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Becoming a client in Forex4you is really easy. Here's the full tutorial on how to open an account in Forex4you and the verification steps.
Founded in 2007, Forex4you is a forex brokerage company that offers online trading services for worldwide traders. Their biggest strength is that they are always engaged in the development of new innovations and technologies to increase client satisfaction. As a result, the broker now boasts more than 2.5 million registered trading accounts and over 1.2 billion executed trades.
In order to enjoy all the services offered by Forex4you, you'll need to register and open a new trading account with the broker. Read this article further to know how.
Providing services since 2007, Forex4you is mostly out of the spotlight even though their trading conditions can be regarded as one of the most flexible among other forex brokerages. Setting headquarters in the British Virgin Islands, this broker is currently under the regulation of local financial regulatory called the BVI Financial Services Commission (BVIFSC).
After opening an account with Forex4you, traders can choose leverage as high as 1:1000, thanks to the relatively loose policy from BVIFSC. Forex4you divide their account types by execution. Between the 4 accounts available, two adopt instant execution (Cent & Classic) while the remaining two call for market execution (Cent NDD & Pro STP). For traders choosing accounts with instant execution, there will be no trading commissions charged, but the spread is a bit high as it settles on 2 pips range (at the minimum). On the other hand, account types with market execution can give a floating spread from 0.1 pip despite charging a commission starting from $8 per lot.
Forex4you provides no Swap-Free feature, so this broker is not Sharia-compliant. Still, it is quite interesting to note that this broker provides an alternative on platform trading, so traders can try to trade on another platform with a new interface should they feel restricted by MetaTrader4 limits. The said platform is uniquely Forex4you's trading technology, which is available on WebTrader and Mobile App.
Forex4you also highlights their own Social Trading platform hailed as Share4you, which allows all traders to play as either Leaders or Followers. Both sides have mutual advantages, as Leaders are granted additional fees from their Followers while the Followers can copy trades which makes their transactions a lot easier and reliable as the signals come from more experienced traders.
Beyond their innovations on trading platforms as well as Social Trading facilities, Forex4you is quite transparent on their forex pairs' liquidity providers. However, they don't have a certain page dedicated to their Contract Specifications for other class assets.
Payment methods in Forex4you are quite limited, only available in Bank Transfer, Neteller, Skrill, WebMoney, and Credit Cards (Visa and Master Cards). This broker claims to have more than a million accounts all over the world, so it is believed that Forex4you is one of those forex brokers who perform steadily even if their popularity doesn't soar extremely high because of intense marketing schemes.
What makes trading in Forex4you stands out from is the remaining Cent Account which allows traders to trade with a contract size as low as 1000 units per lot. The ultra-small trading volume has been infamous for traders who want to trade in a real account with very minimal risk. However, the numbers of broker offering Cent features are gradually lessening as retail traders seem to keen on taking more risks. Yet, Forex4you maintains their Cent Account offering, not only in one type but in two types of execution so beginners can make their own choice on spread over commission or otherwise.
All in all, Forex4you is one of the preferred choices for a forex broker if you look for flexibility in trading conditions and an advanced platform in Social Trading. Also, the remaining Cent Account offers an interesting option even for experienced traders who look for spare accounts to try out new strategies. Nevertheless, it is not highly recommended for trading with big money as the company is registered in an offshore jurisdiction. Forex4you also tends to fly under the radar as the broker rarely generates buzz in the brokerage industry.
Forex4you Account Opening Steps
- Go to Forex4you's official website and click "Open Account".
- Fill out the registration form with your personal information such as your mobile phone number, full name, and email. Don't forget to make a password for your account and make sure it meets all the requirements. Once you're done, click "Confirm & Continue".
- You will receive an SMS containing a verification code for your account. Enter the code, then click "Confirm & Continue".
- Congratulations, your Forex4you account has been created! The next step is to verify your account in order to get full advantage of the broker's services.
Account Verification
As mentioned above, you will have to complete the account verification process to access the full benefits offered by Forex4you.
In this case, the broker requires each new client to upload two types of documents, such as:
Identification Document (ID)
To verify your identity, you can upload one of the following document types:
- Passport
- Voters Card
- Driver's License
- National e-ID Card
- Digital NIN Slip
- NIN Slip (printed) with Affidavit
- Digital ID Card (printed and electronic)
The document must be valid and have an expiry period longer than one month at the time of verification. You must also make sure that all information is clearly visible and the document is not damaged. You can choose to upload a photo or scan of the document, but it has to be in color. Lastly, note that both sides must be uploaded and the corners are not cropped.
Proof of Address
Here are some of the accepted documents for this category:
- Utility Bill
- Bank Statement
- NIN Slip (printed) without Affidavit
- Voters Card
- Driver's License
The document must be valid and not dated more than 3 months at the time of verification. It must contain your name and residence address that match those in your registered profile. ID Card can be used for both identity and address verification if it's valid and includes the address.
Verification Steps
- Simply open your Trader Room and click the banner at the top of the screen to upload your documents.
- Enter your personal information and click "Upload Documents" to move on to the next step.
- Upload the documents that you've prepared. The full requirements will be displayed on the screen, so make sure that your document is eligible.
- After that, the only thing to do is to wait for the broker to approve your documents. Once it's finished, Forex4you will send an email to your registered email address. This process will take a moment.
Final Verdict
Forex4you is a great broker for beginners and professional traders alike. It provides loads of handy tools and innovations to further enhance client's trading experience. For instance, you can choose from several account types and trade according to your capabilities. You can also try their copy trading service, Share4you, which is quite popular among traders these days.
As explained in this article, the account opening process is very quick and easy to follow. It will only take about 10-15 minutes to fill in the registration form and approximately one business day to get your account fully verified. After that, you can immediately fund your account and start trading on the platform of your choice.
Forex4you is a forex and CFD broker with more than 15 years of experience in the industry. The company seeks to contribute to the global change in the online trading industry — bringing more transparency and making trading truly accessible to all with instant and market execution, multiple trading platforms, free market analytics, as well as multiple account types.
5 Comments
Anya
Oct 23 2023
Based on this article, opening a new account in Forex4you seems pretty straightforward, which is obviously great for beginners like me. Now what I need to know is how many account types available in this broker and which one would you recommend? I didn't know this initially, but I learned that account type is a crucial aspect that must be considered before trading as it comes with specific conditions, fees, minimum deposit, etc. Also, is there any chance I can open a demo account? Are there any special requirements that I need to fulfill beforehand and what are the benefits? Looking forward for your feedback. Thank you so much
Cecilia
Oct 23 2023
Sure! Let me enlighten you a little bit. In Forex4you, there are four account types that you can choose, namely Cent, Classic, Cent NDD, and Pro STP accounts. All of these accounts offer a maximum leverage of 1:1000, but aside from that, they are very different from one another. I suggest you make your choice based on your financial capabilities and trading skills.
To begin with, Cent account is excellent for newbies. There is no minimum deposit, the spreads are fixed starting from 2 pips, no commissions, and the minimum transaction size is 0.01 lots. The Cent NDD account is not much different, but it comes with floating spreads starting from 0.1 pips and commission of 10 cents per lot.
Meanwhile, Classic account is more like the standard account suitable for almost any trader. It offers fixed spreads from 2 pips, more than 80 instruments, and instant execution. This allows you to make trades with little chance of getting requotes. Last but not least, Pro STP account offers floating spreads from 0.1 pips and commission fees of 8 USD per lot.
You can open a demo account if you want to, but note that the account will only be active for 30 days. After the duration ends, you won't be able to access it again.
Tamara
Oct 24 2023
If you're still unsure about your choice, I highly recommend you to open a demo account. I see that you already thought about it. Demo accounts can give you a lot of advantages, such as allowing you to explore the platform freely, test your strategies in a mimicked live trading environment without risking any of your funds, and check the broker's reliability. As a beginner, you might also want to use the opportunity to enhance your skills by practicing, perhaps trade in multiple instruments and various market conditions to find a trading style that suits your personality. Good luck!
Tommy
Oct 24 2023
Hey, thanks for the guide. I've been eyeing on this company for a while, but I just never got the chance to learn more about their service until now. After reading some reviews, I noticed that the broker offers a copy trading feature for its clients. Can someone explain how it works for me? To be honest, I don't know if I'm good enough to be called an expert but I genuinely want to help people achieve their goals and earn more profit, especially those who don't have much spare time to trade on their own. Therefore, I'd like to know more about this feature.
Andre
Oct 25 2023
You're totally right dude! Forex4you does offer a copy trading service on a special platform called Share4you. Not only that, the platform also serves as a social network where traders can interact with each other and share insights. To access it, you only need to click on the Share4you tab at the top left of your dashboard. As a Forex4you client, you can either be a leader (managers who allow others to copy their trades) or copy traders. If you are planning to be a leader, you can do so by opening a classic fixed account. You'll find that the trading conditions are highly favorable for experienced traders.