ForexMart Review – Your Trusted Broker
Nowadays, the world is full of opportunities that we do not even realize exist. People tend to choose whatever they are well acquainted with rather than to look for new possibilities and explore the unknown. However, as they say, there is much more to learn than meets the eye and it applies to various aspects of life, even trading on financial markets. In the past, trading was a surprisingly rare occurrence and people saw traders as privileged members of society who could afford to lose lots of money. No one would dare to simply take up trading one day and invest in it. On the other hand, the approach has significantly changed since then and nowadays we have more traders globally than we would think of.
Technology made it easier for people to learn how to trade. It even decreased the risks associated with trading. Furthermore, as information is easily accessible to anyone today, the term trading does not scare people anymore. On the contrary, it attracts them. With the increasing number of traders and interested individuals, more companies have either switched to brokerage services or have established as brokers. The only problem that accompanied the increased demand for trading within the financial industry is the difficulty to find an appropriate broker.
Some brokers position themselves easily on the market due to exceptional services that they offer or unique selling points, however, others will struggle and disappear quickly. ForexMart is a Forex broker that takes roots in 2015 and solidly stands on the market as one of the best newcomer brokers worldwide. The broker has indeed lots of things to offer to the traders and distinguishes itself from its competitors in numerous ways. The review below will assess the unique selling points of the broker, as well as the common features that traders are interested in.
ForexMart was established in 2015. The parent company of the broker is Tradomart SV Ltd. – a financial investment firm that is regulated within several jurisdictions. The company holds a license from the Cyprus Securities and Exchange Commission (CySEC) with license number 266/15. Tradomart SV Ltd. is incorporated within the Republic of Cyprus, incorporation no. HE266937, however, the brand ForexMart itself is registered in St. Vincent and the Grenadines.
ForexMart Forex broker has received 5 industry awards in various nominations. The list of the awards of the company is available below:
- Best Trading Conditions – International Investor, 2020
- Best New Broker in Europe – International Finance Magazine, 2016
- Best Forex Newcomer – Global Business Outlook, 2016
- Best Broker in Europe – ShowFX, 2015
- Most Prospective Broker in Asia – ShowFX, 2015
The brokerage firm provides one of the most diverse financial trading instruments’ portfolios. The broker concentrates on all the major markets that most of the traders are interested in nowadays. Hence, the clients of ForexMart have a great variety of products to choose from and can enjoy the flexibility of the trading conditions. There are 6 major sectors of the financial industry provided by the broker including Forex, CFDs on Shares, Spot Metals, Cryptocurrencies, Energy, and Indices. For the Spot Metals and Forex products, clients have two options for the spreads, to either go for fixed or floating spreads.
The maximum leverage for Forex products is 1:500, for Spot Metals 1:100, for cryptos it is 1:2, energy products – 1:10 and Indices come with the leverage of 1:100. For CFDs on Shares the broker charges a commission fee of 0.10%. The commission fees are also applicable to trading with Cryptocurrencies in the amount of 0.1%. There are over 60 currency pairs available on Forex, 3 spot metal products, over 50 CFDs on shares, 5 most popular cryptocurrencies, two main energy products, and more than 10 Indices.
ForexMart Types of Accounts
Most of the top Forex brokers understand by now the necessity of variety in the trading conditions that they offer. Frequently, different categories of traders will want to enjoy different benefits based on the trading strategies that they choose. For example, not all of them will be fascinated by high leverage but inconvenient spreads. Therefore, it is important to consider the various types of traders and take into account their appropriate requirements. ForexMart successfully implements four different types of accounts with corresponding benefits and opportunities for the traders:
Classic Account is also considered as the standard account by most traders. The account comes with the minimum deposit requirement of 15 US dollars. The spreads start as low as 1 pip and are on average 1.2 pips. The minimum lot size is 0.01. The account offers market type order execution and operates without commission fees. The leverage for the account is 1:500. The margin call and stop-out levels are 30% and 10% correspondingly. The maximum number of open positions is 500 /10,000 lots.
Pro account is for professional traders who are experienced and well-accustomed to financial markets. The spreads are lower compared to the Classic and Cents accounts and it starts from 0.6 pips while the average spread is 0.8 pips. The lot size is unchanged, 0.01, as well as the order execution type. However, the minimum deposit required for opening a Pro account is 200 US dollars. The leverage for Pro account is up to 1:500. The margin call and stop-out levels are the same as for all other account types, 30% and 10% respectively. The maximum number of opened trades is 500 or 10,000 lots.
Zero Spread Account
Zero Spread Account is a go-to choice for any type of trader who wishes to have fixed 0 spread on the trades. Furthermore, this account comes with the lowest minimum deposit requirement which is 1 US dollars. Due to the absence of the commission fees, Zero Spread Account operates on commission fees instead. The commission fees vary from 0.02% to 0.07%. In contrast to the rest of the account types, Zero Spread Account holders have the order execution type set to instant instead of the market. The maximum leverage is 1:500, with the same margin call and stop-out levels of 30% and 10%.
Cents Account is a micro version of the classic account. While the conditions resemble exactly the same terms as the classic, the difference is that lots are provided in cents with Cent Account. The deposit requirement is also 15 US dollars, as well as the minimum and average spreads. The order execution type is market again with the leverage offered as 1:500.
Platforms play a decisive role in trading. One of the most recognized and reputable software for trading is MetaTrader 4 which is a downloadable platform requiring to be installed on PC. In order to make it more convenient for the clients, ForexMart supports various compatible platforms with MetaTrader 4. For instance, clients can use the software on the web and trade through the WebTrader which requires no installation or downloading. The WebTrader can be accessed from any browser at any time, at the same time guaranteeing the security of the personal data and account information.
Additionally, ForexMart Forex broker introduced an application that is compatible with mobile devices. The application can be download from the app stores and installed without any additional charge. The app is supported on both IOS and Android devices. Furthermore, it makes everything easily accessible including the data and history of the trades, account information, market analysis, and financial news. The mobile trading app is the best solution for those traders who wish to trade on the go.
Promotional Programs of ForexMart
We cannot encounter decent brokers with promotional programs frequently and it is indeed a rare occurrence. ForexMart is one of the exceptional brokers that afford to provide multiple programs for promotion. The Forex broker provides two different types of programs. One is based on the performance of the traders and has a format of the trading contests. Within the trading contests, all traders have to do is place the trades using the platform of ForexMart and at the end of the promotional program, winners will be announced with the biggest earns from their trades. The rewards vary according to the winner’s position. For instance, the first place holder in the March contest of ForexMart received a 1000 EUR cash prize, while second and third place holders got 500 EUR and 250 EUR respectively.
Another promotional scheme that ForexMart runs is the welcome bonus in the amount of 30%. This is the deposit bonus, meaning that whenever the client makes an initial deposit he or she gets 30% of the deposit credited to his or her trading account. The bonus can be withdrawn at any time given that the trader completes the volume requirements. Only traders that are of legal age and have completed the identity verification process with the broker are eligible to receive the 30% welcome bonus.
Trading Education at ForexMart
Knowledge and expertise are integral parts of trading in any financial market. The broker recognizes the necessity to educate its clients so that they minimize the risks associated with the lack of understanding of the market movements. This attitude facilitated the provision of multiple educational resources, including video tutorials, guidelines, educational brochures, and the glossary for the trading terms. The tutorials are available on how to use the trading platform and the specifications of the MetaTrader4. Educational brochures describe the concepts associated with the financial markets and introduction to them. The glossary describes all the terms of the trading and explains them in detail.
Furthermore, ForexMart provides a webpage where the market analysis and financial news are displayed and updated on a regular basis. The traders can access the analysis conducted by the notable institutions and experts in the field as well as read the news related to various industries, economies worldwide, and politics.
No matter how high-quality services you provide or how advanced your platforms are, the customers will always require some kind of assistance from the companies. Sometimes the help required can be urgent and crucial for the security of the client or the safety of the client’s capital. Therefore, one of the key features that a successful Forex broker should definitely provide is customer support. High ForexMart rating also comes from the fact that it has one of the most dedicated customer support teams globally.
ForexMart lists various options and methods for contacting the support team. The means of communication include Skype, Telegram, Whatsapp, and Viber. Obviously, clients can contact the broker through several email addresses provided on the website for the different responsible departments, as well as the direct phone line. Additionally, there is a call request function available on the website which allows clients to leave their contact details and wait for the callback from the customer support team.
ForexMart Review – Final Thoughts
There are some fundamental criteria one should look for when deciding if the chosen broker is actually the most suitable option for you. First of all, the broker should have some kind of regulation or license. It should ideally offer a diversified product portfolio with competitive trading conditions, meaning that the spreads are somewhat tight and leverage are flexible. Furthermore, the broker should be assisting and helping its customers in numerous ways. In the best-case scenarios, there should be promotions and bonuses available, as well.
When reviewing the ForexMart broker, it is clear that the broker satisfies the above-mentioned criteria and even surpasses them. The broker is equipped with professionals in the field who are ready to support the clients 24/5 with multiple communication channels. The portfolio of the trading instruments is indeed diversified with most of the major markets included within it. The trading conditions are one of the best offered on the market. And finally, the promotion packages are truly encouraging and motivating the traders, while at the same time, rewarding them for their exceptional performance in trading. Therefore, we can say that ForexMart is indeed the right choice for both experienced and inexperienced traders and is strongly recommended for the residents of the broker’s list of the countries.