General Information
Forexland, a trading name of Nidex Limited, is allegedly a forex broker registered in China that claims to provide its clients with over 120 tradable financial instruments with leverage up to 1:500 and floating spreads from 0.8 pips on the MT4 for Windows, Mac OS, iOS, Android, Webtrader and Copy Trading trading platforms, as well as a 24/5 multilingual customer support service.
Forexland offers a single account type, the STP Standard Account, with spreads starting from 0.8 pips. The account requires a minimum deposit of $500 and offers a maximum leverage of 500:1. Traders can benefit from rebates on their trading activity, receiving 6 points on FX trades and $6 on metals trades.
Here is the home page of this brokers official site:
Is Forexland legit or a scam？
No, Forexland operates as an unregulated entity, without any licensing or supervision from regulatory authorities. As an unregulated broker, Forexland is not subject to the oversight and safeguards provided by regulatory bodies. Traders should exercise caution when considering Forexland as their trading platform, as the absence of regulatory oversight means there is no guarantee of adherence to industry standards or investor protection measures. It is important for traders to conduct thorough research and consider alternative regulated brokers that provide a higher level of security and accountability.
Market Instruments
Forexland offers limited market instruments, including forex and metals.
Forex: Forexland provides a comprehensive selection of currency pairs for forex trading. Traders can participate in major currency pairs such as EUR/USD, GBP/USD, and USD/JPY, as well as numerous minor and exotic currency pairs. Forex trading allows investors to speculate on the price movements of different currencies and take advantage of market fluctuations.
Metals: Forexland also offers trading in precious metals through Contracts for Difference (CFDs). Traders can trade gold, silver, platinum, or palladium CFDs. Trading metals allows investors to profit from price movements in these valuable commodities without owning the physical assets. It provides an opportunity for diversification and exposure to the precious metals market.
With these market instruments, Forexland caters to the trading preferences of its clients, allowing them to engage in forex trading and explore the potential opportunities presented by trading metals.
Pros and Cons
Forexland offers several advantages, including high leverage and rebates. However, it is important to consider the drawbacks, such as the lack of regulation,high minimum deposit requirements, limited educational resources, insufficient information about deposit and withdrawal methods, and the absence of a demo account. These factors highlight the need for caution and thorough evaluation when deciding to trade with Forexland. Traders should weigh the benefits against the risks and ensure that the platform aligns with their specific trading requirements and preferences.
Account Types
Forexland claims to offer the STP Standard account and the minimum initial deposit requirement is $500. In comparison, licensed brokers allow setting up a starter account with a minimum deposit of $100 or even less.
Spreads: The STP Standard Account offers spreads starting from 0.8 pips. The average spreads for popular currency pairs are 1.8 pips for EUR/USD and USD/JPY, while the rest of the major currency pairs have an average spread of 1.9 pips.
Minimum Deposit: To open an STP Standard Account, a minimum deposit of $500 is required. This allows traders with different budget sizes to start trading with Forexland.
Maximum Leverage: The STP Standard Account offers a maximum leverage of 500:1. This allows traders to control larger positions in the market with a smaller capital investment. However, it's important to exercise proper risk management when utilizing high leverage.
Rebate: Forexland offers rebates for trading activity. Traders using the STP Standard Account can receive a rebate of 6 points on FX trades and $6 on metals trades.
How to open an account？
Opening an account with Forexland involves the following steps:
Registration: Visit the Forexland website and click on the “Register” button. Provide your personal information, including name, email address, and phone number. Create a username and password for your account.
2. Verification: Complete the account verification process. Submit the required documents, such as proof of identity (passport or ID card) and proof of address (utility bill or bank statement). Forexland's compliance team will review and verify your documents.
3. Deposit Funds: After your account is verified, proceed to fund your account. Forexland has a minimum deposit requirement of $500. Choose from the available payment methods, such as bank wire transfer, credit/debit card, or electronic wallets, to deposit funds into your trading account.
4. Start Trading: Once your account is funded, you can download and install the MetaTrader 4 trading platform provided by Forexland. Use your login credentials to access the platform and start trading various financial instruments, including forex, metals, and more.
Please note that the specific steps and requirements may vary slightly, and it is always recommended to refer to the official Forexland website or contact their customer support for the most up-to-date and accurate account opening process
Leverage
The leverage provided by Forexland is capped at 1:500. Leverage allows traders to amplify their potential profits or losses by 500 times the amount of their initial investment. With this high leverage, traders have the opportunity to control larger positions in the market with a smaller capital investment. It is important for traders to understand the risks associated with high leverage and practice responsible risk management to protect their trading capital. Forexland provides significant leverage to cater to traders' diverse trading strategies and objectives.
Spreads
Forexland claims that for the EUR/USD and USD/JPY pairs, the average spread is 1.8 pips; while for the rest major currency pairs, the spread is 1.9 pips. The spread on EUR/USD starts from 0.8 pips.
Trading Platform Available
Platforms available for trading at Forexland are MetaTrader4 for Windows, Mac OS, iOS, Android and Webtrader, as well as Copy Trading. In any case, we recommend using MT4 or MT5 for your trading platform. Forex traders praise MetaTrader's stability and trustworthiness as the most popular forex trading platform. Expert Advisors, Algo trading, Complex indicators, and Strategy testers are some of the sophisticated trading tools available on this platform. There are currently 10,000+ trading apps available on the Metatrader marketplace that traders can use to improve their performance. By using the right mobile terminals, including iOS and Android devices, you can trade from anywhere and at any time through MT4 and MT5.
Trading Hours
Forexlands website states that the clients can trade 24 hours a day, starting at 00:00 Monday and closing at 24:00 Friday (server time). Please note that the server time is GMT + 2 (GMT + 3 applies during daylight saving/summer time).
Deposit & Withdrawal
Forexland appears to accept payments via Bank Wire transfers. The minimum initial deposit requirement is said to be as high as $500, while there is no mention of what the minimum withdrawal amount is.
The broker says that there is no deposit fee charged. However, your respective banks or payment providers might charge you additional fees. Please note that deposits can take up to 24 hours to be processed depending on the method you choose. Bank Wire transfers can take up to 3 working days, depending on the bank.
Customer Support
Forexland provides customer support services to assist traders in every possible way. Their staff is available 24/5 to address any inquiries or concerns. Traders can reach out to the customer support team through multiple channels, including phone, email, and live chat on the website. Whether it's seeking assistance with account-related queries, technical issues, or general trading support, Forexland's customer support team is ready to provide prompt and helpful responses. Traders can rely on their expertise and availability to ensure a smooth and satisfactory trading experience.
Educational Resources
Unfortunately, Forexland's official website does not provide educational resources. However, they do offer FAQs to assist traders. For further learning, traders are encouraged to explore other websites that offer comprehensive educational materials. These external platforms provide a wide range of resources such as articles, videos, webinars, and courses to help traders enhance their knowledge and skills in trading. It is advisable for traders to seek additional educational opportunities from reputable websites to further their understanding and proficiency in the financial markets.
Conclusion
In summary, Forexland is an unregulated forex broker based in China, offering a range of trading services to clients. They provide access to over 120 trading products, including forex and metals trading through Contracts for Difference (CFDs). Forexland offers a single account type, the STP Standard Account, with spreads starting from 0.8 pips and a maximum leverage of 500:1. While they provide the popular MetaTrader 4 (MT4) trading platform and 24/5 customer support, the lack of regulation and limited educational resources are notable drawbacks. Traders should exercise caution and consider alternative regulated brokers that offer more security and investor protection. It's important to thoroughly research and evaluate Forexland before making a decision.
Risk Warning
Online trading involves a significant level of risk and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information contained in this article is for general information purposes only.
FAQs
Q: Is Forexland a regulated broker？
A: No, Forexland is not a regulated broker.
Q: What trading instruments are available at Forexland？
A: Forexland offers two trading instruments, including forex and menals.
Q: Does Forexland offer a demo account？
A: No, Forexland does not offer a demo account for clients.
Q: What trading platforms does Forexland offer？
A: Forexland offers a trading platform MetaTrader 4.
Q: Does Forexland offer educational resources for traders？
A: No, Forexland does not offer educational resources for traders.
Q: What is the minimum deposit required to open an account with Forexland？
A: The minimum deposit required to open an account with Forexland is $500 for the STP Standard Account.
Q: What is the maximum leverage offered by Forexland？
A: The maximum leverage offered by Forexland is 1:500.
2023-03-23 09:59
2022-12-01 10:30
