It is sometimes hard to tell if the Forex industry is overburdened with the different broker companies which appear overnight or is a Forex broker really necessary on every corner. Nevertheless, it seems that every Forex company has found its place under the stars since the number of market participants is increasing on a daily basis. This Forex TB review is going to deal with Forex TB, the new broker, who has been doing well since its recent launch. It really seems that the Forex market cannot get old and supply and demand are perfectly balanced in the overcrowded market where there is room for everyone. We can only imagine how the market will look like in several years and if the new Forex companies will make it through the challenges that are a part of every popular business. For now, let us concentrate on the current situation and how our Forex TB is doing now.
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Background Information
Forex TB opted for Cyprus as its main office seat, which is only logical considering that Cyprus is the major financial center where many Forex companies operate. If we look at what Forex TB offers, we can conclude that this broker has been observing the market well and copied from the best. The broker opened its door in 2015, and one can tell from their website that they are very proud of their CySEC license. They reiterate the importance of regulatory bodies and their role in the safety of funds, prices, and overall trading conditions. CySEC works according to the highest standards, and Forex TB had to fulfill all possible requirements to be eligible for the CySEC license.
Platforms with Forex TB
Forex TB has prepared well for the different tastes of customers. They opted for both, the convenient and mainstream way with offering the MT4, and for innovation with their proprietary platform. The broker gives you a choice between:
- Meta Trader 4
- Patron Web FX Browser platform
- Forex TB Mobile Trader
The MT4 has been a part of the Forex world since 2005 when the market started to turn to an online approach. Traders can build their own trading strategies and manage the charts how they want with the MT4 powerful trading tools. The platform offers many build-in features, but supports also account personalization. The Patron Web FX Browser platform is very fast including many simple and complex options. The platform can be customized according to the trader’s wish and is in general trader-oriented. The platform requires no download and can be accessed directly via any browser. The Forex TB mobile app enables spontaneous trading and thanks to the powerful smartphone devices; traders have the luxury to trade from their phones in the first place.
Account Types
Besides the demo account which is free of any charge, Forex TB offers just one universal account for all users. The amazing thing is that there is no minimum deposit and traders can freely register without any commitment. Of course, once it’s time for trading, a deposit has to be made. The account offers over tradable instruments including Forex, commodities, and CFDs. Take Profit and Stop Loss options are also part of the account which help traders minimize trading risks. Luckily, the broker offers low leverage, e.g. 1:100. The account also comes with a dedicated sales representative if you should opt for one. The broker also offers STP services which link traders directly to several market quotes.
Forex TB Bonus
At this point, there is no Forex TB bonus which would cheer up many traders. Some brokers, especially those new in the business, try to get around a bonus and do not include it. The bonusless brokers sometimes run some promotions which can be rewarding for traders, but there is no regular bonus.
Deposits and Withdrawals
This broker does not offer as many payment methods as one would hope for. The choice is very limited, and you can fund your account via the following:
- Wire Transfer (national or international)
- DotPay
Wire transfer and DotPay are not the fastest payment methods, whereby the broker also emphasizes that the waiting period is three days for the money to appear in your account upon withdrawal. Wire transfers can even take longer if they are not SEPA member banks.
Customer Support
The customer support is pretty much standard just a single detail stands out form other support teams. Namely, Forex TB has no live chat and offers only e-mail, phone line, and an online request form on their website. The request form requires you also to leave your contact details to the broker, which can be a good thing but also exhausting. Live chat became essential, and we would suggest the broker to introduce a live chat section for easier communication with clients.