ForexGen, which began to operate on-line in 2006, is a Forex broker that offers quite interesting trading conditions, including MT4 platform, spreads as low as 0 pips and no overnight swaps. The spreads on the major currency pairs go do down to 1 pip for $5,000 and bigger accounts and decline to 0 for accounts starting from $50,000. Leverage also varies depending on the trading account size — from 1:200 to 1:500 for mini and micro accounts, 1:100 for standard accounts and 1:50 for big accounts.
Unfortunately, there are four major problems with this broker. First, their site claims to be on-line since 2001, while its not. Second, ForexGen offers 1 pip commission per trade to their partners, which means that the broker doesnt receive profit from the spread on big accounts and thats a bad sign for traders. Third, ForexGen tries to look like it’s registered with some authorities or regulatory institutions, but in fact it isn’t. Fourth, they have a lot of bad reviews in the Forex community; I dont know of they are justified, but thats something I would be worried about.
