This ForexMart review takes an in-depth look at a trusted ECN broker, which is perfect for all types of traders.
ForexMart provides you with a variety of trading options and so it’s a great choice if you are looking to expand your trading to assets other than currency pairs. However, it’s also an excellent pick for forex trading due to the fact it offers over 100 currency pairs.
ForexMart is also a good option for beginners due to their low minimum deposit. This way, you can get a feel for live trading without having to make a significant investment when you’re just starting out.
Continue reading our ForexMart review to learn everything you need to know to get started with this accomplished broker.
- Lots of trading instruments
- Attractive bonus for non-EU clients
- Good trading platforms
- Fast execution
- Best broker for traders at the beginning of their journey
- Slightly higher than average spreads on STP accounts
- Doesn’t accept clients from the United States
ForexMart: A young and promising broker
ForexMart was founded in 2015 in St. Vincent and the Grenadines, but now also has offices in Cyprus. Though relatively young compared to many other brokers, our review team found them to offer an accomplished trading experience.
The broker offers a large number of tradable assets, including currency pairs, cryptocurrencies, and CFDs. As an ECN broker, they are also able to provide fast execution, enabling you to maximize your profit-making opportunities.
ForexMart is transparent and reputable, a fact which is reflected in the number of awards the broker has won. These include the Best New Broker Europe 2016 and Best Forex Newcomer 2016.
It should be noted that ForexMart doesn’t accept clients from certain countries, including the United States and Cuba.
Strictly regulated in multiple jurisdictions
ForexMart is authorized and regulated in various jurisdictions, including by CySEC and SVGFSA.
They are also registered with financial regulatory bodies in quite a few European countries, including Austria, Bulgaria, Germany, Franch, Greece, Hungary, Norway, Poland, and the United Kingdom.
Subject to CySEC regulations, ForexMart is a member of the Investor Compensation Fund. Thus, if the broker becomes insolvent, you are covered up to approximately $22,000 (EUR20,000). CySEC also requires brokers to have a minimum capital of $810,000 (EUR730,000) to prove they are financially stable.
To keep your funds secure, this online broker doesn’t conduct any proprietary trading. They never take the other side of a client’s trade, and they only use their assets for hedging. Your funds are also fully segregated from their capital.
Expect accounts tailored to trading styles
Our ForexMart review team found that this broker offers EU clients five types of accounts, and international clients can benefit from four types of accounts.
All clients have access to the ForexMart Classic, the ForexMart Pro, the ForexMart Cents, and the ForexMart Zero Spread accounts, whilst EU clients can also benefit from the ForexMart Scalping account.
International accounts benefit from a maximum leverage of 500:1, while EU accounts go up to 30:1.
The ForexMart Cents account is ideal for beginners because all the lots are in cents. Combined with a minimum deposit of $15 for international clients and $16.65 (EUR15) for EU clients, this is a perfect account to start with.
The ForexMart Classic account features an average spread of 1.2 pips and a minimum deposit of $15 or $16.65 (EUR15). It’s a good intermediary account if you’re ready to move on from trading in lots of cents but aren’t willing to make a larger initial deposit.
The ForexMart Pro account is great if you’ve become comfortable with trading and are willing to make a more significant financial commitment. This account has a minimum deposit of $200 for international clients, while EU clients must make a deposit of $1,100 (EUR1,000). In return, you will benefit from a very competitive average spread of 0.8 pips.
The ForexMart Zero Spread account features instant order execution and a minimum deposit of $1 or $1.11 (EUR1). As the name implies, the spreads are fixed at 0 pips. However, you will pay a commission of 0.02% – 0.07% per trade.
Finally, the ForexMart Scalping account features an average spread of 1.2 pips, but a minimum of 0 pips. The minimum deposit is $111 (EUR100).
Our ForexMart review experts also discovered that this broker offers social trading to international clients. Open a ForexMart Copy Trading account and follow their best traders to make a profit.
This online broker also provides free demo accounts that don’t appear to have any limitations.
Discover the costs of trading with ForexMart
Compared to other brokers, ForexMart has slightly higher than average spreads. However, the commission on the ECN Zero Spread account is very attractive, which certainly makes up for the slightly higher spreads on their other accounts. This is especially true if you consider the extremely low minimum deposit limits.
On deposits, ForexMart does not charge any fees. In fact, they go so far as to promise to cover any costs you incur with deposits charged by the payment processor.
On withdrawals, though, you will have to pay some processing fees. These vary depending on the method of withdrawal. Bank wires, for example, incur a minimum fee of $5.55 (EUR5) for EU clients and 2.5% but no less than $2 for international clients.
Credit cards come with fees of up to 2.5% plus a fixed charge of $3.5, while e-wallets incur fees ranging from a minimum of $1 to as high as 2.39%.
In terms of other fees, our ForexMart review team considers that the swaps they charge are on par with market averages. Each instrument features a different rollover fee, all of which are available on their website.
Benefit from a significant number of payment methods
During this review of ForexMart, we tried and tested several of the accepted payment methods. At ForexMart, you can choose to fund your account via bank transfer, major credit and debit cards, Skrill, Neteller, Fasapay, Qiwi, Bitcoin and more.
Most deposits are processed within 24 hours yet some e-wallet deposits, such as those made via Sofort, Qiwi and Alipay, will be instant. Contrastingly, bank transfers take up to 4 working days.
Withdrawals for EU clients are generally processed within 24 hours. except for those requested via Neteller and Skrill. These two e-wallet services offer you a fast cash-out option, taking up to a maximum of 7 working hours. Bitcoin withdrawals may take up to 48 hours.
International withdrawals are usually handled within 48 hours, although bank transfers are dependent upon the speed of your provider.
International clients benefit from a great bonus
The ForexMart online broker offers international clients a very attractive welcome bonus that applies to all deposits. Our reviewers found that this bonus is extremely useful as you can use the extra capital to get to grips with the ForexMart platform.
EU clients are, unfortunately, unable to take advantage of this bonus due to regulations.
Take advantage of the best forex trading platform
The ForexMart review team discovered that this online forex broker offers two trading platforms. One is the popular MetaTrader 4, while the other is a proprietary platform.
The MetaTrader 4 forex trading platform is provided by any broker claiming to be serious, so it isn’t a surprise that ForexMart has chosen to offer it.
Alternatively, you can trade via ForexMart for Web. This is a simple and highly intuitive proprietary platform which provides you with all the tools you need to trade successfully. It should be noted that this platform is not available for EU clients.
ForexMart also offers traders various tools, such as a free VPS for deposits of minimum $500, trading calculators, daily market analysis, and more.
In terms of this online broker’s website, it is very easy to navigate and all the information you need is simple to find. Registering for a live or demo account is simple and only takes a few minutes.
Trade using any device
While the ForexMart website isn’t exactly ideal for mobile navigation, it can be accessed via your mobile browser. This gives you access to your account, support and other information wherever you are.
As an EU client, you can trade on any mobile device thanks to MetaTrader 4, which has a mobile app. International clients can also use the proprietary ForexMart app for mobile trading. Our ForexMart reviewers are, therefore, happy to report that you have plenty of trading options from any device.
Limited educational materials
When creating our review of ForexMart, we were disappointed by their limited range of educational materials. In contrast to other high-quality brokers, ForexMart only offers a training PDF, a glossary of terms and a short presentation.
The broker does, however, offer economic news, an economic calendar, and market analysis. These are all valuable additions as they will certainly help you in your trading endeavors.
Take advantage of the great customer support
One of the most important things a reliable forex broker should offer is outstanding support. So, naturally, it was one of the first things our ForexMart review team tested. We were pleasantly surprised.
Not only does the broker offer a multitude of channels to get in touch with them, but the staff are great too. The representatives we spoke to were very polite and went above and beyond to help us out.
You can contact ForexMart for support by email, phone, WhatsApp, Skype, Telegram and Viber. They also offer a callback service, and support via all channels is available 24 hours a day, five days a week.
Enjoy an outstanding experience with ForexMart
Our ForexMart review team is happy to conclude that this is a competent online broker which is fully dedicated to offering a great customer experience. Whilst there are small areas where they could improve, none of these issues are detrimental to your trading.
The low minimum deposit limits, various account types and fast order execution make ForexMart a great broker for beginner and veteran traders alike.
Take advantage of all the great things ForexMart offers and sign up for an account today.