SUPERFOREX REVIEW 2024: SHOULD YOU SIGN UP WITH THE BROKER?

HOW DOES SUPERFOREX STAND OUT?

Education: It offers educational videos for beginners, an online Forex course, and seminars.

Diversity of Accounts: It introduces various accounts like Standard, Profi STP., ECN, and Demo Account.

Commission Fees: There is a 0% commission fee.

Low Minimum Deposit: Minimum deposit of $1 will allow you to begin trading.

Bonuses and Contests: It offers different and occasional offers like a Welcome bonus to its users.

WHAT IS SUPERFOREX?

SuperForex is a global forex broker. It was established in 2013. It is registered in Belize and has various offices throughout the world. Let me tell you more about this broker in detail.

SuperForex is a broker out of Belize. The firm has been in business for almost a decade, and it’s surprising to see such brokers.

SuperForex is not a well-known broker like Pepperstone or IG. However, what I like about the broker is its simplicity and good trading conditions. If you are a newbie, several free instructional resources and a demo account where you may practice are available.

Those who do not have the time to trade may benefit from the social trading platform, which allows traders to share and copy signals. I was pleased by the daily fundamental and technical analysis that provide actual value to the traders.

All of this is backed up by round-the-clock assistance. I’ve had an account with them for a long time now and believe they’re a wonderful option for anyone wishing to trade Forex.

SuperForex homepage

SUPERFOREX AWARDS

It has won many awards like:

●      Best Cryptocurrency broker LATAM 2022

●      The Best Withdrawal Options 2022, Africa

●      Best ECN Broker in Africa for 2021

●      Best ECN Broker in Africa for 2021

SuperForex is available in more than 150 countries and provides its services to individual and corporate clients.

WHAT ARE SUPERFOREX’s REGULATIONS?

Knowing that broker is regulated helps to develop trust among users Since traders cannot go through every investment

Without regulations, it is much easier to steal a client’s money. Don’t worry; no one can steal your money here.

Is SuperForex a legit broker? International Financial Services Commission regulates SuperForex. It means it is a licensed broker with a registered office.

However, I like the brokers who have CFTC, FCA, and ASIC regulations. I have reviewed plenty of legit forex brokers. So, if you want, you can check all of them here.

Spreadex is another broker licensed to one regulatory authority and has been operating for more than 20 years.

HOW DOES SUPERFOREX WORK?

SuperForex is an excellent platform for you to profit. I’m sure you’re wondering how?

This section will discuss the assets that SuperForex provides to its users. Let me set the record straight!

SuperForex offers a wide range of trading with various asset types. It means that you can diversify your portfolio with this broker. It allows you to select from a broad range of financial instruments.

Personally, I love to keep a balanced portfolio by trading equities for long-term and currencies for day trading. Also, I trade crypto asses as they are volatile and have a tendency of making sharp movement. Recently, I made 8.34% in a single day while trading Ethereum.

Here, I have mentioned the trading assets offered by SuperForex.

WHAT ARE THE SPREADS AVAILABLE?

Are you wondering about SuperForex spreads? The good thing about SuperForex is it offers zero spreads. Yeah, you read that right!! The broker offers a No-spread account, where you can get zero spreads on all forex majors and gold. I didn’t try the No-spread account, but it looks cool.

Besides the zero-spread account, SuperForex has high spreads on forex pairs and other assets. The spreads start with 2 pips for forex majors, 7 pips for forex minors, and 0.1 pips on gold. Forex spreads are a bit high as compared to IG, IBKR, Pepperstone or other such brokers.

SuperForex is one of the few that provide fixed spreads. Fixed spreads are useful if you want to trade a strategy that relies on a specific spread level. However, this is not good for scalping.

For scalping strategies, you better get a zero spread account and pay only commission.

HOW DOES THE SUPERFOREX PLATFORM WORK?

When I first saw SuperForex, I was satisfied that I could do it. The main reason behind that satisfaction is MetaTrader 4.

I hope you know that MetaTrader 4 is an award-winning platform. Let’s search out more about this platform.

The most widely used choice for experienced traders is MetaTrader 4. SuperForex MetaTrader 4 platform is available for Windows and Linux. However, it does not offer MT5, cTrader or any other platform.

It also offers an MT4 mobile app for Android and iOS. Let’s go through the broker’s platforms in detail.

SUPERFOREX METATRADER 4 FOR PC

The desktop version of SuperForex MetaTrader 4 includes a configurable interface. It also provides quick execution.  This trading platform offers a wide variety of trading instruments.

It also gives you access to your whole trading history. Millions of traders use MT4 all around the world. The platform provides a thorough yet clear overview of trading instruments.

Any trader, including newbies and professionals, can use this platform easily. I still trade on the MT4, and I think you should too.

MT4 platform

SUPERFOREX METATRADER 4 FOR ANDROID AND IOS

MetaTrader 4 platform is also available for portable devices. With this app, you can trade whenever and wherever you want. You only need internet access for this.

Both iOS and Android users have access to this mobile platform. The main features of this platform that attracted me were:

●       400 trading instruments

●       Nine timeframes

●       38 technical indicators,

●       A user-friendly interface.

Additionally, it provided me with total control over my accounts. Furthermore, I can examine trade history and execute all common trading activities.

SuperForex app

WHAT ARE TRADING INDICATORS AVAILABLE?

One of the most crucial tools for predicting price movement is SuperForex trading indicators.

On the SuperForex platform, you can get access to several built-in indicators like Moving Averages, Alligator, Ichimoku, Hieken Ashi and oscillators like MACD, Stochastic, RSI, etc.

You can use other indicators as well according to your needs. Mainly these are used to predict directions and price dynamics. However, I must say that you shouldn’t try to clutter your charts with too many indicators.

Also, try custom or built-in indicators on demo account or backtest them before executing them on live trading.

Like Larry Connors said,

“I get real, real concerned when I see trading strategies with too many rules (you should, too).”

WHAT ARE SUPERFOREX TRADING ACCOUNTS?

SuperForex offers a variety of trading accounts. You can choose the account according to your needs.

Do you know how many options SuperForex accounts give to its users? Let me tell you more in-depth!

With these many trading account options, you may get confused. It’s important to know your financial goals before choosing accounts.

Micheal Carr summed it up perfectly, “Don’t worry about what the markets are going to do. Worry about what you will do in response to the markets.”

Coming back to the account types! SuperForex offers accounts for every type of capital. As you know, to trade the financial markets, you need a little money to start.

The pro account is great for traders but requires a sizable investment. The broker may offer you better terms if you deposit more money.

SuperForex has two types of accounts:

• ECN accounts
• STP accounts

Let’s compare STP accounts first:

If you love copy trading, then you should sign up for SuperForex Swap free or Standard accounts. However, I am a day trader and I would prefer to get a Profit STP account. SuperForex leverage is maximum with this account along with lowest spreads and multiple bonuses as well.

Now take a look at the ECN accounts:

ECN accounts should be your choice if you like low spreads and require very low minimum deposits. However, they do not offer any copy trading feature.

While comparing both ECN and STP, my choice is Profit STP account as it has maximum leverage with minimal spreads. Since I am a day trader and I don’t need SuperForex copy trading and I am okay with 500 USD minimum deposit, this account really suits me. However, if your trading style is different, then choose the account type accordingly.

DOES SUPERFOREX OFFER A DEMO ACCOUNT?

Like every reputable broker, SuperForex demo accounts do exist. Demo accounts are ideal for new traders. The account type lets you practice new techniques without risking money.

With a demo account, you can explore the trading platform’s features. That’s how you become familiar with the platform and the broker. You can trade Forex, gold, shares, and other assets.

You can use only USD and EUR in the demo account. The SuperForex minimum deposit for the demo account is $500, whereas the maximum is $50,000.

There is no compatibility with bonuses in the demo account and forex copy.

HOW SAFE IS SUPERFOREX?

It is the most important question to be asked about a broker. You must know if the broker is safe or not to trade. SuperForex ensures its user’s security. Let’s see how it claims to be safe.

They claim to value the trader’s money. That’s why they have implemented a sophisticated, multi-layered funds security program.

The funds’ security program gives maximum protection to your funds. Let’s see which program it has introduced for funds security.

SEGREGATED FUNDS

They adhere to a segregated funds policy to protect your money at all costs. It indicates that your money is kept apart from business.  

It doesn’t fund SuperForex’s operations. You must be thinking, how does this affect you? Your money will still be secure even if the broker faces bankruptcy.

SSL CERTIFICATE

They employ an SSL certificate to secure all the information you submit on our website.

WHERE IS SUPERFOREX LOCATED?

SuperForex has been working for ten years in the market. But from where are they working? Do they have a proper setup? Let’s search in!

One thing which traders assume is if the broker is a scam or not. Scam brokers don’t provide any information about themselves. But thankfully, SuperForex has provided their proper location on their website.

WHO OWNS SUPERFOREX?

Like the location, knowing who owns the broker is crucial. When I first saw SuperForex, I was curious, like you, about the owner.

Unfortunately, I can’t see who owns it anywhere on their website. But I’ve searched for it. Let’s see who owns it.

When I dig out the internet to search out the owner. I found Vladimir Syrov as the owner of SuperForex. His LinkedIn profile says he has been the CEO of the broker since 2014.

Vladimir Syrov LinkedIn profile

HOW TO DEPOSIT FUNDS IN THE SUPERFOREX ACCOUNT?

A trader like me looks for different options for depositing funds. Luckily SuperForex gives many options for depositing funds. In this way, I can choose whatever suits me. Let’s explore the options it gives to deposit funds.

All of these following options claim instant processing time:

Apart from the above-mentioned methods, you can use local deposit methods if they are available in your country.  They are also instant with no commission.

The deposit method is self-explanatory. Choose the method and enter the desired amount. In a moment, your account will be funded.

HOW TO WITHDRAW FUNDS FROM THE SUPERFOREX ACCOUNT?

Most brokers provide the same deposit and withdrawal methods Does SuperForex offer the same methods?

Does it provide instant withdrawal methods like it offers to deposit funds? Read the section below to find out more.

The withdrawal method is the same as deposit. You have to enter the desired amount and proceed withdrawal through the same gateway that you used for depositing.

There is no instant withdrawal available. However, it takes 1 – 3 business hours to process the withdrawal which is quite reasonable.

The biggest disadvantage I have observed is very high withdrawal charges. The minimum is 0.5% fee on withdrawal through FasaPay, Triv and Perfect Money.

On the other hand, AstroPay charges maximum fee i.e. 5% while BitWallet charges 4%. Debit/credit cards are charged 3% + 10 USD.

Therefore, the best payment method is using Triv, Perfect Money or FasaPay. However, you can use native payment processor of SuperForex that charges no commission on withdrawal. But I have not yet experienced it myself. So, I cannot give my review on it.

 HOW TO CONTACT SUPERFOREX?

Customer Care Service is very important for every organization It gives a sense of security to users that they can contact if anything goes south.

Do you know all the options you may get in touch with SuperForex staff? Surprisingly there are many ways to get connected with them.

As I told you earlier that there are many options to contact them I’ll tell you all the options one by one.

You can contact them via

• Call
• Yahoo
• Whatsapp
• Skype
• WeChat
• Telegram

They have given their hotline number for immediate contact. They have different customer care support for different departments. There is another helpline for the partnership department.

My experience with their support is quite good. They are quick and well informed. They helped me setting up my MT4 when I encountered a glitch.

DOES SUPERFOREX OFFER PROMO CODES?

Many brokers offer promo codes to their traders. It is a strategy to promote the organization and increase sales

SuperForex offers amazing promo codes. You must be interested in learning more about it.

SuperForex offers a “refer a code” promo. You must share the bonus with your friends to receive this, which is worth up to $1125.

DOES SUPERFOREX OFFER BONUSES?

Brokers offer bonuses for their users to introduce them to their services. Bonuses grab users’ attention and involve them in trading. SuperForex offers a variety of bonuses to its traders. Let’s see it in detail!

Here is the table of bonuses offered by SuperForex:

For a beginner, no deposit bonus seems a good starting point. For expert traders, a bonus does not matter as they are only meant to enhance your buying power. I have not seen any detailed terms and conditions of bonuses. So, I cannot suggest which bonus has the highest advantages.

DOES SUPERFOREX CHARGE TAX ON PROFITS?

Nothing is available free of cost. Most brokers charge taxes on profits. So, what about SuperForex? Let’s see!

SuperForex doesn’t charge taxes on profits.

EDUCATION AND TOOLS

Unlike other brokers like FBS or InstaForex, there is no basic educational material for beginners. However, intermediate and expert traders may take advantage of their “Forex Analytics” section that includes fundamental analysis, technical analysis, economic events, news and weekly review.

I have read a few analyses. They are detailed and to the point that really help me as a trader to grasp the daily market bias.

SUPERFOREX IS BEST FOR

• A zero-pip trading account.
• A whopping 11 account types, including the crypto account.
• 5 different types of bonuses.

SUPERFOREX IS NOT BEST FOR

• Multiple trading platforms
• Regulations
• High fee on withdrawals

HOW DO I MAKE MONEY WITH SUPERFOREX?

Making money as a beginner with SuperForex isn’t that difficult. How come? With SuperForex, you can start with $1.

I found the broker interesting and opened an account while looking for the best brokers for bonuses. I made some cool profits from the bonuses, and you can too!

The broker offers plenty of bonuses, which I’ll explain later in this review. Overall, trading conditions are good, and I didn’t find any hitch.

 Let’s glimpse through the key advantages and disadvantages of the broker.

FAQs

Is SuperForex, a South African broker?

No, SuperForex is registered in Belize. It does provide access to South African traders, who can even open an account in ZAR. The ZAR account lets South African traders deposit and withdraw in the local currency.

Does SuperForex have NASDAQ?

SuperForex’s diverse trading portfolio includes currency pairs, futures contracts, stocks, and stock indexes such as the Nasdaq 100, SPX, and Dow Jones Industrial Average.

How do I do copy-trading in SuperForex?

To copy trade, you must follow these steps:

●      Open a real account.

●      Sign up to be a copier.

●      Select trader for copying.

●          Copy their trades.

How do I claim my SuperForex welcome bonus?

You need to have a live trading account for a welcome bonus. After opening the live account, you can click the “Get the Welcome Bonus” button in the SuperForex Dashboard to receive the Welcome Bonus.

FINAL THOUGHTS

I have explained almost everything about this broker in this guide. It stands out in account types, minimum deposits, payment methods, and tradeable assets. But still, if you’ll have a detailed look at its website, it has blank or empty pages for most features like company news.

So, I would give it a 3.5/5.

I hope this review was informative and helped you make your decision. If you are looking for forex brokers other than SuperForex, you can check the complete list of brokers here.

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