While regulated, ForexMart broker doesn’t seem to be popular with its customers. There are many negative comments online, and the firm can no longer operate in the UK. In response, they registered a second offshore entity.
Read our detailed ForexMart review to determine why our trust has been shaken.
However, the brokerage has been penalized in the past by its own regulator for not complying with certain provisions of the Investment Services and Activities and Regulated Markets Law. Namely, the company failed to comply with the leverage limit, offered bonuses, and didn’t provide negative balance protection. For this, the parent firm paid a total of 130,000 EUR.
In addition to the Cypriot branch, the firm has two offshore ones. It’s registered as Tradomart SV Ltd in Saint Vincent and the Grenadines and as Instant Trading Ltd in the British Virgin Islands. The first entity was established in 2015, while the second one has been in business since May 2022. SVG has no licenses for Forex brokers, while ForexMart regulation is with the FSC of the BVI.
You should be cautious and understand under which entity you belong. The offshore ones don’t comply with ESMA leverage restrictions nor have compensation funds or any guarantees for fund safety.
ForexMart is a CySEC-regulated brokerage penalized for offering high leverage and trading bonuses. Furthermore, the firm is in a run-off with the UK FCA, not accepting new customers.
ForexMart is a CySEC-regulated brokerage penalized for offering high leverage and trading bonuses. Furthermore, the firm is in a run-off with the UK FCA, not accepting new customers.
ForexMart has been in the business of Forex and CFD trading since 2015. The majority of their customers come from the following countries:
According to a SimilarWeb traffic report, they saw a considerable drop in traffic, going from almost 60,000 visitors in January 2023 to 13,500 in February.
This is quite a disappointing score for a legitimate broker. The main topic of the negative comments is withdrawals. The brokerage firm seems to be refusing requests and not paying out the affiliate commissions they promise to their investors.
Our review of the ForexMart trading platform has shown two software on offer. The brokerage provides its traders with access to MT4 and WebTrader.
MT4 is a third-party platform owned by MetaQuotes Ltd. It’s an advanced trading tool with a large number of TAs suitable for in-depth market analysis. In addition to a standard range of technical tools, investors can use social trading, automated trading features, and many more.
WebTrader is also a MetaTrader feature, but a simpler one. Instead of downloading the app and using all the perks, you can choose browser-based software with somewhat limited functions. It’s suitable for trading beginners who are getting to know the software.
In addition to desktop apps, MT4 and MT5 have mobile ones too. The software is available on Android and iOS platforms. You can also access WebTrader via any mobile browser.
You can choose between five asset classes:
The offer of crypto CFD trading might be why the firm is running off the business in the UK. Since January 2021, the UK FCA has forbidden crypto CFD trading due to high risks for investors.
Spread ranges from 0.2 to 1.2 pips on average, depending on the account type. Most accounts have no trading commission, except for the Zero Spread one, which brings $6 per lot.
Additionally, there’s no Islamic swap-free account, meaning you will have to pay for overnight trades; it’s just unclear how much.
You will find four ForexMart account types:
The minimum deposit amount is quite solid, suiting a regulated broker.
The main difference between accounts is the average spread, varying from 0.2 to 1.2 pips. Additionally, the Zero Spread account includes commissions and has a leverage of 1:200 offshore, compared to other accounts having 1:500. With a CySEC-regulated entity, leverage cannot exceed 1:30 for retail traders.
ForexMart Demo account is enabled through the MT4 platform. The company offers up to $500,000 in virtual funds and real-time market quotes. You can register for a trial account through a dedicated website page.
Having a risk-free account is quite a solid opportunity for new investors to test the software and those with experience to test new strategies. Note that, for registration, you will need to provide your email, meaning you will receive promotional offers.
ForexMart withdrawal options include the following:
We find it rather odd that Mastercard is not on the list of viable options. Additionally, some of the fees on this list are relatively high.
If you’re depositing via crypto, note that these transactions are not subject to chargeback, and reversal requires expert help.
If you have trouble with your ForexMart account, let us know. Our chargeback experts and CipherTrace crypto analysts will evaluate your case and do everything possible to assist you with your recovery.
Book a free consultation, and let us evaluate your case. If there’s legal ground, we’ll assist with submitting the dispute.
ForexMart is a CySEC-regulated broker with two offshore entities. In case of any issues with your account, let us know, and we’ll evaluate your case.
ForexMart offers a trial Demo account with up to $500,000 in virtual funds.
The brokerage requires a minimum deposit of $15 to open an account.
ForexMart is a CySEC-regulated broker with two offshore entities. In case of any issues with your account, let us know, and we’ll evaluate your case.
ForexMart offers a trial Demo account with up to $500,000 in virtual funds.
The brokerage requires a minimum deposit of $15 to open an account.
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