ForFX prop firm is one of the emerging companies in the world of prop trading, having started its operations in 2023. This company is designed to provide prop trading services specifically for Iranian traders, granting them access to significant trading capital of up to $400,000. Its unique features—including the ability to use well-known trading platforms such as MetaTrader 4 and 5, as well as offering favorable conditions for traders across various markets—make it an attractive option for those interested in this type of trading.
Credibility and Regulatory Oversight
One of the key factors in choosing a reputable prop firm is the assessment of its credibility and financial supervision. ForFX, as a subsidiary of the broker Opofinance, enjoys high credibility. Founded in 2020, Opofinance is regulated by respected bodies such as the Australian Securities and Investments Commission (ASIC) and the Seychelles Financial Commission. In addition, this broker is a member of the independent organization FINACOM, which serves as a dispute resolution body between brokers and clients.
Furthermore, ForFX offers its services across a wide range of financial markets—including Forex, commodities, indices, stocks, and cryptocurrencies.
History of ForFX
ForFX began its operations with the aim of establishing a secure, transparent, and reliable platform in the financial markets. Since its inception, the company has consistently strived to meet the needs of traders at all levels. Its mission is based on three key principles:
- Easy Access: Providing services that traders of every experience level can benefit from.
- Transparency: Creating an environment with clear rules and accurate pricing.
- Continuous Innovation: Updating tools and services to keep pace with the rapid changes in financial markets.
These points are as stated by the company, and Fundfa neither confirms nor denies them.
ForFX Services
ForFX offers a diverse array of services to traders, including:
- Access to Over 70 Currency Pairs: The company covers a wide range of major, minor, and exotic currency pairs.
- Advanced Trading Platforms: It provides platforms such as MetaTrader, which, thanks to their advanced features, high speed, and user-friendly interface, appeal to both professional and beginner traders.
- Diverse Trading Accounts: Depending on their trading strategy, users can choose from different account types such as Standard, ECN, or VIP.
- 24/7 Support: A professional support team is available around the clock, every day of the week.
The Challenge Process at ForFX
ForFX offers two different models for obtaining capital:
- Demo Account:
Traders can execute trades using virtual capital through demo accounts. These accounts are designed so that traders must reach a specific profit target in order to receive a funded account. The minimum fee for a demo challenge is $44, and in this model, traders face limited risk of loss. - Live Account:
In this model, traders begin trading using their own capital, and their performance is evaluated. If they meet the specified targets, a funded account is granted. One attractive feature of the Live Account is that the initial fee is provided for free.
Deposits and Withdrawals at ForFX
To simplify the deposit and withdrawal process for Iranian users, ForFX utilizes cryptocurrencies. This approach enables transactions to be completed quickly and at lower costs. The primary cryptocurrencies available for this purpose include:
- Tether
- Bitcoin
- Ethereum
Overview of ForFX at a Glance
| Features | Description |
|---|---|
| Company Name | ForFX |
| Trading Products | Forex, Commodities, Indices, Stocks, and Cryptocurrencies |
| Trading Platforms | MetaTrader |
| Trading Accounts | Standard, ECN, VIP |
| Customer Support | 24/7, every day of the week |
| Trading Leverage | Diverse, tailored to users’ needs |
ForFX Rules and Plans
General Rules of ForFX
Below are the main rules that apply across all plans and challenges:
- Maximum Daily Drawdown:
For all accounts, the daily drawdown limit is 5% of the account balance. In some higher-risk plans, this limit may increase to 10%. - Maximum Overall Drawdown:
The overall drawdown limit for all accounts is 10% of the initial balance. For some higher-risk plans, this may go up to 20%. - Profit Target:
- In the first stage of the challenge, the profit target is usually 10% of the account balance (for higher-risk accounts, this may be 20%).
- In the second stage, the target is generally 5% (which may be 10% for higher-risk accounts).
- Number of Trading Days:
Each stage of the challenge must be completed within a minimum of 4 trading days. - Allowed Strategies:
Strategies such as hedging and scalping are permitted. The use of trading robots and expert advisors is also allowed, provided they comply with the company’s regulations. - Trading During Economic News:
Trading during major economic news events is allowed, but it must be done with caution and precise risk management.
Different Plans and Their Pricing
ForFX offers several plans to cater to different trader needs:
- Pro Plan (Standard):
- Account Balances: From $5,000 to $200,000
- Challenge Fee: Between $120 and $4,500, depending on the chosen balance
- Profit Target (Stage One): 10% of the account balance
- Profit Target (Stage Two): 5% of the account balance
- Drawdown Limits: 5% daily and 10% overall
- Legend Plan (Professional):
- Account Balances: From $5,000 to $400,000
- Challenge Fee: Between $200 and $10,000, depending on the chosen balance
- Profit Target (Stage One): 20% of the account balance
- Profit Target (Stage Two): 10% of the account balance
- Drawdown Limits: 10% daily and 20% overall
Comparison of Different ForFX Plans
To help traders choose the plan that best meets their needs, here is a comparison of various features:
| Feature | Pro Plan | Legend Plan |
|---|---|---|
| Account Balance | $5,000 to $200,000 | $5,000 to $400,000 |
| Challenge Fee | $44 to $1,780 | $55 to $2,225 |
| Profit Target (Stage One) | 10% | 20% |
| Profit Target (Stage Two) | 5% | 10% |
| Daily Drawdown | 5% | 10% |
| Overall Drawdown | 10% | 20% |
| Trading Days Required | Minimum 4 days | Minimum 4 days |
| Risk Level | Normal | High |
The Importance of Reviewing User Feedback
Before deciding on any company for your trading activities, it is crucial to review the opinions and experiences of other users. The Fundfa website is an unbiased resource for this purpose, allowing Iranian traders to share their experiences. By reading reviews on Fundfa, you can make a more informed decision based on accurate and detailed feedback.
If you have experience with ForFX or any other company, consider sharing your insights on Fundfa to help others make better decisions.
Frequently Asked Questions about ForFX
What kind of services does ForFX offer?
ForFX is a prop firm that provides traders with access to substantial trading capital—up to $400,000. The company offers services such as Standard, ECN, and VIP trading accounts, MetaTrader 4 and 5 platforms, and 24/7 support. In addition, it grants access to over 70 currency pairs, along with commodities, indices, and cryptocurrencies.
How can I use ForFX’s services?
To utilize ForFX’s services, you must first register on the company’s website and create a trading account. You can then trade using either a demo or live account. To start with a demo account, a challenge fee starting at $44 is required.
What is the maximum capital I can receive from ForFX?
ForFX offers access to trading capital of up to $400,000, depending on the plan you select.
Can I use cryptocurrencies for deposits and withdrawals?
Yes, ForFX uses cryptocurrencies to facilitate deposits and withdrawals. Traders can use currencies such as Tether, Bitcoin, and Ethereum.
What types of accounts are available at ForFX?
ForFX provides three types of trading accounts: Standard, ECN, and VIP. You can choose one based on your trading strategy and needs.
What challenge evaluation plans does ForFX offer?
ForFX offers two types of plans:
- Pro Plan: Account balances from $5,000 to $200,000, with a profit target of 10% in the first stage and 5% in the second stage, a daily drawdown limit of 5%, and an overall drawdown limit of 10%.
- Legend Plan: Account balances from $5,000 to $400,000, with a profit target of 20% in the first stage and 10% in the second stage, a daily drawdown limit of 10%, and an overall drawdown limit of 20%.
Is the use of trading robots allowed at ForFX?
Yes, the use of trading robots and expert advisors is permitted, as long as they comply with the company’s rules and conditions.
How can I read reviews about ForFX?
You can view reviews and feedback from other traders regarding ForFX’s services on the Fundfa website. These insights will help you make a more informed decision when selecting a company and its services.
This comprehensive overview of ForFX explains its services, regulatory background, trading plans, and user support options. If you’re considering prop trading with ForFX, it is recommended that you carefully review user feedback and evaluate whether the available plans meet your trading needs.