ForexMart Review

ForexMart Products

ForexMart is Contract for difference (CFD) broker that specialises in offering online brokerage services for the following financial derivatives; currency pairs, shares and spot metals. There are a total of 108 forex pairs which include major pairs, minor pairs and exotic pairs. ForexMart offers a total number of 53 shares to trade. The shares are diverse and represent different sectors such as #AAPL Apple Inc., BA Boeing, #BARC Barclays PLC, #PFE Pfizer, Inc. among others. Gold and silver are the only three spot metals that ForexMart offers. The company doesn’t offer cryptocurrency trading.

ForexMart Trading Conditions

ForexMart offers a steady trading platform that has very low latency. This implies with a stable internet connection you will hardly get re-quotes or slippage using ForexMart MT4. The platform has proven to be stable even during times when the market is saturated by lots of volumes resulting from fundamental news. An example is it survived the CHF debacle in 2015 and other market swing points that other brokers’ platforms experienced stress.

The maximum leverage is dependent on the asset class; for currency pairs the maximum leverage is 1:500, spot metals is 1:100, and shares is 1:20. This is limiting to traders who prefer trading using same leverage across all asset categories. The leverage applies too to bonus amounts.

ForexMart Account Types

ForexMart offers three different types of live accounts. These accounts are; ForexMart ECN standard, ForexMart ECN Zero, and ForexMart Micro Account. These accounts have different trading requirements as outlined below

ForexMart Micro Account -This account has no restrictions as to the trading instruments an account holder can access. The account has tight spreads and traders can place trades of 0.01 cent/lot. There is no restriction on the minimum deposit amount. This makes this account a preferred account for novice traders who would want to try out the CFD market.

ForexMart ECN Zero - Similar to the micro account, this account has no minimum deposit requirement. The spreads for some of their trading instruments are zero. An account holder can place trades in lots of 0.1 and 0.01 cents per lot. The account supports all expert advisors. Intermediate traders or experienced traders with low-risk appetite would be the best suit if they would choose this account. Reason being, it will give you trades option of 0.01 cent per lot or 0.1. At the same time with a reasonable capital size which is neither too low nor too high, you will be comfortable to grow your account with little risk of high drawdowns.

ForexMart ECN Standard – this account type has zero spreads to some of its trading instruments. Lots are traded from 1 cent per lot, 0.01 and 0.1. Account holders of this account enjoy market access to over 150 trading instruments. Similar to other accounts, this account type has no minimum deposit requirement. This account would best suit veteran traders who have lots of experience trading the financial markets. This account favours traders who have strict money management rules and considerably high amounts of equity.

ForexMart Commissions & Fees

ForexMart uses both a fixed and variable pricing model depending on the account type.  For the ForexMart Standard account, all major forex pairs have spreads as low as 2 pips. The other currency pairs have a varied spread with minor pairs having an average spread of 6-8 pips. The exotic pairs have the highest pip with pairs such as GBP/ZAR having spreads of 320 pips.

The ForexMart Zero Spread Account has zero spreads for all major pairs and some of the minor pairs. All the exotic pairs attract similar spreads like the standard account. For the pairs that have zero spreads, ForexMart charges an average commission of 2-10 pips. The 2 pips are charged to the most liquid pairs and 10 to some of the minor pairs. The commission isn’t charged to the exotic pairs since they had already being charged a spread. Sometimes due to low volatility in the market especially at night, ForexMart hikes its spread and commission to USD/CHF, EUR/CHF and GBP/CHF pairs.

There are only two ECN accounts, the standard and the mini account. The micro account doesn’t use the ECN protocol.

ForexMart Platforms and Tools

ForexMart uses MT4 platform as the standard trading platform for desktop. The MT4 is a popular trading platform for a majority of traders. It is highly customizable and works well with expert advisors and robots. Though known to many, here are a few pointers about MT4; it works well with any OS, free to download, 30 technical analysis indicators, 9 timeframes, and trading reports among others. ForexMart offers an MT4 trading platform that is accessible from a regular web browser. Though not preferred by many traders, the web version requires no download and is accessible on the go just like emails. The features of MT4 are ideal for both newbie traders and experienced traders. It has basic charting tools such as moving averages and advanced tools such as fractals.

An advantage of the ForexMart MT4 is that their technical indicator tools have both the leading and lagging indicators. MT4 has no restriction on the technical indicator tools traders have access to. Therefore ForexMart traders have competitive technical indicator tools just like other fellow traders. The indicators are many; the following is a summary of the indicators; trend indicators, oscillators, volume indicators, average true range, custom indicators such as ZIGZAG and MACD.

The good thing about using the ForexMart MT4 is that the platform is accessible 37 different language including the all the top languages.

Is ForexMart Mobile Friendly?

ForexMart has a mobile-friendly website that is accessible from an ordinary mobile browser. The website is much similar to the desktop version even though some of the features such as live chat and open an account are more directly accessible on phone because of the customised menu.

The MT4 trading platform is the only trading platform that ForexMart has and is accessible on both Android and iOS mobile devices. You will be required to download the platform on your phone and set your account setting to begin trading on your phone. Just like the desktop version, the MT4 has all the charting tools like the desktop and is ideal for picking trades when not on the desktop or following up your profits or losses when you are not near your computer.

ForexMart doesn’t have a mobile app where traders can manage their wallets or adjust leverage and other functions.

ForexMart Promotions

ForexMart runs several bonuses and promotions. Traders have the option to choose between no deposit bonus and the deposit bonus. To be eligible for any of the bonus you need to have your account details verified, these details are proof of identity and residence documents. You will then have to email the ForexMart bonus department ([email protected]) telling them the bonus option you prefer. For the no deposit bonus option, you will need to be a standard account holder while for the 30% and 50% deposit bonus you will need to have made a deposit to your account. To withdraw profits realised from trading using the bonuses, you will need to meet the trading requirements set out.

ForexMart Deposits & Withdrawals

ForexMart has numerous payment methods. The following table highlights the details of the payment methods.

The minimum deposit and withdrawal amount across all these payment methods is 1 USD/EUR/ GBP/RUB.  The amount is exclusive of the charges by the payment processing firms.

These payment methods are universal though some payments work well in certain jurisdiction. For instance, Qiwi works well in Eastern Europe and Asia while options such as MasterCard and Bank transfer are worldwide accepted.

The details indicated in the table may vary in the transaction processing time since deposit methods that involve e-wallets are instantaneous. For instance, Skrill and Neteller payment methods are known to be the industry fastest methods. For withdrawal, the same e-wallets may take a while as indicated in the table (1-7 hours) since the transaction has to be verified.

Depending on the payment method you use, the above table will be an easy guide for you to get to know what to expect when you use a particular method. So far ForexMart hasn’t received any complaint from its customers about the withdrawal waiting time and the charges involved. You should remember that ForexMart doesn’t charge any fee for transaction processing the fee appearing on the table is charged by payment service providers.

ForexMart Customer Support

ForexMart customer support is unmatched. They have multiple customer support access options. The following are the contact options and details that will assist you to reach ForexMart in case of any challenge or inquiry.

There are alternative ways you can get help without contacting the customer support. You can get to their frequently asked questions (FAQ) section and get some of your questions answered prior reaching out for help. The answers are detailed and cover the following areas; account questions, trading platform, financial, verification, General trading questions, and deposit and withdrawal. The above contact options are available to all account holders and whether micro account holders or standard account holders. 

The ForexMart support team is professional and are prompt to respond to customer inquiries. There is no waiting queue for live chat or phone support unlike with other brokers who you will always find waiting queue and you will have to wait sometimes more than 10 minutes to get to talk to the customer support. The live chat is located strategically at the bottom section of the website and is visible. The mobile version is even more visible since it scrolls up and down as you scroll ForexMart website. The live chat is the most responsive option, though with a phone call you will get too a fast response provided you call within ForexMart working hours.

Customer support is offered in English, Russian, Indonesian, Arabic, Chinese, and Malay. The customer support representatives are knowledgeable on ForexMart products and all aspects of trading and will get your queries answered in a short time span.

ForexMart customer support representatives are unmatched and are one team that deserves credit beyond the current recognition they have received. Probably an industry award since they fly the ForexMart flag high.

ForexMart Research and Education

ForexMart goes beyond seeing you open an account with them to offering you a collection of free educational materials to get you off the ground if you are a new trader or a reference point for experienced traders. The educational materials aren’t that substantive compared to what other brokers offer. For newbies, the content is adequate to get a hold of the forex market. ForexMart has an eBook for newbies, a detailed glossary section, and a how-to guide for the expert advisors.

The material offered by ForexMart are ideal for newbies even though they are still limiting since they don’t cover all aspects of trading such as; risk management, money management, and others. An experienced trader may find the education materials to be basic. The materials are accessible to all account holders and every website visitor.

Noteworthy Points to mention for ForexMart

ForexMart is one of those laid-back online brokerage companies with very little advertisement of their services. As at writing this review, their website was undergoing an overhaul and probably they plan to introduce more features and make the website more appealing and easy to use.

ForexMart offers its traders a free trading calendar covering all events announcements across the world. There is also an economic news section that covers mostly fundamental news. The market commentary section has limited market coverage and ForexMart should try to more diverse market commentary covering more financial instrument.

ForexMart has been a champion for sports and two years in a row in 2016 and 2017, ForexMart had a sponsorship with Spanish sports club UD Las Palmas. After the expiry of that sponsorship deal, ForexMart is currently sponsoring HKM Zvolen, a Slovakia based ice hockey team.

ForexMart has a lukewarm reception in the market with some customers complaining of its limited range of services, unattractive website interface and so on. How true that is will depend on one’s website appeal or choice of trading instrument one would be interested in trading. However, considering it a regulated broker, your capital is secured.

Conclusion for ForexMart

ForexMart regulation by CySEC requires it to segregate trader’s funds from their capital to prevent any challenges during wind up or any event that may force the company to wind up. A further €20,000 insurance by CySEC is guaranteed to ForexMart traders if ForexMart is unable to meet its obligations. However, ForexMart is steadfast in its practice and has a clean record with CySEC.

ForexMart is a broker with its ups and downs. Credit goes to its customer service team and the convenient, fast, and free payment methods. However, its Achilles heel lies in its limited account option, lack of Islamic accounts, no VIP accounts, limited leverage option, and lack of detailed educational materials.

ForexMart is a broker with few years of practice in the market. Their ranges of products are good and would be ideal for newbie trader and intermediate traders. It’s advisable to fund your account medium as the broker hasn’t stamped authority in the online brokerage industry and it hasn’t shown full commitment to the best practices in the FX industry.