SuperForex.com in short
SuperForex is the trade name of the SuperFin Corp, which is authorized and regulated by the International Financial Services Commission (IFSC) in Belize. The company claims to have a professional attitude, high-quality service, innovative technologies, and transparent policies. SuperForex is aimed at both retail and corporate clients and therefore offers a constantly expanding range of trading assets. Customers can trade CFDs on currency pairs, commodities, indices, shares and cryptocurrencies via the popular MetaTrader 4 (MT4) terminal.
Regulation
According to the provided legal documents on the website, SuperFin Corp., operating under the trading name SuperForex is registered in Belize under number 137723 and is authorized and regulated by the International Financial Services Commission (IFSC) of Belize under license number 00160/141. In 2016, IFSC increased its capital requirements so that the minimum required funds for a broker to operate is now USD 500,000.
Account Types
There are two main types of live accounts – STP Accounts and ECN Accounts, which you can open with SuperForex. Each type consists of several subtypes.
STP Accounts:
Standard – The minimum deposit amount is USD1 and the maximum leverage is up to 1:1000. The spreads are fixed and the value for the EUR/USD pair is 2 pips and for Crude Oil it is USD0.25. In addition, the copy trading feature is included.
Swap Free – The minimum deposit amount is USD1 and the maximum leverage is up to 1:1000. The spreads are fixed and the value for the EUR/USD pair is 2 pips and for Crude Oil it is USD0.25. In addition, the copy trading feature is included. The only difference is that the swap is not included.
No Spread – The minimum deposit amount is USD100 and the maximum leverage is up to 1:1000. The spread is zero for all instruments at the expense of some commission. The copy trading feature is not included.
Micro Cent – The minimum deposit amount is USD1 and the maximum leverage is up to 1:1000. The maximum deposit is limited to USD3,000. The spreads are fixed and the value for the EUR/USD pair is 2 pips and for Crude Oil it is USD0.25. The copy trading feature is not included. One lot has a value of 10,000 cents.
Profi STP – The minimum deposit amount is USD500 and the maximum leverage is up to 1:2000. The maximum deposit is unlimited. The spread is zero for all instruments at the expense of some commission. The copy trading feature is not included. One lot has a value of 100,000 USD.
Crypto – The minimum deposit amount is USD100 and the maximum leverage is up to 1:10. You can trade only cryptocurrencies. The spreads are fixed and the value for the BTC/USD is USD500 and for the LTC/USD it is USD60. The copy trading feature is not included.
ECN Accounts:
ECN Standard – The minimum deposit amount is USD1 and the maximum leverage is up to 1:1000. You can trade 166 instruments with floating spreads and the value for the EUR/USD pair is nearly zero. The lot size is 100,000 USD and copy trading features are not included.
ECN Standard Mini – The minimum deposit amount is USD1 and the maximum leverage is up to 1:1000. You can trade 100 instruments with floating spreads (shares and indices). The lot size is 10,000 USD and copy trading features are not included.
ECN Swap-Free – The minimum deposit amount is USD1 and the maximum leverage is up to 1:1000. You can trade 166 instruments with floating spreads and the value for the EUR/USD pair is nearly zero. The lot size is 100,000 USD and copy trading features are not included.
ECN Swap-Free Mini – The minimum deposit amount is USD1 and the maximum leverage is up to 1:1000. You can trade 100 instruments with floating spreads (shares and indices). The lot size is 10,000 USD and copy trading features are not included.
ECN Crypto – The minimum deposit amount is USD100 and the maximum leverage is up to 1:10. The lot size is 10 BTC and the copy trading feature is not included.
Market Maker or STP Brokerage?
Legal documents provided on the web page will show how the company acts against the client. The Order Execution Policy file shows that the company will always act as principal (counterparty) when executing orders by clients. SuperForex acts as principal and not as an agent on the client’s behalf; therefore, SuperForex is the sole execution venue for fulfillment of client’s orders. In other words, the company is a market maker that generally makes its money from the spreads that are embedded in the price of the instruments and from the commission charged. However, being a market maker involves a conflict of interest because when the company executes orders, it keeps the risk to itself. Despite the claim that SuperForex uses a straight through processing model, the order execution policy document shows that the company may transmit customer orders to hedge the risk, but it may not do so. When an order is not hedged, any loss to customers is a profit for the company.
The same document explains that SuperForex does not guarantee that the exact requested price will be obtained at all times and in any event. It warns that there may be cases in which stop loss orders are not so effective, for example where there are rapid price movements. This means that market orders are subject to slippage and will be filled at the first available market price. In addition, stop loss orders are not guaranteed.
The Risk Disclosure document informs that customers must be able to bear financial losses significantly more than margin or deposits, as they may lose the total value of the contract, not just the margin or deposit. However, the website claims that the company is implementing a so-called Auto-Reset Balance Program. According to the information, this program serves as a shield to prevent your balance from becoming negative. If this happens, the Auto-Reset Balance system will compensate your losses and keep your account at zero.
Fees
There are common fees such as spreads and rollovers. We were unable to find information about the so-called inactivity fee, so you can pause trading for as long as you like.
Deposits and Withdrawals
There are multiple deposit methods available including bank transfer, credit or debit cards, and e-Wallets such as Neteller, Skrill, Sticpay, and by cryptocurrencies. The minimum first deposit is USD1 for standard accounts. The company does not charge any deposit fees. Processing times depend on the payment method and for example bank transfers will be processed within 2-4 business days.
Withdrawals must be made by the same payment method with which the customer’s trading account is credited. There are withdrawal fees for each payment method. If a customer deposits by credit or debit card, the applicable fee is 3% of the deposit amount plus USD7 and the minimum withdrawal amount is USD20. If a bank transfer is used as the method of payment, the withdrawal fee is 3% plus EUR35. The applicable fee for deposits via Skrill is 1.5% and for those via Neteller is 2%. Processing times depend on the payment method and for example bank transfers will be processed within 2-4 business days, while credit card transfers will be processed within 1-3 hours.
Trading Platforms
Customers can trade via one of the most reliable platforms for online trading – MetaTrader 4 (MT4). MT4 is an award winning terminal that is the preferred choice of all kinds of traders. The terminal offers a customizable interface, a wide range of market and pending orders, different chart types and many technical indicators. If you prefer to place orders using automated trading, you have several tools you can use, called expert advisors (EAs).
In addition, traders can use the company’s own trading application called SuperForex. Unfortunately, it is only available for Android devices.
Assets
You can trade more than 330 assets with SuperForex.
Currency Pairs – more than 80 major, minor, and exotic currency pairs can be traded. The spread for the EUR/USD pair depends on the trading account and cab be fixed at 2 pips or floating from 0 pips.
Indices – Clients can trade CFDs on 21 global indices, such as DJIA, Nikkei225, Euro Stoxx 50 etc. The spread for the DAX index can be fixed at 10 points or floating from 0 points.
Commodities – CFDs on 120 commodities are available including Crude Oil and Gold, as well as agricultural and grain foods. The spread for Gold can be fixed at USD0.80 or floating from USD0.10. The spread for the Crude Oil can be fixed at USD0.25 or floating from USD0.
Shares – You can trade CFDs on 86 US shares. The spread for the Apple share is USD1 (fixed) and starts from USD0 (floating). The fixed spread for the Tesla share is USD6.
Cryptocurrencies – 9 cryptocurrencies such as Bitcoin, Litecoin, Ethereum, Dash, Neo, etc. are available as CFDs for online trading in the Crypto account. The spread for Bitcoin is fixed at USD500.
Copy Trading
Opening a Standard account allows customers to copy the transactions of more experienced investors. To start using Copy Trading, you will need to deposit just USD10. Then you can join the community of traders where you can find out the appropriate investor. The investor and followers then negotiate a system of commissions for the copied deals.
Summary
SuperForex is the trade name of the SuperFin Corp, which is authorized and regulated by the International Financial Services Commission (IFSC) in Belize. The documents show that the company acts as a market maker, which leads to some conflict of interest. There are many accounts and trading instruments available. The company provides the popular terminal MT4 and its own mobile application for Android devices. You can open a real account with just USD1.