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BROKER REVIEW

FOREXTB

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June 23, 2020 | 

JOHN K MWANIKI |  2 Comments | 

3447 Views

FOREXTB HONEST BROKER REVIEW 2020 - INTERACTIVECRYPTO

Our Pick

Mimimum Deposit

$250

Crypto

currency
currency
currency
currency
currency

Regulation

country

Our Score

8

Launched in 2015, ForexTB has set itself apart as one of the fastest-growing brokers due to its exceptional tools and trading environment. It is known for affordable transaction costs with even better customer service.

The broker also offers a wide range of commodities that makes it ideal for both beginner and professional traders. It also provides for a user-friendly interface for both desktop and mobile devices use. 

Here is a detailed review of ForexTB; 

Security and Regulation

Created in Cyprus, ForexTB is registered under the Cyprus Securities and Exchange Commission (CySEC) as an investment firm.

One of the major concerns raised over the years is the free roam nature of the Cyprus financial companies. This has changed over the recent years, though, with Cyprus becoming part of the European Union. All the financial institutions must comply with the rigorous EU guidelines, ForexTB inclusive. 

As part of the CySEC, ForexTB offers investors protection for up to 20,000 Euros in case of liquidity. It also holds funds in segregated accounts and employs independent certified auditors, from time to time. 

As a member of the European Economic Area, ForexTB has the freedom to offer services to investors within the European Union except for Switzerland and Belgium.

Fees

ForexTB comes with competitive fees compared to the other brokers. While it does not provide for deposit fees, it charges account non-activity fees after at least one month or more of dormancy. 

The broker charges a 3.5% withdrawal fee on debit/credit cards, while wire transfer costs 30USD/EUR/GBP. It does not charge a commission to the client. 

Account Types

Like most other brokers, ForexTB offers its users several account types based on their experience and amount trading. The minimum withdrawal increase with an increase in the account's seniority.

The basic account is the default account an investor gets upon signing up. Afterwards, there is the option to move to the Gold, Platinum, or VIP accounts.  

Moving to an upper account comes with additional benefits like access to other educational materials. It also provides for several trading alerts and a reduction on withdrawal fees.

For starters, ForexTB provides for a demo account with a virtual amount of up to $100k. The demo account allows a beginner to learn the craft before investing real money. 

Basic

Gold

Platinum

VIP

Withdrawal (Euro)

250

25000

100000

250000

Daily TC SMS alerts

2

2

4

7

Floating Spread EUR/USD (pips)

3.2

2.9

2.3

1.8

Free withdrawal

1

1

3

No Fees

Margin call

100%

100%

100%

100%

Deposit and Withdrawal

Depositing and withdrawing money from the ForexTB platform is such a breeze. It provides for fast and convenient transactions. 

The only concern though, is that the site provides for limited payment methods. It mostly supports bank wire transfer and DotPay. Traders who prefer digital payment methods like PayPal, Skrill, and Neteller might not appreciate that such means are unavailable. 

For the safety of transactions, the site provides that the same deposit method is the same withdrawal channel.

Trading Platforms

ForexTB works with the functional MetaTrader4 and WebTrader interfaces for the desktop version. It also provides an in-house xStation for both the web and mobile versions. 

The platform allows for smooth scrolling, one-click trading, and technical analysis tools. It also comes with advanced charting for convenient trading in both mobile devices and desktop.

The company also provides a risk management tool, Guaranteed stop loss. It helps the investors in risk assessment when trading on the platform. 

Market and Products

One of the reasons for the popularity of ForexTB is the wide range of assets to choose from. The broker provides for over 270 popular CFDs made of currency pairs, commodities, stocks, and cryptocurrencies.

ForexTB does not provide for a minimum deposit. It is possible to start trading with as low as $1. It also offers a commission-free trading platform with spreads of 1.1 pip on EUR/USD pair. Such values are competitive compared to other brokers. 

The platform provides for minimum leverages of 1:400 for professionals and 1:30 for retail clients. These figures are relatively low, given the higher risks that come with trading in the platform. 

Customer Service

ForexTB takes pride in providing exceptional customer service. It has a professional and reliable customer support system for all users' concerns.

It also has a live chat platform available 24/5. 

The broker provides multilingual customer support to cater to the different backgrounds of the users. It supports all the major languages on the platform. Ultimately, the broker provides a dedicated account manager upon signing up on the platform. It helps for continuous personal assistance for the users. 

Research and Education Materials

ForexTB invests in exceptional education for thousands of users. It provides a well-updated education hub that supports daily updates, economic calendar, and daily market analysis. It also has a glossary of trading terms for most beginners. 

It provides for Webinars and other trading eBooks for informed trading decisions making on the platform. The users can also access trading eBooks and technical and fundamental analysis as additional education tools.  

Pros and Cons 

From all the above information, the ForexTB is an intriguing broker that comes with several cons for the users. It is a well-regulated site with assured security for the traders. It also provides competitive spreads and limited commissions that make it a competitive site to use. It provides for no minimum initial deposit and has a risk management tool. 

The platform uses the MT4 and xStation interface for excellent user-friendliness. It also provides several education materials and reliable customer service. 

The broker, on the other, also has its cons like limited payment options and lower leverage levels.

Pros

Cons

Highly regulated

Few payment methods

Competitive spreads and commissions

Lower leverage levels

Risk management tool

User-friendly interface

Updated educational material

Reliable customer service

No minimum deposit

Conclusion

As one of the established brokers, ForexTB provides all a trader ever wants on the platforms. Other than competitive fees, spreads, and leverage, it offers additional trading tools. The site is highly effective for beginners and professionals. 

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COMMENTS

2 Comments

Like this article

Gamer Ruder
Are there any educational opportunities?

0     Reply    7 months ago from: Russia

Eldor Weret
$30 is a great fee for wire transfers. Most of the brokers would claim wire to cost $40-50 and say this is what the bank charges, not them. $30 is more of a real life number that ForexTb offers and this is probably the most favorable method to withdraw fu

0     Reply    7 months ago from: Russia

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