ForexMart Reliable Review

ForexMart user-ratings: $1
8.6/10
8.6 of 10 points 1 reviews
  • Asset varierity - 8.5/10
    8.5/10
  • Trading platform - 8.5/10
    8.5/10
  • Support - 8/10
    8/10
  • Fees - 9/10
    9/10
  • Deposit/Withdrawal - 9/10
    9/10

Facts about the company:

  • Type: Forex Broker 
  • Regulation: CySEC (Cyprus) 
  • Minimum deposit: $1
  • Demo account: Free
  • Markets: 100+ Forex,  Commodities, Stocks, Cryptocurrency 

 

8.6/10
Comments Rating 8.6/10 (1 review)

Pros

  • Leverage 1:500
  • No requotes
  • Negative balance protection
  • Zero spreads
  • No deposit fees
  • Swap-free

Cons

About ForexMart

In the following sections, we have taken a detailed look at the aspects addressed in the introduction, as well as in some other aspects. Step by step, we would now like to present the results and experiences that we have gathered during our test. In this first section, however, we would first like to summarize the most important experiences. The visitor, who is dealing with the ForexMart offer for the first time, will be struck by the pleasingly wide range of offers. Within the framework of the well-structured Internet presence, the available underlying, the educational offers, or even the account types available for selection are presented in detail and in great detail.

Screenshot of the ForexMart landing page

It is therefore highly recommended not to start trading immediately, but to take your time to explore the various options. The possibility of starting trading with a demo account should also be considered. Because such an offer is also available to the customers of ForexMart. The demo account is free of charge and enables the trader to test all the underlying instruments and instruments available in real trading extensively. Traders who already have some experience will know that this is an industry that is very international in most cases.

Company:Tradomart Ltd. / Tradosmart SV Ltd.
Address:Spetson 23A, Leda Court, Block B, Office B203, 4000 Mesa Geitonia, Limassol, Cyprus / Shamrock Lodge, Murray Road, Kingstown, Saint Vincent and the Grenadines
Phone:443 300 104 195
e-mail:info@forexmart.com
Live chat:Yes
Recall:Yes

The broker is also suitable as an online broker for beginners. Because for this group, corresponding information and content is provided in a separate section. Here you can find out what to consider before starting trading and which strategies are suitable for beginners. Above all, however, ForexMart is an online broker aimed at traders who want to trade on the basis of a professional offer, especially in the area of currencies. Whether everything is also in order with regard to reliability and seriousness, we would like to clarify in the following section.

ForexMart in Check: Fraud or Serious?

With all the interesting possibilities that the various online brokers have in their program, we still think it makes sense to pay attention to the aspect of whether the provider is serious. Of course, all online brokers will first of all endeavor to leave no doubt in their presentation that customers need not fear fraud or rip-offs. However, there are differences in the implementation of this noble claim. Unfortunately, it is not always possible for traders to see at first glance how secure and trustworthy a particular provider really is. An important feature, which should be considered in this context, however, in any case, is the location of a company.

If this standard is located in an EU member state, this can be seen as a positive sign. Online brokers who have their headquarters in such a state and also conduct their business here are obliged to comply with the laws applicable here. The protection of customer interests plays a very important role here. However, the best laws are of little use if the providers do not comply with them. It is therefore just as important to take into account the practice in companies. During our test, we got to know a provider who demonstrated very convincing behavior in this respect. In retail, the conditions displayed in each case are also implemented in concrete terms and sensitive transactions such as deposits and withdrawals are handled reliably. All in all, customers can therefore rely on a fair partner who does not have to fear fraud or rip-offs.

Sufficient security through EU regulation

Customers can also rely on a very high level of safety and regulation. The company is headquartered in Cyprus, so the local authority CySec is responsible for regulation. ForexMart also has a number of other branches, so that the BaFin and the British FCA also monitor compliance with the corresponding standards. An important aspect in this context is the question of how customer funds are handled. According to the company, this involves the implementation of the guidelines that require the separation of customer deposits from company funds. Traders can therefore assume that they will still be able to access their deposits even if the online broker falls into financial difficulties or even bankruptcy.

The offer

Understandably, however, when choosing a suitable broker, investors are most interested in the offer that is available for the actual trading. We would like to take a closer look at this in the current section. In addition to the underlying that can be used for trading, the conditions and the available leverage are of course also important. After all, the total costs and the maximum possible return depend on this. With regard to these conditions, however, it is first necessary to select an appropriate account. In addition to the demo account already mentioned, ForexMart offers two other versions for real trading. While many online brokers use the selection of trading accounts primarily to induce traders to make higher deposits with additional services within the framework of higher account versions, the accounts available at ForexMart only differ in the calculation of the conditions. We would like to go into this in more detail first of all, in order to then describe the selection of the underlying instruments in more detail.

Choice between four accounts

As mentioned, there are four different account versions to choose from, without having to consider different minimum deposits. On the contrary, a regular account can be opened with a deposit of just one euro or even a unit of another currency. You can choose between the US dollar, the British pound, and the Russian rouble. However, the account itself cannot be maintained in roubles. Specifically, the ForexMart ECN Standard and the ForexMart ECN Zero Spread are available.

The four accounts are:

  • ForexMart Classic
  • ForexMart Pro
  • ForexMart Cents
  • ForexMart Zero Spread

While the standard account is traded on the basis of variable spreads, trading on the zero spread account is on a commission basis. With the latter version, traders can therefore prepare themselves for fixed conditions, while the Standard account version is based on the current market conditions. Both account versions, however, allow access to the full range of underlying instruments, of which a total of 150 securities are available. Both versions also allow maximum leverage of up to 1:5000 to be used. However, this only applies up to an account balance of 1,000 euros. For higher account balances, the available leverage is normally reduced to 1:500. With the standard account, trading can also be based on micro-lots, which in our experience is not the case with the zero spread account. Both account types also offer support that is available around the clock on five trading days. However, we would now like to take a closer look at the underlying.

Underlying assets in several categories – about 100 currency pairs to choose from


With a view of the structure of the underlying assets offered for trading by ForexMart, it is clear that this online broker has clearly specialized in the Forex segment or currency combinations. With a selection of around 100 underlying, this provider is likely to rank very high in comparison with other online brokers. In addition, shares and commodities are also available as underlying for trading. Indices and bonds, on the other hand, cannot be traded. But first to the range of currencies and currency combinations. In view of the large selection, it would probably be going too far to list all available combinations individually. It should be clear, however, that the most important and most heavily traded currencies can be accessed first. The so-called majors include the euro, the US dollar, the British pound, and the Japanese yen. In addition, there are other globally important currencies such as the Swiss franc, the other dollar currencies of Canada, Singapore, and New Zealand as well as the Scandinavian currencies, i.e. Norwegian, Danish and Swedish krone. Added to these are the South African rand or the Mexican peso and the Russian rouble. The Eastern European currencies of the Czech Republic and Hungary should not go unmentioned.

It is not only the number of different currencies that make the offer so interesting but also the numerous possible combinations between the respective currencies. Depending on the account type selected, the conditions are calculated either on the basis of spreads or a commission. The expected conditions for each currency pair can be read in a table. Average values achieved for both variables are at a similar level. All in all, trading is possible on the basis of very fair conditions.

The same applies to the other underlying instruments. In the area of equities, the offering comprises around 45 securities. In our experience, however, the selection is limited to shares from the American market. Although it is therefore possible to focus on many different sector trends, regional differentiation is not possible in this area. Precious metals are another category that is made available for trading via ForexMart, whereby only gold and silver are available. As an additional category, Bitcoin is also available, whose performance can also be bet on via CFD. Who would like to specialize in currency trading and can make sacrifices in the other categories, is probably in good hands with ForexMart.

To sum up:

  • selection of around 100 underlying
  • Indices and bonds cannot be traded
  • trading with fair conditions is possible
  • Precious metals and Bitcoin are available for trading

Several bonus variants for new customers

At ForexMart, clients also have the opportunity to benefit from various bonus offers. Unlike many other online brokers, however, the amount of the bonus payment is not linked to the actual amount of the deposit. In principle, every trader can decide whether he wants to take advantage of the 30 percent bonus, the 50 percent bonus, or the no deposit bonus. With the first two variants, the customer receives a corresponding amount credited to his trading account, regardless of the amount of the deposit. This money can then be used as desired in trading.

However, if credit balances or winnings are to be paid out, this is subject to specific conditions regarding turnover. In the case of the 50 percent bonus, the turnover requirements are significantly higher. And in the case of the no-deposit bonus, it is even possible to receive a bonus of up to $300 without making a deposit of your own. It is only necessary to open an account and verify it. However, then only levers up to 1:200 can be used and the stop out level is 100 percent. The bonus capital may, therefore, be lost very quickly if the positions have to be closed out in trading. All in all, investors, therefore, have an interesting opportunity to receive additional trading capital through the bonus, although the specific bonus conditions are somewhat unclearly formulated in the online presence. On this basis, it was not possible for us to clarify exactly under which conditions a payout is possible in detail.

Deposit bonus:Welcome bonus up to 50 percent
Bonus conditions:corresponding sales must be achieved for payment
Validity:unlimited
Other bonuses:No deposit bonus

Many options for deposits and withdrawals

The choice is very extensive when it comes to depositing money into the trading account or withdrawing money from the trading account. In principle, there are three methods available: bank transfer, credit card payment, and e-wallet. Different conditions must be observed for each method. The least advantageous of all are the conditions for bank transfers.

Deposit options

Initially, fees of two percent and a duration of two to four working days must be expected, regardless of whether it is a withdrawal or a deposit. On the other hand, the process is somewhat faster for transactions involving the use of credit cards. It is possible to use either VISA or MasterCard. No fees are charged and the transaction is completed within 24 hours. The online providers Neteller and Skrill also have processing times of up to 24 hours. An immediate booking of the deposit amount can only be expected with the online providers PayCo, Qiwi and MegaTransfer.

Withdrawal options

Good experience with support and customer service

Also with regard to the standard that is offered in the area of customer service, we have had very good experiences during our test. Thus, there are several ways to contact a ForexMart employee directly. At various branches, including in Berlin, corresponding customer service is provided. In addition to telephone contact, live chat can also be used for this purpose. A third possibility is to set a callback request by e-mail. And of course, it is also possible to contact the customer service department by e-mail. We have made the experience that ForexMart’s competent support provides information both quickly and in a friendly manner.

Support available: 07:00 – 16:00 GMT
Telephone: +443 300 104 195
Adress: info@forexmart.com
Languages: several

Website and platform easy to use

Also with the conception of the website the responsible persons at ForexMart have succeeded in creating a quite convincing product. At least the most important information and conditions are presented transparently and clearly. There is point deduction against it for the ranges, in which details to the bonus conditions or also the standards of the deposit protection are represented. The relevant passages have obviously been translated very hastily and are sometimes difficult to understand. In contrast, we have gained a very positive impression of the platforms available for trading. Besides the MetaTrader, the established software, WebTerminal can also be used as browser-based software. In our experience, both offers offer the best conditions for successful trading.

Mobile App

Of course, it is also possible to use the ForexMart mobile service. However, we have not found a possibility to download a corresponding app within the framework of the online presence of ForexMart. Thus, customers are forced to obtain the MetaTrader or the web terminal for mobile use via a third source and install it on the mobile device.

Conclusion

With the online broker ForexMart, we have tested a provider that offers an enormously wide selection of combinations, especially for traders with a focus on currency pairs. The trading offer is supplemented by a few stocks in the categories equities and metals. On the basis of the two types of accounts offered, it is also possible to choose whether to trade on the basis of commissions or spreads, whereby we have gained the impression with both versions that very fair fees can be expected. Theoretically, trading leverage of up to 1:5000 is possible. Also technically we got to know trade on a very decent level. However, there are slight restrictions in the design of the website, where some subcategories are a bit bumpy. We were convinced by the aspect of seriousness and reliability. We can also rely on regulation at the EU level. So there is no need to fear fraud or rip-offs.


Most asked questions:

Are deposits and withdrawal fees are charged?

There are no fees charged for deposits and withdrawals. Unfortunately, fees can be charged by the payment service as a commission service. Moreover, there is no minimum withdrawing amount, so the withdrawal of money can be easily made.

What trading platforms are offered?

ForexMart offers a variety of trading options: MetaTrader 4 for Desktop, MetaTrader4 for Mobile, Webterminal. With different platforms, trading is easy and efficient.

What are the opening hours for trading forex?

The Forex market is open for trading 24 hours a day, five days a week. For upcoming questions, there is a customers support available at the same time during the week.

What is the smallest Order size?

The minimum order size in trading is 0.01 lot which is highly competitive and offers fair trading opportunities for traders.

One Response

  1. Andre Witzel September 19, 2020

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