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ForexGen — MetaTrader Broker with Shady Reputation

October 5, 2008 by

ForexGen, which began to operate on-line in 2006, is a Forex broker that offers quite interesting trading conditions, including MT4 platform, spreads as low as 0 pips and no overnight swaps. The spreads on the major currency pairs go do down to 1 pip for $5,000 and bigger accounts and decline to 0 for accounts starting from $50,000. Leverage also varies depending on the trading account size — from 1:200 to 1:500 for mini and micro accounts, 1:100 for standard accounts and 1:50 for big accounts.

Unfortunately, there are four major problems with this broker. First, their site claims to be on-line since 2001, while it’s not. Second, ForexGen offers 1 pip commission per trade to their partners, which means that the broker doesn’t receive profit from the spread on big accounts and that’s a bad sign for traders. Third, ForexGen tries to look like it’s registered with some authorities or regulatory institutions, but in fact it isn’t. Fourth, they have a lot of bad reviews in the Forex community; I don’t know of they are justified, but that’s something I would be worried about.

One Response to “ForexGen — MetaTrader Broker with Shady Reputation”

  1. Danielle

    One lie is enough to lose the trust and the reputation. The fact that they lie about the year of establishment already shows enough. I wouldn’t trade with them. Thank you for a real review.

    Reply

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