Forex Vox review: Just a regular Forex broker

forexvox.com
nika
Written by:
Av
konstantinrabin
Calendar
Written on:
25 March 2023
Date
Last edit:
25 April 2023
Our rating:
5.3

5.3

Forex Vox review: Just a regular Forex broker

forexvox.com
nika
Written by:
Calendar
Written on:
25 March 2023
Date
Last edit:
25 April 2023
Our rating
5.3

5.3

CFDs and FX are leveraged products and carry a high level of risk to your capital. These products may not be suitable for all clients, so please ensure you fully understand the risks involved.
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Main summary

Forex Vox is based in London and was built by traders for traders. The broker is regulated in Seychelles by the Seychelles Financial Services Authority (FSA). 

Clients of Forex Vox can enjoy high leverage going up to 500:1 through the MetaTrader 4 (MT4) trading platform. There are more than 100 instruments available for trading, including currency pairs, commodities, and indices.

In this review of Forex Vox, we’ll look at trading fees and discuss trading conditions such as account types, assets, customer service, and more. 

Forex Vox is still in its expansion phase, so let’s find out if it’s worth opening a live trading account with this broker. 

Here are the 11 pros and cons:

  • The broker is licensed in Seychelles
  • Offers access to MetaTrader 4
  • Fast and digital account opening/verification
  • Offers access to trading Forex, Commodities, and Indices
  • No fees on deposits and withdrawals from the broker’s end
  • No inactivity fees
  • Low barriers to entry. There are no initial deposit requirements
  • The trading platform is limited to only MetaTrader 4
  • Number of tradable instruments is low. Traders have access to around 100 assets
  • Regulator is not strict
  • Doesn’t offer CFDs on Stocks

Forex Vox Fact sheet

Main features
Regulations Seychelles
Fees on deposits 0 USD
Fees on withdrawal 0 USD 3 withdrawals are free per month
Inactivity fees 0 USD
Minimum deposit 0 USD
Minimum account activation 0 USD
Number of available assets 104
Leverage up to 1:500
Available trading markets Forex, Commodities, Indices
Account currencies USD USD
Demo account Yes
Live account types Standard, ECN Standard, ECN
Islamic account Yes
Security
Negative balance protection Yes
Part of compensation fund -
Keeps funds on segregated bank account Yes
Assets
Forex 72
Shares 0
Cryptocurrencies 0
Indices 20
Commodities 12
Total 104
Fees & spread
Forex From 0.3 pips
Shares N/A
Cryptocurrencies N/A
Indices From 0.5 pips
Commodities From 0.7 pips
Software
Platforms MetaTrader 4
Mobile trading support Yes
Mac device support Yes
Commodities Yes
Payment systems
Payment methods Bank Transfer, Credit/Debit Card, Crypto, Fasapay, Neteller, Skrill
Minimum deposit Bank Transfer, Credit/Debit Card, Crypto, Fasapay, Neteller, Skrill
Minimum withdrawal Bank Transfer, Credit/Debit Card, Crypto, Fasapay, Neteller, Skrill
Withdrawal processing time instant day
Time to open an account 1 day
Show all

Safety & Security of Forex Vox

The best indicator of safety is whether the given broker is regulated or not. Forex Vox is authorized and regulated by the Seychelles Financial Services Authority (FSA). However, it should also be mentioned that the regulator is not very strict and there’s no other entity that regulates the broker. Forex Vox is registered as a Securities Dealer under license number SD028.

Account types available for traders on Forex Vox

Forex Vox offers two account types to meet the needs of various trader types. Based on their trading method, some prefer to pay trading fees as spread markups while others prefer to pay commissions and trade with raw, market spreads.

Standard account

The Standard account doesn’t charge traders commissions. Instead, trading fees are added to spreads. The maximum available leverage on this account is 500:1, with a minimum lot size of 0.01 and the number of maximum open positions is unlimited. The margin call level is set to 100% and orders get stopped out at 50%. This account type is best suited for novice traders, position traders, and swing traders, as spreads are larger and no commissions are charged. 

ECN account

The ECN account is for more active traders, such as intraday traders, scalpers, high-frequency traders, etc. Available leverage is up to 500:1 and the account type has many similar features to the Standard account, such as a 100% margin call level, 50% stop-out level, and 0.01 minimum lot size. 

Fees & commissions review of Forex Vox

Trading fees with Forex Vox are low compared to other brokers. What’s more, there are no fees for deposits and withdrawals. In addition, there are no inactivity fees.

Comparing the fees of Forex Vox with other brokers

Let’s compare Forex Vox fees with other brokers to get a clearer picture of the broker’s fee policy.

Forex Vox fees compared to Interactive Brokers fees

Type of FeeForex VoxInteractive Brokers
EUR/USD SpreadFrom 0.3 pipsFrom 0.6 pips
Fees on DepositsNo1%
Inactivity feeNoNo*

*Inactivity fee was eliminated by IB in 2021, it used to be $20/m

Forex Vox fees compared to CM Trading fees

Type of FeeForex VoxCM Trading
EUR/USD SpreadFrom 0.3 pipsFrom 0.9 pips
Fees on DepositsNoNo
Inactivity feeNoYes, 15 EUR/USD per month after 60 days of inactivity

Forex Vox fees compared to plus500 fees

Type of FeeForex Voxplus500
EUR/USD SpreadFrom 0.3 pipsFrom 0.8 pips
Fees on DepositsNoNo
Inactivity feeNoYes, 10 USD per month after 3 months of inactivity

Forex Vox fees compared to XM fees

Type of FeeForex VoxXM
EUR/USD SpreadFrom 0.3 pipsFrom 0.6 pips
Fees on DepositsNoNo
Inactivity feeNoYes, 15 USD after 12 months, +5 USD/m

Forex Vox fees compared to AvaTrade fees

Type of FeeForex VoxAvaTrade
EUR/USD SpreadFrom 0.3 pipsFrom 0.9 pips
Fees on DepositsNoNo
Inactivity feeNoYes, 50 USD after 3 months, 100 USD administration fee after a year

Forex Vox fees compared to Capital.com fees

Type of FeeForex VoxCapital.com
EUR/USD SpreadFrom 0.3 pipsFrom 0.9 pips
Fees on DepositsNoNo
Inactivity feeNoYes, 50 USD after 3 months, 100 USD administration fee after a year

Trading platforms and mobile trading reviewed at Forex Vox

Forex Vox provides traders with the most popular Forex trading platform, MetaTrader 4 (MT4). The platform is old, however, highly functional and reliable. For these very reasons, this platform remains the software of choice for many traders. 

MT4 was released in 2005 and became very popular right away. Consequently, you can find the largest pool of algorithms created just for the platform on the Meta Market. The trading algorithms of MT4 are called Expert Advisors (EAs), and they help automate trading and backtesting. In addition, there are a lot of custom-made indicators available for this platform. 

It should be noted that MT4 is offered by almost every other broker as well and Forex Vox is not unique in this offering. 

The broker also provides its clients with a web trading terminal and a mobile trading app based on MT4. The web terminal enables traders to place orders without the need to download and install the software.

The mobile app is based on MT4 and is highly functional. Traders have access to live charts and are able to place all types of orders. The app is a great way to keep track of market movements and the progress of your trades. 

Education and research tools offered by Forex Vox

Forex Vox offers a well-put-together glossary, which is critical in speeding up the learning process for beginner traders. In addition, the broker provides its clients with mentorship opportunities by renowned global market analyst and FX expert Beat Nussbaumer and professional tech trader Adam Harris. It should be mentioned that tools such as calculators and economic calendars are lacking and there are no webinars and seminars available other than the mentorship programs. 

Customer support of Forex Vox

For every financial service provider company great customer service is crucial for success. There is a huge pool of brokers and the competition is increasingly becoming more fierce. Forex Vox understands the importance of customer support very well and offers excellent customer service available in multiple languages. Live chat is available for both existing and potential clients. In addition, traders can contact the broker via email or phone call. 

Conclusion

To sum everything up, Forex Vox offers good trading fees and great customer service. In addition, the broker is regulated by the Seychelles Financial Services Authority (FSA) and therefore, can be trusted. However, it should be noted that the regulator is not strict. Maximum available leverage is 500:1 and negative balance protection is available. On the downside, the number of available trading instruments is not significant and is limited to 104 assets. Moreover, the trading platforms provided are limited to MetaTrader 4, but commission-free and spread-free accounts are available. We can safely say that Forex Vox is an average Forex broker. 

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Is Forex Vox a safe broker?

Yes. Forex Vox is regulated and therefore considered to be a safe broker. However, it should also be noted that the regulator (Seychelles by the Seychelles Financial Services Authority (FSA)) doesn’t have strict policies for enforcing the license.

Does Forex Vox offer shares for trading?

No. Forex Vox doesn’t offer shares or CFDs on stocks for trading. The portfolio is limited to currency pairs, indices, and commodities including precious metals and energies.