When a broker company wins an award in the Forex market, people may assume that the broker in question offers top-notch services and that it is safe to invest with such an attractive trading provider. However, contests and awards can often be misleading, and prospective investors should always be cautious when putting their name on the dotted line. That is why our Forexmart review will examine all the features and characteristics of this broker house, and we will see if the title of the Best Broker in Europe for 2015, which was given to Forexmart by ShowFX World, was justified or not.
Leverage: 1:200 Licences: N/A
Min. Deposit: 100 USD Bonus: N/A
Spreads: from 2 pips US Clients: No
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Forexmart at a glance
Forexmart is a trading name of Tradomart Ltd, and this young broker has only a couple of years of experience under its belt. However, it seems that the company is regulated by CySEC, under the number 266/15, which means that Forexmart scam may not be present after all. But, let’s not jump to conclusions since there are other issues that are problematic when it comes to dealing with Forexmart. Additionally, this broker is currently in a partnership agreement with “U.D. Las Palmas”, a football club competing in the Spanish “Primera” League.
Forexmart – opening an account
The foreign exchange market is a risky and volatile environment and traders have to be very careful when picking a broker that will handle their transactions and trading activities. That is why reading Forexmart reviews will help you learn a thing or two about this particular company, and for instance – you will discover that this broker offers three types of accounts, besides the demo option. ECN Standard, ECN Zero, and Micro account are available at Forexmart, and the leverage with some of these accounts may go up to 1.5000, which is a ridiculous amount and can be considered as a proper warning about suspicious activities of this broker house.
Just like many other broker companies out there, Forexmart broker uses MetaTrader 4 software solution as well. This software package is well-known in the Forex world, and it does, in fact, offer some benefits and an impressive range of possibilities. However, Forexmart fails to utilize the platform properly, and they did not incorporate the full range of features that this package can offer. Also, there are mobile apps available, and traders can download them to their smartphones and tablets.
Promotions and gifts are an essential ingredient of successful operations in the Forex market, and every decent broker will try to offer reasonable but generous trading incentives. In our Forexmart opinion, this broker fails to do so since they are offering just a couple of types of bonuses, and one of their primary incentives are tickets for “Las Palmas” games. Aside from that, there are welcome bonuses of 30% and 50%, and a competition called “The Lucky Draw” where you could win $1000, but the requirement for this lucrative “gift” is to deposit $300. As you could see, the offers may be generous, but they are tied to demanding terms and conditions, and this is one of the reasons why Forexmart is not the best place to trade currency pairs and other assets.
Minimum deposit amount that you are required to deposit with Forexmart is just $1, and this is, according to a lot of Forexmart opinions, a classic “swinging carrot” that should be tantalizing and attractive for potential investors. Also, Forexmart claims that they do not charge a commission for their services when clients are transferring the funds to and from their accounts, but we all know this is not true. Clients can use several methods to deposit and withdraw the funds, and wire transfer, credit cards, and e-wallets are on their disposal.
Forexmart Forex broker does not offer much when it comes to the quality of their customer support service, and most traders will be left disappointed with the lack of assistance in critical moments. As they say “a friend in need is a friend indeed” and clients can only reach Forexmart via chat option or by a call-back feature. Additionally, there is a FAQ section which can provide you with some answers at least.
Forexmart is still a young and aspiring broker company, and their services could get better over time, but at this moment – this company is simply not providing a satisfying level of quality. As you could see in our expert Forexmart FX broker review, a lot of drawbacks are still present in their activities and operations, and it remains to be seen if those issues will be repaired soon.