ForexMart is operated by the company named Tradomart SV Ltd, with offices in Saint Vincent and the Grenadines. There are certain restrictions with this broker, so if you are from the United States, North Korea, Cuba, Sudan, or Syria, you won’t be able to register and trade.
The company has existed since 2015 and it is highly committed to offering high-class service. This broker wants to enable excellent experience to each client and to protect accounts from any fraudulent activity.
Also, it claims to provide comprehensive knowledge people need for successful trading. Well, I am excited to see whether it managed to fulfill this part since we all know how important education is.
If you decide to open an account at ForexMart, the first step is verification. As this broker promised, we get full protection and verification is just one step of the whole process. There is a list of each document you need to scan and send, so before you register, prepare everything to make the process faster.
As for the account types, there are four of them. With the Classic Account, you have to deposit $15 at least, the minimal spread is 1 Pip while the average spread is 1.2 Pips. There is no commission and the minimum lot is 0.01.
Pro-Account is the one where you have to deposit $200 minimum, the minimum spread is 0.6 Pips and the average is 0.8 Pips. ForexMart Cents Account is similar to the Classic one. Each condition is the same, except that the minimum lot is 0.01 but we are talking about cent lots.
Lastly, there is Zero Spread Account. The minimal spread is 0 Pips and it is fixed, the commission is from 0.02% to 0.07% and the minimum deposit is $1. The main difference is that this is an Instant account, while the others have Market order execution.
There are some same things for every account like leverage (maximum is 1:500), a margin call is 30% and the maximum number of opened trades is 500, 10,000 lots.
There is also a possibility to open a Demo Account and practice a little bit before you start trading with real money.
Platform and Execution SCORE: 90%
ForexMart provides its clients with one of the most popular platforms, MetaTrader 4. This platform is easy to use, and it enables clients to simultaneously follow different chats and trade directly from them. You can make multiple orders and customize the platform according to you.
The best thing is that you can download an app for mobile and computer as well, so you can trade no matter the device. Aside from MT4, ForexMart offers a web platform and you can trade directly from your browser. There is no need to install any software, so if you prefer to trade that way, you can.
I have to say ForexMart has an excellent offer. This broker implemented everything, so even the pickiest clients will find something that fits their taste.
Withdrawal Speed SCORE: 70%
When it comes to deposits, ForexMart doesn’t charge any fees. So, you will only have to pay commission to the bank (if your bank charges them). There are seven different methods and processing time depends on the one you choose.
Of course, you have the possibility to deposit with Credit Cards (Visa and Mastercard) and the waiting time is 24 hours. If you choose Skrill and Neteller you will also have to wait 24 hours and with PayCo, FasaPay, UnionPay, AliPay, and Bitcoin deposits are instant.
When you decide to withdraw funds, there are certain fees you need to pay depending on the method you choose. For Visa and MasterCard there is a transaction fee of 2.5% plus a fixed fee of 3.5 USD/EUR. For Skrill, there is a transaction fee (1.39%) and system fee 1% (but not more than $11.41 or €10) and the withdrawal process lasts between one to seven business hours.
With Neteller, the process is also one to seven business hours long and the transaction fee is 2%. For UnionPay and AliPay, the fee is also 2% but you will wait a little bit longer — 48 hours. This is the waiting time for PayCo and FasaPay but for these two methods, there are no fees. Lastly, we have Bitcoin. The transaction fee is 0.0002 BTC and the waiting time is 48 hours.
The only problem I have is that ForexMart never specified how long clients wait if they withdraw with Credit Cards. Also, we have no idea how much time this broker needs to review documents you send since that slows down the process for a little bit.
Support and Assistance SCORE: 95%
ForexMart offers one of the best support centers I have ever seen. First of all, it is visually appealing, and you can find everything in just a few glances. There are different options and you can choose the one you prefer.
The first method for contact is to send them an email. What I like the most is the fact there are seven different emails regarding the topic (support, finance, information, verification, dealing, bonuses, and partnership). This way, you can expect to receive a faster reply, since your question will go straight into the right department.
Another way to reach out to them is through Skype, Viber, Telegram, or WhatsApp. This is an excellent way if you want to send them a message, but you do not want to go to your email and type everything.
If you want to speak to someone, there is a possibility to call customer support or to request a call. If you choose to request a call option, there are different languages (English, French, Romanian, Russian, Indonesian, Chinese) so depending on the one you choose an agent will call you.
Lastly, there is a Live Chat option. This is the fastest way and if you want to get a quick answer, I advise you to choose this.
As you can see, ForexMart dedicated a lot of time to customer service and I appreciate that. Each client deserves to be treated with respect and if there are any problems, they should be solved instantly. The only negative thing I can mention is the fact that customer support is not available always, but five days a week.
Education and Tools SCORE: 60%
As the last part of this ForexMart review, we saved education. This broker promised to share knowledge with its clients, so let’s see if that promise is fulfilled.
There is a section called Tools, and inside you can find an Economic Calendar that allows you to be updated with the latest market events. Unfortunately, this part is not working, and it will always show a message that it is not available.
There is also a Market Analysis section and that part is updated daily. Economic News is also available, alongside the regular ones. The brochure called The 10 Ideas Behind Forex Trading is available too, so I can say they are maintaining the education section regularly although it could contain more learning materials for experienced traders.
ForexMart is definitely not a scam broker. You get excellent support; trading conditions are great, and it seems like you will be treated well if you decide to become the client.