ForexTB Review

Our investigation into ForexTB began with a thorough cross-check of its regulatory claims against public registers. We accessed the Cyprus Securities and Exchange Commission (CySEC) online portal to verify the license number 272/15 and confirm the entity’s standing. This step is non-negotiable; any broker that cannot point to a live, verifiable license is immediately flagged as high risk.

Next, we turned to the real-world record. We aggregated user reviews from multiple platforms, including Trustpilot, where we examined 142 reviews in detail, and we searched Forex Peace Army for community feedback. We also scanned industry databases for complaint filings and exposé reports. What emerged was a striking divergence between the broker’s polished marketing and the raw frustration of its clients. We paid particular attention to withdrawal-related grievances—16 separate complaints—and the discovery of two clone or impersonator sites, which signal both brand recognition and a breeding ground for fraud.

Finally, we applied our proprietary Scam Risk Score methodology. This numerical assessment weighs regulatory pedigree, user sentiment, transparency, and operational red flags. A score of 29 out of 100, placing ForexTB in the ‘Guarded’ category, reflects our finding that while the broker holds a legitimate license, the cumulative evidence of poor treatment of clients makes it a risky destination for retail funds.

ForexTB operates under the legal entity Forex TB Limited. The company is registered at Lemesou Avenue 138, 2nd Floor, Office 108, 2015 Strovolos, Nicosia, Cyprus. The brand was founded in March 2019, yet its CySEC license dates back to 2015—a mismatch that suggests the legal entity may have been dormant or operating under a different name before launching the ForexTB brand.

One data point that gave us pause was the employee count listed as zero. While it is possible that this figure is outdated or that the broker structures its workforce through external service providers, a company with zero employees would struggle to deliver the personalised account management and support that its marketing promises. Such a lean setup raises questions about operational resilience and the quality of client-facing services.

The physical address in Cyprus is a regulatory requirement, but a small office in Nicosia without a substantial local workforce may offer limited comfort if disputes arise. In our experience, well-established brokerages boast dedicated support, compliance, and dealing teams—a contrast to what appears to be a skeleton operation.

Forex TB Limited is authorised and regulated by the Cyprus Securities and Exchange Commission (CySEC) under license number 272/15. This authorisation allows the firm to act as a Cyprus Investment Firm (CIF) and to provide derivatives trading services on a STP (Straight-Through Processing) basis. As an EU-regulated entity, ForexTB must comply with the Markets in Financial Instruments Directive (MiFID II), which provides several safeguards for retail traders.

Key protections include mandatory segregation of client funds from corporate accounts, negative balance protection (so you cannot lose more than your deposit), and membership in the Investor Compensation Fund (ICF), which covers up to €20,000 per client if the firm becomes insolvent. These are meaningful shields that unregulated brokers lack. However, the ICF cap means that high-net-worth individuals depositing €100,000 or more—as encouraged by the Platinum and VIP accounts—would not be fully covered.

We note that ForexTB holds no additional licenses from top-tier regulators such as the UK’s FCA or Germany’s BaFin. While its CySEC status permits passporting into other EEA states, the absence of direct oversight by larger authorities may concern some traders. The license status is currently listed as ‘Regulated,’ with no recent disciplinary actions, but that does not immunise it from the user complaints we uncovered. Additionally, the existence of two clone sites targeting the ForexTB name is a warning that scammers are actively exploiting its identity; traders must verify they are dealing with the genuine website.

ForexTB structures its offering around four account tiers: Basic, Gold, Platinum, and VIP. The minimum deposit jumps dramatically from €250 for Basic to €250,000 for VIP, revealing a business model aimed at upselling clients to higher balances. Retail traders should be aware that the advertised leverage of up to 1:400 is reserved for Platinum and VIP accounts, which would require reclassification as a professional client under ESMA rules. For standard retail accounts—Basic and Gold—leverage is capped at 1:30 in line with EU regulations.

This bifurcation means that most traders will operate with limited leverage, which is actually a safety feature, but the headline figure of 1:400 can be misleading. The spreads are another critical detail: the Basic account starts with EUR/USD spread of 3.0 pips, which is substantially above the market average of 1.0–1.5 pips for similar brokerage types. Even the VIP tier, demanding a quarter-million-euro deposit, only narrows the spread to 1.6 pips—still not competitive by industry standards. No commission is listed, so costs are likely embedded in the widened spreads.

The tiered structure appears designed to incentivise larger deposits with incremental improvements in spreads, but even the ‘as low as’ figures provided are far from best-in-class. For a trader on the Basic plan, a 3.0-pip spread on EUR/USD means each trade must overcome a 30-point handicap just to break even, making short-term and intraday strategies extremely challenging. Overall, the account structure raises concerns about whether the broker prioritises client profitability or merely seeks to attract deposits.

The broker does not publicly disclose its deposit and withdrawal methods, which is a significant transparency gap. Traders are left unaware of the possible costs, processing times, or accepted currencies before they commit funds. When we turned to user reviews, a disturbing pattern emerged: of the 142 Trustpilot reviews, we identified at least 16 that specifically describe withdrawal difficulties. Clients repeatedly recounted demands for excessive verification documents, requests for ‘verification deposits’ before releasing funds, and outright refusal to process withdrawals without citing valid reasons.

One reviewer stated, ‘When I tried to withdraw my earnings, they kept asking for more documents and then more “verification deposits.” Each time I complied, they found a new reason to delay.’ Another lamented that the broker made it hard to withdraw if the original deposit method was unavailable, leaving thousands of euros locked. While a few users did report same-day withdrawals, the volume of negative reports cannot be dismissed as isolated incidents. The practice of soliciting additional deposits to enable a withdrawal is a classic red flag that regulators have repeatedly warned against.

In our assessment, the lack of clear funding information combined with a high incidence of withdrawal complaints suggests that retrieving your money from ForexTB may be a drawn-out and stressful process. We advise potential clients to test the withdrawal process with a small sum early in their relationship and to document every interaction meticulously.

ForexTB does not provide a transparent list of tradable instruments in the data we reviewed. User reviews mention trading forex, shares, and—based on one comment—crypto assets, but the exact range of markets is unspecified. This opacity limits a trader’s ability to assess whether the broker meets their diversification needs.

On the positive side, the platform offering appears to include the industry-standard MetaTrader 4 (MT4) and a proprietary WebTrader. Several users praised MT4 for its fast execution and robust charting tools. One trader noted, ‘ForexTB has professional fast trading software… I can do high-quality trading analysis and get fast market execution.’ A web-based platform offers convenience, but the absence of MT5 or other advanced platforms may disappoint algorithmic traders.

However, even with a capable trading interface, the lack of detailed instrument information and the broker’s overall low trust score mean that platform quality alone cannot compensate for deficiencies elsewhere. Before trading, we strongly recommend confirming the availability of your desired assets directly with customer support—and even then, approach with caution.

ForexTB’s fee structure is dominated by variable spreads that start high and improve only slightly with larger deposits. For the Basic account, the minimum spread on EUR/USD is 3.0 pips; on GBP/USD, it is 3.4 pips; and on USD/JPY, 3.3 pips. These levels are roughly three times the industry average for a non-commission broker. Even the VIP account, which requires a €250,000 deposit, still quotes EUR/USD spreads from 1.6 pips—merely on par with the standard accounts of many competitors.

No commission data is disclosed, so we assume the broker earns its revenue solely from the spread markup. This model can be acceptable, but the widening is extreme. Additionally, users reported ‘high costs’ and ‘risky leveraged products,’ hinting that swap fees or overnight financing charges might be inflated, though we could not verify specific numbers. For short-term or high-volume traders, these costs would rapidly erode profits.

We advise traders to use spread comparison tools and to request a detailed fee schedule from the broker before opening an account. If ForexTB is unwilling to provide transparent cost breakdowns, that alone is a reason to look elsewhere. Remember that low advertised spreads on higher tiers are only accessible after committing substantial capital, and even then, the rates are not competitive.

We combed through 142 Trustpilot reviews, where ForexTB holds a rating of 1.4 out of 5—a signal that most clients are deeply dissatisfied. The positive reviews, while present, often felt generic: phrases like ‘legal company,’ ‘satisfied with services,’ or ‘good broker’ without concrete details raised the possibility of incentivised or templated feedback. In contrast, the negative reviews were specific, emotional, and alarming.

Withdrawal problems dominated: ‘I lost a life changing amount of money… I have been suicidal,’ one user wrote. Another detailed how a ‘Senior Account Manager’ pressured them to increase their deposit after initial losses, promising recovery that never came. The sense of aggressive sales tactics is repeated: representatives called daily, advised on losing trades, and then became unresponsive when withdrawals were requested. The platform and app received some praise, with 18 positive mentions out of 32, but that could not outweigh the financial distress recounted in other categories.

The scam concerns topic shows 8 negative mentions out of 12, with users explicitly labeling ForexTB a scam. While we stop short of using that term ourselves—given the CySEC license—the volume and intensity of these complaints indicate a brokerage with systemic issues. The mix of good platform reviews and terrible trust signals suggests that ForexTB invests in technology but not in fair client treatment.

Cross-referencing ForexTB’s user feedback with industry benchmarks reveals a stark picture. Its Trustpilot score of 1.4 is among the lowest we have recorded for a CySEC-regulated broker. For comparison, reputable EU-based forex brokers typically maintain ratings above 3.0, with top-tier firms scoring 4.0 or higher. On Forex Peace Army, the broker has no rating at all, which may indicate a lack of community scrutiny or a limited track record on that platform.

Our own Scam Risk Score of 29 out of 100 places ForexTB in the ‘Guarded’ category. This score synthesises the regulatory credential, the high incidence of withdrawal complaints, the zero-employee anomaly, the wide spreads, and the presence of clone sites. An above-water license alone is not enough to earn a passing grade when the operational and user experience evidence points to significant risk.

The discovery of two clone sites amplifies the danger. Traders searching for ForexTB may inadvertently land on an impostor site that harvests deposits directly. Even the genuine firm, however, presents risks that can lead to capital loss through opaque fees, blocked payouts, or poor financial advice. We consider the aggregated data a clear warning: proceed only if you are prepared for a potentially adversarial relationship.

ForexTB holds a legitimate CySEC license, so it is not an unregulated bucket shop. However, that single credential is overwhelmed by body of evidence from real users: pressured upselling, poor investment advice, scandalously wide spreads, and a documented pattern of withdrawal obstruction. The 16 recorded withdrawal complaints and the zero-employee listing are not minor footnotes—they point to a broker whose business practices may exist at the edge of regulatory tolerance.

Our Scam Risk Score of 29/100 leads us to issue a strong ‘Guarded’ advisory. If you decide to open an account with ForexTB despite these warnings, we urge the following precautions: First, deposit only the minimum and test the withdrawal process promptly; do not rely on the broker’s promises alone. Second, resist any pressure to increase your deposit, especially after losses.

Third, keep meticulous records of all communications, including logs of platform recommendations made by account managers. Fourth, verify you are on the genuine website, as clone sites are known to exist. Fifth, consider safer alternatives with higher trust scores, transparent fees, and a proven track record of prompt withdrawals.

In the end, the risks attached to ForexTB far outweigh any potential benefits. The forex and CFD market offers many well-regulated, transparent brokers that treat clients fairly. ForexTB, despite its CySEC badge, does not appear to be one of them. We recommend that traders look elsewhere.