ForexMart Review 2020

General Information

Website URL: https://www.forexmart.com/

Founded: 2015

Regulation: n/a

Languages: 15 different ones

Deposit Methods: Credit/Debit card, Skrill, PayCo, FasaPay, UnionPay, AliPay and Bitcoin

Minimum Deposit: From $1

Free Demo Account: Yes

Types of Assets: Forex, CFDs on Shares, Spot Metals, Cryptocurrency

ForexMart is a broker from Saint Vincent and the Grenadines. It accepts clients from all over the world except the United States, North Korea, Cuba, Sudan, or Syria. It was founded in 2015 and what it aims to achieve is high-class service. So, let’s see if it managed to do that.

Trading Platform

ForexMart chose to provide two types of platforms. The first one is MetaTrader 4 and you can download it to your computer or mobile phone. You can make multiple orders and customize the platform as you wish.

The second option is a web platform. With this one, you can trade from the browser instead of downloading anything.

Account Types

When it comes to accounts, you can choose between four of them. There is the Classic One and you are required to deposit $15. The minimal spread is 1 Pip while the average is 1.2 Pips. Another account is Pro. With it, you have to deposit $200 minimum. The minimum spread is 0.6 Pips and the average is 0.8 Pips.

The third one is called ForexMart Cents Account and the minimum lot is 0.01 (cent lots). Everything else is the same as in the Classic Account. The last option clients have is Zero Spread Account. This time the minimal spread is 0 Pips (fixed), you have to pay commission from 0.02% to 0.07% and the minimum deposit is $1. 

There are certain conditions that are the same for each account (maximum leverage is 1:500, a margin call is 30% and the maximum number of opened trades is 500, 10,000 lots). But there is also one big difference. Zero Spread Account is an Instant account, while the others have Market order execution.

If you want to practice a little bit first, you can open a Demo Account instead of a regular one.

Customer Support

When we first visited the support center of ForexMart, we were delighted. You can find numerous options for contact and choose the one you prefer. For example, there is a possibility to send them an email. But not only that, this broker made a list of emails for each department. This way, your question will go straight to the right agent and you will receive an answer faster.

ForexMart also has Skype, Viber, Telegram, and WhatsApp, and if you need anything, take your phone and send a message. Of course, there is a phone number listed but you can also request a call (it can be in different languages — English, French, Romanian, Russian, Indonesian, Chinese).

The last method is a Live Chat and you will receive an instant reply there. Just keep in mind that customer service is available five days a week, not seven.

Deposits and Withdrawals

Once you open an account it is time to make a deposit. You can do that with Credit Cards (waiting time is 24 hours), Skrill and Neteller (you will also have to wait 24 hours) and PayCo, FasaPay, UnionPay, AliPay, and Bitcoin (those methods are instant).

For deposits, you don’t have to pay any fee, but this broker will charge you certain fees for withdrawals. If you withdraw with Credit Cards a transaction fee is 2.5% plus a fixed fee of 3.5 USD/EUR. For Skrill transaction fee is 1.39% and system fee 1% and the withdrawal process lasts between one to seven business hours.

As for Neteller, you will have to pay 2% and the process also lasts from one to seven business hours. For UnionPay and AliPay, the fee is 2% as well, and you have to wait 48 hours. There is an option to withdraw Bitcoins and the fee is 0.0002 BTC. The only payment methods that don’t have fees are PayCo and FasaPay.

Education

When it comes to education, there is a Tools section. It contains different things such as an Economic Calendar (it allows you to be updated with the latest market events). Market Analysis section, Economic News alongside the regular daily News. Also, you can find the brochure called The 10 Ideas Behind Forex Trading, etc. There are different educational things, but we need to emphasize they are mostly for beginners, not professional traders.

If you were unsure whether to trade at ForexMart or not, we can say it seems this broker is a decent one. There are some things that could be better, but our overall experience is not that bad.