Forex500-Some Important Details about This Broker

Since Forex500s official website (https://www.forex500.com) no longer works, we could only piece together the rough picture of this broker by gathering some relevant information from other websites.

General Information

Forex500 is a Hong Kong-registered forex broker offering a series of trading instrument to its clients. With the Forex500 platform, there are three types of trading accounts available, namely Basic, Standard, and Professional, the minimum deposit to trade with this broker starting at £100.

Forex500 is the trading name of Forex500 Ltd, and this brokerage house does not hold any regulatory license to show it operates legally. Please be aware of the risk.

Account Types

Three trading accounts are on offer to accommodate different traders trading needs, namely Basic, Standard and Professional. To open a Basic account, you need to fund at least £100, and the Standard account requires an initial deposit of £500. The most expensive account, the Professional account, asks for a minimum deposit of £50,00, which is designed for professional and institutional traders.

Leverage

Trading leverage differs depending on trading accounts, ranging from 1:100 to 1:400. Forex500 allows its clients to use leverage of up to 1:1000, which is significantly higher than the levels regarded appropriate by many regulators, with the maximum leverage for major forex up to 1:30 in Europe and Australia, and 1:50 in Canada and U.S.

Since leverage can magnify gains as well as losses, it can also cause serious fund losses, especially to inexperienced traders. Therefore, it is wise for beginners to choose the smaller size no more than 1:10 until they gain more trading experience.

Spreads

Spreads are significantly determined by trading accounts. Basically, the more account balances your hold, the more competitive spreads you can enjoy, for instance, the Basic account offers spread from 3 pips, quite wide, the Standard account offering spreads from 1.5 pips, and the Professional account offers spreads from 0.7 pips.

Trading Platform

What Forex500 offers is not the industry-leading MT4 or MT5 trading platform. Please be aware of the risk.

Customer Support

Traders with any inquiries or trading-related issues can get in touch with Forex500 through the following contact channels:

Telephone: +44 1733 000 000

Email: support@forex500.com

Risk Warning

Trading leveraged products such as forex, cryptocurrencies and derivatives may not be suitable for all investors as they carry a high degree of risk to your capital. Please ensure that your fully understand the risks involved, taking into account your investments objectives and level of experience.

The information presented in this article is intended solely for reference purposes.