Is ForexTB a Scam?

At FXCanary, our mission is to empower retail traders with independent, evidence-based assessments of forex brokers. We don't rely on marketing materials or superficial claims—instead, we dig into regulatory licenses, cross-check public registers, and analyze thousands of real user reviews to build a comprehensive picture. Our proprietary Scam Risk Score distils all this data into a single metric, ranging from 0 (extreme risk) to 100 (fully safe). A score of 29 places ForexTB firmly in our 'Guarded' category, meaning serious concerns exist that traders must carefully weigh.

In this deep-dive safety review, we go beyond the basics to examine the specific pillars that support—or undermine—ForexTB's trustworthiness. From its CySEC regulation to troubling withdrawal patterns and clone site warnings, we present everything you need to make an informed decision. This isn't generic advice; it's a detailed, broker-specific investigation grounded in the evidence our research team has gathered.

ForexTB operates through Forex TB Limited, a Cyprus-based entity regulated by the Cyprus Securities and Exchange Commission (CySEC) under license number 272/15. On paper, this is a strong regulatory foundation: CySEC is an EU securities regulator, and under MiFID II, it mandates strict client fund protections. These include segregation of client money in top-tier banks, participation in the Investor Compensation Fund (ICF) which covers up to €20,000 per claimant if the firm fails, and a requirement to offer negative balance protection to retail clients.

However, a licence is only as good as the firm's compliance with its conditions. Our cross-check of the CySEC register confirmed that the licence is currently active, but we noted the company reports zero employees. While this is not illegal, it is unusual for a broker serving retail clients and may indicate reliance on outsourced functions, potentially including sales and support roles.

This lack of direct oversight can weaken the effective enforcement of the protections that CySEC mandates. Traders should also be aware that CySEC-regulated firms have, in some high-profile cases, been subject to enforcement actions; the presence of a licence does not guarantee ethical behaviour. For ForexTB, the licence is a necessary but insufficient green flag.

FXCanary's investigation uncovered two clone or impersonator sites claiming to be ForexTB. Clone sites are fraudulent operations that mimic legitimate brokers' branding and regulatory details to deceive traders. They often appear professional and may even display a copied licence number. When you see a clone warning, it signals that scammers are actively targeting the broker's brand, which raises two risks: first, you could accidentally sign up with a clone and lose all your money; second, it may reflect poor brand protection efforts by the original firm.

We strongly recommend that anyone considering ForexTB access the platform exclusively through the official website—and even then, verify the domain carefully. Clone sites may use domains like forextb-eu.com or similar variations. Before depositing, always check the CySEC register directly and ensure the broker's contact details match. If you are contacted unsolicited by phone or email, treat it as highly suspicious until you independently verify the source.

A broker's true colours often emerge when traders try to access their funds. Our analysis of user reviews exposes a deeply concerning pattern: out of 14 mentions specifically about withdrawals, nearly half are negative. More broadly, we counted 16 withdrawal-related complaints across all review sources. The experiences are not isolated incidents—they follow a script: traders report submitting withdrawal requests, only to be met with endless demands for additional documentation, followed by 'verification deposits' before any funds are released.

One reviewer, who rated the broker 1 star, described the ordeal: 'When I tried to withdraw my earnings, they kept asking for more documents and then more “verification deposits.” Each time I paid, they came up with a new reason why I couldn’t get my money.' Another lamented that the broker made it 'hard to withdraw if u don't have the [method] u deposit with.' Meanwhile, a few positive reviews claim same-day withdrawals, suggesting experiences vary dramatically. This inconsistency is itself a red flag: a trustworthy broker should have uniform, transparent withdrawal processes, not a lottery. The prevalence of withdrawal friction points toward either deliberate obstruction or severe operational dysfunction—both unacceptable for a regulated entity.

Beyond withdrawals, user reviews repeatedly describe aggressive sales tactics and mis-selling. Several reviewers recount being pressured by 'Senior Account Managers' to deposit increasing sums, often with promises of guaranteed profits. One detailed losing a 'life-changing sum' after following advice from a manager who called daily.

Another reported starting with €250 and being pushed to invest €6000 more. When the market turned, the promised support vanished. This pattern suggests a boiler-room culture focused on extracting maximum deposits rather than nurturing sustainable trading.

KYC (Know Your Customer) procedures, which should be a straightforward identity check, appear to be weaponized. Multiple reviewers claim that documentation requests become endless when they attempt to withdraw—a tactic commonly used by scam brokers to delay or deny payouts. The account creation process itself seems designed to bypass informed consent: one reviewer noted they had 'NO idea about trading' but were told 'I would never be involved' in actual trading, it was just an investment in Amazon shares. Such misrepresentations, combined with the difficulty of exiting, are textbook warning signs.

In the interest of fairness, we must acknowledge that not all feedback is negative. Some traders praise the platform's speed and order execution, with positive sentiment in this area outweighing negatives by a 4:1 ratio. The availability of MT4 and a web-based platform that allows demo trading without registration is a genuine convenience. A few reviewers report that dedicated account managers provided useful trading guidance, and some express optimism about their long-term results. The broker also clearly discloses its regulatory status, which is more than many unregulated competitors do.

Moreover, for traders who understand the risks and can tolerate the high-pressure environment, the basic account's €250 minimum deposit and access to leverage (up to 1:30 under ESMA rules) may be attractive. It’s also worth noting that the broker has been operating since 2019 and maintains a presence in Cyprus, not a far-flung offshore haven. However, these positives are heavily overshadowed by the seriousness and frequency of the complaints, especially around withdrawals and account management conduct.

If you still wish to test the waters with ForexTB after reading this safety assessment, proceed with extreme caution. First, only use funds you can afford to lose entirely—do not deposit money that is intended for essential living expenses or that you cannot comfortably write off. Second, before depositing a cent, undergo the full KYC process and attempt a small withdrawal to verify that the process works smoothly; if you encounter any friction, consider it a dealbreaker. Third, document every interaction: save emails, record phone conversations (where legal), and keep screenshots of your account balance and trade history. Should a dispute arise, this will be invaluable evidence for complaints to CySEC or your local financial ombudsman.

Additionally, ignore any unsolicited calls or emails from individuals claiming to be account managers offering guaranteed returns. Legitimate brokers do not cold-call with investment advice. If you have already deposited and are experiencing withdrawal issues, cease further deposits immediately, file a formal complaint with the broker (retaining a copy), and escalate to CySEC and the Financial Ombudsman if unsatisfied. Finally, consider using a chargeback request through your bank or credit card provider if you were misled into depositing—though success rates vary.

ForexTB presents a classic risk profile: a genuine regulatory licence masking deeply troubling operational practices. The CySEC oversight provides a theoretical safety net, but the volume and consistency of withdrawal and pressure-tactic complaints cannot be ignored. Our Scam Risk Score of 29 reflects this tension between formal regulation and real-world trader experiences. The presence of clone sites adds another layer of danger.

We do not label ForexTB an outright scam; we do, however, view it as an exceptionally high-risk broker that fails to meet the basic trust standards we consider essential for retail traders. The positive platform features are negated by what appears to be a systematic effort to trap clients' funds. Until we see a sustained, verifiable pattern of hassle-free withdrawals and an end to aggressive sales practices, FXCanary cannot recommend this broker to anyone seeking a safe, long-term trading partner. If you are looking for a regulated broker with a strong track record of client fund safety, there are far better options available. Stay safe, and trade informed.