FXTB Review 2024
Website: www.forextb.com
Min. Deposit: US$ 250
Leverage: 1:30
Trading Platforms: WebTrader, MT4
Regulation: CySEC
Headquarters: Cyprus
Founded: 2015
Regulatory Licenses:
- Forex TB Ltd - authorized by CySEC (Cyprus) registration no. 272/15
Updated on January 31, 2024
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ForexTB (FXTB) has been a notable player in the online STP brokerage arena, headquartered in Cyprus since its inception in 2015. Operated by Forex TB Limited, it is a Cyprus Investment Firm that has secured authorization and regulation from the Cyprus Securities and Exchange Commission (CySEC). FXTB prides itself on providing a superior trading experience through its robust platforms, while maintaining adherence to stringent industry regulatory compliance at every operational juncture. This commitment ensures that traders engage with a trustworthy partner, a significant advantage considering the rampant trust issues with numerous offshore brokers. The following discourse will delve deeper into FXTB's offerings, helping potential clients make an informed decision about partnering with this broker.
What Type of Broker is FXTB? ▲
As an STP Forex Broker, FXTB stands out for its high levels of trading environment security, bolstered by strict regulatory measures. It offers a broad and comprehensive array of investment opportunities, matching or even surpassing what's available in the global trading community.
Pros
FXTB is a CySECregulated broker, ensuring a secure trading environment.
Offers competitive costs and tailored solutions for traders.
Account opening process is streamlined and fully digital.
Provides free educational tools beneficial for beginner traders.
Cons
Imposes withdrawal fees and wide spreads for standard account levels.
Limited instrument range, focusing primarily on FX and CFDs.
FXTB Review Summary in 12 Points ▲
Headquarters: Located in Cyprus
Regulation: CySEC
Platforms: WebTrader, MT4
Instruments: CFDs on Commodities, Forex, Stocks, Indices, Cryptos
Demo Account: Available
Minimum deposit: €250
EUR/USD Spread: 1.8 pips
Base currencies: EUR, USD
Education: Webinars, Courses, and Research tools
Customer Support: Available 24/5
Our expert analysis concludes that FXTB is an exemplary broker, offering reliable services and favorable trading conditions suitable for traders at all proficiency levels. FXTB's overall ranking stands at 8.1 out of 5, after rigorous comparisons with over 1000 brokers, highlighting its competitive edge in the industry.
FXTB is unequivocally not a scam, but a thoroughly regulated broker presenting lower risk for Forex and CFD trading. Operated by Forex TB Limited, it holds a CIF license number 272/15 from CySEC, affirming its legitimacy and authorization to offer trading solutions within Cyprus, the EU, and further, courtesy of cross-border registrations. Our FXTB Trust Score is 8.7 out of 5, reflecting the broker's high trustworthiness and quality service, underpinned by supervision from a highly reputable regulator.
Client funds are safeguarded in segregated accounts and fully insured, providing traders with additional peace of mind regarding the safety of their funds. Additionally, FXTB's membership in the Investor Compensation Fund adds an extra protection layer. The broker also empowers clients with trading support, including alerts and charts, alongside comprehensive customer service, ensuring traders are well-prepared to navigate the markets.
FXTB offers leverage, enabling traders to operate in the markets with exposure significantly higher than their initial balance. Presented as a ratio, leverage levels are subject to regulatory restrictions to mitigate the risks involved for retail traders lacking in-depth knowledge of leveraging tools wisely. Following recent updates from European regulators, including CySEC, the maximum leverage available for retail account holders is capped at 1:30 for major currency pairs and 1:10 for Commodities.
FXTB provides a diverse range of account types, each tailored to meet the unique needs of traders at different levels of their trading journey. The broker offers four distinct account types: Basic, Gold, Platinum, and VIP. These accounts are meticulously crafted to cater to the varying needs of novices, intermediate traders, and experts in the field. The primary differences among these accounts lie in the features they offer, such as variable spreads and the minimum deposits required to commence trading. It's imperative for traders to select an account that best aligns with their trading objectives and financial capabilities. Despite the variations in withdrawal fees, all accounts boast competitive trading conditions and access to the same range of services.
FXTB broadens your trading horizons with an impressive selection of over 300 financial assets. The broker enables traders to delve into the global markets by offering CFDs on a wide array of Forex pairs, including major ones like EUR/USD and GBP/USD. Traders can also engage in CFD trading on commodities such as gold, silver, and crude oil.
Additionally, FXTB provides opportunities to trade CFDs on stocks from leading corporations such as Apple, Alphabet, and Facebook. For those interested in broader market trends, CFDs on major Indices like NASDAQ, S&P 500, and FTSE 100 are available.
The fee structure at FXTB varies based on the account type selected by the trader and the volume of trading activity. It's crucial to review the detailed fee breakdown provided by the broker, which includes trading fees as well as non-trading fees. An important consideration for traders is the inactivity fee imposed by FXTB. If a trading account shows no activity, including deposits, withdrawals, or trading actions, for a period of one month or more, FXTB reserves the right to levy a monthly inactivity fee. This fee serves as compensation for maintaining the availability of the inactive trading account.
FXTB's spread offerings are on the higher end of the spectrum, particularly for Basic account holders, where the spread on the EUR/USD pair stands at 3 pips. The spread narrows to 1.8 pips for VIP account holders, offering a more favorable condition for high-volume traders. Additionally, traders should be mindful of the inactivity fees charged by the broker for accounts that remain dormant for over a month. Overnights charges, or swaps, are another critical aspect to consider, especially for positions held open for more than a day. These charges vary based on the traded instrument and can significantly impact the cost of trading. In our comprehensive research and comparison with 1000 brokers, we determined that the spreads for EUR/USD offered by FXTB are considerably higher than the industry average of 1.2 pips. As a result, FXTB Spreads receive a score of 2.9 out of 5, reflecting the need for potential improvement in this area to enhance competitiveness.
Another critical aspect when choosing a Forex broker is understanding how to transfer funds into or out of your trading account. Naturally, regulated brokers follow best practices and are governed by their respective regulatory bodies regarding fund management.
Deposit fees and Options
To fund your FXTB account, simply log into your account and select the Deposit option. Several deposit methods are available, including:
Credit Card
Electronic Payment
Wire Transfer
What's beneficial is that there are no fees for making deposits, ensuring you won’t incur any commission charges. However, always verify with your payment provider or bank as international rules may vary by jurisdiction.
FXTB Funding Methods receive a rating of 4.0 out of 5. The broker offers a wide array of funding methods with low fees and multiple currency options. Nonetheless, the minimum deposit requirement is somewhat higher than the industry norm, which, according to our investigation among 1000 brokers, is around $100.
FXTB Minimum deposit requirement
The minimum deposit to open a Basic account with FXTB is EUR250. Accounts of a higher grade necessitate a larger financial commitment and are tailored for more experienced traders. The majority of other brokers require a minimum deposit of $500.
FXTB Money Withdrawal
To withdraw funds, log into your account, navigate to the Banking tab, and then the Withdrawal tab. Enter the desired withdrawal amount and follow the instructions to submit your request.
Withdrawal fees at FXTB vary according to the type of account you hold. VIP account members enjoy free withdrawals. Platinum account holders are entitled to three free withdrawals each month. Gold account members can make one free withdrawal per month, and Basic account holders are also granted one free withdrawal, with subsequent withdrawals incurring charges.
The FXTB trading platform, the software utilized for transactions and trading activities, offers a choice between WebTrader and the well-regarded MetaTrader4.
FXTB Trading Platforms are rated 4.3 out of 5. The broker boasts a diverse range of trading platforms, offering industry-leading platforms that ensure both a quality trading experience and client safety.
Web Trader
WebTrader, based on the MT4 engine, allows you to access trading software without the need for installation, providing accessibility from any device through a browser. However, Web Trading platforms are limited in customization and the range of trading tools. While it is user-friendly, those requiring extensive trading portfolio adjustments might prefer the desktop version.
Meta Trader 4 (MT4)
The MetaTrader4 desktop platform can be downloaded and installed on any device, including PC and MAC. Its customization capabilities allow for a personalized and secure working layout, beneficial for professional and active traders. This platform offers three chart types, over fifty technical indicators, and customization options.
Mobile Trading Platform
The mobile app combines simplicity with a wide range of tools, making it ideal for mobile trading. MT4 mobile provides various charting capabilities and customization, along with comprehensive account management features.
FXTB's customer support is accessible via live chat, email, and phone in several languages (English, German, Dutch, Italian, Spanish, Swedish, Polish) from 9 AM to 6 PM (GMT) on weekdays.
The quality of Customer Support at FXTB is rated 4.5 out of 5. Our tests revealed some of the fastest and most knowledgeable responses compared to other brokers. The primary limitation is the lack of weekend availability.
FXTB offers a wealth of educational resources, including Webinars, Videos, guides, TipRanks, Trading eBooks, and CFD Trading Tips. The Trading Central section provides Daily Market Analysis, Economic Calendar, Market Updates, Strategy Newsletters, TC Research platform access, and Web TV, depending on the account type. Additionally, the broker features an asset calculation tool for easily finding spreads, swaps, trade sizes, and fees.
FXTB Education is rated 4.5 out of 5. The broker delivers high-quality Education Materials and excellent research, partnering with leading market data providers, and offers free Webinars, exceptional Trading videos, and Analysis.
In summary, FXTB offers quality trading with flexible conditions, platforms, and instruments. It enables clients to trade a variety of financial instruments, including currency pairs, indices, commodities, and shares. Furthermore, FXTB is regulated by the European CySEC in accordance with the MiFID directive, ensuring client protection. We advise opting for a higher account level to benefit from the lowest withdrawal fees, the tightest spreads, and complimentary daily signals.
Based on our findings and financial expert opinion, FXTB is suitable for:
Currency Trading and CFD Trading
Traders seeking Autochartist and Trading Central Research
Beginners and Professional Traders
Algorithmic or API Traders
EAs running
Copy Trading
Scalping / Hedging Strategies
Traders who prefer the MT4 platform
