ForexTB Review 2023
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Trade CFDs on a powerful and intuitive trading platform. Over 300 markets to trade, with tight spreads and multi-device support. CySEC regulated.
and 7 more
Trade major, minor & exotic currency pairs on the MT4 platform and webtrader
Trade on the world's largest companies, including Apple and Facebook.
Trade CFDs on FX, commodities, major indices, and company stocks.
Trade popular cryptos with USD, EUR and GBP pairings.
- Demo account
- MT4 integration
- Full range of investments
- No copy trading
ForexTB is a Cyprus-regulated broker offering online trading through leveraged CFDs. Clients benefit from the leading MT4 trading platform and straightforward payment options. To find out whether to register for an account, read our 2023 review of FXTB, which covers their CySEC license, mobile app, withdrawal fees, 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 get started with a $250 minimum deposit while four live accounts mean there is a solution for new investors plus high-volume, professional traders.
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. Additionally, multiple graphing tools can be overlaid to analyze market sentiment. Users can also switch between a light and dark mode.
The only major drawback is the limited customization available. Still, our experts found that it is an intuitive platform with a clean look that will meet the needs of most new traders.
How To Place A Trade
To enter a position:
- Use the list of instruments in the left-hand menu to find an asset
- In the central widget, enter the trade details, including trade size and ‘Buy’ or ‘Sell’
- Select the ‘Trade’ button at the bottom to confirm the position
- Note, you can select the ‘Advanced trades’ tab to open a pending order with stop loss/take profit
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. In addition, users can toggle between 9 timeframes and open an unlimited number of charts. Three execution modes are available.
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 to 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.
Mobile App Review
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.
Alternatively, clients can download the MetaTrader 4 app. This user-friendly application is available on mobile and table devices and offers various drawing tools and graphs, plus support for EAs.
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. The Basic and Gold accounts comes with 1 free monthly withdrawal, the Platinum account offers 3 free monthly withdrawals. There are no withdrawal fees for VIP account holders.
Note, withdrawal methods are the same as deposits.
Demo Account Review
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 has teamed up with Trading Central to provide in-depth market insights and information. Account holders can access market buzz, analyst views, featured ideas, economic insights, daily market analysis, and WebTV.
When we used ForexTB, we found the broker offers an expansive education section on its 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
- Trading Central
- Only 1 free withdrawal
- EUR/USD 3 pip spread
- $250 minimum deposit
- Daily signal alerts
- Trading Central
- EUR/USD 2.7 pip spread
- 1 monthly free withdrawal
- $25,000 minimum deposit
- Daily signal alerts
- Trading Central
- EUR/USD 2.1 pip spread
- 3 monthly free withdrawals
- $100,000 minimum deposit
- Daily signal alerts
- Trading Central
- 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
While using ForexTB, our experts thought the broker could also improve in the following areas:
- Withdrawal fees
- Lack of copy 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.
Opening hours by asset are visible on the broker’s trading platforms.
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 – firstname.lastname@example.org
- Phone – +357 2 222 2353
- Post – Lemesou Avenue 71, 2nd Floor 2121 Aglantzia, Nicosia, Cyprus
Security & Safety
ForexTB uses high 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.
- Credit Card
- Debit Card
- Wire Transfer
|Minimum Trade||0.01 lots|
|Mobile Apps||iOS & Android|
|AI / Machine Learning||No|
|Negative Balance Protection||Yes|
|Guaranteed Stop Loss||No|
CFD Trading Details
|GBPUSD Spread||1.8 pips|
|Leverage||1:30 (Retail), 1:400 (Professional)|
Forex Trading Details
|GBPUSD Spread||From 2.0|
|EURUSD Spread||From 1.6|
|EURGBP Spread||From 1.8|
Cryptocurrency Trading Details
|Crypto Auto Market Maker||No|
Compare ForexTB with similar brokers that accept traders from your location. Among available brokers these are the most similar to ForexTB:
IG Group – IG is an award-winning broker that has an excellent reputation globally. The brand-US offers spread betting, CFD and forex trading across a comprehensive suite of markets. IG is also multi-regulated, provides a great trading app and has 50 years experience.
Go to IG Group
Just2Trade – Just2Trade offer high-tech trading on stocks and options with some of the lowest prices in the industry.
Go to Just2Trade
Forex.com – Forex.com boasts a global reputation with multiple awards and 20+ years experience. Regulated in the US, EU, UK and Canada they offer a huge range of markets, not just forex, and offer competitive fees on a cutting-edge platform. The brand also provides a suite of additional tools, from performance analytics and SMART Signals to advanced charts and strategy builders.
Go to Forex.com
ForexTB Comparison Table
|Markets||Forex, ETFs, CFDs, Indices, Shares, Commodities, Cryptocurrencies||Forex, ETFs, CFDs, indices, shares, commodities, cryptocurrencies, options, futures, spread betting||Stocks, ADRs, ETFs, futures, options, commodities, bonds||Forex, CFDs, Stocks, Indices, Commodities, Cryptos, Futures, Options|
|Minimum Trade||0.01 lots||0.1 lots||0.01||$1|
|Regulators||CySEC||FCA, ASIC, MAS, FSCA, JFSA, FMA, CFTC, NFA, BMA, DFSA, FINMA, BaFin||CySEC, NFA, FINRA, Bank of Russia||CySEC, IIROC, NFA, CFTC, FCA, CIMA, CIRO|
|Bonus||–||–||Up to $2,000 for professional accounts||–|
|Platforms||MT4, TradingCentral||MT4, AutoChartist, TradingCentral||MT4, MT5, TradingCentral||MT4, MT5, TradingView, AutoChartist, TradingCentral|
|Leverage||1:30 (Retail), 1:400 (Professional)||1:30||1:5 to 1:20||1:200|
Compare Trading Instruments
Compare the markets and instruments offered by ForexTB and its competitors. Please note, some markets may only be available via CFDs or other derivatives.
ForexTB vs Other Brokers
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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 user 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.|