ForexBY
Pros and Cons
Pros
- Regulated by the National Bank of the Republic of Belarus (NBRB)
- Diverse trading instruments including Forex, commodities, indices, stocks, and cryptocurrencies
- Supports multiple trading platforms, including MT4
- Offers various account types tailored for different trader needs
- 24/5 customer support with multilingual assistance
Cons
- No demo account available
- High minimum deposit of $500
- Restricted service in multiple countries
- Limited educational resources for traders
- Customer support primarily in Russian
Basic Information
User Reviews
ForexBY Overview
Founded in 2005, ForexBY is a forex broker based in Belarus and operates under the regulation of the National Bank of the Republic of Belarus (NBRB). The broker offers a range of trading services and products, ensuring a structured environment for traders looking to engage in the forex market. ForexBY is recognized for its legitimate regulatory status, which provides a level of trust and security to its clients. The company is officially known as ООО ‘ЭМФИ’ and has been in operation for approximately 2-5 years, catering to a diverse clientele in the financial trading sector.
Is ForexBY Safe? Regulation Analysis
Regulatory Information
| Regulatory Authority | Country/Region | Fund Protection Measures |
|---|---|---|
| National Bank of the Republic of Belarus (NBRB) | Belarus | Segregated Funds |
Is ForexBY Regulated and How Are Client Funds Protected?
ForexBY is a regulated broker operating under the oversight of the National Bank of the Republic of Belarus (NBRB). This regulatory status provides a level of legitimacy and trust for traders, ensuring that the broker adheres to the necessary compliance standards set forth by the regulator. Client funds at ForexBY are protected through segregation measures, which help to ensure that trader deposits are kept separate from the company’s operational funds. This practice enhances the safety of client assets and mitigates the risk of misappropriation. Overall, ForexBY’s regulatory framework aims to foster a secure trading environment for its clients.
Trading Products and Services
What Trading Instruments Does ForexBY Offer?
| Asset Category | Available Products | Total Count (if available) |
|---|---|---|
| Forex | EUR/USD, GBP/JPY, Major & Minor Pairs | Many |
| Commodities | Gold, Silver, Crude Oil | Varies |
| Indices | S&P 500, NASDAQ, FTSE 100 | Varies |
| Stocks | US (e.g., Apple, Tesla), UK (e.g., BP, Vodafone) | Varies |
| Cryptocurrencies | BTC, ETH | Varies |
ForexBY offers a diverse range of trading instruments, catering to various trading styles and preferences. With a solid selection of asset categories such as Forex, Commodities, Indices, Stocks, and Cryptocurrencies, traders can engage in multiple markets and strategies. This diversity supports both beginner and professional traders, allowing them to adapt their approaches according to market conditions and personal investment goals. By providing access to various financial products, ForexBY enables traders to diversify their portfolios and implement flexible trading strategies, enhancing their potential for long-term success in the markets.
Account Types and Trading Conditions
What Account Types and Fees Does ForexBY Offer?
| Account Type | Target User Group | Essential Characteristics | Applicability Notes |
|---|---|---|---|
| Standard Account | Beginners | Low minimum deposit, competitive spreads | Suitable for small-capital practice |
| Professional Account | Experienced Traders | High leverage, customized services | Requires trading volume qualifications |
| Corporate Account | Corporate Clients | Tailored solutions, dedicated support | Requires corporate documentation |
| Islamic Account | Traders requiring Sharia-compliant accounts | Swap-free trading options | Eligibility based on religious considerations |
Account Opening Process
To open an account with ForexBY, traders must follow a straightforward process. This involves submitting personal information, employment details, and financial status. Identity verification is essential, requiring valid identification and proof of address. The broker offers account flexibility, allowing clients to upgrade to a professional account as they gain experience and meet the necessary criteria.
Trading Fees
| Product | Spread (pips) | Commission | Notes |
|---|---|---|---|
| Forex (EUR/USD) | 0.8 | $0 (ECN: $3.5/lot) | Tight spreads for majors |
| Forex (GBP/JPY) | 1.0 | $0 (ECN: $3.5/lot) | Competitive rates for minors |
| CFDs (Stocks) | Varies | 0.008% | Based on stock price |
| CFDs (Indices) | Varies | 0.008% | Dependent on index |
| Cryptos (BTC/USD) | 1.0% | 0.1% | Variable depending on volatility |
Other Fees
ForexBY may apply various fees, including deposit and withdrawal fees, which can vary by payment method. Additionally, there may be inactivity fees for accounts that remain dormant for an extended period. Traders should also be aware of potential platform usage fees and overnight interest (swap rates) applicable to positions held after trading hours. Currency conversion fees may apply when trading different currency pairs.
Trading Platforms and Apps
What Trading Platforms and Apps Does ForexBY Offer for Traders?
| Platform | Device Support | Key Features | Additional Services |
|---|---|---|---|
| MT4 | Windows, macOS, iOS, Android | Encryption, multiple order types, price alerts, technical indicators | Demo accounts, VPS |
| Web Version | Any device with internet access | Secure login, symbol lookup, real-time alerts | No additional services |
| Mobile App | iOS, Android | Biometrics, one-click trading, push notifications | API interfaces |
ForexBY provides a range of trading platforms suited for diverse trading needs. The MT4 platform is designed for comprehensive trading capabilities and advanced tools, making it ideal for experienced traders. The web version allows for easy access from any device without installation, while the mobile app offers convenient trading on the go with secure login features. Each platform ensures fast order execution, secure environments, and effective market search tools, supporting traders in their decision-making processes.
Deposit and Withdrawal
Deposit and Withdrawal Options
| Payment Method | Processing Time | Fees | Limits | Base Currency Options |
|---|---|---|---|---|
| Bank Transfer | 3–5 days | No platform fee | Min 50, Max 20,000/day | BYN, USD, EUR |
| Credit/Debit Card | Instant | No platform fee | Min 50, Max 10,000/transaction | BYN, USD, EUR |
| E-wallets (e.g., Skrill, Neteller) | Instant | 1.5% fee | Min 50, Max 5,000/day | BYN, USD, EUR |
| Cryptocurrency | Instant | 0.5% fee | Min 50, Max 10,000/transaction | BYN, USD |
Minimum Deposit
The minimum deposit requirement at ForexBY is set at 50 units of the base currency. This amount remains consistent across the various payment methods offered. However, specific account types may have additional conditions or promotions that affect the minimum deposit requirement.
How to Withdraw
- Log into your ForexBY account.
- Navigate to the ‘Withdrawal’ section in your account dashboard.
- Select your preferred withdrawal method from the available options.
- Enter the amount you wish to withdraw, ensuring it meets the limits.
- Confirm your withdrawal request and follow any additional instructions provided.
- Wait for the processing time to complete, and check your account for the funds.
Customer Support
ForexBY Customer Support Overview
Support Channels
ForexBY offers several support channels to assist customers effectively. Clients can reach out via email at info@forexby.com for any inquiries or assistance needed. Additionally, ForexBY provides a contact number at +357 29 757 70 70 for direct communication. For those who prefer instant support, live chat options are available on the broker’s website. The broker is also present on social media platforms like Facebook, where customers can engage and seek help.
Service Availability
ForexBY’s customer service is available 24/5, ensuring that traders can get the support they need during the trading week. The broker provides multilingual support, catering to a diverse clientele. Supported languages include Russian and English, which helps facilitate effective communication with customers from various backgrounds.
Additional Resources
ForexBY enhances its customer support with various educational resources. Traders can access market analysis and trading signals that provide valuable insights into market trends and strategies. These resources assist customers in making informed trading decisions, further improving their trading experience.
Frequently Asked Questions
Yes, ForexBY is regulated by the National Bank of the Republic of Belarus (NBRB), ensuring that it adheres to the necessary compliance standards and offers security to its clients.
ForexBY offers a diverse range of trading instruments, including Forex pairs, commodities like gold and silver, indices such as S&P 500 and NASDAQ, stocks from major markets, and cryptocurrencies like Bitcoin and Ethereum.
ForexBY protects client funds through segregation measures, which ensure that trader deposits are kept separate from the company’s operational funds, enhancing the safety of client assets.
ForexBY offers several account types including a Standard Account for beginners, a Professional Account for experienced traders, a Corporate Account for corporate clients, and an Islamic Account for those requiring Sharia-compliant options.
Related Forex Brokers
Risk Disclosure
Trading forex/CFDs via brokers carries high risks, including potential total loss. For any data changes, please refer to the latest information on the brokers' official websites. Trade with caution and seek independent advice.