What is ForexMart？
ForexMart is a trading platform operated by Instant Trading EU Ltd, established in 2015 and registered in Cyprus. Its company address is at Spetson 23A, Leda Court, Block B, Office B203, 4000 Mesa Geitonia Limassol Cyprus. It is currently regulated by CYSEC.
Pros & Cons
Pros:
Various Market Instruments Offered: ForexMart offers a wide range of financial instruments for trading, providing its clients with vast trading options.
High Maximum Leverage: It offers high leverage, enabling traders to trade larger positions than their initial deposit.
No Commission Charged: ForexMart does not charge commission fees on trades, leading to potentially higher profits for traders.
MT4, Web Trader, and Mobile Application Available: The platform provides multiple trading platforms including the widely used MetaTrader 4 (MT4), a web trader, and a mobile application, offering flexibility to its users.
Regulated by CYSEC: ForexMart is regulated by the Cyprus Securities and Exchange Commission (CYSEC), offering a certain degree of financial security and transparency to its clients.
Multiple Customer Support Channels: ForexMart offers several customer support channels, making customer assistance readily accessible.
Cons:
Less Attractive Spreads: ForexMart's spreads tend to be less competitive, meaning the cost of trading could be higher for its clients.
Geographic Restrictions: ForexMart does not support users from the USA, North Korea, Myanmar, Sudan, and Syria, limiting its accessibility for traders from these regions.
High Minimum Deposit: The minimum deposit requirement at ForexMart is relatively high, making it less accessible to investors.
Is ForexMart Safe or Scam？
Regulatory Sight:
The Financial Conduct Authority (FCA), United Kingdom: ForexMart is listed as European Authorized Representative (EEA) under the license no. 728735. However, its status is currently listed as 'Suspicious Clone.'
The Autorité des Marchés Financiers (AMF), France: Similar to BaFin, ForexMart has a Common Financial Service License under AMF and the license no. is 75426. Its status with AMF is also listed as 'Exceeded.'
User Feedback: While ForexMart is regulated and has multiple advantages, there are also some negative user reviews about the deletion of profits without a valid reason.
Security Measures:
ForexMart prioritizes the safety of their investors' funds and has implemented several security measures accordingly.
Membership with the Investor Compensation Fund (ICF): ForexMart, being a part of Instant Trading EU Ltd., is a member of the ICF, which is a requirement for every investment firm in Cyprus under the Investment Services and Activities and Regulated Markets Law of 2007. The ICF aims to secure the claims of clients in situations where the investment firm is unable to fulfill its obligations.
Compensation Coverage: If ForexMart fails to return owed funds or entrusted financial instruments to its clients, the ICF compensates these covered clients according to legal and contractual terms. The compensation is up to 20,000 EUR and applies to the total claims of an investor toward the company.
Anti-Money Laundering Measures: Any individual convicted of a criminal offense related to money laundering activities as per the Prevention and Suppression of Money Laundering Activities Law of 2007 will not receive any compensation from the ICF.
Audit and Verification: ForexMart will use its books, along with any supporting evidence, to ascertain the claims with amounts calculated following set-off regulations.
Market Instruments
Forex: This involves trading in the foreign exchange market, enabling investors to trade different global currencies against each other.
Stocks: ForexMart offers equities from numerous global companies, providing opportunities for share trading in the conventional markets.
Spot Metals: Traders have the opportunity to invest in spot contracts for metals such as gold and silver.
Cryptocurrencies: Given the increasing popularity of digital currencies, ForexMart provides trading opportunities in this arena too.
Energy: This category encompasses tradable commodities like oil and gas, allowing users to speculate on energy market trends.
Indices: These are used to measure the value of a section of the stock market, giving a snapshot of the market's condition. ForexMart offers index trading for various major global markets.
Commodities: Traditional commodities like agricultural produce and others are also available for trading on ForexMart's platform.
Account Types
ForexMart provides customers with 3 live account types - Basic, Gold and Platinum. All accounts use market execution methods and offer a demo account service for users who want to familiarize themselves with ForexMart's platform before committing real money.
Leverage
ForexMart offers a high maximum leverage of 1:500 for all of its account types - Basic, Gold, and Platinum. This means that traders can trade positions up to 500 times their initial deposit, amplifying the potential for profits but also exposing traders to a higher risk of losses. High leverage allows traders to maximize their trading potential, but it should be used wisely due to the associated risks.
Spreads & Commissions
ForexMart features varying spreads and no commissions across all of its account types.
Trading Platforms
MetaTrader 4 (MT4) for Desktop: This highly popular platform allows trading on Forex. It supports multiple charts, direct trading from charts, and the placement and management of multiple orders. MT4 is well-known for its customizable interface and several trade size allocation methods, providing users with robust trading tools. The software is free and easy to install.
ForexMart Mobile Application: Designed for traders on-the-go, this application is available for both iOS and Android devices. It allows users to trade anytime and anywhere, offering access to charts, account management, trading, and other services. It can be downloaded for free from the App Store or Google Play.
PhorexMart for Web Terminal: This web-based platform allows trading directly from a browser without the need for any software installation. It is compatible with all operating systems and is synchronized across all platforms, ensuring a uniform trading experience. ForexMart guarantees safe trading with ensured encryption of user information.
Deposits & Withdrawals
Payment Methods:
MasterCard: You can use your MasterCard for transactions. The deposits are usually processed within 24 hours.
Bank Wire: Direct transfers can be made from your bank account to your ForexMart account. The processing time and fees may depend on the bank and country of origin.
Skrill: This is a digital wallet platform that can be used for transactions at ForexMart. It offers quick processing times.
Neteller: This is another widely used digital wallet for financial transactions. Its known for providing quick, secure and simple transactions.
Deposit Fees:
Withdrawal Fees:
Fiat Currency: A flat fee of 1 EUR or 1 USD is charged for withdrawals in fiat currency, and these are usually processed within 24 hours.
SEPA Transfers: For these withdrawals, a fee of 20 EUR is charged for transactions up to 20,000 EUR. For transactions exceeding 20,000.01 EUR, a 0.1% charge applies.
Other Withdrawal Methods: For these, a minimum charge of 1% applies, and the processing time ranges between 1 to 7 working hours.
However, it should be noted that any deposit and/or withdrawal fees reimbursed by ForexMart may ultimately be billed to the client if the company determines that the client has failed to meet required conditions. These conditions include activities like illegal actions, breach of any agreement provisions, or no trading activity. With this, ForexMart retains the right to debit the compensated amount from the clients withdrawal amount.
Availability: Some payment systems may not be accessible in certain regions.
Conclusion
ForexMart, operated by Instant Trading EU Ltd, is a CYSEC-regulated trading platform that offers a variety of market trading instruments and three types of live accounts. While it has several advantages, including high maximum leverage and multiple customer support channels, there are certain drawbacks like less attractive spreads and high minimum deposit requirements. Therefore, potential investors should carefully evaluate the platform's offerings and limitations before proceeding.
Frequently Asked Questions (FAQs)
Q: Is ForexMart regulated？
A: Yes, ForexMart is regulated by the Cyprus Securities and Exchange Commission (CYSEC).
Q: What financial instruments does ForexMart offer？
A: ForexMart offers options for trading Forex, Stocks, Spot Metals, Cryptocurrencies, Energy, Indices, and Commodities.
Q: Does ForexMart charge commissions on trades？
A: No, ForexMart does not charge commissions on trades.
Q: Which trading platforms does ForexMart support？
A: ForexMart supports the MT4 platform for desktop, a mobile app for trading on-the-go, and a web trader for trading directly from a browser.
Q: What is the maximum leverage offered by ForexMart？
A: ForexMart offers a maximum leverage of 1:500 on all its account types.
Q: Is ForexMart a good choice or not？
A: With a valid regulation and multiple advantages, it can be a good choice for both beginners and professionals.
Q: What account types does ForexMart offer？
A: ForexMart offers Basic, Gold, and Platinum account types, catering to a range of investors with various trading conditions.
Risk Warning
Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information provided in this review may be subject to change due to the constant updating of the company's services and policies.
In addition, the date on which this review was generated may also be an important factor to consider, as information may have changed since then. Therefore, readers are advised to always verify updated information directly with the company before making any decision or taking any action. Responsibility for the use of the information provided in this review rests solely with the reader.
2024-07-16 18:44
2024-06-21 17:54
