ForexTB Review (2022) | Safe or Scam? | We Compare Brokers
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ForexTB Broker Review

Review By: Alan Little
Review Updated: 2021-04-22
FXTB Logo
4.4
Rating

Bottom Line Summary

FXTB is a relatively new entrant in the low-cost online brokerage community. It caters to young on-the-go traders that prefer using a no-frills app to access and trade popular stocks, ETFs, options and cryptocurrencies. Beginners, long-term investors and traders seeking a more robust set of features and products may want to look elsewhere.

Overall Ratings
4.4
ForexTB Fees
4
Trading Platforms
5
Mobile Trading App
4
Market Research
5
Customer Service
4

ForexTB broker features

Feature ForexTB
Minimum deposit: €250 EUR
Withdrawal fee amount: None, except to cover domestic/international wires - $25/$45
Inactivity fee charged (Y/N): N
Max leverage: 2x to 4x depending on time of day and net cash in account
Spread from: No FX, but Buy/Sell spreads direct from exchanges – no add-on
Number of instruments: 2,300+
Year founded: Established 24 May, 2017, SEC approval 4 January, 2018
Time to open account: Minutes
Demo account provided (Y/N): Y
Countries of regulation: USA
Products offered:

ForexTB pros and cons

Pros
  • Zero-commission trading
  • No deposit fees
  • Over 50 forex pairs
  • 24/5 Support
Cons
  • No bonus offered
  • Inactivity fee on dormant accounts
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Review Sections:

Who are FXTM?

ForexTB is multi-asset online broker, founded in 2015 and headquartered in Cyprus. The firm is fully regulated and authorised by the Cyprus Securities and Exchange Commission (CySEC) and offers a range of client protections. The financial instruments available at this brokerage include forex, cryptocurrencies, stocks, indices and commodities. The broker offers trading via contracts for difference (CFDs) on most instruments, with leverage of up to 1:30 offered on all retail accounts. ForexTB offer commission-free trading on CFDs, with broker profits taken exclusively from the spreads. Spreads depend on the account type you open, and the broker offers a total of four different account types for retail traders, plus a professional account with leverage of up to 400:1.

The broker provides a risk-free demo account with €100,000 in virtual money. Accounts can be funded by wire transfer, card payment or e-wallet. ForexTB also offers MT4 trading, free Trading Signals and mobile trading. The website is well-designed and clearly laid out, making it easy to find important information, including all legal documentation which accessed from a link in the footer of the website. Customer support is available 24/5.

ForexTB Fees

4
Rating

ForexTB offer a transparent pricing model with no trading commissions and all broker profits taken from the spreads. As is often the case, the no-commission model means the spreads are higher than at some other brokers, and will depend on your account type. Floating spreads start at 1.8 pips on the EUR/USD, but only on the VIP account. The Basic account offers spreads of 3.2 pips on the EUR/USD. Spreads at ForexTB change frequently according to market conditions. Like any broker, ForexTB charge a few other fees including a monthly inactivity fee of €80 on inactive accounts, and swap or rollover fees on positions that are held open overnight. The General Fees document lays out how these fees are calculated for each type of contract, and which other fees may apply to your account. It is worth noting there are no deposit fees, and withdrawal fees depend on the account type you hold. All account types get at least one free withdrawal, and the VIP account offers unlimited free withdrawals.

Trading Platforms

5
Rating

ForexTB offer MT4 trading and trading via their proprietary WebTrader trading platform. Both have advantages and choosing a platform will largely be a case of personal preference. Don’t forget you can open a demo account to test out the platforms before committing to trading with real money. ForexTB provides both desktop and web-based trading. The WebTrader platform can be accessed directly from your browser on almost any device. It is an easy-to-navigate platform, with a range of useful functions, including several charting tools, various technical indicators, and one click trading. However it does not have the advanced features or level of personalisation that MT4 traders are used to.

That of course is not a problem, as ForexTB traders can also choose to use the MT4 platform if they prefer. MetaTrader software is a particularly popular choice for forex and CFD traders, and for good reasons. It offers more advanced and complex features, more integration opportunities and options for automation and customisation, including using Expert Advisors for automated trading and Trading Signals for social trading. The platforms both offer access to Trading Central, with a variety of resources, including daily market analysis, analyst views and featured ideas.

Various tools including Analyst views, daily market analysis, economic insight and Featured ideas.

Markets

There are various markets available to trade with this broker. It is possible to access the forex markets, with more than 50 forex pairs available, alongside commodities, stocks, and indices. It is also possible to access the cryptocurrency markets with this brokerage and even trade cryptocurrencies as CFDs, depending on where you live. The firm are not currently able to offer cryptocurrencies as CFDs to clients who reside in the UK. ForexTB mainly serves clients within the EU and European Economic Area, plus Switzerland and the UK. Clients are able to access various international stock exchanges, and trade a variety of instruments, including international stock indices such as the FTSE, the DAX, and the NASDAQ. Customer support channels stay open 24 hours a day, 5 days a week, from Sunday evening to Friday evening, in an attempt to ensure support is available to traders whenever the global markets are open.

Example of trading markets

Mobile Trading App

4
Rating

Trading-on-the-go is essential to many online traders, and ForexTB is a broker that appreciates this fact. MT4 traders can download mobile apps which are available for both iOS and Android devices, and these can be accessed for free at the Apple App Store and at Google Play. The apps are well-designed, robust and generally rated highly by users.

Clients can of course also choose to use the Web Trader platform which is entirely web based and designed to be used from your browser, on almost any device, as long as you have access to a reliable internet connection. The platform is completely responsive and offers the same functions and benefits as the main platform, including trading alerts, charting tools, and the ability to quickly access customer support if needed.

Mobile and tables trading

Market Research

5
Rating

ForexTB gives all clients access to Trading Central, which includes research and analysis to help them with their day-to-day trading decisions. Sections that traders will find useful include Analyst Views, which provides insights derived from a combination of real-life experts and sophisticated algorithms, and Featured Ideas, which allows traders to take a look at potential investment strategies, which have been analysed and tested using advanced technical analysis and back testing facilities. The broker also provides clients with Market Buzz, which is effectively an AI news desk powered by Trading Central Labs’ natural language processing and artificial intelligence. Market Buzz aims to cut through the information overload suffered by many modern investors, and provide an efficient and simplified resource for relevant market news and trading information, with a concise, accurate view of each instrument. The Trading Central research platform is based on award-winning methodologies and powerful pattern recognition, making research and analysis one of this brokers strongest advantages.

Market Buzz AI news

In addition to the market research and analysis provided by this broker there is also an extensive education portal with basic resources available to all clients, and advanced education and training only available to those with VIP or professional accounts.

Customer Service

4
Rating

The broker offers a few different channels when it comes to getting in contact with customer support. Clients can phone or email or use the handy live chat facility available on each page of the website. Details of how to get in touch can be found on the contact page of the website, and customer support staff are quick to respond, during business hours, which are 24 hours a day, 5 days a week. Both new and existing customers can use all available support channels. At the ForexTB website, you will also find a FAQ section, which should probably be your first port of call, especially if you have general questions about how the platform works or what type of features you can expect from your account.

Address: Lemesou Avenue 71, 2nd Floor 2121 Aglantzia, Nicosia, Cyprus

Safety

FXTBdoes not have a learning academy like many other brokers, but it does recommend the social aspects on its mobile app for beginners to ask questions from their peers on the network. Items of educational content are forwarded to the app from time to time, along with weekly updates of the most active stocks and ETFs.

FAQ

Can I open a demo account with ForexTB?

Yes, ForexTB provide a demo account with up to €100,000 of virtual money. When you sign up at the website simply click on Free Demo, provide your details, and read the terms and conditions and privacy policy. Then click on Start Trading and your demo account will be created.

How do I fund my ForexTB account?

There are various deposit options available when it comes to funding your ForexTB account. You can use a credit card, bank wire transfer or e-wallet transfer. All deposits are free from broker levied fees, but check if your bank, card provider or payment processor charges any transaction fees on such payments.

Is ForexTB safe to trade with?

Yes, ForexTB is a fully regulated broker and it is safe to trade with them. CFDs are complex instruments that carry inherent risk, but the broker itself is a safe, fully licenced and authorised broker who is a member of the Investor Compensation Fund. ForexTB carry the following risk warning.

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