ForexTB Review – Can you trust this brokerage company?
ForexTB Broker is an online platform offering financial services to people around the world. They claim to be a trustworthy platform with multi-device-trading, secure payment solutions, and a transparent website in general. In order to find out if all of these facts are true, we decided to do research about all the important values that our readers might take into consideration while choosing a trading company. The most important thing while dealing with brokers is whether they are licensed or not. The good news is that ForexTB is actually licensed and the information provided on their main webpage is a complete truth. Regulated by CySEC, it is guaranteed that your money is in safe hands and if something inconvenient happens (e.g they steal your money), there will be a financial regulatory body who will take necessary actions to protect you as a customer.
Professional traders can have leverage ratios up to 1:400, however, it is important to mention that retail clients are restricted to leverage of 1:30. Spreads may be different depending on which type of account you decide to use, but the lowest we were able to find was 1.8 pips on EUR/USD. Customers of ForexTB FX Brokerage can trade using MetaTrader 4, which offers the ability to monitor the market closely and make better decisions.
The minimum deposit requirement is set to 250 euros and can go higher for other accounts. If you decide to sign up for ForexTB, you will have 4 different options of accounts including Basic, Gold, Platinum, and the VIP. Using this, users can trade CFDs, Forex, Stock, Index, Commodities, and Cryptocurrencies. Unfortunately, we were not able to find any bonuses on their website, which may be a minus for some.
Is ForexTB Legit?
Yes, ForexTB is a legit brokerage company, fully regulated and licensed by CySEC (Cyprus Securities and Exchange Commission) under license number 272/15. Upon checking, it turned out that ForexTB is on the list of licensed companies by CySEC, which means that there are no risks involved in depositing your money to them. They are authorized to provide financial services to clients within Switzerland and the European Economic Area, which is a guarantee of transparency and safety. Generally, we advise you to always go for trading platforms that are licensed, as you are going to trust them with your financial assets.
ForexTB Review – Trading Features
Having a license is good, but there are other important trading features that one might want to take into consideration. That’s why we decided to provide you with more detailed trading features offered by ForexTB.
The spreads are floating and may differ depending on which type of account you use. The VIP account has a spread of 1.8 pips on EUR/USD, however, with the basic account, it goes up to 3.2 pips which can’t really be called competitive compared to other reputable forex companies available on the internet.
Leverage goes up to 1:400 which is above the industry’s average. This may be attractive to experienced traders, however, for beginner traders it involves high risks of losing a lot of money – it can even leave you in debt. Due to the ESMA (European Securities and Markets Authority) regulations, retail clients can only use leverage up to 1:30 which reduces the possibility of losing funds, meaning that they no longer will be able to boost risk exposure.
As we already mentioned earlier in our ForexTB Review, it is possible to start with 4 different kinds of accounts, including Basic, gold, platinum, and VIP. They all come with different benefits, for instance, the basic account offers 1 free withdrawal, while with the VIP you will have no additional fees.
The minimum deposit amounts are different depending on which account you use. The lowest is 250 euros for a basic account, which is a little above the industry’s average, which is somewhere between 50 and 100 dollars. It is important to mention that this amount can even go up to 100000 euros for the VIP account, which we think is quite excessive. There are a lot of other platforms that might offer you better conditions with a minimum deposit.
ForexTB does not have any bonuses available on their platform currently. We think that adding extra value to your current bankroll is never a bad idea and it can even encourage you to trade more, however, this platform still decided to not have any, which can be bad news for some. We need to mention the fact that this might be due to the fact that some financial regulatory bodies restrict brokers to attract new customers using promo codes.
All in all, trading features offered by ForexTB do not look very attractive to us, as minimum deposit, along with spreads and leverage do not really correlate with the industry’s standard and that’s why we would not recommend using this platform.
ForexTB – Final Verdict
We do believe that being regulated is a very big plus and it gives the platform the potential to get better. However, there are a lot of other forex companies available on the internet that can give you better qualities. In the end, it is up to you to decide whether this platform is worth your effort and attention.
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