ForexTB Review:Could This Broker Scam You?
ForexTB is a relatively new broker on the market. We did our review to verify can this CySEC regulated broker be trusted. Read our in-depth review on FXTB broker and find out.
|Supported Platforms:||MT4, web trader|
|Minimum Deposit:||250 EUR|
|Types of Assets:||FX, crypto, shares, indicies, commodities|
- Regulation and Security
- In which countries does this broker work?
- Is it possible to make money with an FXTB broker?
- Scammed by ForexTB?
Regulation and Security
FXTB is owned by Forex TB Limited. This same company is the owner of another forex brand, PatronFX, that opened in January this year. The company is based in Cyprus and regulated by CySEC.
The company does not list where the funds are held, are they in a segregated account, and in which banks.
So far, we cannot conclude much. This is why we decided to search more.
In which countries does this broker work?
The FXTB broker operates within the EEA zone according to CySEC regulation. The broker listed that it does not provide financial services to residents of Belgium and Switzerland on its website. Why the broker is avoiding these two countries remains unknown.
Also, the company can offer limited services within the UK because it does not have the FCA regulation. And according to new rules since Brexit, any company with EU approval can only partially operate in the UK while waiting to be approved by the FCA.
Is it possible to make money with an FXTB broker?
Whenever you start trading with some broker, the question is not can you make money. The question is can you withdraw it. Because you can see your money on the screen. That is never a problem. The problem comes when you want that money out inside your bank account. This is when the broker starts giving you excuses and restricting your access.
When it comes to FXTB broker, it is offering both web trader and MT4. The web trader is less secure, and the broker can easily manipulate it. That is why it is never a good choice.
The minimum deposit with the FXTB broker is 250 EUR. There are brokers allowing you to start with $100 or even $10. This is a much more comfortable option if you are a beginner and want to test everything out.
If you think that the Demo account is a good option, the FXTB broker offers 100,000 units. Practically, you cannot get the real market experience. It is much different when you have 250 EUR at your disposal and when you have 100,000 EUR. The margin, the leverage, everything is changing. For the professional account, the leverage is 1:400, while small accounts can get only up to 1:30.
However, according to reviews, some clients experienced issues when withdrawing profit from FXTB broker. Be aware that it can happen, and ask for help if you think you are being scammed.
Scammed by ForexTB?
If you were scammed by a ForexTB broker, do not hesitate to ask for help. You are not the only victim. And there is a solution. You need to file a dispute and request a chargeback.
But what is a chargeback? It’s a way of refunding your card in case you were a victim of a scam. Contact us for help immediately, and let’s get your money back!
Is ForexTB a good broker?
ForexTB is a broker regulated by CySEC. It is a new broker on the market, and there have been a few complaints about it.
Is ForexTB a Scam?
FXTB is a broker that is operating under the license of CySEC. Yet, there are complaints about this broker’s work. We recommend you to be careful.
Is ForexTB regulated?
Yes, the broker has the CySEC regulation.
Where is ForexTB broker based?
ForexTB broker is based in Cyprus and regulated by CySEC.