IMPORTANT NOTICE – As of the date of this review being published, the 4X Income website is down. After some investigation, we’re still not entirely certain as to whether or not they have closed for business permanently, or are simply having technical problems. We’ll continue to check back and update as soon as we have new information.
4x Income is a forex broker registered in Saint Vincent and the Grenadines and was founded in 2011. They claim that some of their benefits include a tailored service for their clients, hosting a helpful, skilled and multi-lingual support team, offering over 200 tradable assets, and offering various trading conditions to suit your needs. We will be using this review to look into the services on offer to see what they really offer and how they compare to the competition.
Account Types
4x Income currently offers four different trading accounts, they all have their own requirements and features so lets briefly look at what they are.
Micro Account: This account has a minimum deposit requirement of $100, it has access to the MetaTrader 4 trading platform and has spreads starting from 1 pip. It has access to trade forex, indices, commodities, and shares. The account can be leveraged up to 1:500 and it uses market execution. The minimum trade size is 0.01 lots which go up in increments of 0.01 lots until it reaches the maximum 40 lots. You can have 150 trades open at any one time and the margin call level is set at 40% while the stop out level is set at 10%. The account can be in EUR or USD and there are no added commissions on the account.
Standard Account: This account has a minimum deposit requirement of $500, it has access to the MetaTrader 4 trading platform and has spreads starting from 1 pip. It has access to trade forex, indices, commodities, and shares. The account can be leveraged up to 1:300 and it uses market execution. The minimum trade size is 0.01 lots which go up in increments of 0.01 lots until it reaches the maximum 60 lots. You can have 250 trades open at any one time and the margin call level is set at 50% while the stop out level is set at 20%. The account can be in EUR or USD and there are no added commissions on the account.
Premium Account: This account has a minimum deposit requirement of $25,000, it has access to the MetaTrader 4 trading platform and has spreads starting from 0.6 pip. It has access to trade forex, indices, commodities, and shares. The account can be leveraged up to 1:100 and it uses market execution. The minimum trade size is 0.10 lots which go up in increments of 0.01 lots until it reaches the maximum 80 lots. You can have 300 trades open at any one time and the margin call level is set at 50% while the stop out level is set at 20%. The account can be in EUR or USD and there is an added commission of $6 / €5 per round-turn standard lot.
VIP Account: This account has a minimum deposit requirement of $100,000, it has access to the MetaTrader 4 trading platform and has spreads starting from 0.2 pip. It has access to trade forex, indices, commodities, and shares. The account can be leveraged up to 1:100 and it uses market execution. The minimum trade size is 0.10 lots which go up in increments of 0.01 lots until it reaches the maximum 80 lots. You can have 150 trades open at any one time and the margin call level is set at 50% while the stop out level is set at 20%. The account can be in EUR or USD and there is an added commission of $6 / €5 per round-turn standard lot.
The ‘Leverage and Margin Requirement’ page shows information for completely different accounts so we are not entirely sure what that is about, however, the accounts that we mentioned above ar ethe ones that we believe are the correct ones.
Platforms
4x Income uses MetaTrader 4 as its only available trading platform. MetaTrader 4 is one of the worlds most used trading platforms due to its many features including a one-hour response time on all customer inquiries, ECN trading on MT4, easier and faster funds withdrawal, more education in forex and MT4 trading, the latest market research for you, best-in-class customer service, including live chat, service in 39 languages and around-the-clock support, user-friendly interface, multi-Lingual Platform in 23 Languages, secure, fast, and reliable, professional online trading environment, comprehensive real-time charting and indicator options, automated trading. Program your own strategies using the Expert Advisor, trailing stop feature, and real-time client account trading summary (equity, floating profit & loss, and much more).
Leverage
The maximum leverage that you get depends on the account you are using, they have been outlined as 1:500 for the Micro account, 1:300 for the Standard account, 1:100 for both the Premium and VIP account. However, when we look at the margin and leverage requirement page it states very different numbers for accounts that are different from the ones mentioned above, so it is a little confusing.
The leverage you want can be selected when opening up an account and you should contact the customer service team should you wish to change it on an already active account.
Trade Sizes
The Micro and Standard account shave trade sizes starting from 0.01 lots (known as a micro-lot) while the Premium and VIP account shave trade sizes starting from 0.10 lots (known as a mini-lot). All four accounts have trade increments of 0.01 lots. We have outlined the min and max trade sizes below.
- Micro: 0.01 lots / 40 lots
- Standard: 0.01 lots / 60 lots
- Premium: 0.10 lots / 80 lots
- VIP: 0.10 lots / 80 lots
Trading Costs
The Premium and VIP account both have added commissions of $6 / €5 per round-turn standard lot which is in line with the industry average of $6 per lot. The Micro and Standard accounts do not have any added commissions as they use a spread based payment structure. There are also swap charged, these are fees for holding trades overnight and can be viewed within the MetaTrader 4 trading platform.
Assets
Sadly there is not a full breakdown or specification of the available assets and instruments. All that we do know is that there are Forex pairs (Major, Minor, and Exotics), Metals, Indices, Commodities and Shares available, just not which exact ones. This is a shame as a lot of potential clients will be looking for their preferred instruments, not knowing if they are available could cause them to look elsewhere instead.
Spreads
The starting spreads that you get depends on the account type you are using, we have specified the starting spreads below.
- Micro: Starting from 1 pip
- Standard: Starting from 1 pip
- Premium: Starting from 0.6 pips
- VIP: Starting from 0.2 pips
These are just the starting level and as the spreads are variable they will often be seen higher, especially when there is added volatility in the markets. Different instruments and assets will also have different natural starting spreads.
Minimum Deposit
The minimum amount required to open up an account is $100 which will allow you to use the Micro account, if you want one of the higher tier accounts then you will need $500 for the Standard account, $25,000 for the Premium account and $100,000 for the VIP account. Once an account is open the minimum requirement for a further top-up deposit reduces down to just $10.
Deposit Methods & Costs
Looking through the deposit and withdrawal page it seems that only Bank Wire Transfer and Credit/Debit card deposits are available, this could be slightly limiting to those who prefer to use other methods. When it comes to deposits there is no mention of any fees but also no mention that there won’t be any, but be sure to check with your own bank or card issuer to see if they will add any transfer fees of their own.
Withdrawal Methods & Costs
When withdrawing the same two methods are mentioned which are Credit /. Debit Card and Bank Wire Transfer. While there are no specifics surrounding fees, 4x Income simply states that the client will be responsible for any added fees by their or the client’s withdrawal method.
Withdrawal Processing & Wait Time
4x Income will typically process withdrawals within 2 to 5 business days and withdrawals should be fully processed within 5 business days depending on the method and your bank’s own processing times.
Bonuses & Promotions
It does not look like there are any active promotions at the time of writing this review if you are interested in bonuses then you could always contact the customer service team to see if there are any coming up that you could take part in.
Educational & Trading Tools
There are a few different aspects to the educational side of the site, there is a forex education section which details a number of different topics such as forex trading, fundamental analysis, and risk disclosure. There is also a glossary available which tells you the meaning of most trading related terms, there is also a beginner’s guide which goes over the very basics of trading. In terms of tools, there is an economic calendar detailing upcoming news events and the effects that they could have on the markets. There is also a news section which tells you of past news events, finally, there is a profit and pip calculator available.
Customer Service
You can contact the customer service team using the online submission form to fill in your query and then they will reply back via email. You can also use the available postal address, email or phone number.
Address: Suite 305, Griffith Corporate Centre, P.O. Box 1510, Beachmont Kingstown, St. Vincent and the Grenadines
Email: [email protected]
Phone: 91 9388123880
Demo Account
In order to open up a demo account, you will need to download the MT4 platform and open up an account from within it. Due to this we do not know what the trading conditions of the account are or if there is an expiration time on the available demo accounts.
Countries Accepted
The following statement is available on the site: “Regional restrictions: 4income brand does not provide services to residents of the USA, Japan, British Columbia, Quebec and Saskatchewan, and some other regions.” If you are still not sure of your eligibility then contact the customer service team prior to opening up an account.
Conclusion
4X Income offers a few different available accounts, there is a difference between he spread based accounts and the commission-based ones however within the two categories there isn’t too much difference in the conditions offered. We, unfortunately, we do not have a break down of the available assets which also means no full breakdown of the available spreads. There is also a very limited number of ways to deposit and withdraw which could make it hard for some people to actually deposit into the account. While the treading conditions are ok, the funding and lack of assets is a little bit of a put-off, the decision to use them though is up to you.
