ForexTB Review 2024

Show Details

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

Web Trader:

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

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

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 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

Compare ForexTB with Other Brokers

These brokers are the most similar to ForexTB:

1. AvaTrade - AvaTrade is a leading forex and CFD broker, established in 2006 and regulated across 9 jurisdictions. Over 400,000 users have signed up with the broker which processes over 2 million trades each month. The firm offers multiple trading platforms, including MT4, MT5, and a proprietary WebTrader. 1250+ financial instruments are available for trading, alongside a comprehensive education center and multilingual customer support.
2. XTB - Founded in 2002 in Poland, XTB now serves more than 935,000 clients. The forex and CFD broker combines a heavily regulated trading environment with an extensive selection of 5,600+ assets and a commitment to trader satisfaction, featuring an intuitive in-house platform with superb tools to support aspiring traders.
3. CMC Markets - Established in 1989, CMC Markets is a respected broker listed on the London Stock Exchange and authorized by several tier-one regulators, including the FCA, ASIC and CIRO. More than 1 million traders from around the world have signed up with the multi-award winning brokerage.

ForexTB Feature Comparison

Trading Instruments Comparison

ForexTB vs Other Brokers

Compare ForexTB with any other broker by selecting the other broker below.