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ForexTB Broker Review
On the market, ForexTB is a relatively new broker. We carried out our investigation to see if this CySEC-licensed broker could be trusted. Find out by reading our in-depth evaluation of FXTB broker.
Regulated by: CySEC
Headquarters Country: Cyprus
Foundation year: 2020
Supported Platforms: MT4, web trader
Minimum Deposit: 250 EUR
Types of Assets: FX, crypto, shares, indicies, commodities
Maximum Leverage: 1:400
Demo Account: Yes
Regulation and Security
Forex TB Limited is the owner of FXTB. Another forex brand owned by the same corporation, PatronFX, debuted in January of this year. The business is based in Cyprus and is subject to CySEC regulation.
The whereabouts of the monies, whether they are in segregated accounts, and which institutions hold them are not disclosed by the corporation.
We have not yet reached many conclusions. We decided to expand our search because of this.
In which countries does this broker work?
According to CySEC guidelines, the FXTB broker does business within the EEA region. On its website, the broker said that it does not offer financial services to citizens of Belgium and Switzerland. It is yet unclear why the broker is steering clear of these two nations.
Additionally, because of the absence of the FCA regulation, the firm can only provide a restricted range of services within the UK. And as a result of recent regulations, any business with EU clearance is only permitted to function partially in the UK while awaiting FCA certification.
Can one profit from cooperating with FXTB broker?
The question is never, “Can you earn money?” when you start trading with a broker. Can you take it back? That is the question. Your money is visible on the screen. That never causes an issue. When you seek to withdraw that money from your bank account, a problem occurs. The broker will then start providing you with justifications and limiting your access.
Web trader and MT4 are both available with FXTB broker. The web trader is less secure and is readily manipulated by the broker. It is never a wise decision because of this.
The FXTB broker requires a minimum deposit of 250 EUR. There are brokers who will let you deposit as little as $10 or $100. If you’re a newbie and want to try things out, this is a lot more comfortable alternative.
The FXTB broker gives 100,000 units if you believe the Demo account is a decent choice. Practically speaking, you cannot encounter the actual market. When you have 250 EUR available vs 100,000 EUR, things are very different. Everything is altering, including leverage. Leverage is 1:400 for professional accounts whereas it is just 1:30 for minor accounts.
However, evaluations indicate that some customers had difficulties with the FXTB broker when trying to withdraw their profits. Recognize that it can happen and seek assistance if you believe you are a victim of fraud.
Is ForexTB a good broker or scam?
Broker ForexTB is authorized by CySEC. There have been a few complaints against this new broker on the market. We advise you to exercise caution.
Do not deposit funds on the balance, unless you are confident in the reliability of the broker.
Are you having trouble successfully requesting a withdrawal from your broker? Tell us about it and add a comment.[/vc_column_text][/vc_column][/vc_row]
