As for offshore brokers (this one is based in the British Virgin Islands), Forex4You seems to be a decent place for traders. Indeed, reviews of the various services offered by the broker are surprisingly positive. Obviously, this does not mean that no one can say anything bad about the operator. Launched back in 2007, it has actually had plenty of time to please its customers, which is apparently exactly what it has done.
While the positive feedback outweighs the negative messages from traders Forex fo you on various message boards and review sites, complaints are always disturbing and thus attract more attention.
Forex4You trading platforms
Choosing a broker's trading platform covers quite a few options, although it's safe to say that its centerpiece is the well-known and loved MT4.
The other three options are Forex4You's own developments designed to cover the mobile and web app market segments.
The Forex4You desktop trader is an interesting addition as it seems to directly compete with MT4 for the attention of the broker's clients.
On the other hand, Forex4You mobile trader and WebTrader do occupy quite important roles/niches.
It is hardly necessary to introduce MT4 to traders with any Internet experience behind them. In short: this is the best fully customizable trading environment, chart analysis, and tools.
What do dissatisfied Forex4You traders complain about?
Withdrawal fees are definitely one of the problems. The alleged manipulation of the spread is also always a problem for online trading operations, as is the clearly unreasonable refusal of traders to make a profit.
The various technical difficulties faced by those who tried to change their MT4 passwords are also on the radar of this broker.
What is the corporate basis of a brokerage company? Looks solid or shabby?
Given that this is an "offshore" broker, we can't expect much from it in terms of regulation and home jurisdiction.
Indeed, the company behind the Forex4You brand is a certain E-Global Trade and Finance Group Inc. based in the British Virgin Islands – not exactly one of the most prestigious regulatory jurisdictions.
Knowing all of the above, why should the average trader choose Forex4You as their place to trade?
First, despite the complaints mentioned above, the overall reputation of the operation is not bad. In fact, most of its users (among those who bother to leave a review) are clearly satisfied with the services provided.
The brokerage, described with a few numbers, also delivers a pretty impressive record: having executed over 870 million orders, it currently accepts at least 1,6 million trader accounts. How many of these accounts are active, however, is another question.
With over 11 years of experience behind it, Forex4You supports around 8 different languages and 10 secure payment methods.
What are the main advantages of a broker?
Transparency seems to be one of its main virtues: the broker offers a complete view of their server uptime and order execution speed, providing relevant statistics in this regard.
Operational reports are also provided through the official website, allowing anyone to have a look at how the brokerage manages its funds and the money of its traders.
Protecting customer funds is also high on the operator's priority list. To this end, the broker maintains an appropriate level of capital adequacy at all times, keeps its clients' funds in segregated accounts, and employs regulated liquidity providers.
There also appear to be advanced risk control systems in place.
Unlike most of its competitors, the broker offers a number of outstanding promotions such as a 100% deposit bonus, a $30 sign up bonus and a 50% cash back, in addition to various periodic trading contests.
Forex4You trading platforms
Choosing a broker's trading platform covers quite a few options, although it's safe to say that its centerpiece is the well-known and loved MT4.
The other three options are Forex4You's own developments designed to cover the mobile and web app market segments.
The Forex4You desktop trader is an interesting addition as it seems to directly compete with MT4 for the attention of the broker's clients.
On the other hand, Forex4You mobile trader and WebTrader do occupy quite important roles/niches.
It is hardly necessary to introduce MT4 to traders with any Internet experience behind them. In short: this is the best fully customizable trading environment, chart analysis, and tools.
What is a pump-and-dump schema?
Pump and dump is an investment scam where scammers buy an inexpensive asset by market cap, advertise (or pump) it, and then sell (or dump) it after the price has risen. Price inflation does not reflect the underlying value of the coin, which means that the price drops sharply after dumping is completed.
Finding a target
The pump and dump scheme starts with the scammers choosing a viable asset to exploit. After selecting the right candidate, the scammers buy big.
pumping it up
The increase in demand caused by fraudulent purchases contributes in part to price gouging. To promote it even more, scammers actively promote it on social networks and communication platforms. Endorsement from public figures or institutions, real or (what can happen) fake scammers, also plays an important role in currency buildup.
Whale Manipulation is an alternate leveling strategy. Instead of just promoting, the investor makes a substantial purchase to increase trading volume and price through their own actions. This surge acts as an additional bait for the unsuspecting trader.
FOMO never rests
Now scammers can only rely on greedy human nature. Easy profits sound like a good deal, so when people see an obscure asset rising rapidly in value, they are likely to want to jump on the running bull. This process, called fear of missing out or FOMO, is well known in investment circles. This is the basic working principle pump and dump. Pump-and-dump patterns are not easy to recognize. Patterns on trading charts do not distinguish between a pumped coin and a coin for which the price increase is genuine. Whether you are buying coins in an initial coin offering (ICO) or investing in obscure altcoins, you should always DYOR (do your own research) and only trade what you understand.
Hack and predictor Aviator
Forex4You looks like an attractive place to trade, with a solid reputation and an equally solid selection of trading platforms. The market coverage of the operation is also decent, not to mention the account types, some of which do offer quite attractive trading conditions.