ForexMart Review – Best Trading Conditions
Many people wonder what triggered the sudden burst into the popularity of Forex and trading in general among various communities. Actually, the reasons behind it are quite simple. First of all, technology reached the stage of development where it makes previously complex activities fairly simple. The same applies to trading. Only a few decades ago you had to put an immense effort in order to start trading. You needed reasonable capital, good connections, and a lot of time to become a trader. Nowadays, what you need is an internet connection and a device and you are good to go. However, you also need a decent broker to act as an intermediary between you and the numerous financial markets.
The only thing that got much more difficult over time is finding a suitable and reliable Forex broker. Partially, that is due to the abundance of brokerage firms, where some of them indeed offer high-quality services, but unfortunately, many of them are aiming to scam the traders. So how do you differentiate between them and how do you decide which broker works best for you? You do the research, read the reviews, and draw conclusions.
ForexMart has the reputation of one of the best Forex brokers currently on the market. We conducted research to find out if the recognition of the broker is in fact well deserved. Find out in below review why the company stands out among the others and if you should give it a chance.
Should you trust ForexMart?
If you dig into the history of the company you will encounter that ForexMart is operated by a global investment firm Tradomart SV Ltd. The brand of ForexMart first appeared in 2015 and has a registered office at Shamrock Lodge, Saint Vincent, and the Grenadines. The brand itself is authorized in various jurisdictions. As for the regulation, the broker holds the Cyprus Securities and Exchange Commission or CySEC’s official license. The license permits ForexMart to lawfully conduct financial operations and interact with traders from various countries.
We can say that the official license from the regulatory authorities often guarantees the security of traders, even though it does not completely remove the risks of unlawful behavior. For instance, CySEC obliges the broker to hold segregated accounts of clients and the company and regularly audits the firm. Furthermore, the company has to comply with the standards set by the regulatory bodies, which affect the trading conditions, as well. For example, the broker cannot offer leverage too high that puts the traders and their capital under significant risks.
Another feature that establishes trust towards ForexMart Forex broker is multiple awards that the firm received since its foundation. ForexMart acquired the honorary title of the Best Trading Conditions in Asia from the business magazine International Investor in 2020. In 2016, the broker also received recognition as the Best New Broker in Europe by the London-based publication International Finance Magazine. ForexMart holds three other titles as the Best Broker in Europe, the Most Prospective Broker in Asia, and Best Forex Newcomer.
Platforms play a crucial role in determining the success of the traders. First of all, if the platform is not user-friendly and is overly complicated, newcomers in the trading industry will find it extremely difficult to get started. Furthermore, the platform should be convenient and easily accessible for the trader and should not limit him or her to only a single option of accessibility. ForexMart broker recognizes this statement and opinion, therefore, it provides the best available solution. Also, the broker tried its best to not overcomplicate the platform and to keep it as simple and customer-oriented as possible. It was done through the simplistic design and interface.
Customers of ForexMart can trade on MetaTrader4 which is usually downloadable software requiring installation. However, the broker implemented a web trading option and offers its customers MT4 WebTrader. Additionally, the firm developed a mobile trading app exclusively for ForexMart traders which allows anyone to trade on the go. The application has all the necessary data and equipment, including market news and analysis, account details, and trade information of the client. ForexMart trading app is available both on IOS and Android devices and is absolutely free to download and use.
One of the key features of every best broker is the diversity of the financial instruments’ portfolio. Firstly, most experienced traders would wish to trade with a diversified product list. Secondly, not all traders would be down to trading only Forex or only commodities. Therefore the abundance of choice of what to trade is essentially the strong side of ForexMart. The broker offers hundreds of trading instruments within the different financial markets. The trading conditions vary according to these products, as well as the types of accounts that the traders set up.
Below is the detailed list of the available instruments along with the corresponding conditions offered by the broker:
Forex is obviously the largest and the most popular financial market at the moment. ForexMart offers over 65 currency pairs to its traders, including the most famous ones, as well as several exotic pairs. The leverage on Forex products can go up to 1:500. The traders can also choose between the floating and fixed spreads on Forex.
CFDs on Shares
ForexMart gives the opportunity for its clients to go short or go long on stocks using contracts for difference (CFDs). Over fifty stocks are available to trade with the broker, all of which are the dominant products on the market currently. The list of CFDs on shares includes stocks like Amazon, Facebook, Yahoo, and Google. Leverage for trading CFDs on shares is 1:20. The spreads start as low as 0.03 and the commission rate is 0.10%.
Metals hold a significant market share within the financial industry. Therefore, ForexMart broker provides three of the most important Spot Metals available to trade: Gold, Silver, and XAU / USD. The products can be traded with the flexible leverage of 1:100. There are no commission fees applicable and spreads vary from 40 to 80 depending on the product. Here as well, traders can choose between the floating and fixed spreads.
Recently, cryptos began to dominate the market and more and more traders appear who would love to invest in them. With ForexMart, customers can trade with Bitcoin Cash, Bitcoin, Ethereum, Litecoin, and Ripple. The leverage for crypto products is 1:2. The commission fees apply to cryptocurrencies in the amount of 0.1%.
Energy products are one of the oldest goods exchanged on the market and quite a few investors still prefer to trade with them. With the broker, clients can trade with Natural Gas and Crude Oil, which are two of the most significant Energy products. Leverage for them is 1:10 and no commission applies to the trades.
As a growing part of the financial industry, Indices also got on the ForexMart portfolio of the trading instruments. With over 13 indices available to trade, clients can enjoy the leverage of 1:100. With some of the best Indices provided within the list, such as SPX500, UK100, and NASDAQ100 they can trade with no commission fees.
Recognizing the diversity of the traders, their trading strategies, needs, and requirements, ForexMart provides four different account types. All of the accounts offer different trading conditions and suit the various tastes of traders. The leverage for all account types is the same, it can go up to 1:500. Similarly, they share the same limit of a maximum number of open positions, which is 500, 10,000 lots. The margin call and stop out level is 30% and 10% respectively. Find the detailed description of accounts below:
Classic account fulfills all the basic needs of the traders and represents the standard account with standard sets of conditions. The minimum spread for classic accounts is 1 pip, while the average spread is 1.2 pips. The minimum deposit requirement is 15 USD. The minimum lot size is 0.01 and the order execution type is Market. The account operates without commission fees.
Pro account is a suitable option for experienced traders. Accordingly, spreads are lower for this account type with a minimum spread of 0.6 pips and an average spread of 0.8 pips. However, the deposit requirement for Pro account holders is a minimum of 200 US dollars. The minimum lot is 0.01 and the order execution type is the market. Pro account is also commission-free.
Cents acts like a micro standard account suitable both for experienced and beginner traders. It is the best choice for smaller trades. Similar to the Classic account type, the Cents account provides a minimum spread of 1 pip and an average spread of 1.2 pips. The minimum deposit requirement of $15 is also similar, as well as the order execution type. The minimum lot is 0.01 cent lots.
The most cost-efficient account type offered by ForexMart Forex broker is the Zero Spread account. The spreads for this account type are fixed to zero. Furthermore, the account can be opened with the minimum deposit requirement of 1 USD. The order execution type is instant and the minimum lot is 0.01 for Zero Spread account holders. However, commission fees apply to the account in the amount of 0.02%-0.07%.
Bonuses and Promotions
Another attractive feature of ForexMart is its promotional program. Within the program, the broker offers both bonus schemes and trading contests that depend on the performance of the traders. The cash prizes vary within the contests. For instance, the March contest distributes the prize pool over eight traders, among which the top three performers received 1000 USD, 500 USD, and 250 USD respectively. The company also identified 5 lucky draws and rewarded them with 50 USD each.
ForexMart offers a 30% welcome bonus for the new registering users on the trading platform. In order to claim the bonus, one has to open a live trading account with the broker and deposit the minimum required amount on the account. Furthermore, it is important to go through the verification process following the registration. The broker will request proof of the client’s identity and proof of residence. Any profit generated from the deposit bonus can be withdrawn at any point after meeting the volume requirements.
Education and knowledge of trading play a crucial role in the successful performance of the traders. Therefore, ForexMart takes care of its customers and provides a plethora of educational material in order to enlighten them. There is a special page dedicated to Market Analysis within the various financial sectors. The overviews of the markets are written by professionals about all important trends, financial forecasts, global economic reports, and political news that influence the market.
Furthermore, the broker produced an educational brochure along with a glossary of all trading terms and concepts. The brochure introduces the main ideas behind the Forex market, common strategies, risks associated with trading, and various guidelines. Additionally, the instructions and tutorial on how to install and use MetaTrader and WebTrader platforms are explained in-depth covering all the questions that the users might encounter.
In ForexMart opinion, the primary goal for every broker should be to support its clients in the best manner that they can. Therefore, ForexMart has put an immense effort into building and maintaining a high-quality customer service team, which is available 24 hours and 5 days a week. Apart from the extensive FAQ page which answers all common questions and significant matters, there are designated departments that offer professional assistance at any time. All the departments have separate contact addresses where experts equipped with knowledge and experience are more than happy to help the customers.
The customer support team can be contacted in numerous ways. Most of the social media platforms are supported by ForexMart broker. The list through which customers can contact the broker includes Whatsapp, Viber, Skype, Telegram, and email addresses. There are various phone numbers available for urgent matters, as well. Furthermore, clients can request a phone call from the support team and dedicated support associates will contact the clients themselves.
In our Review of ForexMart Forex broker, we covered all the significant aspects of the brokerage firm. To sum up, it is evident that the broker is reliable, as it is licensed and regulated within different jurisdictions, has an expertise of over 6 years, offers a great variety of trading instruments with competitive trading conditions, and rewards its clients through several promotional programs. Furthermore, the broker provides different account options that suit the needs of various types of traders and has a dedicated support team. All in all, ForexMart is essentially a customer-centric broker with the mindset of mutual benefits of both the company and the trader.