ForexMart.com Review

Scam!
1.074 · 26 REVIEWS

Tradomart SV Ltd.

Updated: Oct 6, 2020 · Visit site  · Is this your company?

ForexMart is a forex broker. Forex Mart offers the MT4, Web Trader and Mobile forex trading top platform. ForexMart.com offers over 105 forex currency pairs, cfds, shares, gold, silver, bitcoin and other cryptocurrencies for your personal investment and trading options.

ForexMart.com
SCAM CONFIRMATION

July 2018:  It has been brought to the FPA's attention that ForexMart is operating under the same Cysec license as InstaForex, which is already considered to be a scam by the FPA.

SCAM CONFIRMATION

March-November 2017:  Multiple fake and highly suspicious positive reviews submitted for ForexMart.

 

WARNING August 2016:  There is an FPA Traders Court guilty vote against ForexMart. The client complained about a delayed withdrawal. The company emailed the FPA and claimed it resolved the issue.  Their version of a "resolution" was to confiscate the client's profits because the client made too much money on individual trades.  ForexMart claims to be ECN, but its terms allow trades to be cancelled if the trades are less than 2 minutes and also allow for trades which make too much money to have profits cut.  Both of those are extremely strong evidence that the broker is not ECN.

The FPA strongly recommends
AGAINST doing business with ForexMart.

June-July 2016:  Multiple fake and highly suspicious positive reviews submitted for ForexMart.

 



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Broker Details

Minimum Trade Size: 0.01
Maximum Leverage: 500:1
Minimum to Open Live: $1
Established: 2015
Address: Shamrock Lodge, Murray Road, Kingstown, Saint Vincent And Grenadines
Contact: support@forexmart.com, +44 203 5751 513
Regional offices:
Regulators:
Prohibited countries:
Trading platforms: MT4, WebTrader, Mobile Trader
Web Trading: Yes
Mobile Trading: Yes
ECN: Yes
Currencies: (105+)
Cryptocurrencies: (65+) Bitcoin, Litecoin, Ethereum
CFD: (5+) Gold, Silver, Stocks
EAs/Robots: Yes
News Spike Trading: Yes
Scalping: Yes
Deposit Methods: Bank Wire, VISA, MasterCard, Alipay, FasaPay, Neteller, PayCo, Qiwi, Skrill, UnionPay
Withdrawal Methods: Bank Wire, VISA, MasterCard, Alipay, FasaPay, Neteller, PayCo, Qiwi, Skrill, UnionPay

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Scam!
1.074 · 26 REVIEWS
Forex Peace Army
DO YOU RECOMMEND THIS COMPANY?

Let other traders know if this service is worth checking or should be avoided.

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Traders Reviews

Nigeria, Nigeria,
Apr 8, 2020,
Registered user

Stay away!!! They are scammers!!!

Service use: Live

Length of use: 0-3 Months

This will be my final update and opinion about this broker.
Since I deposited through BTC.... I withdrew 7910$ through BTC on the 25/03/20. They processed it on the 01/4/20. As at when they paid the value of BTC was equivalent to 7467$ In my wallet.

I wrote back to them on that same day stating that I was not paid in full. Support told me that finance department is looking into it. It took them another one week for them to get back to me again. as always this is after sending countless mails to them. Support couldn’t reply cos they have to hear from finance department. Their finance department never respond to emails. I repeat, NEVER! And no other way to contact them. Even support department can’t get across to their finance department except through mail. What a joke of a company.

When support got back to me they said and I quote “We used the rate 25.03.2020 when the w/d requested and not the rate when the payment was made.
Rate used: 0.00014953”

How can you pay someone and on the day of processing, you use the rate of a day that has past?!.... a rate of 7 days ago to process BTC payment that is done instantly. Bloody cheat and scammers!!!

Apr 3, 2020 - No Rating Yes, ForexMart finally paid me my money back after a week.
my withdrawal request was for 7910$ through BTC however the value of BTC I received was 7467$

Meaning that this broker still owes me a couple of dollars and my money wasn’t paid in full. I have emailed them and waiting again for a reply/ balance payment. Hopefully this won’t take another 1 week!!!

Apr 1, 2020 - No Rating This is an update on my previous review about this broker. They paid me my withdrawal request from my account; 58037429 after a week.

Although it took 7 days, I am glad that I could deposit and withdraw with ForexMart!!!

I’d like to also thank the organizers of this site for creating a public awareness on brokers!!!

Mar 30, 2020 - 1 Star It has been over 3 days now and they won’t process my withdrawal of 7910$ From my acc: 58037429.
I was convinced by an IB to deposit with them

Now They keep telling me my withdrawal request is being checked. SCAM!
I wouldn’t advise my enemies to do business with them. Give me my money back ForexMart
 
Reply by KostiaForexMart submitted Apr 19, 2020:
Good day. The delay in withdrawal and the difficulty of communicating with the financial department was due to the general situation of the COVID-19 virus. The company switched to the remote work mode. As a result, all funds were paid.
mumbai, India,
Sep 29, 2019,
Registered user

Got my money back

Service use: Live

Length of use: 0-3 Months

I deposited 100$ and got 30$ extra deposit bonus. afterwards i trader with ECN account, but i was charged 20cents per trade and the spread was also very large plus current price was different from other brokers. afterwards i lost 10$ and asked for withdrawal of 90$. which i got back. so no issue with withdrawal.
 
Reply by KostiaForexMart submitted Nov 1, 2019:
Good day. Thank you for your feedback. It`s normally that prices of brokers may differ, as it depends on many factors. The value of the spread for gold corresponds to the indicated values. If you have any questions, you can contact the support department.
halloween, South Africa,
Oct 8, 2018,
Registered user

The worst broker ive ever encountered

This is one excrement covered broker in the history of time, I wouldn't recommend it for a sec. None of my trades(positions) last for a minute and they are closed especially when in loss, have sex with it! 
 
patna, India,
Sep 13, 2018,
Registered user

bad broker

ForexMart claims to be ECN, but it's terms allow trades to be cancelled if the trades are less than 2 minutes and also allow for trades which make too much

very bad broker dont join
 
zhuluo,
China,
Aug 22, 2018,
Guest

Trading account 319038, I'm at ipRebate.comIB, link to: forexmart.com.registeridn UYXEU.Open a trading account 319038, $5085.99 at sunrise on April 18, 2018, but only $3151. I have nothing to do with this agent, and the IB of this site still exists. When will the commission for other transactions be returned? if I do not return it, I will complain about your violation to the Cypriot regulatory authorities, and then post your violation online. Your group was fined 150000 euros in May. Do you want to be punished again?
 
Reply by KostiaForexMart submitted Sep 19, 2018:
Dear zhuluo.
You have been received a letter with detailed explanations of your situation. Rebate was canceled according to clause 11.6 of "Partnership agreement".
Lagos, Nigeria,
Jul 24, 2018,
Registered user

Wonderful broker

Everything has been perfect for me from quality trading environment to fast withdrawals to great customer service. My advice is stick to their trading terms and conditions and you wont have any reason to complain. Most traders complaining are greedy traders ! I hope Forexmart stays this way forever..keep up the good work!!
Only thing that needs to be improved is execution speed.
 
hassan,
Lahore, Pakistan,
Jul 3, 2018,
Guest

bigscam
forexmart and INSTAFOREX both are same broker but change the name
plz be safe ur can serach his CYSEC lience no in CYSEC official website u found that both are same broker
 
Gungun,
Indonesia, Indonesia,
Mar 25, 2018,
Guest

Cancellation profit by forexmart

please help me, i have a problem with "the bucket shop" forexmart who claimed to be a broker
Dear FOREXMART
Firstly, I would like to introduce my self. My name gungun muhamad nahar from Indonesia. I am a client of forexmart one of forex trading brokers.
I want to complain to forexmart due to cancellation of my profit from trading transaction on March 22nd 2018 on 02.00 pm. At that time, I was trading on forex GBPUSD. Twenty minutes before the transaction I was set the order, the price touched the order and take profit. The transaction was closed automatically. From that trade, I get the profit 3300 dollars. But then the broker was cancelled all my profits due to the time period of the trade happened less than 2 minutes from which the transaction has been opened
My objection of this cancellation because :
1. The transaction was executed and closed automatically based on pending order that has already been set before
2. I can not predict the time when the order was execute, the price touch the order (buy stop and take profit) and then closed automatically
3. The cancellation never happen when we loss from the trade which happen less than 2 minutes from the transaction has been opened. This is not fair. The clause of 35.9 only told about trade that happen less than 2 minutes and not stated whether the trade makes a profit or loss. Due this clause, forexmart should cancel any trade that happen less than 2 minutes, whether the trade makes profit or loss
4. I have experience before, take profit from the trade less than 2 minutes, with small amount, the broker didn’t cancel the trade. But in this time, when the profit have quite large amount, the broker cancelled the trade. I give you the evidence of other transaction history, with the trade has happened less than 2 minutes from the transaction has been opened.
5. The forexmart has no good intention to restore my profit that already been my right.
Forexmart must return all of the profits , and for customer protection, the institution which relevant to this should investigate this incident as a licensor institution responsibility.

Regards,
Gungun Muhamad Nahar
 
Reply by KostiaForexMart submitted Mar 30, 2018:
Dear gungun muhamad nahar,
Short orders were canceled in accordance with clause 35.9 of ForexMart "Terms and Conditions": The Company reserves the right to cancel any trade where the time period for which the transaction has been opened is less than two minutes, and / or any hedging / locking / set-off transaction which has been opened for less than two minutes. You have been received a letter with detailed explanations.
Australia,
Mar 13, 2018,
Registered user

Do not trade with this broker

Forexmart have terrible spreads and delays in placing orders. I would definitely stay away from this broker.
 
Reply by KostiaForexMart submitted Mar 30, 2018:
Dear greendiceman,
Please describe the situation in more detail and send your trading account number if you are our client. What problems or questions do you have? We will help to solve the problem and find a possible solution on this issue. Thank you!
Iraq,
Mar 2, 2018,
Registered user

acceptable

i start to trade with forexmart about 1 year ago . i trade with humble and withdraw with credit card and wire transfer . all good . and when i had problem the support was available to deal with it . BUT take this in mind they DO NOT accept any trade in news or open and close a trade in less of 3 minutes and if you do they will take the profits and do not cover the losses if you lost during the news