SuperForex Review: Broker Is Safe For Your Investments
SuperForex Review: Broker Is Safe For Your Investments

We found numerous client complaints against the broker. It just adds to the already bad rep of offshore providers.�

Even if they are regulated, that doesn’t seem to stop them from deceiving traders. Read about these issues in the SuperForex Review.

In addition, we recommend reading our reviews about brokers TopFX, TMGM, and FiatVisions.

Broker status:Regulated Broker
Regulated by:IFSC
Websites:superforex.com
Regulators’ Complaints:N/A
Owned by:SuperFin Corp
Headquarters Country:Belize
Foundation year:2013
Supported Platforms:MT4
Minimum Deposit:1 $
Cryptocurrencies:Yes – BTC, BNB, XPR…
Types of Assets:FX, Crypto, Indices, Commodities, Shares
Maximum Leverage:1:2000
Free Demo Account:Available
Accepts US clients:No
Site Grid:N/A

Is SuperForex a Safe and Regulated Broker?

SuperForex is owned by SuperFin Corp from Belize. Unlike other controversial offshore domains, the Belize regulator, IFSC, kicked things up a notch in terms of demands.

In early 2016, the IFSC increased the minimum initial capital of financial brokers from 100,000 $ to 500,000 $, which is a big jump. Also, the annual license fee was increased fivefold from 5,000 $ to 25,000 $.

On the flip side, the IFSC doesn’t demand that brokers segregate clients’ funds or provide them with a compensation scheme, unlike the European regulator ESMA. SuperForex may be ‘regulated’ on paper, but that doesn’t make it safe enough.

The IFSC requirements are not at the level of onshore domains such as the UK or the US. If you plan larger investments, then it’s better to find a broker with a Tier 1 license.

SuperForex is a Belize-based offshore broker regulated by the IFSC. FX, CFD, and crypto trading is included. The broker seems to have defrauded traders mainly from South Africa, Tanzania, Indonesia, Nigeria, and Malaysia.

Why Is Trading On a Licensed Broker’s Platform Preferable?

The requirements are much more strict and the punishments for misconduct are severe. For example, in the UK where the FCA is law, brokers have to possess a minimum operating capital of 730,000 GBP.

Furthermore, they have to provide clients with negative balance protection, segregated funds in a Tier 1 UK bank, a compensation scheme of up to 85,000 GBP, and leverage restriction (1:30). It’s undeniable that such conditions will enable safer investing.

SuperForex Available Trading Platform

Superforex Trading Platform

The SuperForex trading platform is MetaTrader 4. If you know anything about trading, you’ve probably heard about MT4 since the platform is iconic in the industry.

Famous for its wide range of advanced features, MT4 burst onto the scene with cutting-edge tools such as automated trading, instant execution, live market reports, 30+ built-in indicators, etc. It can be rivaled only by its successor – MT5.

Mobile Application

SuperForex made mobile trading available as well. You can download the MT4 platform on both Android and iOS.

While mobile trading may be a bit weaker compared to PC trading, it still has some advantages such as quick adjustments and trading on the go. Just, be careful with this particular platform due to the complaints we found about SuperForex.

What Traders Are Saying About SuperForex

Recently, SuperForex has been getting backlash from traders. We searched through several sites including Trustpilot and TradersUnion. A poor victim even wrote a lengthy text on Quora, describing how the scam went down. This is the harsh reality of trusting SuperForex:

Total scam. They cancelled my deposit bonus just when I was only a few points shy of the required volume to make the 300% withdrawal. The company claims that the account has been closed due to stop out, however that is not possible because my trades were in profit…

  • Trustpilot user, January 31, 2023.

SuperForex definitely scammed! There are no risk-free trades here, there are no profits for traders. All deceit! I don’t know if you managed to withdraw money. When I decided to part with SuperForex, I was blocked from all withdrawals. My balance of the deposit remained with this scammer.

  • TradersUnion user, January 12, 2023.

SuperForex’s Trading Assets and Instruments

Traders can choose between FX major/minor/exotic pairs, CFDs, and digital assets, i. e. cryptocurrencies. Here’s an overview of the SuperForex trading assets:

  • Forex pairs – EUR/USD, CHF/GBP, JPY/NZD…
  • Indices – FTSE100, S&P500, GER30…
  • Commodities – crude oil, natural gas, gold, corn…
  • Shares – Microsoft, BMW, Adidas…
  • Crypto – BTC, ETH, LTC…

The offer is quite nice. There’s an abundance of instruments. Please be careful and remember the complaints we found against SuperForex.

SuperForex Service Countries

Since SuperForex is an offshore broker, it’s bound to be all over the place. SuperForex also listed several jurisdictions where it can’t operate such as the US.

Yet, the broker provided services in some areas without the necessary permit. Here’s a list of countries whose residents SuperForex defrauded:

  • South Africa;
  • Indonesia;
  • Malaysia;
  • Nigeria;
  • Tanzania;
  • Italy.

What Are The Different SuperForex Account Types?

This is what the SuperForex account type division looks like:

  • Standard – 5 $;
  • Swap-free – 5 $;
  • No spread – 50 $;
  • Micro-cent – 1 $;
  • Profi STP – 500 $;
  • Crypto – 50 $.

There are two variations – STP & ECN. They are pretty similar and differ slightly in the minimum deposits, currencies, leverage and spreads. The ECN types aren’t compatible with FX copy trading.

Leverage, Spreads, and Fees

The leverage levels are extremely high – starting from 1:1000 and going up to 1:2000. It’s a double edge sword, which more often than not ends in huge losses rather than profits. Also, the caps go above and beyond the legal limit in Europe – 1:30.

On average, fixed spreads for STP accounts start from 0.5 pips and could go as low as 0.01 pips depending on the account type.�

For example, when you calculate the commissions into the spreads for the Standard account, you get 2 pips, which is above the industry’s standard of 1.5 pips. The ECN spreads are floating.

Can a Trader Use a Demo Account?

Yes. SuperForex offers a free demo account. Traders can use this for training before deciding to open a live account.�

However, you have to be careful because trading with real money is a whole new world full of risks.

What Methods Of Deposit And Withdrawal Does SuperForex� Accept?

SuperForex offers a large number of payment methods:

  • Credit/debit cards;
  • Wire transfers;
  • Crypto (BTC, LTC, ETH…);
  • E-wallets (Skrill, Neteller, FasaPay…);
  • Local payments;
  • SuperForex money.

The minimum deposit is 1 $, according to the website. There are allegedly no fees on deposits and withdrawals. The three available currencies are USD, EUR & GBP.

SuperForex – What Bonuses Does The Broker Offer?

Superforex-Bonuses-and-Promotions

It seems that SuperForex put a lot of focus on bonuses. We are always skeptical about bonuses since they have been banned by top European regulators. Offshore brokers regularly offer bonuses with shady policies attached.

Judging by the traders’ complaints, these bonuses seemed to be the cause of withdrawal issues. SuperForex cancels bonuses just before traders reach the required trading volume.

Terms & Conditions – What You Need to Know

The SuperForex T&C sections (general + bonus policies) are pretty lengthy. It seems legit but the bonus policies worry us. The broker can easily use this against the traders, as we saw on Trustpilot.

Apparently, SuperForex cancels withdrawals and bonuses, which is a direct violation of all the policies and documents on the broker’s website. Thus, you must be careful.

What Should I Do If I Have SuperForex Problem?

If SuperForex violates any terms and conditions, let us know. If you’re having withdrawal issues, call us as soon as possible. There’s a chance you were scammed by SuperForex.

Don’t worry. We have a team of experts ready to help you. Together with them, you shall start your chargeback process. If you’ve deposited funds via cryptocurrencies, you’ll need their knowledge of using advanced tools such as CipherTrace.

Here you can book a free consultation and find out what to do for a start.

What Is SuperForex?

SuperForex is an offshore broker from Belize, regulated by the IFSC. The broker offers FX, CFD and crypto trading.

Is SuperForex a Regulated Broker?

Yes. SuperForex is regulated by the Belize IFSC, which isn’t quite a reliable regulator. It’s better to trust Tier 1 authorities such as the FCA.

Is SuperForex Available in the United States or the UK?

SuperForex accepts traders from the United Kingdom but not those from the United States.

Does SuperForex Offer a Demo Account?

Yes. SuperForex offers a free demo account for practice.

Unfortunately, many users start reading reviews only after falling victim to scams. We sincerely hope that you are not one of them!
However, if you're here because you suspect that your investment isn't in a safe place, know that you have the right to claim funds back!

Report a Fraud Case & Claim a Refund from Scammers

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