ForexMart Review

ForexMart

* Ranked #304 of 316 in DailyForex's top broker list

Info

Name : ForexMart
Website : forexmart.com
Established : 2015
Country : Cyprus
U.S. Clients Allowed : No?
Due to strict US regulation many brokers aren't able to accept traders with US citizenship.
See our list of recommended brokers that do accept US traders.

Advantages

  • Regulated
  • Generous Bonuses
  • Demo Account

Disadvantages

  • Standard Trading Accounts
  • No Mobile Trading

ForexMart Review

ForexMart Review

ForexMart is the trading name of a Cyprus Investment Firm located in Limassol, Cyprus and regulated by the Cyprus Securities Exchange (CySEC). Last year, it was named by ShowFx World as the Best Broker in Europe 2015 and Most Perspective Broker in Asia 2015.

Accounts

There are two accounts at ForexMart—the Standard and the Zero Spread.  A minimum deposit of 1 USD is required to open either of the accounts and currencies in both can be in USD, EUR and GBP. The only difference in the two accounts is the spread of 2 pips that is charged for major currencies in the Standard account and the fee of 2 pips applied to major currency pairs in the Zero Spread account.

Leverage for both accounts range from 1:1 to 1:1000 and demo accounts are available.

Account Types Comparison
Account Types Comparison

All clients’ funds are separated from the company’s assets.

Features

ForexMart offers several types of partnership programs. The Friend Referrer allows referred friends to do most of the work and all the trader must do is promote ForexMart services to potential clients and make them trade in the company. When they generate profit, so does the trader.

ForexMart has designed different user-friendly, glitch-free widgets, as well as promotional materials, which can be integrated into any website and traders can take advantage of this when building their site.

Interested parties can choose to become an online partner, local online partner or local office partner all of which help generate extra income to a trader’s account.

Bonuses/Promotions

When a trader opens a ForexMart account and makes a deposit, he/she has the opportunity to get 30% of the total amount of money deposited. For example, if he deposits $100, a $30 bonus will be deposited in his account for a total balance of $130. The automatic system will generate the right amount of bonus.

The No Deposit Bonus program enables traders to test the trading platforms without experiencing any investment risk. All it takes is creating and validating an account. The bonus can be availed once and cannot be combined with other kinds of bonuses. Traders may receive a no deposit bonus of up to $150.

At the time of the writing of this review ForexMart was giving away VIP passes to watch UD Las Palmas play against the best European football teams at Gran Canaria Stadium. All active ForexMart clients were qualified to join the raffle. Each client automatically receives one (1) raffle entry and participants had to be 18 or older.

Also available when doing this review was an ongoing contest called the MoneyFall for demo account users only. All demo account holders were eligible to register for the contest and the total prize fund per week was $2000.  A starting balance of $5000 was necessary for the weekly contest where the first place winner received $650, 2nd prize was $500 and there are 10 prizes each week.

Education

There are several tools available at ForexMart which help traders become more profitable including the pip calculator and the margin calculator. An example of each is posted on the site.

Forex Calculator
Forex Calculator

There is also a currency converter with up-to-date charts that cover the minimum and maximum bid and ask over a 24-hour period.

Historical exchange rates are shown in chart and table forms.

Currency charts in various forms such as candlestick and trend lines can be seen by clicking the dropdown box on the chart page.

EUR/USD Forex Chart
EUR/USD Forex Chart

VPS is also available for free for clients who deposit a minimum of 500 USD in their account (or equivalent in other currency). Clients have to trade at least 0,5 round turn lots each month to maintain the VPS.

Deposits/Withdrawals

The available payment options include Visa, MasterCard, Neteller, Skrill, PayCo and other online wallets. There are no fees for any deposits.

Withdrawals are made by filling out an online form and selecting the withdrawal method.  

Customer Support

Traders can contact customer support 24/7 by email and by telephone during working hours- 07:00 - 16:00 GMT. Chat is available during working hours from the website and Skype is as well during these hours.

The website and platform are available in English only.

Conclusion

ForexMart is a fairly new entrant in the Forex market. It offers a straightforward website with the basic features needed by a beginner trader. The bonuses are generous and the fact that there is regulation is certainly a plus.

Advantages

  • Regulated
  • Generous Bonuses
  • Demo Account

Disadvantages

  • Standard Trading Accounts
  • No Mobile Trading
Review info :
Broker reviewed : ForexMart Rating : 3 out of 10
Reviewed By : Review Date :