SuperForex Review: Make Sure You Look Carefully
SuperForex is a licensed broker, but there is more you should know. We created our SuperForex Review to show you how this broker operates and what you can expect from them.
You will learn about their offer and everything else you might want to know. We won’t keep you waiting any longer, let’s start.
Who Is SuperForex Broker?
SuperForex is a brokerage owned by Finateqs Corp LTD. They are based in Belize and have been operating since 2013.
When we checked their website status, we found it is graded very well. The traffic on the site is high, which is a positive thing but it does not show us the full picture.
|Legal name:||FINATEQS CORP. LTD|
|Financial Authorities Warnings:||None|
|If a withdrawal is possible:||Yes|
|Fees:||No deposit fees, withdrawal fees from 0.5% up, depending on the withdrawal method|
|If Active on Social Media:||Present on all popular platforms|
SuperForex Regulation and Security
So, is SuperForex regulated? The short answer is yes, SuperForex does have a license. They are regulated by IFSC – a regulator from Belize. Their current license is valid until the end of this year, and you can check the IFSC database if you need more details.
However, we must point out that their license is an offshore one. This means that traders are not as strongly protected as they would be under a Tier 1 regulator. The prime example is SuperForex’ leverage. While a 1:3000 leverage can be appealing to some traders, it is not safe, especially for amateur traders.
SuperForex Broker Profile
SuperForex gives its clients a well-rounded offer with the MT4 trading platform, many account options, bonuses and much more.
Firstly, the SuperForex MT4 platform is one of the best in the world. MetaTrader 4 has been a fan favorite among novices and veteran traders for years. It offers high functionality, a packed suite of tools and a user-friendly interface.
The broker also has many accounts clients can choose including a demo account for trial trading. The minimum deposit for live trading accounts is $1, and all the others are affordable too.
|Trading platforms:||MetaTrader 4 and proprietary mobile app|
|Account types:||STP Accounts:
Standard – $5
Swap Free – $5
No Spread – $50
Micro Cent – $1
Profi STP – $500
Crypto – $50
Standard – $100
Standard-mini – $5
Swap-Free – $100
Swap-Free Mini – $5
Crypto – $50
|Financial Instruments On Offer:||Forex (EUR/USD, USD/JPY, GBP/USD, etc.)
Cryptocurrencies (Bitcoin, Ethereum, Tether, Litecoin, etc.)
Stocks (Google, Apple, Nike, etc.)
Indices (NASDAQ100, S&P500, NIKKEI225)
|Commissions/bonuses:||Many types of bonuses|
|Education or Extra tools:||Yes|
Is This Broker Safe?
Yes and no, we’ll explain. We said they are regulated by the IFSC and every trader knows that having a legitimate license is a must so where’s the problem? Well, the issue we have is that their regulation is not accepted in Tier 1 areas such as the EU, UK and the US. You should keep this in mind if you are considering SuperForex for your new partner.
Traders’ Reviews Regarding SuperForex – Sharing Experiences
A crucial part of our SuperForex Review is the section with investors’ experiences, and as far as we can tell, people have mixed feelings about them.
On the one hand, some people praise SuperForex’s customer service. One client said “Superforex is one of the best trading platform every trader should use. They have the best customer care agents who always answer my questions to my satisfaction.”
On the other hand, there are reviews that can be alarming as they deal with the money withdrawal problems. Many said they had an extremely hard time getting their money and one client even said SuperForex is “the most useless and unreliable broker I ever used in my 15yrs trading.”
Other clients also complained about the trading conditions. A dissatisfied customer said “they fluctuate the leverage on their end. I captured it on video…” As you can see, it’s not all perfect and while there are plenty of positive reviews, there is not a shortage of negative ones either.
How SuperForex Platform Reaches Clients and Who Are They?
You can open a SuperForex account in more than 150 countries, and this broker especially focuses on the African market.
SuperForex Mobile Application
SuperForex also developed its own platform that you can use on your mobile phone so that you can take your trading to the road as well. According to them, the goal was to make everything trading-related accessible from the palm of your hand.
You can merge accounts, track quotes in real-time, receive trading signals, track your trading operations, and much more.
SuperForex Demo Account
Moreover, SuperForex allows you to test the trading waters with a demo account before going all-in on live trading.
A demo account gives traders a risk-free glimpse of what trading with a particular broker looks like so that they can decide if they want to do business with them.
Deposits and Withdrawal Methods
SuperForex accepts a bevy of payment methods which include:
- Wire transfers
- Credit/Debit card transfers
- Electronic payments
- Crypto payments
- Local payments
- SuperForex money
They do not charge you any commission when depositing money with any payment method, but they do charge fees for withdrawals.
The fees go from 0.5% up, depending on the withdrawal method. The most common methods, such as wire and credit card transfers, come with a 3% fee.
SuperForex Bonuses and Promotions
SuperForex also offers many types of bonuses. The first bonus you get is a 50% Welcome bonus when you sign up.
Additionally, if you subscribe and deposit $100, you will receive a +300% Hot bonus. And every time you deposit money, you will receive a 60% bonus as well.
Moreover, SuperForex has a referral program, so if you get a friend or anyone else to make an account with this broker, you can get up to $350.
We would just like to add that while they can be good, top regulators do not allow bonuses as they can be used to bait people into investing.
Reasons To Avoid SuperForex Broker
While there are positive things about SuperForex, they have an offshore regulation which is not that reliable. Traders are somewhat protected but not as much as they should be. If you want to be 100% certain of your safety, you should do business with a broker regulated by Tier 1 regulators.
Our Safe Trading Experts’ Opinion of SuperForex broker
As we saw in our SuperForex Review, a license is only as good as the regulator issuing it. Their offer is undoubtedly compelling but their offshore license is still a problem.
Therefore, we highly suggest you try a different broker. There are plenty of highly reputable brokers out there and if you need any help with your choice, contact us for a free consultation. We can work together to find the perfect broker for you!
Is SuperForex Trustworthy?
While they are regulated, their license is an offshore one and therefore, we would recommend you seek a more trustworthy partner.
How To Start Trading Safely?
The first item on the list is to gain forex knowledge, with the principles of trading and all else that comes with that. Secondly, you want a reliable broker you can trust with your money. And if you don’t know how to choose a good broker, contact us today for help!
How Can You Help Me Choose the Best Forex or Crypto Broker?
The most important thing we do for you is take into account your needs. Firstly, we analyze your requirements, skills and preferences and then form our suggestions around that. We also note that our consultation is completely free!