ForexMart was established back in 2015 in Europe. The very same year, the company won the award for the Best Broker in Europe, which is quite an accomplishment. ForexMart tends to cover the basics when it comes to all parts of the business operations. As a result, the clients can enjoy many benefits and perks, from bonuses to special trading conditions and low fees on the majority of transactions.
So, how is ForexMart doing 5 years in? That’s why this ForexMart review was created – to help answer some of the many questions you may be having about this broker. We hope that the following passages can help you make a smart trading decision that you will be proud of.
Quality of Service
The trading platform at ForexMart is MT4, which is the standard in the industry. You can also use the web-based option but note that it may be missing some key features. Still, the MT4 is customizable to any device, which is another plus in our book. You can trade over 100 assets with the leverage of 1:200. You can choose from the list of some of the most popular stocks, currency pairs, commodities or cryptocurrencies.
One of the key features that this platform has to offer is the social trading option. Namely, this option allows you to take notes from other clients, especially more experienced ones. If you are a beginner, this is a huge advantage for you. This way you can copy the moves of other traders and add their moves to your own trading strategy. Overall, the entire platform is quite responsive and easy to use, which is a great thing.
Speed of Response
At ForexMart, there are not a lot of ways to contact their customer support agents. Namely, you can use either the live chat option or the callback. However, this is not at all impressive, especially since they take quite a lot of time to respond. There is no e-mail option available, as well as the telephone number which you can use. Their team could definitely use a lot of improvements with this section.
ForexMart team takes different processing times when it comes to deposit and withdrawal requests. This is standard, and it depends on the number of funds, as well as the banking option that you choose. Let’s talk about deposits first.
If you choose the credit card option for your deposits, the request will be processed within 24 hours. This also goes of Skrill and Neteller. On the other hand, the e-wallets such as PayCo and FasaPay are processed instantly regardless of the amount that you wish to use to fund your account.
When it comes to withdrawals, they take a bit longer to be processed. For credit cards, the waiting time is up to 3 business days, while the e-wallets can take up to 48 hours.
While the deposits are completely free of charge regardless of the payment method or the amount, the withdrawals are a different story. Namely, the following banking options require a 2.5% fee for a withdrawal:
The rest of the payment options do not require any transaction fees:
ForexMart is a regulated European company. It operates with the licence provided by the Cyprus Securities and Exchange Commission, which is one of the toughest regulatory authorities out there. CySEC takes priority in keeping the clients safe and making sure the brands honour their rights. It also regularly updates its policies and regulatory frames in order to keep their brands up to the latest standards of the industry.
Variety of Payment Options
As mentioned above, you can choose from a wide selection of banking options to make a deposit or a withdrawal of funds from your account. They include the standard ones such as credit and debit cards, but also e-wallets such as Skrill and Neteller.
Also, the company advises you to use the same banking option for your deposits and withdrawals. This is not a strict requirement, but it significantly contributes to the safety of your funds and data. It also makes their job a lot easier when it comes to processing these requests.