Superforex Broker Review

SuperForex was founded in 2013, and it is today the world’s leading forex broker offering high-end trading services across financial markets. Brokers like this one offer excellent services to clients worldwide – from corporations to individuals – from 150 countries.

A trader can invest in metal, gold, indices, oil, stocks, forex, CFDs, and cryptocurrencies through SuperForex.

You can find our transparent SuperForex review below. Broker reviews are updated frequently!

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Regulation

Before joining, a potential trader should investigate whether a brokerage firm like SuperForex is safe and secure to deal with.

To assess a brokerage’s safety, it is important to establish which authorities are monitoring and overseeing its actions and how well it complies with those rules.

Generally, an “offshore” broker usually has a less favorable reputation, and potential investors should take caution before trading with them.

As a second step, the safety of clients’ funds should be assured, and if the business goes out of business or defaults, some form of safety net will be beneficial to prevent further losses.

SuperForex Ltd., a Belize-registered company, regulated by the International Financial Services Commissions (IFSC), owns and operates SuperForex.

With little oversight for financial services providers, Belize is an offshore zone that attracts many financial services providers. The Belize Financial Services Commission is most self-regulatory.

Reliability

Your money is valuable to SuperForex – and it is also to you. With a sophisticated, multi-layered fund security program, they ensure that your funds are never at risk.

A segregated funds policy ensures the safety of your money. Your money will be kept apart from the company’s funds. In this way, your money does not fund their activities but only your transactions – it is not used as SuperForex resources.

Tradable products

Clients of SuperForex have access to the following investment and trading assets:

• Forex – 100+ currency pairs, majors, minors, and exotics
• Investments in commodities – gold, oil, and other precious metals
• Indicators – trade global indices such as FTSE 100, DowJones, Nasdaq, and S&P
• Cryptocurrencies – 10 popular digital currencies/USD pairs, including Bitcoin, Ethereum, and Litecoin
• Stocks – A stock market is a way to trade shares of some of the largest companies in the world, such as Amazon, Apple, Tesla, and IBM

Account Types

These are the types of accounts that SuperForex offers:

• Demo Account
• Standard Account
• Swap-Free Account
• No Spread Account
• Micro Cent Account
• Profi STP Account
• Crypto Account
• ECN Standard
• ECN Standard Mini
• ECN Swap-Free
• ECN Swap-Free Mini
• ECN Crypto Account

Opening an account

Opening a live account is a quick and easy process. To register, customers must fill out an online registration form and provide documents for in=dentification verification like proof of residency, as part of knowing your customer compliance (KYC). So this is great to see that SuperForex offers an Islamic trading account, for which clients should open a swap-free account.

Account currency

For the creation of an account with Superforex, many currencies are available. The following currencies are available:

• ZAR
• GBP
• USD
• EUR

Trading platforms

Trading software, another name for the platform, is the tool used by a brokerage firm to enable its clients to carry out their trades, such as CFDs on stocks, stock indices, precious metals, and cryptocurrencies.

Traders may benefit from companies offering their own proprietary platforms, developed by specialists employed by the broker. In contrast, other companies prefer to provide the more established platforms tried and tested through the years.

Trades should be on what the trader wants to do, and he should choose the platform that is suitable for his needs.

MT4 is the only platform that SuperForex offers. MT4 offers a high level of flexibility, customisation, and analytical tools along with thousands of expert advisors and indicators to make trade easier.

Traders have access to it via a desktop download, mobile application, or online platform.

Spreads and commission

Various factors such as commissions, spreads, and margins affect the cost of trading.

A currency pair’s spread corresponds to the difference between the bid and the asking rates. A pip is the smallest movement that can be made by an exchange rate. A pip equals 0.01 for currency pairs with the Japanese Yen as the term currency and 0.0001 for all other currency pairs.

Depending on the account type, the spread can range from 0 pip to 2 pip, with a fixed spread from 10 pip for the STP Crypto account. Variable Spreads are available for other account types starting at 0 pips. The spreads on major currency pairs are as follow

Average Standard ECN Account Spreads on Majors

• EUR/USD: 2.0
• GBP/USD: 3.0
• USD/JPY: 2.2
• AUD/USD: 4.5

Fees

Trading commissions are the fees charged by an investment broker to make trades on behalf of a trader. Commissions vary depending on the kind of asset traded and the brokerage services offered.

Almost all Superforex accounts do not have additional trade commissions, but the STP No Spread account has an added commission of 0.038 or 0.062, depending on the instrument. There are also swap fees associated with holding overnight accounts.

Based on the withdrawal method, withdrawal fees are charged.

Leverage

With leveraged product trading, the potential profits of a trader are magnified, but the losses are also magnified. A facility that allows traders to open more trades than the amount they initially deposit is called leveraged.

As an example, 1:500, 100:1, and 50:1 are ratios that represent leverage. Taking as an example a trader with $1000 in his trading account and 100000 USD/JPY in his ticket size, this means he would have 100:1 leverage.

Traders at Superforex can utilise a leverage ratio of up to 1:1000 with the currency pair on the platform

Several options offered are STP Standard, STP Swap Free, STP No Spread, STP Micro Cent, ECN Standard, ECN Standard Mini, ECN Swap Free, and ECN Swap-Free Mini. In addition, the leverage on Profi STP accounts can be used at 1:3000, while for the STP Crypto and ECN Crypto accounts, it is only 1:10.

Deposits and withdrawals

With SuperForex, a $1 minimum deposit is required to open an account.

SuperForex charges no deposit fees, and traders can use Bank Wire Transfer, Visa/MasterCard, China UnionPay, Skrill, Sticpay, Neteller, PayCo, Triv, FasaPay, Perfect Money, Payeer, OnlineNaira, iPay, FlutterWave, Cryptocurrencies, and local payments to fund their accounts or make withdrawals.

There are fees associated with withdrawal, with the fees for different withdrawal methods explained on the website. In addition, there is a difference in the processing time for different withdrawal methods.

Bank Wire Transfers, Sticpay, OnlineNaira, iPay, and FlutterWave withdrawals take two to four business days. In contrast, Visa/MasterCard, China UnionPay, Skrill, PayCo, Triv, FasaPay, Perfect Money, Payeer, Cryptocurrencies, and Local Payments take one to three business days.

Education and Research

To succeed in the world o forex and commodity trading, potential SuperForex clients need all the required information and skills before they begin trading. If SuperForex’s website doesn’t provide enough information, anyone interested in obtaining those skills and knowledge should explore other information sources.

All courses a SuperForex are free of charge, and all educational materials are available. The world’s various countries offer seminars, while economic news, analytics, and a forex glossary can help you make better trading decisions.

A potential trader must have access to as much information as possible regarding speculative trading before initiating it and while trading with a certain brokerage company.

To trade successfully, it is crucial to have a solid understanding of the markets and platforms offered by brokers, so research options offered by brokers are a crucial part of their features when deciding which company to use.

The SuperForex website has several research tools, including economic news and a glossary of forex terms that explain various terms.

Customer service

Several ways are available for SuperForex customers to contact the company:

• Telephone – +442045771579
• Email – support@superorex.com
• Live Chat – on each page, there is a live chat icon
• Social Media – Including Facebook, Whatsapp, and Twitter

This broker provides a comprehensive FAQ section which is found to be very helpful. For example, there are details about how to download MetaTrader 4, delete a Superforex account, add the $50 deposit bonus or affiliate code, and verify your card and make MPESA deposits.

Bonuses and promotion

Deposit bonuses are often offered by forex brokers to entice new traders. In addition, bonuses are usually offered to traders to encourage them to choose a certain broker. Once an account is opened, the trader will have the same expenses as everyone else.

Thus, even though no deposit bonuses are a great way for you to start trading, the terms to take advantage of them often require trading heavily before you can withdraw any profits.

According to the SuperForex website and other sources, they offer a variety of bonuses, including:

The No Deposit Bonus offers you a $50 balance to trade with without making a deposit. The profit generated from trading the No Deposit Bonus can be withdrawn; however, you must trade at least 50 lots to withdraw $50.

Superforex offers their clients a 300% Hot Bonus for an unlimited period of time. Clients of Superforex can claim a 300% bonus when funding their accounts. You can take advantage of this offer if you would like to place orders with a large volume and make a larger profit.

Using Easy Deposit, you will receive a bonus of 1000% of your deposit amount, which allows you to deposit much more than you normally would.

The Welcome Plus bonus is offered on your first deposit for an unlimited period. Most welcome bonuses give you 40% more money.

Special features

The SuperForex broker website offers several useful educational services. YouTube video content on trading basics, a glossary of forex terms, and investment articles in PDF format are included.

Details on training centres and live seminars are also available. All customers have access to these facilities, located in Kenya, Tanzania, Rwanda, Nigeria, and Uganda, among other countries.

Pattern Graphix software is also provided to all customers at no charge by the broker. MetaTrader 4 and an expert advisor (EA) are included as part of this automated trading tool. The system uses price movement graphs to identify patterns and can suggest trades based on their effectiveness. MT4 users should download the free app and sync it with their accounts.

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Broker FAQ

Thinking of Trading with SuperForex?

Is SuperForex A Regulated Broker?

It is indeed true that SuperForex is a regulated and legitimate brokerage firm. These factors, along with reviews from customers and security features, indicate that the provider is unlikely to be a fraud.

What Account Types Does SuperForex Offer?

Several real account types are available with SuperForex, including ECNs and STPs. There are several different options to choose from, including fixed, floating, and no spread accounts. The minimum deposit requirement starts at £1/$1/€1.

Does SuperForex Have Nasdaq Trading Opportunities?

Yes, Nasdaq can be found on SuperForex. Among the broker’s offerings are several popular global indices with competitive terms for trading, such as leverage up to 1:100, macroeconomic indicators, and technical analysis.

SuperForex, Is It Legit Or A Scam?

We believe that SuperForex is a legit broker with regulation, deposit protection schemes, and a negative balance protection program. However, before opening a live account, make sure to read the terms and conditions. If you compare the IFSC to other authoritative bodies, be wary that it offers inferior regulation.

Our verdict

Traders should be aware that Forex and CFDs trading is always associated with a high level of risk, so they may not be suitable for all investors.

SuperForex encourages its clients to think carefully before investing money that they cannot afford to lose before investing in the products offered by the company.

The use of leveraged accounts by traders, especially when using SuperForex ‘s accounts, should be kept in mind since trading on margin and using leverage that is higher than necessary can either benefit or hinder a trader. In addition, there is always the possibility of losing part or all of an initial investment.

Even though SuperForex promises to endeavour to fill all trades at the requested price, trading online may not necessarily reduce the risks associated with currency trading. Therefore quotes and trades are usually governed by a Client Agreement, which can be accessed on the broker’s website.

Bottom line

With SuperForex’s trading environment, you can choose between zero, fixed, and floating spread options for a wide range of trading instruments. Despite the broker’s unpopular regulation, the downside protection, deposit guarantee, and fund segregation schemes are reassuring. Especially for beginners, SuperForex is a good broker because of its diverse execution methods, low minimum deposit, promotional offers, and educational content.

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