ForexTB Review 2023: Trading Excellence Unveiled and Complete Analysis

Dive into the world of ForexTB, a brokerage regulated in Cyprus, offering leveraged CFD trading through a sophisticated lens. Here, clients gain access to the renowned MT4 trading platform, complemented by a seamless array of payment options. To guide your decision on whether to embark on this financial journey, peruse our 2023 review of ForexTB. It delves into the nuances of their CySEC license, mobile application, withdrawal fees, and also provides insights on how to reach their dedicated customer support team.

ForexTB Unveiled

Founded in 2015, ForexTB has established its presence with offices nestled in the heart of Cyprus. This formidable brand, Forex TB Limited's brainchild, operates under the vigilant eye of the Cyprus Securities & Exchange Commission (CySEC). Its mandate extends to providing trading services to clients across the European Economic Area (EEA) and Switzerland.

The brokerage, a true haven for traders, not only offers entry into the most sought-after financial markets but also flaunts an exceptional educational center. This resource hub brims with a wealth of tips, tools, and training materials, meticulously designed to nurture beginners and equip professional traders.

Begin your trading journey with a mere $250 minimum deposit. With four distinct live account options, it caters to both novice investors and seasoned high-volume traders.

The Trading Platforms

At ForexTB, you have the privilege to choose between two distinctive trading platforms. The first, a proprietary system meticulously crafted by ForexTB for web-based trading, offers a seamless trading experience. On the other hand, the industry-standard MetaTrader 4 (MT4) reigns supreme.

Web Trader

The Web Trader platform beckons from the broker's website, providing an uncluttered interface with one-click trading. It's fortified with six diverse chart types and a noteworthy selection of indicators. Plus, it offers multiple graphing tools for comprehensive market sentiment analysis. Users can easily switch between a soothing light mode and a striking dark theme. The only minor caveat lies in its limited customization options, but our experts concur that it remains an intuitive platform tailored to meet the needs of most novice traders.

Placing Your Trade

Initiating a position is as easy as 1-2-3-4:

1. On the left-hand menu, peruse the list of available instruments to locate your desired asset.
2. Within the central widget, input the trade specifics, encompassing trade size and the 'Buy' or 'Sell' choice.
3. Seal the deal by selecting the 'Trade' button located at the bottom.
4. Should you desire more advanced trade strategies, explore the 'Advanced Trades' tab for options like stop loss and take profit.

MetaTrader 4

MetaTrader 4 (MT4) stands tall as one of the most sought-after trading platforms for day traders in the forex arena. It furnishes a data-rich environment with extensive customization possibilities, ensuring a conducive trading experience for clients of all proficiency levels.

This platform boasts an impressive arsenal of over 2000 technical indicators and 24 chart analysis tools. It thrives on intricate trading and asset histories, seamlessly accommodating automated algorithms. In addition, users can toggle between 9 distinct timeframes and keep an unlimited number of charts open. Three diverse execution modes cater to varying trader preferences.

Notably, experienced traders often gravitate towards MT4 for their trading exploits.

Assets & Markets

ForexTB extends a prolific selection of over 300 financial assets for its discerning clients. The offering encompasses 50 forex pairs, major corporate shares, ETFs, commodities ranging from precious metals to energies and agricultural products, stock indices, and a tantalizing array of cryptocurrencies.

Spreads & Commissions

The heart of ForexTB's revenue model lies in the spreads, which yield competitive rates for VIP account holders, with 1.6 pips on the EUR/USD and 2 pips on the GBP/USD. However, the spreads tend to be less competitive in the lower account tiers. For instance, basic account holders experience wider spreads, with 3 pips on the EUR/USD and 3.4 pips on the GBP/USD, which significantly overshadows their industry rivals.

Additional fees include a €20 charge for accounts that remain dormant for over a month, and a swap fee for positions held overnight. Withdrawals are subject to fees as well, with a 3.5% charge for payment cards and up to €30 for bank transfers after exhausting free monthly withdrawals. E-wallets present a more favorable scenario with fees ranging from 2% to 4.5%. However, it's worth noting that there are no commissions or deposit fees.

Unpacking ForexTB Leverage

ESMA regulations mandate a maximum leverage of 1:30 for retail clients to mitigate risk exposure. Professional traders, on the other hand, enjoy the privilege of leverage rates reaching an impressive 1:400, fortified by negative balance protection.

Mobile App Review

ForexTB extends its mobile presence through the FXTB app, a sleek and functional iteration of the Web Trader platform. This app is compatible with iOS and Android-powered devices, ensuring that you stay in the loop with push notifications. It empowers users to open and close positions, scrutinize charts, and track the prices of all tradable assets. Alternatively, clients can opt for the MetaTrader 4 app, a user-friendly mobile application replete with drawing tools, graphs, and support for EAs.

Deposits & Withdrawals

ForexTB grants clients the flexibility to fund their accounts and execute withdrawals through a trio of avenues: payment cards, e-wallets, and wire transfers. Currency options span across US Dollar, British Pound, Japanese Yen, Euro, and Russian Ruble.

The minimum deposit threshold stands at $250, and deposits are typically processed on the same day, though exceptions may arise if incorrect documentation is provided during withdrawal requests. While deposits do not incur fees, withdrawals can potentially be costly if conducted frequently. Each account type is endowed with a specific number of free monthly withdrawals before fees kick in. Basic and Gold accounts offer 1 free monthly withdrawal, while the Platinum account enhances the deal to 3 free monthly withdrawals. VIP account holders, meanwhile, enjoy unlimited free withdrawals. Notably, withdrawal methods mirror the available deposit options.

Demo Account

ForexTB extends a lifeline to traders through its demo account, fostering a risk-free environment for strategizing and navigating the two available platforms. With a generous $100,000 of simulated capital at your disposal, there's no peril to your actual investment. Graduating to a live money account is a seamless transition accessible through the official ForexTB website.

Bonuses & Promotions

At the time of this writing, ForexTB abstains from offering promotions or deposit bonuses. Nevertheless, the platform compensates with a steady stream of daily signals, real-time market news, and an extensive education center, featuring webinars, online tutorials, ebooks, and a comprehensive glossary of industry terms.

Regulation & Licensing

ForexTB is masterminded by Forex TB Ltd, an investment firm duly licensed and regulated by the Cyprus Securities & Exchange Commission (CySEC). Endowed with the authority to serve clients within Switzerland and the EEA, it steadfastly champions transparency, evidenced by the wealth of legal information available on its website.

Supplementary Features

ForexTB has forged a valuable partnership with Trading Central, enriching its offering with deep market insights and information. Account holders gain access to a treasure trove of resources, including market buzz, analyst viewpoints, featured trade ideas, economic insights, daily market analysis, and a WebTV feature.

Upon exploration, ForexTB's education section proves to be a goldmine for learners of all stripes. Boasting webinars, online tutorials, articles, and ebooks, this comprehensive educational center caters to a diverse audience. The platform even extends video tutorials through its official YouTube channel.

In addition to its educational resources, ForexTB unfolds a suite of practical tools for traders, including daily signals, market news, a full economic calendar, and an asset calculation tool that simplifies the process of determining spreads, swaps, trade sizes, and associated fees.

The true power of ForexTB and the MT4 platform unfolds in automated trading capabilities, empowering investors to execute predetermined algorithms and trade based on market scenarios. For personalized assistance, each investor is paired with a dedicated account manager who can answer questions and offer unwavering support.

ForexTB Account Offerings

ForexTB caters to a spectrum of investor needs through its four distinct account types. Leverage rates remain consistent across all account types, though professional and retail accounts follow different specifications.

Basic Account:

• Daily signal alerts
• Access to Trading Central
• 1 free withdrawal monthly
• EUR/USD spread of 3 pips
• Minimum deposit of $250

Gold Account:

• Daily signal alerts
• Access to Trading Central
• EUR/USD spread of 2.7 pips
• 1 free withdrawal monthly
• Minimum deposit of $25,000

Platinum Account:

• Daily signal alerts
• Access to Trading Central
• EUR/USD spread of 2.1 pips
• 3 free withdrawals monthly
• Minimum deposit of $100,000

VIP Account:

• Daily signal alerts
• Access to Trading Central
• No limit on free withdrawals
• EUR/USD spread of 1.6 pips
• Minimum deposit of $250,000

Trading Hours

ForexTB extends its trading hours around the clock, 24 hours a day, spanning 5 days a week. Platforms remain accessible even on weekends, ensuring that traders can conduct analysis and manage their portfolios at their convenience. Please note that trading hours may vary between different assets, and this information is readily available on the broker's trading platforms.

Customer Support

At ForexTB, your queries are met with swift assistance. Reach out to the customer support team through the online chat function, conveniently positioned on the right-hand side of the broker's website. It's worth noting that live message and voice chat support is only available during trading hours.

Should you prefer alternative communication channels, you can contact the customer support team through email at info@forextb.com, or by phone at +357 2 222 2353. For traditional mail correspondence, you can address your inquiries to Lemesou Avenue 71, 2nd Floor 2121 Aglantzia, Nicosia, Cyprus.

Security & Safety

ForexTB places a paramount emphasis on safeguarding your financial transactions and data. Employing high-standard PCI scans and 128-bit Secure Sockets Layer (SSL) encryption, it assures that every transmission remains shielded. Advanced firewalls, complex security systems, and dual encryption methods further fortify the security of all transactions. Furthermore, ForexTB complies with the 3D Secure V2 standard for online payment card transactions and adheres to all EU regulatory data protection laws.

Pros and Cons

Pros:

• Comprehensive range of investment options, spanning stocks, indices, forex, cryptocurrencies, commodities, and ETFs.
• Enriching CFD trading resources, including webinars and an extensive glossary.
• Regular supply of daily signals and financial news.
• Robust support for automated trading.
• A wealth of educational resources.
• Access to a risk-free demo account.
• The inclusion of the MT4 trading platform.
• Collaboration with Trading Central for deeper market insights.

Cons:

• Withdrawal fees apply to certain methods.
• Customer support hours are limited.
• Slightly wider spreads observed on certain assets.
• Absence of copy trading functionality.
• A nominal inactivity fee of €20.

With a formidable combination of versatile trading platforms, a diverse array of tradable assets, and the vigilance of CySEC regulation, ForexTB emerges as a notable player in the trading arena. Customer reviews particularly applaud its automated trading capabilities and the daily signals it provides. However, it's important to be aware of withdrawal fees and wider spreads associated with standard account levels. As such, it's advisable to consider opting for a higher account tier to enjoy the benefits of cheaper withdrawals, tighter spreads, and complimentary market insights.

ForexTB Broker Details

Disclaimer: - We at forexoverflow do not endorse neither refer anyone to trading broker websites. The information is for educational purpose and source of information is from the broker website.