ForexTB Review – Should You Trade With This Broker?
ForexTB is a lesser known Forex broker situated in Nicosia, which is the largest city in the island of Cyprus. It is not uncommon for new brokers to base their operations in exotic locations and Nicosia is indeed a unique place for setting up a Forex brokerage. Since ForexTB is regulated by the CySEC, the company has all the required authorizations to carry out FX operations in the European Economic Area. Even though the broker has a good amount of EU regulation and safety nets for protecting the interests of their clients, the website, and their overall services lacks the professionalism expected from an FX broker.
It is difficult for a trader to get all the information about opening a ForexTB trading account through their website, although the broker is quick to point out the fact that individual client funds are deposited at regulated banks. ForexTB regulation by the CySEC also qualifies their clients to be a part of the ICF scheme that protects a trader’s capital against broker issues. Along with regular auditing, ForexTB is certainly a credible Forex Broker.
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ForexTB’s Penetration In The Retail Trading Market
ForexTB has an uphill task ahead of establishing itself as a serious alternative in the Forex trading business, and it is not an easy job, especially considering the number of benefits and features offered by other established brokers. Some modern day brokers are going all out in their promotions and branding strategies by adopting multiple regulatory statuses to enhance trust among clients. It will be tremendously difficult for ForexTB to attract traders with just a standard CySEC regulation, and the broker should be proactive in its efforts to be able to reign in the required trading volume for sustained growth.
Account Options & ForexTB Trading Features
ForexTB offers only a single account option with no minimum deposit restrictions that allow traders to start trading with a small capital of just $1. Of course, to complement the low initial deposit, the maximum ForexTB leverage is 1:100. Although the leverage is reduced, it will be difficult for traders to enjoy any significant profits with a small trading capital. To fully utilize the benefits of the comparatively lower leverage, traders should start with at least $50. When it comes to depositing and withdrawing money, traders will find the payment options to be severely limited. Payments are managed through wire transfer or dotpay, which doesn’t offer much flexibility for the new-age trader. ForexTB should have included at least credit card payments as well as any e-wallet or online payment processor to enable their traders to facilitate fast, easy and convenient fund transfers.
ForexTB is a market maker broker; therefore, traders get access to a regular STP account. If you are looking for a pure ECN platform, you should look elsewhere. Being a market maker account, the ForexTB spreads start from 1.9 pips, and can go as high as 6 pips for the major currency pairs. ForexTB spread is not something that you would call economical, and even though traders are not charged any commission, the costs are certainly higher than the average.
Nevertheless, ForexTB does provide access to more than 700 financial instruments, which is a tremendous achievement for a small Forex broker. ForexTB has an exhaustive list of financial instruments and currency pairs, including exotics, CFDs, equities, commodities, metals, and other popular ETFs. Although the company promises to simplify their service offerings, amateur traders may feel daunted by the sheer number of financial instruments, and might find it difficult to choose assets according to their trading preferences.
Should We Anticipate Any Proprietary ForexTB Platforms?
MT4 is the preferred choice of desktop ForexTB trading platform, which is the most popular and widely used trading software in the world. MT4 is available for both desktop as well as mobile platform, but the broker offers two different options for both browser as well as mobile trading. The Patron Web FX Browser Platform is an interesting web trader that has a great user interface and amazing tools that will negate the need for a dedicated trading terminal. The Patron Web FX Browser Platform can be used on both desktops as well as mobile devices, but if you need more features and flexibility on your smartphone or your tablet, the ForexTB Mobile Trader can be your best option. The ForexTB trading platforms do have a few teething issues, especially regarding latency and connectivity issues, and the lack of a VPS option complicates things further. However, the platforms shouldn’t throw up any issues for long-term traders who are consistent with the markets regarding their entry and exit.
Any Rewards Or ForexTB Bonus For Opening An Account?
Unfortunately, traders don’t get a bonus or any other rewards for opening a ForexTB account, which might feel like an oversight. In reality, the lack of a bonus allows the company to perform better by concentrating on refining their services. The lack of a bonus also helps traders to withdraw their profits without satisfying any conditions, which is one of the primary reasons behind trader-broker disputes.
ForexTB is not your average Forex broker, but it is one of the very small companies that strive to achieve a name for themselves. The company does not have any ludicrous features that might make it a hit among retail traders; therefore, it will take some effort for the company to become established in this industry.