Minimum Deposit: $1
Maximum Leverage: 1:30
My Score: 5.5
Hello everybody! I am Valentin and I am here with ForexMart review. ForexMart is a forex and CFD broker who is operated by Tradomart SV Ltd. (Reg No.23071, IBC 2015) with a registered office at Shamrock Lodge, Murray Road, Kingstown, Saint Vincent and the Grenadines.
Also, Restricted Regions: Tradomart SV Ltd. does not provide services for residents of certain countries, such as the United States, North Korea, Iran, Myanmar, Cuba, Sudan, Syria, and some other regions.
In this ForexMart review, you can find all the answers to these questions: Is ForexMart scam or good forex broker? What are the account types of the broker? What are the trading conditions such as spreads, leverage, and minimum deposit? Is ForexMart regulated?
Regulation of the broker
According to the website of the broker, forexmart.com, ForexMart brand is authorized and regulated in various jurisdictions. But, there is no more information about the regulation.
However, I found another website (forexmart.eu) and INSTANT TRADING EU LTD is providing investment services under ForexMart brand and operates www.forexmart.eu website.
Also, INSTANT TRADING EU LTD (Cyprus) is Cyprus Investment Firm (HE266937) regulated by the Cyprus Securities and Exchange Commission, license number 266/15.
CySEC requires certain rules to forex brokers, for instance, minimum capital requirement. The main rules that CySEC-regulated brokers should adhere to:
Minimum Capital Requirement: The brokers must hold at least €730 000, which guarantees that the company is financial stability.
Client Account Segregation: Whenever clients deposit money in their trading accounts, it is kept separate from the broker’s operating funds. In this way, client’s money protected in the event of a bankruptcy.
Compensation Scheme: All brokers licensed in Cyprus are members of the Investor Compensation Fund, which covers the clients’ funds up to 20,000 EUR per person in the event of broker bankruptcy.
Account Types and Spreads
ForexMart offers three types of live accounts. These are ECN Standard, ECN Zero Spread, and Micro account types.
There is no minimum deposit for all account types. You can start trading with only $1 deposit. This is a good chance to try the broker.
ForexMart offers forex trading with tight, competitive spreads to both retail and institutional investors.
Spreads are 2 pips for Standard account on EUR/USD. There is no fee. The maximum leverage is 1:30 for this account type.
As the name suggests, ForexMart Zero Spread Account spreads are from 0.0 pips but it includes commission fees 2 pips. The maximum leverage is the same 1:30.
The only information about the spreads of the Micro account is that spreads are fixed. The clients have full access to all trading instruments.
ForexMart offers its clients the most popular and powerful trading platform MetaTrader 4. MT4 is an easy-to-use platform when trading forex.
MetaTrader 4 enables you to track a few charts simultaneously, trade directly from the chart, place orders, and manage multiple orders.
Its interface is user-friendly and even novice traders can easily find their way around it. Traders who can create their own automated trading strategies (Expert Advisors, or EAs), scripts and custom indicators in the MQL programming language.
MetaTrader 4 is available as a desktop application, as well as Android and iPhone mobile apps.
There are various trading instruments provided by the broker. A wide range of currency pairs, CFDs on Shares, Spot Metals, and Cryptocurrency.
ForexMart provides a wide array of financial instruments to help you create a portfolio that is truly diversified. Spot metals are gold and silver, cryptocurrencies are Bitcoin, Ethereum, Litecoin, and Ripple.
The broker accepts customer deposits and withdrawals via Credit card (Visa/Mastercard), bank wire transfer and the following e-wallet systems: Skrill, Neteller, Sofort.
Deposit timing and conditions for bank wire transfer are no fees, processed within 2-4 business days. No fees and processed within 24 hours for credit and debit cards. There is no fees for Sofort and your funds deposit instantly.
For withdrawals, System Fee – 0.01%. Min € 5, Max € 356 (depends on the withdrawal amount). Processed within 2-4 business days while using bank wire transfer.
Fixed Fee – 1 USD. Processed within 24 hours for credit cards. Min € 5, Max € 356 (depends on the withdrawal amount processed within 24 hours for Sofort.
ForexMart is a CySEC regulated broker, offering to trade in Forex, CFDs on shares and spot metals and Crypto conditions under reasonable conditions. To sum up the above, here are the pros and cons with about this broker: