RatingFX: independent rating of Forex brokers
About the company:
ForexMart is a trademark of Tradomart Ltd. (earlier Fxco Trading Ltd.). This brokerage firm is registered in Cyprus and is regulated by the Cyprus Securities and Exchange Commission (CySEC). The broker provides services to trade Forex, CFDs on shares and spot metals through the most popular trading platform, MetaTrader 4.
Safety of clients’ funds
Tradomart Ltd. delivers its brokerage services under the trademark of ForexMart, which is properly licensed and operates under the authority of the Cyprus Securities and Exchange Commission (license number 266/15).
Besides, Tradomart Ltd. holds a cross-border license issued by the CySEC, permitting investments and additional services in compliance with the European Financial Instruments Directive (MiFID) across the European Economic Area.
The CySEC applies particular rules for brokerage companies. One of such essential rules is the requirement to the minimum capital size which should be at least €1 million. For extra safety of clients’ funds, the company is a certified member of the Investor Compensation Fund (ICF). It means that in case of the broker’s bankruptcy a client will be able to withdraw up to €20,000.
The minimum deposit with the broker starts from USD/EUR/GBP 1. Compared to other brokers in Cyprus which require from $50 up to $500, ForexMart offers very beneficial trading conditions in the forex industry.
With ForexMart, traders can choose between two account types: ForexMart Standard and ForexMart Zero Spread. Besides, a demo account is also available with the broker. The first account type offers fixed spreads and a zero commission. So, a spread equals 2 pips for EUR/USD. The second type of a trading account means a zero spread for the same pair but the broker charges a commission of 2 pips. Other companies under the CySEC regulation set forth similar fixed spreads.
The maximum leverage with the broker is one of the biggest among other retail brokers. So clients can set leverage of 1:1,000. Importantly, high leverage enlarges both profits and losses. Therefore, some brokers restrict their leverage. ForexMart offers leverage of 1:100 to trade gold and silver. Leverage for CFDs is 1:20.
For trading accounts deposited with over $1,000, leverage can be raised to 1:500.
Clients trade through the MT4 trading platform which allows them to monitor up to four charts in parallel. The trading platform is equipped with several technical indicators and expert advisors (EA).
The broker offers its clients a welcome 30% deposit bonus and a non-deposit bonus up to $150. They cannot be used together with other bonuses. Those clients who have received a non-deposit bonus are provided with leverage of 1:200.
The broker allows its clients to deposit an account and withdraw money by means of bank cards, wire transfer, and electronic payment systems such as Neteller, Skrill, PayPal, and Paxum.
ForexMart 9/10 (votes 6208)