Forex4Noobs Review: Key Things That Don’t Add Up Here
Apparently, Forex4Noobs has been active since 2007. Yet without transparent ownership details, it’s hard to trust any firm. Especially the one you have to pay something to.
In this case, the company offers funded trading accounts between $12.5k and $100k. Yet, to get started, you have to pay a certain fee. Why these things don’t make sense and what other alternatives you have, find further in our detailed Forex4Noobs review.
|Financial Authorities Warnings
|No official warnings
|If a withdrawal is possible
|$149 – $549
|If Active on Social Media:
|United States, United Kingdom, South Africa, Nigeria, India
|Lack of credibility and transparency; no regulations;
Regulation and Legal Information
When you are looking to invest money somewhere, the best solution is a regulated company. That way, your funds are protected in numerous ways. Now, with Forex4Noobs prop firm, the situation is different.
They are not investing clients’ funds in the market. Therefore, regulatory oversight is not necessary. Consequently, all the activities on the forex4noobs.com platform are speculative. We all know how trading with unregulated firms usually ends. To see how traders easily get manipulated without regulations, see our Tradeview review.
How Does Forex4Noobs Work?
Generally, the company offers two types of programs where traders are funded with certain amounts of money. They can also enroll in the Forex4Noobs advanced course. In any case, a funded program requires a one-off payment to get started. In exchange, the company is giving you up to $100k on the trading account.
Of course, these funds are virtual. However, once you pass the evaluation program, you can start trading on a live account. But if the company is at that stage providing you with real funds, they would be regulated. This way, you can expect virtual trading even on a live account.
Either way, regardless if the funds are virtual or not, the company is not risking anything. But the biggest problem is the evaluation program. Without regulations, traders often face unexpected drawdowns and account closings. Consequently, they have to pay the fee again.
What Are Pricing Plans
As it seems, basic courses and strategies include general articles with some basic answers. Besides, traders can choose the Forex4Noobs mastermind class for an unknown price. It’s only available for members.
As for the funded programs, traders can choose between standard and express programs. The main difference between those is that a standard program is organized in two phases. But also in daily and overall drawdown percentages. For both programs, traders can also choose the funded amount:
- $12.500 – $149 fee
- $25.000 – $219 fee
- $50.000 – $399 fee
- $100.000 – $549 fee
For every reset, traders can get a 10% discount on the following fee.
Trading Conditions and Software
Even though the company claims to offer MT4, MT5, and TradingView, there is no proof of that. On the positive side, the leverage is fairly low at 1:10. Daily drawdowns are set at 3% or 5%. On the other hand, the relative drawdown is 6%/10%, depending on the account. Once traders pass the evaluation challenge, they can start the Forex4Noobs live trade program.
The profit split is 80/20 in the favor of a client. Yet, the profits are completely fictive. If you think about it, it will make sense. Imagine paying $549 and getting $100k. For instance, if you make 10% of the profit target, that’s $10k. Do you expect this firm to pay you $8k for trading with virtual funds? Definitely not.
But also, if you think they are crazy to risk $100k in the live market with anyone who pays them $549, that’s also insane. Therefore, make sure to check Forex4Noobs margin and leverage first on the live stage since none are disclosed.
Payment Options And Refund Policy
As it seems, the company prefers crypto payments over anything else. They are accepting the most popular options like Bitcoin, Litecoin, Ethereum, Dogecoin, Tether, and USDC. Thus, you must remember that such transfers are anonymous and irreversible.
On the positive side, the company claims to offer a refund in the first 14 days. Yet, if you even open a single trade, that offer doesn’t exist anymore. Therefore, make sure you want to go on this journey before you pay any money. To learn how to protect your funds in general, make sure to check our tips in the VTIndex review.
Customer Support Availability
One of the leading problems in the trading industry nowadays is customer service. Of course, when we are talking about unregulated firms. Representatives are mostly unprofessional and offer limited assistance, especially to those looking to withdraw funds.
In the case of Forex4Noobs company, you can only reach them via Discord chat. Practically, they are hiding themselves behind the scenes. Instead, they could offer a landline phone number. Yet, that would expose their physical address.
How Can I Make Money While Trading Online?
Since proprietary trading usually doesn’t make sense, you should start looking for better options on time. Traders are paying enormous amounts of money for evaluations while those funds could be invested elsewhere. Whoever is telling you there’s no risk involved in trading, there is something shady behind it.
For that reason, we suggest anyone use Tier 1 licensed firms and trusted tools. For instance, AI Analysis Tool which helps inexperienced traders make decisions like a pro. A combination of historical data, live price movements, and technical analysis can give you a forecast of future price movements.
Once traders get used to AI tools, they never get back to the old-school features. Find out how it all works already today. Book your first consultation with our specialists completely free!
What is Forex4Noobs?
Forex4Noobs is an anonymous proprietary trading company offering funded accounts up to $100k.
Can I Use Forex4Noobs Journal?
As it seems, the custom trading journal by Forex4Noobs is only available for registered members.
What is Proprietary Trading?
Prop trading is a form of trading where the company is funding clients’ accounts instead of using clients’ money for investments.