ForexTB Forex broker review — Everything you need to know

ForexTB is a CFDs broker that is based offshore and has been around for years. The broker offers a tiered list of trading accounts, and spreads are better at higher-end accounts with access to an advanced trading platform, MT4.

In this unbiased review of ForexTB Forex broker, we will assess its safety, platforms, spreads, commissions, profit withdrawals, support, and more.

ForexTB Overview of the website

The website of ForexTB is simplistic and is very responsive. There are several menu items, and traders can find details about account types, CFD trading, assets, and more. The design is modern, and the website is satisfactory when it comes to the user-friendly experience.

There is no live chat plugin built into the website, which is a drawback.

ForexTB Safety and Reliability

ForexTB is a regulated broker. It is overseen by the Cyprus Securities and Exchange Commission (CySEC). This is crucial for safety. CySEC has become pretty reputable lately and sets strict regulations and standards for brokers. The leverage is limited for retail traders to 1:30 by CySEC, which is good for safety but bad for flexibility. With this license, the broker is allowed to offer its trading services within the European Economic Area.

The broker keeps trader funds in segregated bank accounts as per the request of CySEC. This means client funds are separately kept from the broker’s own operational capital.

There is no information about the negative balance protection policy, which is also a serious drawback for this broker.

ForexTB Accounts Reviewed

ForexTB trading accounts are numerous, and the broker offers a tiered list of accounts. There are ForexTB basic, gold, platinum, and VIP options.

ForexTB Basic Account

The basic trading account is an entry-level trading account that is designed for general trading purposes. The account has the lowest minimum deposit requirement. Here are all the important specs for this account:

• Minimum deposit – 250 euros
• Maximum leverage – 1:30
• Spreads from – 3 pips
• Commissions – 0 USD
• Minimum lot size – 0.01 lots

The broker offers 1:30 leverage for retail traders and up to 1:400 for professional clients. This is on par with many regulators, and 1:30 leverage ensures traders can not take excessive risks, but it is also a downside as traders need to deposit substantial amounts to open 0.1 lot positions, which is not flexible.

ForexTB Gold Account

The gold account offers slightly better spreads but requires a higher minimum deposit. Here are its specs:

• Minimum deposit – 25,000 euros
• Maximum leverage – 1:30 retail, 1:400 professional
• Spreads from – 2.7 pips
• Commissions – 0 USD
• Minimum lot size – 0.01 lots

This account provides slightly lower spreads, but is still very expensive as it starts from 2.7 pips on EUR/USD, GBP/USD3.1 PIPS, and USD/JPY3.0 PIPS. There are no commissions charged. The minimum deposit requirement is very high for the conditions and makes the broker very unattractive.

ForexTB Platinum Account

The Platinum account has even lower spreads but is still very expensive. Here are its specs:

• Minimum deposit – 100,000 euros
• Maximum leverage – 1:30
• Spreads from – 2.1 pips
• Commissions – 0 USD
• Minimum lot size – 0.01 lots

ForexTB VIP Account

The VIP account offers lower spreads, but the minimum deposit requirement is too high. Here are its main specs:

• Minimum deposit – 250,000 euros
• Maximum leverage – 1:30
• Spreads from – 1.6 pips
• Commissions – 0 USD
• Minimum lot size – 0.01 lots

Overall, ForexTB is not competitive when it comes to spreads, as it has super expensive spreads and makes it nearly impossible to generate profits from day trading.

Deposit and withdrawal options at ForexTB

The broker accepts several payment methods, including bank cards, wire transfers, and e-wallets. From bank cards, both Visa and MasterCard are supported. The broker does not provide details about eWallet payment methods and withdrawal processing times. Profit withdrawals are separately sent and can only be processed via eWallets. Deposits are mostly instant, and there are no details regarding withdrawal processing times, which is a serious drawback. There is no dedicated menu for deposits and withdrawals, and traders have to dig through the FAQs section for clues or contact the broker, which is not convenient at all.

ForexTB Assets — What can you trade?

When it comes to trading assets, ForexTB only offers CFDs for trading. This is flexible for fast trade execution, but given the broker’s super expensive spreads, there is no need for fast execution speed, as scalping and other intraday strategies are completely useless.

Offered asset classes include Forex pairs, commodities, cryptos, and stocks. All of these assets are offered in the form of CFDs. The leverage is flexible, but spreads and minimum deposit requirements are so high, only medium and long-term strategies could be used, which is a serious drawback.

Trading platforms of ForexTB

Trading platforms are an integral part of online financial trading, and the availability of advanced platforms is key for successful trading. ForexTB provides traders access to an advanced trading platform, MetaTrader 4. MT4 is a popular platform, and it supports both custom indicators and Expert Advisors, or EAs, for automated trading. ForexTB does not prohibit either of those, which is flexible. The broker offers MT4 in two forms: the desktop variant and the web trader version. However, there is no MT4 mobile version available for Android and iOS, which is a serious drawback. The broker does not allow mobile trading via the mobile app, which makes it difficult to recommend this broker to anyone once again.

Education at ForexTB

ForexTB is a broker that offers a diverse set of education materials, like ebooks, CFD trading tips, glossary, technical analysis, fundamental analysis, leverage, margin, NFP, and other tutorials to teach traders the main financial trading concepts. This is flexible and allows beginners to get some idea about trading. However, the spreads are too high to make this broker suitable for anyone. From tools, there is an economic calendar available, which is useful to monitor fundamental news events. The broker offers webinars, but there is no video content provided.

Overall, the education section is one of the main advantages of this broker, and beginners can gain some basic knowledge and read books about trading.

ForexTB Customer Support

The customer support experience is terrible at ForexTB as the broker does not offer email and live chat support channels. There is email support, but it is not readily offered on the website. The plugin on the website is for phone support. While phone support is a crucial support channel for FX trading, the lack of live chat is a serious drawback. This is because the live chat enables immediate contact with the broker and allows traders to quickly resolve issues, which is crucial in trading. On the other hand, phone support is costly and time-consuming.

ForexTB bonuses and promotions

ForexTB does not offer any bonuses. There are no deposit or welcome bonuses, which is a downside for beginners. The broker offers periodical trading contests, but the details are lacking on its website, which is also a downside. There are no other types of promotional events available at the moment.

Is ForexTB your broker? Final verdict

ForexTB is a CySEC-regulated CFDs broker with a long operational history and access to the advanced MT4 platform. While it offers comprehensive educational resources and tools coupled with a responsive website, the trading conditions are very expensive. Spreads are extremely high across all trading account types, minimum deposit requirements are also very high, and there is no mobile MT4 platform available.

Lack of transparent support and withdrawal details only adds to the list of inconveniences and makes ForexTB less appealing for both beginners and professionals alike. We recommend that our readers exercise extra caution when dealing with this CFD broker.

FAQs on ForexTB broker

Where is ForexTB based?

ForexTB is based in Cyprus and regulated by CySEC and offers its services mainly to EU economic zone residents.

Can you withdraw from ForexTB?

Yes, withdrawals are possible, but payment methods are limited, and there are no details disclosed about withdrawal processing times.