ForexTB Review by professional Forex trading experts the “ForexSQ” FX trading team, Finding out everything you need to know about the broker is in this ForexTB Review.
Forex TB offers its clients a single commission-free STP account with leverage up to 1:100, variable spreads and the option to trade in micro lots.
The Company. Security of Funds
Forex TB Ltd.
Forex TB (PatronFX) is a offers trading in over 50 FX pairs, Indices, commodities and stock CFDs as well as a number of ETFs through the industry’s standard MetaTrader 4, as well as on its proprietary web-based platform.
Behind the brand is Forex TB Ltd., a Cypriot Investment Firm (CIF) licensed by Cyprus Securities and Exchange Commission (CySEC) since 2015. The broker has a representative office in Poland and is part of the XTB group (X-Trade Brokers). The group has a UK unit, which is regulated by the FCA and its other subsidiaries are regulated by Poland’s financial supervision commission (KNF). What is more, X Trade Brokers Dom Maklerski SA is listed on the Warsaw Stock Exchange (WSE:XTB), which adds additional transparency to its business model and finances.
CIFs are required to report to the Commission on a regular basis and to hold at least €730 000 as a proof of their financial stability. They also must keep client funds in segregated accounts and Forex TB says on its website all client money is held in Polish Bank mBank, separated from company’s operational funds.
Furthermore, CySEC applies a compensation scheme as an additional guarantee to clients’ funds. All licensed brokers are members of the Investor Compensation Fund, which may cover a maximum of 20,000 EUR per person in the event of broker insolvency.
Besides, as Cyprus is part of the European MiFID regulations, all CySEC regulated are free to operate in all EU Member States.
Minimum Initial Deposit
Forex TB has set no minimum deposit amount, so you can open an account with just $1.
Spreads & Commissions
Forex TB offers commission free-trading, and its spreads are really competitive, amounting to 1.1 pips for the EUR/USD pair.
For purposes of comparison FXTM provides spreads averaged 0.7 pips on EUR/USD and charges a commission of $2 per lot. For more information, you may check out real-time spreads of 15 leading brokers here.
The maximum leverage level offered by Forex TB is 1:100, which is a comparatively low ratio.
We suppose that this broker offers leverage up to 1:100, as this is the maximum allowed in Poland. Many jurisdictions introduce restrictions on leverage, because the higher the leverage, the greater the risk. CySEC has proposed 1:50 as default leverage, but still many Cyprus-based brokers offer high leverage levels – for example, FXTM provides leverage up to 1:500.
This broker supports the good old MetaTrader4 (MT4), available as desktop version, as well as its in-house xStation (in web and mobile versions).
xStation is a multi-functional software that is customizable and easy to use. This platform features one-click trading, the ability to deal straight from the chart and is equipped with a number of technical analysis tools and advanced charting package.
Besides, this broker provides free of charge Guaranteed stop loss, which is a good risk management tool
Methods of Payment
Forex TB supports a small range of payment methods – bank wire transfer and DotPay. Credit/debit cards, Skrill and Neteller are not available with this broker.
Forex TB is a CySEC-licensed forex broker, offering trading in FX and CFDs on two robust trading platforms. It is a part of the XTB group of companies and its product portfolio is rich and trading conditions are attractive.
Instead of the forex broker you can use Plus500, XM, eToro, Fxpro or AvaTrade forex brokers.
ForexTB Review Conclusion
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