Forexee
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Pros and Cons
- Regulated by top-tier authorities
- Low spreads
- Wide range of trading instruments
- Excellent customer support
- Advanced trading tools
- Multiple payment methods
- Strong educational resources
- High minimum deposit
- Limited proprietary platform options
- No ZuluTrade support
Overview of Forexee for African Traders
Forexee is a well-regarded forex and CFD broker offering services that cater to a diverse range of traders, particularly those in emerging markets like Africa.
This broker provides multiple account options, a wide array of tradable assets, and user-friendly trading platforms designed for different levels of expertise.
Known for its competitive pricing structure and flexibility, Forexee appeals to beginners and experienced traders alike, making it a viable choice in the African market.
The African trading landscape has evolved significantly, with increased internet access and smartphone penetration driving interest in forex and cryptocurrency trading.
Forexee has positioned itself to support this growing market, offering trading tools and services that align with the unique needs of African traders, including low-cost account options and support for local payment methods.
Forexee Account Types: A Detailed Comparison
Forexee offers four main account types to cater to different trading styles and experience levels.
Each account type comes with distinct features and pricing models, allowing traders to choose one that best suits their strategies and financial goals.
These account types are designed to cover a wide range of trading needs, from entry-level options with minimal costs to advanced accounts with tighter spreads and lower trading fees.
1. Standard Account
The Standard account at Forexee is geared towards new traders who want a straightforward entry into the world of forex trading.
This account type features fixed spreads, which makes it easier to calculate trading costs and manage budgets.
The Standard account requires a relatively low minimum deposit, making it accessible for beginners or traders with limited capital.
- Minimum Deposit: $10
- Spreads: Fixed, starting from 1 pip
- Leverage: Up to 1:500
- Commission: None
- Ideal For: New traders and those who prefer predictable, fixed costs
2. ECN Account
The ECN (Electronic Communication Network) account is designed for traders who require direct market access and are looking for the tightest spreads available.
This account type is typically preferred by high-frequency and professional traders who employ spread-sensitive strategies, such as scalping.
While the ECN account charges a per-trade commission, it offers spreads starting from 0 pips, which can significantly lower trading costs for active traders.
- Minimum Deposit: $200
- Spreads: Variable, starting from 0 pips
- Leverage: Up to 1:500
- Commission: $5 per lot
- Ideal For: Experienced traders and high-frequency traders looking for cost-efficient trading
3. STP Account
The STP (Straight Through Processing) account provides direct market pricing without commission fees.
This account type is ideal for intermediate traders who prefer flexible trading costs without the burden of additional commissions.
The STP account provides variable spreads that fluctuate based on market conditions, offering a balance between cost-efficiency and trading flexibility.
- Minimum Deposit: $10
- Spreads: Variable, starting from 1 pip
- Leverage: Up to 1:500
- Commission: None
- Ideal For: Intermediate traders looking for direct market access without added commission costs
4. Crypto Account
The Crypto account is specifically tailored for traders interested in digital currencies.
As the popularity of cryptocurrency trading grows in Africa, Forexee has developed an account type that allows direct access to popular cryptocurrencies with competitive fees.
This account charges a 0.2% commission per transaction, which is standard for crypto-focused accounts, and offers leverage suitable for volatile crypto markets.
- Minimum Deposit: $50
- Spreads: Variable, specific to crypto markets
- Leverage: Up to 1:5
- Commission: 0.2% per transaction
- Ideal For: Traders focused on cryptocurrency markets, particularly those seeking short-term gains
Forexee Account Type Comparison Table
This table provides a side-by-side comparison of Forexee’s account types, highlighting key features like spreads, leverage, commission, and minimum deposit requirements.
African traders can use this table to make an informed decision based on their specific needs.
| Account Type | Minimum Deposit | Spreads | Leverage | Commission | Best Suited For |
|---|---|---|---|---|---|
| Standard | $10 | Fixed, from 1 pip | Up to 1:500 | None | New traders and low-frequency traders |
| ECN | $200 | Variable, from 0 pips | Up to 1:500 | $5 per lot | Professional traders and high-frequency traders |
| STP | $10 | Variable, from 1 pip | Up to 1:500 | None | Intermediate traders |
| Crypto | $50 | Crypto-specific | Up to 1:5 | 0.2% per transaction | Cryptocurrency traders |
Forexee’s Trading Platforms
Forexee supports MetaTrader 4 (MT4) and MetaTrader 5 (MT5), two of the most widely used trading platforms in the world.
Both platforms are well-suited for African traders, providing essential features and tools for forex and CFD trading.
While MT4 caters more to forex traders, MT5 is suitable for multi-asset traders who may want to diversify their portfolios with stocks, commodities, and other instruments.
MetaTrader 4 (MT4)
MT4 is known for its simplicity and effectiveness, making it an excellent choice for traders who are new to the market.
With over 30 technical indicators, customizable charts, and the ability to use Expert Advisors (EAs) for automated trading, MT4 provides a strong foundation for traders of all levels.
- Features: Over 30 built-in technical indicators, customizable charting, multiple order types, and support for automated trading with EAs.
- Ideal For: Beginners and forex-focused traders who need a straightforward trading platform.
MetaTrader 5 (MT5)
MT5 is a more advanced version of MT4, offering additional features such as an economic calendar, advanced order types, and support for multi-asset trading.
MT5 is suitable for African traders looking for deeper analytical tools and the ability to trade a broader range of markets.
- Features: Extended timeframes, advanced technical analysis tools, integrated economic calendar, and support for multi-asset trading.
- Ideal For: Intermediate and experienced traders who require advanced tools and multi-asset trading capabilities.
Fees and Costs at Forexee
Forexee employs a competitive pricing model, with different structures depending on the account type chosen.
For example, the Standard and STP accounts are commission-free, with costs incorporated into the spreads.
In contrast, the ECN and Crypto accounts operate on a commission-based model with tighter spreads, making them suitable for traders who prioritize cost-efficiency.
Spread and Commission Structure
The spread and commission structure varies by account type:
- Standard Account: Fixed spreads starting from 1 pip, no commission.
- ECN Account: Variable spreads from 0 pips, $5 per lot commission.
- STP Account: Variable spreads from 1 pip, no commission.
- Crypto Account: Variable crypto-specific spreads, 0.2% commission per transaction.
Payment Options for African Traders
Forexee offers a wide range of deposit and withdrawal options, including credit/debit cards, bank transfers, e-wallets, and cryptocurrencies.
These options are particularly beneficial for African traders, as they offer flexibility and accessibility, catering to local payment preferences.
Supported Payment Methods
- Credit/Debit Cards: Visa and MasterCard, with immediate processing for deposits.
- Bank Transfers: Local and international bank transfers.
- e-Wallets: Skrill, Neteller, and others.
- Cryptocurrency Payments: Bitcoin and other major cryptocurrencies.
Forexee’s Trading Instruments and Market Access
Forexee provides a comprehensive range of trading instruments, including forex, commodities, cryptocurrencies, indices, and CFDs.
This variety allows African traders to diversify their portfolios and access global markets across various asset classes.
By offering a multi-asset environment, Forexee meets the needs of both beginner and advanced traders looking to explore different market opportunities.
Forex Trading
Forexee’s primary focus is forex trading, offering a wide selection of currency pairs from major, minor, and exotic categories.
African traders can trade popular pairs like EUR/USD and USD/ZAR with competitive spreads and leverage options that provide flexibility for both short-term and long-term strategies.
With leverage up to 1:500, Forexee enables traders to maximize their market exposure, though it also requires prudent risk management.
- Currency Pairs: 40+ major, minor, and exotic pairs
- Leverage: Up to 1:500 for forex accounts
- Spreads: Competitive variable spreads depending on account type
Commodity Trading
Forexee also provides access to commodities, allowing traders to diversify with physical assets like gold, silver, oil, and natural gas.
Commodities are valued for their role as safe-haven assets, especially during periods of economic volatility.
This asset class offers African traders a way to hedge against inflation and economic instability.
- Available Commodities: Precious metals (gold, silver), energy commodities (crude oil, natural gas)
- Leverage: Up to 1:200 on certain commodities
- Best For: Traders seeking portfolio diversification and inflation protection
Cryptocurrency Trading
As digital currencies gain traction in Africa, Forexee’s crypto trading options provide traders access to popular cryptocurrencies, including Bitcoin, Ethereum, and Ripple.
Cryptocurrency trading on Forexee is available through a dedicated crypto account, enabling traders to capitalize on market volatility and potentially high returns.
However, the high-risk nature of cryptocurrencies requires a disciplined approach to risk management.
- Supported Cryptocurrencies: Bitcoin, Ethereum, Ripple, and others
- Leverage: Up to 1:5 on crypto assets
- Commission: 0.2% per transaction
Index Trading
Forexee offers a variety of global indices, allowing traders to speculate on the broader market performance of major economies.
Index trading provides African traders exposure to multiple sectors through a single asset, such as the S&P 500, NASDAQ, or FTSE 100.
This type of trading is popular for its ability to reflect overall economic sentiment and is often less volatile than individual stocks.
- Available Indices: Major indices from North America, Europe, and Asia
- Leverage: Up to 1:200 for index CFDs
- Spreads: Competitive, varying by index and account type
Forexee’s Educational Resources and Support for African Traders
Forexee places a strong emphasis on educating traders, which is particularly beneficial for African markets where forex knowledge may still be developing.
Educational resources cover basic to advanced topics, supporting traders through each stage of their journey.
By providing accessible, easy-to-understand materials, Forexee empowers African traders to make informed decisions and improve their trading skills.
Forexee Academy
The Forexee Academy offers comprehensive educational materials that cover fundamental and technical analysis, risk management, and trading strategies.
Courses are designed to help beginners understand the basics, while intermediate and advanced resources cater to traders seeking to refine their strategies.
- Topics Covered: Forex basics, technical analysis, risk management, trading psychology
- Format: Webinars, video tutorials, and articles
- Best For: Traders looking to build a strong foundation and expand their skill set
Webinars and Live Sessions
Forexee regularly hosts webinars and live trading sessions where experienced traders and market analysts share insights and strategies.
These interactive sessions allow African traders to ask questions in real-time, gaining practical knowledge applicable to live markets.
- Frequency: Weekly and monthly sessions covering various topics
- Content: Market analysis, trading strategies, Q&A sessions
- Ideal For: Traders who prefer interactive learning and market insights
Market Analysis and Insights
Forexee provides regular market analysis reports, including daily news, technical outlooks, and economic event coverage.
This information is valuable for African traders who rely on timely data to make informed trading decisions.
By keeping traders updated on market movements and economic indicators, Forexee helps clients remain prepared for potential trading opportunities.
Customer Support and Service Quality
Customer support is a key component of Forexee’s service, as reliable support is essential for traders managing live accounts and navigating complex platforms.
Forexee provides 24/5 support through multiple channels, including live chat, email, and phone, ensuring traders can access help when they need it.
Support Channels and Availability
- Live Chat: Immediate assistance for quick inquiries
- Email Support: For detailed questions, Forexee’s email support is prompt and efficient.
- Phone Support: Direct support for complex issues, available during trading hours
Languages Supported
Forexee offers multilingual support, a crucial aspect for the diverse African market.
Traders can communicate in English and several other languages, making the process more convenient for non-English speakers.
Forexee Security and Regulatory Measures
Security and regulatory adherence are central concerns for any broker, particularly in emerging markets.
While Forexee may not hold top-tier regulatory licenses, it implements stringent security protocols to protect traders’ funds and personal information.
The broker complies with anti-money laundering (AML) and know your customer (KYC) regulations, ensuring it operates in a transparent and secure manner.
Data Security Protocols
- Encryption: Advanced encryption techniques protect all sensitive data.
- Two-Factor Authentication (2FA): Optional 2FA adds an extra layer of security for account access.
- Segregated Accounts: Client funds are stored separately from company funds, ensuring fund safety.
Final Thoughts: Is Forexee a Good Choice for African Traders?
Forexee is a compelling choice for African traders due to its diverse account types, competitive pricing, and flexible trading platforms.
With a focus on accessibility, education, and customer support, Forexee positions itself as a reliable broker for both new and experienced traders.
Although it may not hold top-tier regulatory licenses, the broker’s adherence to security protocols and transparent operations offers reassurance.
Overall, Forexee provides a balanced trading environment that aligns with the needs of African traders.
From affordable entry-level accounts to advanced trading options, Forexee allows traders of all levels to participate in the forex market and explore trading opportunities globally.
Visit Forexee Official Website
Forexee Comparison Table with Leading Brokers
This comparison table presents a detailed overview of Forexee’s core offerings in comparison to other leading brokers.
Factors such as minimum deposit, available platforms, regulatory status, leverage options, and payment methods are essential to consider for traders seeking flexibility, accessibility, and security in their trading activities.
| Broker | Demo Account | Minimum Deposit | Regulators | Platforms | Leverage | Payment Methods | Visit |
|---|---|---|---|---|---|---|---|
| Forexee | Yes | $10 | Unregulated | MT4, MT5 | 1:500 | 10 | Visit Forexee |
| xChief | Yes | $100 | Unregulated | MT4 | 1:1000 | 5 | Visit xChief |
| JustMarkets | Yes | $1 | FSA | MT4, MT5 | 1:3000 | 15 | Visit JustMarkets |
| XM | Yes | $5 | ASIC, CySEC, IFSC | MT4, MT5 | 1:888 | 11 | Visit XM |
| FBS | Yes | $1 | IFSC, CySEC | MT4, MT5 | 1:3000 | 9 | Visit FBS |
| RoboForex | Yes | $10 | IFSC | MT4, MT5, cTrader | 1:2000 | 20 | Visit RoboForex |
| XTB | Yes | $0 | FCA, CySEC, KNF | xStation 5 | 1:500 | 8 | Visit XTB |
| Exness | Yes | $1 | FCA, CySEC | MT4, MT5 | Unlimited | 35 | Visit Exness |
| IC Markets | Yes | $200 | ASIC, CySEC, FSA | MT4, MT5, cTrader | 1:500 | 14 | Visit IC Markets |
| eToro | Yes | $50 | FCA, ASIC, CySEC | eToro Platform | 1:30 | 15 | Visit eToro |
| IQ Option | Yes | $10 | CySEC | IQ Option Platform | 1:500 | 10 | Visit IQ Option |
| LiteFinance | Yes | $50 | CySEC | MT4, MT5 | 1:500 | 8 | Visit LiteFinance |
| FxPro | Yes | $100 | FCA, CySEC, FSCA | MT4, MT5, cTrader | 1:200 | 10 | Visit FxPro |
| EasyMarkets | Yes | $25 | ASIC, CySEC | MT4, EasyMarkets Web | 1:400 | 5 | Visit EasyMarkets |
| Deriv | Yes | $5 | MFSA | MT5, Deriv Platform | 1:1000 | 5 | Visit Deriv |
| Amarkets | Yes | $100 | FSC | MT4, MT5 | 1:1000 | 7 | Visit Amarkets |
| Pepperstone | Yes | $0 | FCA, ASIC, DFSA | MT4, MT5, cTrader | 1:500 | 12 | Visit Pepperstone |
Forexee Trading Instruments and Markets
This table provides a side-by-side comparison of Forexee’s instrument offerings compared to other brokers.
By focusing on available markets like Forex, Stocks, Commodities, and Cryptocurrencies, traders can evaluate which platforms offer the widest array of options.
| Broker | CFD | Forex | Stocks | Commodities | Crypto | Metals | ETFs |
|---|---|---|---|---|---|---|---|
| Forexee | Yes | Yes | Yes | Yes | Yes | Yes | No |
| xChief | Yes | Yes | No | Yes | Yes | Yes | No |
| JustMarkets | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| XM | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| FBS | Yes | Yes | Yes | Yes | Yes | Yes | No |
| RoboForex | Yes | Yes | Yes | Yes | Yes | Yes | No |
| XTB | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Exness | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| IC Markets | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| IQ Option | Yes | Yes | No | Yes | Yes | No | No |
User Reviews and Opinions
Frequently Asked Questions
What is the minimum deposit for Forexee?
The minimum deposit for Forexee is 10 USD.
Is Forexee regulated?
Yes, Forexee is regulated by the Financial Services Authority (FSA) in Seychelles.
What trading platforms does Forexee offer?
Forexee offers the MT4, MT5, and WebTrader platforms.
Does Forexee offer a demo account?
Yes, Forexee offers a demo account for practice trading.
What payment methods are accepted by Forexee?
Forexee accepts local African payment methods such as M-Pesa, as well as mainstream methods like credit/debit cards, bank transfers, Skrill, and Neteller.
Does Forexee offer Islamic accounts?
Yes, Forexee offers Islamic accounts.
What is the leverage offered by Forexee?
Forexee offers leverage up to 1:500.
Are there any deposit or withdrawal fees with Forexee?
Forexee does not charge deposit fees, but there are withdrawal fees.
Does Forexee provide educational resources?
Yes, Forexee provides webinars, eBooks, video tutorials, and articles for educational purposes.
Is there customer support available 24/7?
Yes, Forexee offers 24/7 customer support through live chat, email, and phone.
Resources
Get To Know Our Team
The following team members have contributed to writing, editing , reviewing, and verifying the information in this article:
Arnold K.
Arnold is a financial journalist specializing in Forex and brokers. With a Bachelor of Science in Graphic Communication & Advertising, he blends creativity and analytical insight in his work. Arnold is known for his detailed analyses of forex markets and broker performance, emphasizing strategic decision-making in trading. His writing, featured on many platforms, aims to educate readers on navigating forex complexities. Passionate about technology and continuous learning, Arnold remains a trusted voice in the financial sector.
Oluwapelumi A.
Oluwapelumi A. is a financial journalist specializing in brokers and cryptocurrency. He holds a Higher National Diploma from The Polytechnic, Ibadan. As an independent journalist, his work has been published on premier broker sites, providing insightful analyses on broker performance and market trends. His investing style focuses on dollar-cost averaging, and his expertise includes Bitcoin, Ethereum, Cardano, and Algorand. A firm believer in the transformative power of Bitcoin and blockchain, Oluwapelumi shares knowledge on how these technologies can shape the future financial system. Outside of writing, he enjoys meeting new people and exploring new experiences.
Adetola F.
Adetola is a financial journalist and market analyst. He holds a B.Sc. in Educational Media and Technology from the University of Ilorin. Specializing in swing and position trading, Adetola has expertise in currencies, cryptocurrencies, gold, and stocks. Known for his consistent performance and extensive experience, he has trained numerous successful students worldwide. Adetola frequently publishes articles, educational videos, and live market reviews to help others navigate the complexities of financial markets.
Updated as of: March 4, 2025