Review of ForexTB: Positive Aspects and Potential Drawbacks
ForexBT, also known as ForexTB, is a reputable forex trading platform that has garnered a predominantly positive reputation among traders. However, it is important to acknowledge the existence of some minor concerns and to provide a balanced review of the company. This article delves into both the positive aspects and potential drawbacks associated with ForexTB, ensuring that traders have a comprehensive understanding before making a decision.
Positive Aspects of ForexTB
Regulation and Trustworthiness
ForexTB is regulated by the Cyprus Securities and Exchange Commission (CySEC), which adds a layer of trust to the trading platform. CySEC ensures that the company operates within strict guidelines, thereby protecting the interests of its clients. The regulation also provides a safeguard against fraudulent activities, instilling confidence in traders.
Asset Range and Trading Options
One of the key strengths of ForexTB is the extensive range of assets available for trading. The platform offers a wide array of currencies, stocks, commodities, and indices. This diverse selection caters to the needs of traders with varying risk appetites and preferences, making it a versatile choice. Traders can explore and trade a vast number of assets on the ForexTB platform, enhancing their opportunities for profit.
Trade Spreads
While the spreads at ForexTB are not the lowest available in the industry, they are still competitive. The spreads for EUR/USD, as checked using the FXTB WebTrader, are at 1.3 pips. Although there are brokers offering even lower spreads, there are also brokers with higher spreads. Traders need to evaluate the overall value proposition of the platform, considering not only spreads but also other key factors such as liquidity, volatility, and market conditions.
Note: Spreads can vary significantly depending on market conditions and the specific broker's offering.
Customer Support
The customer support at ForexTB is generally well-regarded by many traders. The support team offers prompt and helpful services, ensuring that traders' inquiries and issues are addressed in a timely manner. Unfortunately, some traders have reported difficulties in contacting the support team 24/7 and facing challenges with the live chat functionality. However, these occasional issues do not significantly impact the overall trading experience for most users.
Charges for Inactivity
A common concern raised by some traders is the inactivity fee charged by ForexTB. While this fee may be a drawback for some traders who do not engage frequently, it is important to note that a month without any transactions is relatively rare. Most traders will find this fee to be manageable and consider it a reasonable trade-off for the benefits offered by the platform.
Lack of MT5
Another potential drawback is the absence of MT5 trading platforms. MT4 is the platform offered by ForexTB, which is nearly identical in functionality to MT5. While some traders may find the lack of MT5 to be an inconvenience, the majority of users will find this to be a minor issue. It is worth noting that there are plans to add MT5 in the future, which is a positive sign for traders who prefer this platform.
Conclusion
After careful consideration and analysis, it is apparent that ForexTB is a well-regulated and reliable trading platform. While there are some minor concerns, the overall positive aspects of the company far outweigh these drawbacks. Traders should take into account the extensive asset range, competitive spreads, reliable customer support, and the absence of significant regulatory issues. For the majority of traders, ForexTB provides a solid and trustworthy trading environment.