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Baron Forex Review

Baron Forex, is an offshore forex broker that is regulated by the IFSC in Belize. Being based offshore can bring with it some advantages to forex traders, but at the same time can be risky due to lax (or non-existant) regulation standards in many offshore jurisdictions, as well as limited legal recourse in case a dispute arises. Baron Forex is no exception to this.

Offering Mini accounts from $300 on the industry standard Metatrader 4 (MT4) platform, Baron Forex caters to a large audience of discretionary and system traders alike, priding itself mostly on a very efficient dealing desk that executes orders through the MT4 platform or over the phone quickly and easily. This is an important feature for those traders who travel frequently, or who do not have access to a highly stable internet connection.

Baron Forex also offers traders exceptionally low fixed spreads, at 2 pips on EUR/USD and 3 pips USD/JPY. Most brokers with variable spreads have the same or higher spreads as their "target spreads", meaning they often widen. At Baron Forex, these spreads are fixed, meaning they do not widen during news or other low liquidity situations. Furthermore, your transaction costs are further reduced with a $50 rebate for every 10 lots traded round turn, as well as other bonuses.

Coupled with the fact that Baron Forex allows you to trade any style you wish, including scalping, and they guarantee stop loss orders against slippage, the overall trading conditions are very enticing. In fact, they may make you wonder how they can accomplish this without taking on undue market risk.

All in all, Baron Forex provides decent trading conditions and good incentives, however, considering the lack of regulation and possible abuse of prices to mitigate the risk of offering both fixed spreads AND guaranteed execution, we would not recommend trading with this broker.

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Subjective Ratings

Charting: Four and Half star Charting Rating
Execution: Three star Execution Rating
User-friendliness: Four and Half star User-friendliness Rating
Customer support: Five star Customer Support Rating
Transaction costs (spreads): Four and Half star Transaction Costs (spreads) Rating
Rollover interest rates: Three star Rollover interest rates Rating
Withdrawal processing: Three and Half star Withdrawal processing Rating
Platform Functionality: Four star Platform Functionality Rating
Platform Reliability: Four star Platform Reliability Rating
Average rating: Four star Average Rating

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Business Details

Broker Headquarters: Belize City, Belize
Regulated By: IFSC (Belize) No. 6012909
Client Account Segregation: Marfin Popular Bank, Cyprus or Standard Chartered Bank, UAE
Collect Taxes on Earnings: No
Accept US traders?:
Main liquidity providers: Several major banks in Switzerland and the UK
Broker Capital as of 10-2009 Unknown
Also has offices in: New York, Toronto, Cyprus
Registered Business Name: BFX Capital Inc.
In business since year: 2008
Deposit/Withdrawal methods:
MethodDeposit FeeWithdrawal Fee
Credit Card $0 $0-$50 depending on
Wire Transfer $0 $0-$50 depending on

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Trading Conditions

Browser platform: None
Downloadable platform: Baron Forex Metatrader 4 (MT4)
Mobile platform: None
Phone dealing: Yes
No Dealing Desk Execution: Not available
Fixed spreads: Yes
Guaranteed stop losses? Yes, stop loss orders are guaranteed against slippage
Hedging capability: Yes, clients can hold both long and short positions in the same currency pair at the same time.
Trading Hours: Sunday 5:00 PM New York time until Friday 4:30 PM New York time
Timezone GMT datafeed
Scalping allowed: Yes, traders are free to practice any trading style.
Account currencies available: CAD, EUR, USD
Platform languages: Arabic, Bulgarian, Chinese, Dutch, English, Estonian, Farsi, French, German, Greek, Hebrew, Hungarian, Italian, Japanese, Korean, Lithuanian, Polish, Portuguese, Russian, Serbian, Simplified Chinese, Slovak, Spanish, Traditional Chinese, Turkish
Support languages: English, Spanish
Demo account: 30 days
Live chat support: Yes, excellent support is available during trading hours.
Promotions & tournaments: $200 FREE for all new accounts, which can be withdrawn after 30 standard lots have been traded round turn within 60 days. 5% match bonus on all other deposits. $50 rebate for every 10 lots traded.
Swap-free accounts  Yes - no extra charges if trading volume exceeds 1.5 million per 30 day period. Otherwise $20 per 100,000 held over night.
Typical spread on EUR/USD: 2 pips (0.0002) FIXED
Order processing: All orders routed through dealing desk.
OCO orders available: No
Trailing Stops: Client-side
If/then orders available: No
Account Types
Account Maximum
Leverage
Minimum/Maximum
deposit:
Minimum/Maximum
trade size:
Notes
100k Account 200:1* $2,000/unlimited 100,000/unlimited
Mini Account 200:1* $300/unlimited 10,000/unlimited
Tradeable Instruments: 26   
Automated Trading: Yes
Depth of market view (Liquidity): No depth of market view available
Interest on Margin: No
Pending Orders Away from Market:

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* The high degree of leverage available in foreign exchange trading can work against you as well as for you. Investors should ensure they are fully aware of the benefits and risks before putting any money on the line.

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