Fair Forex is a global online forex trading platform that allows its clients to trade forex and cryptocurrency online. It currently has over 1million registered accounts in 30+ countries around the globe. Its account holders have access to margin and leveraged trading and 24/7 customer service.
As of November 2023, Fair Forex is no longer operational. You can check our list of Top Forex Brokers in 2023 if you want to know more about the best Forex brokers similar to Fair Forex.
Customers all over the world can expect to work with expert advisors who speak their language, understand their culture, and can communicate with them in a way that is culturally sensitive and appealing to them. Moreover, the brokers they work with are licensed, experienced, successful professionals who can give their clients personalized advice, support and encouragement.
Also Read: Forex Cheat Sheet
Contents
- Forex Trading
- Forex Brokers
- Goal/Purpose
- Asset Classes
- Account Accessibility
- Market Analysis: Fundamental and Technical Analysis
- Benefits & Drawbacks
- Account Types
- Fair Forex Review
- The Forex Library
- Conclusion
Forex Trading
Fair Forex, opened in November 2018, offers brokerage services to traders and investors of all experience levels. Platform users have access to MT4 and MT5 trading platforms. These platforms provide up-to-date technological, user-friendly interfaces with a wide range of features.
The platform allows users to trade forex currency pairs, commodities, (e.g., oil, gold, silver), indices, cryptocurrency, and stock contracts for difference (stock CFDs).
Traders can invest in assets using the funds in their accounts, margin trading, and leveraged trading. While leveraged and margin trading allows users to increase their potential profits, it also puts them at higher risk to lose more money than they have in their trading account.
New traders to the platform can open demo accounts to test out the service and its options. After becoming familiar with the platform and learning how to trade on it, they decide to commit to it. Their commitment, in the form of a minimum deposit, gives them access to the software online.
The platform can be accessed by desktop computer, tablet, and mobile phone. This easy access to the platform enables traders to easily interact with the platform and monitor their trades, practice and real.
Forex Brokers
Fair Forex brokers are skilled, licensed, professionals who have a track record of helping their clients successfully trade different assets on the market. Their career success, ability to work well with others, and position as industry insiders makes them an invaluable asset to Fair Forex and their clients. This professional team of brokers spans the globe and provides services that cater to the clients in their region and market.
Goal/Purpose
Fair Forex was a Forex broker that aimed to provide low-cost forex trading brokerage services to the public. Another advantage to working with Fair Forex is that it has no hidden fees. Its clients' profits are optimized because there are no surprise fees that whittle it away.
Fair Forex offers its clients expert advisors, a trading community, and a platform, Telegram, on which forex brokers and traders can communicate with one another. Ideally, this interaction will motivate traders to participate more in the foreign exchange market, engage in more high leverage trades and in the process tolerate high risks while they earn a profit.
Most notably, unlike other forex brokers, fair forex brokers do not engage in unscrupulous trading practices that pit them against their clients in the forex market. Fair Forex brokers don't trade against their clients. It's also upfront about all of its fees.
Asset Classes
Fair Forex offers access to major currency pairs (56), indices (16), commodities (39), and cryptocurrency trading. Forex trading has a maximum leverage of 1:100. For the cryptocurrency market, the maximum leverage is 1:500. So, the platform provides all the financial support you need to buy, sell, and trade on different markets.
Account Accessibility
Platform users can deposit funds into their trading accounts using credit cards, debit cards, bank wire, Zelle, Load, and Bitcoin.
There are restrictions on which countries have access to Fair Forex's offshore trading platform. Countries listed on the Office of Foreign Assets Control (OFAC) list cannot register accounts on the platform. Countries on that list have been sanctioned for funding terrorism, drug trafficking, and the other undesirable activities that threaten the security and safety of the USA and the members of the United Nations.
Fair Forex focuses primarily on the forex market. The forex market is the largest financial market in the world. It has a daily trading volume of US$6.6 trillion. It's substantially larger than the stock market, with an approximate value of US$2.409 quadrillion.
The company is heavily invested in developing its Asian and cryptocurrency market services. Currently, professional and institutional trading make up 90% of its trading volume. For large, well capitalized traders and institutional investors, its raw spread accounts, low commission fees on large lots (US$4 per US$1 million trade), and tight spreads are very appealing.
Market Analysis: Fundamental and Technical Analysis
Investors who specialize in specific industries or companies should do a market analysis of them. Their market analysis should include fundamental and technical analysis. While fundamental analysis looks at the foundation of a company or industry, technical analysis looks at its market performance over time. If traders combine them, they may be able to do the following:
- Identify potential customers
- Understand customers’ buying habits
- Estimate market size
- Determine price elasticity
- Identify primary competitors
- Determine each competitor’s strengths and weaknesses
- Reduce your trading risks
- Increase your ability to identify emerging market trends
- Enhance your ability to make market projections
- Provide context for previous company/industry missteps
- Benchmark the performance of the industry and companies in it
The process of doing this takes a lot of time, effort, and energy. However, its effect on your ability to see market patterns, understand changes in trend directions, and set up better trades is more than worth the expenditure. Furthermore, traders, hobbyists or experts cannot rely on luck, random tips, and intuition alone. To make a profit, in the long-term, they must develop a trading system that incorporates industry/company specific data into their market analyses and predictions.
Fair Forex has the technical indicators, charting methods, skilled brokers and online community to help traders graduate to higher and higher levels of market mastery. No doubt the transitions will not be smooth, but the outcomes and increased success with larger trades makes it all worth it.
Also Read: Understanding Supply And Demand Forex
Benefits & Drawbacks
There are benefits and drawbacks to this platform. Since no platform is perfect, you should know exactly what it has to offer you before you commit to it.
Benefits
Some of its benefits are:
- Multiple deposit methods (e.g., e-wallet, credit card, bank transfer)
- Same day withdrawals
- True electronic communication network liquidity
- Network with access to a variety of liquidity providers (e.g., banks, institutional investors)
- Company's liquidity is boosted by partnerships with high-frequency traders, banks and hedge funds
- Low broker charges
- Save money on trading fees
- Tight fair spreads all over the world
- Dozens of currency pairs
- Fast order execution speed
- Mobile terminals
- Forex spreads start at 0.0 pips
- Professional team of forex brokers providing trading advice and market information to the platform's clients
Drawbacks
- Very little educational information on the platform
- The platform is offshore and that can cause difficulty when there are disputes with the platform
- Minimum withdrawal amount
- High percentage of professional and experienced traders who need accounts with zero spreads, a variety of assets, and high leverage
Account Types
Fair Forex has account types that cater to a wide variety of investors and traders. Since a trader's market experience, risk tolerance, and capital, the platform has several account types that cater to their needs and financial situation.
The available account types are demo, micro, mini, standard, raw spread, and enterprise pro, and Islamic accounts.
Demo Account
New traders on the Fair Forex platform have free access to a demo account. If they want to move from practice trading with fake money, they can open a mini or micro account. There is no financial risk to account holders .who use demo accounts
When new clients upgrade from demo accounts to micro or mini accounts, they are subject to low capital requirements. They also have very low financial risk as long as they only trade the funds in their accounts.
Micro Account
A micro account has a base lot size of 1,000 units. 1,000 units are worth US$1. The minimum deposit for the account is higher. This account is excellent for people who want to experiment with different currency trade pairs, different technical analysis tools, and/or different, different trading strategies.
Sample Profit/Loss Scenario
Let's look at a sample USD/EUR currency pair with a baseline of 1.1000. In this example, you are going long on USD and shorting EUR. If the price ratio rises to 1.1005, then the trader earns US$0.05. However, if the ratio falls to 1.0095, then the trader loses US$0.05.
The trader has skin in the game, but is in no danger of becoming financially insolvent.
Mini Account
A mini account has a larger lot size than the micro account and smaller lot size than the standard account. Its lot size is 10,000 units. This lot size is worth US$10. Although this amount is small, the platform may require that you deposit more than the cost of 10,000 units, US$10.
Sample Profit/Loss Scenario
Again, let's look at a sample USD/EUR currency pair with a baseline of 1.1000. If the price ratio rises to 1.1005, then the trader earns US$0.50. On the other hand, if the ratio drops to 1.0095, the trader loses US$0.50.
The trader has more skin in the game, but nothing that would cause a person to lose sleep over the trade goes badly.
Standard Account
The standard account has 10,000 units. This account is the industry norm. The lot size is worth US$100. The minimum deposit for an account at this level is US$50. Still, if the client wants 10,000 units, there must be at least US$100 in the account plus enough funds to cover the trading fees if the trade results in a loss.
Sample Profit/Loss Scenario
The standard account holder trades the USD/EUR currency pair. It has a baseline of 1.1000.. If the price ratio changes to 1.1005, the trader earns US$5.00. Conversely, if the ratio declines to 1.0095, the trader loses US$5.00.
The potential profit and loss increase and decrease 10x as the lot sizes increase powers of 10. Although a gain or loss of US$5.00 or even US$50 is not significant for most traders/investors, it will impact a trader/investor who has limited capital.
Raw Spread Account
The raw spread account was created for experienced traders, hedge fund managers, and other trading professionals who have a lot of capital, market trading experience, and handle the high risks associated with such large trades.
Its primary features are incredibly low spreads, fixed trading commissions per lot, and the ability to hold many open positions simultaneously.
These accounts can be highly leveraged or traded on margins. For experienced traders who want to participate in forex markets all over the world, this kind of account reduces their trading fees, gives them easier access to multiple markets, and the ability to manage all their accounts with less effort and time.
Enterprise Pro Account
The enterprise account is also referred to as the pro account. This account is primarily used by traders, hedge fund managers, and companies. They like it because it is a reliable, fast, cost-effective way to buy, sell, and trade assets on the forex market.
The primary characteristics of this account type are:
- No maximum lot sizes
- No limits on withdrawals
- Confidential and secure platform
- Ultra-low spreads
- UK FCA regulated liquidity provider
- US$2 per lot side commissions
- Cost-effective for frequent trading
Fair Forex Review
Fair Forex has received five-star reviews from 500 of its registered account holders on Trust Pilot. Given its fast growth in the Asian and cryptocurrency markets, it appears that there are others account holders who are satisfied with the platform and its services.
Note, the platform has some negative reviews. Firstly, it has been criticized for having extremely limited educational material on its site, So, although it has accounts that cater to new and inexperienced traders and investors, it does not provide educational material on its site to help them learn about and master the trading.
Another criticism is that the platform does not provide any specialized assistance, features, or tools to help its users become more successful traders. Some former clients have claimed to have been cheated by the platform.
The Forex Library
The Forex Library was another project that complements Fair Forex. Its purpose is to provide an extensive educational platform that caters to different types of traders, from beginners to experts.
This educational platform provides all of the information that Fair Forex users need to understand and master their markets. Moreover, it negates the problems created by Fair Forex’s sparse educational resources. On this site traders can find videos, tutorials, articles, and even broker blogs that can give them an edge in the market or explain the market to them.
As of November 2023, Fair Forex is no longer operational. You can check our list of Top Forex Brokers in 2023 if you want to know more about the best Forex brokers similar to Fair Forex.
Conclusion
Fair Forex has some great reviews, negative reviews, and people wondering whether Fair Forex is an unscrupulous firm that scams its clients out of their money.
Overall, Fair Forex has done a pretty good job developing its business and delivering results to its clients. Moreover, a forex broker who works directly with clients, advising them on how to trade different asset classes and how to read the market, can help traders make better decisions. Furthermore, the professional brokers and Telegram community can assist clients with market analyses and enhance the clients' ability to profit from their market trades.
