ForexMart is a $0 commission broker that deals mainly in Forex, but also deals in stocks, commodities and cryptocurrencies. One of the biggest strengths of this broker is the fact that it’s probably one of the most accessible brokers in Europe and Asia thanks to the lowest average minimum deposit requirement over all of its accounts. Aside from that, the broker also has great customer support, narrow spreads and plenty of ways to fund and withdraw from your account.
However, we found the broker has shortcomings that are as big or even bigger than its benefits. First off, the most glaring issue is that the broker is available in both Asia and Europe, but it’s only regulator, the CySEC, only protects customers in the EU, which means that traders in Asia are left with little to no protection. On top of this, ForexMart doesn’t offer a varied enough range of assets, falling short of the 200 mark, and its educational content is almost non-existent, which is an issue for newer traders.
Overall, ForexMart got a 73/100 score in our review, which is a relatively average performance. The biggest problems of the broker are its lack of educational content, its poor regulation and its less than sufficient range of assets. However, it still poses a good opportunity for traders who already know what they’re doing due to its low minimum deposit requirements and its narrow spreads. But aside from that, there’s not much to point out in favour of ForexMart.
However, we do believe that those who will find some usefulness in ForexMart will also find a lot more utility in a broker like Capital.com. This broker asks a $20 minimum deposit in exchange for a powerful and nice to look at proprietary platform with access to over 3,000 assets, including stocks, indices, Forex, commodities, cryptocurrencies, bonds and ETFs. We believe Capital.com to be the best brokerage experience out there to date, so if you’re looking for the best, you’ve certainly found it.
|Ease of Use||8|
|Deposit & Withdrawal Options||8|
|Demo Account & Educational Resources||7|
|Safety & Regulation||8|
With the sheer amount of options out there in the current brokerage industry making a decision on only one is getting harder by the day. Here at Yore Oyster, we believe that there’s a broker out there for everybody, whether you’ve already found it or not. That’s why we’ve given ourselves the responsibility of reviewing most major brokers out there and figuring what each one is best at. In this review, we’ll be focusing on ForexMart, so let’s dive in!
An Introduction To ForexMart
ForexMart is a $0 commission broker that mainly deals in Forex pairs but that also deals on a secondary form in assets like stocks, precious metals and cryptocurrencies. The broker launched officially back in 2015, which means that it’s been in the industry for 5 years, so it’s no newbie at that.
The most interesting aspect out of this broker is that it’s probably got some of the lowest minimum initial deposits on its account repertoire. The minimum deposit you can expect to be subject to here is $1, even for an account with absolute raw spreads included. Having so low deposit requirements means that almost anybody can apply for an account without any obstacles, which in turn makes it one of the most accessible brokers out there.
However, even though the broker has some really accessible accounts, it’s only available in the EU and Asia. There’s not an exact list of countries where the broker is available, but you can expect it to be available in most major countries of these continents. Although, it’s worth noting that the broker does mention explicitly that it’s not available in the following countries:
- United States
- North Korea
Even though the broker has only 5 years of market experience, it has been crowned with some awards throughout its lifespan, particularly including:
- Best broker in Europe, 2015 by ShowFX World
- Most prospective broker in Asia, 2015, ShowFX World
- Best new broker in Europe, 2016 by International Finance Magazine
- Best Forex newcomer, 2016 by Global Business Outlook
So, now that you have a more broad idea of what the broker is and isn’t, let’s head into the strengths and weaknesses of ForexMart.
Pros & Cons
- Really low minimum initial deposit requirements, ranging from $1 to $200.
- A pretty varied range of Forex pairs.
- Accounts with instant market execution.
- Great customer support offered through live chat, phone and email.
- $0 trading commissions and narrow spreads on the majority of its assets.
- Regulated by CySEC in the European Union.
- Accounts can be created and verified in just 1 business day.
- Not available in the US.
- Not regulated outside of the EU.
- Asset repertoire is relatively small with less than 200 assets.
- Doesn’t provide dedicated account managers.
- Doesn’t support bank nor wire transfers as deposit or withdrawal methods.
- Educational content is formed by a single eBook no longer than 10 pages.
- Doesn’t have a referral program.
With that said, let’s delve into the account types that this broker offers
ForexMart Account Types
There are 4 types of available accounts for all users in ForexMart, which are the following:
- ForexMart Classic
- ForexMart Pro
- ForexMart Cents
- ForexMart Zero Spreads
Here’s a table with the specifics of each type of account:
|Account Type||ForexMart Classic||ForexMart Pro||ForexMart Cents||ForexMart Zero Spread|
|Minimum Spread (Pips)||1.00||0.60||1.00||0.00 (Fixed)|
|Average Spread (Pips)||1.2||0.8||1.2||N/A|
|Trading Commissions||No commissions||No commissions||No commissions||0.02% – 0.07%|
|Minimum Lot Price||Min lot 0.01||Min lot 0.01||Min lot 0.01 (cent lots)||Min lot 0.01|
|Execution Speed||Regular Market Speed||Regular Market Speed||Regular Market Speed||Instant Execution|
As you can see, each type of account has its own range of spread prices, which can range from 0.8 to 1.2 pips. These are really, really tight figures. Another thing to note here is the low minimum initial deposits, which are some of the lowest we’ve seen, and even a $200 deposit requirement is not that big of a deal for the most expensive account. There’s also a swap-free version of each of these accounts so Muslim users can sign up with ForexMart as well.
However, it’s also worth mentioning that EU clients get access to a special scalping account, but we couldn’t find any of the specifications on it aside from knowing that it just exists. Also, due to EU regulatory laws, EU accounts have limited leverage of 1:30 while international accounts can have as much as 1:500.
So, all around from the first perspective we have of this broker it leaves a fairly good impression. We personally recommend the Zero Spread or Pro accounts since they’re the most different ones and bear the most benefits in our opinion. The Cents account is also useful for new traders who aren’t just confident enough to open a full-on live account but also don’t want to settle for a demo account. Overall a pretty varied repertoire to fit any kind of trader out there!
So, with that out of the way, let’s head into the actual meat of this review!
#1 ForexMart Fees
As we had mentioned earlier, ForexMart is a $0 commission broker. This means that the broker does not charge any commissions for trades. However, this is not the case with the Zero Spread account, which has a 0.02%/0.07% fixed commission per trade.
The broker also doesn’t charge any deposit nor inactivity fees, but it does charge withdrawal fees for most methods it offers. These fees range from 1% to 2.5% depending on the method you choose, but we’ll talk about that a bit later.
If ForexMart doesn’t charge any trading commissions whatsoever this means that the broker incorporates these into the spread prices, which is what every broker does. So, how are the spread prices on this broker? Check the following table:
|Instrument||Average Spread (Pips)|
What’s interesting to note here is that stock’s spreads are really, really low. Instead, Forex and precious metals have somewhat medium spreads while cryptocurrencies have a very high average spread, mainly due to BTC with an average regular spread of 12,000 pips. It’s also worth noting that Forex and metals are offered in two versions, fixed and floating spreads, with the fixed version of the assets having a somewhat higher average spread.
So, from an overall perspective, ForexMart does a great job when it comes to its fees. It maintains its $0 commission scheme throughout its account repertoire without increasing its spread prices too much (We’re looking at you, cryptos). However, having withdrawal fees feels somewhat tacked on with a percentage that’s not capped at any certain number. But aside from that, trading with ForexMart should bring a lot more benefits than headaches!
ForexMart Fees Score: 9/10
#2 Signup Process
As with every other broker, creating an account isn’t that complicated at all, in fact, the account creation process is one of the easiest, only needing your email and your full name. Once your account’s been created, you’ll need to verify it in order to confirm that you’re an actual real human being. For this process, you’ll need a government-issued identification like an ID, passport or driving license and a proof of residence. Both files will need to be scanned and then submitted over ForexMart’s website for them to await verification.
The next step for the signup process is waiting for verification. The verification of our documents took around a single full business day, and this seems to be the average time that the broker takes to verify most accounts.
Overall, the process is very simple, you just sign up, upload your documents and in a day, your account should be ready to roll. However, we’re used to expecting most verification processes to be completed instantly, or at least on the same day, so that’s one very small nitpick we can mention on ForexMart. Either way, great performance in this category!
ForexMart Signup Process Score: 9/10
#3 ForexMart Minimum Initial Deposit
We’ve already talked about this briefly when we mentioned the available account types, but it’s still worth giving it it’s own section.
ForexMart has one of the lowest possible minimum deposits we’ve seen so far, and it’s not like other brokers where the most basic account has a $100 minimum deposit and all the other ones start at $500+. The clearest example we can make here is that the heftiest minimum deposit requirement in this broker is only $200, which is really, really low. On the other side, the least expensive deposit requirement is just $1 for the Zero Spread account, arguably the better of the bunch.
In case you’ve forgotten, here’s the minimum deposit requirement for each account type available of this broker:
|Account Type||ForexMart Classic||ForexMart Pro||ForexMart Cents||ForexMart Zero Spread|
Now, let’s look at how this broker’s lowest minimum initial deposit compares to other broker’s performances in this category:
|Minimum Initial Deposit Comparison||Minimum Deposit|
As you can see, if it wasn’t for Interactive Broker’s $0 minimum initial deposit, ForexMart would be right there as the broker with the lowest possible minimum initial deposit along with Exness, which has the same minimum initial deposit requirement.
Overall, a really great performance in this category, which makes ForexMart one of the most accessible brokers out there, at least in the countries where it’s available.
ForexMart Minimum Initial Deposit Score: 10/10
#4 ForexMart Ease of Use
Here’s where things may take a slight dip due to the over-reliance of ForexMart on a certain software we’re quite familiar with. This broker uses MetaTrader 4 as its only platform, which at first seems like no issue at all. And don’t get us wrong, MetaTrader 4 is one of the top tools used for trading Forex pairs and stocks with customizability that rivals any other proprietary platform. The thing is, MetaTrader isn’t too beginner-friendly and it bears a design that looks slightly outdated and hard to understand at first glance.
However, even though MetaTrader is available in most platforms out there, including desktop, web and mobile, ForexMart kind of developed its own web platform. We say “kind of” because their web terminal is basically MetaTrader 4 but with a user interface that’s been redesigned. The functionality is basically the same as the original MetaTrader terminal, but this version bears a new coat of paint that’s easier to look at, so if you asked us, this will be the defacto platform for newbies.
ForexMart also offers the option to trade via social trading through MetaTrader where you can subscribe to your favourite traders and copy their movements. However, copying those trades will make you incur a fee depending on the profit/loss rate of that certain trader. We’ve personally found the fees to be relatively high, ranging from 5% to 50% of the total amount of each trade, which is somewhat ridiculous.
So, overall, ForexMart does a good job by incorporating MetaTrader as its main trading platform. This means that you can use ForexMart on your PC, laptop, tablet and phone, which is great, and even greater with an app so powerful as MetaTrader. However, we’d like to see more of that new coat of paint from the web terminal being available also on the desktop and mobile applications. But either way, you won’t feel limited with a platform such as MetaTrader with this broker.
ForexMart Ease of Use Score: 8/10
#5 ForexMart Deposit & Withdrawal Options
The importance of this category is commonly dismissed by a great number of traders when looking for a new brokerage account. This can affect those same traders later when they’re trying to get their profits back, which is a horrible experience no one should go through. For that same reason, we deem important to mention that ForexMart offers the following deposit and withdrawal methods:
- Visa, Mastercard and UnionPay credit and debit cards
- Electronic wallets such as:
Accepting credit and debit cards, electronic wallets and Bitcoin deposits and withdrawals are great methods of providing ample ways for traders to fund their accounts. However, it’s also worth mentioning that the broker, while not charging deposit fees, it does charge withdrawal fees. Here’s a table explaining how they work per withdrawal method and how long they take:
|Withdrawal Medium||Fee||Estimated Time|
|Visa, Mastercard and UnionPay Debit/Credit Cards||2.5% + $3.5 (USD/EUR)||Within 48 hours|
|Neteller||2% (min USD $1, Max USD30)||1-7 hours|
|Payco||Free||Within 48 hours|
|FasaPay||Free||Within 48 hours|
|AliPay||2.5%||Within 48 hours|
|Bitcoin||.0002 BTC + USD $2||Within 48 hours|
As you can see, the fastest withdrawal methods are both Skrill and Neteller, which overall provide the lowest fees of the bunch. Instead, the highest fees are taken by debit and credit cards, AliPay and Bitcoin withdrawals. It’s also important to mention that even though the broker has withdrawal fees, its overall withdrawal speed isn’t something that’ll have you rolling your eyes.
From an overall standpoint, we don’t like the fact that the broker has withdrawal fees at all, we feel like these are somewhat tacked on, but at least the fees aren’t present on deposits as well. We’re also missing other deposit and withdrawal methods like ACH bank and wire transfers, which are more commonly used than, for example, bitcoin deposits. But either way, we commend the broker for offering somewhat uncommon options, which is something rarely seen. A good performance nonetheless.
ForexMart Deposit & Withdrawal Options Score: 8/10
#6 Customer Support
Hear us out, we were absolutely shocked by the sheer amount of customer support channels that the broker offers. You can contact ForexMart through the following support channels:
- Phone: 444 300 104 195
- Email: [email protected]
- Skype: support_forexmart
- Viber: FXM support
- Telegram: @ForexMart_bot
- Whatsapp: +7 981 467-45-46
It’s also worth noting that most if not all customer support channels are available on a 24/5 basis, which is quite the feat. However, we would still like some 24/7 support sprinkled here and there.
Now, from a quality perspective, the broker maintains the same level we’ve seen so far, which is pretty good. Livechat and phone support are easy to get a hold of and they’re eager to answer any questions you might have with thought and meaningful solutions. Email support is also quick to answer with meaningful responses, bearing the same quality seen with the other support channels. It’s also worth mentioning that support is offered in 15 languages, which means that almost everyone can benefit from this service.
From a general standpoint, ForexMart offers great customer support. The fact that good, available on a 24/5 basis and in 15 languages is a pretty strong performance from the broker. However, a big feature that this broker is missing are dedicated account managers, which complement customer support on a personal level, But either way, as we mentioned, a really strong performance.
ForexMart Customer Support Score: 10/10
#7 ForexMart Asset Classes
This is a category that really makes or breaks a broker since what we’re mainly looking for is how to trade in the best way. As we had mentioned earlier, ForexMart has a clear focus on Forex pairs, offering a wide variety of them, but it also incorporates stock CFDs, commodities and cryptocurrencies. Here’s a brief table depicting the total number of assets available for trading with this broker before we break each of them down into categories:
The broker offers a relatively low amount of stocks in its platform even though it has access to three great stock exchanges which include:
- NYSE (New York Stock Exchange)
- LSE (London Stock Exchange)
For this same reason, having access to three of the most prominent exchanges, we feel that offering only 53 stocks is way too little for the average trader. We’re also missing indices in this category, which are nowhere to be found in this broker, which is quite a bummer.
Here’s where the broker shines the most, but also where some explaining needs to be done. You see, in total the broker offers 172 currency pairs, however, these are broken down in two categories, floating and fixed spreads. On the floating side, we find 64 Forex pairs, while on the fixed side we find 108 Forex pairs. The thing is, all pairs found in the floating spread side are already included in the fixed side so, in reality, the broker only offers 108 distinct Forex pairs.
Here are some examples of the currency pairs available in this broker:
Sure, 108 is not the same as 172, but the broker still treats those floating spread pairs as different assets altogether. And even then, it’s still a pretty varied range of currency pairs, so we don’t consider it such a big deal.
Gold & Commodities
Here we run into the same issue we found in the previous asset category since the broker separates its commodities into fixed and floating spread assets. Although, it’s easier to discern things here because the broker only offers three commodities, those being precious metals, and all three of them are available in both modalities. Those commodities include:
- XAUUSD (Gold vs US Dollar)
It’s a really limited range of assets, excluding other assets like oil and agricultural products, which, again, is quite a bummer.
Bonds & ETFs
Sadly, ForexMart doesn’t offer these types of assets in its repertoire.
We find it somewhat hard to believe that ForexMart doesn’t offer assets like indices or ETFs but it does offer cryptocurrencies instead. The broker does an above-average job in this category by offering 5 cryptocurrencies in total, which include the following assets:
- BCH (Bitcoin Cash)
- BTC (Bitcoin)
- ETH (Ethereum)
- LTC (Litecoin)
- XRP (Ripple)
Most brokers out there, if they do really offer cryptocurrency, offer only the most famous but ForexMart does offer a bit more, so that’s a plus. Now let’s wrap the broker’s performance on this category as a whole.
From an overall standpoint, Forexmart offers a below-average performance in this category according to what we’ve seen so far. Sure, it bears an insane amount of currency pairs at first glance, but then you find out that almost half of those are repeated. We also find it’s stock repertoire to be too limited for the range of exchanges it has access to, not even including the small number of commodities and the lack of bonds and ETFs. Very unremarkable performance.
ForexMart Asset Classes Score: 4/10
#8 Referral Program
Sadly, ForexMart doesn’t have a referral program a regular trader can benefit from. However, it does have some affiliate programs that are able to give you an affiliate link for you to give to other people. The thing is, we don’t consider these as a referral program because these programs require opening a different trading account altogether and are aimed towards influencers, partners of the broker or even legal entities. Since these are not geared towards regular traders, it doesn’t quite fit into our categories.
ForexMart Referral Program Score: 0/10
#9 ForexMart Demo Account & Educational Resources
Offering educational resources is one of the most critical steps a broker can take to introduce newer traders into both trading and its platform. However, ForexMart doesn’t seem to fully understand this notion due to the fact that it’s severely lacking strong educational resources. The only tools you’ll find for learning in ForexMart are the following:
- Term glossary
- eBook on the basics of Forex trading
- Short and simple daily and weekly economic analysis.
The glossary is somewhat useful, depicting all of the terms used in the broker and their meanings, which is okay. The eBook, which is the better tool of the bunch is almost 10 pages long and it works as a way to explain what is Forex trading on very general terms, falling on the generic side. On the other side, market analysis are routinely posted 5 days a week with the last one being a summary of what happened during the week. Overall, the really standard stuff, just enough so we can’t say that Forexmart doesn’t offer any resources whatsoever..
But what really saves the day here is that thanks to the use of MetaTrader, ForexMart can offer a demo account. You can get an initial $500,000 paper money deposit onto your demo account and practice for as long as you want since the demo account doesn’t have any limitations to it. This can let you practice with real-time market quotes and test new strategies you’re not comfortable enough doing on a live account, which is great.
Overall, what really saves the day here is MetaTrader’s demo account, which is an excellent way to see what trading is first-hand. However, we do think that it’s missing the fundamental educational resources that other brokers like Capital.com, Exness and AvaTrade have. So, it’s not perfect, but it’s better than nothing.
ForexMart Demo Account & Educational Resources Score: 7/10
#10 Safety & Regulation
Here’s another category where the broker does just good. ForexMart is regulated by the CySEC (Cyprus Securities Exchange Commission) which protects customers in all countries included in the EU. Being regulated by the CySEC also means that traders are covered by the ICF (Investor Compensation Fund), which protects traders for claims of up to €20,000.
However, CySEC regulations and protections only apply to traders inside the European Union. As Forexmart is not regulated by any other entity whatsoever, this means that traders in any other country outside of the mentioned region aren’t protected at all, which is something slightly alarming.
Overall, the CySEC does a pristine job of regulating entities and protecting traders that work with these brokers. However, as we explained, this does not extend beyond the European Union, which makes ForexMart very hard to recommend at all for traders outside of it. This is weird to note because ForexMart has really accessible accounts, which can lead to traders signing up without realizing this aspect first.
ForexMart Safety & Regulation Score: 8/10
With that, our review ends, but we’d like to talk a bit more before finishing this review.
So, now that we covered all of the main categories of this review, we end up with a total score of 73/100 for ForexMart. From a general standpoint, this is a somewhat good score, but nothing that really amazes us too much. So, what’s the difference between ForexMart and the best brokers out there? Let’s take a look at Capital.com, our highest-rated broker yet to date and how it compares to ForexMart.
ForexMart vs. Capital.com
There are certain things that ForexMart does great, but there are also others where the broker doesn’t perform as expected. Right now we’ll focus on the weaknesses of the broker and how Capital.com outperforms it.
Asset Classes Comparison
Forexmart offers a total of 236 assets if you count both floating and fixed spread instruments as different assets. It might seem like a regular amount of assets, but in reality, it pales in comparison with Capital.com’s 2,400+ assets available only with stocks. On top of that, the broker also deals in Forex, indices, commodities, bonds and ETFs, amounting up to a total of 3,000+ assets.
Demo Account And Educational Resources Comparison
The most prominent educational resources available with ForexMart are its demo account and its daily market reports. However, we think that those aren’t nearly enough resources for beginner traders. Instead, Capital.com has courses and guides, which include written and video tutorials on trading each and every asset it offers. So, with that Capital.com offers a complete onboarding process for most assets out there, which is something that, sadly, ForexMart doesn’t plan on doing.
Safety and Regulation Comparison
Being regulated by the CySEC is quite a feat, but its regulation doesn’t reach further than the EU. Instead, Capital.com is also regulated by the CySEC, but it’s also regulated by the FCA (Financial Conduct Authority) in the UK. However, the big difference here is that the FCA treats each trader from one of those countries as a UK citizen, protecting them for a whopping amount of €85,000.
And so it is how Capital.com manages to keep its crown as our highest-rated broker with a total score of 91/100.
If you’d like to create an account right now you would only have to click the button below, but if you’d like to read more about the broker, you can check this thorough review.
ForexMart Review: In Summary
Overall, ForexMart is a relatively good broker with a clear focus on $0 commission fees Forex trading, great customer support and having some of the most accessible accounts ever. However, thanks to the focus it gives the already mentioned areas, it falls short on its overall asset repertoire, its educational content and its overall regulation.
Still, we recommend ForexMart as a fairly good option for newer traders who already have some idea of how trading works and are willing to open a real trading account without committing a hefty deposit. However, this only applies to traders inside the EU since they’re covered by the CySEC regulation and protection, which is one of the most critical points of a broker.
However, there are little to no other reasons as to why recommend ForexMart when something like Capital.com already exists.
So, whether you’re a beginner or an experienced trader, we’ll trust that Capital.com will take care of most if not all your needs. With its $20 minimum initial deposit, its sleek and powerful proprietary platform and the sheer number of assets it offers, we believe Capital.com to be the best and most complete brokerage experience out there as of now. So, ready to start trading in the best possible way?