ForexTotal is an online forex and CFD broker that offers trading services for a variety of financial instruments, including currencies, commodities, and indices. The company was founded in 2018 and is headquartered in Saint Vincent and the Grenadines. In this article, we will review the key features of ForexTotal and explore its advantages and disadvantages.
Features of ForexTotal:
Trading Platform: ForexTotal offers its clients the popular MetaTrader 4 (MT4) trading platform, which is available for desktop and mobile devices. The MT4 platform is known for its user-friendly interface and advanced charting tools, making it a popular choice among traders.
Account Types: ForexTotal offers three account types, including Standard, Gold, and Platinum. The Standard account requires a minimum deposit of $250, while the Gold and Platinum accounts require minimum deposits of $10,000 and $50,000, respectively. Each account type comes with different features, such as leverage, spreads, and trading tools.
Trading Instruments: ForexTotal offers trading services for over 300 financial instruments, including major, minor, and exotic currency pairs, commodities, and indices. This provides traders with a wide range of options to choose from and the ability to diversify their portfolios.
Leverage: ForexTotal offers leverage of up to 1:500 for its clients, which allows traders to increase their trading power and potential profits. However, it is important to note that high leverage can also increase the risk of losses.
Customer Support: ForexTotal provides customer support 24/7 through email and live chat. The company also has a comprehensive FAQ section on its website, which can help traders find answers to common questions.
Advantages of ForexTotal:
Range of Trading Instruments: ForexTotal offers a wide range of trading instruments, including forex, commodities, and indices. This provides traders with the opportunity to diversify their portfolios and take advantage of different market conditions.
User-Friendly Trading Platform: ForexTotal uses the popular MT4 trading platform. Which is known for its user-friendly interface and advanced charting tools. This makes it easy for traders to analyze market data and execute trades.
Competitive Spreads: ForexTotal offers competitive spreads for its clients, which can help traders save on trading costs and potentially increase profits.
High Leverage: ForexTotal offers high leverage of up to 1:500, which can provide traders with increased trading power and potential profits.
Comprehensive Education and Training: ForexTotal offers comprehensive education and training resources for its clients, including video tutorials, webinars, and eBooks. This can help traders improve their skills and knowledge, and ultimately become more successful in their trading activities.
Disadvantages of ForexTotal:
Limited Regulatory Oversight: ForexTotal is registered in Saint Vincent and the Grenadines, which is not a major financial regulatory jurisdiction. This means that the company is not subject to the same level of oversight as brokers registered in more established jurisdictions such as the US, UK, or Australia.
Limited Account Types: ForexTotal offers only three account types, which may not be suitable for traders with different needs and preferences.
Limited Deposit and Withdrawal Options: ForexTotal offers limited options for deposit and withdrawal, including bank wire transfer, credit/debit card, and e-wallets such as Skrill and Neteller. This may not be convenient for some traders who prefer other payment methods.
Lack of Trading Tools: ForexTotal does not offer a wide range of trading tools or add-ons. Which may be a disadvantage for traders who rely on these tools to analyze market data. And make informed trading decisions.
No Guaranteed Stop-Loss: ForexTotal does not offer guaranteed stop-loss orders. Which can protect traders from significant losses in the event of adverse market movements. This can be a disadvantage for traders who prioritize risk management and want to limit their potential losses.
Limited Customer Support Options:. While ForexTotal offers customer support 24/7 through email and live chat, it does not offer phone support. Which may be a disadvantage for some traders who prefer to speak directly with a customer support representative.Limited Research and Analysis:,
. ForexTotal does not offer a comprehensive range of research and analysis tools, such as economic calendars or market insights. This may be a disadvantage for traders who rely on this information to make informed trading decisions.
Overall, ForexTotal is a relatively new online forex and CFD broker that offers a range of financial instruments and the popular MT4 trading platform. While the company offers competitive spreads and high leverage, it is important to note that it registered in a jurisdiction with limited regulatory oversight and offers limited account types and deposit/withdrawal options. Additionally, the lack of guaranteed stop-loss orders and comprehensive trading tools and research may be a disadvantage for some traders. As with any broker, it is important to conduct thorough research and due diligence before opening an account and investing funds.