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Forex City

Iraq|2-5 years|
White label MT5|Regional Brokers|High potential risk|

https://www.forexcitypro.com/

Website

Rating Index

MT4/5 Identification

MT4/5 Identification

White Label

2
Server Name
ForexCity-Demo MT5
Server Location France

Contact

+964 7504508584
info@forexcitypro.com
https://www.forexcitypro.com/
Duhok-Chira Street, Iraq

Licenses

No valid regulatory information, please be aware of the risk!

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No restriction on the broker account. Support service provided by WikiFX

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Contact number

English

+964 7504508584

Broker Information

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Company Name

Forex City Financial Consulting Limited

Company Abbreviation

Forex City

Platform registered country and region

Iraq

Company website
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Warning: Low score, please stay away!
Previous Detection : 2024-06-25
  • It has been verified that this broker currently has no valid regulation. Please be aware of the risk!

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Forex City · WikiFX Survey

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Forex City · Company Summary

Aspect Information
Company Name Forex City
Registered Country/Area Iraq
Founded Year 2-5 years (Specific founding year not provided)
Regulation Not regulated
Minimum Deposit $250
Maximum Leverage 1:500 on forex and 1:5 on cryptocurrencies
Spreads Starting from 1.5 pips for Forex (Specifics may vary)
Trading Platforms MT4/5 White Label
Tradable Assets Forex currency pairs, commodities, indices, shares, cryptocurrencies
Customer Support Email (info@forexcitypro.com), Phone (+964 7504508584), Instagram
Deposit & Withdrawal Variety of methods including credit/debit cards, bank wire transfers, Skrill, Neteller
Educational Resources Limited resources

Overview Forex City

Forex City is a brokerage firm located in Iraq with approximately 2-5 years of operational experience in the financial industry. Notably, the broker carries a status of having a “No Regulatory License,” indicating a lack of clear regulatory oversight. This aspect is significant as regulatory oversight is typically considered essential for ensuring transparency and the safety of client funds in the world of online trading.

Forex City utilizes the MT4/5 White Label trading platform, which is a common choice in the forex industry known for its user-friendly interface and comprehensive trading tools. The broker provides access to a diverse range of tradable assets, including forex currency pairs, commodities such as gold and oil, various stock market indices, shares of numerous companies, and select cryptocurrencies.

Is Forex City legit or a scam?

Forex City is not regulated by any regulatory authority, which may raise concerns about the transparency and oversight of the exchange.

Unregulated exchanges lack the oversight and legal protections provided by regulatory authorities. This can lead to a higher risk of fraud, market manipulation, and security breaches. Without proper regulation, users may also face challenges in seeking recourse or resolving disputes. Additionally, the absence of regulatory oversight can contribute to a less transparent trading environment, making it difficult for users to assess the legitimacy and reliability of the exchange.

Pros and Cons

Pros Cons
Diverse Asset Selection Not regulated
User-Friendly Platform Lack of Cryptocurrency Options: Limited cryptocurrencies available for trading.
Variety of Deposit/Withdrawal Methods Limited educational Resources
Low Commission as $8 per 1 Lot Limited market analysis and insights
Range of Trading Instruments

Pros:

  1. Diverse Asset Selection: Forex City offers a wide range of trading assets, providing traders with the flexibility to diversify their portfolios. This includes various currency pairs, commodities, indices, shares, and trading instruments.

  2. User-Friendly Platform: Forex City provides a user-friendly trading platform. This intuitive platform is designed to make trading accessible and straightforward, even for individuals with limited experience in financial markets.

  3. Variety of Deposit/Withdrawal Methods: The broker offers a variety of deposit and withdrawal methods, providing clients with flexibility in managing their funds. These methods may include credit/debit cards, bank wire transfers, e-wallets, and more.

  4. Low Commission as $8 per 1 Lot: Forex City charges relatively low commissions, with a rate of $8 per 1 Lot traded. This can be cost-effective for traders looking to minimize their trading expenses.

  5. Range of Trading Instruments: Forex City provides a wide range of trading instruments, allowing clients to access various financial markets. This diversity can enable traders to explore different strategies and investment opportunities.

Cons:

  1. Not Regulated: Forex City lacks regulatory oversight, which means it may not be subject to the same level of oversight and protection as regulated brokers.

  2. Lack of Cryptocurrency Options: Forex City offers limited cryptocurrency options for trading. This can be a drawback for traders interested in the cryptocurrency market.

  3. Limited Educational Resources: The broker provides limited educational resources, which can be a disadvantage for traders, especially those who are new to the financial markets.

  4. Limited Market Analysis and Insights: Forex City may offer limited market analysis and insights. This can be a drawback for traders who rely on research and analysis to inform their trading decisions.

Pros and Cons

Market Instruments

Forex City is a forex broker that provides a range of trading products to its clients. Here's a breakdown of the products they offer:

  1. Forex (Foreign Exchange): Forex City facilitates trading in the foreign exchange market, offering access to more than 60 currency pairs. These pairs include major ones like EUR/USD and GBP/USD, as well as minor and exotic currency pairs. Traders can engage in currency exchange and speculate on price movements.

  2. Commodities: Forex City extends its trading offerings to commodities, allowing traders to speculate on the price movements of various commodities. This includes popular commodities like gold, silver, oil, and wheat. Commodity trading can be used for diversification and hedging strategies.

  3. Indices: The broker provides access to trading on a selection of stock market indices, such as the S&P 500, the Dow Jones Industrial Average, and the NASDAQ 100. Index trading enables investors to gain exposure to broader market movements rather than individual stocks.

  4. Shares: Forex City offers trading opportunities in shares of a vast array of companies from around the world. With access to shares from over 15,000 companies, traders can engage in stock trading and build diversified portfolios.

  5. Cryptocurrencies: The broker also caters to the growing interest in cryptocurrencies. Traders can participate in the cryptocurrency market by trading popular digital currencies like Bitcoin, Ethereum, and Litecoin. Cryptocurrency trading is known for its high volatility and potential for profit.

Market Instruments

Account Types

Forex City offers three distinct account types, each catering to varying trading preferences and needs.

Standard Account:The Standard account type is designed to suit traders who prefer a straightforward and no-frills approach to trading. It provides traders with essential features such as 24/7 live video chat support, the ability to make withdrawals, and access to a demo account for practicing trading strategies. This account type is an ideal choice for those who are just starting in the world of forex trading and wish to explore the markets with a standard set of features. However, it does not offer additional tools like a copy trading tool or bonus incentives.

ECN Account:For traders seeking a more advanced trading experience, Forex City offers the ECN (Electronic Communication Network) account. This account type also includes 24/7 live video chat support, withdrawals, and access to a demo account for practicing trading. The ECN account is well-suited for those who require a more direct and transparent trading environment. It typically offers tighter spreads and faster execution of orders. However, similar to the Standard account, it does not include a copy trading tool or bonus offers.

VIP Account:Forex City's VIP account is designed for traders looking for a premium trading experience. It provides all the features found in the Standard and ECN accounts, including 24/7 live video chat support, withdrawals, and a demo account. While the VIP account maintains these essential features, it does not introduce additional elements such as a copy trading tool or bonuses. This account type is often accompanied by personalized support and tailored services, making it suitable for traders who seek a high level of service and customization.

How to Open an Account?

Opening an account with Forex City involves several steps to ensure a smooth and secure process. Here are the concrete steps broken down:

Step 1: Visit the Forex City Website

  • Start by visiting the official Forex City website. You can do this by typing “Forex City” into your web browser's search bar or by directly entering the website's URL if you have it.

Step 2: Select “Open Account” or “Register”

  • Look for the “Open Account” or “Register” button on the homepage of the Forex City website. This button is typically prominently displayed, and clicking on it will initiate the account creation process.

Step 3: Choose the Account Type

  • You will be presented with different account types to choose from. These may include demo accounts and live trading accounts with varying features and minimum deposit requirements. Select the account type that suits your needs and click on it.

Step 4: Complete the Registration Form

  • You will be directed to a registration form that requires you to provide personal information. This information typically includes your name, email address, contact number, and sometimes additional details such as your date of birth and residential address. Fill in all the required fields accurately.

Step 5: Agree to Terms and Conditions

  • Review the terms and conditions of Forex City carefully. Make sure you understand the policies regarding trading, fees, and account management. Once you've read and agreed to the terms, check the appropriate box or button to indicate your consent.

Step 6: Verification and Funding

  • After completing the registration form and agreeing to the terms, you will usually receive an email from Forex City containing instructions for verifying your identity. Follow the provided instructions to submit the required documents for verification, which may include proof of identity and address.

  • Once your account is verified, you can fund it. Deposit funds into your trading account using the payment methods supported by Forex City. Common options include bank transfers, credit/debit cards, and electronic wallets.

  • After your account is funded, you'll receive confirmation, and you can start trading on the Forex City platform.

How to Open an Account?

Leverage

Forex City offers maximum leverage of 1:500 on forex and 1:5 on cryptocurrencies. This means that you can control a position worth up to $500,000 for every $1 you have in your account for forex, and a position worth up to $5 for every $1 you have in your account for cryptocurrencies.

High leverage can be a powerful tool, but it is important to use it carefully and responsibly. High leverage can amplify your profits, but it can also amplify your losses. If you are not careful, you can lose more money than you have in your account.

Here is an example of how maximum leverage works:

  • Say you have a $1,000 account and you use the maximum leverage of 1:500 to trade forex.

  • You can open a position worth up to $500,000.

  • If the market moves in your favor, you can make a lot of money very quickly.

  • However, if the market moves against you, you can lose your entire account very quickly.

Leverage

Spreads & Commissions

Forex City charges a spread on all trades. The spread is the difference between the buy and sell price of an asset. The spread varies depending on the asset being traded and the market conditions.

Forex City also charges a commission on trades. The commission is a percentage of the trade value. The commission varies depending on the asset being traded and the account type.

Asset Class Spread (Starting) Commission (Starting)
Forex Trading 1.5 pips $0.05 per lot
Commodity Trading 0.05 pips $0.05 per lot
Indices Trading 0.1 pips $0.05 per lot
Shares Trading 0.01% $0.05 per lot
Cryptocurrency Trading 0.10% $0.05 per lot

Trading Platform

The Forex City trading platform, MT5, builds upon the features of its predecessor, MT4, while introducing enhancements that make it a versatile multi-asset platform. Here is an objective description of the platform's key features:

  1. Diverse Asset Selection: MT5 offers access to a wide range of financial instruments, including Stock CFDs, Stock Indices CFDs, Forex, CFDs on Precious Metals, and CFDs on Energies. This diversity allows traders to explore various markets from a single platform.

  2. Unified Access: Users can access MT5 with a single login across seven different trading platforms. This feature provides convenience and flexibility for traders who wish to manage their portfolios efficiently.

  3. Competitive Spreads: The platform boasts competitive spreads, with rates as low as 0.6 pips. This can be appealing to traders seeking cost-effective trading options.

  4. Expert Advisor (EA) Functionality: MT5 supports full EA functionality, allowing traders to automate their trading strategies. This feature can be valuable for both novice and experienced traders.

  5. One-Click Trading: The platform offers one-click trading capabilities, streamlining the execution of trades. This can be beneficial for traders who require quick responses in fast-moving markets.

  6. Versatile Order Types: MT5 supports a wide range of order types, accommodating various trading strategies. Traders can utilize different order types based on their preferences and market conditions.

  7. Technical Analysis Tools: With over 80 technical analysis objects, MT5 provides traders with a robust toolkit for analyzing price movements and making informed decisions.

  8. Market Depth: The platform offers access to the market depth of the latest price quotes. This feature can assist traders in gauging market liquidity and potential price movements.

  9. Hedging Capability: MT5 allows for hedging, permitting traders to open both long and short positions on the same instrument simultaneously. This can be useful for risk management strategies.

Trading Platform

Deposit & Withdrawal

Forex City provides various deposit and withdrawal methods to accommodate its clients. Here's a summary of the available methods, associated fees, and minimum transaction amounts:

Deposit Methods:

  1. Credit/Debit Cards: Forex City accepts deposits made via credit or debit cards. Please note that a deposit fee of 2% is applied to all deposits made by credit/debit card.

  2. Bank Wire Transfer: Clients can deposit funds using bank wire transfers. There are no fees associated with depositing funds via this method.

  3. Skrill: Skrill is another deposit option offered by Forex City. Deposits made through Skrill do not incur any fees.

  4. Neteller: Neteller is also supported for deposits, and there are no fees associated with this method.

Withdrawal Methods:

  1. Credit/Debit Cards: Withdrawals to credit/debit cards are possible. However, it's important to note that Forex City charges a withdrawal fee of 3% on all withdrawals made to credit/debit cards.

  2. Bank Wire Transfer: Withdrawals can be processed through bank wire transfers, and no fees are imposed on withdrawals via this method.

  3. Skrill: Clients can withdraw funds through Skrill without incurring any withdrawal fees.

  4. Neteller: Neteller can be used for withdrawals, and there are no associated withdrawal fees.

Minimum Deposit and Withdrawal Amounts:

  • The minimum deposit amount required to open an account with Forex City is $250.

  • The minimum withdrawal amount is also set at $250.

Customer Support

Forex City offers customer support options to assist clients and individuals interested in their services. Here's an overview of their customer support contact information:

Contact Methods:

  1. Write Us: Forex City encourages individuals to reach out for more information or assistance. They emphasize that you can feel free to contact them via written communication.

  2. Email: For inquiries or assistance, you can contact Forex City via email at info@forexcitypro.com. Email is a convenient way to ask questions or seek clarification about their services.

  3. Phone: They provide a phone contact number, which is +964 7504508584. You can reach out to them via phone for more immediate assistance or to discuss any trading-related matters.

Social Media:

Forex City also maintains a presence on Instagram. You can connect with them on Instagram for updates, information, and possibly direct messaging for inquiries.

Customer Support

Educational Resources

Forex City lacks educational resources, which can make it difficult for new users to learn how to use the platform and trade cryptocurrencies.

Some of the educational resources that are missing from Forex City include a comprehensive user guide, video tutorials, live webinars, blogs, etc.

The lack of educational resources on Forex City can make it difficult for new users to learn how to use the platform and trade cryptocurrencies. This can lead to mistakes and losses, which can discourage new users from trading.

Conclusion

In conclusion, Forex City presents a mixed landscape for potential traders. On the positive side, the broker offers a diverse range of trading assets and a user-friendly platform, making it accessible for traders to explore various markets and execute trades efficiently. The variety of deposit and withdrawal methods, along with low commission fees, can be cost-effective for traders.

However, there are notable disadvantages, including the lack of regulation, limited cryptocurrency options, sparse educational resources, and limited market analysis. These drawbacks may raise safety concerns, restrict trading choices, hinder trader growth, and limit access to essential market insights. As with any brokerage, individuals should carefully weigh these advantages and disadvantages against their specific trading needs and risk tolerance when considering Forex City as a trading platform.

FAQs

Q: How do I open an account with Forex City?

A: To open an account with Forex City, visit their official website, click on the “Open Account” or “Register” button, and complete the registration form. You'll need to provide personal information and follow the verification process.

Q: What trading instruments are available with Forex City?

A: Forex City offers a diverse range of trading instruments, including forex currency pairs, commodities like gold and oil, stock market indices, shares of various companies, and select cryptocurrencies.

Q: How are trading fees calculated?

A: Trading fees with Forex City typically include spreads (the difference between the buying and selling prices) and commissions (a percentage of the trade value). The specific fees vary based on the asset being traded and the type of account you have.

Q: Is Forex City regulated?

A: No, Forex City is not regulated. It's important to note that trading with an unregulated broker carries potential risks, and traders should exercise caution and conduct thorough research.

Q: What is the minimum deposit requirement?

A: The minimum deposit amount to open an account with Forex City is $250. This amount may vary depending on the type of account you choose.

Q: How can I contact Forex City's customer support?

A: You can contact Forex City's customer support through various methods, including email at info@forexcitypro.com and phone at +964 7504508584. They also have a presence on social media platforms like Instagram.

Q: Are there educational resources available for traders?

A: Forex City provides limited educational resources. While the broker may offer some educational materials, traders may need to seek additional educational sources to enhance their trading knowledge and skills.

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网络搬运工
more than one year
Spreads can become extremely wide sometimes and they said it due to low liquidity. I lost $300 in one day and I decided to withdraw my account balance. Goodbye, Forex City, you have let me down.
2023-03-03 11:37
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