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Financial market trading is not as easy as it appears from outside. It is a blend of sentiments and techniques. A financial service provider offers you the best trading tools and analytical instruments to excel in the market. It also takes care of sentiments of traders. But, ForexMart does not adhere to any of these points. It charges extremely high fees and offers outdated trading tools. Are you thinking to opt for this firm? We suggest you think twice before investing and read the unbiased ForexMart review 2021 before making any decision.
ForexMart: The firm offering poor services
ForexMart has been operating the market since 2015. It is a relatively new and inexperienced firm, and it is clearly visible through its low-quality services and outdated platforms. The broker’s website’s UX/UI is too basic and fails to capture traders’ interest. The home page looks like the broker is just boosting itself rather than presenting details about its services and charges.
The leverage offered by the firm is extremely high and surpasses the limit fixed by some authentic bodies. There are numerous hidden charges which the broker revels after traders have opened the account and paid fees. It is purely an illegal act. The firm is only trying to play with the sentiments of traders.
Is ForexMart Scam or safe?
The ForexMart website says that multiple jurisdictions regulate it. But, it has not provided any fact or proof to prove this claim. It is just misleading traders by providing half-cooked information and keeping them in illusion. Thus, it is not a safe firm for trading. Think twice before investing as it takes seconds to lose everything.
Also, your personal information, transactions and trading account details are not safe with the firm as it does not provide advanced safeguard tools and strong encryptions. So, your sensitive details are at risk, along with hard-earned money.
Tradable assets and markets
The financial service provider has not mentioned anything about the markets offered for trading. Also, it has not provided the list of available products in these markets. We can only see some random assets on the home page. It is one of the essential points that almost every trader checks as soon as he/she visits the website. How can brokers make this silly mistake or it is not a mistake, the broker is intentionally hiding this vital information. The chances of later are more.
Many analysts suggest that for harvesting a massive profit, you need a diversified trading portfolio. Unfortunately, the broker has nothing exciting to expand the trading basket. Thus, pushing traders towards financial risk.
Trading platforms
ForexMart offers outdated web traders and MT 4 for trading. The entire trading world has moved to MT 5, the success of MT 4. Almost all novice firms are offering MT 5, and the broker is still trying to set its foot in the market with its conventional tools.
The broker has completely failed to meet trading demand and block all the ways for surging the trading standards of investors.
Deposit and Withdrawal
The broker offers restricted options for deposit and withdrawal of funds. It has missed out many global methods such as VPay, Maestro and several others. We can say this as they have mentioned nothing about these instruments.
The process of withdrawing funds is time-consuming and complicated. It takes several days, and you are required to fill the form for this.
Is the broker global?
No, ForexMart is not a global broker. Sadly, it does not offer services in some of the top economies due to some legal constraints. It includes the United States, Cuba, North Korea, Syria, Sudan and several others. It is a big red flag.
Leverage
The brokerage firm offers leverage up to 1:500, which is extremely high and beyond the limit permitted by some financial bodies. One of the financial bodies, the European Union, has set this limit to 1:300. The firms allowing margin beyond this limit are regarded as untrustworthy and unsafe for trading.
It is to be noted that approximately 85% of traders lose their money while trading on high margin. The broker knows this fact very well. Still, it has not taken any initiative to reduce the number. It seems that it wants its traders to risk their amount to earn maximum out of it.
Education resources
The broker does not offer educational resources such as articles, tutorials, courses, and videos to train and enhance traders’ financial knowledge. It is one of the essential things. Many analysts suggest entering the market with prior experience. Unfortunately, the broker has failed in this arena also.
Spreads, commission and fees
The spreads and commissions associated with the trade are extremely high. For currency pairs, it goes as high as 10. It also keeps on changing continuously during execution trade order. Moreover, the broker charges numerous hidden trading fees.
There are high charges on overnight trading positions and withdrawal. All these high fees directly impact the profit size.
Customer support service
The customer support service is the brokerage firm’s backbone as it is a strong link between traders and firms. Unfortunately, this link is fragile in case of ForexMart and fails to offer quality and quick response to traders’ queries. They do not receive calls many times and also take three long days to revert emails.
It looks like the broker has provided a live chat option for show off as it remains offline most of the time. The robot is responsible for providing answers to the queries. Hence, they sometimes appear to be irrelevant.
Disadvantage of ForexMart
There are many setbacks associated with this brokerage firm. Some of them are mentioned in the following points:
- Leverage above the permissible limit
- Lacks educational tools
- Limited tradable products
- Poor customer support service
- High additional charges
- High and variable spreads
- Does not accept investors from the United States, Cuba, North Korea, Sudan, Syria and several others
- The complex process for deposit and withdrawal
- Time-consuming account opening process
- Outdated trading platforms
The Bottom Line
ForexMart, as seen above, is not the right choice for trading. It does not offer any exciting tools, platforms and techniques to surge your trading standards. Also, there are several security issues with the firm. Hence, your money can be at risk with this venture. Think twice before investing with the firm. You can go with some other reliable firms such as 101investing, ETFinance, PrimeFin, Brokereo instead of ForexMart.
Frequently asked questions
Is ForexMart global?
No, the broker is not global as it does not offer services in some of the most popular and strong economies such as the United States, Cuba, North Korea, Sudan, Syria and several others.
Does the broker offer an extended trading portfolio?
No, the broker offers restricted markets and products for trading.
What are the cons of ForexMart?
- Leverage above the permissible limit
- Lacks educational tools
- Limited tradable products
- Poor customer support service
- High additional charges
- High and variable spreads
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