Broker Search

Broker Search

   
 


ForexGen Review

ForexGen appears to be either an outright scam, or a very very badly run business, with scam being the much more likely scenario. The original deposit was returned to our traders only after a long battle, and the profits, which were significant in relation to the amount of the deposit, were never allowed to be withdrawn. ForexGen first disabled the trading accounts, and later nullified all the trades that had been made in the accounts. In addition, this broker is not regulated, and has already been investigated by Norwegian police, so we must recommend to everyone to stay away from ForexGen. You have been WARNED!

Also note that order execution was dismal, and several trades could not be closed by our traders, prompting them to "hedge" these with equal and opposite positions in order to lock in the profits. These trades were executed, but later nullified.

If you have had problems with ForexGen, please contact us.

NOTE: It appears that this scam has been shut down for now, along with Sigma Forex.

Visit ForexGen 

Compare ForexGen With  


Subjective Ratings

Charting: Four and Half star Charting Rating
Execution: Zero Execution Rating
User-friendliness: Four and Half star User-friendliness Rating
Customer support: Zero Customer Support Rating
Transaction costs (spreads): Four and Half star Transaction Costs (spreads) Rating
Withdrawal processing: Zero Withdrawal processing Rating
Platform Functionality: Four star Platform Functionality Rating
Platform Reliability: Four star Platform Reliability Rating
Average rating: Two and Half star Average Rating

Visit ForexGen

Compare ForexGen With  


Business Details

Broker Headquarters: Oslo, Norway
Regulated By: Unregulated
Client Account Segregation: No
Collect Taxes on Earnings: No
Accept US traders?:
Main liquidity providers: Private investors
Broker Capital as of 04-2009 Unknown
Also has offices in: none
Registered Business Name: ForexGen
In business since year: 2006
Deposit/Withdrawal methods:
MethodDeposit FeeWithdrawal Fee
Wire Transfer $10 $20

Visit ForexGen

Compare ForexGen With  


Trading Conditions

Browser platform: None
Downloadable platform: ForexGen Metatrader 4 (MT4)
Mobile platform: None
Phone dealing: No
No Dealing Desk Execution: No
Fixed spreads: No
Guaranteed stop losses? No
Hedging capability: Yes
Trading Hours: Open: Sun 21:00GMT Close: Fri 20:00GMT
Timezone GMT
Scalping allowed: No
Account currencies available: 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: Arabic, English, Norwegian
Demo account: 30 days
Live chat support: Yes, but not helpful
Promotions & tournaments: 10% of deposit on Mini and Standard Accounts at ForexGen
Swap-free accounts  - All accounts are swap-free
Typical spread on EUR/USD: 1 pip (0.0001)
Order processing: Market Maker
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
Mini Account 500:1* $250/$2,500 100/limited by margin
Standard Account 100:1* $2,500/unlimited 1,000/5,000,000
Pro Account 100:1* $5,000/unlimited 1,000/5,000,000
Premium Account 100:1* $50,000/unlimited 1,000/5,000,000
No Dealing Account 100:1* $20,000/unlimited 1,000/5,000,000
Tradeable Instruments: 26   
Automated Trading: Yes, on MT4
Depth of market view (Liquidity): No depth of market view available
Interest on Margin: No
Pending Orders Away from Market:

Visit ForexGen

Compare ForexGen With  


* 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.

<< Forex Yard ReviewEasy Forex Review >>

Related Material

Comments

See what other readers have to say, tell the world what you think.

Bookmark and Share