ForexMart Review – Best Conditions to Trade
Throughout the time Forex trading has gotten progressively mainstream. The popularity of Forex grew among people from varying backgrounds, expertise, and life goals. Forex is the largest financial market at the moment and surprisingly to all it does not stop or slow down growing further. Due to the immense amount of the products traded on the market and large sums of funds that are made and lost regularly attract the curiosity of more and more people. Many of them see Forex as the way to change and improve their lives, others consider it as a hobby and some will be drawn to it as a method of entertainment.
Over time, entry into the Forex market has become very simple and even budget-friendly. Apart from the cost reduction of investing and the simplicity of setting up a real trading account, it has also become much easier to learn more about Forex, trading strategies, and techniques. A growing number of institutions are created every day that educate the public to become aware of the financial markets and teach them how to trade with reduced risk, cost, and effort.
In the Forex market, more than 90% of the trading is done through intermediaries or brokers. As there are thousands of brokers existing worldwide, the competition between them is extremely high. Due to that reason, many brokers have begun to offer exceptional conditions and diverse opportunities for traders in order to win some market share. However, it is not easy to distinguish a reputable broker from a non-legit one. That is why reviews produced by professionals are helpful. The review below will focus on one of the leading brokerage firms, ForexMart, and will examine the features of the broker.
Is ForexMart Legit?
ForexMart is a brokerage firm that was established in 2015. The company is registered in Saint Vincent and the Grenadines. The parent company of ForexMart is Tradomart SV Ltd. which is a global investment firm, incorporated in the Republic of Cyprus and successfully operating on the market for several years already. Under Tradomart SV Ltd. the brand of ForexMart is regulated within multiple jurisdictions.
The brokerage firm holds the license from the Cyprus Securities and Exchange Commission, or more famously known as the CySEC with the license number 266/15. CySEC is a recognized and reputable regulatory body within the European region granting the rights to lawfully operate the business within the financial markets. Furthermore, the regulations of the CySEC are suitable for many different continents and regions across the globe.
As per the regulations of CySEC require, ForexMart holds segregated accounts for the clients. What it means is that in case the company goes broke, the financial assets of its clients remain safe and protected. Furthermore, CySEC obliges the brokers to conduct regular audits of the company accounts, in order to ensure the safety and availability of the funds for the clients.
Additionally, ForexMart has won multiple awards within the past few years. Most notably, the company was recognized to offer the Best Trading Conditions in 2020 by International Investor, which is the famous business print publication covering topics from the financial industry, economy, and the global investment community. Other awards include the “Best Forex Newcomer”, “Best New Broker in Europe”, “Best Broker in Europe” and the “Most Prospective Broker in Asia”, awarded to ForexMart Forex Broker by numerous financial authorities of both digital and print media.
One of the reasons why ForexMart receives that much attention is its promotional features that the broker consistently offers to its clients. Most of the promotions are dedicated to both the existing clients and the new registering users. The promotional program consists of two separate campaigns: bonus schemes and trading contests.
Trading contests are based on the trading performance of the clients at ForexMart. Usually, the contests are held within certain time frames, during which the clients compete with each other. The winner of the trading contest is the one who earns the most profits during the contest duration. The profit is calculated by comparing the total deposit amount of the client to the amount earned. The prizes are allocated to the top three traders and sometimes the broker picks up 5 lucky draws to allocate the prize fund to them, too. In the March trading contest, first, second, and third-place winners received $1000, $500, and $250 respectively, whereas 5 lucky draws got $50 as a prize each.
The bonus programs that ForexMart offers feature a deposit bonus of 30%. The deposit bonus grants additional funds to the amount that the trader deposits with the broker. For instance, if the trader deposits $100 with ForexMart, the broker will credit an additional $30 to the trading account of the client. The terms and conditions apply to the deposit bonus that defines trading volume requirements necessary to withdraw the deposit bonus.
Most of the time, the best Forex brokers will base their trading platforms on popular software such as MetaTrader 4. However, since MetaTrader 4 software needs downloading and installation, some brokers will put an extra effort to provide the simplified platforms implementing the software. ForexMart is one of those brokers who support WebTrader along with the MetaTrader 4 option.
The WebTrader allows clients to trade from any browser without further requirement of downloading the software or installing it. However, the platform itself is not much different from the downloadable version. All the features of the software are still incorporated within it. For the extra protection of the client’s data, there are additional security measures applied to WebTraders. All financial instrument products are available to trade through WebTrader and there are no limitations applicable to the platform.
Furthermore, ForexMart broker provides an application that is compatible with mobile devices in order to allow users to trade on the go. ForexMart trading app is supported on both IOS and Android Devices and is accessible without any additional fee. The traders can access their account information, trades, market news, and analysis, all in one place.
ForexMart Product Portfolio
Most of the top Forex brokers realize that they cannot maintain the clients if they offer only Forex products and ignore the rest of the markets. More and more traders started looking for diverse trading portfolios as it involves much smaller risk than trading on a single financial market. Therefore, ForexMart, recognizing and fulfilling the wishes of the traders, offers a portfolio that includes a number of different financial instruments.
As we have already mentioned, Forex is one of the largest financial markets worldwide. ForexMart broker provides over 60 currency pairs with the maximum leverage of 1:500. The currency pairs can be traded both with floating and fixed spreads. The spreads depend on account types.
CFDs on shares
Some of the most popular shares are available on the ForexMart trading platform to trade with Contracts for Differences. The shares available include stocks of Facebook, Amazon, Apple, Google and so much more. The leverage for CFDs on shares products is 1:20. The commission applicable to these products is 0.10%.
ForexMart offers Gold, Silver, and XAU/USD within the list of the Spot Metals. The clients of the broker can trade commission-free on these products and the leverage offered is 1:100. The fixed spread for Gold and XAU/GOLD is 80, whereas for Silver it is 40. Traders can either go for fixed or floating spreads.
The top five cryptocurrencies are available to trade on the ForexMart trading platform. The list includes Bitcoin, Ethereum, Litecoin, Ripple, and Bitcoin Cash. For the crypto products, the leverage is 1:2. The commission rate is also applicable to these products in the amount of 0.1%.
Within the category of Energy products, traders can choose Natural Gas and Crude Oil. The lot size on Energy products is 1000, with the spreads varying once again according to the account types. The leverage is 1:10 for both Natural Gas and Crude Oil and there are no commission fees applicable.
Last but not least, the instruments portfolio of ForexMart Forex broker includes 13 indices including the most popular ones, such as SPX500, UK100, AUS200, and NASDAQ100. Trading with indices is commission-free. The leverage applicable to these products is 1:500 and the spreads vary according to the account types.
Diversity does not only apply to the trading products, but also to the client accounts. It is absolutely impossible to design a single account that will suit all the requirements of the various types of traders. The traders will differ from each other in their trading strategies, financial resources, and also the goals that they set for the trading. Therefore, it is essential that the broker provides different types of live accounts to suit the needs of different tastes. With ForexMart, clients can choose between the following four accounts:
The classic account can be opened with the minimum deposit requirement of 15 US dollars. The account operates commission-free. The minimum spread is 1 pip and the average spread is 1.2 pips. Order execution type is market.
Pro account offers spreads from 0.6 pips with the average spread at 0.8 pips. Pro account holders need to deposit a minimum of 200 US dollars. Order execution type is market.
Cents account needs 15 US dollars as the minimum deposit requirement. The lot sizes are provided in cents. The rest of the specifications of the Cents account is exactly the same as for the Classic account.
The main benefit of the Zero Spread account is that spreads are fixed to zero. Also, the minimum deposit requirement is 1 US dollar. However, the commissions from 0.02% to 0.07% apply to this account type. Order execution type is instant.
Another feature that undoubtedly increases ForexMart rating is the abundance of deposit and withdrawal payment solutions. The broker supports numerous payment methods and the service provider. What is most important is that the broker charges no additional fee for the deposit or withdrawal. On the other hand, the payment solution provider companies might charge the fee for their services. However, in order to provide loyalty to its customer base, ForexMart offers to reimburse any costs associated with the deposits. The clients need to provide the official documents stating the amount of the cost associated with the payment to the broker.
However, there are several options available to the clients. Some of the most popular payment solution platforms will offer their services free of charge, however, the deposit will not be instant. For instance, Visa and Mastercard have no fees for deposits but will process the payment within 24 hours. The same applies to Skrill and Neteller. Whereas PayCo, FasaPay, UnionPay, and AliPay will process the payment instantly but will charge for the service.
The withdrawals come with additional costs. Visa and Mastercard operate with a 2.50% fee + fixed fee of 3.50 USD or EUR. The withdrawal will be instant in these cases. Skrill and Neteller are much cheaper options with a 1% and 2% fee respectively, however, the payment is processed within 1-7 working hours. The prices and withdrawal time vary according to the payment solutions and can be checked on the official webpage of ForexMart Forex broker.
Registration and Verification
In order to register with the broker, users need to visit the official webpage of ForexMart. The registration procedure is very simple but it differs for a demo account and a live trading account. For the real trading account, the clients must fill in the correct data regarding their personal details, as well as the account details. The validity of the details will be checked during the verification stage.
The verification is necessary on the ForexMart platform, as it ensures the safety of the client and furthermore avoids any criminal activity, such as identity theft. Verification is done in two parts. At first, the clients need to present the document verifying their identity, such as a photocopy of their ID, Passport, or Driver’s License. Afterward, users will be asked to present the official document that proves their residential address, such as the utility bill issued within the last 6 months.
After completing these two steps, the trading account is ready to be activated. In order to activate the account, the client needs to make an initial deposit. The amount of deposit depends on the account type. For Classic and Cents accounts, traders need to deposit 15 US dollars, for Zero Spread account the deposit requirement is 1 US dollars and for the Pro account, it is 200 US dollars. After the deposit, clients are eligible to receive the deposit bonus.
ForexMart Customer Service
ForexMart opinion is that excellent customer service is key to the success of any company. Especially, when it comes to managing the accounts with real money on them having flawless communication between the customers and the firm is a must. Therefore, ForexMart has put a lot of effort into producing an unparalleled customer support team that is available 24 hours on working days.
Clients have various options when it comes to contacting the support team. They can choose between the most popular platforms, such as Whatsapp, Viber, Telegram, eMail addresses, or directly through the phone number. Furthermore, ForexMart offers an option of requesting a callback, which means that after leaving your contact details the customer support team will get back to you as soon as possible.
We can all agree that knowledge and expertise within the world of trading play a crucial role. Without an understanding of what various indicators and market movements mean, traders can make wrong choices and there will be no difference between trading and gambling. In order to enhance the knowledge of their clients, ForexMart offers various educational resources to aid the professional development of their customers.
ForexMart offers tutorials on how to use the trading platforms and MetaTrade4 software. Also, it provides an educational brochure on Forex trading explaining the main concepts of the market. Furthermore, the glossary is available on the platform describing all trading terms and broker’s conditions. The market news and analysis are updated on a regular basis covering all topics of the financial world.
Final Verdict on ForexMart
All in all, according to our Review of ForexMart Forex broker, the company satisfies all the major checkpoints that the best broker should have in the financial industry. The brokerage firm offers a wide array of financial instruments, supports the top trading platforms, has 4 different account types with suitable trading conditions, provides multiple payment solutions, has excellent customer support communication channels, and strives to educate its clients. That is why we strongly recommend trading with ForexMart for all kinds of traders.