4/5

72.8% of retail investor accounts lose money

    Available Countries
  • United Kingdom, Europe, Switzerland (Show More)
  • Deposit Methods
  • Credit Card, Debit Card, Bank Transfer (Show More)
  • Cryptocurrency CFDs
    Platform Type
  • CFD Trading Platform (CFD)
  • CFD Instruments
  • Crypto, Indices, Forex, Commodities, Shares, ETFs
Margin Trading
  • Yes
  • Built In Wallet
  • No
  • Compensation Scheme
  • No
  • Regulated
  • Yes
  • Minimum Deposit
  • €250
  • Deposit Fees
  • Free (Show More)
  • Withdrawal Fees
  • Varies, Basic accounts get 1 free withdrawal. Withdrawal fees vary by payment method. (Show More)
  • Trading Fees
  • Varies, Variable spreads based on the type of account. (Show More)
  • Limits
  • Varies (Show More)
  • Verification
  • KYC Verification (Show More)
  • Jump to page contents

    ForexTB Platform Review

    ForexTB is an online trading platform which specialises in Contracts for Difference (CFD). It is owned and operated by Forex TB Limited, an investment firm based and registered in Cyprus. The firm and, by extension, the platform, is licenced by the Cyprus Securities and Exchange Commission (CySEC).  ForexTB is a well-rounded investment platform, combining a variety of markets with a friendly user interface and extensive educational resources.

    In this ForexTB review, we shall be detailing all the important information about the platform to help you make an informed decision.

    This platform is primarily a CFD trading platform. CFDs offer traders an alternative way to invest in various assets, such as cryptocurrencies or precious metals. When you’re investing in CFDs you are not directly buying the asset, making it easier and cheaper to trade regularly and in volume. It is important that you understand what a CFD is before investing.

    Trading CFDs is considered a high-risk investment due to the use of leverage. Leverage allows you to borrow money in order to open larger positions, but this can also lead to you experiencing significant losses. 72.8% of retail investor accounts who trade with ForexTB lose money. It is important that you understand the risks involved before investing since you might lose some or all of your investment.

    ForexTB Review
    Screenshots are shown for illustration purposes only. Actual product may vary.

    Your capital is at risk

    Is ForexTB Safe?

    ForexTB was launched in 2015 and has since grown steadily by offering a safe environment in which to trade. There are several factors that indicate it is safe, with the most significant being that it is licenced by the Cypriot regulator. Furthermore, the platform implements several security features and other tools detailed further on in this ForexTB review.

    The operator’s efforts to ensure a safe experience are visible in the platform’s positive user reviews. In addition, client data and funds are protected via firewalls and other measures. The result is a powerful platform that has never been successfully hacked.

    ForexTB Trading Platform

    ForexTB Trading Platform
    Screenshots are shown for illustration purposes only. Actual product may vary.

    When opening an account with ForexTB you will be able to choose between the platform’s own trading interface or the award-winning, Meta Trader 4 (MT4). The integration of MT4 is particularly useful to traders who have used this tool and don’t wish to change. In reality, however, both trading platforms offer investors an opportunity to access the same range of assets, tools, and features.

    Apart from the live trading platforms, ForexTB offers a free demo account to all users. This account comes complete with 100,000 of your select currency, allowing you to test out various investment strategies risk-free. In most respects, the demo account behaves exactly like the real ForexTB trading platform, giving you an excellent opportunity to learn how to use the platform efficiently.

    Whichever trading platform or more you choose, you will have access to all major markets. Use ForexTB to carry out cryptocurrency CFD trading or opt to invest in Forex, commodities, stocks, indices, or ETFs.

    ForexTB Wallet

    Whilst the platform has a wallet where you can store your fiat currency, it does not provide a cryptocurrency wallet. The trading platform lets you invest in Bitcoin CFDs and several other cryptocurrencies, but does not support any crypto-based transactions. As a result, you won’t be able to send or receive any cryptocurrency to your ForexTB wallet.

    Your capital is at risk

    If you are looking to send or receive cryptocurrencies and need a reliable wallet, there are several to choose from. These are safe and support hundreds of different coins.

    ForexTB Platform Account

    The ForexTB platform has been designed to be user-friendly and intuitive. With a good balance of white space and crisp graphics, it is easy to navigate through the site and read the information provided. Apart from English, the website is available in six other languages, including German, Polish, and Dutch.

    Throughout the website, you will find useful links and guides. If you are completely new to trading or wish to learn about specific elements, you are likely to find answers in the Help Centre accessible from the top navigation menu.

    Opening an account is simple and straightforward. Apart from requiring your personal information, the signup procedure includes a few trading questions which you need to answer correctly. These questions help ensure that you are only allowed to start trading if you have a basic understanding of CFD investments, and are there to protect you. These questions also fulfil one of the requirements for the platform’s operating licence.

    Depending on your trading habits, ForexTB offers a choice of four retail accounts.

    ForexTB Trading Account
    Screenshots are shown for illustration purposes only. Actual product may vary.

    Once you deposit the minimum threshold required for each account you can request to be upgraded. Higher ranking accounts provide you with additional benefits, including lower fees, advanced lessons and access to free webinars.

    How to Sign Up on ForexTB

    ForexTB Register
    Screenshots are shown for illustration purposes only. Actual product may vary.

    Opening an account with ForexTB is fast and easy. All you need to do is:

    1. Visit ForexTB and click on the “Sign Up” button located at the top right-hand side of the page.
    2. Enter your name, email address and mobile number.
    3. Agree to the terms and click on the checkbox.
    4. Click on the “Start Trading” button. This will trigger an IP check to ensure that you are signing up from a supported country. If you are not, the system will advise you and will not allow you to proceed further.
    5. Enter your date and country of birth as well as your nationality. Provide your full address and indicate whether you are a US reportable person for tax purposes. If you have multiple nationalities you can provide additional information on this page. Click “Update”.
    6. Provide answers to the questions relating to your employment status, source of funds and wealth and your trading experience. Every time you click on an answer you will automatically be taken to the next one.
    7. Answer the investment questions correctly and complete the process.

    Upon completion of your ForexTB sign up, you will receive an email confirmation. Click on the link within the email to verify your email address.

    How to Login on ForexTB

    ForexTB Login
    Screenshots are shown for illustration purposes only. Actual product may vary.

    Once you have created your basic account on ForexTB you can log in at any time. All you need to do is:

    1. Visit ForexTB and click on the “Log In” button at the top right-hand of the page.
    2. Enter your email address and password. Click on “Log In”.

    If you have forgotten your password, ForexTB lets you recover it by clicking on the “Forgot Password?” link located below the main log in form.

    Verification Requirements

    In line with its operating licence and security measures, ForexTB requires that all users verify their accounts. The platform implements what has become industry-standard Know Your Customer (KYC) protocols. You can choose to upload the documents from your computer or opt for the more convenient mobile upload.

    The two main verification requirements are:

    • Proof of identity
    • Proof of residency

    In order to prove your identity, you will be required to provide a photo of your ID card or passport. Proof of residency can be carried out using a recent utility or home bill. Furthermore, if you will be funding your account with a debit or credit card, proof of card ownership will also be required.

    When providing documents for verification you need to ensure that:

    • All four corners of the document are clearly visible in the photo
    • There needs to be a clear contrast between the document and its background
    • Document proportions must be maintained
    • All the details of the document must be legible and no part of the document must be obstructed

    Your capital is at risk

    How to Buy Bitcoin CFDs with ForexTB

    ForexTB Buy Bitcoin CFD
    Screenshots are shown for illustration purposes only. Actual product may vary.

    You can trade on ForexTB using the operator’s own platform or MT4. In this guide, we will detail how to buy Bitcoin CFDs using ForexTB’s own platform. Before you can open any position you will need to register an account and be signed in. Once this has been done, follow these steps:

    1. Click on the filter option and either select “Cryptocurrencies” or type in “BTC” or “Bitcoin”.
    2. Click on the trading pair you wish to invest in. In this example, we’ve clicked on “BitcoinEUR”.
    3. Choose the lot size and decide whether you wish the trade to be opened immediately or if you want to wait until the trading price reaches a particular value.
    4. Click on “Sell” if you expect the price will decrease in the future and want to short sell or “Buy” if you believe the asset’s price will increase.
    5. Choose whether to activate one or both automatic limits.
    6. Click on “Trade” to open your position.

    The two automatic limits available on ForexTB are Stop Loss and Take Profit. It is highly recommended to use one or both of these tools to limit any potential losses.

    Once your trade has been opened you will be able to view it in the “Open Trades” panel of the platform.

    Trading CFDs is considered a high-risk investment due to the use of leverage. Leverage allows you to borrow money in order to open larger positions, but this can also lead to you experiencing significant losses. 72.8% of retail investor accounts who trade with ForexTB lose money. It is important that you understand the risks involved before investing since you might lose some or all of your investment.

    How to Cash Out on ForexTB

    ForexTB Cash Out
    Screenshots are shown for illustration purposes only. Actual product may vary.

    You can close an open trade at any time on ForexTB. To cash out, all you need to do is:

    1. Locate the position you wish to close on the “Open Trades” panel.
    2. Click on the trade. This will open an information block with an option to “Close” the trade.
    3. Click on the button and a pop up prompt will ask you to confirm your decision. Your position will not be closed until you confirm this prompt.

    Once you have closed the position the relevant fees are deducted and the balance is deposited into your account. You can withdraw your funds from your account anytime, as long as you can fulfil the minimum withdrawal requirement.

    Supported Cryptocurrencies

    ForexTB Supported Cryptocurrencies
    Screenshots are shown for illustration purposes only. Actual product may vary.

     

    ForexTB gives you the opportunity to invest in a range of top cryptocurrencies. These are paired with the three main fiat currencies, namely EUR, USD, and GBP. The supported digital coins are:

    It is likely that as cryptocurrency popularity increases, so too will the number of supported coins on ForexTB.

    Supported Countries

    ForexTB is available in most European countries with one exception. You will be able to ascertain whether you are allowed to open an account with the platform during sign up. If you have any difficulties you should get in touch with the platform’s customer care team.

    Supported

    In line with its operating license, the platform accepts users from across the European Economic Area. This includes most EU nations, Lichtenstein, Norway, and Iceland. ForexTB also accepts users from Switzerland.

    Your capital is at risk

    Not Supported

    Belgium is the only EU nation not currently supported by ForexTB. Other countries not in the EEA, such as the United States of America, Canada, and Australia, are also not currently supported.

    Platform Fees & Limits

    Fees

    In order to stay operational and safe, ForexTB needs to charge fees. The platform implements a transparent and simple fee structure which is easy to understand and calculate. Depending on the type of trading account which you have opened you could get special discounts and other benefits. Whilst this ForexTB review is focusing on retail investor accounts, the platform offers a professional investor account with different fee structures and benefits.

    The main fee charged by the platform is the spread. Since ForexTB does not charge commissions, it generates revenue by adding a small markup on the buy and sell price of an asset. The spread is calculated in pips and is already added to the price of the asset whenever you open or close a position. As a basic account user, the spread for the EUR/USD pair is 2.5 pips, whereas for a VIP account the fee decreases to 1.1 pips.

    Every market has an end of day time which is considered to mark the transition from one day to another. Any positions open at this time are charged a swap fee which varies depending on the asset.

    ForexTB does not charge any deposit fees. Withdrawal fees, on the other hand, vary depending on your account. VIP accounts enjoy free and unlimited withdrawals. Basic account users can make just one free withdrawal and are charged a fee depending on the payment method.

    If you have no account activity, including deposits or withdrawals, for a period of one month or more, an inactivity fee will be charged. This fee can be as high as €80, and you can prevent it by performing at least one transaction a month. Accounts which have been inactive for extended periods of time can be closed permanently.

    Limits

    The main limits of ForexTB relate to deposits and withdrawals. When funding your account, the platform requires a minimum deposit of €250. Whilst there is no minimum withdrawal limit for payments made to cards or eWallets, withdrawals via bank transfer have a minimum requirement of €100. There is no maximum limit on the amount value of withdrawals.

    Supported Payment Methods

    ForexTB Deposit
    Screenshots are shown for illustration purposes only. Actual product may vary.

    ForexTB has partnered up with several top payment providers to give users a comprehensive choice to make deposits and withdrawals. The main options are:

    • Visa/MasterCard (debit/credit cards)
    • Skrill/Neteller (eWallets)
    • SEPA/SWIFT (bank transfer)

    The automated deposit form will automatically block or activate supported payment methods based on the value of your deposit.

    Trading CFDs is considered a high-risk investment due to the use of leverage. Leverage allows you to borrow money in order to open larger positions, but this can also lead to you experiencing significant losses. 72.8% of retail investor accounts who trade with ForexTB lose money. It is important that you understand the risks involved before investing since you might lose some or all of your investment.

    ForexTB Security

    Owned and operated by a trusted investment firm, ForexTB implements several high-level security features which protect the platform and users from cyberattacks. The platform uses 128-bit Secure Sockets Layer (SSL) encryption for all communication. Transactions and user data are protected by firewalls and other secretive security systems. In addition, as an EU-based trading platform, ForexTB complies with all data protection regulation.

    ForexTB Customer Support

    The ForexTB customer care team are ready to assist you with your queries. There are several options to get in touch with the team, including live chat. Alternative options include a telephone, email address, and a postal address. If you would like to get instant answers, the platform provides a detailed FAQ page and exhaustive educational resources.

    ForexTB Help

    The platform’s Help Section lets you enter a customised query, and uses keywords to try and identify answers which could potentially help you. If you are unable to find what you are looking for you can also submit a request for information.

    ForexTB Coming Soon Features

    ForexTB is constantly improving its offering and platform features. Since it operates in a highly competitive market it doesn’t tend to advertise coming soon features, but rather announces developments as soon as they become live and available. As a result, the best way to stay up to date with the platform’s news is to become a fan on their social media pages.

    Top Competitors

    ForexTB vs eToro

    ForexTB and eToro share several similarities. Both platforms are licenced in Cyprus and offer a range of CFDs across all major markets. However, eToro is significantly larger and more diverse, since it offers a greater number of assets and even lets you buy select cryptocurrencies directly. In addition, eToro provides the Copy Trade feature which lets you automatically copy trades of successful traders. Both platforms have similar fee structures, however, overall, eToro would work out to be cheaper for most investors.

    ForexTB vs XTB

    XTB is a significantly larger CFD trading platform than ForexTB. With offices around the world and over 15 years in the industry, XTB offers a larger variety of cryptocurrencies and assets to invest in. Both ForexTB and XTB offer several trading platforms, including MT4. In addition, they also make it easy to trade on mobile and other portable digital devices. Although they both share similar fee structures and the same minimum deposit amount, ForexTB’s rates are generally lower than XTB’s.

    ForexTB vs Plus500

    Whilst both ForexTB and Plus500 specialise in CFD trading, the latter offers a significantly larger choice, especially in the cryptocurrency market. Plus500 is an award-winning platform with a global presence and more than 2,000 assets on offer. It accepts lower minimum deposits than ForexTB and offers all users up to five free withdrawals per month. Both platforms have a registered entity in Cyprus and are considered to be safe and user-friendly.

    Can I buy Bitcoin on ForexTB?

    ForexTB is a CFD trading platform. This means that you cannot buy Bitcoin or any cryptocurrency directly, but can invest in derivatives.

    Does ForexTB offer a mobile app?

    Whilst there is no mobile app for the platform you can trade on the go using the platform's mobile-friendly online trader.

    Are US investors supported on ForexTB?

    No. ForexTB is only able to accept investors based within the EEA and Switzerland, with the exception of Belgium.

    What languages is the ForexTB website available in?

    You can view the ForexTB website in English, German, Dutch, Italian, Spanish, Polish, and Swedish.

    Your capital is at risk

    Conclusion

    ForexTB provides investors with a good opportunity to invest in CFDs. Although it is not the largest platform around, its CySEC licence and range of tools give it the necessary credibility to be recommended and tested. The platform is especially useful for newer investors, providing detailed and comprehensive educational support and a free demo account. It is safe to use and offers competitive pricing, especially when you open a higher level account.

    Rating Score

    4 out of 5 stars

     

    ForexTB Pros and Cons

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