What is ForexBY？
ForexBY, headquartered in Belarus and regulated by NBRB, offers a comprehensive range of market instruments, including foreign currency pairs, stock indices, precious metals, oil, and cryptocurrencies. ForexBY provides traders with access to a variety of account types tailored. With leverage ranging from 1:3 to 1:200 and access to the xCritical trading platform, ForexBY offers traders the tools and flexibility to execute their trading strategies effectively.
If you are interested, we invite you to continue reading the upcoming article where we will thoroughly assess the broker from various angles and present you with well-organized and succinct information. By the end of the article, we will provide a concise summary to give you a comprehensive overview of the broker's key characteristics.
Pros & Cons
Pros:
- Regulatory Compliance: ForexBY is regulated by the National Bank of the Republic of Belarus (NBRB), ensuring that it operates within a regulated framework, which can provide traders with a sense of security and trust in the platform.
- Range of Market Instruments: ForexBY offers a diverse range of market instruments, including foreign currency pairs, stock indices, precious metals, oil, and cryptocurrencies, allowing traders to diversify their portfolios and explore various trading opportunities.
- Flexible Leverage: With leverage options ranging from 1:3 to 1:200 and access to the xCritical trading platform, ForexBY provides traders with the tools and flexibility needed to execute their trading strategies effectively.
- Multi- Channel Customer Support: ForexBY offers multiple channels for customer support, including telephone, email, live chat, and social media platforms like Twitter and Facebook, ensuring that traders can receive assistance promptly and efficiently whenever needed.
Cons:
- Restricted Access: ForexBYs services are not available to citizens and residents of certain countries, including the United States, Israel, Canada, Puerto Rico, Japan, North Korea, Iran, and Ireland, which may limit its accessibility to traders from these regions.
- No Demo Accounts: ForexBY doesn't offer demo accounts for users to practice trading.
- High Minimum Deposit Requirement: The minimum deposit requirements of $500 for ForexBYs account types may be considered relatively high for some traders, especially for those looking to start with smaller amounts.
- Limited Trading Platforms: ForexBY appears to offer only the xCritical trading platform, which may not be preferred by some traders who are accustomed to or prefer other trading platforms with different features and functionalities.
Is ForexBY Legit or a Scam？
ForexBY operates under the regulatory oversight of the National Bank of the Republic of Belarus (NBRB), holding a Retail Forex License with License No. УНП 192530878. This regulatory framework ensures that ForexBY adheres to stringent standards and practices, safeguarding the interests of its clients and maintaining the integrity of the financial markets it operates within.
Market Instruments
ForexBY provides a diverse range of trading instruments to cater to various investment preferences and strategies.
- Foreign Currency: This includes major currency pairs like EUR/USD, GBP/USD, USD/JPY, as well as minor and exotic currency pairs. Trading forex allows investors to speculate on the exchange rate between different currencies, aiming to profit from fluctuations in their values.
- Stock Indices: ForexBY offers trading opportunities in major stock indices from around the world, such as the S&P 500, NASDAQ, FTSE 100, Nikkei 225, and others. Stock index trading enables investors to trade on the overall performance of a basket of stocks representing a particular market or sector.
- Precious Metals & Oil: ForexBY allows trading in precious metals like gold, silver, platinum, and palladium, as well as oil (crude oil). These commodities are often considered safe-haven assets and are traded for their intrinsic value, as well as for speculative purposes based on supply and demand dynamics, geopolitical factors, and macroeconomic trends.
- Cryptocurrencies: ForexBY offers trading in popular cryptocurrencies such as Bitcoin, Ethereum, Litecoin, Ripple, and others. Cryptocurrency trading involves speculating on the price movements of digital currencies, which are decentralized and often characterized by high volatility.
Account Types
ForexBY offers a range of account types to accommodate different trading preferences and levels of experience.
- Standard Account: This account type is suitable for beginner traders or those who prefer to start with smaller investments. The minimum deposit requirement is $500. Standard accounts typically offer basic trading features and may have slightly higher spreads compared to advanced account types.
- Pro Account: The Pro Account is designed for more experienced traders who may require access to advanced trading tools and features. With a minimum deposit of $1000, Pro Accounts often come with lower spreads, faster execution speeds, and additional perks such as personalized customer support.
- Premium Account: Premium Accounts cater to traders with larger investment capital and a desire for premium trading conditions. With a minimum deposit of $10,000, Premium Accounts may offer even tighter spreads, dedicated account managers, priority customer support, and access to exclusive research and analysis materials.
- Platinum Account: The Platinum Account is the highest tier offered by ForexBY, designed for high-net-worth individuals or institutional traders. With a minimum deposit requirement of $50,000, Platinum Accounts typically come with the most competitive trading conditions, including ultra-low spreads, VIP treatment, bespoke trading solutions, and other elite privileges.
How to Open an Account？
To open an account with ForexBY, please follow these steps:
Leverage
ForexBY offers leverage ranging from 1:3 to 1:200, providing traders with flexibility in their trading strategies. Leverage allows traders to control larger positions with a relatively small amount of capital, magnifying both potential profits and losses.
For instance, with a leverage of 1:100, a trader can control a position worth $100,000 with a margin requirement of only $1,000. This amplifies potential gains if the market moves in the trader's favor but also increases the risk of significant losses if the market moves against them.
While high leverage can potentially lead to higher returns, it's essential to understand the associated risks. Trading with high leverage magnifies the impact of price movements, making positions more susceptible to volatility and market fluctuations.
Spreads & Commissions
ForexBY offers competitive spreads across its range of account types, catering to traders with varying levels of experience and trading preferences.
In Standard Accounts, spreads start at 0.9 pips, providing beginner traders with access to cost-effective trading without the need to pay commissions.
For Pro Accounts, spreads start from 0 pips, indicating tighter pricing and potentially lower trading costs. However, traders using Pro Accounts are subject to a commission fee of $9 per lot for Forex trading and 0.02% for CFD trading.
Premium Accounts offer spreads starting from 0 pips, further tightening the cost of trading. In addition, Forex trading commissions are reduced to $7 per lot.
Platinum Accounts provide the most favorable trading conditions, with spreads starting from 0 pips and the lowest commission rates. Forex trading commissions start from $6 per lot, while CFD trading commissions begin at 0.008%.
Trading Platforms
ForexBY offers its clients access to the innovative xCritical trading platform, designed to provide a seamless and efficient trading experience. With more than 55 instruments available, traders have the flexibility to diversify their investment portfolio according to their preferences and strategies. One of the standout features of the xCritical platform is its intuitive interface, which allows for easy navigation and execution of trades.
The platform boasts improved performance and graph accuracy, ensuring that traders can make informed decisions based on reliable data. Technical analysis is made swift and accessible through the integration of Autochartist, a powerful tool that helps identify potential trading opportunities with its automated pattern recognition capabilities. This feature is particularly beneficial for traders looking to streamline their analysis process and capitalize on market trends.
Deposits & Withdrawals
ForexBY offers a range of convenient deposit and withdrawal options to cater to the diverse needs of its clients.
One of the most popular methods is via bank cards, providing clients with the flexibility to replenish their accounts online using the secure processing system. This system accepts cards from major international payment networks such as Visa and Mastercard, ensuring transactions can be completed swiftly and securely, around the clock.
For clients preferring traditional banking methods, ForexBY facilitates deposits and withdrawals via wire transfers. This option allows for the seamless transfer of funds from the client's bank account, irrespective of the bank's location, making it a convenient choice for many traders.
Additionally, ForexBY recognizes the importance of accessibility and convenience, offering the option for cash payments through its partnership with AccentPayCash. Clients can replenish their accounts in cash at designated bank branches, including BSB Bank CJSC, Belarusbank JSSB OJSC, and Alfa-Bank CJSC.
More details of deposits and withdrawal are as follows:
Customer Service
ForexBY offers live chat. With live chat, customers can get their questions answered quickly and receive help with any issues they may have. It's a convenient and effective communication channel that can improve customer satisfaction and increase sales.
Customers can get in touch with customer service line using the information provided below:
Telephone: +375 29 757 70 70 / +7 960 130 37 24 / +38 094 710 09 91
Email: info@forexby.com, finance@forexby.com
Moreover, clients could get in touch with this broker through the social media, such as Twitter and Facebook.
ForexBY offers online messaging as part of their trading platform. This allows traders to communicate with customer support or other traders directly through the platform. Online messaging can be a convenient way to get real-time assistance or to engage in discussions with fellow traders.
Conclusion
ForexBY presents itself as a regulated and comprehensive trading platform, offering a wide range of market instruments and account types to cater to different traders' needs. Its regulatory compliance under the NBRB provides a sense of security and trust to users. The platform's leverage options and access to the xCritical trading platform enhance traders' capabilities to execute their strategies efficiently.
However, there are notable limitations such as restricted access for certain countries, the absence of demo accounts, relatively high minimum deposit requirements, and limited trading platform options. In conclusion, ForexBY can be a suitable choice for traders seeking regulatory oversight, a diverse range of instruments, and flexible trading options.
Frequently Asked Questions (FAQs)
Risk Warning
Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information provided in this review may be subject to change due to the constant updating of the company's services and policies.
2022-11-25 17:00
2022-11-22 17:17
2022-11-22 14:31
