FreshForex Review

FreshForex is a forex and CFD broker whose business operations kicked off in 2004. This makes this brokerage one of the older ones on our list. This broker is probably one of the few FX and CFD brokers to offer traders a chance at getting a 10% bonus on all crypto-based deposit transactions.

I. Background and Company Overview of FreshForex

FreshForex offers a segmented trading account system that is built to match the skills of traders to the right kind of trading account. There are other attractive features on the FreshForex website. Some of these are:

• Interbank trade execution which guarantees that there are no requotes.
• Spread rebates of up to 20%.
• A separate FreshCent account product which allows for trading of micro sizes with a 1:1000 leverage.

II. Trading Platforms and Tools

The MT4 and MT5 are the two available platforms on FreshForex. The MT5 is only available to clients with the Classic and ECN accounts. Both platforms come with the desktop, browser-based and mobile app versions of the software.

What trading tools do clients on FreshForex have access to? Some of these are listed below.

• One of the most important tools on the FreshForex platform is the use of the Smart Bridge technology to conduct its non-dealing desk executions for clients' orders. This bridge is a software that automatically transmits orders that pose counterparty risk to its dealing desk to the interbank market where liquidity providers can fulfill these orders.
• An interest rate schedule details the interest rates set by central banks across the world. Use this tool to fashion out your carry trade strategies.
• There is a financial news analysis section on the website.
• An economic calendar that showcases the schedule of news trades.

III. Account Types and Spreads

The account types on FreshForex are listed as follows:

1. Classic account
2. Market Pro account
3. ECN account

The Classic account comes with a recommended minimum deposit of $200, even though the brokerage officially says it has no deposit floor or ceiling. Traders on this account type have access to the MT5 platform as well as the MT4. The price quotation system is a 4-digit pricing system for FX pairs and 2-digit system for JPY pairs. Spreads start from 2.0 pips. Margin call and stop out levels are set to 100% and 20%, respectively. This is a commission-free, swap-free account.

The Market Pro account is for traders with intermediate knowledge of the markets. The minimum deposit recommended by FreshForex for this account type is $400. The MT4 is the only platform that traders with this account can use. Spreads are of the floating type, and start from 0.9 pips. This is a commission-free account with margin call/stop out levels of 100% and 40%, respectively. This account comes with a 5-digit price quotation system for FX pairs and 3 pips for JPY pairs.

The ECN account comes with a recommended minimum balance of $2000. Traders with this account type can trade with the MT4 and MT5. This account comes with a 5-digit price quotation system for FX pairs and 3 pips for JPY pairs. This is a zero-spread account type, so traders pay commissions that start at 0.003% per contract, or $1.90 per standard lot/$30 per million units of the account currency. Margin call/stop out levels are set to 100% and 60%, respectively.

IV. Contract Specifications

What are the contract specifications of the assets listed for trading on FreshForex?

• The leverage on FreshForex starts from 1:25 to 1:2000 for all account types.
• The maximum order size is 20 lots for the Classic account, 100 lots for the Market Pro account and 10,000 lots for the ECN account.
• The minimum order size on all accounts is 0.01 lots.
• All accounts come with market execution using a non-dealing desk model.
• Margin hedge on all accounts is 50% on each position. This means you can only hedge half of an open position.
• Server time is UTC +2 during winter, and UTC +3 during summer.
• All accounts can trade forex and CFDs on stocks, indices, ETFs, metals, energy futures and cryptos without inhibition.
• Fiat and crypto transaction methods are available on all account types.

V. Security and Regulation

As with most brokerages who rely on crypto-based methods for account funding and withdrawal processes for clients, FreshForex is not regulated by any government agencies. Rather, it indicates membership of what could be described as a crypto-specific organization (International Decentralized Association of Cryptocurrency and Blockchain (IDACB) that may serve as an industry self-regulator.

FreshForex does not provide brokerage services to residents of Belgium, China, Hong Kong, France, Russia, Spain, UK, US, North Korea or any other countries under international sanctions or under the FATF high-risk list.

VI. Customer Support and Education

Customer support on FreshForex can be accessed either via email, or live chat.

• Email: info@freshforex.com
• Online chat button

Conclusion

FreshForex is one of your go-to brokerages if you are seeking non-dealing desk trading conditions and the benefits that interbank market settlement brings.