ForexTB Review and Tutorial 2020
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|ForexTB Facts & Figures|
ForexTB is a leading online broker in Forex and CFD trading
|Instruments||Forex, CFDs, indices, shares, commodities, cryptocurrencies|
|Min. Trade||0.01 lots|
|Trade CFDs on FX, commodities, major indices, and company stocks|
|FTSE Spread||0.02 pts|
Trade major, minor & exotic currency pairs
Trade on popular cryptocurrency coins and traditional currencies
|Coins||BTC, ETH, LTC, XRP, XMR, DSH, BCH|
ForexTB is a Cyprus-based broker offering online trading in forex and CFDs. Clients benefit from the leading MT4 trading platform and straightforward payment options. To find out whether to create an account, read our 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.
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 analyse market sentiment. The only major drawback is the limited customisation available. Still, it’s an intuitive platform 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 customisable, clients of all experience levels can effectively trade. The platform boasts over 50 technical indicators and 30 chart analysis tools, alongside detailed trading and asset histories. The system is also compatible with automated trading algorithms. More experienced clients, in particular, will prefer to trade with MT4.
Assets & Markets
ForexTB clients can trade over 270 financial assets. Products include 50 forex pairs, major corporation shares, 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 1.1 pips on the EUR/USD and 1.4 pips on the GBP/USD. However, spreads are less competitive with the lower account tiers. For example, with the basic account, users get 2.5 pips on the EUR/USD and 2.8 pips on the GBP/USD, which is notably wider than competitors.
There is also an €80 charge for accounts inactive for over a month, plus a swap fee for positions that are held open overnight. Finally, ForexTB charge withdrawal fees at 3.5% for payment cards and up to €30 for bank transfers once you’ve exhausted your free monthly withdrawals.
Due to ESMA regulations, retail clients are restricted to leverage rates of 1:30. This is to prevent traders from magnifying their risk exposure. Professional traders at ForexTB benefit from leverage rates up to 1:400.
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 trading opportunity is missed. With the ability to open and close positions, analyse charts, and follow prices of all tradeable assets, the mobile platform is functional and easy to use.
ForexTB accounts can be funded and emptied using payment cards, e-wallets, and wire transfers. The broker accepts USD, GBP, and EUR. 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.
FXTB offers a demo account that allows traders to explore new strategies and try the two trading platforms available. With $100,000 of simulated money automatically available, there is no risk to your capital.
Deals & Promotions
There are no promotions or deposit bonuses offered at the time of writing. There is, however, daily signals, market news, and an education centre 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). Authorised 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, video tutorials, and ebooks, the education centre caters to all types of learners. Unfortunately, some parts of the education centre are not open to retail and lower-level accounts.
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 come the capability of automated trading, allowing traders to open and close positions based on pre-determined algorithms and market scenarios. Furthermore, each trader has a dedicated account manager to answer questions and provide support.
There are four account types offered by FXTB, each aimed at traders with different needs. The leverage rates are the same for all account types, though professional and retail accounts differ.
- $250 minimum deposit
- EUR/USD 2.5 pip spread
- Only 1 free withdrawal
- 2 daily signal alerts
- 1 basic lesson
- No webinars
- $25,000 minimum deposit
- EUR/USD 2 pip spread
- 1 monthly free withdrawal
- 2 daily signal alerts
- 2 basic lessons
- 1 monthly webinar
- $100,000 minimum deposit
- EUR/USD 1.6 pip spread
- 3 monthly free withdrawals
- 4 daily signal alerts
- 3 advanced lessons
- 2 monthly webinars
- $250,000 minimum deposit
- EUR/USD 1.1 pip spread
- No free withdrawal limit
- 5 advanced lessons
- 7 daily signal alerts
- 5 monthly webinars
There are several reasons to consider registering for an FXTB investing account:
- Comprehensive education centre
- Daily signals & financial news
- MT4 trading platform
- Automated trading
- Mobile app
ForexTB could improve in the following areas:
- Unclear range of payment options
- Limited customer support hours
- Lack of social trading
- Withdrawal fees
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:
- Phone – +357 2 526 2681
- Email – firstname.lastname@example.org
- Post – 45A Kratinou Street, 2040 Strovolos, Nicosia, Cyprus
Safety & Security
ForexTB uses 128-bit Secure Sockets Layer (SSL) encryption for any transmissions, certified by Thawte and Comodo. All transactions are secured by firewalls, complex security systems, and two separate encryptions methods. Furthermore, for online payment card transactions, the 3D Secure V2 standard is met. ForexTB 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 drawback is the withdrawal fees and wide spreads associated with standard account levels. As a result, we’d recommend opting for a higher account level to get the cheapest withdrawals, tightest spreads, and free daily signals.
ForexTB only accepts traders from Austria, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, Greece, France, Germany, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal, Romania, Slovakia, Spain, Slovenia, Sweden, Iceland, Liechtenstein, Norway, Switzerland, United Kingdom.
Is ForexTB a regulated, 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 safe to open an account with.
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 customisation and sophisticated features that come with MT4.
Does ForexTB offer a demo account?
Yes, a demo account can be opened with ForexTB. With $100,000 of notional money and a simulated market, the fully operational demo account can be 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.
|ForexTB is a leading online broker in Forex and CFD trading|