ForexPlexOptions

Overview of ForexPlexOption

ForexPlexOption, established in 2018 and based in the United States, offers a wide array of financial products including Forex, CFDs, stocks, cryptocurrencies, and more.

Despite claiming to be regulated by ASIC, FCA, and CYSEC, it is flagged as a suspicious clone under all these regulators. The company provides several account types—Classic, Standard, Premium, and VIP—with leverage up to 1:500 and spreads ranging from 0.6 to 1.9 pips.

Its trading platform is the ForexPlexOptions Web Trader, and the platform stipulates a high minimum deposit of $1000, accepting various payment methods such as credit cards and digital wallets.

Customer support can be reached via phone and email. ForexPlexOption also offers educational resources that cover topics from Forex trading strategies to the risks of CFD trading, along with various trading tools.

Regulatory Status

ForexPlexOption is flagged as a suspicious clone by several major regulatory bodies. It claims to hold licenses in multiple jurisdictions:

1. Australia Securities & Investment Commission (ASIC) - ForexPlexOption purports to be licensed under ASIC with a license number of 443670, operating as a Market Maker. However, its status is listed as a suspicious clone.

1. Financial Conduct Authority (FCA) - In the United Kingdom, the company claims to hold an FCA license with the number 705428, also as a Market Maker. This too is marked as a suspicious clone.

1. Cyprus Securities and Exchange Commission (CYSEC) - The company asserts it is regulated by CYSEC in Cyprus, holding a license number of 124/10 for market making activities. Like the others, this license is reported as a suspicious clone.

Pros and Cons

Pros:

ForexPlexOption offers a broad range of financial products, including Forex, CFDs, stocks, cryptocurrencies, and more, providing diverse investment opportunities.

The company supports flexible account types such as Classic, Standard, Premium, and VIP, attracting different levels of traders. It offers high leverage up to 1:500, which can potentially increase profit margins on successful trades.

Additionally, the platform boasts low spreads ranging from 0.6 to 1.9 pips, making it cost-effective for frequent trading.

ForexPlexOption also provides a various suite of trading strategies and analysis, including tutorials and tools on Forex trading strategies and market analysis, which can be immensely beneficial for both new and experienced traders.

Cons:

Despite its offerings, ForexPlexOption is marked as a suspicious clone by major regulatory bodies like ASIC, FCA, and CYSEC, which raises serious worries about its legitimacy and the safety of funds.

The platform requires an extremely high minimum deposit of $1000, which may be prohibitive for casual or novice traders.

Additionally, the absence of live chat support reduces response efficiency and customer satisfaction.

Furthermore, the company's relatively short history, having been founded in 2018, will not instill the same level of trust as more established competitors in the financial services industry.

Products & Services

ForexPlexOption offers a diverse array of financial products for trading, including:

• Forex (Foreign Exchange): Forex trading involves the exchange of currencies and is the most liquid market in the world. Traders can engage in the trading of major pairs like EUR/USD, minor pairs such as AUD/NZD, and exotic pairs like USD/SGD. This offers opportunities to profit from fluctuations in exchange rates based on economic, political, and market forces.

• CFDs (Contracts for Difference): CFDs allow traders to speculate on the rising or falling prices of fast-moving global financial markets (or instruments) such as shares, indices, commodities, currencies, and treasuries. Unlike traditional trading, CFDs enable potential gains from both rising and declining markets without the need for ownership of the underlying asset.

• Stocks: Stock trading on ForexPlexOption will include shares from a wide range of global corporations. This allows investors to buy equity in companies and potentially earn dividends or profit from stock price increases, engaging with different sectors and industries.

• Cryptocurrencies: Cryptocurrency trading includes the buying and selling of digital currencies like Bitcoin, Ethereum, Ripple, and others. It's a rapidly growing market known for its volatility, which could potentially yield high returns.

• Metals: Trading metals involves precious metals such as gold and silver, which are often viewed as safe havens during times of economic uncertainty, as well as industrial metals like copper and aluminum, which are essential for various industries and can be traded based on economic indicators.

• Indices: Indices trading encompasses major global market indices such as the S&P 500, NASDAQ, FTSE, and DAX. These indices reflect the performance of a specific group of stocks, representing a particular market or a segment of it, allowing traders to speculate on entire markets rather than individual stocks.

• Commodities: Commodities trading includes both hard commodities like oil and natural gas, which are mined or extracted, and soft commodities like wheat and coffee, which are grown. Prices can be influenced by geopolitical events, seasonal variations, and macroeconomic factors.

• Futures: Futures trading involves agreements to buy or sell a particular commodity or financial instrument at a predetermined future date and price. This provides a way to hedge against price risks or to speculate on future price movements.

• Shares: Investing in shares allows traders to purchase stakes in specific companies. This product category spans various industries, offering the potential for dividends and capital appreciation depending on company performance.

• Energies: Energies trading focuses on commodities like crude oil, natural gas, and renewable energy sources. The energy market can be particularly volatile, influenced by changes in politics, technology, and global economics.

• Bonds: Bonds trading involves investment in debt securities issued by governments or corporations. These investments are typically considered lower risk and provide returns in the form of regular interest payments, along with the principal amount being repaid at maturity.

Account Types

ForexPlexOption provides a variety of account types designed to meet different trading preferences and levels of experience. Heres an overview of the features and benefits associated with each account type offered by the company:

1. Classic Account: This account type is likely aimed at beginners or those who prefer to start with a lower risk profile. It does not support scalping, which will be due to the higher spreads associated with this account type. The Classic Account includes basic features such as negative balance protection and the option for swap-free trading, making it suitable for traders concerned with overnight interest fees. Hedging is allowed, providing some flexibility in trading strategies.

2. Standard Account: Moving up, the Standard Account offers slightly lower spreads and supports scalping, indicating it's geared towards more active traders who will engage in fast-paced trading strategies. Like the Classic Account, it includes negative balance protection and swap-free options, along with hedging capabilities. This account strikes a balance between accessible features for serious traders while keeping a relatively moderate minimum deposit requirement.

3. Premium Account: Designed for more experienced traders, the Premium Account offers further reduced spreads and includes additional features such as daily signals and a personal account manager. These additions suggest a focus on providing more tailored support and enhanced trading information, which can be crucial for making informed trading decisions. Scalping is allowed, and the account continues to provide hedging, negative balance protection, and swap-free options.

4. VIP Account: The VIP Account is the most feature-rich, attracting high-net-worth individuals or very experienced traders. It boasts the lowest spreads and includes various services such as daily signals, video tutorials, a personal account manager, and both daily market reviews and a financial plan. This account is designed to offer a holistic trading experience with extensive support and planning tools, reflecting a high level of customer care and engagement.

How To Open An Account？

Opening an account with ForexPlexOption can be streamlined into the following four steps:

1. Choose Your Account Type: Begin by visiting the ForexPlexOption website and navigating to the 'Accounts' section. Review the different account types available—Classic, Standard, Premium, and VIP—and select the one that best suits your trading needs and financial capacity.

2. Register Your Details: Click on the 'Open Account' button corresponding to your chosen account type. You will be directed to an online application form. Fill in your personal details, such as your name, email address, phone number, and any other required information to create your account.

3. Verify Your Identity: To comply with regulatory requirements, you'll need to verify your identity and residency. Upload the necessary documents, which typically include a government-issued ID (passport or drivers license) and a recent utility bill or bank statement as proof of address.

4. Fund Your Account: Once your account is verified, log in to your new account and navigate to the 'Deposits & Withdrawal' section. Choose your preferred deposit method from the options available, such as credit card, wire transfer, or digital wallets. Follow the instructions to deposit the minimum required amount based on your selected account type.

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.

Spreads

ForexPlexOption provides a tiered spread structure across its various account types, attracting different levels of traders. The spreads start at 1.9 pips for the Classic Account, which is designed for entry-level and less frequent traders.

For more active traders, the Standard Account offers spreads as low as 1.5 pips. Advanced traders can benefit from even tighter spreads of 1.2 pips with the Premium Account.

The most competitive spreads are available in the VIP Account, where they go down to 0.6 pips, offering a highly attractive option for high-volume and professional traders.

Trading Platform

The ForexPlexOptions Web Trader platform is a highly innovative and user-friendly online trading interface, designed to meet the needs of traders from diverse backgrounds.

It requires no downloads, allowing users to engage in trading activities directly through their web browser. This platform offers real-time trading capabilities, which helps in minimizing delays and ensures that traders stay updated with the latest buy and sell prices.

One of the standout features is its social trading component, which connects users with industry leaders, facilitating learning and trading simultaneously.

Payment Methods

ForexPlexOption offers four distinct account types tailored to different trader needs. The Classic Account requires a $1,000 minimum deposit, ideal for beginners seeking basic trading features. The Standard Account, with a $2,500 minimum deposit. Advanced traders can opt for the Premium Account, which has a $5,000 minimum deposit and includes perks like daily signals and a personal account manager. The most various option, the VIP Account, demands a $10,000 minimum deposit.

ForexPlexOption provides a range of convenient payment methods to suit various preferences. Traders can use widely accepted credit card options like VISA and Mastercard, or secure e-wallets such as NETELLER, Skrill, and Paypal for quick and safe transactions.

For those interested in using cryptocurrencies, Bitcoin is also available. Additionally, American Express is accepted, offering another reliable credit facility for account funding. Each method ensures secure and straightforward financial transactions for users.

Customer Support

ForexPlexOption's customer support is based in the United States at 400 Broome St, New York, NY 10013. Clients can contact their support team by phone at +1 407 476 1642 for immediate assistance with any queries or issues.

Additionally, support can be reached via email at support@forexplexoptions.com. This setup ensures that both local and international clients have direct and efficient access to help whenever needed.

Educational Resources

ForexPlexOption offers a various suite of educational resources designed to enhance the trading knowledge and skills of its clients. The educational content covers a variety of topics relevant to both novice and experienced traders:

Education Topics:

• What is Forex: An introductory guide to the basics of forex trading.

• Forex Trading Strategies: Detailed discussions on various trading strategies to help traders maximize their market performance.

• CFD Trading: Insights into trading Contracts for Difference, including how they work and how to trade them effectively.

• Advantages of Trading CFDs: An exploration of the benefits that CFD trading offers over other forms of trading.

• Potential Risks of CFD Trading: A critical look at the risks associated with CFD trading, helping traders to manage their exposure.

• CFD Glossary: A various glossary to help traders get familiar with common terms used in CFD trading.

Tools:

• Forex Cross Rates: Tools that provide real-time currency exchange rates to help traders make informed decisions.

• Economic Calendar: A calendar that lists important economic events that can affect market conditions, helping traders to plan their trading activities around these events.

• Trading Charts: Advanced charting tools that offer insights into market trends and patterns.

• Market Analyst: Access to expert analyses and opinions, providing traders with deeper market insights and forecast trends.

Conclusion

ForexPlexOption is a dynamic trading platform that offers a wide range of financial products including Forex, CFDs, and cryptocurrencies.

With flexible account types, competitive spreads, and high leverage options, it attracts to both new and experienced traders. The platform is equipped with a user-friendly web trader interface that supports real-time trading and social trading features.

Despite its suspicious clone regulatory status, ForexPlexOption provides various educational resources and multiple payment options to enhance the trading experience.

FAQs

Question: What is the minimum deposit required to open an account at ForexPlexOption？

Answer: The minimum deposit required to open an account at ForexPlexOption is $1,000 for the Classic Account.

Question: What types of trading accounts does ForexPlexOption offer？

Answer: ForexPlexOption offers four types of accounts: Classic, Standard, Premium, and VIP, each with different features and benefits tailored to various trading needs.

Question: Are there educational resources available for new traders？

Answer: Yes, ForexPlexOption provides a range of educational resources, including topics on Forex trading, CFD trading strategies, and a glossary of terms, as well as tools like economic calendars and trading charts.

Question: How can I find my ForexPlexOption account？

Answer: You can fund your account using several methods including VISA, Mastercard, NETELLER, Bitcoin, Skrill, Paypal, and American Express.

Question: What measures does ForexPlexOption take to ensure the safety of funds？

Answer: ForexPlexOption claims to implement various safety measures for fund protection, though specific details are not provided. Clients are advised to directly contact customer support for detailed information regarding the safety protocols in place.