FORFX Review – Can Traders Expect Payouts With This Company?

FORFX was established in the United Arab Emirates in 2023. Even though it has a short lifespan, it has plenty of time to build its credibility. So far, it is failing.

With only 7K followers on Instagram, and 3K members in the Discord group, that surely doesn’t represent a highly trusted firm. To find out why that is so, read this FORFX review carefully. But also, don’t miss out on checking our SchoolOfTrade review with more useful tips.

Legal and License Information

As can be seen, this firm’s ownership belongs to Propfirm Capital LLC. Apparently, this firm is registered in UAE with the number 2309049. They also claim to have a license with the number 2309049.01. This detail is quite interesting since prop firms are not required to have a regulation. After all, they are not handling any deposits from traders.

Nevertheless, neither the UAE Central Bank nor the DFSA has issued such licenses. Most likely, those don’t even exist. But after you see the FORFX reviews, you will understand clearly why not to trust them.       

What Do Traders Say?

In its presentation, the FORFX prop firm claims to have more than 100K funded accounts. However, on Trustpilot, we can see only nine comments about them. Also, there is a total of 7K accounts on Instagram that allegedly follow them. Such numbers simply don’t add up.   

Anyway, the key problem with this firm is misleading. Some traders reported issues with giveaways the company was offering. However, they didn’t comply with what was being said, and of course, that lowered the company’s credibility. That’s why many experienced traders opt for UK-based prop firm Funded Trading Plus, which has more than 2,000 positive reviews.

What Platforms Can You Use? 

On the positive side, if you opt for a FORFX funded account, you will be using top-tier licensed brokerage services of Opofinance. The company offers highly trusted MT4 and MT5 platforms that are known for their reliability and fast executions.

Another key benefit is that you can also trade on a mobile with trusted iOS and Android apps. However, you should keep in mind this company doesn’t allow any advanced strategies whatsoever. Fairly, that’s another reason to choose other prop firms. However, to find out which ones are the right choice, read our 5RF review as well.

Available Trading Plans

One quite interesting detail is that the company offers demo and live trading accounts. Therefore, after completing the FORFX login process, think wisely about which option you will choose. The live account doesn’t include any fees, and the catch with it remains unknown. 

Anyway, the demo account offers only two-phased challenges with funding between $5K and $400K. It is divided by the account type (Pro and Legend) and the risk (Normal and Aggressive).     

Trading Conditions: Another Interesting Topic

Important to realize is that on the Pro account, challenge phases last for 30 and 60 days. So, you have three months to complete everything, while with other firms like Funded Trading Plus, you don’t have such limitations.

In any case, a normal account includes a 5% maximum daily loss and a 10% overall maximum loss. The profit targets are 10% and 5%, respectively, and free repeat is not included. 

However, if you pass the challenge, you can get a 125% fee of $88 (for $5K funding) refunded. Aggressive types of trading have lower maximum and daily losses but also higher profit targets.       

What About Live Account?

One quite interesting detail about the FORFX platform is a free live account offer. To be fair, it doesn’t make sense. Apparently, you can get $10K, $75K, and $200K funding without any fees.

But first, there’s step 1, which you have to pass with an 18% profit target, unlimited daily loss, and 8% maximum loss. Sounds a bit misleading, but it’s alright.  In the end, it’s worth mentioning that the FORFX profit split goes up to 80%, the same as that of many other prop firms.

Payout Options: Another Potential Issue

Generally speaking, FORFX trading firm doesn’t reveal any details about its payouts. Not even the methods or payout cycles. Consequently, you can expect a lot of unpredictable issues that their allegedly unparalleled support should solve. 

Since traders are reporting getting banned on the company’s channels after requiring assistance, we highly doubt such support.

Summary: If Not FORFX, Then Who?

With all the discrepancies with FORFX challenge options, traders might consider other solutions. After all, with unclear payout procedures and methods, you can expect anything. That’s why prop trading firms like Funded Trading Plus make a big difference in this trading area. Fairly, that’s why they have more than 2,000 positive reviews about its services. Honestly, it can’t be compared to any FORFX program. 

Anyway, if you are still exploring your options, choosing a company with a better reputation is always safer. You can start small, test all the companies out, and make a comparison. But if you already have hints on how to avoid some firms, you should do so. 

If you sign up today with Funded Trading Plus, you can also participate in various promotions and giveaways. So, why not take advantage of it? Get on the right side of prop trading with this trusted UK-based firm and maximize your profit potential starting today.

FAQ