FXTB

Overview of FXTB

Background

FXTB, more commonly known as ForexTB, is a Cyprus-based straight-through processing broker established in 2012. Owned by Forex TB Limited, the brokerage is regulated by the Cyprus Securities and Exchange Commission (CYSEC). Catering to a broad clientele, FXTB extends its services to clients from 29 countries worldwide. The broker stands out by offering competitive spreads paired with commission-free trading, particularly appealing to CFD traders.

Trading Platforms

FXTB provides its traders with multiple platform options including MetaTrader 4 (MT4) and WebTrader. These platforms are designed to cater to both novice and experienced traders, ensuring a user-friendly interface combined with advanced trading tools.

Pros and Cons

Regulatory Authority

Regulatory Authority: Cyprus Securities and Exchange Commission (CySEC).

License Type: Exclusive; Investment Advisory License.

Regulation Status: Regulated.

License Number: 272/15.

Licensed Institution: Forex TB Ltd.

Effective Regulation Date: April 7, 2015.

Institution's Contact Information:

Email:info@forextb.com

Address: Lemesou Avenue 71, 2nd Floor 2121 Aglantzia, Nicosia, Cyprus.

Phone: +357 22 266 707

Regulation Background:

CySEC was formed under the Securities and Exchange Commission (Establishment and Responsibilities) Law of 2001. It operates as an independent public authority overseeing the investment services market in Cyprus, including transactions in transferable securities and the collective investment and asset management sector.

Security

Regulated by a Reputable Authority: FXTB operates under the stringent oversight of CySEC, a well-respected regulatory body in the financial industry.

Segregated Bank Accounts: FXTB provides its clients with segregated bank accounts, ensuring that client funds are kept separate from the broker's own funds. This ensures that client money is not used for broker operations and is protected in case of any financial difficulties faced by the broker.

Compensation Scheme: As a regulated entity under CySEC, FXTB is a part of a compensation scheme. This acts as a safety net for clients, ensuring they are compensated in the event the broker becomes insolvent.

Transparent Operations: Being under the scrutiny of a regulatory body like CySEC ensures transparency in operations and adherence to prescribed financial standards.

How to Open an Account？

The detailed registration process of FXTB can be described as follows:

Visit the FXTB website and click on the “Sign Up” button to begin the registration process.

Provide your personal information, including your full name, email address, and phone number, in the required fields.

Create a secure password for your FXTB account, ensuring it meets the platform's password requirements.

Agree to the terms and conditions of FXTB by reviewing and accepting the user agreement.

Complete the verification process by providing the necessary documentation to confirm your identity and address.

Once your account has been successfully verified, you will receive a confirmation email, and you can start using FXTB for cryptocurrency trading.

Payment Methods

Credit/Debit Card: A popular and convenient method, FXTB allows users to fund their accounts or withdraw using their credit or debit cards. This method often offers fast processing times for deposits.

E-wallets: E-wallets offer a secure and efficient way to transfer funds. FXTB supports various e-wallet options, which might include platforms like PayPal, Skrill, Neteller, among others.

Wire Transfer: For those who prefer traditional banking methods, FXTB provides the option of wire transfers. While this method might be more secure, it often has a longer processing time compared to the other methods.

Leverage

◦ Retail clients can access leverage rates of 1:30 due to ESMA regulations.

◦ Professional traders can access higher leverage up to 1:400.

◦ Leverage lets traders control larger positions than their initial deposit, increasing both potential profits and risks.

◦ Leverage is expressed as a ratio, and it's imperative for traders to have adequate funds to cover margin requirements, which serve as collateral.

Bonuses

◦ FXTB does not offer any broker bonus schemes such as welcome bonuses or trading bonuses.

◦ The absence of bonus schemes is partly due to the broker's growth strategy and mainly because of their regulation by CySEC.

◦ Even though deposit bonuses can attract new traders, it's essential to understand their conditions, as they often require high trading volumes before withdrawals.

◦ ESMA measures prohibit brokers from offering monetary benefits to retail clients in relation to the sale of CFDs, further ruling out such bonuses for FXTB.

Accounts

BASIC Account:

Minimum deposit requirement: €250.

Spreads start at 3.0 pips for EUR/USD, 3.4 pips for GBP/USD, 3.3 pips for USD/JPY, and $0.12 for CRUDE OIL.

GOLD Account:

Minimum deposit requirement: €25,000.

Spreads are slightly tighter, beginning at 2.7 pips for EUR/USD, 3.1 pips for GBP/USD, 3.0 pips for USD/JPY, and $0.11 for CRUDE OIL.

PLATINUM Account:

Minimum deposit: €100,000.

The spreads are more favorable, with rates starting at 2.1 pips for EUR/USD, 2.5 pips for GBP/USD, 2.4 pips for USD/JPY, and $0.10 for CRUDE OIL.

VIP Account:

This is the premium offering with a minimum deposit requirement of €250,000.

It boasts the most competitive spreads: starting at 1.6 pips for EUR/USD, 2.0 pips for GBP/USD, 1.9 pips for USD/JPY, and $0.08 for CRUDE OIL.

Each account type offers progressively tighter spreads, reflecting the larger deposit requirements and catering to different types of traders based on their financial capacity and trading preferences.

Is FXTB a Good Exchange for You？

Groups that may find FXTB suitable:

Novice Traders: Given the strong educational resources provided by FXTB, beginners can benefit from comprehensive learning materials to start their trading journey.

Experienced Traders: The advanced trading tools and support offered can be advantageous for seasoned traders.

Those Prioritizing Security: Traders who value the safety of their funds will appreciate FXTB's regulated status, segregated accounts, and membership in the Investor Compensation Fund.

Flexible Payers: Individuals who want multiple payment options will benefit from the variety of payment methods offered by FXTB.