Is ForexMart Scam or Legit Broker?

According to our research, ForexMart is not a safe broker.  The company had many issues with their clients in terms of the provided services and commitment to deliver fair trading conditions as well as money management. Moreover, recently ForexMart received an administrative fine of €130,000 for unfair acts.

  • ForexMart is the trading name used by a regulated Cyprus Investment Firm Instant Trading EU Ltd, which is also a part of the brokerage firms group with an authorization license from CySEC. Registration Address/ License: Limassol, Cyprus. Regulated by CySEC – registration no. 266/15

About ForexMart
🗺️ Registered inCyprus
🗺️ Type of LicenseCySEC
🛡️ Is ForexMart safe to tradeNo
🗺️ Recommended LicensesFCA in UK 🇬🇧 & ASIC in Australia 🇦🇺
🖥 Alternative BrokerFP Markets - licensed by ASIC in Australia

What is ForexMart?

ForexMart is committed to offering high-class trading software, giving exceptional trading experience, protecting clients’ accounts against any fraudulent activity, and equipping the traders with comprehensive knowledge needed for successful trading. ForexMart uses MetaTrader 4, one of the leading platforms for trading forex online. The customer support team is available 24 /5 to assist its clients with the trading issues and questions.

  • However, CySEC informed the public that ForexMark as a part of the brokerage group Instant Trading EU Ltd, which also operates InstaForex and InvestCity Retail FX brands didn’t follow the necessary regulation requirement as stated in the license, thus the company has to take corrective actions in relation to the services provided.
  • And as considered by the FPA the operation under the same license that is used by numerous brands is a fair confirmation of the scam auctions. The company offering covers attractive investment opportunities for traders of different sizes and strategies, along with an advanced bonus program to reward their clients.

 

ForexMart

Overall ForexMart Ranking 

Taking into consideration the issues we found with ForexMart safety and regulations, we do not rank positively ForexMart.  With an  Expert Opinion with over 10 Years of experience in Forex Trading we have come up with the following ranking:

  • ForexMart Overall Ranking is 3 out of 10 based on our testing and compared to 500 other brokers, see Our Ranking below compared to other popular and industry Leading Brokers.
RankingForexMartFP MarketsXM
Our Ranking⭐⭐⭐⭐⭐⭐⭐⭐⭐⭐
Is Broker safe? NoYesYes
AdvantagesNoneTrading EnvironmentEducation

ForexMart Alternative Brokers

As we found multiple issues regarding the safety and reliability of ForexMart, here we offer much better Alternatives to ForexMart with tight regulations and great conditions. We select Good Brokers and reliable options for your comparison below: 

  • eToro – Good for CopyTrading and Cryptocurrency Trading
  • Dukascopy – Excellent for Shares, Futures Trading
  • BlackBull Markets – Good for High Leverage Trading

Deposit & Withdrawal

ForexMart does not charge deposit fees. However, payment systems may charge commissions for their services. Withdrawal fees vary depending on the payment method. The options of funding include: Bank Wire, Credit Card, Debit Card, and e-wallet payment systems Skrill, Neteller, Diners, and Western Union

ForexMart Review Conclusion

Overall, we do not recommend traders to involve in the risk and invest in trading with ForexMart due to its confusing actions and gap in reputation. It’s better to choose a reliable broker from the list of Regulated Brokers that complies with the strictest rules and requirements to operate clients’ trading. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as FP Markets and BlackBull Markets.

  • Overall ranking and experience for ForexMart is Negative

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