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ForexPlexOption

WikiFX | 2024-10-15 11:34

Abstract：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.

ForexPlexOptions Review Summary
Founded	2020
Registered Country/Region	United States
Regulation	Suspicious clone ASIC/FCA/CYSEC
Market Instruments	Forex, CFDs, stock, cryptocurrencies, metals, indices, commodities, futures, shares, energies, bonds
Demo Account	❌
Leverage	Up to 1:500
Spread	From 0.6 pips
Trading Platform	ForexPlexOptions Web Trader
Min Deposit	$1,000
Customer Support	24/7 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.

Pros and Cons

Pros	Cons
Variety of financial products	Three license regarded as fake clone ones
Flexible 4 types of account types	Extremely high minimum deposit
Useful tools for trading strategies and analysis	Wide 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 Status	Suspicious Clone
Regulated by	Australia
Licensed Institution	TRADING POINT OF FINANCIAL INSTRUMENTS PTY LTD
Licensed Type	Market Making (MM)
Licensed Number	443670

The Financial Conduct Authority (FCA)
Regulatory Status	Suspicious Clone
Regulated by	United Kingdom
Licensed Institution	Trading Point of Financial Instruments UK Limited
Licensed Type	Market Making (MM)
Licensed Number	705428

The Cyprus Securities and Exchange Commission (CySEC)
Regulatory Status	Suspicious Clone
Regulated by	Cyprus
Licensed Institution	ORBEX Ltd
Licensed Type	Market Making (MM)
Licensed Number	124/10

What Can I Trade on ForexPlexOptions?

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

Tradable Instruments	Supported
Forex	✔
Commodities	✔
Indices	✔
Cryptocurrencies	✔
Shares	✔
ETFs	❌
Bonds	✔
Mutual Funds	❌
Stocks	✔
Metals	✔
Energies	✔
CFDs	✔
Futures	✔

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 Type	Classic	Standard	Premium	VIP
Scalping	❌	✔	✔	✔
Negative Balance Protection	✔	✔	✔	✔
Swap Free	✔	✔	✔	✔
Hedging	✔	✔	✔	✔
Daily Signals	❌	❌	✔	✔
Video Tutorials	❌	❌	❌	✔
Personal Account Manager	❌	❌	✔	✔
Daily Market Review	✔	✔	✔	✔
Financial Plan	❌	❌	❌	✔
Risk Management Plan	❌	❌	❌	✔

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 Type	Spread	Inactivity Fee
Classic	From 1.9 pips	20 USD/EUR/GBP/PLN per month
Standard	From 1.5 pips
Premium	From 1.2 pips
VIP	From 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.

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 Method	Supported Country	Deposit Time	Withdrawal Time
NETELLER	All countries	Instant
Skrill
Bitcoin
PayPal
MNE		2-5 working days
VISA	All countries excluding China	Instant
Maestro	All countries excluding APAC	Instant
SOFORT	Germany, Austria, Belgium, Netherlands, United Kingdom	2 hours
giro pay	Germany	2 hours
iDeal	Netherlands	Instant
LecPay	All countries excluding Europe and APAC	1 working day
BPAY	APAC only	1 working day

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.