Overview/ Background
ForexTB is fully licensed and regulated by the Cyprus Securities and Exchange Commission (CySEC), with license #272/15. It is based in Nicosia, Cyprus, but operational in all regulated jurisdictions around the world. Additionally, FXTB is fully licensed across specific regions such as the European Economic Area (EEA), with the exclusion of Belgium and Switzerland. This CFD brokerage is fully compliant with industry standards, as stated by CySEC.
ForexTB offers traders a choice of platforms, across multiple devices and browsers. These include MetaTrader 4 (MT4), and the browser-based WebTrader. Safe and secure operations are sacrosanct, with client funds maintained in segregated accounts with world-class banking institutions. FXTB implements Fort Knox style safety systems with the highest security standards, SSL encryption (secure socket layer), and PCI Scan compliance.
ForexTB is strictly compliant with all European Union regulations, notably data protection laws. This is included in the GDPR guidance for EU clients. In terms of regulation, FXTB guarantees enhanced protection for traders and investors, by promoting ‘stable and orderly financial markets.’ Live accounts and demo accounts are available to traders, both of which provide access to real-time prices, rapid executions of trades, and a full spread of financial instruments. FXTB is widely regarded as a leading CFD forex broker.
Account Types
FXTB features an array of account types, each suited to specific types of forex traders. Retail clients can enjoy the leverage of 1:30 with their accounts, while professional clients can enjoy the leverage of up to 1:400. The 4 basic account types include the following options: Basic, Gold, Platinum, and VIP. Features of each of the aforementioned account types are listed below:
Basic account – €250 starting balance, with EUR/USD at 3.2 pips, GBP/USD at 3.6 pips, USD/JPY at 3.5 pips, and crude oil at $0.12
Gold account – €25,000 starting balance, with EUR/USD at 2.9 pips, GBP/USD at 3.3 pips, USD/JPY at 3.2 pips, and crude oil at $0.11.
Platinum account – €100,000 starting balance, with EUR/USD at 2.3 pips, GBP/USD at 2.7 pips, USD/JPY at 2.6 pips, and crude oil at $0.10.
VIP account – €250,000 starting balance, with EUR/USD at 1.8 pips, GBP/USD at 2.2 pips, USD/JPY at 2.1 pips, and crude oil at $0.08.
With each of the account types, traders will be required to create an account with ForexTB, by entering full name, email, and telephone number, confirming age, and accepting terms and conditions.
Trading Platform/ Software
FXTB provides clients with access to MetaTrader 4 (MT4) and WebTrader. The proprietary version of MT4 at FXTB features a tailor-made platform for trading CFDs and forex. The MetaTrader 4 platform features 3 unique chart types, dozens of technical indicators, and full customization options.
Clients are able to monitor price movements with currency pairs, commodities, indices, stocks, crypto, all within MetaTrader 4’s capabilities. Among others, MT4 facilitates analysis of financial instrument pricing, trend lines, and automated trading resources.
The user-friendly MT4 trading platform seamlessly blends all available financial instruments into one powerful trading application. Plus, it’s readily available to traders on desktop and Macbook devices. The Web Trader and MetaTrader 4 platforms are also mobile-ready for on-the-go trading of top assets, CFDs on cryptos, commodities, stocks, and currency pairs.
At the time of writing, FXTB offers 300+ financial instruments from worldwide markets. Contracts for Difference (CFDs) are derivatives trading instruments which mirror price movements of the underlying assets.
Thanks to powerful software capabilities, the trading platforms allow for rapid executions of trades, access to a wealth of charts, graphs, features and functions, and up-to-date pricing.
Deposit options
FXTB deposit options include the likes of credit cards (Visa and MasterCard), electronic payments, and wire transfers. To initiate a deposit, traders must first log into their account. Next, navigate to the deposit button and click on your preferred method. The minimum deposit amount varies from one method to the next.
Each minimum deposit amount is clearly displayed in the client account. Further, credit card deposits can be verified by transmitting images of the front/back of the card and covering the first 12 digits of the credit card number and the CVV code.
The security of all deposit options is guaranteed. Firewall protection, SSL encryption technology, username/password logins, and bank-level security access to your account are in place.
Markets
The FXTB trading platform features a wide variety of assets and markets. These are broadly divided up into the following categories: currencies, cryptocurrencies, commodities, stocks, and indices. Each of these is available on the FXTB trading platforms MT4 and WebTrader.
Currency Pairs – EUR/USD, GBP/USD, USD/JPY, USD/CAD, USD/CHF, EUR/CHF, EUR/GBP, EUR/JPY, AUD/USD, NZD/USD, EUR/AUD, EUR/CAD, EUR/NZD, GBP/CAD, GBP/CHF, GBP/NZD, AUD/CAD, AUD/JPY, NZD/CAD, NZD/JPY, USD/NOK.
Cryptocurrencies – RippleUSD, RippleEUR, MoneroUSD, RippleGBP, BTC mUSD, BTC.mEUR, Litecoin.mUSD, ETH.mUSD, Ripple.mUSD, ADAUSD, BinanceCoinUSD, EthereumGBP, ETHClassicUSD, BitcoinUSD, BitcoinEUR, BitcoinGBP.
Indices – NASDAQ, SPX 500, DAX 30, FTSE 100, JSE, CAC 40, Hang Seng index, US 100-10 X, Russell 2000, TA 35, USO, UCO, RTSI, MIB, ICE USD, Biotech.
Commodities – Milk, Orange, Cocoa, Cotton, WTI Crude Oil, Palladium, Gold, Silver, Zinc, Aluminum, Nickel, Corn, Rice, Wheat, Soybean, Natural Gas, Brent Crude Oil, Sugar, Copper, and Coffee.
Stocks – Airbus, 3M, Anheuser-Busch, Apple, BMW, BNP, Bank of America, Chevron, Cisco, CaixaBank, Deutsche Bank, Disney, Dropbox, DaimlerChrysler, EasyJet, Facebook, Ford, GameStop, GazProm, Gilead, Google, HSBC, Intel, Johnson & Johnson, JPMorgan, Lockheed, Juventus, MTN Group, Netflix, Nestlé, Pfizer, Cecil, Royal Dutch Shell, Snap, Tesla, Labour, Unilever, Vodafone.
These financial instruments can be traded directly from WebTrader on your browser, or MetaTrader 4 (a downloadable trading platform). Both platforms are free of charge, but they are synchronized with the FXTB brokerage to facilitate all of the available instruments, account features, and functionality. Each of the available financial instruments is traded in a CFD format, with buy or sell options available to clients.
Forex traders simply select the trade size, using the available leverage (1:30 for retail traders or 1:400 for professional traders). The option to Buy or Sell major, minor, or exotic CFD currency pairs is available to traders.
Bonuses
At the time of our review of FXTB, there were no bonuses or promotional offers available to the UK or European clients. However, as a courtesy to traders, you will be offered faux trading funds for your demo trading account. Please be advised that any returns generated on a demo trading account do not confer real money benefits. Owing to CySEC regulation, there are no bonuses and promotional offers provided to clients.
Customer Support
FXTB customer support can easily be reached by clicking on the contact us button. This redirects you to the appropriate channels for reaching out to customer service agents. A telephone number is available for questions, complaints, or compliments – +357-2-222-2353. An email address is also available – info@forexTB.com and a Chat Now option is available too.
The professionalism, courtesy, and knowledge of customer service agents are beyond reproach. FXTB support representatives are on the ball when it comes to forex trading issues.
One of the most useful customer support features is the FAQ section. This pre-populated list of questions and answers is particularly handy for traders. The FAQs are divided up into set categories such as General, Registration, Deposit, Withdrawal, Regulations, Account Verification, Fees, Troubleshooting, Trading and Investing, GDPR, and Help. Each topic features a conference set of questions and answers.
Safety
Safety is a top priority at FXTB. This forex broker goes the whole 9 yards when it comes to securing the trading platform against third-party interception of client information. A recent European Union regulation came into effect on December 15, 2020, mandating the use of transactions with 3DSecure V.2 (3DS2).
3D Secure means that payments are protected by an additional layer of security. This verifies identities and prevents fraud. As soon as you enter your information, you are directed to the 3D Secure confirmation page. The security system is initiated with an OTP (one-time-password).
There are plenty of other security measures in place at FXTB, notably Firewall protection, SSL encryption technology (secure socket layer), full licensing and regulation provided by CySEC, and segregated accounts. The latter is particularly important when it comes to client safety.
Segregated accounts protect clients from bankruptcy, insolvency, or claims against the business by third parties. Funds are held in secure accounts of established banks. Plus, each of the payment methods available to clients is guaranteed safe to use. They come with their own security measures.
Ease of Use
Compared to other leading forex brokers, FXTB is really easy to use. The designers opted for a text-minimal platform, with brevity preferred over complexity. The features and functions are neatly displayed in drop-down menus, with quick-click functionality across the board.
You can find anything you want about ForexTB at the click of a button. The FAQ section is particularly useful since it divides questions into neatly categorized options.
The trading platforms are user-friendly. Since you’re trading CFD options such as forex, commodities, crypto, indices, and stocks, it’s simply a matter of selecting your trade size and clicking Buy or Sell. It’s that easy.
Final Thoughts
ForexTB or FXTB is fully licensed and regulated by the Cyprus Securities Exchange Commission (CySEC) to offer legal, real-time trading to clients. It meets all the strictest requirements of oversight authorities, for European and other clients around the world. You have a wide range of options to choose from, numbering in the hundreds. The trading platforms include MetaTrader4 (MT4) and WebTrader, both of which facilitate Forex trading online. whether you trading on PC, Mac, or mobile, FXTB is definitely a viable option.
