Score

1.46 /10
Danger

ForexPlexOptions

United States

2-5 years

Suspicious Regulatory License

Suspicious Scope of Business

High potential risk

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Score

Regulatory Index0.00

Business Index6.64

Risk Management Index0.00

Software Index4.00

License Index0.00

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Warning: Low score, please stay away! 4
Previous Detection : 2024-12-23
  • It has been verified that this broker currently has no valid regulation. Please be aware of the risk!
  • The CyprusCYSEC regulation (license number: 124/10) claimed by this broker is suspected to be clone. Please be aware of the risk!

WikiFX Verification

ForexPlexOptions · Company summary
ForexPlexOptions Review Summary
Founded2020
Registered Country/RegionUnited States
RegulationSuspicious clone ASIC/FCA/CYSEC
Market InstrumentsForex, CFDs, stock, cryptocurrencies, metals, indices, commodities, futures, shares, energies, bonds
Demo Account
LeverageUp to 1:500
SpreadFrom 0.6 pips
Trading PlatformForexPlexOptions Web Trader
Min Deposit$1,000
Customer Support24/7 support
Phone: +14074761642
Email: support@forexplexoptions.com
Address: 400 Broome St,New York, NY 10013,United States

ForexPlexOption, established in 2020 and based in the United States, offers miscellaneous financial products. It provides several account types with leverage up to 1:500 and spreads. Despite claiming to be regulated by ASIC, FCA, and CYSEC, it is flagged as a suspicious clone under all these regulators.

ForexPlexOption's homepage

Pros and Cons

ProsCons
Variety of financial productsThree license regarded as fake clone ones
Flexible 4 types of account typesExtremely high minimum deposit
Useful tools for trading strategies and analysisWide spreads
Inactive fees charged

Is ForexPlexOptions Legit?

ForexPlexOptions claims it is overseen by three institutions: the Australian Securities and Investments Commission (ASIC), the Financial Conduct Authority (FCA) and the Cyprus Securities and Exchange Commission (CySEC). However, all of them are suspected to be fake clones!

The Australian Securities and Investments Commission (ASIC)
Regulatory StatusSuspicious Clone
Regulated byAustralia
Licensed InstitutionTRADING POINT OF FINANCIAL INSTRUMENTS PTY LTD
Licensed TypeMarket Making (MM)
Licensed Number443670
Suspicious clone ASIC license
The Financial Conduct Authority (FCA)
Regulatory StatusSuspicious Clone
Regulated byUnited Kingdom
Licensed InstitutionTrading Point of Financial Instruments UK Limited
Licensed TypeMarket Making (MM)
Licensed Number705428
Suspicious clone FCA license
The Cyprus Securities and Exchange Commission (CySEC)
Regulatory StatusSuspicious Clone
Regulated byCyprus
Licensed InstitutionORBEX Ltd
Licensed TypeMarket Making (MM)
Licensed Number124/10
Suspicious clone CySEC license

What Can I Trade on ForexPlexOptions?

ForexPlexOptions supports trading in forex, CFDs, stock, cryptocurrencies, metals, indices, commodities, futures, shares, energies, and bonds.

Tradable InstrumentsSupported
Forex
Commodities
Indices
Cryptocurrencies
Shares
ETFs
Bonds
Mutual Funds
Stocks
Metals
Energies
CFDs
Futures
What Can I Trade on ForexPlexOptions?

Account Type

ForexPlexOptions offers four kinds of live accounts including Classic, Standard, Premium and VIP accounts with the minimum deposit of $1,000, $2,500, $5,000 and $10,000 respectively. However, their amounts are too high compared with those regulated brokers at an average of $100.

These accounts also offer different tools and functions:

Account TypeClassicStandardPremiumVIP
Scalping
Negative Balance Protection
Swap Free
Hedging
Daily Signals
Video Tutorials
Personal Account Manager
Daily Market Review
Financial Plan
Risk Management Plan
Account comparison

Leverage

ForexPlexOption offers a uniform leverage ratio across all its account types, which is set at a high level of up to 1:500. This leverage allows traders to control large positions with a relatively small amount of invested capital, amplifying both potential profits and losses.

ForexPlexOptions Fees

ForexPlexOptions implements a structured tiered spread system across its various account types, with spreads beginning at 1.9 pips for the Classic Account, 1.5 pips for the Standard Account, 1.2 pips for the Premium Account, and an attractive 0.6 pips for VIP Accounts.

ForexPlexOptions also imposes an inactivity fee of 20 USD, 20 EUR, 20 GBP, or 20 PLN, depending on the account holders base currency. This monthly inactivity fee will be deducted from the account balance until sufficient funds are available or the account reaches a zero balance. Furthermore, if a dormant account remains inactive for a consecutive period of twelve months, it will be automatically classified as closed starting the day after the twelfth month of inactivity.

Account TypeSpreadInactivity Fee
ClassicFrom 1.9 pips20 USD/EUR/GBP/PLN per month
StandardFrom 1.5 pips
PremiumFrom 1.2 pips
VIPFrom 0.6 pips

Trading Platform

ForexPlexOptions offers Web Trader trading platform. It offers real-time trading capabilities across a wide range of assets, including currencies, precious metals, commodities, and stock indices. Its user-friendly interface and seamless lot size adjustments make it beneficial for beginners who can leverage its intuitive design and social trading features to learn and trade simultaneously.

Web Trader

Deposit and Withdrawal

ForexPlexOptions accepts multiple options for depositing and withdrawing without fees. Besides, the processing time for each method varies depending on the country and the specific method chosen. Electronic wallets generally offer the fastest processing times, while bank transfers may take longer.

Payment MethodSupported CountryDeposit TimeWithdrawal Time
NETELLERAll countriesInstant
Skrill
Bitcoin
PayPal
MNE2-5 working days
VISAAll countries excluding ChinaInstant
MaestroAll countries excluding APAC
SOFORTGermany, Austria, Belgium, Netherlands, United Kingdom2 hours
giro payGermany
iDealNetherlandsInstant
LecPayAll countries excluding Europe and APAC1 working day
BPAYAPAC only
Deposit and Withdrawal

Research & Education

ForexPlexOptions provides an extensive array of educational and analytical resources. These resources include guides on introductory topics such as “What is Forex,” and “Forex Trading Strategies”. Additionally, the platform offers detailed explanations on Contract for Difference (CFD) trading as well as a glossary of CFD-specific terms.

Formarket analysis, ForexPlexOptions provides tools such as Forex Cross Rates, an Economic Calendar, and Trading Charts.

Research & Education

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