ForexTB Review 2022
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ForexTB is a Cyprus-based broker offering online trading through CFDs. Clients benefit from the leading MT4 trading platform and straightforward payment options. To find out whether to register for an account, read our 2022 review of FXTB, which covers their CySEC license, mobile app, and explains how to contact the customer support team.
ForexTB was created in 2015 and has offices in Cyprus. The brand is owned by Forex TB Limited and is licensed by the Cyprus Securities & Exchange Commission (CySEC) to provide trading services to clients throughout the European Economic Area (EEA) and Switzerland.
The brokerage offers access to most popular financial markets and boasts a particularly strong education center with various tips, tools and training materials for beginners.
Clients can choose between two trading platforms. The first is a proprietary system developed by ForexTB for web-based trading, while the other is the industry standard – MetaTrader 4.
ForexTB’s web-based platform can be accessed directly from the broker’s website. The interface is clean and easy to navigate while offering one-click trading, six different chart types, plus a decent selection of indicators.
Multiple graphing tools can also be overlaid to analyze market sentiment. The only major drawback is the limited customization available. Still, it’s an intuitive platform with a clean look that will meet the needs of most new traders.
MetaTrader 4 (MT4) is one of the most popular trading platforms for day trading forex. With a data-rich environment that is highly customizable, clients of all experience levels can effectively trade.
The platform boasts over 2000 technical indicators and 24 chart analysis tools, alongside detailed trading and asset histories. The system is also compatible with automated algorithms. More experienced clients, in particular, will prefer to trade with MT4.
Assets & Markets
ForexTB clients can trade over 300 financial assets. Products include 50 forex pairs, major corporation shares, ETFs, commodities including precious metals, energies and agricultural products, plus stock indices and cryptocurrencies.
Spreads & Commissions
ForexTB takes its cut from the spreads, which are competitive for VIP account holders at 1.6 pips on the EUR/USD and 2 pips on the GBP/USD. However, spreads are less competitive with the lower account tiers. For example, with the basic account, users get 3 pips on the EUR/USD and 3.4 pips on the GBP/USD, which is notably wider than competitors.
There is also a €20 charge for accounts inactive for over a month, plus a swap fee for positions that are held open overnight. Finally, ForexTB charges withdrawal fees of 3.5% for payment cards and up to €30 for bank transfers once you’ve exhausted your free monthly withdrawals. For e-wallets this falls between 2% – 4.5%.
No commissions or deposit fees are charged.
Due to ESMA regulations, retail clients are restricted to leverage rates of 1:30. This is to prevent traders from magnifying their risk exposure. With that said, professional traders at ForexTB benefit from leverage rates up to 1:400 plus negative balance protection.
ForexTB provides a mobile version of its custom Web Trader platform. The FXTB app is supported by iOS and Android-powered devices and can provide push notifications to ensure that no opportunity is missed. With the ability to open and close positions, analyze charts, and follow the prices of all tradeable assets, the mobile platform is functional and easy to use.
Deposits & Withdrawals
ForexTB accounts can be funded and emptied using payment cards, e-wallets, and wire transfers. The broker accepts US dollar, British pound, Japanese yen, euro, and Russian ruble. The minimum deposit is $250 and payments are usually processed the same day, although this can take longer if incorrect documentation is provided upon withdrawal request.
While there are no fees for deposits, withdrawals can be costly if done frequently; each account type offers a certain number of free withdrawals before charges are applied.
Note, withdrawal methods are the same as deposits.
FXTB offers a demo account that allows traders to explore new strategies and try the two platforms available. With $100,000 of simulated money automatically available, there is no risk to your capital. Clients can then switch to a live money account on the broker’s official website.
Bonuses & Promotions
There are no promotions or deposit bonuses offered at the time of writing. There are, however, daily signals, market news, and an education center equipped with webinars, online lessons, ebooks, and a glossary of relevant terms.
Regulation & Licensing
ForexTB is operated by Forex TB Ltd, a Cypriot investment firm licensed and regulated by the Cyprus Securities & Exchange Commission (CySEC). Authorized to provide services to clients within Switzerland and the EEA, though not Belgium, ForexTB builds the trust of its clients through transparency, with a large legal section on the website providing clear information about the company.
ForexTB offers an expansive education section on their website, with different tips and advice for all experience levels. Complete with webinars, online lessons, articles, and ebooks, the education center caters to all types of learners. Video tutorials can also be found on their official YouTube page.
Beyond education, ForexTB offers daily signals and market news, a full economic calendar and an asset calculation tool that finds spreads, swaps, trade sizes, and fees in a few clicks.
With the MT4 and ForexTB platforms comes the capability of automated trading, allowing investors to open and close positions based on pre-determined algorithms and market scenarios. Furthermore, each investor has a dedicated account manager to answer questions and provide support.
There are four account types offered by FXTB, each aimed at investors with different needs. The leverage rates are the same for all account types, though professional and retail accounts differ.
- Daily signal alerts
- Only 1 free withdrawal
- EUR/USD 3 pip spread
- $250 minimum deposit
- Daily signal alerts
- EUR/USD 2.7 pip spread
- 1 monthly free withdrawal
- $25,000 minimum deposit
- Daily signal alerts
- EUR/USD 2.1 pip spread
- 3 monthly free withdrawals
- $100,000 minimum deposit
- Daily signal alerts
- No free withdrawal limit
- EUR/USD 1.6 pip spread
- $250,000 minimum deposit
There are several reasons to consider registering for an FXTB investing account:
- Mobile app
- Trading Central
- MT4 trading platform
- Good education centre
- Daily signals & financial news
- Automated trading supported
- CFD trading tips, webinars and glossary
- Stocks, indices, forex, cryptos, commodities and ETFs
ForexTB could improve in the following areas:
- Withdrawal fees
- Lack of social trading
- Limited customer support hours
ForexTB is open for trading 24 hours a day, 5 days a week, with platforms accessible over the weekends for analysis and portfolio management. Trading hours also vary between assets.
Traders can contact ForexTB customer support using the online chat function on the right of the broker’s website. The live message and voice chat is only open during trading hours.
The customer support team can also be contacted by:
- Email – email@example.com
- Phone – +357 2 222 2353
- Post – Lemesou Avenue 71, 2nd Floor 2121 Aglantzia, Nicosia, Cyprus
ForexTB uses the highest standard PCI scans and 128-bit Secure Sockets Layer (SSL) encryption for any transmissions. All transactions are secured by firewalls, complex security systems, and two separate encryption methods.
Furthermore, the 3D Secure V2 standard is met for online payment card transactions. ForexTB also complies with all EU regulatory data protection laws.
The combination of platforms, tradable assets, and CySEC oversight puts ForexTB on the map. Customer reviews also praise the automated trading capabilities and daily signals. The only serious drawbacks are the withdrawal fees and wide spreads associated with standard account level. As a result, we’d recommend opting for a higher account level to get the cheapest withdrawals, tightest spreads, and free market insights.
ForexTB only accepts traders from Austria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, Greece, France, Hungary, Ireland, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Romania, Slovakia, Slovenia, Iceland, Liechtenstein, Norway, Switzerland.
Compare ForexTB with similar brokers that accept traders from your location. Among available brokers these are the most similar to ForexTB:
- IG Group – IG-US offer spread betting, CFD and Forex trading across a range of markets. They are FCA regulated, boast a great trading app and have over 47 year track record of excellence.
- LQDFX – LQDFX offers online trading with multiple STP accounts and MT4 analysis tools.
- eToro – eToro is a multi-asset platform which offers both investing in stocks and cryptoassets, as well as trading CFDs. eToro USA LLC does not offer CFDs, only real crypto assets available.
- AAAFx – AAAFx offers CFD trading in forex, commodities, indices and cryptocurrencies.
ForexTB Comparison Table
|Markets||Forex, Stocks, Commodities, Crypto||Forex, Stocks, Commodities, Crypto||Forex, Stocks, Commodities, Crypto||Forex, Stocks, Commodities, Crypto||Forex, Stocks, Commodities, Crypto|
|Minimum Trade||0.01 lots||0.1 lots||0.01 lots||$10||0.01 lots|
|Regulators||CySEC||FCA, ASIC, MAS, FSCA, JFSA, FMA, CFTC, NFA, BMA, DFSA, FINMA, BaFin||–||FCA, CySEC, ASIC, FSA||HCMC (Greece), FSCA (South Africa)|
|Bonus||–||–||100% deposit bonus up to $20,000||–||100% Deposit Bonus available for Global clients|
|Leverage||1:30 (Retail), 1:400 (Professional)||1:30||1:100 – 1:500||1:30 EU||1:30 EU, 1:500 Global|
|Detailed Comparison||–||ForexTB vs IG Group||ForexTB vs LQDFX||ForexTB vs eToro||ForexTB vs AAAFx|
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ForexTB vs Other Brokers
Compare ForexTB with any other broker by selecting the other broker below.
Is ForexTB A Regulated And Trustworthy Broker?
The Cyprus Securities & Exchange Commission (CySEC) regulates ForexTB for operation in the European Economic Area (excluding Belgium) and Switzerland. This coupled with positive customer reviews makes them relatively safe to open an account with, though there is always a risk to capital when online investing.
What Is The Minimum Deposit To Create A ForexTB Account?
The minimum deposit is $250 for a Basic account; however, this rises to $25,000 for Gold accounts, $100,000 for Platinum accounts, and $250,000 for VIP accounts. The minimum trade size is 0.01 lots.
What Trading Platforms Does ForexTB Offer?
ForexTB clients can trade using either the highly regarded MetaTrader 4, or the broker’s proprietary Web Trader platform. The FXTB web-based platform is best suited to beginners while more advanced traders will likely want the customization and sophisticated features that come with MT4.
Does ForexTB Offer A Demo Account?
Yes, a free demo account can be opened with ForexTB. With $100,000 of notional money and a simulated market, the fully operational demo account is useful for exploring strategies, platforms and indicators.
Can I Open A ForexTB Account In The USA?
No, ForexTB is currently only licensed to offer trading services in Switzerland and the EEA, though not Belgium.
|Trade CFDs on a powerful and intuitive trading platform. Over 300 markets to trade, with tight spreads and multi-device support. CySEC Regulated.|