Forex.ee is an Estonian based forex broker that was founded in 1998. Their vision is to be innovative trading accounts that give you access to global financial markets from anywhere in the world. Moreover, they are ready to accommodate traders of any caliber by offering only authentic ECN, STP and Crypto accounts. ECN technology eliminates conflicts of interest between a broker and clients while delivering the valuable advantages of the trading process, such as tight spreads, low commissions, and Interbank liquidity. We will be looking around to see if they manage to achieve this vision.
Account Types
Should you decide to join Forex.ee there is a choice of 5 different accounts, each having their own requirements and features, so lets briefly look at what they are.
STP Account: This account has a minimum deposit requirement of $50 and uses the STP execution-style. The minimum trade size is 0.01 lots and has spreads starting from 0.5 pips. The maximum leverage is 1:500 and there is no added commission. The base currency can be in USD, EUR, RUB or JPY and swap-free versions are available.
Basic ECN Account: This account has a minimum deposit requirement of $200 and uses the ECN execution-style. The minimum trade size is 0.01 lots and has spreads starting from 0 pips. The maximum leverage is 1:500 and there is an added commission of 5 base currency per 1 lot. The base currency can be in USD, EUR, RUB, JPY, AUD or BTC, and swap-free versions are available.
Advanced ECN Account: This account has a minimum deposit requirement of $1,000 and uses the ECN execution-style. The minimum trade size is 0.01 lots and has spreads starting from 0 pips. The maximum leverage is 1:500 and there is an added commission of 2.5 base currency per 1 lot. The base currency can be in USD, EUR, RUB, JPY, AUD or BTC, and swap-free versions are available.
Premium ECN Account: This account has a minimum deposit requirement of $25,000 and uses the ECN execution-style. The minimum trade size is 0.01 lots and has spreads starting from 0 pips. The maximum leverage is 1:200 and there is an added commission of 1.8 base currency per 1 lot. The base currency can be in USD, EUR, RUB, JPY, AUD or BTC, and swap-free versions are available.
Crypto Account: This account requires a deposit of $10 to open, it uses the ECN execution type and has a minimum trade size of 0.01 lots. Spreads depend on liquidity and the maximum leverage is 1:3. A commission of 0.5% of trade volume is added and the account can be in USD, EUR, RUB, MBT or LTC, there is no swap-free version available.
Platforms
MetaTrader 4 is the only platform available to trade with. MetaTrader 4 is the most popular FX trading platform due to its multiple user-friendly trading tools. The software was initially introduced in 2005 and since that time has continued to be improved upon by the developers at MetaQuotes Software. When this platform a trader may enable Expert Advisors (EAs), as there is a program feature that is designed for analyzing trade processes and providing the necessary data to boost profits via automated trading.
MT4 also has a wide variety of technical indicators and graphic objects that can be opened within a chart window. It further allows traders to keep track of market changes, perform technical analysis and develop powerful strategies of their own. MT4 also allows for one-click trading directly within the chart window.
Leverage
The maximum leverage available depends on the account used, we have outlined them below.
- STP: 1:500
- Basic ECN: 1:500
- Advanced ECN: 1:500
- Premium ECN: 1:200
- Crypto: 1:3
The leverage can be selected when opening up an account and should it need to be changed, you will need to contact the customer service team with the request.
Trade Sizes
The trade sizes on all accounts start from 0.01 lots and go up in increments of 0.01 lots. The maximum trade size or the maximum number of open trades allowed is not indicated and not mentioned in the site’s FAQ.
Trading Costs
There is an added commission on a number of the accounts, we will list them below so you can see what they are on each individual account.
- STP: No commission
- Basic ECN: 5 units of base currency per 1 lot
- Advanced ECN: 2.5 units of base currency per 1 lot
- Premium ECN: 1.8 units of base currency per 1 lot
- Crypto: 0.5% of trade volume in base currency
There are also swap fees, these are charged for holding trades overnight, swap-free accounts are also available.
Assets
There are two types of assets, the currency pairs and the crypto pairs for the crypto account, so let’s see what is on offer.
Forex: AUDCAD, AUDCHF, AUDJPY, AUDNZD, AUDUSD, CADCHF, CADJPY, CHFJPY, EURAUD, EURCAD, EURCHF, EURDKK, EURGBP, EURHKD, EURJPY, EURNOK, EURNZD, EURPLN, EURSEK, EURTREY, EURUSD, GBPAUD, GBPCAD, GBPCHF, GBPJPY, GBPNZD, GBPSHD, GBPUSD, XAUUSD, HKDJPY, NOKJPY, NOKSEK, NZSCAD, NZDCHF, NZDJPY, NZDSGD, NZDUSD, SGDJPY, XAGUSD, USDCAD, USDCHF, USDCNH, USDDKK, USDHKD, USDJPY, USDMXN, USDNOK, USDPLN, USDRUB, USESEK, USDSGD, USDTRY
(Notice that Gold and Silver are not included in this list.)
Crypto: BTCEUS, BTCRUB, BTCUSD, LTCBTC, LTCEUR, LTCRUB, LTCUSE, ETHUSD, ETUBTC, DSKBTC, EMCUSD, EMCBTC, DSHUSD, BTCJPY, BTCCNH, LTCJPY, LTCCNH, NMCBTC, NMCUSD, PCCBTC, PCCUSD, ETHLTC, ETHRUB, ETHJPY, ETHEUR, BTCGBP, DSHCNH, BCHUSD, XRPBTC, XRPUSD, XRPEUR, EOSBTC, ETCBTC, IOTBTC, XMRBTC, OMNBTC, EOSUSD, EOSEUR, EOSJPY, EOSGBP
Spreads
The spreads are generally kept low and on the STP account they are starting from 0.5 pips, on the Basic ECN, Advanced ECN, and Premium ECN they are starting from 0 pips and for the Crypto account, they depend on the liquidity. The spreads are variable which means they move with the markets and will often be seen higher than the starting level and the there is volatility in the market swill be seen much higher.
Minimum Deposit
The minimum amount required to open up an account is $10 which will get you a Crypto account, if you want a forex account then the minimum requirement is $50.
Deposit Methods & Costs
There are plenty of ways to deposit, we have outlined them below along with any potential fees.
- Visa – No fee
- MasterCard – No fee
- Bank Wire – Bank commissions
- Skrill – 2.5%+0.29 EUR, 3.2%+0.29 for deposits in USD
- WebMoney – 0.80%, but not less than 0.01 WM and not more than 50 WMZ
- Neteller – 3.90% + 0.29 USD, but not less than 1 USD
- Perfect Money – 0.5% fee
- QIWI Wallet – 5% EUR, 5% USD, 7.5% RUB
- FasaPayy – 0.5% fee
- Bitcoin – No fee
- Bitcoin Cash – No fee
- Litecoin – No fee
- Ethereum – No fee
- UnionPay – 2.5%
Withdrawal Methods & Costs
The following methods are available for withdrawing along with their relevant fees.
- Bank Wire – 31 USD, 31 EUR
- Skrill – 1% (min 0.5 EUR)
- WebMoney – 0.80%, but not less than 0,01 WM and not more than 50 WMZ
- Neteller – 2%, but not less than 1 USD and not more than 30 USD
- Perfect Money – 0.5%
- FasaPay – 0.5%
- Bitcoin – BTC 0.001
- Bitcoin Cash – BCH 0.001
- Litecoin – LTC 0.01
- Ethereum – ETH 0.005
- UnionPay – 2%
Withdrawal Processing & Wait Time
Forex.ee does not specify the amount of time it will take to process, but depending on the method used we would expect a withdrawal to fully process between 1 to 7 days from the request being made.
Bonuses & Promotions
There are some bonuses however we wouldn’t really call some of the bonuses, the first is a 0% commission on credit/debit card deposits but we don’t think this really counts.
There is a bonus where you can receive a reduced commission for a short period of time, the more you deposit the more discount you will get.
- Deposit from 200 USD – reduced commission for 1 week
- Deposit from 500 USD – reduced commission for 2 weeks
- Deposit from 1000 USD – reduced commission for 4 weeks
- Deposit from 3000 USD – reduced commission for 6 weeks
- Deposit from 5000 USD – reduced commission for 8 weeks
You can also receive $15 if you sign up to an STP account, unfortunately, we don’t know any more detail than that.
Educational & Trading Tools
There is an analytics page that has an economic calendar detailing upcoming news events and the possible effects the news can have. There is also some daily analysis but there was nothing there when we looked.
Customer Service
There are 4 different departments that you can contact directly which is good to see, these are General Questions, Customer Support, Trading Department and Partnership Department. The working hours for all departments are Monday to Friday from 7 am to 4 pm GMT.
General Questions:
Email: [email protected]
Tel: +442035198249
Customer Support:
Email: [email protected]
Live chat is available.
Trading Departments:
Email: [email protected]
Tel: +442035198249
Partnership Department:
Email: [email protected]
Tel: +442035198249
Demo Account
Demo accounts are available and they are great as they allow you to test the markets and conditions as well as new strategies without risking any of your own capital. You can select a demo STP, ECN or Crypto account but there is no further information such as expiration times.
Countries Accepted
The following statement is present on the site: “NTS Systems Ltd does not provide services for United States residents.” If you are not sure of your eligibility, be sure to contact the customer service team to find out.
Conclusion
Plenty of choices when it comes to accounts, although a lot of them are quite similar. When it comes to assets there are plenty of forex pairs but not much else in regards to commodities or indices, there is a huge amount of crypto pairs to trade which is fantastic to see as a lot of traders are now looking to them as a go-to a trading asset. There are a lot of deposit and withdrawal methods, unfortunately, in order to get your money out it can be quite expensive, so our overall position is that if you can deal with the high withdrawal fees, Forex.ee could be a good broker, but there are far cheaper options out there.
