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The WikiFX Score of this broker is reduced because of too many complaints!

Forex Limited

New Zealand|5-10 years|
Regulated in New Zealand|Straight Through Processing(STP)|Suspicious Scope of Business|High potential risk|

http://www.forexltd.co.nz/Article.aspx?ID=441

Website

Rating Index

Influence

Influence

D

Influence index NO.1

Philippines 2.50

Surpassed 22.69% brokers

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Contact

64 (4) 472 9236
S.Denton@forexltd.co.nz
http://www.forexltd.co.nz/Article.aspx?ID=441
Trinity Place Annex Corner Frederick and Shirley Streets, Nassau, Bahamas
The WikiFX Score of this broker is reduced because of too many complaints!

Licenses

VPS Standard
No restriction on the broker account. Support service provided by WikiFX

Single Core

1G

40G

Open Now

Contact number

English

64 (4) 472 9236

English

64 (9) 309 5710

Broker Information

More

Company Name

Forex Limited

Company Abbreviation

Forex Limited

Platform registered country and region

New Zealand

Company website

Pyramid scheme complaint

Expose

Check whenever you want

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WikiFX Risk Alerts 2
Previous Detection : 2024-03-29
  • The number of the complaints received by WikiFX have reached 6 for this broker in the past 3 months. Please be aware of the risk and the potential scam!
  • The current information shows that this broker does not have a trading software. Please be aware!

WikiFX Verification

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Scam

The man introduced MT5 to me and led me to deposit 5000. At first I gained $1100 and he persuaded me to deposit more. On September 13, I gained $11000 but when I tried to withdraw, the customer service told me to pay 30% personal tax. Otherwise my account would be locked. Beware.

2021-09-23 21:39
Scam

Should one be removed off if he/she doesn’t add fund?

Foreword: All kinds of futures trading platforms on the Internet have not obtained the approval of the financial regulatory authorities. They have not established relevant institutions to provide business services in China, and have not filed with the telecommunications department according to law,all of them are illegal exhibitions. Moreover, all types of entities involved in the futures trading platform, including domestic agents, propaganda agencies and investors, are required to bear corresponding legal responsibilities. That is to say, even if it is a legal foreign regulated institution, it is at least illegal to conduct business in China. The futures trading model carried out by Dogan International is a market-making trading, which is different from the futures and stocks, and one party will buy the corresponding party. Dogan International is suspected of providing illegal futures trading platforms to the public, and may even be a party to direct trading. It is considered to be a serious violation of the law, both as an athlete and as a referee. Remind everyone that the current futures virtual currency trading platform, especially some unknown foreign exchange platforms, often pretend to be advanced official website by buying relevant licenses and renting a server. Trading software is also counterfeit, costing a few thousand dollars per month. For traders who have not been exposed to foreign exchange and want to trade are doomed to fall into their pitfalls.In this April,I received a phone call from Dagon’s salesman,which I didn’t notice.They kept calling me and added,advising me to follow them on Wechat rather than follow their operations.At that time,I regarded it as a reference.Actually,I have stepped into their pitfalls.I found that the recommended stock was really on the rise.Since I was still vigilant,I have only deposited 50000 RMB.With teacher’s instruction,I made some profits of 20000 RMB.One day,they suddenly ceased.I asked what happened and they said that the company only allowed them to trade in the internal news shares instead of instructing clients.The benefit of short term was 20%-25% with 3-5 days delivery,but the threshold is 200000 RMB.I joined.At that time,the stock market was volatile,I made a loss of hundreds thousand of yuan.The teacher treated me perfunctorily with grinding reasons.Two days later,that teacher advised us to trade CHINA50, Hu shen 300 and Forex Limited to recover the losses.We were pulled into a live-broadcasting room without knowing that the member were all fraudsters.Then I made a loss of more than 100000 RMB within a week.They kept asking me add fund to earn doubly.I deposited more than 500000 RMB in all,keeping constant losses.I felt something wrong because the withdrawal was unavailable.

2019-11-14 17:07

Forex Limited · Company Summary

Company Name Forex Limited
Headquarters Auckland, New Zealand
Years Operating 30 years
Regulations Regulated by FMA (Financial Markets Authority)
Market Instruments Currency exchange, forward foreign exchange, hedging, limit orders, market reports, expert advisory services
Account Types Standard, Gold, VIP, ECN
Spread N/A
Minimum Deposit Starts from $100 for Standard account
Deposit/Withdraw Methods N/A
Trading Platforms External platforms (no proprietary platform)
Customer Support Phone and email support available
Educational Resources N/A

Overview of Forex Limited

Forex Limited is a brokerage firm headquartered in New Zealand, offering its services in the global financial markets. Forex Limited is regulated by the Financial Markets Authority (FMA) of New Zealand. While specializing primarily in currency exchange, Forex Limited provides a diverse array of trading instruments to suit various investment strategies. Notably, their offering includes forward foreign exchange, hedging, limit orders, market reports, and expert advisory services.

Clients have the flexibility to choose from different types of accounts such as Standard, Gold, VIP, and ECN, each tailored to different trading preferences. Forex Limited does not provide a proprietary trading platform, meaning traders need to rely on external platforms for their trading activities.

basic-info

Is Forex Limited regulated?

Forex Limited is a regulated broker operating within the foreign exchange trading market, overseen by New Zealand's Financial Markets Authority (FMA). Holding license number 4041, issued on December 5, 2014, Forex Limited follows the Straight Through Processing (STP) model, streamlining trade execution.

This regulatory status ensures adherence to FMA's guidelines, fostering a secure and equitable trading environment that safeguards the interests of investors and clients. As individuals consider engaging with Forex Limited's services, prudent research is advised, encompassing an understanding of the broker's terms, reputation, and potential risks associated with forex trading.

regulation

Pros and Cons

Forex Limited offers a regulated trading environment under the oversight of the Financial Markets Authority (FMA) of New Zealand, instilling a sense of security for clients. Their diverse account types cater to varying trading preferences, and the provision of Straight Through Processing (STP) execution can lead to efficient trade execution. The broker's focus on risk management and hedging services, led by a Certified Treasury Professional, is advantageous for businesses seeking comprehensive financial solutions. Furthermore, Forex Limited's global outreach is demonstrated through its international contact number, accommodating traders beyond New Zealand.

One notable drawback is the absence of disclosed fee information, particularly spreads and trading costs, which could hinder potential clients' ability to accurately assess trading affordability. The lack of educational resources is also a downside, especially for novice traders who often rely on educational materials to enhance their trading knowledge and skills. Additionally, the limited availability of depositing and withdrawal methods might inconvenience certain clients. The absence of a proprietary trading platform raises concerns about the trading experience, as a dedicated platform can enhance execution and analysis capabilities.

Pros Cons
Regulated by FMA, offering security Undisclosed fee information, potential cost confusion
Diverse account types for varied preferences Lack of educational resources for traders
STP execution for efficient trades Limited deposit and withdrawal methods
Expertise in risk management and hedging Absence of proprietary trading platform
International contact number for global reach

Products and Services

Forex Limited offers a comprehensive range of products and services to cater to the diverse needs of its clients in the financial markets. Here is their main scope of business and advisory service:

  1. Currency Exchange: Forex Limited facilitates seamless currency exchange, enabling clients to efficiently convert one currency into another, whether it's for travel, business transactions, or investment purposes.

  2. Forward Foreign Exchange: The broker provides forward foreign exchange services, allowing clients to lock in exchange rates for future transactions. This assists in mitigating potential currency fluctuations and managing foreign exchange risk.

  3. Hedging: Forex Limited offers hedging solutions to help clients safeguard against potential losses resulting from unfavorable market movements. This can be particularly useful for businesses and investors with international exposure.

  4. Fast International Transfers: Forex Limited facilitates fast and efficient international money transfers, enabling clients to move funds across borders with ease and convenience.

  5. Risk Management: Crafting plans and offering advice to manage financial risks.

  6. Predicting Market Trends: Providing insights into market movements for informed decision-making.

  7. Committee Representation: Acting as an independent member of a company's finance committee.

  8. Outsourced Treasury Management: Taking care of risk management so businesses can focus on growth.

Products and Services

Account Types

Forex Limited offers a range of account types tailored to meet the varying needs of its clients, each characterized by specific features and requirements. These account types cater to a spectrum of trading preferences, from the Standard Account suited for those starting with a lower deposit, to the ECN Account designed for more experienced traders looking for potentially tighter spreads and willing to trade with higher initial deposits. In the table is shown a comparison between each account type:

Standard Gold VIP ECN
Maximum Leverage 200:1 200:1 200:1 100:1
Minimum Deposit $100 $1,000 $5,000 $10,000
Minimum Spread 1.57 1.17 0.77 0.17
Minimum Position 0.01 lot 0.01 lot 0.01 lot 0.01 lot
Supported EA Yes Yes Yes Yes
Commission No No No Yes

How to open an account in Forex Limited?

The process of trading with Forex Limited can only begin once you open an account. To open an account with Forex Limited, follow these simple steps:

  1. Begin the process by visiting the official website of Forex Limited.

  2. Click on the “Open an Account” or “Sign Up” button to initiate the account creation process.

  3. Fill out the required personal and contact information in the provided online form.

  4. Select the preferred account type from the options available, such as Standard, Gold, VIP, or ECN.

  5. Review and agree to the terms and conditions, as well as any risk disclosures presented by Forex Limited.

  6. Complete the verification process, which may involve submitting identification documents, and await confirmation from Forex Limited regarding the successful opening of your account.

Spread and Commission Fees

The absence of information regarding spreads and trading fees on Forex Limited's website has created a situation where potential clients lack clarity on these crucial financial aspects. The transparency of spread costs and trading fees is pivotal for traders to make informed decisions, evaluate the affordability of trades, and accurately gauge the overall cost-effectiveness of the broker's services. The availability of such details is fundamental in allowing traders to determine the true value of their potential engagement with Forex Limited and to align their trading strategies accordingly.

Trading Platform

Forex Limited, unfortunately, does not offer its own proprietary trading software. This is raising concerns about potential impacts on the trading experience. Traders rely on dedicated platforms for seamless execution, analysis, and customization. Without such software, there's a risk of reduced control, integration challenges, and potential security and support uncertainties, prompting traders to carefully assess how this limitation aligns with their trading needs.

Customer Support

Forex Limited offers comprehensive customer support to cater to its client's needs effectively. New Zealand-based clients can take advantage of a toll-free helpline (0800 427 722) available on weekdays, showcasing the broker's commitment to local accessibility during regular business hours. For international clients, an alternative contact number (+64 4 472 9236) is provided, reflecting Forex Limited's global outreach and dedication to serving a diverse clientele.

The broker extends its support through written communication as well. Clients can submit general inquiries through email, with a commitment to respond within two working days. A secure online contact form is available for queries, ensuring data protection and discouraging the sharing of sensitive information over email. Moreover, a physical office address is offered.

Educational Resources

It is unfortunate that Forex Limited, despite being a regulated broker, does not offer any educational resources to its clients. Educational materials play a crucial role in empowering traders with the knowledge and skills to navigate the complexities of the financial markets effectively. The absence of educational resources could potentially limit the ability of clients, especially those new to trading, to make informed decisions and develop successful trading strategies.

Educational materials not only contribute to clients' trading proficiency but also reflect a broker's commitment to fostering a supportive trading environment. It's important for traders to have access to resources that help them build a solid foundation in trading and make informed decisions, and the absence of such resources with a regulated broker like Forex Limited may be disappointing for those seeking a well-rounded trading experience.

Conclusion

Forex Limited, headquartered in New Zealand, operates as a brokerage firm in the global financial landscape. With a primary focus on currency exchange, the company offers an array of trading instruments, including forward foreign exchange, hedging, limit orders, market reports, and expert advisory services. Forex Limited provides a variety of account types, such as Standard, Gold, VIP, and ECN, tailored to diverse trading preferences.

However, a notable concern revolves around the lack of transparency regarding their fee structure, which encompasses spreads and trading costs. Additionally, the absence of a proprietary trading platform could impact the trading experience. As such, potential clients are advised to consider these factors carefully when evaluating Forex Limited as their trading partner.

FAQs

Q: What is the regulatory status of Forex Limited?

A: Forex Limited is regulated by the Financial Markets Authority (FMA) of New Zealand.

  • Q: What services does Forex Limited offer?

    A: Forex Limited provides a range of services, including currency exchange, forward foreign exchange, hedging, limit orders, market reports, and expert advisory services.

  • Q: How is customer support handled?

    A: Forex Limited offers customer support via phone and email.

  • Q: Does Forex Limited have its own trading platform?

    A: No, Forex Limited does not provide a proprietary trading platform.

  • Q: What is the minimum deposit requirement?

    A: The minimum deposit requirement varies depending on the account type. It starts from $100 for the Standard account and goes up for higher-tier accounts like Gold, VIP, and ECN.

User Reviews

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Omotehin
more than one year
You can actually invest in this broker
2022-12-09 14:49
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FX1046772946
more than one year
I am very happy to share my opinion about Forex Limited with you. Although I haven't really traded Forexlimited yet, and don't plan to, I still want to say a few words. First of all, the information provided on their website is very little and there is no basic information such as minimum deposit and leverage. The second is that I saw a lot of negative reviews on wikifx, presumably this broker is not worth trading.
2022-11-25 17:23
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0
0
融汇工作室
more than one year
“This page doesn't seem to exist”, I only read this from their website. It seems that they have shut off their website. And I saw many traders expose them on the Internet. Terrible!
2022-11-22 18:08
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0
0
Mason_st
more than one year
I am here writing this review is to warn more investors that this broker is the last one you’re gonna trade with… When make a deposit and dream of making a large fortune, your dream became nightmare! They stole your money, blocked your account without giving any reasonable reasons. Sharpen your eyes, guys. JUST MOVE AWAY!
2022-11-22 16:28
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