ForexMart Information
ForexMart, short for Tradomart SV Ltd., is a global web-based brokerage registered in Saint Vincent and the Grenadines. It offers online trading services across diverse asset classes including Forex, CFDs on Shares, Spot Metals, Cryptocurrencies, Energy, and Indices. However, concerns exist due to the platform operating without regulatory oversight.
Pros & Cons
Pros:
- Wide Range of Assets: ForexMart offers a diverse selection of trading assets including Forex pairs, CFDs, cryptocurrencies, and more.
- Multiple Deposit Methods: The platform supports various deposit options such as Skrill, Neteller, and Bitcoin.
- Acceptable Minimum Deposit Amount: ForexMart allows a reasonable minimum deposit from $15, making it accessible for traders of different experience levels to start trading.
- Tight Spreads: The brokerage offers competitive spreads on its assets, starting from 0 pip.
- Zero Commission for Most Accounts: Three out of four of ForexMart's account types do not charge commissions on trades.
- Tiered Account Types: ForexMart provides 4 tiered account options that cater to different trading needs and experience levels, offering additional benefits and features as traders progress.
- Demo Account Available: A demo account is offered, allowing traders to practice and familiarize themselves with the platform and its features without risking real money.
Cons:
- Lack of Regulatory Oversight: ForexMart operates under no regulatory oversight.
- Limited Info on Trading Platform: There's insufficient information or transparency regarding the trading platforms and technical specifications.
Is ForexMart Legit？
When considering the safety of a brokerage like ForexMart or any other platform, it's important to conduct thorough research and consider various factors. Here are some steps you can take to assess the credibility and safety of a brokerage:
- Regulatory sight: The broker's current operation without legitimate regulatory oversight only fuels concerns about its legitimacy and trustworthiness. These worries are compounded by the broker's inaccessible website.
- User feedback: For a deeper insight into the brokerage, traders should read reviews and feedback from existing clients. These valuable inputs from users, available on trustworthy websites and discussion forums, can provide firsthand information about the broker's operations.
- Security measures: ForexMart's privacy policy ensures client confidentiality by securely handling personal information. They use encryption and restrict access to authorized personnel for necessary operations, maintaining compliance with data protection laws to safeguard client privacy.
In the end, choosing whether or not to engage in trading with ForexMart is an individual decision. We advise you carefully balance the risks and returns before committing to any actual trading activities.
Market Instruments
ForexMart provides a wide array of more than 100 market instruments.
Clients can engage in Forex trading, accessing major currency pairs and crosses for global currency exchange.
Additionally, ForexMart offers CFDs on Shares, allowing investors to trade on the price movements of shares without owning the underlying assets.
For those interested in commodities, Spot Metals and Energy products are available, enabling trading in precious metals like gold and silver, as well as energy commodities such as oil and natural gas.
Furthermore, traders can participate in Index trading, which includes popular global indices like the S&P 500 and FTSE 100, offering opportunities to speculate on broader market movements.
Lastly, the platform supports trading in cryptocurrencies, providing access to digital assets such as Bitcoin and Ethereum.
Account Types
ForexMart offers four main account types.
The Classic and Cents accounts require a minimum deposit of $15, making them accessible for new traders or those looking to start with smaller investments.
The Pro account, with tighter spreads, requires a higher minimum deposit of $200, suitable for more experienced traders seeking lower trading costs.
For those prioritizing ultra-low spreads, the Zero Spread account offers a higher minimum deposit of $500.
In addition, the company offers a demo account for traders to test their trading strategies in a risk-free environment without losing any real capitals.
Leverage
ForexMart provides varying leverage options depending on the account type chosen:
These leverage ratios enable traders to amplify their trading positions relative to their initial margin deposit, increasing both profits and losses.
Spread & Commission
ForexMart offers different spreads and commission structures across it different account types.
The Classic account features a minimum spread of 1 pip and an average spread of 1.2 pips, with no commissions charged on trades. Similarly, the Cents account also offers a minimum spread of 1 pip and an average spread of 1.2 pips,without any commissions.
The Pro account provides tighter spreads, with a minimum spread of 0.6 pips and an average spread of 0.8 pips, also without commissions.
For traders seeking the lowest spreads available, the Zero Spread account offers spreads starting from 0.0 pips on average, but it does charge a commission starting from $6 per trade.
Trading Tools
ForexMart offers an Economic Calendar, enabling traders to stay updated on key economic events and indicators that impact currency markets. This tool helps traders make informed decisions by providing insights into market-moving events such as interest rate decisions, GDP releases, and employment reports.
Additionally, ForexMart offers a Currency Converter Online tool, allowing traders to quickly convert between different currencies at current market rates.
Moreover, the Forex Trader Calculator offered by ForexMart helps traders accurately calculate essential trading parameters such as pip value, margin requirements, and profits or losses based on their trading positions.
Copy Trading
ForexMart offers a Copy Trading feature, also known as Social Trading, designed to cater to both novice traders looking to learn and experienced traders seeking efficient time management. This innovative system allows users to replicate the trading activities of seasoned professionals within the ForexMart community.
By leveraging the Copy Trading platform, users can follow and automatically replicate trades executed by successful traders, benefiting from their expertise and strategies in real-time. This approach not only facilitates learning by observing market tactics but also enables passive income generation by mirroring profitable trading decisions.
Deposit & Withdrawal
ForexMart offers a variety of convenient payment methods.
Deposits can be made through Skrill and Neteller with no fees, processed swiftly within 24 hours. PayCo and FasaPay deposits are instant.
For those preferring cryptocurrencies, deposits in Bitcoin, Bitcoin Cash, and Tether are processed within 24 hours, each with its own transaction fees and processing times specified.
Local bank transfers are also supported, albeit with a 3% transaction fee, processed promptly within 24 hours to facilitate seamless deposits.
Customer Service
ForexMart provides customer support through phone contact, email inquiries, live chat for immediate assistance, and engagement via social media platforms like Facebook and Twitter. Physical addresses are available for direct correspondence.
An FAQ section is also available for quick answers to general inquiries.
- Email: support@forexmart.com; finance@forexmart.com; info@forexmart.com; verification@forexmart.com; dealing@forexmart.com; bonuses@forexmart.com; partnership@forexmart.com. (Working Hours: 07:00 - 16:00 GMT)
- Tel: + 442 030 976 697
- Registered office: Shamrock Lodge, Murray Road, Kingstown, Saint Vincent and the Grenadines
Educational Resources
ForexMart offers a Forex Glossary with definitions for essential terms related to Forex trading. It serves as a valuable resource for both beginners and experienced traders, ensuring a comprehensive grasp of key concepts integral to navigating the Forex market effectively.
Conclusion
In conclusion, ForexMart provides a diverse range of online trading services encompassing Forex, CFDs on Shares, Spot Metals, Cryptocurrencies, Energy and Indices, catering to a global audience. However, concerns stem from the absence of regulatory oversight. For those prioritizing transparency and regulatory compliance, we advise exploring alternative platforms that uphold these standards.
Q&A
- Is ForexMart regulated？
No. The broker is currently under no valid regulation.
- Is ForexMart a good broker for beginners？
Yes, though ForexMart is not regulated by any authorities, but it offers low barrier of minimum deposit of $15 and competitive spreads.
- How can I deposit funds into my ForexMart trading account？
ForexMart supports various deposit methods including Skrill, Neteller, Bitcoin, and local bank transfers.
- What is the minimum deposit does ForexMart request？
$15.
- Does ForexMart offer demo accounts？
Yes.
- Are there any restricted areas of the broker's services？
Yes, restricted regions are the United States of America, North Korea, Sudan, Syria and some other regions.
Risk Warning
Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information provided in this review may be subject to change due to the constant updating of the company's services and policies.
