ForexMart is a forex and CFD broker which was established with the aim to provide traders around the globe with a world-class trading environment and the best execution conditions possible. The broker implements methods to help ensure safety of client funds, quality customer care, trading tools, analytics as well as social trading.
ForexMart Review, Pros & Cons
- Regulated brokerage firm
- User-friendly trading platforms for multiple devices
- Social trading is available
- Spreads starting from 0.0 pips
- Economic news
- Residents of USA, North Korea, Myanmar, Cuba, Sudan & Syria are not accepted
- Incomprehensive training resources
- Limited trading instruments
In this detailed ForexMart review, our online broker research team have covered some of the most important aspects for you to consider when choosing the best broker for your online trading needs.
ForexMart is a committed and experienced brokerage firm that provides multiple financial instruments for trading on the MT4 trading platforms. The firm was established in 2015 with headquarters in Limassol, Cyprus while the international arm is operated from St. Vincent and the Grenadines.
ForexMart has invested in state-of-the-art infrastructure and technology which has resulted in ultra fast trade executions. The brand operates the ‘No Dealing Desk’ (NDD) brokerage model. The assets quotes are collated from various liquidity providers and the best prices are streamed directly to the clients’ MT4 platform in real time.
ForexMart has different trading account types for its numerous clients needs with unique characteristics and trading terms. Traders are provided with some useful trading tools such as a free VPS for those who qualify along with market news and analysis to help with daily trading activities.
ForexMart partnered with HKM Zvolen; a well known Slovakian ice hockey club established in 1927. ForexMart president affirmed that the partnership was engendered by the two partners’ common philosophy of wining and growth as a team with our clients.
ForexMart has won several industry awards for brokerage services. Amonhst them are the following awards:
- ‘Best new broker Europe 2016’ by ‘International Finance Magazine’.
- ‘Best broker in Europe 2015’ by ‘ShowFx World’.
- ‘Most prospective broker in Asia 2015’ by ‘ShowFx World’.
- ‘Best forex newcomer 2016’ by ‘Global business outlook’.
www.forexmart.eu is operated by ‘Instant Trading EU Ltd’; a Cyprus Investment Firm that is authorized and regulated by the Cyprus Securities and Exchange Commission (CySEC). The firm’s license number is 266/15.
www.forexmart.com is operated by ‘Tradomart SV Ltd which is registered in Saint Vincent and the Grenadines. The registration number is 23071.
All clients’ funds are kept in segregated bank accounts in the custody of reputable international banks. This means that client funds should not be used by ForexMart for their internal operations even if the broker runs into a financial crisis. As a member of the Investor Compensation Fund (ICF), eligible European clients are entitled to the sum of €20,000 in insurance coverage.
The brokers trading environment and websites are protected by ‘Secured Socket Layer’ (SSL) technology. This ensures that all data are encrypted before it is transmitted through the internet. This further secures all communication between the clients’ workstations and ForexMart’s servers.
ForexMart does not provide services for residents of certain countries, such as the United States, North Korea, Myanmar, Cuba, Sudan, Syria and some other regions.
Some ForexMart broker features and products mentioned within this ForexMart review may not be available to traders from specific countries due to legal restrictions.
MetaTrader 4 (MT4) Platform
ForexMart clients can use the MetaTrader 4 desktop version to read and analyze charts, place trade orders, manage multiple orders and more. This is the flagship version of the popular MT4 trading platform which is used by millions of online traders all over the globe. MT4 is fully loaded with an abundance of trading tools and features to suit the needs of both beginner and experienced traders alike.
The MT4 platform features include:
- Fully customizable user interface to suit the trader’s preferences and needs.
- It comes with up to 30 inbuilt technical indicators.
- Analysis with 3 chart styles including line, candlestick and bar charts.
- The ‘market watch’ window displays all the trading instruments and their bid/ask quotes in real-time.
- Supports automated trading with the use of Expert Advisors (EAs) created with the MQL4 language.
- Supports one-click trading.
- Set price alert notifications via email, SMS and platform pop-ups
ForexMart Web Platform
The ForexMart web platform is a secured web-based trading platform that you can use to access your account and trade whilst on the go. You simply login to your account and trade without downloading or installing any trading apps or software. ForexMart states that its trading environment is securely encrypted using SSL technology. The web platform is compatible with most modern web browers including Google Chrome, Mozilla Firefox, Safari, Opera Mini and Microsoft Internet Explorer.
ForexMart Mobile Platform
The ForexMart mobile trading app gives traders the opportunity to access their accounts and trade anytime and anywhere in the world, provided they have an internet connection. The app is the free MT4 mobile app which is designed to support all your trading and analysis while on the go. The interface is user friendly so it requires no special training. The platform offers 3 chart styles, 30 technical indicators and 24 drawing tools. The live charts can be viewed on 9 timeframes from 1 minute to 1 month. The app can be downloaded and installed for Android and iOS devices from their respective app stores.
ForexMart Trading Tools
This is a social trading package designed for investors and expert traders. Investors search for expert traders on the ‘ForexMart Monitoring page’ and view their portfolios and performance statistics. They can make decisions on whom to follow and then start copying their trades automatically. Investors still maintain full control while their accounts mirror the trades of the expert trader. The traders are compensated via commissions made by the investors.
It should be strongly emphasised that there is absolutely no guarantees on how the signals will perform and you should be fully aware of all the significant risks involved with trading online.
The economic calendar tells the trader up and coming news in the financial markets. It is a real-time, fundamental analysis trading tool that allows clients to get up-to-date information on the market events and the possible impact that they may have.
Virtual Private Server (VPS) Hosting
The VPS service is apt for traders who desire reliable and steady connection to the trading servers. This is often those who do not have a stable internet connection and those who need to run automated trading systems around the clock. ForexMart offers free VPS services to clients who maintain a minimum deposit of $500 and trade a volume of at least 0.5 lots round turn every month. If you opt for the free VPS but do not meet the requirements, you will need to pay for it.
ForexMart provides its traders with daily updates on economic news. These news updates could be changes in central banks policies, changes in financial indicators, updates on the financial markets or any news events that are likely to have an impact on various global markets.
The educational content on the ForexMart website is comprised of the following:
- A glossary of over 200 trading terminologies along with an explanation of each.
- An education brochure titled ‘The 10 ideas behind forex trading’ which is a 7-page e-Book in pdf format that introduces forex trading, leverage and pips to new traders.
- A presentation on forex trading: The presentation consists of 30 slides introducing ForexMart and its services, including how to register, download and use the MT4 trading platform.
- An article on how to install an expert advisor (EA).
- FAQ: This page has over 45 questions and answers on ForexMart services such as payments, account verification, trading platform and general questions.
ForexMart offer the following instruments for trading on its platforms:
- Around 98 forex currency pairs
- 53 CFDs on shares
- 3 spot metals
- 5 cryptocurrency CFDs
ForexMart Accounts & Fees
ForexMart has different account types designed to meet the various needs of its clients. A trader can choose an account type depending on his trading capital and required trading conditions. For all accounts, the maximum leverage obtainable is 1:500. Instant order execution is used for the ForexMart Standard and ForexMart Zero Spread accounts. Market execution is used for all other account types. The account types include:
The minimum deposit is $15 while the average spread is 1.2 pips. The minimum spread is 1.0 pip and no commissions are charged.
ForexMart Zero Spread
The spreads are fixed at 0 pips with commissions of 0.02 -0.07% charged on every trade. The minimum deposit is $1 and client orders are executed instantly.
This account is very similar to the classic account with all its features. The major difference is that the ‘Cents account’ is denominated in cents lots. This account is geared towards beginners who wish to try out live forex trading after practicing on the demo account.
This account requires a minimum deposit of $200 for international clients and €1,000 for European clients. The minimum spread starts from 0.6 pips while the average is 0.8 pips.
This account is only for the European clients. The minimum spread is 0 pips while the average is 1.2 pips. The minimum deposit required is €100 and no commissions are charged.
This account is only available to European clients and it offers fixed spreads of 2.0 pips. The minimum deposit is €15 and no commissions are charged.
Demo accounts are available for practice purposes at no costs and no risks to the trader. It is loaded with virtual trading funds up to $500,000.
As broker fees can vary and change, there may be additional fees that are not listed in this ForexMart review. It is imperative to ensure that you check and understand all of the latest information before you open a ForexMart broker account for online trading.
ForexMart has a team of experienced customer service representatives who are available to answer your questions 24/5. The support desk has several channels through which you can contact them. These channels include: telephone, instant live chat, email, Viber, Skype, Telegram, and WhatsApp. A ‘call back’ form is available on the website which can be used to schedule a call from the client service department. The client can select up to 6 languages for the call and also choose his most preferred time to be contacted. ForexMart is also on Facebook and Twitter.
ForexMart Deposit & Withdrawal
The following payment options are accepted by ForexMart:
- Credit/Debit cards: The accepted cards are the ones issued by Visa, Mastercard and UnionPay. Deposits are processed within 24 hours with no commissions. For withdrawals, a commission of 2.5% + $3.5 are charged. 2% of the transaction amount is charged for UnionPay.
- Online Payments: The accepted options are Skrill, Neteller, PayCo, FasaPay and AliPay. Deposits are instantly processed or at most, processed within 24 hours. Withdrawals are usually processed within 48 hours except for Skrill and Neteller which are processed 1-7 working hours. Transaction fees are charged.
Some fees may be charged when using certain payment methods. Withdrawal requests are processed within the same day or next if outside working hours. The withdrawal time can vary depending on the payment provider and method. Bank transfers may take a few business days to clear whilst some methods can be instant.
ForexMart: Account Opening
If you wish to trade with ForexMart, you can visit the brokers website and click on ‘Register’. Enter your name and email on the form that displays and click ‘submit’. The account registration form loads.
Fill your personal details, trading account details and lastly, account verification using a government issued ID card and a utility bill. Immediately, you are logged onto the clients’ cabinet. This is the clients’ area where you can download the MT4 trading platform, create a demo account, monitor your trades, enrol for social trading, make deposits and withdrawals, etc. Your clients’ cabinet area user name and password including your MT4 login details are sent via email.
It is imperative to ensure that when you are going through a broker application, you clearly read all of the brokers terms, conditions and policies. Only proceed if you fully understand and agree to them.
ForexMart is a regulated broker that provides online trading services to different categories of traders worldwide. All clients can trade on the MT4 platform available for web, mobile and desktop devices. MT4 is a powerful and popular platform that has been tested and trusted by numerous brokers and traders alike.
ForexMart has robust and reliable state-of-the-art hardware that helps to ensure swift trade executions with no requotes. They provide trading tools to assist traders with their daily trading activities along with social trading.
However, the number of trading instruments provided by ForexMart is small when compared to other online brokers that offer thousands of tradable assets. ForexMart does not offer indices, commodities, ETFs or bonds.
There are no in-house team of analysts that can present daily market analysis, insights, signals and trading ideas. The educational resources provided are not comprehensive and will likely be insufficient to effectively teach a new trader.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 61.14% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.