ForexTB Review 2024
According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
- $250
- MT4
- ForexTB
- CySEC
- 2006
According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
- $250
- MT4
- ForexTB
- CySEC
- 2006
Our Evaluation of ForexTB
According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
ForexTB is a broker with higher-than-average risk and the TU Overall Score of 4.19 out of 10. Having reviewed trading opportunities offered by the company and reviews posted by ForexTB clients on our website, Traders Union expert Anton Kharitonov recommends users to consider a more reliable broker with better conditions, as, according to reviews, many clients of this broker are not satisfied with the company’s work.
ForexTB is a broker for traders who work according to classic intraday and long-term strategies on timeframes from H1.
Brief Look at ForexTB
ForexTB is a European broker licensed by CySEC 272/15 (Cyprus), which can be classified as a classic mid-level company. The broker offers a standard set of trading assets, consisting exclusively of CFDs. ForexTB provides traders with access to the OTC markets only.
- Its main platform browser is a proprietary design. It has a minimum number of gadgets but has optimal functionality. It is suitable for beginners and there is a limited version that is available without registration.
- CySEC license. Although the regulator is offshore, all its licensees are subject to the MiFID I and MiFID II directives.
- A large selection of payment systems is working with this broker. The trust of counterparties is an advantage for the broker.
- Professional support service. The answers to the questions are as short as possible and to the crux of the question.
- Relatively small commissions for CFDs on commodity markets assets.
- There is no complete description of the assets available and no specifications.
- Lack of details on the trading conditions.
- The conditions for withdrawing money are "deeply hidden".
- Relatively high spreads are from 3.2 pips for the EUR/USD pair on an account with a minimum deposit.
- Restrictions on withdrawing money without commission, depending on the type of account.
TU Expert Advice
Financial expert and analyst at Traders Union
The increased rigidity of requirements by European regulators has led to "mediocre" brokers having to split into two groups. The first chose to attract clients with low spreads and high leverage, but this group has abandoned reputable regulators in favor of offshore ones. The second chose to sacrifice competitive advantages in favor of reliability, guarantees, and high quality of services provided. The ForexTB broker chose the second option.
ForexTB is licensed by CySEC, which fully complies with the requirements of the European MiFID directive, including risk minimization. Leverage is up to 1:30, leverage is 1:400 is available only to traders with the "Professional/Qualified" status. The spread on EUR/USD is 2.5-3 pips on average. Compared to the 0.8-1.2 points by its competitors, that spread is high, but ForexTB guarantees that it will not expand and change suddenly at the time of abnormal volatility.
In return, ForexTB offers for free what many other brokers have included in an additional paid package. For example, a complete set of tools from Trading Central, including analytics and investment ideas. The proprietary ForexTB platform is a simplified analog via MT4. You can learn its functionality without registering. If ForexTB continues to take the same responsible approach to fulfill its obligations, it should be considered as an affiliate.
ForexTB Summary
| 💻 Trading platform: | МТ4, ForexTB |
|---|---|
| 📊 Accounts: | Basic, Gold, Platinum, VIP |
| 💰 Account currency: | USD |
| 💵 Replenishment / Withdrawal: | Neteller, PayPal, Skrill, PayU, Sofort, Przelewy24, Euteller, GiroPay, Deal, MyBank, OB, Visa, Mastercard, bank transfers including instant payments and EPS |
| 🚀 Minimum deposit: | From USD 250 |
| ⚖️ Leverage: | Up to 1:30 (for retail), up to 1:400 (for professional traders) |
| 💼 PAMM-accounts: | Yes |
| 📈️ Min Order: | 0.01 |
| 💱 Spread: | From 1.8-3.2 pips |
| 🔧 Instruments: | Currency pairs, commodity assets, stocks, indices, and cryptocurrencies |
| 💹 Margin Call / Stop Out: | 50% — for retail clients |
| 🏛 Liquidity provider: | No data |
| 📱 Mobile trading: | Yes |
| ➕ Affiliate program: | No |
| 📋 Orders execution: | Instant execution, Market execution |
| ⭐ Trading features: | Own browser platform for beginners |
| 🎁 Contests and bonuses: | No |
The ForexTB broker offers four types of accounts with a minimum deposit of $250 to $250,000. The differences between accounts are in spread and commissions. The maximum leverage is up to 1:30. For a trader with the "Professional/Qualified" status, it’s up to 1:400.
ForexTB Key Parameters Evaluation
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Trading Account Opening
Start your acquaintance with the ForexTB broker by registering on the Traders Union website. There are no fees or commissions there. You open an account with ForexTB using the Traders Union affiliate link and for each closed trade you automatically receive a partial compensation of the spread.
How to open an account with ForexTB:
Click the "Sign Up" button in the upper right corner of any page on the site.
Fill out a small registration form:
A demo account is opened without confirmation of the email address. After opening a real account, you need to go through verification.
ForexTB personal account functionality:
Other features of the personal account:
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Internal and external transaction statistics.
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Direct access to support service.
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Statistics on open accounts.
Regulation and Safety
The ForexTB broker is licensed by CySEC (Cyprus) and operates under the provisions of the European directive MiFID II. ForexTB strictly adheres to the rules of its regulators, guaranteeing honesty, transparency, and personal data protection for each client.
Advantages
- Licensed by one of the reputable regulators
- Constant control over the fulfillment by the broker of its obligations is carried out through external audits
Disadvantages
- In most cases, claims of private traders are considered through the оmbudsman
- Difficulty filing a claim for traders from jurisdictions that do not coincide with the broker's jurisdiction
Commissions & Fees
| Account type | Spread (minimum value) | Withdrawal commission |
|---|---|---|
| Basic | From $32 | Yes |
| Gold | From $29 | Yes |
| Platinum | From $23 | Yes |
| VIP | From $18 | No |
There is a swap fee for transferring open trades to the next day. There is a date for triple swaps.
We also compared the spread of ForexTB for a full standard EUR/USD lot with similar spreads by its competitors. ForexTB has a spread on the VIP account, the amount is indicated in monetary terms.
| Broker | Average commission | Level |
|---|---|---|
|
$25.5 | |
|
$1 | |
|
$8.5 |
Account Types
ForexTB trading conditions provide four types of trading accounts. They differ in the level of spread, the amount of the minimum deposit, and additional commissions. The maximum leverage is set for all accounts, which is up to 1:30. For traders with the confirmed "Professional" status, the leverage is increased to 1:400. Additionally, analytics from Trading Central is attached to all accounts.
Account types:
You can try your hand at a demo account, for which verification is not needed.
Deposit and Withdrawal
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ForexTB withdraws money upon the request of the client. The number of orders is unlimited, but fees may apply.
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Payment systems and e-wallets that are affiliates of ForexTB: Neteller, PayPal, Skrill, PayU, Sofort, Przelewy24, Euteller, GiroPay, Deal, MyBank, OB, Visa, and Mastercard. You can also deposit and withdraw money using bank transfers, including fast withdrawal systems.
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There are no minimum bid requirements. The exception is bank payments, where the minimum withdrawal amount is USD 120 or EUR 100/GBP 100
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There is a withdrawal fee. For a Basic account, only the first withdrawal is free. For Gold and Platinum accounts, free withdrawals are 1 and 3 times a month respectively. There is no commission for a VIP account.
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There is also a commission for inactivity. Activity means the execution of at least one trade per month.
Investment Programs, Available Markets and Products of the Broker
The development policy of ForexTB does not yet imply the development of its own investment programs. Alternatively, each trader can use the service of copying trades from MetaQuotes, which is built into the MT4 platform.
Advantages of the MetaQuotes trade copy service:
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Trades are copied automatically without concluding an agreement between the investor and the trader.
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Each person can act as either a trader or an investor, regardless of which broker he works with. Each ForexTB investor through the MT4 platform can connect to a trader of any other broker.
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A fixed amount of payment without any commissions.
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Nonexistence of bot traders. Each provider’s account is checked by the MQL5 team. Accounts with active trading for more than a month are admitted to the register of traders.
It works like this. You open an account with the ForexTB broker, download the MT4 platform and register on the MQL5 website. Now in MT4, in the “Signals” tab of the “Terminal” window, you can connect your account to any trader.
If you are a large investor and plan on investments over $10,000, contact us at vip-invest@tradersunion.com or by the feedback form on our website. Our professional team will take you through all the intricacies of the deal and all the steps from signing up to withdrawal of profits.
ForexTB’s affiliate program
The marketing policy of ForexTB does not yet provide for attracting clients through affiliate programs. Perhaps, in the future, this attraction channel will be added along with the affiliate statistics tracking service. But so far, ForexTB has been attracting customers with quality service and its improved order processing model.
Customer Support
The support service works around the clock, except weekends and holidays.
Advantages
- Works 24/5
Disadvantages
- Only general answers to questions from people who are not registered. Obsessive requests to register and learn more about the broker
This broker provides the following communication channels for its clients:
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By online chat where you can ask a question to individual departments of the broker.
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By email specified in the "About Us" section.
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By phone.
Tip: If you want to get a specific answer to a specific question, you will need to register.
Contacts
| Foundation date | 2006 |
|---|---|
| Registration address | Lemesou Avenue 71, 2nd Floor 2121 Aglantzia, Nicosia, Cyprus |
| Regulation | CySEC |
| Official site | https://www.forextb.com/ |
| Contacts |
+357 2 222 2353
|
Education
On the ForexTB website, two sections are devoted to training - "Education" and "CFD". The information presented in them is of a superficial theoretical nature. This is because the broker aims to work more with professional traders.
Cent accounts are not provided, there is a demo account for practicing your strategies and trading skills.
Comparison of ForexTB with other Brokers
| ForexTB | RoboForex | Pocket Option | Exness | InstaForex | 4XC | |
| Trading platform |
MT4, ForexTB | MT4, MT5, R MobileTrader, R StocksTrader, R WebTrader | Pocket Option, MT5, MT4 | Exness Trade App (mobile), Exness Terminal (web), MetaTrader5, MetaTrader4 | MT4, MultiTerminal, MobileTrading, MT5, WebTrader | MT5, MT4, WebTrader |
| Min deposit | $250 | $10 | $5 | $10 | $1 | $50 |
| Leverage |
From 1:1 to 1:400 |
From 1:1 to 1:2000 |
From 1:1 to 1:1000 |
From 1:1 to 1:2000 |
From 1:1 to 1:1000 |
From 1:1 to 1:500 |
| Trust management | No | No | No | No | Yes | No |
| Accrual of % on the balance | No | No | No | No | No | No |
| Spread | From 1.8 point | From 0 points | From 1.2 point | From 1 point | From 0 points | From 0 points |
| Level of margin call / stop out |
50% / No | 60% / 40% | 30% / 50% | No / 60% | 30% / 10% | 100% / 50% |
| Execution of orders | Market Execution, Instant Execution | Market Execution, Instant Execution | Market Execution | Market Execution, Instant Execution | Instant Execution | Market Execution |
| No deposit bonus | No | No | No | No | No | $50 |
| Cent accounts | No | Yes | No | No | Yes | No |
Detailed Review of ForexTB
ForexTB is a broker for those who are interested in intraday and long-term strategies. The company has relatively high spreads, so scalping, high-frequency trading, and the use of "grids" can be ineffective. But tough regulation, liquidity providers, a sophisticated data transfer model are trading conditions that guarantee the stability of the stated spread, the nonexistence of slippage and requotes during times of fundamental volatility.
ForexTB by the numbers:
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Over 200 trading assets, including cryptocurrencies.
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More than 50 thousand active traders.
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More than 10 options for depositing and withdrawing money.
ForexTB is the broker for medium- and long-term trending strategies
ForexTB is a classic STP broker. It forms pools of traders' orders and sends them to the liquidity provider that currently offers the best price and has sufficient assets to satisfy the orders. Everything happens automatically within 50-100 ms, which is the speed of order processing. The broker's commission (a/k/a “markup’) is the margin on the liquidity provider's spread.
In addition to the classic MT4 platform, the broker offers the ForexTB platform of the same name. You can learn it without registering, but if you wish to place an order, you will need to open an account. The browser version of the platform has a simplified interface and functionality. There is one-click trading, six types of quotes, display charts, and statistics on the current spread. The platform does not provide for adding custom indicators or trading using expert advisors. It suits novice traders using manual strategies.
Useful services of the ForexTB broker:
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Analytics from Trading Central. A free account add-on package that includes additional technical tools, analytical reviews, fundamental news, access to primary sources of information, and much more.
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Summary calculator. Calculates the volume of a trade, taking into account the spread and swap, based on the input data on the trade and the type of account being used.
Advantages:
Strict adherence to the requirements of European regulators. This means reliability and transparency.
More than 10 options for payment systems and e-wallets connected to the broker.
A simplified version of a proprietary trading platform suitable for beginners.
There is a demo account.
There are no cent accounts.
User Satisfaction