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SuperForex Review

SuperForex Review

SuperForex is a multi-asset online securities and derivatives broker offering 400+ instruments on the MetaTrader 4 platform with ECN and STP execution account types. This SuperForex review will cover client login and account verification, how to sign up and open a real account, maximum leverage, members area security features, and more.

Company Details

SuperForex was founded in 2013 with a mission to make forex accessible and integrated into day-to-day lifestyle operations. Today, the broker operates in 150+ countries across the globe from headquarters in Belize. Office presence can be found across the world, including in Zambia, Malaysia, Indonesia, Zimbabwe, and South Africa. The brokerage is regulated by the International Financial Services Commission (IFSC) with suitable ID verification and sign-in security measures.

Note, this review has no affiliation to Super Forex (Super Corp) Financial Pty. Ltd., based in Sydney.

Trading Platform

SuperForex clients gain access to the MetaTrader 4 (MT4) trading platform, which they can download to desktop devices or use as a web trader via all major browsers. User ratings and review posts indicate positive and encouraging feedback on the simple navigation and user-friendly interface. Features include:

  • Historical data
  • 39 graphic objects
  • Live news streams
  • Customisable charts
  • 4 pending order types
  • View full trading history
  • One-click order execution
  • SuperForex flash MT4 scalper
  • 50+ built-in technical indicators
  • User-friendly, multilingual interface

A video tutorial is available so you can get the most from your MT4 trading experience. The terminal is compatible with Windows and macOS devices. Note, SuperForex does not currently offer the MetaTrader 5 (MT5) platform.

Assets

SuperForex offer clients investment and trading asset opportunities in the following markets:

  • Forex – 100+ currency pairs, major, minor and exotics
  • Commodities – speculate on precious metals like gold and oil
  • Indices – trade global indices including FTSE 100, DowJones, Nasdaq and S&P
  • Cryptocurrencies – 10 popular digital currency/USD pairs including Bitcoin, Ethereum and Litecoin
  • Stocks – trade shares of some of the world’s top companies including Amazon, Apple, Tesla and IBM

Fees

Spreads offered by the broker vary depending on account type. These are fairly competitive vs similar brokers. ECN accounts benefit from floating spreads with direct market execution. Typical spreads on the STP standard account were USD/EUR 3 pips, USD/CAD 3.5 pips, and GBP/JPY 6.5 pips. XAU/GBP was offered at 8 pips. Commission applies on the Profi STP account, including a $21.50 trade fee on some instruments. The broker charges swap rates for positions held overnight.

Leverage

SuperForex leverage rates also vary by account type, with rates going up to 1:2,000. This is very high so we would recommend implementing careful risk management strategies if using such high leverage. Crypto trading is only offered to a maximum leverage rate of 1:10. Retail clients can change their leverage limits by contacting customer support via email or live chat. There are no legislative capping restrictions as the broker is not compliant with ESMA trading regulations.

Mobile Apps

The SuperForex mobile app creates a complete trading experience straight from your mobile or tablet device, no matter your location. The MT4-integrated application is available for free download to iOS and Android (APK) devices. Access the full trading features of the desktop trading platform, including analytical tools and customizable charts and graphs while on the go. Features include:

  • Copy-trading
  • Trading signals
  • Open or close trades
  • Access analytical articles
  • Track quotes in real-time
  • Live streaming economic news
  • Deposit and withdraw to your trading account

Payment Methods

Deposits

Minimum deposit requirements vary, though the lowest limit is $1/£1/€1, which is ideal for a new trader. SuperForex does not charge a fee for any deposit payment methods, although third-party bank charges or exchange fees may apply. Accounts may be opened in a range of base currencies. Payment method options include:

  • Bank Wire Transfers – 2-4 day processing time
  • Credit/Debit Cards – Instant processing. Includes Visa and Mastercard
  • SuperForex Money – Instant processing. 7% discount as deposit cashback
  • Electronic Payments – Instant processing. E-wallets including Skrill, Neteller, SticPay and Perfect Money
  • Local Payments – Instant processing. Transfer currencies include MYR, IDR, ZWD and NAD
  • Cryptocurrencies – Instant processing. Accepted coins include Bitcoin, Dogecoin and Litecoin

Note that some methods may only be available in certain jurisdictions.

Withdrawals

SuperForex withdrawal charges do apply, varying by transaction method. Minimum withdrawal limits are applicable on some methods. Verified accounts will require a withdrawal pin code to be entered before funds can be removed from a live account.

  • Cryptocurrencies – 1-3 hours processing time. 5% commission
  • SuperForex Money – 1-3 business days processing. No commission
  • Local Payments – 1-3 hours processing time. Local bank wire fees apply
  • Electronic Payments – 1-3 hours processing time. Various commissions and fees applicable
  • Credit/Debit Cards – 1-3 hours processing time. 3% commission +$7. Minimum withdrawal $20
  • Bank Wire Transfers – All account currencies 2-4 business days withdrawal processing time, 3% commission +$35

Demo Account

A free demo account is available via the broker’s website in USD or EUR currencies. These accounts are a good way to practice trading, navigate platform features, and test strategies risk-free. SuperForex traders can access up to £50,000 virtual funds and experience real-time trading conditions and prices. A simple online registration form is required to open a demo account, similar to XMFXPesa, and HotForex.

MetaTrader 4 Platform

SuperForex offers unique demo account contest cycles throughout the year. These can be targeted at specific instruments, like the Bitcoin Mania and Gold Rush contests. Customers must trade demo instruments with the paper trading accounts. Retail traders with the highest account balance at the end of the cycle can win rewards of up to a $100 deposit into a real account.

Deals & Promotions

SuperForex offers various bonus and incentive programs. At the time of writing in 2021, this included a 40% welcome bonus on initial deposits, a no deposit bonus, a $1000 introduction bonus, and a 202% bonus claim when adding funds to a live account. Some incentives are not compatible with others. The broker provides a comparison chart to help determine the best option to apply for. Always review bonus claim terms and conditions as there may be hidden stipulations for withdrawing bonuses.

A membership club provides additional benefits based on account earnings. A $100 minimum deposit is required to join but there are no minimum trading volumes so all SuperForex customers can sign up. Members can access lowered spreads, unique analytics, 24/7 customer support, and extended deposit protection.

Regulation & Licensing

SuperForex is authorized and regulated by the International Financial Services Commission (IFSC). Traders should be aware that the IFSC is not regarded as a top-tier regulator and therefore might not offer the same levels of protection as other established financial bodies. Nevertheless, some regulation is better than none. The broker does ensure compliance with anti-money laundering policies, fund safety via a deposit protection scheme, and segregated client funds.

Services are not available to residents of the United States of America or Ukraine.

Additional Features

There are some useful education services available on the SuperForex broker website. This includes YouTube video content based on trading for beginners, a forex glossary of terms, and PDF investment articles. Topics include understanding financial indicators, using a profit and loss calculator, copying trade tips, spreads, benefits of using a trading bot, and more. Live seminar events and training center details can also be found. These are accessible to all customers and physical education centers are located in global countries including Kenya, Tanzania, Rwanda, Nigeria, and Uganda.

The broker also provides Pattern Graphix software free of charge to all customers. This is an expert advisor (EA) automated trading tool, working in conjunction with the MetaTrader 4 platform. The system identifies patterns in price movement graphs and can make suggestions on the best trades to execute. Simply download it and the service will sync with your MT4 account.

Account Types

SuperForex offers several real account types with either ECN or STP execution. Each account has different trading conditions, suitable for different strategies. Minimum deposit requirements are low, which is ideal for a new trader. Base currencies vary but include USD, EUR, GBP, and ZAR account options reducing the need for sometimes costly exchanges. We would recommend utilizing the demo account first to help guide your account choice. Live account features include:

ECN Execution

  • Standard – $1/€1/£1 minimum deposit, $100,000 lot size, floating spreads
  • Swap-Free – $1/€1/£1 minimum deposit, $100,000 lot size, floating spreads
  • Standard Mini – $1/€1/£1 minimum deposit, $10,000 lot size, floating spreads
  • Swap-Free Mini – $1/€1/£1 minimum deposit, $10,000 lot size, floating spreads
  • Crypto – $100 minimum deposit, 10 BTC lot size, floating spreads, USD account currency only

STP Execution

  • Crypto – $100 minimum deposit, 10 BTC lot size, fixed spreads, USD account currency only
  • Standard – $1/€1 minimum deposit, $10,000 lot size, fixed spreads, forex copy included
  • Profi STP – $500 minimum deposit, $100,000 lot size, 0 spreads, USD/EUR/GBP/ZAR account currencies only
  • No Spread – $100/€100 minimum deposit, $100,000 lot size, 0 spreads, USD/EUR/GBP account currencies only
  • Swap-Free – $1/€1 minimum deposit, $10,000 lot size, fixed spreads, forex copy included
  • Micro Cent – $1/€1 minimum deposit, $3000/€3000 maximum deposit, 10,000 cents lot size, fixed spreads, USD/EUR account currencies only

It is a quick process to open a live account. Customers must complete an online registration form, which may require identification verification documents such as proof of residency under the know your customer (KYC) compliance. It is good to see SuperForex offers an Islamic trading account, for which clients should register for a swap-free account.

Benefits

  • Educational content
  • 400+ trading instruments
  • Demo account with virtual funds
  • Minimum deposits from just $1/€1/£1
  • Access 5% annual interest on account equity
  • Access to Pattern Graphix software for no fee
  • Various account types with ECN or STP execution
  • Various payment methods are accepted including crypto
  • Security measures available to add to individual accounts
  • Auto-reset balance programme (negative balance protection)

Drawbacks

  • No MetaTrader 5 trading terminal
  • Some poor customer reviews in 2021
  • The regulatory provider is not as highly recognised in the industry

Trading Hours

The brokerage follows standard office hours, available 07:00 to 17:00 GMT, and 24-hour trading hours Monday-Friday, though these timings may vary by instrument.

SuperForex Mobile App

Customer Support

SuperForex offers several customer contact options:

  • Telephone – +442045771579
  • Email – [email protected]
  • Live Chat – logo located bottom right of each webpage
  • Social Media – including Whatsapp, Twitter and Facebook

It was good to see that the broker has a comprehensive FAQ section. Topics include how to download MetaTrader 4, details on how to delete a SuperForex account, adding the easy $50 deposit bonus or affiliate code, card verification support, and MPESA deposits.

Safety & Security

Our review was pleased to see a good level of fund security measures available to all customers. This includes IP address access options, account verification combinations, segregated funds, and log-in history access. All personal data between client terminals and the platform service is encrypted via an SSL certificate. The MT4 trading terminal offers secure login features, industry-standard data privacy, and integrates dual-factor authentication.

SuperForex Verdict

SuperForex offers a decent trading environment with zero, fixed, and floating spread options for an impressive range of trading instruments. Although the broker’s regulation isn’t the most well-regarded, its negative balance protection, deposit protection, and fund segregation schemes are reassuring. With its range of order execution methods, low minimum deposit, promotions, and educational content, SuperForex is a competitive broker, especially for beginner traders.

Frequently Asked Questions

Is SuperForex A Regulated Broker?

Yes, SuperForex is a legit brokerage firm that is regulated by the International Financial Services Commission (IFSC). This, alongside its customer reviews and security features, indicates that the service provider is likely not a scam.

What Account Types Does SuperForex Offer?

SuperForex offers several real account types with ECN or STP execution. These are split into fixed, floating or no spread account options, ideal for meeting your strategy needs. Minimum deposit requirements start as low as £1/$1/€1.

Does SuperForex Have Nasdaq Trading Opportunities?

Yes, Nasdaq is available on SuperForex. The broker offers several popular global indices with competitive trading conditions like leverage up to 1:1000, macroeconomic indicators, and technical analysis.

SuperForex, Is It Legit Or A Scam?

We are confident SuperForex is a legit broker with regulation, deposit protection schemes, and negative balance protection. Always read terms and conditions before opening a live account. Be wary that the IFSC does not provide top-tier regulation vs other authoritative bodies.

Is SuperForex A Good Broker?

SuperForex provides security protocols, a level of regulatory protection, partnership with software providers, MT4 platform, and competitive trading conditions.

Accepted Countries

Superforex accepts traders from Australia, Thailand, Canada, United Kingdom, South Africa, Singapore, Hong Kong, India, France, Germany, Norway, Sweden, Italy, Denmark, United Arab Emirates, Saudi Arabia, Kuwait, Luxembourg, Qatar, and most other countries.

Traders can not use Superforex from Ukraine, United States.

Alternatives to Superforex

If you are looking for alternatives to Superforex we have compiled a list of the top 5 brokers that are similar to Superforex below. This list of brokers like Superforex is in order of similarity and only includes companies that accept traders from your location.

  1. RoboForex – RoboForex is a multi-asset online broker offering powerful trading aides.
  2. FP Markets – FP Markets is a multi-asset broker offering a choice of trading platforms.
  3. OctaFX – OctaFX offers multi-asset trading on a range of platforms and mobile solutions.
  4. Deriv.com  – an online trading platform that offers a wide selection of derivatives to trade on DTrader and DMT5 platforms.
  5. Avatrade – Leading forex and CFD broker regulated in Ireland, Australia, Canada and South Africa. Avatrade are particularly strong in integration, including MT4

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Superforex LogoSuperForex is an African-based forex and derivatives broker with currency pairs, commodities, cryptos, stocks, and indices.
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