ForexTB Review 2021

ForexTB logo
ForexTB Facts & Figures

Trade CFDs on a powerful and intuitive trading platform. Over 300 markets to trade, with tight spreads and multi-device support. CySec Regulated.

InstrumentsForex, CFDs, indices, shares, commodities, cryptocurrencies
Demo AccountYes
Min. Deposit$250
PaymentsVisa
Min. Trade0.01 lots
Regulated ByCySEC
MetaTrader 4Yes
MetaTrader 5No
cTraderNo
DMA AccountNo
ECN AccountNo
Social TradingNo
Copy TradingNo
Auto TradingYes
Signals ServiceYes
Mobile AppsYes
Islamic AccountNo
CFD

Trade CFDs on FX, commodities, major indices, and company stocks

Leverage1:30
FTSE Spread0.02
GBPUSD Spread1.8
Oil Spread0.09
Stocks SpreadFloating
Forex

Trade major, minor & exotic currency pairs

GBPUSD SpreadFrom 1.8
EURUSD SpreadFrom 1.8
GBPEUR SpreadFrom 1.8
Assets50
Stocks

Trade on the world's largest companies, including Apple and Facebook

Cryptocurrency

Trade on popular cryptocurrency coins and traditional currencies

CoinsBTC, ETH, LTC, XRP, XMR, DSH, BCH
SpreadsFloating
Risk Warning – Your Capital is at risk

ForexTB is an online CFD broker offering trading opportunities in forex, commodities, indices and stocks. Our Forex TB UK review covers how to create an account, regulation, trading platforms, plus deposit and withdrawal methods. Find out whether this is the right broker for you.

About ForexTB

Forex TB Limited, operating the forextb.com website, was established in 2015. Registered offices are located in Cyprus, among others. FXTB offers 4 different accounts and 2 platforms with investing opportunities across 300+ CFD instruments.

The broker is authorised by the Cyprus Securities and Exchange Commission (CySEC), an established regulatory body. Unfortunately the company is not regulated by the UK’s Financial Conduct Authority (FCA).

Trading Platforms

ForexTB offers 2 trading platforms; MetaTrader 4 and their proprietary Web Trader software. MT4 is available for download to desktop devices. Web Trader is available via all major browsers, with no download required.

MetaTrader 4:

  • 3 chart types
  • Industry favourite
  • 50+ technical indicators
  • Fully customisable interface
  • 2,500 automated investing tools
  • Market price analysis and trend lines
ForexTB MetaTrader 4

MT4

Web Trader:

  • 6 chart types
  • Graphing tools
  • Simple navigation
  • Good for beginners
  • 12+ technical indicators
  • Integrated market news
ForexTB trading

Web Trader

Assets

FXTB offers clients trading opportunities in the following markets:

  • Forex – 50+ currency pairs
  • Indices – including the FTSE and Dow Jones
  • Commodities – including precious metals and energies
  • Stocks – major global companies such as Amazon and Tesla

Note, CFDs on cryptocurrencies are not available to residents of the United Kingdom.

Fees

ForexTB does not charge a trading commission on transactions. Spreads vary by account type. FXTB VIP retail account holders benefit from the tightest spread offering, from 1.8 pips on the EUR/USD. Basic account clients are subject to a less competitive offering. Highlighted spreads include 3.2 pips on the EUR/USD and 3.6 pips on the GBP/USD.

Other fees to consider include:

  • The broker does charge swap rates for positions held overnight
  • Withdrawal fees are applicable after the free monthly allowance has been used
  • Forex TB charges an inactivity fee of £80 per month, applied after 1 month of no trading inactivity. This is very high vs other forex brokers such as XTB who charges £10 after 12 months of zero inactivity.

ForexTB Leverage

The maximum leverage offered to retail UK traders is 1:30 on all accounts. This is aligned with established EU and UK regulations. Professional traders can access leverage up to 1:400 subject to meeting trading criteria and individual case reviews.

Mobile App

Both platforms support mobile trading, available as a free download to iOS and Android devices. The MT4 application allows for complete FXTB account management and price analysis from your mobile or tablet device.

Mobile trading features include:

  • Forex signals
  • Trading history
  • Instant execution
  • Multiple time frames
  • Client sentiment charts
  • Stop loss and take profit functionality
  • Control open and closing of trade positions
ForexTB mobile trading

MT4 app

Deposits

Minimum deposits vary by account type; the lowest being the basic account at £250. The broker accepts free deposits in GBP, USD and EUR. Accepted payment options include:

  • E-wallets
  • Credit/debit cards
  • Bank wire transfer

Processing times are not clear however credit/debit cards and e-wallet deposits often provide instant funding.

Withdrawals

To request a ForexTB withdrawal, select the Banking tab within your trading account. Requests are processed within 24 business hours. Credit cards and e-wallets have a minimum withdrawal of £80.

Withdrawal charges vary by account type and are based on frequency, with charges applied thereafter:

  • Basic – one free withdrawal
  • Gold – one monthly free withdrawal
  • Platinum– three monthly free withdrawals
  • VIP– unlimited free withdrawals

FXTB withdrawal fees:

  • Debit/credit cards – 3.5%
  • Bank wire transfer – £30
  • E-wallets – Neteller 3.5%, Skrill 2%, PayPal 4.5%

Demo Account

Forex TB offers a demo account on their platforms. These accounts are a good way to explore the platforms and test strategies risk-free under real market conditions. Users can access up to £100,000 in virtual funds. You can sign up for a free practice account from the broker’s website.

Regulation

The broker, licensed under Forex TB Ltd, is regulated by the Cyprus Securities and Exchange Commission (CySEC), meaning stringent regulatory standards are followed. Retail clients can trust this authorisation and the broker emphasises transparency with an in-depth legal section on their website. Traders are protected with segregated funds, negative balance protection and security from the Investor Compensation Fund up to €20,000.

The only downside is that UK traders are not protected by FCA licensing, though CySEC oversight is arguably the next best thing.

Additional Features

The broker’s website offers several educational features, accessible to registered clients only. This includes analyst views, economic insights, daily market analysis, and strategy guidance emails. Trading webinars, e-books, and articles are also available, with suitable content for traders of all experience levels.

Additional features include economic calendars, an asset calculator and a full glossary of investment terms. Reviews also praise the AI-enabled market news service.

ForexTB news tool

AI news app

ForexTB Accounts

FXTB offers 4 different investing account types for retail clients. All accounts offer similarities in leverage and minimum trading volumes. Features include:

  • Basic – minimum deposit £250, EUR/USD 3.2 pip spread
  • Gold – minimum deposit £25,000, EUR/USD 2.9 pip spread
  • Platinum – minimum deposit £100,000, EUR/USD 2.3 pip spread
  • VIP – minimum deposit £250,000, EUR/USD 1.8 pip spread

To create an account, clients must complete the online application form and submit personal ID, proof of residence, and trading experience. Note, identity verification is required to register for all Forex TB retail accounts.

Benefits

  • Mobile app
  • Demo solution
  • Regulated by CySEC
  • Education materials
  • Industry established MT4 and proprietary platform

Drawbacks

  • Withdrawal fees
  • Costly inactivity fee after 1 month
  • High minimum deposit requirements
  • Basic account clients are subject to less competitive spreads

Trading Hours

The broker follows typical office hours and 24-hour trading Monday to Friday excluding public holidays. Note, these timings may vary by asset class. See the broker’s website for more details.

Customer Support

Forex TB offers a range of customer contact options:

  • Email – info@forextb.com
  • Telephone – +357 2 222 2353
  • Online live chat – icon on the right of the website
  • Forex TB office address – 45A Kratinou Street, 2040 Strovolos, Nicosia, Cyprus

Client Safety

We’re satisfied the broker provides a relatively secure trading environment. Forex TB adheres to all EU data protection laws and complies with GDPR. All transmissions are secure with 128bit SSL encryption. Account access is fully password protected and online card transactions are 3D secure. The MT4 and Web Trader platforms assure high-tech encryptions and secure logins.

Should You Trade With ForexTB?

Forex TB offers CFD trading opportunities to both new and experienced clients. Our review is pleased to see reputable CySEC regulation, multiple platform options and established security protocols. However, withdrawal fees, unfavourable spreads, and the high minimum deposit requirements should be taken into consideration.

FAQ

Is Forex TB Regulated?

Yes, Forex TB Limited is licensed and regulated by the Cyprus Securities and Exchange Commission (CySEC), license number 272/15. This is a reputable and trustworthy regulator. On the downside, UK traders do not benefit from oversight from the UK’s Financial Conduct Authority (FCA).

How Can I Contact The ForexTB Customer Service Team?

ForexTB supports online live chat for an immediate response. Other methods include email at info@forextb.com or telephone +357 2 222 2353. User reviews are mostly positive about the quality of customer support offered.

What Trading Platforms Does ForexTB Offer UK Clients?

Forex TB offers clients the industry-recognised MetaTrader 4 and their proprietary Web Trader platform. Both platforms offer a range of features including technical indicators and drawing tools, plus a selection of instant and pending orders. Both solutions also offer customisation.

Does FXTB Offer A Demo Account?

Yes, a demo account is available with FXTB. Access virtual funds and test strategies risk-free. The practice simulator is a good way to explore trading platform capabilities, market prices, chart features and forex signals. Sign up on the broker’s homepage.

Does Forex TB Support Mobile App Trading?

Yes, both platforms support mobile trading, compatible via a free download to iOS and Android devices. The apps offer an excellent investing environment while all on the move with a suite of analysis tools. Users can make secure deposits and withdrawals from the mobile app.

ForexTB vs Other Brokers

If you want to compare ForexTB with other brokers, use the detailed comparisons below.

ForexTB vs
Trade CFDs on a powerful and intuitive trading platform. Over 300 markets to trade, with tight spreads and multi-device support. CySec Regulated.