FreshForex Review 2024

Last updated Feb 26, 2024
Логотип FreshForex
3.8/5
№42 in the brokers' listTrading CFDs carries high risks. You may lose all invested funds
Nikolay Zavarov - Author
Nikolay Zavarov
Author
Andrey Bondarenko - Editor
Andrey Bondarenko
Editor

FreshForex is a broker providing online trading services with Non-Dealing Desk (NDD) order execution.

Let's review the conditions it offers traders and give an objective company overview.

FreshForex Broker Overview

Foundation Year2003
Official Websitehttps://freshforex.com
Regulated in CountriesSaint Vincent and the GrenadinesMore Details
Minimum Deposit
  • 1 USD
  • 1 EUR
  • 1 RUB
Spreadfrom 0 points
Max Leverage1:2000
Trading Assets
  • Forex
  • Stocks
  • ETF
  • Indices
  • Cryptocurrency
  • Precious Metals
  • Energy Carriers
Trading Platforms
  • MetaTrader 4
  • MetaTrader 5
Email Support
  • info@freshforex.com
Hotline Phones
Social Media

The company was founded in 2004 and is registered in Saint Vincent and the Grenadines, where its central office is also located.

FreshForex Review Summary

In our FreshForex broker review, we apply a meticulously developed methodology to give you the most objective and comprehensive analysis. This methodology includes a set of critical criteria and indicators that help assess the reliability and effectiveness of the broker. You can familiarize yourself with our broker evaluation methodology to better understand how we form our conclusions. Continue reading to learn more about what makes FreshForex unique and suitable for your trading needs.

Reliability and Regulation

Rating:3/5
Legal EntityRegulator

FreshForex does not have a Forex regulator with strict jurisdiction. There is only an offshore registration in Saint Vincent and the Grenadines.

The broker seems to conceal the name of its parent company. We were only able to find it during registration on the website. Meanwhile, the website's "Legal Information" page is completely empty.

Account Opening

Rating:5/5

The account opening process at the FreshForex broker is relatively standard. It includes several steps: registering a personal account, filling in contact details, and confirming registration with a code sent to your email and phone. After that, the client can open a trading or demo account.

Registration

To take advantage of the full range of services from the FreshForex broker, you must first register a personal account.

On the website's main page, you need to click the 'Log in to client area' button and select the 'Registration' line in the pop-up window.

Registration at FreshForex
Registration at FreshForex

After filling out the registration form and entering contact details, you must confirm the registration with a code to your email and specified phone number.

After filling in all personal data at the second step of registration, you can finally open a trading or demo account.

Opening a trading account at FreshForex
Opening a trading account at FreshForex

Verification

The verification process at the FreshForex broker consists of three main stages:

  1. Completing a questionnaire in the personal account. The trader must log into their account on the official FreshForex website and carefully fill out the provided questionnaire. The questionnaire requires details such as date of birth, passport information, issuing authority, issue date, and complete residential address.

  2. Submitting documents. After completing the questionnaire, the next step is to upload scanned copies of the passport. It is essential to ensure the scans are clear and all data readable. Any blurry images can slow down or even halt the verification process. After uploading all necessary documents, the trader should submit them for review by clicking the appropriate button.

  3. Awaiting decision. After submitting all documents for review, the trader only needs to wait for a response from the company's manager. The review time can vary, but the response usually comes within three hours if the application is submitted during working hours (from 7:00 to 16:00 MSK).

Verification at FreshForex broker
Verification at FreshForex broker

Verification at FreshForex is a standard procedure to confirm the client's identity.

Minimum Deposit

One of the attractive features of FreshForex is the absence of minimum deposit requirements. This makes the company accessible to traders with various capital levels, including beginners who may not be ready to invest large sums of money.

The following currency options are available for deposit at FreshForex:

  • United States Dollars (USD)
  • Euro (EUR)
  • Bitcoin (BTC)
  • Russian Rubles (RUB)

Such a choice of currencies provides traders with flexibility in managing their funds and allows them to choose the most convenient option.

Account Types

Rating:4.5/5

FreshForex offers a variety of trading account types, which can meet the needs of different categories of traders. From classic accounts for beginners to ECN accounts for experienced traders, each has features such as leverage size, quote precision, spread magnitude, and order execution time.

The accounts cover the needs of most traders, but the lack of options for passive investing, such as PAMM accounts or copy trading, limits opportunities for some investors.

Trading Accounts

FreshForex clients have access to three types of accounts (excluding cent accounts), with no mandatory minimum deposit requirement. The differences lie in the sizes of leverage, quote precision, spread magnitude, order execution time, and the maximum volume of a single order.

An account can be opened in rubles, dollars, euros, or bitcoins.

ClassicMarket ProECNClassic.CentPro.Cent
Account CurrencyUSD, EUR, RUB, MBTUSD центы
Minimum Deposit1 $1 1 $
Trading PlatformsMetaTrader 4MetaTrader 5
Spreadfixedfrom 2 pipsfloatingfrom 1.3 pipsfor EURUSD~ 1.8 pipsfloatingfrom 0 pipsfor EURUSD~ 0.1 pipsfixedfrom 2 pipsfloatingfrom 0.9 pipsfor EURUSD~ 1.3 pips
Commission per Tradeper 1 lot~ 3.3 $
Trading AssetsForexStocksETFIndicesCryptocurrencyPrecious MetalsEnergy Carriers
Opened Positions
Leverage1:25-1:20001:25-1:10001:50-1:1000
Margin Call / Stop Out100% / 20%100% / 40%100% / 60%100% / 20%
Order ExecutionSTPECNSTP
Demo Account
Islamic Account
RegisterRegisterRegisterRegisterRegister

For beginners, the Classic account type with standard 4-digit quoting and MarketExecution order execution mode would be the optimal choice.

The Market Pro account, which employs SmartBridgeTechnology for hedging currency risks, is more suitable for more advanced traders.

The ECN account type offers the lowest spreads from 0 pips with an order execution speed of 0.05 seconds, but in this case, there is a commission of 0.003% per transaction.

Goldman Premium Club

Every client who closes 300 or more lots within 1 month will automatically receive the "Goldman" card and VIP client status for six months. The VIP status will be extended if the trader closes 1000 or more lots during this period.

The "Goldman" club offers the opportunity to make deposits and withdrawals without commission, receive 6% annual interest on free capital, trade by phone, and have no restrictions on the number of lots and trade volumes. A free FreshForex MasterCard is also provided.

Demo Account

If you are not yet confident in your abilities and want to try out your trading knowledge without spending personal funds, then a demo account from FreshForex is the best way to do this. The conditions for working on it are no different from real accounts; only there is no need to replenish the deposit.

You can open an account for training purposes right from the main page of the website, by default its deposit will be equal to 5 thousand virtual dollars. But you can change this figure to the amount you plan to start with on a real account; then, it will be easier to switch to actual trading.

Islamic Account

FreshForex offers a particular type of account known as Swap Free or Islamic Account. This account is designed for those who follow Islamic financing laws and want to trade without the accrual or write-off of swaps.

The Swap Free service is available for various trading accounts, including Classic, Market Pro, ECN, Classic.Cent, and Pro.Cent, but does not apply to CFDs on stocks and cryptocurrencies. The client can connect the service independently when opening an account, and for the rollover of open positions to the next day, a commission is charged instead of swaps.

The connection process is simple and convenient: open a trading account and select the "Swap Free" option. This allows traders to trade successfully while adhering to their religious beliefs without paying swap fees.

VPS Server

FreshForex offers its clients the opportunity to rent a VPS server, which can be particularly beneficial for those who use automated trading systems and want to ensure the continuous operation of their strategies. The broker offers a free 24-hour trial period so clients can appreciate the advantages of this service.

However, it should be noted that the broker's website does not specify the exact VPS parameters, such as the amount of RAM, processor, etc., which may be necessary for some traders.

VPS server rental rate table:

PeriodCostDiscount
24 hoursFreeTrial period
1 month10 USD-
3 months27 USD10%
6 months49 USD18%
12 months95 USD21%

These rates make the service affordable for various categories of traders, and the discounts for long-term rental make the offer even more attractive.

Commissions

Rating:2.2/5

Trading commissions at FreshForex are above average, but the absence of inactivity or deposit/withdrawal fees is an attractive aspect of this broker.

Trade Commission

On the ECN account at FreshForex, the commission is 0.003% per lot, which can be considered average in the market. However, for some major currency pairs, such as USDCHF, AUDUSD, and USDCAD, the commission increases to 0.0045% (which is above average). This can affect the overall cost of trading, especially for those who trade in large volumes.

Below is the commission per lot for the EURUSD pair at different Forex brokers:

BrokerIC MarketsRaw SpreadPepperstoneRazorFreshForexECNVantageRawRoboforexECN
Commission per lot$3.5$3.5$3.3$3$2.16

Spreads and Swaps

As for spreads and swaps, they are also above the average market level.

Below is a table of the average spread and swaps for major currency pairs for the Market Pro account.

AssetAverage spreadSwap longSwap short
AUDUSD2.3 pips-5.52 pips-1.01 pips
EURUSD1.8 pips-4.98 pips-2.16 pips
GBPUSD1.8 pips-5.06 pips-7.74 pips
NZDUSD2.6 pips-2.26 pips-1.91 pips
USDCAD2.7 pips-4.22 pips-6.71 pips
USDCHF2.3 pips3.78 pips-10.40 pips
USDJPY3.1 pips5.57 pips-31.23 pips

CashBack

FreshForex offers a unique "Cashback" service, which allows clients to insure their trades and earn additional profit. This service provides an opportunity to get a rebate of up to $20 on the spread, and clients can choose from one of three convenient schemes:

  • Love to take risks? Get a $20 rebate for each lot on losing trades.
  • Consistently making a profit on Forex? Get a $10 rebate for each lot on profitable trades.
  • Want everything at once? Get a $5 rebate for each lot on any closed trades.

The process of connecting to the service is simple. It includes opening an account and verifying personal data, connecting one of the accounts (Classic MT4, Classic MT5, or Market Pro MT4), choosing one of the three calculation schemes, and receiving rewards every week. This service can be attractive for traders seeking ways to minimize risks and increase profits.

Deposit and Withdrawal

Rating:5/5

The broker offers more than 20 of the most common methods of depositing and withdrawing funds; with instant account crediting, withdrawal requests are usually processed in no more than 10 minutes.

All deposits are made without commissions from the broker's side; they are only possible from the payment system's side.

Deposit Methods

Payment SystemCurrenciesDeposit FeeOperation Limit
NetellerNeteller
USDEURCNY
0%
from 30 USDfrom 30 EURfrom 300 CNY
WebMoneyWebMoney
USD
0%
from 1 USD
SkrillSkrill
USD
0%
from 30 USD
FasaPayFasaPay
USDIDR
0%
from 5 USDfrom 70000 IDR
AdvCashAdvCash
USDEURUAH
0%
from 1 USDfrom 1 EURfrom 30 UAH
Perfect MoneyPerfect Money
USDEUR
0%
from 1 USDfrom 1 EUR
VisaVisa
RUBKZT
0%
from 3500 RUBfrom 350 KZT
MastercardMastercard
RUBKZT
0%
from 3500 RUBfrom 350 KZT
МирМир
RUB
0%
from 3500 RUB
CryptocurrencyBlockchainDeposit FeeOperation Limit
Логотип BitcoinBTC (Bitcoin)BTC
0%
from 0.001 BTC
Логотип Bitcoin CashBCH (Bitcoin Cash)BCH
0%
from 0.05 BCH
Логотип LitecoinLTC (Litecoin)LTC
0%
from 0.2 LTC
Логотип TetherUSDT (Tether)ERC20
0%
from 10 USDT
Логотип TetherUSDT (Tether)TRC20
0%
from 20 USDT
Логотип EthereumETH (Ethereum)ERC20
0%
from 350 USD
Логотип RippleXRP (Ripple)XRP
0%
from 60 USD
Логотип DaiDAI (Dai)ERC20
0%
from 10 DAI
Логотип USD CoinUSDC (USD Coin)ERC20
0%
from 10 USDC
Логотип ZcashZEC (Zcash)ZEC
0%
from 100 USD

Withdrawal Methods

Payment SystemCurrenciesWithdrawal FeeOperation Limit
NetellerNeteller
USDEURCNY
2%
SkrillSkrill
USD
1%
WebMoneyWebMoney
USD
0.8%
AdvCashAdvCash
USDEURRUB
2%
FasaPayFasaPay
USDIDR
0.5%
Perfect MoneyPerfect Money
USDEUR
0.5%
VisaVisa
KZTRUB
3.5%+ 400 KZT
MastercardMastercard
KZTRUB
3.5%+ 400 KZT
CryptocurrencyBlockchainWithdrawal FeeOperation Limit
Логотип BitcoinBTC (Bitcoin)BTC
1%
Логотип TetherUSDT (Tether)ERC20
0.5%+ 20 USD
Логотип TetherUSDT (Tether)TRC20
0.5%+ 1 USD
Логотип EthereumETH (Ethereum)ERC20
0.1%
Логотип RippleXRP (Ripple)XRP
0.1%
Логотип ZcashZEC (Zcash)ZEC
0.1%
Логотип Bitcoin CashBCH (Bitcoin Cash)BCH
0.5%
Логотип LitecoinLTC (Litecoin)LTC
0.5%

Markets and Products

Rating:4/5

FreshForex offers a rather extensive range of trading instruments. However, the absence of soft commodities and the average number of CFDs compared to other brokers may limit opportunities for some traders.

What markets are available?

  • 52 currency pairs, including majors and exotics;
  • 13 CFDs on precious metals: XAU, XAG, XPD, and XPT;
  • 115 CFDs on US stocks and 7 CFDs on ETFs;
  • 12 CFDs on indices;
  • 3 CFDs on energy carriers;
  • 74 CFDs on cryptocurrencies.

Trading Platforms

Rating:4/5

Broker FreshForex offers its clients to work on the most straightforward and reliable trading platform, MetaTrader 4, or its more modern version, MetaTrader 5. Both terminals ensure the confidentiality of transactions and have a large arsenal of experts, indicators, scripts, unlimited charts, and drawing tools.

You can download the suitable version of MT4 or MT5 for free on the broker's website, where versions for PC, MacOS, iPhone, and Android are available.

Also, a web version of the MetaTrader 5 platform is available in the personal account.

Web MT5 trading platform in FreshForex
Web MT5 trading platform in FreshForex

Analytics

Rating:5/5

The broker provides its clients with the latest news in the financial sector, and the company's experts also post Forex analytics and their forecasts weekly on the website in the 'Fresh-forecast' section. Experts make Forex forecasts based on:

  • Murrey levels analysis;

  • trend potential determination;

  • fundamental analysis;

  • wave analysis;

  • options analysis;

  • margin level analysis.

Elliott Wave Analysis by FreshForex analysts
Elliott Wave Analysis by FreshForex analysts

All analysis methods are conveniently summarized on the page FreshForex market forecast for today. Thanks to this approach, any trader can form their trading plan for the upcoming day.

Fresh Forex Forecast for today
Fresh Forex Forecast for today

Also, in the analytical section of the website, you can familiarize yourself with the trading schedule, economic calendar, interest rates, and holiday calendar. There is also a calculator that will help traders calculate a pip's cost and the margin's size.

Overall, the analytics from FreshForex is truly "Fresh". The available analysis tools and free daily forecasts using various analysis methods can help a trader consistently earn on Forex.

Education

Rating:5/5

FreshForex has developed a unique training program that includes:

  • studying the basics of trading through a self-study guide;
  • free webinars;
  • consultations with company experts.

FreshForex clients can choose an educational course 'How to become a successful trader?' or 'Forex video lessons', and after completing them, receive an additional bonus to their account.

On the company's website, you can familiarize yourself with a list of recommended literature that will help a novice understand the basics of fundamental and technical analysis of Forex, acquire skills in capital management, and master the psychology of trading.

Also, a complete dictionary of Forex terms is available to everyone, which will be helpful at the initial stage of a trader's development.

FreshForex Education
FreshForex Education

FreshForex works well with beginners, which is commendable for the broker.

Customer Support

Rating:3.5/5

A FreshForex client can contact technical support 24/5 via phone, online chat, Skype, and email.

  • 8 800 333 88 08

  • info@freshforex.com

  • skype:freshforex

The variety of communication channels is impressive. It ensures convenience for different clients. However, reviews about the support are mixed. Some clients praise the team's professionalism, while others complain about insufficient assistance and lack of direct answers to questions. This indicates a possible inconsistency in service quality, which may cause specific issues for some clients.

FreshForex Pros and Cons

Advantages

  1. Reputation and experience: FreshForex has been in the market since 2004 and has established itself as a reliable and stable broker.

  2. Types of accounts: FreshForex offers various trading accounts for different categories of traders, including accounts with fixed spreads, floating spreads, and market execution.

  3. Education and analytics: the broker provides educational materials, analytics, and webinars for traders of different experience levels.

Disadvantages

  1. Lack of regulation by major financial organizations: FreshForex is not regulated by major and authoritative financial organizations such as the FCA (UK) or ASIC (Australia), which may raise particular concerns among potential clients.

  2. Absence of a mobile application: FreshForex does not offer its mobile application for trading, which can be inconvenient for traders who prefer to trade on the go. However, traders can use mobile versions of popular trading platforms such as MetaTrader 4 and MetaTrader 5.

  3. High trading commissions: spreads, swaps, and commissions on the ECN account are above average.

Conclusion

As a result of the review of the Forex broker FreshForex, it can be concluded that this company represents a decent option for traders of various levels of experience and preferences. Thanks to many years of experience in the market, reliable regulation, and favorable trading conditions, FreshForex remains one of the industry leaders.

We recommend that you familiarize yourself with the terms of service and offers of FreshForex on your own and make an informed decision about cooperation with this broker based on your requirements and preferences.

Visit FreshForexTrading CFDs carries high risks. You may lose all invested funds
Nikolay Zavarov - Author
Nikolay ZavarovAuthor

Nikolay is an experienced specialist in financial markets and co-founder of IamForexTrader. He has been successfully trading Forex since 2014 and has been actively involved in the cryptocurrency market since 2017.

He develops investment strategies adaptable to any level of experience and has been actively investing in stocks, bonds and ETFs since 2018.

Write a review about FreshForex:

Rating: