ForexMart Review – High-class trading experience
ForexMart Forex broker is a numerous award-winning broker that was named as the best Forex Newcomer in 2016 by Global Business Outlook. Licensed within multiple jurisdictions, ForexMart is operated by Tradomart SV Ltd. The company is based in Kingstown, Saint Vincent, and the Grenadines.
ForexMart is mostly famous for the best trading conditions that the firm offers to the clients. It dominates on market with the competitive advantage of the modernized and high-quality online trading platform. Since the brokerage firm operates in various different countries and regions worldwide, the official website of the company offers over 15 languages. The platform is relatively simple to navigate and use.
The brokerage provides a large range of financial instruments with all the significant markets available for the users. The diversified portfolio includes Forex, CFDs on shares, Metals, Cryptocurrency, Energy, and Indices. The broker has no commissions and operates with the lowest average spreads on market.
Is ForexMart Legit?
The owner company of ForexMart, Tradomart SV Ltd. is registered and incorporated under the Laws of Saint Vince and the Grenadines. Tradomart SV Ltd. is regulated and licensed by the Cyprus Securities and Exchange Commission (CySEC). Those interested in more details regarding the license and regulation of the company can find them using the license number of Tradomart SV Ltd. No. 266/15.
As CySEC is one of the most trustworthy and recognized regulatory authorities in the European Union, the customers of ForexMart are secured against any fraudulent behavior from the broker’s side. The regulation strictly controls the activities of the broker and guards traders against potential scams.
The company dates back to 2015. Since its establishment, ForexMart has received multiple prestigious awards for its high-class brokerage services. In 2020, ForexMart earned the title for the Best Trading Conditions 2020 in the Asian region from International Investor, a business publication. In 2016, ForexMart Broker received two awards as the Best Forex Newcomer, first from the business magazine Global Business Outlook and second from the International Finance Magazine.
Financial Instruments Portfolio
ForexMart offers an array of popular financial instruments:
- CFDs on shares
- Spot Metals
The broker gives a choice to the clients to either go for trading Forex with floating spread or with fixed spread. Therefore, customer can actually choose whether he or she wants spreads to be dependent on the market dynamics or remain unchanged no matter the fluctuations in the market. There are over 65 currency pairs available to trade with ForexMart and the spreads can be as low as 1.4 and as much as 272 depending on the product. The maximum available leverage for Forex currency pairs is 1:500.
CFDs on shares
The leverage for the clients of ForexMart trading CFDs on shares is 1:20. Here, users also have a choice to go either short or long on stocks using CFDs. The lot size is 100 shares and the minimum trade size is 0.01 (1 share). There are over 53 stocks available for trading with ForexMart.
For the energy trading, ForexMart opinion applies two Natural Gas and Crude Oil. The standard lot for energy products is 1000. The spread depends on the account type of the trader. For ForexMart Classic account holders the spread for Natural Gas and Crude Oil is 34 and 63 respectively, for ForexMart Pro Account holders the spreads are 24 and 46 accordingly, and for the traders with the account of ForexMart Cent, the spreads are 34 and 63 correspondingly. The leverage for Natural Gas and Crude Oil trading is 1:10.
There are around 13 indices available for trade with ForexMart. The lot size is 1 contract with the spreads again depending on the account types. The lowest spreads come with the ForexMart Pro account that offers an average spread of 60 on SPX500 compared to the average spread of 110 for ForexMart Classic and ForexMart Cent accounts. There are no commission fees for trading with indices and the leverage is 1:100. The minimum volume for Indices is 0.10 lots.
Once again traders are presented with two options when it comes to trading with spot metals: to choose either the fixed spreads or the floating spreads. The metals available for trading are gold silver and XAU/USD. The lots are respectively 100 ounces, 500 ounces, and 500 ounces with the corresponding spreads of 80, 40, and 80. No commission fees are applicable to trading with spot metals. The leverage for GOLD and SILVER trading is 1:100
The broker offers the 5 most popular cryptocurrencies for its traders: Bitcoin Cash, Bitcoin, Ethereum, Litecoin, and Ripple. The lot size is 1 Bitcoin Cash, 1 Bitcoin, 1 Ethereum, 100 Litecoin, and 10,000 Ripple correspondingly. The spreads also correspond to 200 for Bitcoin Cash, 12,000 for Bitcoin, 200 for Ethereum, 70 for Litecoin, and 50 for Ripple. The leverage for cryptocurrencies is 1:2.
ForexMart Forex broker offers four different trading accounts with the maximum leverage of 1:500 for each:
- Zero Spread
The ForexMart Classic account is the standard option for any trader who is not looking for a specific choice for the trading strategy. The account conditions are applicable to most of the basic strategies. The minimum spread is 1 pips, with the average spread being 1.2 pips. The minimum deposit requirement for a Classic account is 15 USD and a minimum lot is 0.01. Order execution type is market and there are no commissions applicable to this account.
The ForexMart Pro account is an attractive option for traders looking for tighter spreads. The minimum spread starts from 0.6 pips and the average is 0.8 pips. The execution type and minimum lot indicators are similar to the Classic account, however, the minimum requirement of the deposit is 200 USD. ForexMart Pro account holders can also enjoy the commission-free experience.
The Cents Account of ForexMart is very similar to the Classic account type. The minimum and average spreads are exactly the same, 1 pips and 1.2 pips correspondingly. The same applies to the minimum deposit requirement of 15 USD. The only difference is in the minimum lot amount. For the ForexMart Cents Account, the minimum lot is 0.01 cent lots.
Zero Spread Account comes with great benefits. The spreads are fixed to zero for Zero Spread Account holders. Furthermore, the method of the order execution is instant, rather than the market. The minimum deposit requirement is 1 USD and a minimum lot is 0.01. However, the Zero Spread account comes with commissions of 0.02% to 0.07%.
In order to create a ForexMart account, the user has to register on the official website of the broker. The registration form is relatively easy, requiring necessary personal details and the account type choice. After the registration, the users will be asked to go through account verification. At this stage, users should provide proof of identity and proof of residence. Accounts are verified within 24 hours after the submission of the required documents.
ForexMart offers one of the most comfortable trading platforms for any device users. First of all, the broker designed a free mobile application with inbuilt charts, market data, traders’ accounts, and the services that are available both on IOS and android devices. Furthermore, ForexMart uses the most popular software, MetaTrader 4 for free. The benefits of MT4 are not a secret to current traders. The ForexMart trading platform supports several trade size allocation methods and over 40 technical indicators. Moreover, the interface is customizable according to the users’ preferences.
MetaTrader4 needs downloading and installing in order to operate. Therefore, ForexMart also has another solution for its clients. In the Review of Forexmart Forex broker, we should definitely mention the Web Terminal provided by the broker. It allows clients to trade on the go from the browser. This webtrader is a safe and convenient alternative for downloadable software. The traders’ information is securely encrypted while the traders can access their accounts and trading history with ease.
Deposits & Withdrawals:
One of the advantages of ForexMart is that it does not charge any deposit fees. Despite that, some of the payment systems that the company supports might have their own fees for the services. ForexMart supports over 15 payment solutions for deposits. In order to prove the commitment to the customer base, the broker reimburses any costs associated with the deposits. However, the fees for withdrawal vary according to the payment methods.
The top payment solutions that do not require any deposit fees are Visa and Mastercard payment systems, Skrill, and Neteller. The payments take around 24 hours in order to express at the traders’ accounts. However, the instant deposit methods, such as PayCo, FasaPay, UnionPay, AliPay, Bitcoin, and others offer instant credit, but with a small surcharge for the service.
For the withdrawal options, Visa and Mastercard charge 2.5% of the withdrawal amount with an additional fixed fee of 3.50 USD. Skrill charges 1% of the amount, however, the transaction execution takes from 1 to 7 working hours. Neteller, on the other hand, charges 2% of the amount, however with a maximum fee of up to 30 USD. The transaction speed is similar to Skrill. The detailed information regarding the withdrawal and payment options can be accessed on the official website of ForexMart Forex Broker.
ForexMart Trading Contest 2021
From time to time, the broker arranges trading contests for its existing clients. The most recent contest was held between the 1st of March 2021 and the 26th of March 2021. The eligibility criteria included all clients with Classic accounts provided that they deposited 50 USD or above. Furthermore, the users were free to choose any trading strategy that they liked. The first place award would go to the user who demonstrated the biggest gain while trading during the contest, using the formula: Total Profit / Total Deposit.
ForexMart allocated the prize fund over the top three traders. The first-place winner received 1,000 USD, the runner-up got 500 USD and the third-place holder won 250 USD. Furthermore, the broker determined 5 lucky draws who received 50 USD each. The results were calculated within 14 days from the completion of the contest.
Additionally, ForexMart offers various types of bonuses. One of the notable bonus programs is a deposit bonus offered by the broker. 30% bonus is credited upon the trading account of the client, as soon as the user registers with ForexMart and makes an initial deposit. For instance, a new registering user, who deposits 100 USD upon setting up the trading account, will receive an additional 30 USD from the broker. All the calculations including the withdrawal and trade conditions applicable to the bonus program are available on the official website of the broker. The transparency of promotional programs furthermore proves the point that we can affirmatively answer the question of can Forexmart be trusted.
ForexMart makes sure that all of its clients can receive assistance immediately upon request. The customer support is available 24 hours on the working days, so, 5 days a week. The clients can access customer support through various methods, including email address, Skype, Telegram, Viber, Whatsapp, or dialing the hotline number. Additionally, the users can request a callback from the support team.
The support team, also, has various departments for different inquiries that work from Monday through Friday, from 07:00 GMT until 16:00 GMT. There is a total of 6 different departments responsible for taking care of the client’s requests, including the department for General Inquiries, Finance Department, Verification Department, Trading Department, Bonus Department, and Partnership Department.
The Frequently Asked Questions page on the official website of the broker also offers extensive supporting material and covers all key points. The users can find answers to all questions related to General Trading, Account, Deposits and Withdrawals, Trading Platforms, Financial Matters, and Verification processes.
ForexMart Review – Final Verdict:
ForexMart can be your trusted Forex trading partner. The broker makes sure that all kinds of traders can find suitable account types, desired financial instruments, and the best available conditions for any trading strategy. The promotions like trading contests and welcome bonuses additionally serve as incentives for the clients. Furthermore, all the information, guides, and news are easily accessible and available for all visitors on the website. Most importantly, ForexMart is always ready to assist its customers. In our Forexmart Forex broker review, we explored what is the main focus of the broker. And, since the broker puts a lot of effort into customer satisfaction, hence, we believe that it would be appropriate to say that ForexMart is a high-class trading platform dedicated to traders’ best experience.