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ForexMart -Overview Guide of This Broker

WikiFX | 2024-12-30 15:08

Ikhtisar：ForexMart is a professional Forex broker dedicated to providing investors with advanced trading software and a superior trading experience. ForexMart is currently regulated by the Cyprus Securities and Exchange Commission (Regulation No. 266/15), the UK Financial Conduct Authority (Regulation No. 728735), and the Virgin Islands Financial Services Commission Offshore (Regulation No. SIBA/L/14/1082).

ForexMartReview Summary
Founded	2007
Registered Country/Region	Saint Vincent and the Grenadines
Regulation	Offshore Regulated
Market Instruments	Forex, Spot Metals, Indices, Cryptocurrencies, Energies, CFDs on Shares
Demo Account	✅
Leverage	Up to 1:300
Spread	From 0.0 (EUR/USD)
Trading Platform	Online Forex Trading Platform
Min Deposit	$15
Customer Support	Phone: + 442 030 976 697
	Email: support@forexmart.com
	Social Media: Facebook, Twitter

ForexMart Information

ForexMart is a broker incorporated in Saint Vincent and the Grenadines in 2007. The trading instruments it provides are mainly Forex, Spot Metals, Indices, Cryptocurrencies, Energies, CFDs on Shares. In addition, there are 4 account types to choose from. However, the current regulatory status of the brokerage is relatively poor, holding 3 licenses: FCA revoked the license, CYSEC determined the regulatory status as suspected cloning, and FSC determined it was subject to offshore regulation.

Pros and Cons

Pros	Cons
The number of tradable instruments is large	The regulatory status is poor
4 kinds of accounts	MT4/5 is not supported
Can be traded without commission

Is ForexMart Legit?

Regulated Country/Region
Regulated Authority	FCA	FSC	CYSEC
Regulated Entity	INSTANT TRADING EU LTD	Instant Trading Ltd,	Instant Trading EU Ltd
License Type	European Authorized Representative (EEA)	Retail Forex License	Market Making(MM)
License Number	728735	SIBA/L/14/1082	266/15
Current Status	Revoked	Offshore Regulated	Suspicious Clone

What Can I Trade on ForexMart?

ForexMart offers 60+ forex pairs, 200+ CFDs on shares, 4 spot metals, 19 cryptocurrencies, 3 energies, 13 indices.

Tradable Instruments	Supported
Forex	✔
Spot Metals	✔
Indices	✔
Cryptocurrencies	✔
Energies	✔
CFDs on Shares	✔
Bonds	❌
ETF	❌

Account Types

The 4 types of ForexMart accounts are Classic, Pro, Cents, Zero and Spread. Their minimum deposit ranges from $15 to $500. Among them, the maximum leverage is 1:300.

Account Types	Classic	Pro	Cents	Zero Spread
Min Spread (pips)	1	0.6	1	0
Average Spread (pips)	1.2	0.8	1.2	0.2
Commissions	No commissions	No commissions	No commissions	From $6
Min Deposit	$15	$200	$15	$500
Min Lot Size	0.01	0.01	0.1 (cent lots)	0.01
Order Execution	Market	Market	Market	Market
Max Leverage	1:3000	1:3000	1:3000	1:200
Margin Call	30%	30%	30%	30%
Stop Out Level	10%	10%	10%	10%
Max Open Trades	500	500	500	500

ForexMart Fees

The minimum spread for the four accounts ranged from 0 pips to 1 pips, and the average spread ranged from 0.2 pips to 1.2 pips. In addition, only Zero Account receives commission from $6, and the remaining accounts have no commission.

The spread of EUR/USD in the forex pair is found to be the lowest 0.0 after comparing four kinds of accounts.

Symbol	ForexMart Classic/Cent *Spread	ForexMart Pro *Spread	Zero Spread *Spread
EURUSD.fx	1.3	0.7	0
GBPUSD.fx	1.4	0.8	0.1
USDJPY.fx	1.4	0.8	0.1
USDCHF.fx	1.8	1.2	0.5
USDCAD.fx	1.6	1	0.3
AUDUSD.fx	1.3	0.7	0
NZDUSD.fx	1.5	0.9	0.2
...	...	...	...

CFDs on Shares basically have a spread between 0.03 and 1.0 and charge a commission of 0.10%.

Title	Symbol	Fixed Spread	Commission
AA Alcoa, Inc.	#AA	0.03	0.10%
AAL ANGLO AMERICAN PLC	#AAL	1	0.10%
AAL American Airlines Group Inc.	#AAL	1	0.10%
AAPL Apple Inc.	#AAPL	0.152	0.10%
AIG American International Group, Inc.	#AIG	0.03	0.10%
AMZN Amazon.com Inc.	#AMZN	0.12	0.10%
AXP American Express	#AXP	0.03	0.10%
...	...	...	...

Spot Metals maintains a spread between 34 and 57 with no fees.

Title	Symbol	Lot	ForexMart Classic/Cent Average spread	ForexMart Classic/Cent Fee	ForexMart Pro Average spread	ForexMart Pro Fee	ForexMart Zero Spread Average spread	ForexMart Zero Spread Fee
Gold vs US Dollar (100 oz)	GOLD.m	100 ounces	34	0	29	0	34	0
Silver vs US Dollar (500 oz)	SILVER.m	500 ounces	57	0	52	0	56	0
Gold vs US Dollar (500 oz)	XAUUSD.m	500 ounces	34	0	29	0	34	0
XPD vs US Dollar (100 oz)	XPDUSD.m	100 ounces	38	0	38	0	38	0

Cryptocurrency spreads remain between 50 and 29,761, with a 0.10% fee.

Title	Symbol	Spread	Fee
BCHUSD	BCHUSD	335	0.10%
#Bitcoin	#Bitcoin	19167	0.10%
#Ethereum	#Ethereum	1326	0.10%
#Litecoin	#Litecoin	170	0.10%
#Ripple	#Ripple	50	0.10%
Uniswap	Uniswap	258	0.10%
Chainlink	Chainlink	29761	0.10%
Filecoin	Filecoin	760	0.10%
...	...	...	...

The energy spread is between 24 and 63.

Title	Symbol	Group	ForexMart Classic Average Spread	ForexMart Pro Average Spread	ForexMart Cent Average Spread
Natural Gas	NG.z	Energy	34	24	34
Crude Oil	CL.z	Energy	63	46	63
Brent Crude Oil	BRENT.z	Energy	45	35	45

Index spreads range from 60 to 1850 with no fees.

Title	Index	ForexMart Classic Average spread	ForexMart Classic Fee	ForexMart Pro Average spread	ForexMart Pro Fee	ForexMart Cent Average spread	ForexMart Cent Fee
Standard & Poor's 500 Index	SPX500	110	0	60	0	110	0
Deutsche Boerse AG German Stock Index	DAX40	170	0	170	0	170	0
Financial Times Stock Exchange 100 Index	UK100	200	0	150	0	200	0
Japan 225 Index	JP225	1850	0	1800	0	1850	0
The Dow Jones Industrial Average	DJ30	400	0	273	0	400	0
Nasdaq 100 Index	NASDAQ100	180	0	130	0	180	0
...	...	...	...	...	...	...	...

Trading Platform

ForexMart provides an online forex trading platform for traders to use.

Trading Platform	Supported	Available Devices	Suitable for
Online Forex Trading Platform	✔	Desktop	All traders
MT4	❌
MT5	❌

Deposit and Withdrawal

There are 8 deposit methods at ForexMart: Skrill, NETELLER, PayCo, Fasapay, Bitcoin, Bitcoin Cash, Tether, and Local Bank. Most methods take less than 24 hours to process.

The same 8 withdrawal methods, but will charge a certain fee.

Method	Fees	Processing Time
Skrill	No fees	24 hours
NETELLER	No fees	24 hours
PayCo	-	Instant
Fasapay	-	Instant
Bitcoin	-	24 hours
Bitcoin Cash	-	24 hours
Tether	-	24 hours
Local Bank	-	24 hours

Method	Fees	Processing Time
Skrill	System fee: 1%	1-7 working days
NETELLER	Transaction fee - 2%, min fee: 1.00 USD, max fee: 30.00 USD	1-7 working days
PayCo	-	48 hours
Fasapay	-	48 hours
Bitcoin	Transaction fee - fixed fee 0.0002 BTC + fixed fee 2 USD	48 hours
Bitcoin Cash	Transaction fee - fixed fee 0.001 BCH + fixed fee 2 USD	48 hours
Tether	Transaction fee - 1%	48 hours
Local Bank	Transaction fee - 3%	24 hours