The online trading broker ForexMart offers financial instrument trading to its clients. The broker cannot be considered safe due to the fact that it has limited licenses and even they do not guarantee any authenticity. The design of the broker’s website appears to be professional, at the same time it can be hard for novice traders to understand what’s going on just by the view of it.
There is no education material provided by the broker and the research section has a constraint of limited tools. The customer service fails to answer any request and the demo account charges money after a period of thirty days. Deposit and withdrawal options are very limited and take up additional costs. Even after this, the fund transfer can take up to ten days.
ForexMart Scam or Safe?
The broker is a scam as it does not provide any clear information about the services it provides. The firm holds various licenses but none can ensure complete safety and besides, if the firm is legal then one license is enough to prove the authenticity.
None of the licensing information of the broker is placed on the website and it claims that its headquarters are based in St. Vincent and the Grenadines. The registration process for registering a firm in this country is not that hard. All you have to do is apply to the country’s online portal. This process is open for anyone and is technically pain-free. The involved person has to pay a processing fee which in itself is not much to ask for and the firm gets registered.
Apart from this, the broker is not under the regulations by the EU, MiFID, or ICF. ICF was designed for the sole purpose of keeping the false brokers at bay. To sum it up, the safety and authenticity of the broker are not assuring enough because of restricted regulations. We suggest our potential clients do vigorous research before they get involved with such a broker
ForexMart : Account Types
Four account types are offered by the broker. Namely, classic, cent, pro and Zero. none of the accounts strikes a chord with today’s investor and hence, the broker fails to lure them in. Besides, these accounts are everything that any other broker can provide. So why trade with an unregulated broker when you can enjoy the same services with a regulated one? The broker crosses the margin limits set by the Eu and offers leverage up to 1:500. Limited base currencies are offered and traders can face difficulties in depositing and withdrawing their funds. The traders can opt for demo trading but after 30 days the period is over and the satisfactory services are not provided.
The broker does nothing innovative with provident MetaTrader4 as its trading platform. Also, not all the features of the platform are made available by the broker. This might seem frustrating and irritating to the traders. The user interface and the user experience both look superficial as a new trader can fail in understanding them.
The users are provided with limited indicators and signals, charts, and technical analysis. The results calculated by the already numbered tools can also give inaccurate or wrong position information.
A lot of brokers have upgraded to a better trading platform, the MetaTrader5. It shares the same parent company as that of MetaTrader4. The upgraded version has more features than the previous one. This is the reason why a lot of brokers have already adapted to it.
Markets and Products:
The limited range of trading instruments also limits the profit-making opportunities of the investor. The broker provides less than 100 trading instruments and that’s all of it. None asset belonging to the market like ETFs, indices or futures is mentioned on the website.
The broker mentions CFD but doesn’t mention any clarity on the fact. CFDs don’t require the trader to actually possess the instrument and the broker talks nothing about this. This is where the investors may start losing their trust in the broker, jeopardizing the transparency the broker is supposed to maintain.
CFD trading is available only on four cryptocurrencies, five commodities, and a few currencies that are circulated in the market.
Apart from all this, the broker does not give any clear message on the variable leverage for each country. Countries like the UK do not allow leverage more than 1:30 but the broker’s website doesn’t follow this at all.
We suggest clients use less leverage in their initial trading days as it is risky to leverage-trade.
ForexMart: Account Opening
The account opening process is long and creates a sense of confusion as it fails to clearly state the reason for the information it asks. The clients are required to submit all their financial and personal information, which a lot of investors find uncomfortable. The information asked includes proof of address, bank statements, proof of income, account number and a lot more. The broker takes longer than usual time to process the verification. The user might have to wait for more than three days. This can be frustrating to professional traders, and can also waste the time of novice traders which could have been used for learning and research.
Commissions and Fee:
There are several hidden charges that the broker asks for and which are not mentioned on the website and the broker asks for higher than usual spreads plus commissioned trades are entertained heavily by ForexMart. It also dons irrelevant information about the assets on the home page. The ForexMart mentions that the spreads are lower but when a trader places his orders, the spreads rise suddenly. This situation badly ruptures the whole trade-in terms of calculation. The broker claims that there are no spreads on the zero account but there is not asset available with the pip, the so-called fixed spreads keep changing when the market is volatile.
Deposit and Withdrawal:
The broker does not offer a lot of payment methods and as a matter of fact, none is recognised. The website also has a lot of hidden charges for withdrawals. It has to be noted that the process is lengthy with deposits taking up to more than a day, ranging to seven days. The industry standards are a lot higher than the service provided by the broker. The broker does not offer deposit through cash.
The broker offers leverage up to 1:500 for day traders which exceed the permissible limit set by the government bodies. The European Union has set the limit to 1:30 for all the brokers that are active and any broker offering more than that can be considered untrustworthy. Higher leverage is risky and can expose the traders to increased risks.
The research material offered by the broker is limited and hence results in limited analysis on the trader’s end. When a trader cannot analyse the market according to his par, inherent losses are bound to happen.
None, yes none educational resource is provided by the broker and this is clearly a significant drawback. Since good educational material can enhance the tradable quality of the broker and can serve him with more trading strategies.
The customer service provided by the broker does not even come under the title of customer service. The executives fail to clear the doubts any trader can have. The average response time for a simple query has been seen to go up to 2 days, which is a bit frustrating for the average trader. The live chat is nothing but a trading bot that has totally irrelevant responses for each question asked. All it does is promote the broker and not solve any problem the trader has.
ForexMart cannot be considered safe in terms of trading and the procured licenses do not provide any authenticity. With the website having an intrinsic design, the traders have a problem in clearly understanding it and the added features. the demon account is also limited to 30 days. The customer service is claimed to be working twenty-four hours a day and seven days a week, but that’s a plain and failed bluff by the broker. T1Markets, ETFinance, TradeATF, PrimeFin can be viable replacements for such a broker. These brokers are known to provide advanced trading tools and safe and trusted trading platforms as well. T1Markets, ETFinance, TradeATF, and PrimeFin, are several other top brokers available in the market that offer advanced level trading tools and trading platforms. Most importantly, all these brokers are safe and trusted trading platforms.