ForexMart -Some Important Point about This Broker

ForexMart Information

ForexMart, which was founded in 2015 and is regulated by CySEC, provides a wide range of trading instruments such as forex, stocks, cryptocurrency, and commodities. While it offers cheap spreads and no-commission Forex trading, its FCA registration claim is marked as a questionable clone.

Pros and Cons

Is ForexMart Legit?

ForexMart is legally regulated in Cyprus by CySEC, but its claim to be regulated by the FCA in the UK is identified as a suspicious clone. This means that it is not fully authorized by the FCA and may be employing a false or misleading claim.

What Can I Trade on ForexMart?

ForexMart has a lot of different trading instruments, such as equities, spot metals, cryptocurrencies, energy, indexes, and commodities.

Account Type

ForexMart has three categories of live trading accounts: Basic, Gold, and Platinum. Each one is made for a particular sort of trader, from novices to experts who trade a lot. It also lets you practice with a demo account.

Leverage

ForexMart provides varying leverage levels based on the product category (up to 1:30). Higher leverage can improve profit potential while also increasing risk, therefore appropriate risk management is crucial.

ForexMart Fees

ForexMart's prices are average for the industry as a whole. For example, spreads are average for entry-level accounts and more competitive for higher-tier accounts. Trading without commissions helps keep expenses down, but swap rates (overnight fees) do apply.

ForexMart Spreads

The Basic Account offers the biggest spreads (e.g., ~60-200 pips on Forex) with no Forex commission, making it ideal for beginners. Active traders benefit from the Gold Account, which minimizes spreads (e.g., ~40-180 pips on Forex) and commissions (e.g., stocks ~0.70%). Platinum Account is suitable for high-volume or professional traders, as it provides the tightest spreads (e.g., ~40-180 pips on Forex) and the lowest commissions (e.g., stocks ~0.15%).

Swap Rates

ForexMart charges standard swap rates (long/short) on overnight positions, varying by instrument. Example swap rates (AUD/CAD on Basic account): Long: -0.53; Short: -0.12.

Non-Trading Fees

Trading Platform

Deposit and Withdrawal

ForexMart doesn't impose deposit fees, and in some cases, it will even pay back the price of deposits. The fees for withdrawing money depend on how you pay. The minimum deposit for a Basic Account is €200.

Deposit Options

Withdrawal Options