Forex signs, also referred to as FSICM, is a private wealth management company that has strong backgrounds in market research, proprietary trade, as well as investment advisory service.
Who is behind Forex signs?
Founded in 2003 by Hyung Jin Edward Jung, it began as a proprietary trade company having less than 15 traders. However, despite the small beginnings, it had a good reputation on the Forex market expertise on Wall Street.
As time continued, the company increased its good reputation on Wall Street, and demand for its services increased. The company founders decided to launch a market research division in 2006 that would cater to the clients and offer market research in real-time, worldwide. This launch proved successful, and the company began an investment advisory division a year later (Forex Signs International Limited). The current standing of the company is that it offers these three services to more than 10,000 clients, and makes it among the largest non-clearing forex brokers globally.
In addition, there is a Black-Box system that the company has. This is an automated trading system formed in 2004, and has links to the FSICM (Forex Signs International Capital Management). The FSICM provides clients with greater capital growth rates, despite any external changes in market forces.
The problem with Forex Signs lies in the distinct lack of complete information regarding activities and trading information, which raises red flags about its reliability.
What trading does it offer?
Forex Signs, Inc. gives users an outstanding 24-hour, seven-day a week support, allowing traders to succeed. It does this through giving an online margin foreign exchange trading, as well as a collection of brokerage services, all catering to different traders around the world.
The company is aware of the challenges that face Forex traders, and they reduce the industry’s unfair practices and challenges through the combination of their expertise in Forex research and complete diligence together, in addition to the clearing house.
Due to this fostering prompt and useful communication with the traders, this allows them to focus more on trading activities, while the platform handles all other features that have relation to the Forex market.
The company claims to have an investment technique that is completely at its discretion, comprising of synthesis of internal market dynamics, qualitative matrix and macroeconomic strategies to make the best decisions. The company believes that developing a methodology of training us a continual process, so they constantly examine and change methods accordingly.
The platform also emphasizes the consideration of risk management in all user accounts. This helps in maintaining the appropriate levels of volatility and risk, as well as using modelling tools that show the effect of changes in the market on portfolio positions and performance.
Trading platforms on the site
Similar to many forex brokers, the main platform that the site supports is MT4, which is available for Windows and Mac PCs, as well as iOS and Android devices, and web versions.
Most investors prefer using MT4 as a fore trading platform, due to its interface being user-friendly, its advanced charting package, the highly developed back-test environment, a variety of technical indicators, and the support for EAs (Expert Advisers).
You can get VPS service with them as well, and this allows traders to install the EA applications that they want and run them permanently without needing their PCs to stay on.
The company claims to offer several services, which include:
Trading system development
Analysis and research
Proprietary trade service
Alternative investment management
The tools that the site uses to give FSI services include:
Risk probability calculator
Advanced forex charts
Pivot point calculators
Basic forex charts
You can use the following trading systems, though you need to keep in mind that there are different methods for each of them.
Trend rider – 1
Straddle trade – 1
Forex runner – 1
Price impulse 2 – 1
You can only trade in a limited number of commodities and currencies. However, there is a possibility that the broker will add stocks and indices in future.
The commodities you can trade on the site include:
Commodities – silver, gold
Currencies – USD/EUR, EUR/JPY, EUR/CHF, GBP/USD, USD/JPY, EUR/RUB, USD/CHF, USD/RUB, USD/CAD, AUD/USD.
Among the advantages of the site is that it educates traders regarding binary options, even in trading the binary options on the platform. One of the ways is by providing webinars and tutorials that enhance the knowledge of traders, as well as daily news that traders can use to know what is happening in various markets.
In addition, there are mobile applications that are on leading mobile platforms, which can assist traders to keep track through their mobile phones.
Account types present on the site
One major issue we have with Forex Signs is the lack of disclosure documents to prospective and existing users, as well as the discretion problems over the accounts of users. They also do not allow for in-depth accuracy of market studies, neither the guaranteeing of profits regarding trading activities.
In the same regard, the information regarding account types or benefits is scanty, even on the main website, and this does not inspire confidence in the platform.
Deposit and withdrawal options
Forex signs is unlike other brokers, because you do not operate it like a usual forex trading account. What happens is they operate a prop trader program, which means they train you like a trader trainee. All you do is deposit money in your account, and they match it.
Depending on the country you live in however, you can explore several deposit and withdrawal options:
Barclays Bank (Bank transfer) – there is no commission on deposits, and it covers four currencies: the EUR, USD, and GBP. The minimum deposit is 25 and withdrawal is 10.
Skrill – three currencies are on the site, same as the ones in the bank transfer option. The conditions are similar to bank transfers though the deposit processing time is instant in most cases.
MasterCard and Visa – the same as Skrill option, with three currencies are on the site. The conditions are similar to bank transfers though the deposit processing time is instant in most cases.
Neteller – three currencies are on the site, same as the ones in the bank transfer option. The conditions are similar to bank transfers though the deposit processing time is instant in most cases.
UnionPay – only available for American clients, and FSA regulates it. The currency on the platform is the USD. Minimum deposit is 150 while the withdrawal minimum is 50. There is instant processing of deposits.
FasaPay – this is only available for premium clients, and the FSA regulates it. It accepts USD, while the minimum deposit is $25 or equivalent currencies. The withdrawal minimum is $10 or its equivalent. Processing time for deposits is between one and two hours.
For all these methods, the processing of transactions is fast, regardless of whether it is deposits or withdrawals.
The platform does not accept payments made through third parties, while for withdrawal payments they will always use the payment method you used for depositing money.
You can reach the customer service through Email and a toll-free number (within the US).
Email – email@example.com
Contact – +1 855 410 1885
The information that the platform offers in terms of training is not bad
The platform information regarding various aspects is scanty
There are very limited options to explore on this platform
There are no bonuses on offer
There are some issues regarding reliability
Forex signs is generally not a good platform to explore, especially if you are a novice trader. It may be better when you have some experience in trades, and our overall verdict is that it is best to avoid this site.