Forex-Metal Review

ForexMetal is owned and run by Dunboyne Investment S.A, a company formed in 2007 by a small group of financial professionals. The group had a number of years of trading experience from various financial institutions between them, which meant, this broker is owned and managed by “people like us”. Our research indicates that the company is well known for its competitive forex trading conditions and trading platforms.

According to their website, the broker is headquartered in Panama and have offices at, Via Ricardo J. Alfaro, The Century Tower Building, 4th Floor Suite 401, Panama City, Panama. A statement from ForexMetal stated that they have customer support offices located worldwide to provide better coverage by time zone. In our experience, the ForexMetal support team were more accessible during North American trading hours. We were however told, that they are planning to opening more regional offices in other countries soon.

Regulatory Information

ForexMetal holds a commercial license from the Panama Ministry of Commerce and accepts clients from ALL countries, except Iran, North Korea and they recently stopped accepting US-Traders as well. Our research has also revealed that the broker has a specific Forex Trading license under IFSC Belize Number: IFSC/60/156/TS/10, under the name FM Financial Services Ltd. We’ve read through multiple pages on the official IFSC website and cannot find any note of this license being revoked, therefore we can assume that this license is also still active.

Trading Platform and Features

Like most good currency brokers, Forex-Metal offers the Metatrader 4 platform. They also offer a range of other custom made mobile trading, web-trading, automated trading platforms and add-ons such as a free Forex VPS solution. In case you are unfamiliar with Forex VPS, this refers to the use of a VPS (Virtual Private Server/Virtual Computer) to install/run your MT4 EA 24/7. This ensures that your MT4 EA remains connected and updated with the latest information. Access only requires an internet connection and a device that allows you to remotely access and use your virtual desktop.

MetaTrader 4 (MT4)
MetaTrader needs no introduction as it is the retail trading industry standard for Forex/Currency trading. The platform works best on Windows based terminals, however Apple devices can run the software using the VPS solution or the “Wine” (free windows emulator) software for Apple computers. The platform provides trading signals and news alerts that allow traders to analyze financial markets. It also allows the use of Expert Advisors and provides a number of technical indicators that help trade currencies with great accuracy.

Mobile Trading
Mobile trading is an integral component to enhancing your Forex trading experience in the modern age. Forex-Metal clients can trade from their iPhone, iPad, Android, and Blackberry devices by downloading the appropriate application.

ForexMetal Mobile applications offer:
• Trading from a real-time live tick chart
• The ability to use all symbols available
• Traders the option to Place Buy and Sell orders
• Placement of Pending orders
• The options to set Stop-Loss and Take-Profit orders
• Close and Modify existing orders
• View Real-Time Profit/Loss of Live Trades
• View Past history

Additional features:
• Real-time interactive currency charts
• Live news via the economic calendar
• Real-time market price overview
• Fibonacci Retracement Calculator
• Pivot Point Calculator
• Profit Calculator

Web-Trading
If you have reservations on using either of the above platforms, or require a platform with no installation requirements, the ForexMetal web platform may be right for you. This platform allows you to access your account information, trade forex, CFDs, and binary options from any web browser.

The ForexMetal web terminal offers:
• No download requirements.
• Fully compatible with Metatrader 4
• Easy login with no additional authorization
• No fees
• Easy-to-use and intuitive interface
• Works on all browsers

Automated Trading
One of the more exciting features of ForexMetal is their “Automated Trading” feature. The broker has partnered with FX RepliTrader to offer a unique, multi-source, signal-based online trading system. FX RepliTrader actually allows experienced/professional traders, and trading signal providers the ability to provide ForexMetal’s traders with a series of daily signals after deposit – for FREE.

Trading Accounts

Forex-Metal offers the following Forex accounts: Demo, Standard, VIP, ECN, Swap-Free, Crypto-Accounts and FX RepliTrader (auto-trading):

Demo Account
Demo accounts allow risk-free trading where you can assess a broker’s platform, features and suitability for your requirements. ForexMetal’s free trading accounts offer the same functionality as their live (real-money) trading account. However, all profits and losses on Demo accounts are with “Demo Funds” (not real money), and cannot be withdrawn. Demo accounts expire after 60 days.

Standard Trading Account
$100 minimum deposit; 2000:1 max leverage; Forex, CFDs trading. Min lot size 0.01 & Max lot size 10. Market execution with no commission.

Swap-Free Accounts
To meet the needs of Muslim forex traders, Forex-Metal broker offers Islamic accounts that completely satisfy Islamic religious prohibitions of not receiving or paying interest. Islamic accounts do not have any swaps calculated for open positions. There could be a small maintenance fee taken at the end of each trading day, however Islamic account holders may also receive a small amount of money back from Forex-Metal as a gift at the end of their trading session.

TradersAsset Tip – It’s worth noting that ForexMetal offers no-swap accounts (accounts where daily swaps are not calculated for the open positions) to all traders, no matter what their religious affiliation is. No-swap accounts do not have any fees or interests attached to them and can be used for certain trading strategies.

VIP Trading Account
A minimum deposit of $10,000 earns you a VIP account at ForexMetal.

Benefits of Forex-Metal VIP accounts are:
• DMA (Direct Market Access) variable spreads starting from 0.2 points
• Ability to trade more than 60 currency pairs, indices, oil, and gold from a single account
• Zero commission
• NDD (No-Dealing-Desk) execution
• Up to 500:1 leverage
• No swap and Islamic accounts
• 5 digit pricing
• Free mobile trading
• Daily technical and fundamental reports, as well as weekly summaries sent via email
• A personal account manager
• USD, EUR, CHF, GBP, JPY, and AUD denominated accounts.

Hedging is allowed and traders can open opposite trades on the same forex pair from one trading account. Expert advisors (robots) are also allowed.

ECN Accounts (Electronic Communication Network Accounts)
With ECN accounts, ForexMetal traders are given direct access to the foreign exchange market with real market quotes from several Tier 1 liquidity providers (major banks). The main benefits of ECN accounts are very low spreads and high liquidity. A minimum deposit of $1000 is required for ECN accounts. The commission is set at 0.004% per lot.

Crypto-Accounts
ForexMetal offers trading in Bitcoin and Litecoin against USD and EUR currencies. The available symbols are BTCUSD, BTCEUR, LTCUSD and LTCEUR. Crypto-Accounts only require a minimum deposit of $100. This account offer a 3:1 leverage, a minimum lot size 0.01 and 24/7 trading. The commission is fixed at 0.5% per lot.

Fx RepliTrader
This is ForexMetal’s auto-trading feature. It suits both experienced traders and newcomer alike, and allows experienced traders to direct your trades in a “follow and copy” manner. To participate, all you need do is register an account, deposit $500 (the minimum deposit to receive the signals automatically), and then select the signal provider of your choice from the extensive list. The signal provider will then be connected to your trading account, and orders will begin to be placed automatically. You can adjust your requirements or stop receiving signals at any time.

Bonuses and Promotions

ForexMetal offers an incredibly wide range of promotions and bonuses of up to 125% of the deposit amount. It’s worth noting that their terms state the maximum dollar value of any bonus cannot exceed $15000, however, active traders are eligible for a bonus on every deposit (providing they complete the bonus requirements).

Deposit:Bonus – Breakdown
• $1000:125%
• $1001 to $3000:$500
• $3001 to $6000:$1000
• $6001 to $10000:$1500
• $10001 to $25000:$2000
• $25001 to $55000:$4000
• $55001 to $100000:$7000
• $100001 to $200000:$10000
• $2000001: $15000 (max bonus)

Risk Free Forex Trading
ForexMetal will refund all losses from your first five open trades – a great incentive for traders to practise or test their platform. The maximum refund will equal the deposit amount, but will not exceed $500. A minimum deposit of $250 is required for this promotion.

Forex Rewards & Cashback/Rebate*
Traders are given the choice between two rewards programs when joining ForexMetal: Forex Rewards or Cashback. Forex Rewards allows traders to collect “forex rewards points” that can be converted to cash, gift cards or gadgets. At the time of writing, every deposit over $500 gets double points. Please check for any Forex Rewards promotions when making a deposit. The CashBack program allows traders to get 0.5 pips cashback on trades. *You are not allowed to combine both the Forex Rewards and cashback offers on the same account

Virtual Visa Credit Card – Rebate
Deposits of $5000* or over mean you are eligible for a “Virtual Visa Credit Card” with equivalent of 1% of your deposit amount pre-loaded to it. For example, a $5000 deposit will earn you a card worth $50. A $10,000 deposit will earn you a card worth $100, and so on. Virtual Visa Credit Cards are accepted everywhere that a normal Visa card is accepted online. The card is delivered via e-mail on the same day a deposit is made. You will receive a card number, expiry date and the CVV code. The “card” is re-loadable, and you can use it again, eg: to withdraw funds from your trading account. *Please be aware that the deposit cannot be withdrawn before the number of lots equal to the amount of deposit divided by 100 is traded.

The above is only a detailed overview. Please check ForexMetal for full details of all terms and conditions for each of these bonuses and promotions.

Customer Support

ForexMetal state that multi-lingual support is available in: English, Chinese, Japanese, Portuguese, Spanish, German, Russian, Bulgarian, Romanian, Italian, French and Arabic. They also state that their support staff are available on weekdays via email, Skype, online chat, and phone. However, we found it difficult to reach the team via online chat and skype. The online chat function actually seemed to be unavailable during the week we tested this broker, and any attempt to livechat were redirected to an online form that was auto-emailed to support on your behalf. The online forms and regular email support queries were followed up quickly, therefore we would advise traders to either email or call the broker for a faster response.

Banking Options

The minimum deposit is $100 (please check with the ForexMetal support team for other currencies when registering). Traders are offered a leverage of between 50:1 – 2000:1, depending on them meeting certain conditions. As an international broker, they are setup to receive deposits in almost every popular currency. Once a deposit is made, you can choose a trading accounts in the following base currencies: USD, EUR, CHF, GBP, JPY and AUD.

Funding Options
Bank wire, Visa, Mastercard, Bitcoin, Skrill, Neteller, CashU, Sofort, UnionPay, AliPay, OKPay, PerfectMoney, Webmoney, Kiwi, Yandex Money. The minimum deposit amount is $100.

Withdrawals
Bank wires, Bitcoin, Skrill, Neteller, CashU, Sofort, UnionPay, AliPay, OKPay, PerfectMoney, Webmoney, Kiwi, Yandex Money. Your withdrawal method will be the same as your deposit method and all withdrawals are processed within 3 business days.

Why trade with ForexMetal?

We found ForexMetal to be a well established, regulated and trustworthy forex broker. It was also clear that they provide a number of features that only a broker run by experienced forex professionals would offer. These include the no-swap/Islamic accounts, ECN accounts, Bitcoin and Litecoin trading, the automated Fx RepliTrader function, free mobile trading, downloadable MT4, their web terminal, and the Forex VPS solution.

ForexMetal also has some of the most attractive trading conditions we’ve seen in the industry: competitive low spreads starting from 0.2 pips, zero commissions, instant execution of orders. We believe the broker is suitable for traders of all levels of experience: beginners, amateurs, and professionals.

We have no hesitation in recommending ForexMetal & providing them with the TradersAsset seal of approval. Click “Trade Now” above and try them for yourself.