Far Eastern
Pros and Cons
Pros
- Diverse range of trading instruments including Forex, commodities, indices, stocks, and cryptocurrencies
- Multiple account types available for different trader needs
- Access to popular trading platforms MT4 and MT5
- Flexible deposit and withdrawal options with various payment methods
- 24/5 customer support in English and Chinese
Cons
- Not regulated by any recognized financial authority
- High potential risk for traders’ funds
- Lack of advanced trading tools and features on platforms
- Limited educational resources for novice traders
- Withdrawal fees may apply depending on the payment method
Basic Information
User Reviews
Far Eastern Overview
Far Eastern is a forex broker established in 1997 and registered in Taiwan. Operating for over 5-10 years, it provides a platform for trading, although it currently lacks any regulatory oversight. This absence of regulation necessitates caution for potential traders regarding the security of their funds, as there are no authoritative financial bodies overseeing its operations.
Is Far Eastern Safe? Regulation Analysis
Regulatory Information
Far Eastern is not regulated by any recognized financial authority. This lack of oversight poses significant risks for traders, as there are no regulatory safeguards in place to protect investor funds. Potential clients should be aware that trading with an unregulated broker may expose them to a higher potential for fraud and a lack of investor protection.
Is Far Eastern Regulated and How Are Client Funds Protected?
Trading Products and Services
What trading instruments does Far Eastern offer?
| Asset Category | Available Products | Total Count (if available) |
|---|---|---|
| Forex | EUR/USD, GBP/JPY, Major & Minor Pairs | Varies |
| Commodities | Gold, Silver, Crude Oil | Varies |
| Indices | S&P 500, NASDAQ | Varies |
| Stocks | US (e.g. Apple, Tesla), UK (e.g. BP, Vodafone) | Varies |
| Cryptocurrencies | BTC, ETH | Varies |
Far Eastern offers a diverse range of trading instruments across multiple asset categories, allowing traders to engage in Forex, commodities, indices, stocks, and cryptocurrencies. This variety caters to different trading styles and preferences, whether for beginners looking to explore the markets or professionals seeking to implement strategic trading tactics. By supporting multiple asset categories, Far Eastern empowers traders to diversify their portfolios, which can enhance investment strategies and manage risk effectively. The flexibility in product offerings is particularly valuable for adapting to market changes and personal trading goals.
Account Types and Trading Conditions
What Account Types and Fees Does Far Eastern Offer?
| Account Type | Target User Group | Essential Characteristics | Applicability Notes |
|---|---|---|---|
| Retail Account | Beginners and Casual Traders | No minimum deposit requirements | Suitable for small-capital trading and practice |
| Professional Account | Experienced Traders | Access to advanced trading tools and potential for higher leverage | May require proof of trading experience or volume |
| Demo Account | New Traders | Risk-free trading environment with virtual funds | Ideal for testing strategies before live trading |
Account Opening Process
To open an account with Far Eastern, potential clients need to follow several steps. Initially, they must provide personal information, which includes their name, contact details, and citizenship. Following this, employment and financial information will need to be submitted to assess trading suitability. Identity verification is also necessary, requiring documentation such as a government-issued ID and proof of address. Far Eastern allows for account flexibility, enabling traders to upgrade to a professional account in the future as their trading experience and requirements evolve.
Trading Fees
| Product | Spread (pips) | Commission | Notes |
|---|---|---|---|
| Forex (Major Pairs) | Varies | $0 | Competitive spreads available |
| Forex (Minor Pairs) | Varies | $0 | Spreads may widen under certain market conditions |
| CFDs (Stocks) | Varies | $X per lot | Commissions apply to stock trades |
| CFDs (Indices) | Varies | $X per lot | Commissions apply to index trades |
| Cryptocurrencies | Varies | $0 | Variable spreads depending on market volatility |
Other Fees
Far Eastern may impose various fees, including deposit and withdrawal fees, which can differ based on the method used. Inactivity fees may apply if an account remains dormant for an extended period. Additionally, platform usage fees might be relevant depending on the trading platform chosen. Traders should also be aware of overnight interest charges (swap rates) and potential currency conversion fees when trading in different currencies.
Trading Platforms and Apps
What Trading Platforms and Apps Does Far Eastern Offer for Traders?
| Platform | Device Support | Key Features | Additional Services |
|---|---|---|---|
| MT4 | Windows, macOS, iOS, Android | Login security, multiple order types, price alerts, technical indicators | Demo account, API interfaces |
| MT5 | Windows, macOS, iOS, Android | Enhanced market analysis tools, one-click trading, economic calendar | Demo account, VPS |
| Web Version | Any device with an internet browser | Secure login, symbol lookup, real-time alerts | Demo account |
Far Eastern offers a variety of trading platforms catering to different trader needs. The MT4 platform is well-suited for those who prefer a robust trading environment with essential features such as login security and multiple order types, making it ideal for both beginners and experienced traders. MT5 enhances the trading experience with advanced market analysis tools and greater functionality, appealing to those who require more sophisticated trading capabilities. The web version provides convenience for traders who access the platform from various devices, ensuring secure logins and real-time alerts. Overall, Far Eastern supports mobile trading, secure logins, fast order execution, and efficient search tools across its platforms, enhancing the overall trading experience.
Deposit and Withdrawal
Deposit and Withdrawal Options
| Payment Method | Processing Time | Fees | Limits | Base Currency Options |
|---|---|---|---|---|
| Bank Transfer | 3–5 business days | No platform fee | Min $100, Max $50,000 | USD, TWD |
| Credit/Debit Card | Instant | No platform fee | Min $50, Max $10,000 | USD, TWD |
| E-wallet (e.g., PayPal, Skrill) | Instant | 1.5% charge | Min $20, Max $5,000 | USD, TWD |
Minimum Deposit
Far Eastern requires a minimum deposit of $50 for Retail Accounts, with no minimum deposit for Demo Accounts. The minimum deposit may vary based on the account type and selected payment method.
How to Withdraw
- Log in to your Far Eastern account.
- Navigate to the ‘Withdrawal’ section.
- Select your preferred withdrawal method.
- Enter the amount you wish to withdraw and confirm the transaction.
- Verify your identity if prompted to complete the withdrawal process.
Customer Support
Far Eastern Customer Support Overview
Support Channels
Far Eastern provides several support channels to assist customers. Traders can reach out via:
- Email: Customers can contact support through the email address patriciachuang@feib.com.tw.
- Live Chat: Real-time assistance can be accessed through the live chat feature on the broker’s website.
- Telephone: Customer service is available at +886 02-80731166 for direct support.
- Social Media: Far Eastern also maintains a presence on platforms such as Facebook and YouTube for additional support and updates.
Service Availability
Far Eastern’s customer support is available 24/5, ensuring assistance during the trading week. The support team is equipped to assist clients in both English and Chinese, catering to a diverse clientele.
Frequently Asked Questions
No, Far Eastern is not regulated by any recognized financial authority. This lack of oversight poses significant risks for traders, as there are no regulatory safeguards in place to protect investor funds.
Far Eastern offers a diverse range of trading instruments, including Forex pairs (like EUR/USD and GBP/JPY), commodities (such as gold and silver), indices (like S&P 500 and NASDAQ), stocks (including US and UK companies), and cryptocurrencies (like BTC and ETH).
Far Eastern provides several account types, including Retail Accounts for beginners, Professional Accounts for experienced traders, and Demo Accounts for those wanting to practice trading in a risk-free environment.
Far Eastern offers multiple support channels, including email support at patriciachuang@feib.com.tw, live chat on their website, and telephone support at +886 02-80731166. Their customer support is available 24/5 in both English and Chinese.
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Risk Disclosure
Trading forex/CFDs via brokers carries high risks, including potential total loss. For any data changes, please refer to the latest information on the brokers' official websites. Trade with caution and seek independent advice.