ForexMart Review - Is it scam or safe?

ForexMart Cyprus Review - Is it a scam or safe?
3.5 5 RATING
Find Better Forex Broker
64 REVIEWS

ForexMart real time & average spread

Real time spread
N/A
Average spread
For the last hour
Min spread
N/A
Max spread
N/A
Swap long: n/a
Swap short: n/a
Stop/Limit level: n/a

Account types

 

 Account Type Minimum Deposit  Minimum trade size  Maximum leverage  Spreads 
Standard $1 0.01 1:1000 2 pips EUR/USD, fixed 
Zero Spread $1  0.01 1:1000  0.0 pips EUR/USD +
2 pip commission charge 

 

ForexMart offers its clients a choice of two account types, except the demo one: ForexMart Standard and ForexMart Zero Spread. The main difference between the two accounts is that the Standard one is commission-free and offers fixed spread of 2 pips on majors, while the Zero Spread, as it name suggests, provides spreads as low as 0 pips on majors, and instead is charged a 2 pip commission fee.


The Company


ForexMart is a trading name of Tradomart Ltd. (previously Fxco Trading Ltd.), a Cypriot Investment Firm, regulated by CySEC. The company offers trading in Forex, CFDs on shares and spot metals through the most popular trading platform MetaTrader4.


Security of Funds


Tradomart Ltd., conducting its brokerage business as ForexMart, is duly licensed and regulated by the Cyprus Securities Exchange (CySEC, license number 266/15).


Furthermore, Tradomart Ltd. has a cross-border CySEC license, permitting investment and ancillary services under the European Financial Instruments Directive (MiFID) across the European Economic Area.


CySEC applies certain rules to investment brokerage companies, one of the most important of which is the minimum capital requirement. Cypriot financial watchdog requires forex brokers to hold at least €1,000,000 in order to conduct their business activities legitimately. Regulation of financial services providers usually involves such a requirement, therefore UK brokers must possess a minimum of 730 000 EUR, Australian ones are obliged to hold at least $1,000,000 and US-based brokerage firms - $20 million.


What is more, an additional guarantee to clients’ funds is provided, as all CySEC-regulated companies are members of the Investor Compensation Fund, which secures the claims of covered clients and provides them with compensation of up to 20,000 EUR per person, if the broker is unable to fulfill its obligations. Similar compensation schemes apply in the UK and FCA-regulated brokers fall under Financial Services Compensation Scheme, where the maximum compensation cover is £50,000 per person.


Trading Conditions


Minimum initial deposit
ForexMart demands just 1 USD/EUR/GBP from its clients to start with. Other Cyprus-regulated brokers require $500 (FxPro) or $50 (FXCM) and there are even such that require none (Exness).


Spreads & Commissions
ForexMart offers fixed spread amounting to 2 pips EUR/USD for its commission-free account. The other account provides spreads as low as 0.0 pips EUR/USD, but it involves a 2 pip commission fee. So, the spreads offered by this broker may be seem high, compared to the variable ones provided by others, however they are in line with fixed ones offered. Other CySEC-regulated companies offer similar fixed spreads: Exness, for example, offers spreads amounting to 2 pips on EUR/USD for its commission-free accounts; Plus500’s typical spreads on the EUR/USD also amount to 2 pips, and charges no commission.


Leverage
The maximum leverage offered by this broker is 1:1000, which is one of the highest levels in the industry. Other CySEC-regulated brokers like FxPro, for instance, offer leverage up to 1:500, and XM – up to 1:888. It is important to point out that high leverage levels can multiply a trader’s profits on a small deposit, but they may also lead to heavy losses. That is why most brokers include a risk warning for leverage products on their websites and some jurisdictions set leverage limitations (1:50 in the US and Turkey, 1:25 in Japan). More forex brokers offering leverage equal to or exceeding 1:500 can be views here.

 

It is useful to specify that leverage for trading gold and silver is 1:100 and the one for CFD trades is 1:20.

 

As regards trading accounts with more than $1000 balance leverage can be reduced from 1:1000 to 1:500.


Trading Platform


ForexMart offers its clients the popular MetaTrader 4. This platform is preferred by most traders, because it enables you to track up to four charts simultaneously, trade directly from the chart and is equipped with a number of technical indicators, extensive back-testing environment and Expert Advisors (EA). Here is a list of more forex brokers offering MT4 platform.


Bonuses
This broker offers a Welcome bonus on deposit amounting to 30%, as well as no deposit bonus of up to 150 USD, which cannot be combined with other kinds of bonuses. It is also worth mentioning that the maximum leverage for clients who received a no deposit bonus is 1:200.


Methods of Payment


The broker accepts customer deposits and allows withdrawals via Credit card (Visa/Mastercard) and the following e-wallet systems: Neteller, Skrill, PayPal, Paxum.


Conclusion


ForexMart is a CySEC regulated broker, offering trading in Forex, CFDs on shares and spot metals under reasonable conditions. To sum up the above, here are the advantages and drawbacks with regard to this broker:
   

 Pros  Cons
Small minimum initial deposit  No choice of trading platforms
CySEC-regulated  
High leverage level  
MT4 available  

 

Latest news about ForexMart
Broker Country Regulation Platform Min Deposit Review
Cyprus CySec MT4, MT5, Web $5 Review Website
US, UK, Australia CFTC/NFA, FCA, ASIC MT4, Web,
Mirror Trader,
Trading
Station,
NinjaTrader
$50 Review Website
UK, Australia, Singapore FCA MT4, Web,
ProRealTime,
2Dealer
$1 Review Website
UK, Cyprus FCA, CySec MT4 $5 Review Website
UK, Cyprus FCA, CySEC MT4, MT5, Web,
cTrader,
SuperTrader,
FxPro Markets
$100 Review Website
Seychelles FinaCom MT4 $10 Review Website
UK, Bulgaria FCA, FSC Web $150 Review Website
Belize IFSC MT4, MT5 $100 Review Website
Cyprus CySEC MT4, MT5 $300 Review Website
New Zealand FMA MT4 $1000 Review Website

Spread

Pros

Cons

 

 

Slippage

Pros

Cons

 

 

Requotes

Pros

Cons

 

 

Price feed

Pros

Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

Cons

 

 

Summary

Pros

Cons

 

 

Traders` reviews for ForexMart Add review

Bonus

I waited for a long time for my no deposit bonus but with the good explanations of customer support and consistent follow-up I got it already and starting to trade. I hope it will last for a long run and I will never regret to choose them as my new broker.

Lasse 01/20/2017

Nice company for trading

I've been trading with Forexmart for some time. It's quite satisfying company. Withdrawals are with no delays, support works well and fast. I don't seek bonuses or free money, I just want to trade with a reliable broker.

Graet46 12/07/2016

Withdrawing for real

A couple of times there were some withdrawal delays, but overall, the cash always comes, so no questions about this.

Tim 11/30/2016

Winnie

ForexMart is my most trusted broker since they really make sure that my funds are secure and I can easily transact at any time of the day.

winnie 09/30/2016

Учавствую в конкусах постоянно, пару раз выигрывал. всегда деньги быстро зачисляют, и потом с выводом нет проблем.

Gregory 09/29/2016

Recomend recomend

Forexmart is a reliable broker.Great trading platform with polite customer support service.I highly recommend this broker. I 've trading with ForexMart about 1 years

AnatolyZaharow 09/20/2016

Like

Like their analytics on the forums!

Tim 09/15/2016

ForexMart's customer support is available any time of the day, so even if I inquire in the middle of the night I get an answer almost immediately.

Lasse 09/08/2016

I waited for a long time for my no deposit bonus but with the good explanations of customer support and consistent follow-up I got it already and starting to trade. I hope it will last for a long run and I will never regret to choose them as my new broker.

Lasse 09/02/2016

Yael

Ever since I signed up to ForexMart, my trades are now better than ever and I can do practice trading using my demo account.

Andreng 08/22/2016

Нравится!

Замечательный брокер для любого трейдера. Очень нравится работать с ними.

daylighttrade 07/27/2016

Bonuses

Brilliant broker you can apply no deposit bonus and 30% bonus in just one account to be used.

Lasse 07/22/2016

ForexMart Ignoring 1000 € Withdrawal

Here is a thing about this "regulated" broker. Actually yes, they are regulated at CySEC as "Tradomart Ltd"
www.cysec.gov.cy/en-GB/entities/investment-firms/cypriot/71294/
But this license doesn't mean anything for them and I read that regulated at CySEC same as unregulated at all.
So I opened an account without any bonus, because bonus its just makes more trouble for you when you want to withdraw them. And I made few small trades just to test this broker with execution speed to look how things work. I made two withdrawals by skrill, it was just around 50 € and received them just next working day, but suppose to get in 1-7 working hours www.forexmart.com/deposit-withdraw-page
It's all fine, receiving funds next day it's not bad at all. Until I made this trade: Screen Shot 2016-07-21 at 10.02.55.
As you can see I made withdraw after few minutes of 1000 € and 23.90 € is their fee.
I made this withdraw early morning 2016 July 15 hoping to receive them same day, but of course I didn't. So I wrote them an email and here is what they say:

Dear Redas Vilimas,

We are checking your withdrawal request. There will be a delay.
Thank you in advance for your kind understanding and cooperation.

Best Regards,
Finance Department
ForexMart
www.forexmart.com

I wrote them back everyday since now, but no replays from them. All I have now is just live support (chat), but all they say that I have to contact Finance Department, because we are not dealing with finance issues.

And that's not all about this fraud broker. When I made this 1000 € profit on that account they started to use MetaTrader 4 Virtual Dealer Plug-in. Here is a video about it:
www.youtube.com/watch?v=cqNUVf5ShnY&list=PLAYYLFaEfmnAoxOYaPo7GXGySMo5oV9VY&index=7
So what they do to me, is if I want to open or close position, or open or close pending order I have to wait 10-20 seconds. Thing is that everything is OK with other new account I just opened.
I will open a case against this company, have nothing else to do.

Redas 07/21/2016

I like to work with ForexMart

I like to work with ForexMart. Instant execution of orders, nice bonuses, good support. Thanks ForexMart

RiseofTrade 07/21/2016

Andy

Я использую платформу МТ4 в моем HP ноутбук. Он работает быстро и легко ориентироваться. Я рекомендую эту платформу торговли на рынке Форекс.

Andreng 07/12/2016

Ashanti

The best broker ever! Because their trading platform never failed my expectations and it is working properly. I have trusted ForexMart for more than a year now.

Andreng 07/11/2016

Darwin

It is nice that they increased the no deposit up to $300 , at least if ever someone got a chance to have that amount, it would enough to use as a capital.

Andreng 07/08/2016

Cate

I've been trading with forexmart for more than a year now! I chose forexmart mainly for their excellent spreads, they have been consistently offering lowest spreads in almost all pairs when compared to other brokers.

Andreng 07/07/2016

Won in contest!

I won in contest on the forum. Now i withdraw my first profit.

Igor Vlasov 07/05/2016

GOOD

i just don't know why there is some people posting negative about this broker, for me they are good and reliable,

Andreng 07/05/2016

Best Broker

One of the best broker and investment firm.If you are looking for a secure and regulated I will recommed ForexMart because it is Cysec regulated and you can withdraw your profit easily just to met the 20% exceed to your bonus.

Lasse 07/04/2016

Stephen

He retirado dos veces las ganancias y siempre de manera rápida y eficiente. Lo recomiendo para personas serias en forex.

Andreng 07/01/2016

sally

I have the live account with ForexMart for 11 months and don't have any serious problems with them. The site keeps on growing and so do their offers. It would be interesting to see their next move.

Andreng 06/30/2016

Saunakoh

Made a few profits and withdraw money a few times. I even suggested it to friends and had no problems so far. Good platform with no commissions and very helpful dealing

Andreng 06/29/2016

First impression

Honestly, only registered with due of no deposit bonus. Well, you see, it's nice. Verification quickly passed, and in the early weeks of the first profit taking.

daylighttrade 06/28/2016

demo account

Their Demo account has a double purposes you can win thru their MoneyFall Contest and at the same time you are practicing before going to a live trade.This is a genius approach.

Lasse 06/28/2016

Elli

In ForexMart I started my smooth trading and profited after registering and being verified by their cool and polite representatives. I have received my funds immediately.

Andreng 06/24/2016

Lian

What I like with Forexmart is I have a choice on what type of account. I tried all of their live accounts, even the demo account. My experience was all good. I had no problems in trading so far.

Andreng 06/22/2016

Low Deposit

I decided to try this broker and put 50$ on the deposit. So far trading goes well. Deals are opened fast, and my deposit has grown for 50%.

Lasse 06/22/2016

Achille

They offer lots of trading tools and many trader-friendly services. I started as a newbie and their forexcopy system, along with learning about technical analysis, taught me a lot. I will certainly continue working with ForexMart

Andreng 06/21/2016

No Deposit Bonus

Got $ 100 Bonus von ihren Bonus ohne Einzahlung. Ich werde es auf meine Mittel summieren sich und verwenden Sie es als mein Kapital. Es ist schön, dass Sie ein freies Kapital auf einige Broker wie ForexMart haben kann.

Lasse 06/20/2016

Warren

Their tools are very helpful. Before I trade, I always check their calendar to know the current trends.

Andreng 06/20/2016

Impervious and satisfying

Los borkers sensibles y satisfactorios deben recibir comentarios positivos con el fin de diferenciarles de las críticas dadas por los falsos traders Estoy aquí para demostrar que están equivocados, ForexMart me ha ayudado al trade ventajosamente. Solicité la retirada de mi beneficio y lo conseguí fácilmente

Andrew E. 06/20/2016

Sandeng

Having been a client for more than 1 year I can only praise them. forexmart is quite reliable broker i didn't have any serious problem with them.One thing that bothers me it's withdrawal,i have to sign so many forms it takes a week to get money.But i glad and recommend.

Andreng 06/17/2016

Money Fall Contest

Mientras estaba esperando por mi bono me apunté al concurso Cascada de dinero y gané el segundo premio, con los $ 300 que añadire a mi cuenta . Esto es una doble ganancia puedo tener bono más mi premio en el concurso.

Andrew E. 06/17/2016

Good Explanation

Esperé mucho tiempo para obtener mi bono sin depósito, pero con las buenas explicaciones de la atención al cliente y un seguimiento constante, ya lo tengo y comencé a trabajar. Espero que dure por mucho tiempo y nunca me arrepentiré de elegirlos como mi nuevo broker.

Andrew E. 06/16/2016

Bravo

easy to use early bonus's paid out straight away I practiced on the demo account first, have made a few small errors when buying and selling but so far its a learning curve and im well in profit easy to pay in and cash out.

Andreng 06/16/2016

Forex Mart

I would greatly recommend this broker due to the fact of they are very transparent in their Financial dealings as well great ECN terminal along with Superb Customer Care 24x7.

Timothy 06/15/2016

GOOD

I contacted their customer support regarding my account and they respond promptly. They are courteous and answered my questions thoroughly.

Andreng 06/15/2016

Good Platform

Buena plataforma! Me gustan porque tienen buenos distribuidores en mi país, se puede hablar sobre el mercado y saben de lo que hablan. Voy a dar la máxima puntuación a este broker por proporcionar un buen servicio. Este es un hecho después de trabajar con ellos y muchos de mis amigos también recibieron sus beneficios a tiempo.

Andrew E. 06/15/2016

GOOD

I really enjoy trading with ForexMart, because of their friendly user website and platform, they have excellent and great customer service support group. They will address your concerns immediately.

Andreng 06/13/2016

Bravo

El precio es muy competitivo y ofrecen algunos de los márgenes más bajos en el mercado, junto con la opción de diferenciales variables y fijos. Y la retirada muy rápida , my experiencia en el forex de unos 6 meses y tengo una muy buena impresión.

Andreng 06/10/2016

Secured & Honest

Si usted está buscando un broker seguro y honesto este es ForexMart porque antes de ir a trading puedes probar su cuenta demo y tu decides si quieres hacer operaciones en vivo.

Andrew E. 06/10/2016

High Integrity Broker.

I would like to take this opportunity to share the Traders of the World to Open an Account with Forex mart and see how good the Executions . they ECN is amazing Quick Executions and no re quote. and Their Online Support is beyond comparison.

Timothy 06/10/2016

Sarem

Now with no deposit bonus, it's not necessary to have money to invest as you can receive a bonus up to $300 just for verifying your new account.

Andreng 06/09/2016

Trading Experience

ForexMart provide me a good trading experience. This Brokers allow me to earned profit morethan that I expected. Because after I open an account in No deposit Bonus, I tried to join Moneyfall contest. Luckily because i won in their contest. So I am now waiting my Bonus and at the same time expecting my price from the Contest Trading that I joined in.

Andrew E. 06/09/2016

profit

No problems now. i've been 10 months with this broker until now still getting good profit and even won once in their contest.

Andreng 06/08/2016

Got Bonus Easily!

I got my Bonus easily I don't know why, others can't? Maybe they are not following the broker rules or requirements therefore they took some difficulties by withdrawing it.

Andrew E. 06/08/2016

Wow

"I trade here about more 1 year at all. One of the best things for forex they have that support. But the bad thing is it is not available at weekends.About the spreads it actually true, very low,pamm account very good and brokers very professional!!!!!!!!!! Recommend for all!
"

Andreng 06/07/2016

Good Service and Promo

ForexMart has a good service and program for their clients, like the "No deposit bonus". But like the other broker for you to enjoy their bonuses offered we must follow or obey their qualifications and requirements. Like what I did, I just gave what they need and I received what I deserve to get.

Andrew E. 06/07/2016

Service Satisfaction

I've been trading for less than 1 year with ForexMart, but until now they never disappoint me and they always keep me satisfied, especially when they are giving me good service. And I really like their No deposit Bonus because when I am new in this broker and I tried it, I surprise because I got $60 Bonus.

Andrew E. 06/06/2016

Forex Mart

I highly recommend this broker because they are
have a cross-border CySEC license, permitting investment and ancillary services. We adhere to the regulations set forth by the European Financial Instruments Directive (MiFID) and the Cyprus Investment Services and Activities Regulated Markets Law of 2007.

Timothy 06/03/2016

Quality Service

I almost less than a year user of ForexMart, I could say that their Customer Service Support Group are really good. Because I experience once difficulties in withdrawing my bonus and I don’t Know what to do. Therefore I decided to addressed it to their support group and they immediately answered all my queries and help me to withdraw my bonus.

Andrew E. 06/03/2016

Andreng

The trading interface of this company is very impressive. Everything is organized. This is a new broker and I highly recommends them. I got my earning this morning and I am very thankful for granting my request.

Andreng 06/03/2016

Salvina

I was satisfied with the services provided ForexMart. Every time I contacted customer support, they respond directly what I asked. Trading is always smooth and no problems.

Andreng 06/02/2016

Good Service ForexMart

Ik houd van hun verwerking van de no deposit bonus in het oog, omdat ze de tijd om de beste techniek die u kunt gebruiken om meer profit.While winnen plannen gaf u wacht voor de bonus moet je alle tools op hun website om te leren hoe de handel goed werkt.

Andrew E. 06/02/2016

Ashley

Forex является хорошим онлайн-бизнеса, что каждый хочет сделать, но теперь в эти дни многие афера брокера находятся на рынке, поэтому мой друг рассказать мне о законным и истинного брокера, которые платят деньги, а также платить народам бонус по-другому, чтобы добиться успеха их.

Andreng 06/01/2016

Forexmart is Good

Ik ben blij met ForexMart en hun strakke spreads. Mijn EA is zeer goed uitgevoerd op de ForexMart newsfeed en ik heb een aantal grote geld gemaakt. Customer service is uitstekend en mijn oproep wordt altijd meteen beantwoord.

Andrew E. 06/01/2016

FX

I highly recommend this broker to anyone who wants to wrestle in the forex world, no commissions, quick execution, low spread, CS very welcome for serving client,,,,great

Andreng 05/31/2016

Broker

Forexmart is a reliable broker, I am trading with them for long and all has been OK. Execution of trades is fast and there is a high quality in the services provided. Non deposit bonus is an excellent opportunity to start trading if you don't have money.

Andreng 05/30/2016

FX

Great trading platform with polite customer support service. They are very interested in the success of its clients. They also offer educational tools for training and demo account to make familiar with the trading tools and it is free of charge.

Andreng 05/27/2016

GOOD

" I'm a newbie, and have opened a demo account with Forexmart. I have found their email tech and chat tech service excellent. Their demo has not time limits, and one can buy currency pairs by single unit lots, and trade in increments of $1. Their MT4 platform has instant execution."

Andreng 05/26/2016

recommended broker

this broker is great for Cysec Regulated, from services or execution,
fast respon for support and withdrawal/deposit methode complete, recommended broker

retno wahyuningsih 05/10/2016

good broker

I highly recommend this broker to anyone who wants to wrestle in the forex world, no commissions, quick execution, low spreads, CS is very responsive to answer client questions,,,awesome

danang 02/24/2016