Our SuperForex Review
SuperForex is a forex and CFD broker that boasts of high-quality professional service, innovative technologies, and trading environments designed to make traders succeed. The broker provides its services to both retail, professional and institutional clients from over 150 countries across the world.
As a No Dealing Desk (NDD) broker, SuperForex has a working relationship with several liquidity providers which comprise the big commercial banks and financial institutions. Consequently, spreads are low and client orders are executed without requotes. All these are made possible through its Electronic Communications Network (ECN).
SuperForex was founded in 2013 and headquartered in Belize but has expanded to several countries around the world. Its excellent services have been severally recognized and honored with an award.
Pros
- Regulated by the IFSC, Belize
- Market News and analysis are provided
- Trader education in form of video lessons is available at no cost.
- Multiple account types and payment options.
- Social trading through Forex Copy.
- Minimum deposit of $1 and maximum leverage of 1:2000
Cons
- No service to clients from Ukraine and the USA.
- No crypto CFDs, bonds, and ETFs.
- MT4 is the only platform provided.
SuperForex Security and Regulation
SuperForex is operated by SuperFin Corp. which is licensed and regulated by the International Financial Services Commission (IFSC) of Belize.
As a regulated broker, SuperForex conforms to standards, stands; it is against money laundering, terrorism financing, and is also committed to the security of clients’ funds. A segregated funds policy has been implemented and all clients’ funds are used only for maintaining open positions and never used by the broker for its own operations. Also, SuperForex uses a secured socket layer (SSL) protocol to secure transactions and communications between its servers and clients’ workstations.
To further protect clients’ accounts, SuperForex also limits devices that can access a trader’s account. You can add your access devices to your cabinet and only those devices will be able to log into your accounts. Furthermore, in the cabinet, you can view a complete log-in history on your account.
SuperForex Trading Instruments
- 84 Forex pairs
- 8 metals
- 90 stocks
- Futures Energy 33
- Futures Agro 49
- Futures Metals 12
- Futures commodities 62
- Indices 21
Account opening
To open a live account, click the ‘open account’ button on the menu bar to display the agreement page. Accept the public offer agreement and click on ‘open account’ to display a 2-page form. Fill in your personal details, choose a password, etc and click ‘next’. On the second page, Choose account type, leverage, account currency, and click on ‘open account’.
Immediately, a ‘Registration successful’ message is displayed. It contains the client’s new account number as well as the details already entered. You are logged into the clients’ cabinet where you can complete verifications, make deposits, create more accounts, download the trading platform, etc.
SuperForex Deposit and Withdrawal methods
As a global broker, SuperForex supports various payment methods. However, the standard account currencies are USD, EUR, or GBP. For some countries, you can open an account in local currency. The minimum deposit is $1 allowing clients with a minimal budget to also trade the markets. Here are the payment options available:
Bank wire transfers
Clients can transfer funds to SuperForex bank accounts in various currencies. Generally, it takes 2-4 business days before the transfer becomes complete. But deposits in local currencies like IDR, MYR, THB, and VND are instant. No deposit commissions are charged but withdrawals are charged as follows; 3% + $35 for all currencies, ZAR withdrawals pay 1.4% to 3.8% while local currencies pay 3%.
Credit/Debit cards
Most popular cards can be used to fund and withdraw from SuperForex trading accounts. Card deposits are instant but withdrawals may take 1-3 hours. Withdrawal fees of 3% + $7 or 3% + €4 or 3% + 50 RUB are charged depending on the currency of the card account.
Electronic payments
Generally, making a payment via this option has no deposit commissions but withdrawals are charged as follows:
- Skrill: $1 if the withdrawal amount is less than $50 and 1.5% if more than $50.
- SticPay: 2.5% + $0.3 and it takes 2-4 hours to complete.
- PayCo: 0.1% is charged.
- Triv, FasaPay, and Perfect Money: commission of 0.5% is charged for each payment method. It normally takes 2-4 working hours for the withdrawal process to complete.
- Online Naira: 2% of the transaction amount charged in Nigerian Naira.
- iPay: 2% commission of amount in USD, KES, TZS, and UGX.
- Flutterwave: All currencies are accepted but the withdrawal fee is $5. It takes 2-4 days.
- Bitwallet: 4% is charged; the currencies accepted are JPY, USD, and EUR. Withdrawals may take up to 4 hours.
- AstroPay: 5% of the withdrawal amount in USD. It usually takes 2-4 days.
Cryptocurrencies
The accepted cryptos are BTC, LTC, DOGE, DASH, RDD, ZEC, BLK, and PPC. A commission of 5% is charged on withdrawals which take 1-3 hours. Deposits are instantly credited to the trader’s account and there are no charges.
Local currencies
Payment in local currencies may be cash deposit, local transfer, etc in MYR, IDR, NGN, KES, NAD, and IRR. Withdrawals take 3 hours max and maybe free or local bank charges apply. Deposits are instant and no fees are charged.
SuperForex money
Transfers can be made in USD, MYR, and IDR. Deposits are instant while withdrawals may take 1-3 days.
SuperForex Account types
All clients can open accounts in USD, EUR, and GBP. But if you wish to maintain your account in your local currency, then up to 23 local currencies are supported. SuperForex groups all its accounts into two namely; STP and ECN accounts. Let us explain each account group.
ECN accounts
These accounts are for professionals who wish to be connected directly to the forex market via the SuperForex ECN network. It features only floating spreads. Here are the ECN account types:
ECN Standard: The minimum deposit is $1 while the maximum leverage is 1: 1000. Forex Copy is only available ECN standard accounts out of all ECN accounts.
ECN Standard mini: It has the same features as ECN standard except that it is a mini account.
ECN Swap-Free: Just as the name implies, it does not incur swap fees but it has all the features of the ECN standard account.
ECN Swap-Free mini: this is the mini account version of the ECN swap-free account.
ECN Crypto: $100 is the minimum amount required to open the account while the maximum leverage is 1:10. A lot size is 10 BTC and USD is the only account currency allowed.
STP accounts
Spreads are fixed except for ‘No spread’ and ‘Profi STP’ accounts. Here are the STP account types:
Standard account: $1 is the minimum deposit while 1:1000 is the highest leverage allowed. Forex Copy is exclusively available to standard account holders out of all STP accounts.
Swap-Free: This account has similar features to the standard account except that rollover charges do not apply.
No spread: The minimum deposit is $100 and the account currency can only be USD, EUR, and GBP. Maximum leverage is 1:1000 and spread charges do not apply.
Micro cent: It has the same features as the standard account except that it is denominated in cents. 1 lot is 10 000 cents.
Profi STP: You need a deposit of $500 for opening this account type. The max leverage is 1:2000 and spread charges do not apply. Crypto: The max leverage is 1:10, USD is the only account currency and a minimum of $100 is needed to open a Crypto account. One lot is 10 BTC.
SuperForex Demo account
SuperForex allows you to open a demo account at will. Demo accounts only simulate the trading environment and so, it is apt for practice and testing out strategies.
SuperForex Trading Platform
SuperForex believes that the MetaTrader 4 (MT4) is the most reliable trading platform that is fast, accurate, and the preferred choice by professionals. So, the broker has chosen to offer the MT4 to all its traders. The platform is available for download on a Windows PC or Android and iOS mobile apps. Here is a brief summary of some of the features of the MT4:
- The physical interface, charts, and windows are fully customizable.
- Multiple order types including pending orders and risk management orders such as stop loss and take profit.
- Comprehensive charting on 9 timeframes.
- Technical analysis tools such as graphic objects and technical indicators.
- Automated trading using Expert Advisors (EAs) which can be coded with the MQL4 programming language that comes with the application.
SuperForex Mobile App
SuperForex developed a mobile app for its clients’ area known as cabinet. With this app, a trader can open a demo or real account, track all assets’ quotes in real-time, make deposits and initiate withdrawal requests, receive trading signals, follow economic news and analytics.
Education videos
There are over 20 video lessons on forex trading, technical analysis, indicators, stocks trading, Gold, and indices trading. The video lessons are arranged in order from lesson 1 to lesson 8.2 excluding lessons on Stocks, Gold, etc. Each of the videos is animated, loud, clear, and typically less than 4 minutes.
Training centres
SuperForex has physical training centers in Nigeria, Kenya, Tanzania, and Malaysia. Representatives anchor the training in these centers. Prospective clients and traders are encouraged to visit the nearest centers for seminars.
Glossary
Over 200 forex-related terminologies are defined in this section of the website.
Pattern Graphix
SuperForex clients are offered an Expert Advisor (EA) software known as Pattern Graphix. It is a forex trading indicator that scans the charts, identifies important trading opportunities but allows the trader to make the decision of opening or closing trades. Pattern Graphix can be downloaded from the SuperForex website at no cost.
Forex Copy
This is a social trading service where you can register as a follower or a Master. Followers are traders who wish to copy the trades of Masters at a fee. In any case, just open a real account and complete the Forex Copy registration form to subscribe to this service. Forex Copy maintains a list of Masters showing their traded lots, profits, and balance. Registered followers check the Masters’ list and select a Master whose trades he wishes to copy. The Master places his trades and receives a 20% commission on profits or $10 daily commission when the follower makes a profit.
Customer Support
Generally, SuperForex office hours are from 7:00 am to 5:00 pm (GMT +0) Mondays to Fridays. SuperForex has a frequently asked questions (FAQs) page on the website. You can reach the support team on their Hotline at +44 2045771579. Another fast way of getting support is through instant webchat on the website, Skype, Telegram, WeChat, or WhatsApp. Email support is also available via [email protected]. You can also schedule a ‘call back’ on the website by filling the form. A SuperForex manager will call you at the time you scheduled the call.
On social media, you can reach the team on Instagram, Facebook, YouTube, Twitter, Linked In, and Pinterest.
Gold Rush
This is a continuous demo contest in which each round lasts for about 3 weeks. To participate, you must register within the first five days of the new round and a new funded demo account will be given to you. At the end of the round, three accounts that have the biggest balance will win $100, $50, and $30 accordingly.
BitcoinMania
Each round of this demo contest runs for two weeks. Once you register, a new demo account is given to you but it will expire with the contest. Contestants will only trade the BTC asset on the trading platform. The winner gets $100 in his real trading account.
Brilliant Forex contest
All clients can participate in this contest by downloading the SuperForex mobile app from the Google Play Store, funding the account and receiving a trading bonus of up to $500, and finally, reviewing the mobile app or rating it on Google Play. The contest will run for six months and a winner will be selected at random. The reward is brilliant.
Research
SuperForex has an ‘Analytics and Economic news’ webpage which has the following sections:
Economic news: A market overview is presented every day and published on the website and apps. Traders are informed of the economic releases, political and financial news from around the world.
Technical analysis: This is updated by the broker’s analysts in form of written articles with illustrations. It is updated daily with a focus on the major forex pairs.
Fundamental analysis: The focus of this section is on the major pairs but it is not updated regularly.
Video analysis: SuperForex analysts upload analysis videos on YouTube and the website. You will hear the analyst’s voice and explanations but will only see the MT4 chart and watch as he uses technical analysis tools to analyze the chart of a selected forex pair. The videos are short and precise.
Weekly Review: Though not regularly updated, this section aims to present a review of major events that happened within the week. It is presented as a video with music while the trader reads the news highlights on the screen.
SuperForex Special offers
Account Packages
These are specially designed by SuperForex professionals to help new clients to start trading. Each account package comes with 3 sets of accounts, low spreads, and extended deposit protection. You can sign up for a package by filling the form; the package becomes active once you make the required deposits. The packages are as follows:
- Learner: Minimum deposit is $25 and comes with Micro cent and two standard STP accounts of leverage 1:100 and 1:1000
- Trader: The deposit required is at least $125 and features ECN standard mini account and 2 standard accounts with leverage 1:100 and 1:1000.
- Pro: minimum deposit is $550 with No spread account, Standard STP, and ECN standard account types.
- Investor: $1,500 is the minimum deposit and it comes with ECN standard account, Crypto account, and Profi-STP account.
Membership Club
Anyone can join the SuperForex membership club by opening a live account, making a minimum deposit of $100, and then completing the membership form. If you join the club, you will enjoy lower spreads, a 100% welcome bonus, 24/7 support, and an invitation to join a Facebook group where signals and analysis are posted.
Welcome bonus
Once you indicate interest by applying for the bonus, make a new deposit and 40% of the amount will be credited into your account. If you make a second deposit, a 45% bonus will be credited and 50% on the third deposit.
202% Hot Bonus
With a minimum of $100 deposit, real account holders can apply for the 202% hot bonus. It is best for large-volume traders.
60% Energy Bonus
Once you activate the 60% energy bonus from the clients’ cabinet, you will receive an additional 60% of your deposit amount for every deposit made. It is continuous and can be activated on real accounts even if the account is not verified.
Easy deposit bonus
This bonus is open to only USD accounts with a maximum leverage of 1:1000. You can activate this bonus from the clients’ cabinet. Then, make a deposit of $1 or more to receive a bonus of up to 2021% of the amount deposited. A deposit of $10 can be boosted up to $100 and over $11 can get up to $505. Generally, the bonus is capped at about $500.
Dynamic bonus
This bonus can be used for trading and can also be withdrawn. The more you trade, the more you unlock amounts that can be withdrawn up to $250. The deposit bonus is as follows:
- $100 – $500 gets a bonus of 20%
- $501 – $1500 gets a bonus of 15%
- $1501 to $3000 gets a bonus of 10%
- Over$3,000 gets a bonus of 25%.
No deposit bonus
Designed for newbies who wish to try SuperForex services without committing funds, the No deposit bonus is available for everyone. Just open and verify a live account and apply for the bonus. $50 will be credited to your trading account. You may also receive the bonus as a second deposit after making the first deposit of $10.
Summary
SuperForex is a global forex and CFD broker that has won industry awards. It is regulated by the IFSC in Belize and complies with all rules made by the regulatory authority. Trading is via the popular MT4 platform. Clients are provided with multiple account types and several payment options including local transfers. Only $1 is required to commence trading.
SuperForex also provides market news, analysis, and trading education to assist its clients. Also, traders are provided with multiple bonuses and contests.
However, IFSC Belize is classified as an offshore regulation which is generally regarded as not good enough when compared to the standards in Europe such as FCA or CySEC. Conclusively, SuperForex is a well-established broker with an expanding network of branches, multiple choices for traders, and affordable trading capital.
This is my broker! Glad to work with them. Please work on your clients area and it will be 5 stars. Overall it’s a good service.
SuperForex has developed a lot in the recent years. I’m quite satisfied with the level of service that comes today.
I opened an account through an affiliate platform that promotes cashack from the spread on 14.07.2021, choosing SuperForex and thanks to the HOTBONUS 202 offer. I deposited 250 usd and I applied for this bonus being very happy to be able to trade with a higher margin. I admit that I did not understand very well Article 9 of the 202.0% HOT Bonus Agreement, believing that all the profit over the deposit + hot bonus can be withdrawn. But I was sorely mistaken because in the terms and conditions it is an article that says that Martingale cannot be used and usually no one reads these terms as I did but what bothered me is that they let me trade four on Monday and when I wanted to withdraw part of the profit, they also confiscated my initial deposit. Later I checked the terms and conditions of other brokers and I did not find this perverse provision that is put precisely to confiscate your money and even casinos do not have this restriction. Following the discussion on customer support chat I was told the following – In case of a decision to impose such a restriction, the company will notify the client by the e-mail specified upon registration at least one day before the appropriate restrictions for the client account is implemented- and I wonder why they let me trade for four months when they tried to withdraw some of the profit and confiscated all my money. So in conclusion it is not an honest broker and you have to be careful to read the terms and conditions so as not to fall into the trap of brokers like SuperForex.