forex calculators Yes
Economic Calendar Yes

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FreshForex Review: Education

FreshForex provides a range of educational materials for free. It provides education through live webinars, articles books from expert traders, forex glossary, and many different trading strategies from expert traders. It provides trading strategies for both intraday Forex strategies and medium-term trading systems. Strategies on graphic patterns, currency trading strategies, stock exchange, and scalping Forex strategies. In order to succeed in forex traders need to strictly follow a strategy that suits their trading style.

Overall, the education section is enough for beginner traders, educational resources fall behind market leaders like XM, or CMC Markets.  XM group publishes tons of market insights and educational resources every day, so don’t forget to check out them.

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FreshForex Review: Conclusion

Overall, FreshForex is a low trust broker regulated by offshore financial institutions. Trading cost is higher than the industry average. Opening an account is a straightforward process and deposit processes are mostly free but their 0.5 to 2% withdrawal fee applicable. Doesn’t offer a proprietary web platform, but trader has access to MetaTrader 4 and MetaTrader 5, but most traders use MetaTrader 4 as their trading platform. The bottom line is FreshForex might not be a good choice for low-cost traders and traders are looking for a wide range of products for creating a diversified portfolio. Education is another drawback of FreshForex. For CFD traders there are many other better choices available like XM, or Saxo Bank as their wide range of instruments and rich educational resources will satisfy most beginners and advanced traders.

In order to compete with giant brokers with the best offering, FreshForex broker needs to upgrade in all the core categories, including trading cost, forex, and CFD trading education, trading platform should support EAs, and more in-house research tools, and mobile trading app.

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Expert Score 4.2
Trust Score
4.5
Tradeable Instruments
4
Commissions & Fees
5
Platform & Tools
5
Research Tools
4.5
Education
3
PROS:
  • Free deposit
  • Demo accounts, swap-free accounts
  • Deposit bonuses
CONS:
  • Withdraw cost 0.5 to 2% fees
  • Small range of tradeable instruments
  • Pricing is higher
  • Low Trust broker
  • No compensation fund
  • Need to improve in core categories
FreshForex Review 2021 – Top Key Points we found out
FreshForex Review 2021 – Top Key Points we found out
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