ForexMart is the brand name of Instant Trading EU Limited, based in Cyprus; they've been in operation since 2015 and hold a CIF license with the Cyprus Securities and Exchange Commission (CySEC).
According to its mission statement, the company is committed to providing its clients with a secure and top-notch service. Whether you're interested in trading currency pairs, indices, shares, commodities, or cryptocurrencies, they've got you covered with access to software and daily market analysis.
ForexMart uses the trusted and widely-used MetaTrader 4 platform for trading Forex online. It's an advanced tool that can help you stay on top of your game regarding forex trading.
In addition, the company strives to offer reliable and transparent trading services, cutting-edge technology, and exceptional customer support. Forexmart Forex Broker has attracted a decent client base by staying true to its mission.
This ForexMart review will examine what this Broker offers, its limitations, and many more.
Supported Countries
ForexMart is a global trading platform that caters to a wide range of traders from various countries. Traders from Australia, Thailand, Canada, United Kingdom, South Africa, Singapore, Hong Kong, India, France, Germany, Norway, Sweden, Italy, Denmark, United Arab Emirates, Saudi Arabia, Kuwait, Luxembourg, Qatar, and many other countries are welcome to join and trade on the platform.
ForexMart has a significant number of traders from Malaysia, which accounts for 45.1% of its users. Other major client base countries include Bangladesh, Indonesia, the Russian Federation, South Africa, Spain, and Thailand.
It's important to note that there are restrictions on countries where you can use ForexMart. Traders from the United States, North Korea, Sudan, Cuba, and Syria are currently unable to use the platform due to regulatory restrictions.
Customer Service Rating
Before considering ForexMart as your trading platform, it's worth looking at its Trustpilot score. Unfortunately, ForexMart has received a Poor score on Trustpilot, with a rating of 1.9 stars out of 5. Out of the 13 reviews, the majority of reviewers had negative remarks. Also, many ForexMart Broker reviews do not rate the platform highly.
Traders have reported feeling frustrated by the restrictions on their ability to withdraw funds. One common complaint is that ForexMart makes it difficult to withdraw profits by imposing a range of terms and conditions. Additionally, some reviewers have noted that ForexMart sometimes denies users the ability to withdraw their funds, insisting that they pay additional taxes before doing so.
However, it's not all bad news. Some traders have reported positive experiences with ForexMart's ForexCopy system. This innovative system allows users to copy the trades of successful traders, which can help mitigate some of the risks associated with trading.
Regarding trading platforms, ForexMart offers a top-of-the-line option: MetaTrader 4 (MT4). This platform is widely used by traders worldwide due to its power and user-friendliness. With MT4, traders can track multiple charts simultaneously, trade directly from the chart, and easily manage multiple orders.
One of the standout features of MT4 is its extensive library of technical analysis indicators. With over 40 indicators available, traders can find the tools to make informed trading decisions. The platform offers 9 separate time intervals, giving traders even more flexibility and control over their trading.
On ForexMart, MT4 is available in multiple formats, including through an online web platform and as a downloadable application for Windows PCs and Apple computers. ForexMart's MT4 platform is compatible with Android and iOS devices. This makes it easy to keep tabs on your trades no matter where you are.
Trading Denominations on Forexmart
ForexMart offers traders the option to trade in the following currencies: USD, GBP, and EUR.
Company Structure
ForexMart is the brand name of Instant Trading EU Limited, a reputable broker based in Cyprus. ForexMart is committed to adhering to strict financial guidelines per EU law as a regulated broker.
ForexMart is currently regulated by the Cyprus Securities and Exchange Commission (CySEC) under license number 266/15. This regulatory body ensures that ForexMart follows strict financial guidelines to protect its clients. It's important to note that while the non-EU website accepts traders worldwide, including Canada, Indonesia, and Malaysia, regulatory protection may be limited. This is something to remember when considering ForexMart as your Broker of choice.
Since its existence, ForexMart has been honored with multiple awards. In 2020, International Investor recognized ForexMart for offering the Best Trading Conditions in Asia. ForexMart was also named the Best New Broker in Europe in 2016 by International Finance Magazine. Moreover, Global Business Outlook, a UK-based business magazine, granted ForexMart the Best Forex Newcomer award that same year. These accolades demonstrate ForexMart's commitment to providing its clients with exceptional trading conditions and innovative services.
Forexmart Licenses and Regulatory Compliance
ForexMart is currently regulated by the Cyprus Securities and Exchange Commission (CySEC) under license number 266/15. It is also regulated by the Financial Services Authority of Saint Vincent and the Grenadines (SVGFSA).
Forexmart Customer Protection
ForexMart is a forex and CFD broker that values the security and protection of its clients. The Broker's website does not provide specific information about customer protection. However, with regulation by CySEC and SVGFSA, the company must comply with strict financial guidelines following EU law, including client money protection through the Investor Compensation Fund and negative balance protection.
The company uses SSL encryption codes and RSA digital signatures to ensure that all client information and data remain secure. In addition, ForexMart offers two levels of login security to further safeguard clients' accounts from unauthorized access.
If you have any questions or concerns while trading, ForexMart offers a variety of customer support options to help you out. You can contact them via telephone, email, or live chat services through Facebook, Skype, or WhatsApp. Their customer support team can assist you from 08:00 to 17:00 UTC+2.
ForexMart offers a variety of options to suit different trading strategies. The Classic Account offers floating spreads of around 1.2 pips for major forex pairs like EUR/USD, while the Pro account boasts tighter spreads averaging around 0.8 pips for the same pair. Both accounts are commission-free.
For those looking for even tighter spreads, the Zero Spread account charges a commission between 0.02% and 0.07% for forex trading. However, there is a 0.10% commission on CFD shares and cryptocurrencies, a $10 fee per lot on indices, and a $40 per lot fee on energies.
Trading hours on ForexMart vary for each asset depending on the instrument traded. For example, if you're trading CFD shares, the trading hours are from 15:30 to 22:00 GMT+2 (GMT+3 DST), Monday to Friday. If you need to check the trading sessions for a specific instrument, you can find this information on the MT4 platform.
Forexmart Leverage
ForexMart offers varying maximum leverage depending on the type of instrument and the client's location. For EU clients, the maximum leverage available on major forex pairs is 1:30. At the same time, FX minors, indices, and spot metals are available up to 1:20. Energies have a maximum leverage of 1:10, CFD shares up to 1:5, and cryptocurrencies up to 1:2.
Non-EU clients, on the other hand, can enjoy a much higher leverage of up to 1:500. It's important to note that leverage can magnify profits and losses. Hence, it's important to use it responsibly and always keep risk management in mind. Overall, ForexMart offers a range of leverage options to cater to different trading styles and risk preferences.
Deposits and Withdrawals
Deposits
When depositing funds into a ForexMart account, there are no deposit fees to worry about. However, it's worth remembering that payment systems may charge a commission for their services, so it's always best to check with your chosen payment provider.
Withdrawals
To withdraw funds from ForexMart, traders will have to use the same methods for depositing. Withdrawals are usually processed within 24 hours. However, it's important to note that ForexMart does charge withdrawal fees depending on the payment method used.
Forexmart Trading Education and Training
ForexMart does offer some educational materials on its website. Its education brochure, "The 10 Behind Forex Trading," is a good starting point. The brochure covers basic Forex terminology, fundamental analysis, and technical analysis. It's available in electronic format and can be downloaded from the website's education section.
Additionally, the website has a glossary and an FAQ page that can help clarify any confusion about Forex trading. However, if you're looking for more in-depth educational materials, you may find ForexMart lacking. The website does not offer articles that contain a detailed analysis of each subject, trading strategies, e-books on Forex, commodities, CFDs, and stocks, or webinars and workshops.
Conclusion
This ForexMart Broker review has shown that the platform is considered reliable, with a lot to offer traders looking for a competitive edge. The Broker offers tight spreads starting from 0 pips, and the maximum leverage goes up to 1:1000, which can benefit traders looking to maximize their profits. With various trading instruments available, including Forex, cryptocurrencies, CFDs, and more, traders have plenty of options.
Additionally, the Broker provides a range of account types, each designed to suit different trading styles and experience levels. ForexMart also offers an intuitive trading platform available in both desktop and mobile versions. This makes it easy for traders to access their accounts and execute trades on the go. Customer support is available 24/5 via email, phone, and live chat, a major plus for traders needing assistance or having questions.
8 mins read
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