BROKER REVIEW

Comments Rating 0 (0 reviews)

GENERAL INFORMATION

Broker Name:

ForexMart

Broker Type:

Forex

Country

Cyprus

Operating since year:

2015

Regulation:

Cyprus Securities and Exchange Commission (CySEC)

Address:

Spetson 23A, Leda Court, Block B, Office B203, 4000, Mesa Geitonia, Cyprus

Broker status:

Regulated

CUSTOMER SERVICE

Phone:

35725057236, 44 203 5751 513

Languages:

English, Spanish, Czech, Chinese, German, French, Italian, Polish, Portuguese, Romanian, Slovenian,Hindi, Hebrew, Arabic, Russian

Availability:

24/5

TRADING

Trading platforms:

MT4

Trading platform Time zone:

GMT

Demo account:

YES

Mobile trading:

YES

Web-based trading:

N/A

Bonuses:

YES

Other trading instruments:

YES

ACCOUNT

Minimum deposit ($):

$1

Maximal leverage:

1:500

Spread:

YES

Scalping allowed:

YES

picture-10

GENERAL INFORMATION

ForexMart is a relatively young company, founded in 2015. It offers a wide array of trading instruments, including currencies, stocks, precious metals, but its focus is mostly on digital or cryptocurrencies.

 

The broker is based in  Saint Vincent And Grenadines. Their address is  Shamrock Lodge, Murray Road, Kingstown.

 

Since its inception, the firm has had quite a few scandals and has shown a history of suspicious behavior. Accusations of scamming people are plentiful, and the evidence to support those claims is quite firm. Right away, that isn’t a good look for the broker.

 

And although the broker managed to damage its users early on, we still wanted to check it out, due to the small chance that they’ve turned around and corrected their previous mistakes.

picture-11

Some of ForexMart’s defining features are:

• A LARGE NUMBER OF TRADING INSTRUMENTS

Although ForexMart lacks in variety of instruments, the quantity is undoubtedly there. It has a focus on currencies and digital currencies and offers over 150 options for those two groups. Traders that enjoy currency trading won’t be disappointed by the available selection.

 

• 500:1 LEVERAGE

 

Leverage is, as all traders are aware, quite important when choosing a broker. It can be crucial to turning a profit, and a 500:1 rate is quite solid on paper.

 

  • GOOD BONUSES

 

ForexMart provides a 20%-30% bonus on your deposits that can, without a doubt, assist you in coming out on top financially when you’re buying or selling. Even the smallest edge counts, so the bonus is a nice incentive.

FUNDS TRADING AND SECURITY

CySec, a relatively strict regulator, licenses ForexMart. In theory, that would be evidence towards the security of using the service. However, although your data may be secure, your funds are far from it. The broker has had a history of malicious intent, starting with a fake positive review scandal in 2016.

 

However, that wasn’t even the worst thing the company did that year. Namely, they followed it up with denying a trader their withdrawal because they earned too much. That made a gaping wound in their reputation, and they only went further down the rabbit hole.

 

In the next year, 2017, there was a repeated fake review scandal. Following that, in 2018, it was discovered that ForexMart was working under the same license as InstaForex, which was a scam in its own right.

 

So already, you can tell that the owners were more concerned with making a quick buck rather than providing a quality service. The broker scores very low on security in our books and is nothing other than a scam.

TRADING ACCOUNTS

ForexMart, besides enjoying a very negative reputation, doesn’t shine in other areas either. They do have one thing going for them, which is the option to open a demo account. While it’s a nice plus, it’s also the bare minimum a company can do to provide a satisfying user experience.

 

As for their live accounts, there are four types. What we found surprising is that there was no word of a VIP account on their website. Malicious companies like ForexMart usually provide a VIP option in order to milk the maximum amount of money from their users.

 

Negativity aside, though, here are the options the broker provides:

picture-12

• CLASSIC


Min Spread: 1 pips


Average Spread: 1.2 pips


No comissions


Min Deposit: $15


Min lot: 0.01


Orders Execution: Market speed


• PRO


Min Spread: 0.6 pips


Average Spread: 0.8 pips


No comissions


Min Deposit: $200


Min lot: 0.01


Orders Execution: Market

speed


• CENTS


Min Spread: 1 pips


Average Spread: 1.2 pips


No comissions


Min Deposit: $15


Min lot: 0.01 (cent lots)


Orders Execution: Market speed


• ZERO SPREAD


Min Spread: 0 pips (Fixed)


Average Spread: –


Comissions: 0.02%-0.07%


Min Deposit: $1


Min lot: 0.01


Orders Execution: Instant

picture-13

The max leverage for all the different account types is the same – 1:500. And the max number of open trades is 500.

TRADING CONDITIONS

While the trading conditions at ForexMart might be decent at best if viewed in a vacuum, that’s not a realistic reflection of the situation. The trust issues that the site had make it so that, even with the best conditions in the world, you’d be at risk of not getting your money back. That marks a service we couldn’t soundly recommend using.

 

But even when all the shady business practices are put on the sidelines, the conditions are nothing impressive. There are only four types of accounts, with two of those being almost carbon copies of each other. The list of available trading instruments leaves much to be desired, as the site added a lot into its list of currencies and cryptocurrencies, and forgot to add any variety in other areas. Even their deposit/withdrawal options are poor, with limited choices, long processing times, and transaction fees of up to 2.50% + (a fixed) 3.5 EUR/USD.

 

If we had to point out some things they did well, they’d be the leverage and bonuses. Both of those, however, can be found in better variants elsewhere, so even in its best area, ForexMart doesn’t shine.

TRADING PLATFORM

picture-14

ForexMart at least made a good choice when considering its trading platform. It chose the most reliable and widely used MetaTrader4. Among its benefits, the user-friendliness and accessibility stand out as the most prominent. As such, many would assume that makes it a beginner’s tool, but that’s far from true.

 

Experienced traders can use the numerous available analytical tools and access assets via CFDs. No matter how much of a veteran you are, those features are sure to improve the likelihood of your success.

And also, a mobile client is available, allowing for trading anywhere. A large percentage of traders either prefer or exclusively use their mobile devices to buy and sell, making the feature near-necessary. The client can be downloaded from both the Apple and Google Play online stores.

FOREXMART’S TRADING PRODUCTS

As we have mentioned multiple times, the number one thing the broker lacks is variety. On paper, their number of 150+ different products seems fine, but in practice, most of those are currencies and digital currencies, making the width of choice narrow.


• Over a hundred currencies – The platform provides a large number of currencies, going into the triple digits. That would be commendable, and undoubtedly a significant selling point for those that like currency trading if the service wasn’t shady.


• Spot commodities When we say ForexMart lacks diversity, we do mean it. The only commodities that can be traded via the broker are gold and silver. They may be among the most popular ones, but ForexMart’s competition has a much better offer.


• Spot shares – The service provider did make an effort to include shares in its arrangement. You’ll be able to buy and sell shares of both giant and smaller companies using ForexMart.


• Digital currencies – Cryptocurrencies are, besides currencies, ForexMart’s best area. They provide a wide array of over 40 digital currencies, including BTC, ETH, and LTC.

CUSTOMER SERVICE

As per industry standards, ForexMart has a FAQ page up for any questions or problems their users might encounter. For anything that’s missing from there, the user can contact them via live chat, phone, skype, various messaging apps, or email. The options are available 24/5, so you won’t be able to get help on Saturday or Sunday.

One nice feature is that you don’t need to sign up to access their chat client, so you can ask them whatever you’re interested in without registering.

 

Phone number: +44 203 5751 513

 

Email: [email protected]

 

Skype: support_forexmart

CONCLUSION

ForexMart really only shines in two areas, which are it’s currency and cryptocurrency selections. The leverage is also fairly decent, and there’s a nice bonus to incentivize you to invest. Also, they did use a good platform with MetaTrader4. That’s about it as far as positives go.

 

The number one thing to look for in brokers is, in our opinion, trust. If you can’t guarantee that you’ll get your money even after making a good trade, why trade at all? And that’s where ForexMart falls extremely short. Although its transgressions happened mostly in the past, there’s still a steady influx of negative comments about the service.

 

Even without the trust issues, which are enough for us to urge you to stay away from the website, there’s a number of flaws in the experience it provides. Firstly, the transactions have fees, which make it harder to make a long-term profit. Next, the user accounts are very limited, meaning the experience isn’t very personally customizable. And lastly, the variety of trading products simply isn’t there, although there are numerous currencies and cryptocurrencies.

 

Overall, it’s clear that ForexMart is one of many scam brokers. It’s a firm set up just to make its owners turn a quick profit at the expense of users that trust them. We recommend avoiding the service, as numerous more trustworthy brokers provide a better experience to boot.

COMMENTS

Leave a Reply

User Review
  • Support
    Sending
  • Platform
    Sending
  • Spread
    Sending
  • Trading Instrument
    Sending

ForexMart Review
  • Support
    (2)
  • Platform
    (1.5)
  • Spread
    (1.5)
  • Trading Instrument
    (1.5)
1.6
Comments Rating 0 (0 reviews)

Subscribe to Our Newsletters

Have The Best Of Trade Market News Delivered Directly To Your
Mailbox. Subscribe To Receive The Latest Market News.