FXTB (ForexTB) review and test – Is it a scam or not?
(2.5 / 5)
200+ forex, stocks, commodities, indices, crypto
From 1.4 pips
Are you looking for a trusted broker to invest your money? Then, you are in the right place, where you can learn trading and earn money. All you have to do is read this comprehensive review carefully. After reading this review, you would have got enough knowledge to decide where you should invest, and all about the ForexTB broker. Let’s spare a few minutes to start your journey by reading this worthy review.
With more than 8 years of experience in the trading industry, we tested the broker FXTB in detail. Read about the trading conditions, regulations, and platforms. Is it really worth investing your money there? – Find out in our FXTB review.
What is FXTB? – Introduction
In 2015, Forex-TB was founded and has offices in Cyprus. The brand is owned by Forex TB Limited a Cyprus investment firm and is authorized to provide trading services to clients in the European Economic Area (EEA) and Switzerland by the Cyprus Securities & Exchange Commission (CySEC). The official address of the company is Lemesou Avenue 71, 2nd Floor 2121 Aglantzia, Nicosia, Cyprus.
ForexTB is a versatile and unique trading platform that provides web trading platforms and MT4 integration to its users. It has 270 financial assets. Products include 50 forex pairs and other commodities as well. ForexTB has a very strong team behind this project which is eager to facilitate the users round the clock by providing great opportunities under one platform. Hence, it is an all-around platform for trading and investment with immense opportunities.
Facts about the company:
- Founded in 2015
- Serves hundreds of thousands of clients
- Broker from Cyprus
- Offers service to EU clients
- Online trading and investing with derivates
Regulation and safety of FXTB
Financial regulations are an important factor in broker trading, as it is the guiding principle that attracts the people and gives them the confidence to invest in this platform. FXTB is a platform that has been regulated under the Cyprus Securities & Exchange Commission (CySEC) for operation in the European Economic Area (excluding Belgium) and Switzerland.
FXTB, approved by Thawte and Comodo, uses 128-bit Stable Sockets Layer (SSL) encryption for all transmissions. Firewalls, complicated authentication mechanisms, and two different encryption methods are used to secure all transactions. Additionally, the 3D Safe V2 requirement is met for online payment card transactions. Both EU regulatory data security laws are complied with by ForexTB.
- FXTB is regulated by the CySEC
- Segregated bank accounts
- Negative balance protection
- SSL encryption
Trading conditions and offers for customers
During the search for a trusted broker, the users pay heed to the trading conditions of the brokers to assess the credibility and services offered by the different broker platforms. However, the trading conditions offered by FXTB are a bit different. Like, spreads offered by the platform differ from account to account.
It provides access to 270 financial assets, 50 forex pairs, commodities, cryptocurrencies, and other precious metals. ForexTB gives offers to its users on various events and national days of the certain countries users, where it is currently operating. Moreover, FXTB charges withdrawal fees at 3.5% for payment cards and up to €30 for bank transfers. These trading conditions present a good picture of the overall ranking of the broker platform.
Note: There is also an €80 charge for accounts inactive for over a month
New traders can use a free demo account for testing the platform by themselves without risks. If you want to start with real money the minimum deposit is $ 250. There are different account types that we want to discuss later in this FXTB review. By depositing more money into your account you can get a higher account type with better trading conditions.
With FXTB you can trade:
- Forex (currencies)
The spreads are starting from 1.4 pips but if you are using the standard accounts you will have a spread from 2.8 pips. For trading a self-developed web platform and the famous MetaTrader 4 is available. The leverage can be up to 1:30 for retail investors. For higher leverage up to 1:500, you will need a professional trader status. Overall we can say that the conditions are quite good with FXTB but the spreads are higher than with other online brokers.
The overall trading conditions for traders with FXTB:
- Free demo account to practice
- A minimum deposit of $ 250
- Web-Trader, App, and MetaTrader 4 platform
- More than 270 assets
- Different account types
- Spreads from 1.4 pips
- Leverage up to 1:30 for private traders
- Long and short selling
Test of the FXTB trading platform
FXTB is a unique trading platform in its type. As all the brokers now a day are giving trading platforms as well as teaching the users of their platforms. However, FXTB has done something unique on its platform by placing the precious metals market, along with other major markets and commodities that are mostly traded via CFD in the market. Trading has never been easy, as it has been made by ForexTB.
Following platforms are offered by FXTB to start the trading journey:
- MT4 trading platform
- Mobile app
FXTB has launched a web platform for its users; it is so much easy to use that even the newbie finds them comfortable with its interface. Its easy interface doubles the interest of users. On its platform, at the top left side users can find different markets and search bar, where they can search their desired pair. It has a language selection bar that supports 7 languages for the ease of its users.
On the top right side, there is a chart of candlesticks that provides an overview of the current scenario of the selected currency pair. There is also a warning about the CFDs market volatility at the bottom of the trading section. Users can make use of certain indicators to have a better understanding of the market.
MT4 trading platform
One of the most common day trading forex trading platforms is MetaTrader4 with a highly customizable data-rich environment, customers of all skill levels can trade effectively. In addition to comprehensive trading and assets records, the platform boasts over 50 technical indicators and 30 chart analysis instruments. The device is also compatible with trading algorithms that are automated. More experienced customers would tend to trade with MT4, in particular.
Mobile apps have revolutionized the modern world. FXTB has launched its mobile app to make its users able to become aware of the news and other events along with trading. It provides a flexible trading experience to trade CFDs. Its size is 86 MB and has over 50k plus downloads. It shows the growing popularity of FXTB among the public.
It takes only 1 minute to download if you have a fast internet connection. After downloading the application, it asks to log in or sign up to make an account. The users having already account can put their credentials to start trading. It provides live price action of all the markets that are being offered by the broker.
Charting and Analysis
Charting and analysis go hand in hand to become successful in trading. FXTB has left no stone unturned to provide assistance in all forms whether in the form of technical or theatrical. It provides a series of trading education in various forms. For instance, CFDs trading tips, technical analysis, fundamental analysis, economic calendar, and leverage guides. As everyone knows, how crucial these things are for the success of a trader. Hence, FXTB provides complete guidance from trading to educating a user from scratch to becoming a pro trader.
Due to the increase in globalization, traveling has increased to its peak. So, the users and investors cannot stick on the screen to work and trade. Hence, mobile apps are introduced to facilitate users to do emergency and normal trading there. Mobile trading has certain following features
- It helps during traveling
- It provides aid for short term trade
- It provides all the recent news and articles provided by the platform
- Charts can be viewed and technical analysis can be done on the app
Learning trade with FXTB
Trading becomes easy for the one having sound technical and theoretical knowledge. Many newcomers lose their hard-earned money in pursuit of making their dreams of making money due to high volatility in the market. Hence, FXTB came to rescue the newcomers by proving all the technical analysis and trading platforms to users. It has launched an education program for its users to become pro –traders. Let discuss the trading education offered by FXTB.
- It provides the basic definition of all the terms used in trading
- It offers tips in CFDs trading to its users
- It also provides a technical and fundamental analysis
- FXTB helps to understand the leverage and margin
- The platform provides an economic colander to have close look at the upcoming events that can have an impact on the market
Opening an account on FXTB
Opening an account is the first step to land into the trading world. However, the account opening is not an arduous task. It takes hardly one minute to open an account after entering the proper details. One has to send its documents for the proper verification in order to avoid any inconvenience in the future.
FXTB offers four types of accounts with different features:
It is a first-stage account having a minimum deposit of €250. This type has leverage up to 1:30. This type of account has the highest spreads of the other 3 account types. This type also has 1 monthly free withdrawal for the users. Spreads are starting from 2.8 pips.
It is a 2nd stage account having a minimum deposit of €25,000. This type has leverage up to 1:30. This type of account has a relatively higher normal spread value than the other 2 account types. This type also has 2 free monthly withdrawals for the users. Spreads are starting from 2.5 pips.
It is a 3rd stage account having a minimum deposit of €100,000. This type has leverage up to 1:400. This type of account has1.6 to 1.9 pips spread value on different markets. This type also has 3 free monthly withdrawals for the users. Spreads are starting from 1.9 pips.
It is the best account having a minimum deposit of €250,000. This type has leverage up to 1:400. This type of account has the lowest spread value on different markets. This type also has free withdrawal for the users. Spreads from 1.4 pips.
All accounts including the service of:
- Market Buzz
- Analyst Views
- Featured Ideas
- Economic Insight
- Daily Market Analysis
- Web TV
Trading is a game of nerves. Although it provides infinite profit possibilities, it also entails a significant amount of risk and as brokers usually warn almost anywhere when it comes to leveraged goods, risks can surpass your deposited capital. That is why when brokers give them to test their platforms and train for free through demo accounts, traders who are new to forex must take advantage. FXTB along with other facilities also provides a demo account facility to its users by giving them a credit of $100,000 into their account to experience the real trading tests of their abilities.
One cannot become familiar with true fear while trading in a real account.
Negative balance protection
FXTB values its VIP users the most and then the other users gradually.
Negative balance protection secures its user’s funds by providing going into negative due to high volatility and unfavorable market conditions. It provides negative balance protection to its VIP users in order to avoid getting into a negative balance. A plus point is that by using Margin Call or Stop Loss this is initiated and the funds of the users can be saved by this process.
Deposit and withdrawals
Deposits and withdrawal process are the key elements after the security of a broker that the user keeps a vigilant eye on it. FXTB provides a transparent method of withdrawals and deposits to assist its users in a highly efficient way. Deposits are instantly credited into the user’s account. Deposits in the account can be made in the following ways
- Credit card
- Debit card
- Wire transfer
It accepts USD, GBP, and EUR as a payment currency.
The minimum deposit amount of different account types differs
- The basic account has $250 as a minimum deposit
- Gold account has $25000 as a minimum deposit
- Platinum account has $100,000 as minimum deposit
- The VIP account has $250,000 as a minimum deposit
The withdrawal process is one of the most favorite processes for users. As it gives them the reward for their trading and investing. So, it needs to be clear and crystal. Withdrawal can be initiated by the user from its account. However, the FXTB makes sure the necessary verification of the user to ensure the safety of funds. It is processed within 24 business hours after the withdrawal is successfully initiated. The status of withdrawal can be checked from the banking section tab in the account.
Note: Ensure verification of documents to avoid facing delay in withdrawal.
Minimum amount to withdraw
The minimum amount to withdraw money through wire transfer is ₣100, $120, €100, £80, and ₽7,000. However, the no minimum amount for withdrawals made from credit cards Skrill or Neteller. FXTB broker does not charge commission fees when you trade, but the swept fee applies. So if you hold trades overnight, then the swept fee will apply. And the fee is calculated on the lot size and the trading asset that you trade. FXTB also charges an inactivity fee of $80 if you don’t trade for one month or more
Withdraw fee differs from account types offered by the platform
- The first withdrawal is free for basic type,
- The gold type has 1 monthly free withdrawal
- Platinum has 3 monthly free withdrawal
- The VIP account has no withdrawal fee
Support and service
User satisfaction is the utmost priority of FXTB. Its team and members are available anytime to assist the users. The support system of ForexTB has a team of versatile people that can speak 8 languages to assist people from different countries of the European region.
FXTB provides support and service to its users in various forms.
The customer support team can also be contacted by:
- By calling at Phone +357 2 222 2353
- By emailing at [email protected]
The platform’s team strives hard to assist its users by providing services in various forms in order to earn money from trading. Following are the key services that FXTB offers
- 5 Days trading facility
- Teaching the basics of trading
- Security of users funds
- Transparent deposit and withdrawal method
- Forex, CFD, crypto, commodities, and indices trading platform
- FXTB broker does not charge commission fees
- Daily signals and financial news
Accepted countries and forbidden countries
ForexTB has a far-sighted vision to provide its services all over the globe. However, the platform is operating in the European region currently.
Following is the list of countries in which ForexTB is allowed to operate in
Austria, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, Greece, France, Germany, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal, Romania, Slovakia, Spain, Slovenia, Sweden, Iceland, Liechtenstein, Norway, Switzerland, United Kingdom.
As mentioned above, it has the vision to provide services all over the globe. However, it is currently restricted to European countries only excluding the USA also.
ForexTB is pleased to provide services to its users without any interruption and inconvenience. Keeping in mind the ease and attraction of users, ForexTB provides multiple offers and targets for the users to get different discounts, free withdrawals, and much more. It also provides offers to its users depending upon the national events and days of the countries in which the platform is operating. Moreover, it also provides special news and technical analysis to its users, but currently, there are no ongoing offers on the platform.
Conclusion on the FXTB review: Not the best trading conditions
Overall, we can say that FXTB is not a scam, it is a regulated platform. But the trading conditions are not the best. So you should check by yourself if the broker is suitable for you.
ForexTB is a multi-faceted, secure, and regulated broker platform that offers a series of services to its users. It has a user’s friendly interface that helps the users to learn quickly all about deposits, withdrawals, and other technical issues pertaining to the platform.
ForexTB offers technical knowledge to its users apart from providing trading platforms. It has a very qualified team behind this platform for creating and assisting the users. Thus, ForexTB is a paragon of the long-awaited platform that users were in search of to start their trading journey.
But compared to other brokers, FXTB offers high spreads. That means you will pay more money to the broker when you are trading.
Advantages of FXTB:
- Regulated broker
- MetaTrader 4 and professional Web-Trader
- Free demo account
- A low minimum deposit of $ 250
- Multiple account types
- Good support
- Further education for new traders
- More than 270 assets to trade
- Go long and short easily
Disadvantages of FXTB:
- High trading fees
- Users reporting a lot of sale phone calls
ForexTB is a competitive online broker for investing in the financial markets. But the spreads are higher than with other online brokers (2.5 / 5).