ForexMart Review – Trade with Confidence
Nowadays, a lot of people struggle to find a decent brokerage service provider company that at the same time will suit all or most of their trading requirements. Indeed, some of the best Forex brokers will comply with all regulations, however, will at the same time limit the freedom in trading strategies. ForexMart is a Forex broker that seems to balance the mentioned trade-off. The broker acts in accordance with multiple regulations, but also provides flexible leverage, tight spreads, and promotional programs.
The company appeared on the market a few years ago and already attracts the attention of thousands of traders daily. Mostly, because ForexMart Forex broker puts a lot of effort to create a competitive trading environment with the maximum freedom granted to the clients. Furthermore, the broker supports its customers in every way it can, be it a 24/5 customer support team, educational and informative materials, or bonus schemes. Thanks to the dedication towards its customer base, ForexMart earned the title of one of the top brokerage service providers in multiple regions.
ForexMart is an award-winning Forex broker. The company was established in 2015 and since then has been dominating within the financial industry. In 2020, ForexMart received an award in the Asian region for the best trading conditions. The award was granted by the business publication International Investor. Furthermore, International Finance Magazine recognized the broker as the Best New Broker in Europe in 2016.
ForexMart acts in compliance with the regulations and laws applicable to various jurisdictions. ForexMart is lawfully conducting its businesses within several regions worldwide. It operates under the global investment firm Tradomart SV Ltd. which has a registered office in Saint Vincent and the Grenadines. The main regulation that the company holds is granted from the Cyprus Securities and Exchange Commission (CySEC). The license number of the authorization is No.266/15 and can be looked upon on the official website of the regulatory body, as well.
As one of the best brokerage services providers, ForexMart received recognition from many notable institutions both locally and internationally. All of those institutions are reputable and operate within the financial industries from all around the world. We have already mentioned a few of them, including the business magazine International Investor and International Finance Magazine. Additionally, the broker holds awards from Global Business Outlook, which is the United Kingdom-based business magazine and international exhibition brand ShowFX World. The former one recognized ForexMart as the Best Forex Newcomer in 2016, while the latter one awarded the company as the Best Broker in Europe and Most Prospective Broker in Asia.
What can you trade with ForexMart?
Forexmart Forex broker has one of the most diverse portfolios of financial trading instruments. In contrast to many of its competitors that solely focus on trading with Forex and commodities, ForexMart provides various products available to trade for its clients. The wide array of the instruments includes:
- Forex (Floating Spread)
- Forex (Fixed Spread)
- CFDs on Shares
- Spot Metals
- Spot Metals (Floating Spread)
The company offers over 65 currency pairs to trade on the platform of ForexMart. The traders can find the most popular and common pairs, as well as some of the exotic ones. The spread depends on the product and on the account type, as well. However, the traders have an option to choose whether they want to trade with floating or fixed spread. There are no commissions applicable to trading Forex with the broker.
CFDs on Shares
With over 53 shares available on the ForexMart trading platform, the clients can trade CFDs on the most popular shares. The portfolio includes Apple, Amazon, Facebook, Google, Yahoo and so much more. There are fixed spreads offered for the CFDs on shares and most of them are as low as 0.03. However, the commission fees apply to these products. The commission fee is 0.10%.
ForexMart provides the most advantageous conditions for trading with Gold and Silver. On Spot Metals, clients can have leverage up to 1:100. There are no commission fees applicable to trading with Spot Metals. Spread for trading with Gold is 80, as well as for XAU/USD, while for Silver the spread is 40. The trading lot for Gold is 100 ounces, whereas for Silver and XAU/USD it is 500 ounces.
All the popular and widely recognized cryptocurrencies are available to trade with ForexMart. The list of crypto products includes Bitcoin Cash, Bitcoin, Ethereum, Litecoin, and Ripple. The leverage for cryptocurrencies is 1:2 with a 0.1% commission fee applicable to trades. The spreads vary according to products.
In order to diversify your product portfolio, ForexMart additionally provides Natural Gas and Crude oil within the portfolio of Energy products. The leverage for both products is 1:10. There are no commission fees applicable to the named instruments and a trading lot is 1000. The spreads vary according to the account types, with classic account holders getting spreads of 34 and 63 respectively.
Traders have an option to go for Indices with ForexMart broker. There are over 13 indices available including the most popular ones, such as SPX500, UK100, NASDAQ100, and DAX30. The leverage for indices is 1:100 with the lot size of 1 contract. There are no commission fees applicable to indices and spreads once again vary according to the account types.
It is not news that traders in any industry have different requirements and needs. Accordingly, their trading strategies vary, which means that they would find different conditions suitable for them. Recognizing the diversity within the interests of the traders, ForexMart provides four different account types that support the various needs of every type of client. All accounts come with the maximum leverage of 1:500, and a margin call /stop out level of 30% / 10%. The maximum number of simultaneously open positions is 500, 10,000 lots. Below are the detailed descriptions of each account type with the corresponding trading conditions associated with them.
A classic account is a standard type of account that works best for clients with no specific trading strategy, or the ones who don’t necessarily look for a customized trading experience. The account type offers spreads from 1 pip and the average spread for the account is 1.2 pips. The commission fees do not apply to Classic account holders. The minimum deposit requirement is 15 US dollars in order to set up an account. The minimum lot size is 0.01 and the order execution type is market.
Pro account was initially designed for the experienced traders who are looking for tighter spreads. The minimum spread for Pro Account starts from 0.6 pips with an average spread of 0.8 pips. Similar to classic accounts, Pro account holders do not need to pay additional commission fees. However, the minimum deposit is 200 US dollars. The minimum lot size and the order execution type are also similar to the classic account.
Cents Account is an ideal choice for clients who go for smaller trades. Correspondingly, the minimum deposit requirement is much lower than for the Pro account. In order to set up Cents Account customer needs to deposit 15 US dollars. The minimum spread begins from 1 pip and the average spread is 1.2 pips. Similar to the two previous account types, the minimum lot size is 0.01 but in cent lots and the order execution type is market.
Zero Spread Account
The main benefit of registering the Zero Spread Account is obviously the opportunity to trade without spreads. The spreads for this account type are fixed to zero pips. However, commission fees are applicable. The commission fee varies from 0.02% to 0.07% for Zero Spread Account holders. The minimum deposit is the lowest among the account types – 1 US dollars. And the order execution type is offered as instant. The minimum lot size remains the same at 0.01 lots.
ForexMart recognizes MetaTrader 4 as one of the best software options for trading for all types of customers. Therefore the main trading platform of the broker is MT4. However, the broker has made the platform compatible with most of the devices. Furthermore, traders can download a special ForexMart mobile application. The application supports all trading needs, including access to charts and account information, trades, and other services. The application is free to download on both IOS and Android app stores.
Additionally, ForexMart offers WebTrader, which is a perfect solution for clients who wish to trade on the go. WebTrader requires no installation or downloading and can be accessed from most browsers. The broker furthermore guarantees the security of client information when using the web platform. WebTrader has a complete package to satisfy the trading requirements of the customers.
Deposits & Withdrawals
One of the features that we like the most about Forexmart Forex broker is the fact that it offers a low-cost trading experience. The firm does not charge any fees for deposits. However, some of the payment solutions that the company offers might place additional commissions for their services. In order to prove their dedication and appreciation towards the loyalty of customers, the company reimburses any costs associated with the deposits. Similarly, withdrawal fees mostly depend on the payment method that the customer chooses.
The broker supports dozens of payment methods both for deposits and withdrawals. Below are some of the most popular payment solutions and their corresponding conditions for their services:
- Visa – no fees on deposit, processed within 24 hours / on withdrawals transaction fee: 2.50% + fixed fee of $3.50
- Mastercard – no fees on deposit, processed within 24 hours / on withdrawals transaction fee: 2.50% + fixed fee of $3.50
- Skrill – no fees on deposit, processed within 24 hours / on withdrawals 1% fee, processed in 1-7 working hours
- Neteller – no fees on deposit, processed within 24 hours / on withdrawals 2% (max fee $30), processed in 1-7 hours
- PayCo – fees apply on deposit, instant deposit / withdrawals processed within 48 hours, fees apply
- FasaPay – fees apply on deposit, instant deposit / withdrawals processed within 48 hours, fees apply
- UnionPay – fees apply on deposit, instant deposit / withdrawals processed within 48 hours, transaction fee – 2.5%
- AliPay – fees apply on deposit, instant deposit / withdrawals processed within 48 hours, transaction fee – 2.5%
- Bitcoin – fees apply on deposit, processed within 24 h / withdrawals processed within 48 hours, fixed fee 0.0002BTC + fixed fee $2
ForexMart is a type of broker which likes to encourage and reward its traders for their performance. Therefore, the promotional program of the broker includes both the contests that are based on trading performance and the bonus schemes. For the ForexMart Trading Contest of 2021 which occurred in March, 2000 US dollars was allocated as the prize pool. The first place winner of the contest received 1000 US dollars as a cash prize, the runner-up got 500 US dollars, the third place holder received 250 US dollars and 5 lucky draws got 50 US dollars each. The contest rules were simple. Any deposit above 50 USD would qualify for entry into the contest and the trader with the highest profit at the end of the term would become the winner.
Additionally, ForexMart offers a welcome bonus of 30% for new registering clients. It is a deposit bonus that entitles every verified and approved trader to receive an additional 30% of the initial deposit credited to their trading account. The bonus is applied as soon as the live trading account is registered and the first deposit is made. The funds gained from the promotion can be withdrawn immediately after completing the transaction requirements. The volume requirement states that the total volume should equal the total sum of bonuses*0.3 market lots.
How to Register with ForexMart
The registration process with the broker in ForexMart opinion should be relatively easy. Therefore, there are only a few steps required in order to set up a live trading account. In order to set up a real trading account, users should navigate to the registration page where two forms will be provided. The traders need to fill in personal and account information. After verifying the contact information, such as email address, the last step is identity verification. At this stage, the broker requires two documents that prove the client’s identity, such as ID, passport, or driver’s license, and proof of residence, such as utility bills. The verification process is a crucial part of a safe experience with the broker, as ForexMart needs to identify its clients and make sure that identity theft or other related crimes will not take place.
ForexMart Forex Broker Review – Final Thoughts
As the review of various aspects of the broker demonstrates, ForexMart is adequately equipped to serve all needs of any kind of trader. The broker is dedicated to providing high-quality brokerage services, build a reliable and competitive trading environment with flexible conditions, encourage and reward loyal customers and newcomers with various promotional programs. Furthermore, ForexMart supports its clients in numerous ways. If the traders encounter any issues related to accounting, trading, or any other matter, they can contact the support team of the broker through various platforms. The support team is available on Whatsapp, Viber, Skype, Telegram, email address, or direct contact through phone number.
Considering all the points that we mentioned before, we believe that ForexMart broker deserves a leading position in the financial industry. The broker is trustworthy, transparent, and extremely client-centric. Therefore, we would strongly recommend ForexMart to both beginners and professionals in the trading industry.