ForexMart is an online trading broker that offers financial instrument trading to clients. The broker is not considered safe to trade and has limited licenses that can’t assure its authenticity. The broker’s website has an intricate design, and beginners might face grave difficulty understanding all the features and services. There is no education section with the broker, and the research section is with limited tools. The demo service account is limited to 30 days, and the customer service is worst and fails to solve the queries. Deposit and withdrawal methods carry several costs and are longer than usual, taking out payments taking up to ten days.
ForexMart Scam or Safe?
ForexMart is a Scam broker and doesn’t provide utter clear information on their services. The firm holds licenses from multiple financial authorities but not enough to ensure complete safety. The firm is licensed information is not stated on its website and is headquartered at St. Vincent and the Grenadines. The process for registering a company at the nation is easy and doesn’t require much verification methods. The steps include applying for a license at the nation’s online portal, a publicly open & painless procedure. Pay the meagre processing fee and get your firm registered.
Moreover, it is also not working under EU, MiFID, or ICF. Investors Compensation Fund (ICF) makes sure that no client is exhibited to any fraud broker or activity and provides up to 20,000 euros insurance to every user account.
Overall, the safety of ForexMart cannot be assured due to limited regulations. Our potential clients are suggested to do their divergence before trading with this broker.
The broker offers four account types, namely, classic, Pro, Cent and Zero. However, all the accounts fail to fulfil the client requirements and has little offering than other similar service providers in the industry. The cost of trading one round lot is costlier. Moreover, the highest leverage offered in both the accounts is 1:500, and the margin limit is above the EU’s restrictions.
The number of base currencies is limited, and the traders might face difficulty in deposits and withdrawals. The clients also can trade via demo account. But account fails to provide satisfactory services with demo period only limited to 30 days.
The broker offers the widely recognised Meta Trader4 trading platform, the most common portal for all the firms. But MetaTrader is accessible with restricted features, and the platform does not offer many services and would seem frustrating to traders. The UI/UX design is difficult and challenging to understand, and newcomers might not operate smoothly. There are limited signals, indicators, timeframes, charts, and technical analysers for users, and the results from the available tools might give inaccurate outcome or predictions.
One of the advanced alternatives is Meta Trader5, the upgraded version of the Meta Trader platform. MT5 is also developed by the same company that created MT4 but with more features and analysis tools. Many top brokers have been upgraded their trading platform with MT5.
Markets and Products:
The broker offers a limited range of financial instruments for trading and limits profit potential. There are less than 100 products in total, and no asset from the stock market, ETF, Futures and indices are available on the website. The broker does not give a clear picture of trading instruments that it offers CFDs and not actual possession of assets. It marks the end of trust and transparency on the trading site for all the traders. CFDs are on five commodities, four cryptos, and a few currencies in the market.
Apart from it, there is no clear message on the varied leverage for different countries. For example, the UK’s FCA doesn’t allow brokers to provide more than 1:30 margin on trading but if the site follows it or not is yet to get clear. The clients are suggested to be careful of the high leverage levels as it is too risky for retail investors.
The account opening process is lengthy and confusing and fails to clear the intent for taking information. The clients are asked to write their personal and financial information, which might be not comfortable for everyone to provide. It includes address proof, IDs, bank statement, account number, income proof, and many more. The processing time for verifying account is longer than usual trading platforms, and the user needs to wait for more than two days. It can frustrate the professional users and waste the time of newbies which would have been used for practice and learning.
Commissions and Fee:
The broker charges high spreads, commissions, and seems to have several hidden charges that are not mentioned clearly on the site. There is no clear information on the broker’s website for spreads and commission, and the site has put irrelevant information on the assets section. Further, the broker mentions lower spreads, but at the time of placing orders, it increases, thereby mitigating the trader profits. The Zero account says no spreads, but there was no asset available with this pip, and the fixed spreads keep changing on market volatility.
Deposit and Withdrawal:
The broker offers limited payment methods, and none of them is widely recognised. Further, the site also has several hidden charges and fee for withdrawals. The available methods are wire transfer, cards, and some e-wallets. Note that the processing is lengthy, with deposits taking more than one day and withdrawals taking up to seven days. The service quality facilitated by the broker is not up to the industry standards, with no option to deposit money through cash.
The leverage facility offered by the broker is up to 1:500 for traders, which is more than the permitted limited by governing bodies. The European Union has fixed the margin limit to 1:30 for all the brokers and the sites not following the regime is considered untrustworthy. The high margin is too risky for the traders and can expose their funds to losses.
The broker offers limited research material for analysis. Due to the little tools, traders can’t analyse the market condition correctly, and that can cause inherent losses.
The broker doesn’t provide any educational resource. This is a significant drawback because the educational material can enhance the knowledge about the different dynamics and several profitable trading strategies.
The broker’s customer service is pathetic, and the executives fail to clear client doubts. The average response time was longer than two days which gets frustrating for an average trader. The live chat is facilitated by a trading bot that gives irrelevant responses on every question. The available methods are telephone, live chat, email, and feedback form.
Overall, the broker is not safe to trade and holds the licenses that cannot assure its authenticity. The broker’s website has an intricate design, and beginners might face grave difficulty understanding all the features and services. The demo service account is limited to 30 days, and the customer service is wrongly bluffed as 24/7 everywhere but fails to do so.
T1Markets, ETFinance, TradeATF, and PrimeFin, are several other top brokers available in the market that offer advanced level trading tools and trading platforms. Most importantly, all these brokers are safe and trusted trading platform.
Is ForexMart Scam?
The firm holds licenses from multiple financial authorities but not enough to ensure complete safety. The firm is licensed information is not stated on its website and is headquartered at St. Vincent and the Grenadines.
Therefore the broker is not considered a safe trading platform.
Do ForexMart offers Educational Support?
No, the educational section is absent with ForexMart
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