ForexTB is a Cyprus licensed CFD broker, that launched in May 2020. Their official website is at: ForexTB.com/eu/.
For complaints and withdrawal problems, read this.
Our investigative review of FXTB finds that this CFD broker running on the user friendly, Scipio trading app. The trading app is well liked by new day traders and investors due to its simple interface and intuitive design. Experienced Forex traders will be able to utilize the industry standard MT4 trading platform.
We found that they offer over 250 underlying assets for trading, and they margin rates are limited to 30:1 as per the European Union laws. Traders will find CFD’s on Forex Pairs, Crypto Currencies, Individual Shares, Market Indexes, Oil and Gold. Spreads on BTCUSD was $37 at the time of this review.
As a European broker, FXTB’s website is available in multiple languages including; English, German, Spanish, Italian, Polish, Swedish and Nederlands. Your trading account can be denominated in these currencies; USD, EUR & GBP. Demo trading accounts are available at ForexTB, and the minimum deposit for a Basic level trading account is $250, see here.
Algorithm Trading Apps
Before using a trading robot, you should really understand that:
- Automated trading apps are not 100% accurate.
- Most people lose money when using an algorithm trading app.
- CFD brokers are not authorized to give you investing advice.
Go read more about automated trading robots.
Is FXTB a Legit Broker?
When the Scam Broker Investigator reviews a new brokerage firm, to see if they are a legitimate broker or a scam, we look for a valid license. The primary regulators of Forex brokers worldwide, are government agencies like the FCA in United Kingdom and FSCA in South Africa, see here.
- European Union: Forex TB Limited, is licensed by CySEC (Cyprus Securities and Exchange Commission) license number 272/15. Address: Lemesou Avenue 71, 2nd Floor, 2121 Aglantzia, Nicosia, Cyprus. Contact phone number in Cyprus is: +35722222353, and the customer service email address is: [email protected].
Now that the United Kingdom has exited the E.U., it is important for investors in England to understand, that the Financial Services Compensation Scheme does not cover you, when investing with a broker from Cyprus.
There are many reasons why investors should only trade with a licensed broker, and if you want to see what happens and scam brokers, just read the complaints page.
Compare Forex Brokers
Choosing the right CFD broker to trade with, is very difficult because you have to must compare hundreds of brokers. Look at an updated list of popular brokers listed here.
Try a Free Demo on their amazing trading platform, signup here.
Please share your experience in the comments, with other people reading this review of ForexTB.