ForexTB Forex Review

Read our full ForexTB review to get exact details about their safety, accounts, spreads, platforms, assets, support, and many more. Our unbiased ForexTB opinion allows our readers to decide whether ForexTB is a reliable broker.

ForexTB Forex Broker History

ForexTB was launched in 2015, giving it serious levels of experience in the brokerage industry. Since its inception, the broker has been providing mainly CFDs to global traders and has been focusing on EU citizens. The website is user-friendly and responsive, and can be easily accessed from mobile devices.

ForexTB broker safety

Regulations are the primary source of safety in the online Forex trading industry, and ForexTB is a regulated Forex and CFDs broker. It is overseen by the Cyprus Securities and Exchange Commission (CySEC). It keeps client funds in segregated bank accounts, preventing its personnel from touching client money.

The broker does not offer negative balance protection, meaning traders can lose more than their trading account balance, which is a serious security flaw for beginners.

ForexTB Broker Review of Accounts

ForexTb accounts are numerous and sorted depending on their tiers. These tiers are mainly defined by minimum deposit and spreads.

ForexTB Basic Account

The basic account is a trading account for general CFD trading purposes. It offers minimum deposits of 250 euros, and maximum leverage on retail accounts of 1:30. The leverage that can be acquired by pro traders is up to 400:1, which is very competitive. However, the spreads are an issue, as the broker charges 3 pips on major pairs like EUR/USD. Other major pairs have even higher spreads, and it is impossible to make money using day trading strategies. There are no trading commissions, which is natural when the spreads are this high. The minimum lot size starts from 0.01 lots.

ForexTB Gold Account

The gold account has even higher minimum deposit requirements, which are staggering 25,000 euros. The spreads are also very high on this account, starting at 2.7 pips on major pairs, making this account also unattractive for most traders. These are not conditions when you require traders to deposit 25 grand. The minimum lot size is also 0.01 lots, and leverage limits are also the same.

ForexTB Platinum Account

The platinum requires an even higher minimum deposit of 100,000 euros, but spreads are horrible here as well. Traders can expect spreads on major pairs to be 2.1 pips, which is super expensive and double that of the industry standard. There are no commissions, and other specs are similar to other conditions and are identical to those of previous accounts.

ForexTB VIP Account

The VIP account has the lowest spreads from the bunch. However, the minimum deposit requirement is over 250,000 euros. The spreads are not competitive either, as major pairs have 1.6 pips spreads, which is still much higher than the industry standard of 1 pip. Many brokers offer lower spreads with just a 1 USD minimum deposit, making ForexTB unattractive and uncompetitive.

ForexTB instruments

ForexTB offers access to many different markets such as FX pairs, commodities, indices, cryptos, and even stocks. All these instruments are CFDs and enable quick trade execution, which is useful for cryptos and stocks. However, spreads are so high, there is no way anyone can use this advantage and generate profits. The leverage is also low for retailers at 1:30, making it difficult to control sizable positions using a low budget. As a result, we get an expensive broker with high minimum deposit requirements.

ForexTB Reviews of Trading Platforms

ForexTB trading platforms are limited to the MT4 platform. The platform enables custom indicators and Expert Advisors (EAs), and the broker does not prohibit either. There is no mobile MT4 app available, which is a serious drawback. Instead, the broker allows access to its own app, which is nowhere near the advanced platforms.

ForexTB Forex Review of Extra Features

The broker offers several extra features, which are mainly educational resources. These features include webinars and trading articles about various financial trading concepts. There is also an economic calendar provided, which is very useful to monitor fundamental news. There are no deposit or welcome bonuses provided, and there is no trading contest currently available, which is a drawback as well.

ForexTB Reviews of Customer Support

Customer support experience at ForexTB is provided via phone support only, which is built into the website. However, it is not as flexible as live chat, and the broker does not directly offer email support either. Live chat is a more convenient support form than phone support. As for the languages, the broker is multilingual as its services are available in multiple languages.

ForexTB Deposit and Withdrawal

Deposits and withdrawals at ForexTB are available via bank cards, wire transfers, and e-wallets. The broker enables quick deposits for free, but completely lacks details about withdrawal commissions and processing times. This is a major red flag as profit withdrawal policies are among the top priorities for traders after the broker’s regulations. Traders can find details about deposits and withdrawals in the FAQs section in the help center, and there is no dedicated menu, which is also inconvenient.

ForexTB Review Conclusion – Can you trust ForexTB?

ForexTB has high spreads, large deposit barriers, a lack of a mobile MT4 platform, and poor support options, which makes it difficult to recommend this broker to anyone. While regulated, its trading conditions are far from competitive in the current brokerage market.

Be safe and stay away from ForexTB.

FAQs on ForexTB

Is ForexTB a scam?

ForexTB scam is difficult to conclude as the broker is regulated and offers comprehensive education, but has expensive spreads, and transparency is mediocre.

What is the ForexTB minimum deposit?

The minimum deposit requirement for the basic account starts from 250 euros, and other accounts require much higher deposits.

Is ForexTB a cheap broker?

No, its spreads are significantly higher than industry standards.