Introduction
ForexBankLa.com is an online broker that provides foreign exchange (forex) trading and related services to retail and institutional clients worldwide. The company is headquartered in Los Angeles, California with offices in New York, London, Shanghai, Tokyo and Singapore. ForexBankLa.com is a registered Futures Commission Merchant (FCM) with the Commodity Futures Trading Commission (CFTC) and is a member of the National Futures Association (NFA). The company is also registered as a Swap Dealer (SD) with the CFTC. In this ForexBankLa.com review, we will take a look at the regulation, trading platforms and instruments, pros and cons.
Company Overview
ForexBankLa.com is a forex broker that is based in Latvia. The company is owned and operated by UAB “Finansinio Tyrimo Centras”, which is an authorized payment institution by the Bank of Lithuania. ForexBankLa.com offers the MetaTrader 4 platform for trading forex, CFDs, and precious metals.
The company has a license from the Financial Instruments Market Law (FIML) to provide services to retail and professional clients. In addition, ForexBankLa.com is also a member of the Investor Compensation Fund (ICF), which provides protection for clients up to €20,000 in case the broker goes bankrupt.
ForexBankLa.com offers its clients a choice of two account types – Standard and ECN Pro. The Standard account requires a minimum deposit of $100 and offers leverage up to 1:500. The ECN Pro account requires a minimum deposit of $10,000 and offers leverage up to 1:100. Both account types offer a minimum trade size of 0.01 lots and allow for micro-lot trading.
spreads on major currency pairs start from as low as 0 pips on the ECN Pro account
ECN accounts have no commissions but are subject to a small commission per lot traded
all accounts have access to 24/5 customer support via live chat, email, or telephone
deposits can be made using credit
Regulations
It is very important to choose a regulated broker when trading forex. A regulated broker is required to follow certain guidelines set by the regulating body. These guidelines protect the trader from fraud and ensure that the broker is operating ethically.
There are many different regulatory bodies around the world, and each one has its own rules and regulations. It is important to make sure that the broker you choose is regulated by a reputable body.
The most popular regulatory bodies are the Financial Conduct Authority (FCA) in the UK, the Cyprus Securities and Exchange Commission (CySEC) and the National Futures Association (NFA) in the US.
ForexBankLa is a regulated broker by CySEC under license number 259/14. This means that they are required to adhere to strict financial regulations set by CySEC. These regulations protect traders from fraud and require brokers to operate in an ethical manner.
Trading Platforms and instruments
ForexBankLa.com offers a variety of different platforms and instruments for its clients to trade with. The main platform that the company uses is the MetaTrader 4 platform, which is a widely used and trusted platform among forex traders. The company also offers the WebTrader platform, which is a web-based platform that is designed for those who do not want to download or install any software on their computer. In addition to these two platforms, ForexBankLa.com also offers mobile trading platforms for both iOS and Android devices.
As far as instruments go, ForexBankLa.com offers a wide variety of different forex pairs, CFDs, precious metals, and cryptocurrencies. This gives traders a lot of options when it comes to choosing what they want to trade with. Overall, the company provides its clients with everything they need in order to trade successfully in the forex market.
Pros and Cons
When trading forex, it’s important to be aware of the different regulatory bodies that oversee currency trading. In the U.S., there are two main regulatory agencies: the Commodity Futures Trading Commission (CFTC) and the National Futures Association (NFA). ForexBankLa.com is a member of both of these organizations and is subject to their rules and regulations.
One of the benefits of ForexBankLa.com is that they offer a variety of trading platforms and instruments. This gives traders the flexibility to choose the platform that best suits their needs. Additionally, ForexBankLa.com offers a demo account so that traders can practice trading before putting real money at risk.
However, there are some drawbacks to using ForexBankLa.com. One is that they only offer support during business hours on weekdays. So if you have questions or problems outside of those hours, you’re out of luck. Additionally, ForexBankLa.com doesn’t accept clients from all countries. So if you’re not in an approved country, you won’t be able to open an account with them
Conclusion
If you’re looking for a comprehensive ForexBankLa.com review, then look no further. This article covers everything you need to know about the broker, from their regulation and trading platforms, to the pros and cons of using them. We hope that after reading this article, you’ll have a better idea of whether or not ForexBankLa.com is the right broker for you.