ForexTB Review: The Whole Truth About This Forex Broker
Is ForexTB a trustworthy broker or the next forex fraud?
How is it trading with them, and should you be concerned about their business practices if that is where you will place future trades? We will answer these questions for you in our thorough ForexTB review. We will investigate the company’s background, regulatory licenses, and trader feedback.
If you have been swindled by ForexTB or another online forex broker, please book a free consultation. We can help you get the money back.
ForexTB review: An overview
ForexTB is a Cyprus-based firm that was founded in 2015. Based in Nicosia, the company is licensed and regulated by CySEC (Cyprus Securities & Exchange Commission).
It offers various trading instruments such as gold, oil, cryptocurrencies, indices, and forex pairs.
For ForexTB traders, a mobile version of its own proprietary web trader platform is also accessible.
New traders practice risk-free trading with its demo account. It offers 100K worth of whatever currency you choose. Traders then test out lessons before opening live accounts.
As much as demo accounts are good, they may easily mislead you. Why? You have a huge amount that’s not real. You can easily make mistakes or take enormous risks without tangible repercussions. After all, it’s not real currency. There’s little emotion involved.
That colossal sum can easily give you false confidence, making it more likely for you to lose money after trading in a live account.
Types of live accounts offered by ForexTB
A user’s level in the ForexTB system is represented by four distinct levels.
The spreads on these are the most expensive of all, with a starting deposit of €250. This category of accounts is also subject to the greatest spread.
The minimum account deposit is higher for the Gold account. A deposit amount of €25,000 is prohibitive for most retail traders. The EUR/USD spread narrows to 2.7 pips and the oil spread shrinks to 0.11 pips for these two pairs.
The minimum deposit required to open an account is €100,000. The EUR/USD pair and oil fall even further, with 2.1 pips and 0.10 pips, respectively.
VIP ForexTB accounts
In terms of the minimum deposit required (250,000), this is the most expensive. The spread for the EUR/USD pair in a VIP account is 1.6 pips, while oil features a 0.08 spread.
Forex brokers require regulatory licenses. A broker that works under a reputable regulatory body offers traders a sense of security, as they have been vetted and deemed to follow standard practices.
Cyprus Securities and Exchange Commission (CySEC) regulates ForexTB.
Cyprus is a member of the European Union and the European Economic Area, meaning brokers regulated by CySEC are subject to EU and EEA rules.
This has boosted the visibility of Cyprus and CySEC, allowing them to compete with other prominent regulatory nations.
The following are the most reputable firms in the globe:
- United Kingdom: Financial Services Authority (FSA)
- Australia: Australian Securities and Investments Commission (ASIC)
- USA: National Futures Association
- Cyprus: Cyprus Securities and Exchange Commission (CySEC)
When a broker is regulated and supervised by one of these bodies, it means they must follow the rules and regulations set forth. As a trader, focus on selecting a broker that is regulated by one of these bodies.
Trading platforms offered by ForexTB
ForexTB Web Trader platform
The ForexTB trading software is a proprietary piece of technology. You may use it to examine the markets and make your transactions.
MetaTrader is an industry-standard trading platform. Compliance with this software means that traders can access the markets on any device, including smartphones and tablets. Most traders worldwide use MT4.
ForexTB exploitative charges
Keep in mind that the spreads and commissions charged by a broker depend on the type of account you use. There are different ways to ensure you will not be overcharged for your transactions. The main one is to avoid forex firms that charge exhibitive fees.
Crafty fees are a significant problem for many people who use an online broker. Several licensed and regulated brokers take advantage of you by imposing hidden costs.
As a result, you should be overly concerned about the different commissions and costs imposed by a broker. If you are not sure about these commissions, consider a free consultation with an expert.
If your account is dormant for more than a month, you will be charged an inactivity fee. The fine may be as high as €80 per month.
Swap is interest that’s added to your position’s value if you hold the position overnight. On Wednesday, it’s charged three times to take care of the weekend swap in advance. Strangely, you’ll still be charged that 3X swap, even if you’ll not continue holding the position till past the weekend.
Basic account holders are limited to just one free withdrawal, which is a trick to attract more fees to unaware traders.
You are eligible for one free withdrawal every month if you have a Gold account, whereas Platinum members get three free withdrawals every month. It costs 3.5% of the value to withdraw using credit or debit cards.
If the broker believes you provided insufficient identification documentation, it may charge you €80. Because the selection is made solely by the broker and only communicated when you submit a withdrawal request, this system is susceptible to abuse.
ForexTB trader reviews
By reading reviews, traders will know what to expect from the broker and whether it is suitable for their investment needs.
Over time, ForexTB has developed a terrible reputation with traders because of its high fees. Traders have complained of being robbed of their hard-earned money. Through hidden charges, investors are sometimes required to pay more than they signed up for.
ForexTB has been accused of not informing traders about their hidden charges.
Traders are tricked to invest
This broker has terrible customer service. Customers are sometimes left in the dark when it comes to their money.
ForexTB has been accused of tricking traders into investing immense sums of money promising huge profits that seem too good to be true. In addition, the traders are not informed about potential risks and losses they may incur.
ForexTB has been accused of pushing traders to make a deposit by pressuring them with endless calls. The broker lacks transparency and has rude management that does not care for its customers.
ForexTB review: The verdict
The best way to avoid being defrauded by an unethical brokerage firm is to choose a regulated broker that has an excellent reputation. Beware of hidden charges and high fees. Read reviews and consult experts.
ForexTB has been accused of scamming traders by:
- Using hidden charges and excessive commissions
- Tricking traders into investing significant sums of money
- Promising huge profits that seem too good to be true
- Not informing traders about the potential risks and losses they may incur
- Pressuring them into making a deposit by bombarding them with phone calls
ForexTB is a scam. You shouldn’t trust it with the money you’ve earned through your sweat, blood, and tears. In case you’ve lost money to ForexTB or any other online entity, reach out today. Book a free consultation now and let’s start the recovery process.