ForexBY

ForexBY is a Belarus-based broker regulated by the National Bank of the Republic of Belarus (NBRB) under a Forex Trading License (EP). The broker was registered on 19 November 2020 and operates from its registered address at г. Минск, ул. Притыцкого, д. 27А, пом. 6-11.

The broker offers a range of trading instruments including foreign exchange, precious metals, spot, stock and index CFDs, Russian stock CFDs, and cryptocurrency futures. It primarily targets traders in Belarus and surrounding regions but restricts services to residents from certain unspecified areas.

ForexBY holds a regulatory license from the NBRB, which is the central bank of Belarus. The license status is listed as 'Regulated,' indicating that the broker is subject to oversight by the NBRB in its operations.

However, the NBRB is not considered a top-tier regulator globally, and its oversight may differ in scope and enforcement compared to major financial authorities like the FCA or CySEC. Traders should assess the level of protection this provides in relation to their own jurisdiction.

ForexBY offers four account tiers designed to accommodate different capital levels: Standard (min deposit $500), Pro ($1,000), Premium ($10,000), and Platinum ($50,000). All accounts carry a maximum leverage of 1:200.

The higher minimum deposits, particularly for Premium and Platinum, suggest a focus on high-net-worth individuals or experienced traders. The uniform leverage across tiers simplifies choice but limits flexibility for those seeking higher risk exposure.

The broker provides trading on the MetaTrader 4 (MT4) platform, a widely used and reliable trading interface. Clients can access foreign exchange, precious metals, spot, stock and index CFDs (including Russian stocks), and cryptocurrency futures.

This instrument set covers both traditional and digital assets, offering opportunities for diversification. However, the inclusion of Russian stock CFDs may carry additional geopolitical risks for some traders.

ForexBY maintains a presence on Facebook, which serves as a channel for updates and client communication. No other social media platforms (e.g., Twitter, LinkedIn) were mentioned in our records.

Limited social media activity can indicate a smaller or less internationally focused operation. Traders should rely on direct contact with the broker for support and information.

ForexBY has a FXCanary Scam Risk Score of 25/100 ('Guarded'), reflecting some concerns due to limited public information and the relatively low profile of its regulator. The broker's exact founding date is inconsistent in our records (2005 vs. 2020), which may require clarification.

Potential clients are advised to conduct thorough due diligence, especially regarding the NBRB's regulatory framework and the broker's service restrictions. The relatively high minimum deposit of $500 may also be a barrier for retail traders starting with small capital.