Is ForexMart Scam? In this blog we will give you an idea of it. Customers can trade financial instruments with ForexMart, an online trading broker. Since the broker only holds a few limited licences, its legitimacy cannot be guaranteed. The broker’s website has a complex layout, making it extremely difficult for beginners to understand all the features and services. With the broker, there is no educational section, and the research section just has a few tools. The demo service account has a 30-day time limit, and the customer service is terrible and incapable of answering questions. The procedures for depositing money and withdrawing money cost money and take longer than usual—withdrawals can take up to ten days.
Scam or safe: ForexMart?
ForexMart is a fraudulent broker who doesn’t give complete details about the services they offer.The company has a number of financial authority permits, but not enough to guarantee total security. The company is headquartered in St. Vincent and the Grenadines and does not disclose its licence on its website. It is simple and doesn’t take many verification procedures to register a company in the country. The procedure includes submitting an application for a licence online via the country’s portal, which is a free and transparent process. Registering your company only requires you to pay a little processing charge.
Moreover, it does not operate in accordance with EU, MiFID, or ICF. The Investors Compensation Fund (ICF) gives up to 20,000 euros in insurance to each user account and ensures that no client is exposed to any fraudulent brokers or activities.
Ultimately, due to the lack of restrictions, ForexMart’s security cannot be guaranteed. Before trading with this broker, it is advised that our prospective clients perform their divergence.
Features of ForexMart:
- Also referred to as a Demo Account, a Virtual Portfolio
- Social Trading is accessible.
- Accessible copy trading
- Powerful Financial Chart comparing tools are available from ForexMart.
- ForexMart provides professional analysts’ research-backed analyses of the financial markets and investments.
- The ForexMart platform can be accessed online and on a variety of devices, including web browsers.
- With features for both novice traders and seasoned pros, ForexMart provides an intuitive trading environment.
- The ForexMart software is available in over 15 different languages, which is advantageous to users.
Account Types:
The broker provides four different account types: classic, pro, cent, and zero. Yet none of the accounts meet the needs of the customers, and they all have a limited selection compared to other service providers in the same field. Trading one round lot is more expensive. Additionally, the largest leverage available in both accounts is 1:500, and the margin limit exceeds EU regulations.
Due to the limited availability of basic currencies, traders may experience difficulties making deposits and withdrawals. Customers may also trade using a demo account. But, the 30-day demo time on the account is insufficient to deliver satisfactory services.
Leverage
The broker provides traders with a leverage capability up to 1:500, which is greater than the maximum allowed by regulatory organisations. The margin limit for all brokers has been set by the European Union at 1:30, and brokers’ websites that do not adhere to this rule are regarded as unreliable. For the traders, the big margin is extremely dangerous and can expose their money to losses.
Advantages of trading with ForexMart:
- A broad selection of more than 100 trading instruments. Customers can also utilise cryptocurrencies, futures contracts for equities and metals, in addition to Foreign currency;
- A variety of practical trading advice and instructional resources can be found on the company’s official website.
- Exciting affiliate programmes and the choice to participate in auto-copy trading are available to individuals wishing to supplement their income.
Disadvantages of ForexMart:
- Inadequate for scalping;
- Few opportunities for investment;
- Not an MT5 platform;
- A limited selection of analytical tools in compared to some of its rivals;
- Without PAMM accounts;
- Not all trading gurus operate consistently.
Customer Service:
The customer care provided by the broker is appalling, and the executives fail to allay clients’ concerns. For a typical trader, the average response time of more than two days is annoying. A trade bot that provides irrelevant answers to every query runs the live chat. Telephone, live chat, email, and a feedback form are the available options.
Conclusion:
Overall, the broker is risky to use and has licences that cannot vouch for their legitimacy. The broker’s website has a complex layout, making it extremely difficult for beginners to understand all the features and services. The sample service account has a 30-day expiration date, and customer care is falsely advertised as being available around-the-clock everywhere.
