It is important to note that the information provided in this review may be subject to change due to the constant updating of the company's services and policies. In addition, the date on which this review was generated may also be an important factor to consider, as information may have changed since then. Therefore, readers are advised to always verify updated information directly with the company before making any decision or taking any action. Responsibility for the use of the information provided in this review rests solely with the reader.
In this review, if there is a conflict between the image and the text content, the text content should prevail. However, we recommend that you open the official website for further consultation.
Pros and cons of FOREXimf
Pros:
Offers a wide range of account types with varying spreads and commissions to suit different trading needs and budgets.
Provides a demo account for traders to practice and familiarize themselves with the platform.
Offers educational resources such as webinars, videos, and market reports to help traders improve their knowledge and skills.
Offers a high maximum leverage of up to 1:400 for the Lite account.
Provides multiple channels of customer support including live chat, email, and social media platforms.
Cons:
Limited information on the deposit and withdrawal process.
Limited trading instruments, with only forex pairs, precious metals, and energies available for trading.
Only regulated by Indonesian regulatory bodies, which may limit its appeal to international traders.
Limited options for customer support, with no phone support outside of business hours.
Lack of transparency on trading conditions, such as order execution speeds and slippage.
What type of broker is FOREXimf？
FOREXimf is a Market Making (MM) broker, which means that it acts as a counterparty to its clients in trading operations. That is, instead of connecting directly to the market, FOREXimf acts as an intermediary and takes the opposite position to its clients. As such, it can offer faster order execution speed, tighter spreads and greater flexibility in terms of the leverage offered. However, this also means that FOREXimf has a certain conflict of interest with their clients, as their profits come from the difference between the bid and ask price of assets, which could lead to them making decisions that are not necessarily in the best interests of their clients. It is important for traders to be aware of this dynamic when trading with FOREXimf or any other MM broker.
General information and regulation of FOREXimf
FOREXimf is an Indonesia-registered forex broker that is regulated by both the Indonesian Commodity and Derivatives Exchange (ICDX) and the Commodity Futures Trading Regulatory Agency (BAPPEBTI). The broker offers various trading instruments, including forex pairs, precious metals, and energies, with different account types and useful trading platforms. Additionally, the broker provides educational resources and customer support services, including a demo account, economic calendar, market reports, video tutorials, online courses, 24/7 live chat, and social media presence.
In the following article, we will analyse the characteristics of this broker in all its dimensions, providing you with easy and well-organised information. If you are interested, read on.
Market instruments
Foreximf offers its clients a range of trading instruments consisting of forex pairs, precious metals, and energies. This provides traders with a diverse range of asset classes to trade on their platform. However, compared to other brokers, Foreximf's limited asset classes may not suit all traders. One of the advantages of trading with Foreximf is the high leverage available for forex trading, which can magnify profits. Additionally, the low spreads on major forex pairs can save traders on transaction costs. However, trading precious metals and energies may come with higher volatility and risk. Overall, the range of tradable instruments offered by Foreximf is suitable for traders who are primarily interested in trading forex and commodities.
Spreads and commissions for trading with FOREXimf
Lite account: spreads from 1.4 pips, commission of 5 USD
Standard account: spreads from 2.7 pips, commission of 1 USD
Pro account: spreads from 0.2 pips, commission of 10 USD
Overall, FOREXimf's spreads and commissions are competitive with other brokers in the market, and there are no hidden fees or charges. However, traders should be aware that the commission fees for Standard and Lite accounts can add up over time, and the higher commission fees for the Pro account may not be worth it for all traders.
Trading accounts available in FOREXimf
FOREXimf offers three different account types - Lite, Standard, and Pro.
The Lite account offers the highest spreads but also has the lowest commission fee, making it a good option for those who are just starting out in trading or have smaller budgets. The Standard account has a lower spread than the Lite account but a slightly higher commission fee, making it a good choice for those who want to trade more frequently. The Pro account has the lowest spreads but also has the highest commission fee, making it best suited for professional traders who trade in high volumes.
Overall, FOREXimf offers a range of account types to suit different trading needs and preferences.
Trading platform(s) that FOREXimf offers
Foreximf provides the MetaTrader 4 (MT4) trading platform, which is a popular choice among traders worldwide. The platform is known for its user-friendly interface, advanced charting tools, and support for automated trading through the use of expert advisors. Multiple order types are supported, including market orders, limit orders, and stop orders. Additionally, Foreximf offers a mobile trading platform for traders on-the-go. However, the platform has a limited number of technical indicators and customization options. There is also no support for hedging, and the platform is not available in a web-based version. News and research tools are also limited, which may be a disadvantage for some traders.
Maximum leverage of FOREXimf
FOREXimf offers a maximum leverage of up to 1:100 for standard and pro accounts and up to 1:400 for lite accounts. Leverage allows traders to open larger positions with smaller amounts of capital, potentially leading to higher profits. However, it is important to note that higher leverage also increases the potential risks and losses of trading. Traders should have a good understanding of leverage and proper risk management to make use of this feature effectively. Additionally, regulatory restrictions may limit the availability of leverage to certain traders.
Deposit and Withdrawal: methods and fees
FOREXimf offers limited information on their website regarding deposits and withdrawals. Withdrawals can only be made on business days and any withdrawals above 12.00 WIB will be processed on the next business day. No fees are charged for withdrawals from FOREXimf activities, however, bank administration fees will be charged to the client. Funds received from the withdrawal process will be automatically deducted from the administration fee by the bank concerned. One advantage is that there are no withdrawal fees and withdrawals are processed within 24 hours. However, the lack of detailed information on the website may be a disadvantage for potential clients. Additionally, bank administration fees are charged to the client, which may add up to a significant amount depending on the amount being withdrawn. Finally, withdrawals are only processed on business days, which may delay the process for some clients.
Educational resources in FOREXimf
FOREXimf provides a robust collection of educational resources to assist traders at all levels in enhancing their knowledge and skills. The platform offers a diverse range of educational materials, including market reports, analysis, video tutorials, webinars, online courses, eBooks, and a glossary of trading terms and concepts. These resources are regularly updated with fresh content and are available to all users free of charge. While the vast amount of information may be overwhelming for beginners, the platform provides a comprehensive learning experience for those seeking to improve their trading abilities. However, FOREXimf does not offer personalized coaching or mentoring services, and there is no dedicated mobile app for accessing educational resources on-the-go.
You may also see some educational videos on their official YouTube channel.
Customer service of FOREXimf
FOREXimf offers a variety of customer care options, including phone, email, and 24-hour live online chat support. Additionally, the company has an active social media presence on various platforms such as TikTok, Facebook, Instagram, YouTube, and Twitter. While the phone support hours are limited to weekdays from 08:00-24:00 (WIB), the online chat support is available 24/7. However, there is no dedicated phone line for international customers, and no information on response times is available. Overall, FOREXimf seems to offer a decent level of customer care with multiple channels of communication and an active presence on social media.
Conclusion
Overall, FOREXimf appears to be a well-regulated forex broker that provides traders with a range of account types, trading instruments, and educational resources. The broker's focus on customer support and user-friendly trading platforms also adds to its appeal. However, the lack of transparency regarding deposit and withdrawal methods, as well as the absence of an extensive range of trading instruments, may be a disadvantage for some traders. In summary, FOREXimf may be a suitable choice for those looking for a regulated forex broker with a variety of account types, trading instruments, and educational resources, but potential users should weigh the pros and cons carefully before making a decision.
Frequently asked questions about FOREXimf
What is FOREXimf？
FOREXimf is a forex broker based in Indonesia that offers trading services in forex pairs, precious metals, and energies.
Is FOREXimf a regulated broker？
Yes, FOREXimf is a regulated broker by the Indonesia Commodity and Derivatives Exchange (ICDX) and the Commodity Futures Trading Regulatory Agency (BAPPEBTI).
What are the account types offered by FOREXimf？
FOREXimf offers three account types: Lite, Standard, and Pro, with different spreads, commissions, and minimum deposits.
What is the maximum leverage offered by FOREXimf？
The maximum leverage offered by FOREXimf is up to 1:100 for Standard and Pro accounts, and up to 1:400 for the Lite account.
What trading platform does FOREXimf use？
FOREXimf uses the popular MetaTrader 4 (MT4) platform for trading.
Are there educational resources available for traders at FOREXimf？
Yes, FOREXimf provides a variety of educational resources, such as economic calendars, market reports, video tutorials, webinars, news, and analysis, to help traders improve their skills.
2024-08-27 14:58
2024-07-05 12:09
