ForexMart Review

Category: Reviews | Author: Trading Brokers | Date: October 16, 2023

Exploring the landscape of online trading, ForexMart emerges as a brokerage firm with a history dating back to its establishment in 2015. Regulated by the Cyprus Securities and Exchange Commission (CySEC), it offers a range of trading services covering forex, shares, indices, commodities, and cryptocurrencies. The MetaTrader 4 (MT4) platform is at the core of its offerings, known for its user-friendly nature. In this article, we will impartially assess ForexMart, considering key factors such as regulation, available platforms, educational resources, market options, account varieties, and funding methods.

Pros & Cons

  • Low minimum deposit
  • Various funding methods
  • MetaTrader 4 platform
  • No deposit fees
  • High leverage
  • ForexMart is not an ideal choice for traders who prefer scalping strategies
  • While ForexMart is regulated by CySEC for EU clients, ForexMart.com, which serves non-EU traders, is not regulated by any government agency
  • Customer service is available only 24/5
  • Commission for Zero Spread account

Summary 

 

ForexMart Review

ForexMart Review

ForexMart, founded in 2015 and under the regulation of the Cyprus Securities and Exchange Commission (CySEC), operates as an online broker offering trading services across various financial instruments, including forex, shares, indices, commodities, and cryptocurrencies. The brokerage platform relies on the widely recognized MetaTrader 4 (MT4), known for its user-friendly interface. It has four account types to satisfy the diverse needs of traders and also a demo trading account for backtesting. The company emphasizes its commitment to providing a reliable and transparent trading environment, along with educational resources and risk management tools, although the effectiveness of these claims may vary and require further scrutiny.

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Between 74-89% of retail investor accounts lose money when trading CFDs with this provider.

Regulation

ForexMart operates under the regulation of the Cyprus Securities and Exchange Commission (CySEC), which is one of the regulatory bodies in the European Union. CySEC oversees ForexMart’s compliance with the Markets in Financial Instruments Directive II (MiFID II), which establishes certain standards related to investor protection and transparency.

The company also claims to adhere to the European Financial Instruments Directive (MiFID) and the Investment Services and Activities and Regulated Markets Law of 2017, which are designed to promote transparency, competition, and consumer protection.

For international clients, ForexMart states that it is licensed by the SVGFSA (Financial Services Authority St. Vincent and the Grenadines), but it’s essential to approach such claims with caution and conduct thorough due diligence. These credentials include a CIF license with CySEC under license number 266/15 and an international license with SVGFSA under registration number 23071 IBC 2015, but the legitimacy and effectiveness of these licenses may warrant further investigation. Always exercise caution when dealing with financial entities. Please see a list of regulated brokers for some alternative options.

Platforms & Tools

ForexMart equips its clients with the versatile MetaTrader 4 (MT4) platform, renowned for its widespread use and user-friendly features in trading forex and various financial instruments. With MT4, traders can conveniently monitor multiple charts, execute trades directly from the chart, manage multiple orders, and utilize automated trading strategies.

MT4 Platform

MT4 Platform

ForexMart ensures accessibility by offering MT4 for desktop, web, and mobile devices. Moreover, they provide a web terminal, eliminating the need for software downloads or installations, offering synchronized access across all platforms, and bolstered by a secure encryption system.

For traders on the move, ForexMart extends a mobile trading app that facilitates trading convenience via smartphones and tablets. The app is freely available for download on both the App Store and Google Play, granting access to charts, account data, trading history, and other essential services.

Education

ForexMart is committed to empowering its clients with a comprehensive suite of educational resources, including:

  • Daily Market Analysis: Stay informed with the latest financial market news, gaining valuable insights through both technical and fundamental analyses of diverse trading instruments.
  • Economic Calendar: Access is a vital tool that presents upcoming economic events and indicators, offering valuable insights into potential market movements and trading prospects.
  • Trading Glossary: Decode the intricate world of forex and CFD trading with an easily accessible resource elucidating common terms and concepts like leverage, margin, spread, lot, pip, and more.
  • Video Tutorials: Learn the ropes of forex and CFD trading through a series of engaging video tutorials. These tutorials cover the fundamentals, from navigating the MT4 platform to order management, indicator usage, and chart analysis.

ForexMart offers a range of educational resources for traders to enhance their knowledge and skills in the forex market. Some of the educational materials provided by ForexMart include:

  • Education Brochure: ForexMart offers a multi-page education brochure titled “The 10 Behind Forex Trading,” which covers basic forex terminology, fundamental analysis, and technical analysis. This brochure is available in electronic format and can be downloaded from the website’s education section.
  • Daily Market Analysis: ForexMart provides daily market analysis and economic news to help traders stay informed about market trends and make better trading decisions.
  • Economic Calendar: An interactive economic calendar is available on the ForexMart website, allowing traders to keep track of important economic events and their potential impact on the market.
  • Forex Calculator: ForexMart offers a forex calculator to help traders calculate potential profits and losses based on various trading scenarios.
  • Trading Glossary: The website features a trading glossary to help traders understand essential forex trading terms and concepts.
  • Free VPS Hosting: ForexMart offers free forex VPS hosting for traders who meet certain eligibility requirements, enabling faster and more stable trading.
  • Social and Copytrade Tool (for non-EU clients): This tool allows traders to connect with other users and replicate successful trading strategies via copy trading.

While ForexMart offers some educational resources, it may not provide in-depth materials such as detailed articles, e-books, webinars, or workshops. However, the available resources can still be helpful for traders looking to improve their understanding of the forex market and develop their trading skills.

Markets

ForexMart offers a diverse array of over 150 online trading instruments, catering to a wide range of financial markets. For forex enthusiasts, there’s a choice of 108 major, minor, and exotic currency pairs, featuring competitive spreads and leverage options that extend up to 1:500. Those interested in share trading can delve into CFDs on 43 global companies, including industry giants like Apple and Microsoft. Index traders, on the other hand, have access to CFDs on 7 prominent indices, such as the FTSE 100 and NASDAQ. Commodity aficionados will find options like spot gold and silver, alongside opportunities to trade crude oil and natural gas. Meanwhile, cryptocurrency enthusiasts can engage in CFD trading for 5 digital currencies, including the likes of Bitcoin and Ripple.

Accounts

ForexMart extends a range of four distinct account types to cater to diverse client preferences:

  • Classic Account:  This account is tailored to accommodate beginners looking to venture into the world of online trading. It requires a modest minimum deposit of just 1 USD/EUR/GBP. Traders can expect variable spreads starting at a competitive 1 pip, along with the assurance of no hidden fees or commissions. The leverage offered reaches up to 1:500, providing flexibility in trading positions. Furthermore, the Classic Account includes negative balance protection, minimizing the risk of substantial losses.
  • Pro Account:  The Pro Account is strategically designed for experienced traders who seek advanced features. To open this account, a minimum deposit of 200 USD/EUR/GBP is necessary. Traders will benefit from variable spreads commencing at an attractive 0.6 pip, and, like the Classic Account, it is devoid of commissions or hidden charges. A substantial leverage of up to 1:500 is available, providing traders with ample flexibility. Negative balance protection is also a feature, that contributes to risk management.
  • Zero Spread Account:  For traders with a penchant for scalping strategies, the Zero Spread Account offers an enticing option. It demands a minimum deposit of 500 USD/EUR/GBP. The defining feature of this account is the absence of spreads on all trading instruments, which can be particularly advantageous for short-term traders. While zero spreads are the highlight, there is a commission starting at 6 USD per lot. Leverage options extend to 1:200, and negative balance protection is in place to safeguard traders.
  • Cent Account:  ForexMart’s Cent Account is an ideal choice for novice traders who prefer to begin with smaller investments. It requires a minimum deposit of 15 USD/EUR/GBP, making it accessible to a broader audience. Variable spreads from 1 pip provide cost-effective trading, and, as with other account types, there are no commissions or hidden fees. Leverage can go up to 1:500, offering traders room for maneuverability. The Cent Account also comes equipped with negative balance protection, reinforcing risk management practices.

In addition to these account types, ForexMart offers a valuable Demo Account, allowing traders to practice their skills and test strategies using virtual funds. This free-to-access account mirrors the features and conditions of a real trading account, serving as a valuable learning tool.

Funding

At ForexMart, clients have a variety of options for depositing and withdrawing funds, ensuring flexibility and convenience. These methods encompass credit/debit cards, bank wire transfers, e-wallets (including Neteller, Skrill, and PayPal), as well as local payment systems like PayCo and FasaPay. It’s important to note that ForexMart typically does not impose fees for deposits or withdrawals, although bank wire transfers may involve charges levied by the involved banks. The speed of processing is another aspect to consider. Deposits are generally processed instantly or within one business day, while withdrawals typically fall within a range of one to five business days. Furthermore, ForexMart accommodates various currencies, providing clients with the flexibility to transact in USD, EUR, GBP, RUB, PLN, CHF, and more.

Conclusion

In conclusion, ForexMart provides a range of account options catering to both beginners and experienced traders. With competitive spreads, leverage, and a user-friendly interface on the MetaTrader 4 platform, it offers a solid foundation for online trading. However, it’s important to keep in mind that there are brokers with more extensive track records in the industry that could be viable alternatives to explore. It’s always advisable for potential clients to conduct thorough research and consider their specific trading needs before making a decision. For additional choices, we encourage you to explore our trading brokers reviews.

ForexMart Logo

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ForexMart is an online broker that offers trading services on various financial instruments, such as forex, shares, indices, commodities and cryptocurrencies

Between 74-89% of retail investor accounts lose money when trading CFDs with this provider.


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