forexmart.eu in sum
ForexMart is a trading name of Instant Trading EU Ltd., which is authorized and regulated by the Cyprus Securities and Exchange Commission (CySEC). ForexMart is committed to offering high-class trading software, giving exceptional trading experience and comprehensive knowledge needed for successful trading, the company claims. Customers can trade currency pairs, spot metals, energies, indices, and cryptocurrencies, through the well-recognized terminal – MetaTrader 4 (MT4). Spreads are fixed and you can open a live account with just EUR1.
The Regulation of the Company
The regulation of the brokerage company is important because you will feel safer when you know that your brokerage company must follow strict rules. ForexMart is a brand of Instant Trading EU Ltd., which is a Cyprus Investment Firm (CIF), authorized and regulated by the Cyprus Securities and Exchange Commission (CySEC) under license number 266/15. As part of the regulatory body’s standards, Instant Trading Eu Ltd. keeps customers’ funds segregated from their assets and cannot use them for its own trading. Instant Trading EU Ltd. is a member of the Investor Compensation Fund (ICF), which covers the client’s claims in situations where the company is unable to meet its obligations.
ForexMart offers its clients three types of active accounts, so that each trader can choose the most suitable one. They differ mainly in the spread and initial deposit amount required.
Basic account – The minimum deposit amount is just EUR1. The spreads are fixed and most of the major currency pairs have а spread of 4 pips. Trading is commission free.
Gold account – It requires at least EUR300,000 to open this type of account. The spreads are fixed and most of the major currency pairs have а spread of 2 pips. Trading is commission free.
Platinum account – You must invest at least EUR1,000,000 to open this type of account. The spreads are fixed and the most part of the major pairs have spread of 1.5 pips. Trading is commission free.
What Type of Broker the Company Is?
When you want to know what type of brokerage company you will be trading with, the Order Execution Policy file will most likely let you know. The Execution Venues paragraph shows that the company acts as principal and not as agent on the client’s behalf; therefore, the company is the sole execution venue for the execution of client’s orders. Instant Trading EU Ltd. does not transmit any of the client orders on the external market and is always the counterparty (or principal) to every trade. All this means that ForexMart (Instant Trading Eu Ltd.) acts as a market maker and the main conflict of interest exists. When the company executes orders, it keeps the risk to itself. Every loss for customers is a profit for the company.
The same document reveals that under specific trading conditions you may be re-quoted (if you submit an instant order for fulfillment) or your order may be filled with slippage (if you use a market execution mode). So, when the requested price is no longer available, your orders will be filled at the first available market price (if you use a market execution mode). This means that market orders are subject to slippage.
Once the market reaches the stop loss price the order is triggered and treated as a market order. Market orders are subject to slippage; therefore, stop loss orders are not guaranteed and will be filled at the first available market price.
In addition, the same document shows that all the retail clients are covered by the Negative Balance Protection. This means that a client can never lose more than the total sum invested for trading CFDs. In the event of a sudden movement in the market, which may lead to a negative balance on the customer’s account, this balance will be returned to this account.
In addition to the usual fees such as spread, rollover, etc., most companies impose some additional fees. If there is no trading activity in your account for more than six months, it has become inactive and may be charged an administrative fee. However, the amount of the inactivity fee is not mentioned. If the client account is inactive for more than one year, the company reserves the right to close it.
Deposits and Withdrawals
Deposits can be made by bank transfer, credit, or debit cards or through e-wallets such as Neteller, Sofort, and Skrill. The company declares that it does not charge deposit fees, covering all charges imposed on payment providers.
All withdrawal methods are subject to fees, covered by the customer. Withdrawals should be made using the same method used by the client to fund his/her trading account and to the same remitter. Once your withdrawal request is approved by the company, it is processed within 1-2 business days.
In addition, any fees covered by the ForexMart may be borne by the client if the company finds that the client has violated any of the requirements by committing illegal activity, breach of any part of the Agreement, lack of trading activity, etc.
You can trade via one of the most popular trading terminals worldwide – MetaTrader 4 (MT4). MT4 offers a unique combination of accessibility and advanced features. Professional charts, many drawing objects and a set of asset classes are available at the same time. You can use a variety of custom indicators, including these developed by the company. MT4 also offers a comprehensive suite of tools for technical analysis. It is fully customizable and allows you to import third-party tools or write your own ones. With MT4 you can create automated trading operations, develop, test, and improve automated trading strategies using the so-called Expert Advisors (EAs). This is an automated trading software, which places, modifies, and closes positions.
ForexMart offers five asset groups for trading:
Currency Pairs – More than 90 major, minor, and exotic currency pairs can be traded. The spread is fixed and depends on the account type. Most of the major currency pairs have spread of 4 pips (Basic account), 2 pips (Gold account) and 1.5 pips (Platinum account).
Indices – You can trade 7 of the most popular major indices globally. Spreads are fixed and depend on the account type. DAX30 has a spread of 2.5 points (Basic account), 1 point (Gold account) and 0.5 points (Platinum account).
Metals – CFDs on 2 precious metals are available for trading. They are spot Gold and spot Silver. The spread of the spot Gold CFD is fixed at USD1.60 (Basic account), USD0.80 (Gold account) and USD0.65 (Platinum account).
Energies – You can trade CFDs on two products – Crude Oil and Natural Gas. Crude Oil has a fixed spread of USD0.17 (Basic account), USD0.040 (Gold account) and USD0.025 (Platinum account).
Cryptocurrencies – CFDs on 5 cryptocurrencies are available for trading. They include Bitcoin, Ethereum, Litecoin, Ripple, and Bitcoin cash. The spread is fixed and that for Bitcoin has a value of USD120.5 (Basic account), USD120.0 (Gold account) and USD119.75 (Platinum account).
ForexMart is licensed and regulated by the CySEC and this license allows it to provide financial services across European Union (EU). Instant Trading EU Ltd. – the company that stands behind ForexMart is a market maker and the main conflict of interest exists. The company provides a wide assortment of trading instruments with fixed spreads via the most popular trading terminal – MT4. There are three types of live accounts and you can start trading with as low as EUR1. However, if you want to get narrower spreads, you have to invest a huge amount.