Clients Feedback: Inverstors Accused ForexMart of Scamming Traders

With increasing numbers of brokers in the forex market, finding a legitimate broker can drive you nuts. Things become more difficult for newbies. Thanks to regulatory institutions who keep a check on intermediaries entrusted with public money and minimize financial irregularities. However, brokers like ForexMart need to be dealt with more rigorously. 

Overview

Founded in 2015, ForexMart (https://www.forexmart.com) is a multi-asset brokerage firm based in Limassol, Cyprus.  The company deals in retail forex and CFD trading across various asset classes, such as forex, indices, commodities, etc. ForexMart claims to have won two awards for being the best forex broker in Europe. According to the broker's official website, it serves clients in over 150 countries and holds regulations in various jurisdictions. On the other hand, the company is strongly denounced for its misconduct and is one of the poorly rated companies we've reviewed so far. 

ForexMart Clients feedback

People have repeatedly accused the company of scamming investors on BrokersView and other platforms. While most clients have reported withdrawal problems, some found the company to be manipulating prices. Customers also complained about the company's poor customer service. Let us share a few screenshots below.

Is ForexMart Regulated?

Yes, ForexMart holds license from the Cyprus Securities and Investment Commission (CySEC) under license number 266/15. Earlier, the company had been the trading name of Tradomart SV Ltd. However, it has now rebranded to Instant Trading EU Ltd. 

How to confirm if your broker is a scam?

The absence of a solid regulatory license is the first indication of a subclass broker. Remember, legitimate brokers will always have a license from one or more top-tier regulators like FCA, ASIC and CYSEC. 

Other signs include but are not limited to receiving cold calls from a broker out of nowhere, phishing emails, deposit requests, high latency rates followed by increased slippage issues, delayed withdrawals, sudden account closures, poor customer support, etc. 

What to do if I have deposited funds with ForexMart?

Despite being a regulated broker, the company has a bad reputation amongst investors concerning withdrawal issues. It might be too late to act if you've deposited your funds with the ForexMart. However, you can still try requesting them to release your funds. It is better to initiate withdrawal requests for a small amount and continue requesting funds withdrawal once a week until you have withdrawn all your investment. You can also consider escalating your issue to CySEC as a last resort.