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ForexTB or FXTB is a new investment company founded in 2015 in Cyprus. The company’s activity is regulated by the Cyprus Securities and Exchange Commission (CySEC) that is proved by the CIF license N. 272/15. The company belongs to Forex TB Limited and offers services of online Forex and CFD trading. The company’s services are available for traders who live in the eurozone (except for Belgium) and Switzerland.
Trading conditions
ForexTB provides its clients with access to various assets and over 270 trading instruments, including the following:
- 60 currency pairs
- 7 metals
- 3 energy (commodities)
- 170 shares
- 12 indices
- 10 units of agricultural products
- 15 crypto currencies
FXSTB is a successor to Investous and 24Option and it has a similar account model offering only one account type. The model is really simple. Thus, the more money traders spend, the better trading conditions they have. The Basic account type is the lowest level of the account and it is followed by Gold and Platinum. VIP is the highest account level. Notably, spreads for the VIP account holders are more competitive than spreads for other accounts. For example, 1.1 pips for the euro/dollar pair and 1.4 for the pound/dollar pair. At the same time, the basic account holders get 2.5 pips for the euro/dollar pair and 2.8 pips for the pound/dollar pair. In other words, FXSTB offers wider spreads than other companies.
Traders have to pay for the deal rollover. Moreover, they have to pay 80 euros if they do not use their accounts for more than a month.
On the official website, thanks to the Web Trader trading platform traders can monitor deals as well as prices and spreads in a real time mode. Thus, traders’ spending is transparent. The company’s clients are offered several cryptocurrencies that can be traded against the USD/EUR/GBP. Notably, commission depends on the trade volume.
Trading platforms: MetaTrader 4 (MT4) and ForexTB Web Trader.
The company’s clients may also use the mobile version of the MT4. Besides, it is possible to test the platform on the official website.
Deposit and withdrawal of funds can be performed by means of various payment systems, including credit cards such as Visa and MasterCard, e-wallets, and wire transfer. Deposits can be denominated in the US dollars, the euros, and the British pounds. Traders should also take into account that to withdraw money, the basic account holders will have to pay a commission of 3.5% if they use payment cards and 30 euros if they use wire transfer.
When opening an account with ForexTB, traders must have a scanned copy of their passport, driver`s license, or, in the absence of the above-mentioned documents, a national identity card. The company`s employees can also request a utility bill or a bank statement for the last three months with the client`s residential address.
Training
The company’s clients with various trading experience can make use of the educational section on the official website. The section contains webinars, online and video training, e-books, and articles.
Support service
The company is located in Nicosia (Cyprus). Traders may use the live chat to solve their problems. However, they may contact the support team only during trading hours. Support is also available via telephone call and email.
Comment left by traders
There are no comments about the company’s services on the internet. That is why we cannot call it a reliable broker.
Advantages and disadvantages of the company
The advantages include a modern and well-designed website, user-friendly interface that offers one-click trading, six different types of charts, and a wide array of indicators. The web-based trading platform is suitable even for novice traders.
However, it is worth noting that the broker offers limited configuration options. A wide range of cryptocurrencies allows the company’s clients to trade against the EUR/USD/GBP. Moreover, the company offers a wide range of commodities, agricultural products, including milk, rice, and some other. The advantages also include free access to Trading Central, daily signals and financial news, the MT4 trading platform, and a mobile application.
However, there are some drawbacks. For example, trading conditions (spreads) are above average for both gold and platinum accounts. The model of the account makes traders deposit as much money as possible. In addition, the company is not the most transparent in the market. ForexTB does not have a public service number. In addition, the time to contact the customer service is limited, there is no social trading, and the broker charges commission for withdrawing funds.
