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Fresh Forex Review

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FreshForex is a Foreign Exchange broker based in the Republic of Ireland. They pride themselves on a number of things including more than 139 instruments to trade, more than 15 years experience, 100% protection, guaranteed fund withdrawals, 0 point spreads, 0.05-second execution, 0% commissions on funding, up to $20 per lot partner program and a great support team. We will be looking into the services Fresh Forex provides to see if they really do live up to all of these promises.

Account Types

There are three different account types available, we have outlined some of their features below.

Classic Account: There is no minimum deposit amount for this account however FreshForex recommends trading with at least $200. The account can use both MetaTrader 4 and MetaTrader 5 and can be in USD, RUB, EUR or BTC. The account has 4/2 symbol digits and has access to Forex, metals, stocks, indexes, futures, and cryptocurrencies. It has a fixed spread starting from 2 pips and can be leveraged between 1:50 and 1:2000. There is no added commission on this account and the margin call and stop out levels are 100% and 20% respectively. Trade sizes start at 0.01 lots and go up to 20 lots.

Market Pro Account: There is no minimum deposit amount for this account however FreshForex recommends trading with at least $400. The account can use both MetaTrader 4 and MetaTrader 5 and can be in USD, RUB, EUR or BTC. The account has 5/3 symbol digits and has access to Forex, metals, stocks, indexes, futures, and cryptocurrencies. It has a variable spread starting from 0.9 pips and can be leveraged between 1:50 and 1:1000. There is no added commission on this account and the margin call and stop out levels are 100% and 40% respectively. Trade sizes start at 0.01 lots and go up to 100 lots.

ECN Account: There is no minimum deposit amount for this account however FreshForex recommends trading with at least $2,000. The account can use both MetaTrader 4 and MetaTrader 5 and can be in USD, RUB, EUR or BTC. The account has 5/3 symbol digits and has access to Forex, metals, stocks, indexes, futures, and cryptocurrencies. It has a variable spread starting from 0.9 pips and can be leveraged between 1:50 and 1:1000. There is an added commission starting from 0.003% on this account and the margin call and stop out levels are 100% and 60% respectively. Trade sizes start at 0.01 lots and go up to 10,000 lots.

Platforms

Two platforms are available and are both from MetaQotes.

MetaTrader 4 (MT4): Traders from all over the globe select the MetaTrader 4 trading platform because of its functionality and ultra usability. With MT4, traders can easily trade on Forex, CFDs, and Futures. Analyze financial instruments while receiving important market news in real-time. MetaTrader 4 is a platform with both back-office components and front-end terminals. The platform is a stand-alone, offering everything that one will need to trade FX. A well-designed interface of this automated platform and the potential to create and use automated Forex trading systems work to make MetaTrader 4 perfect for nearly any trading strategy.

MetaTrader 5 (MT5): With the MetaTrader 5 platform, traders can easily work within the financial markets. Trade Forex, CFDs, and Futures within this platform. Like MT4, MT5 allows users to analyze financial instruments and receive key market news in real-time. MetaTrader 5 allows for the creation and usage of a variety of EAs (Expert Advisors), making automated trading simple. With a multitude of ways in which to carry out analysis, MetaTrader 5 provides the power needed to execute any number of Forex strategies, from basic to advanced.

Leverage

While not 100% sure, it looks like the Classic account can be leveraged up to 1:2000 while the Market Pro and ECN accounts can be leveraged up to 1:1000. Both of these figures are too high and you should avoid going over 1:500 as the risk factor increases drastically as you go up. Leverage can be selected when opening up ana account and you can get it changed by contacting the customer service team with the request to change it.

Trade Sizes

As is often the case when a broker offers multiple types of accounts, Fresh Forex’s trade size requirements vary by account. Even so, trade sizes start from 0.01 lots on all three account types and then climb in increments of 0.01 lots. The Classic Account has a maximum trade size limit of 20 lots. The Market Pro Account maximum is 100 lots and the ECN Account tops out at 10,000 lots.

Trading Costs

There are no added commissions on the Classic or Market Pro account as they use a spread based system, on the ECN account there is no added commission which starts at 0.003% but is different for different asset with some being at 0.0045%, this roughly equates to between $6 and $10 per round lot depending on the pair traded.

There are also swap charges which are charged for holding trades overnight, these can be viewed within the MetaTrader trading platform, there is also a swap-free version of account available which do not have these charges.

Assets

The assets have been broken down into sections, we will now look at each one so you can see the different instruments within them.

Forex: EURUSD, GBPUSD, USDJPY, USDCHF, USDCAD, AUDUSD, NZDUSD, USDCNH, AUDCAD, AUCCHF, AUCJPY, AUDNZD, CADCHF, CADJPY, CHFJPY, EURAUD, EURCAD, EURCHF, EURGBP, EURJPY, EURNZD, GBPAUD, GBPCAD, GBPCHF, GCP JPY, GBPNZD, NZDCAD, NZDCHF, NZDJPY, EURHKD, EURMXN, EURPLN, EURSEK, EURSGD, EURTRY, EURZAR, GBPHKD, GBPMXN, GBPSEK, GBPSGD, GBPZAR, USDHKD, USDILS, USDMXN, USDPLN, USDSEK, USDSGD, USDTRY, USDZAR.

Metals: XAUAUD, XAUEUR, XAUUSD, XAGAUD, XAGUSD.

Energies: Brent Crude Oil, Natural Gas, Light Sweet Crude Oil.

Indices: ASX, CAC40, DAX30, DJI30, ESTX50, FTSE100, HSI, IBEX35, NIKKEI, NQ100, SP500.

Spreads

The different account types shave different spreads, the Classic account ahs spread starting at 2 pips and they are fixed, while the Market Pro account has an average spread starting from 1.3 pips which are variable and the ECN account has a starting spread as low as 0 pips. Fixed spreads mean they do not change no matter what happens in the markets while variable spreads will get larger and smaller depending on the amount of volatility in the markets.

Minimum Deposit

There is no minimum deposit, however, FreshForex recommends a minimum of $200 for the Classic account.

Deposit Methods & Costs

There are quite a few different methods available to use, we have outlined them below.

Credit & Debit Cards: Visa/ Mastercard/ Maestro USD/EUR, Visa/Mastercard USD/EUR, Visa/Mastercard

Electronic Payment Systems: Yandex Money, ePayService, Neteller, QIWI Wallet, Webmoney, Skrill, FasaPay, ADVCash, Perfect Money, OnlineNaira

Cryptocurrencies: Bitcoin

Internet Banking: Banks of Malaysia

There are no added fees from FreshForex however you should check with your bank or processor to see if they add any of their own fees.

Withdrawal Methods & Costs

There are plenty of methods to use to withdraw, however, each one has its own processing fee so we have outlined them in a table below.

Withdrawal Processing & Wait Time

FreshForex will aim to process withdrawals the same working day, if not then it will be processed the next working day. We have outlined the expected time it will take once it has been processed by FreshFores.

1-5 Business Days: Visa/MasterCard, Banks of Malaysia

Within 10 Minutes: Yandex.Money, ePayService, Neteller, QIWI Wallet, ADVCash, Skrill, FasaPay, Perfect Money.

Depends on Blockchain: Bitcoin

Bonuses & Promotions

There are quite a few available bonuses on offer, we will briefly go over a few of them just to give you an idea of the sort of promotions that are available.

120% Per Year On Margin: With this bonus, FreshForex clients can receive up to 120% of your margin back as real cash.

Stop Out Insurance: With Stop-Out Insurance you don’t have to worry about bad trading decisions anymore: in case of losses, Fresh Forex will return 50% insured funds! This “financial cushion” gives you a chance to continue trading and recoup lost money.

Deposit Bonus 200%: You can receive a bonus on your deposit up to 200%, the deposit must be more than $500 and the bonus cannot be any higher than $5,000. The current amount of the active bonus on the account can be transferred to the “Balance” field and will become withdrawable provided that from the moment of bonus crediting closed trading volume of the client in lots reaches 35% from the bonus amount in USD (USA dollars). The bonus is not partially transferred to Balance.

Educational & Trading Tools

There are a few little tools available, the first being a forecast looking at where they think the markets can go, there is also an economic calendar detailing different upcoming news events and also showing which markets may be affected by them/. There is a new section which you can guess tells you some trading related news. There are then trading sessions where you can see trades by experts and finally, a holiday schedule and list of current interest rates.

There is also a seven-step course that walks you through some of the basics and fundamentals of trading, you can go through this relatively quickly and it is more aimed at those who have not traded before rather than people looking to learn more.

Customer Service

You can contact the customer service team using a host of different methods, the main methods available are an online chat and an email address, however, FreshForex also provides you with a postal address and a phone number.

Address: St. Vincent and the Grenadines, Kingstown, Beachmont, P.O. Box 1510, Suite 305, Griffith Corporate Centre
Phone: +442070992124
Email: INFO@FRESHFOREX.COM

The customer service team is available 24 hours a day 5 days a week and is closed over the weekend and on bank holidays.

Demo Account

A demo account is available, you need to sing up to the main account before you can create one so we did not manage to see what the trading conditions are like for the account or if there are any expiration times. The demo accounts are good as they allow you to test out new strategies and the markets without risking any of your actual capital.

Countries Accepted

The following statement is available on the site: “Financial services provided by Riston Capital LTD. Services described on our website are not available in North Korea, Spain, the United Kingdom, and the USA.” If you are still not sure of your eligibility we would suggest contacting the customer service team to find out prior to opening up ana account.

Conclusion

There is plenty on offer from FreshForex and their transparency on their accounts and conditions is refreshing to see. Their choices of accounts all offer different things and their trading conditions seem competitive, price-wise the spreads are pretty standard and so are the commissions. Deposit wise there are a lot of options with no added fees, however, when withdrawing there are some added fees, some of which could be quite expensive. Overall if you are willing to pay the withdrawal fees, then FreshForex could be a good broker to work with.

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