Fair Forex-Overview of Minimum Deposit, Leverage, Spreads

General Information

Fair Forex, a trading name of Fair Forex Ltd, is allegedly an online forex broker based in Saint Vincent and the Grenadines that provides its clients with the industry-standard MetaTrader4 and MetaTrader5 trading platforms, flexible leverage up to 1:500, variable spreads on multiple tradable assets, as well as a choice of four different live account types.

Market Instruments

Fair Forex advertises that it offers five asset classes in financial markets, including forex, stocks, commodities, indices and cryptocurrencies.

Account Types

There are four live trading accounts offered by Fair Forex, apart from free demo accounts, namely Raw Spread, Standard, Pro and Enterprise. Opening a Raw Spread or Standard account requires the minimum initial deposit amount of $50, while the other two account types with the much higher minimum initial capital requirements of $10,000 and $250,000 respectively. The broker also provides Islamic Swap-Free accounts and MAM accounts.

Leverage

Traders holding different account types can enjoy different maximum leverage ratios. Clients on the Raw Spread, Standard or Pro account can enjoy the maximum leverage of up to 1:500, while the Enterprise account can experience a leverage of 1:100. Also, different asset classes are equipped with different maximum leverage ratios. In particular, up to 1:500 for forex and commodities, 1:200 for indices, 1:20 for stocks and 1:15 for cryptocurrencies. Bear in mind that leverage can magnify gains as well as losses, inexperienced traders are not advised to use too high leverage.

Spreads & Commissions

Spreads are influenced by what type of accounts traders are holding. Fair Forex reveals that the spread on the Raw Spread, Pro or Enterprise account starts from 0.0 pips, while the clients on the Standard account experience spreads from 0.8 pips. Also, different asset classes are equipped with different spreads. For example, the spread for indices starts from 0.5 pips, forex from 0.0 pips, while commodities with tight spreads and cryptocurrencies with raw spreads. As for commissions, the broker charges a commission of $6 per lot per side on the Raw Spread account, $5 on the Pro account, and $2 on the Enterprise account, while the Standard account with 0 commission. In addition, the broker will charge a commission of 0.075% per lot per side for cryptocurrencies. More specific information about spreads can be seen in the following screenshot.

Trading Platform Available

When it comes to trading platforms available,Fair Forex gives traders the worlds most trusted and popular MetaTrader4 and MetaTrader5 trading platforms, available for desktop and mobile terminals including iOS and Android smartphones and tablets. MT4 and MT5 are known as the most successful, efficient, and competent forex trading software. The MT4 offers an intuitive and user-friendly interface, advanced charting and analysis tools, as well as copy and auto-trade options. While the MT5 is equipped with 38 built-in technical indicators, quote charts, trading orders and other analytical tools. With MT4 or MT5 Mobile app, trading can be done from anywhere and at any time through the right mobile terminals.

Tools

Also, Fair Forex provides its clients with some forex trading calculators, whose interface seems to be quite simple and easy to use, just as the following screenshot shows.

Deposit & Withdrawal

Fair Forex accepts deposits and withdrawals with Bank Transfer, Visa, MasterCard, Zelle, BTC, Paypal and Cashapp. The minimum deposit requirement is $50. Withdrawals with Bank Transfer will be charged a withdrawal commission from $35, withdrawals fees of BTC vary while other deposit and withdrawal payment options are free. As for the processing time of deposit and withdrawal requests, Bank Transfer deposits can be processed on the same day, Visa and MasterCard deposits are instant, while other deposits require 4 hours to process. Visa and MasterCard Withdrawals require 2-5 days while other withdrawals can be processed on the same day. Note that a 20% processing fee will be charged if traders deposit and withdraw without trading.

Customer Support

Fair Forexs customer support can be reached by email: support@fairforex.com or send messages online to get in touch. Besides, you can also follow this broker on some social media platforms like Facebook, Twitter, Instagram and LinkedIn. Company address: Suite 305, Griffith Corporate Centre, Beachmont, Box 1510, Kingstown, St Vincent and the Grenadines.