ForexBY Broker Trading Review

Performance Matrix

Main Score & Risk Matrix

N/A

Score

4.0

Very Poor

Our review desk considers this broker unsuitable for most traders until transparent licensing, stronger compliance evidence, and clearer client-fund protections are demonstrated.

License 4.2

Business 3.5

Risk Control 3.8

Software 4.5

Regulatory 4.0

Terminal Snapshot

ForexBY Trading Conditions

Registered Region Belarus

Operating Period 2-5 years

Minimum Deposit $100

Spread N/A

Licenses N/A

Contact Email info@forexby.com

Contact Number +357297577070

Website forexby.com

Balanced Review

Pros & 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

Compliance Desk

Regulatory Licenses

0.0/10

No structured regulatory license cards have been configured yet.

Peer Benchmark

Broker Comparison

Feature	ForexBY	FTM BROKERS	OpenFX	AvaTrade
Operating Period	2-5 years	See review	See review	See review
Region	Belarus	See review	See review	See review
Minimum Deposit	$100	See review	See review	See review
Spread	N/A	See review	See review	See review
Trust Score	4.0/10	See review	See review	See review

Product Fit

Account Types

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.

Editorial Verdict

Expert Verdict

R

Research Desk

Senior Broker Analyst

Our review desk considers this broker unsuitable for most traders until transparent licensing, stronger compliance evidence, and clearer client-fund protections are demonstrated.

Funding Desk

Deposit & Withdrawal Methods

No structured payment methods have been configured yet.

Trader Feedback

ForexBY User Reviews

3.0

★ ★ ★ ★ ★

4 total reviews

5 star

4%

4 star

4%

3 star

20%

2 star

60%

1 star

12%

Alexei Petrov

Minsk

★ ★ ★ ★ ★

I faced significant delays in the withdrawal process. It took over a week for my funds to be released, and customer support was not very helpful in addressing my concerns. I expected better service from a regulated broker.

Irina Sokolova

Gomel

★ ★ ★ ★ ★

ForexBY has a solid trading platform, and I appreciate the range of instruments available. My experience has been mostly positive, though I wish there were more educational resources for beginners. Overall, I would recommend them.

Dmitry Antonov

Brest

★ ★ ★ ★ ★

I had a terrible experience with ForexBY. The customer support was unresponsive, and I struggled to get my account verified. I do not feel confident trading with them anymore.

Olga Nikolaev

Vitebsk

★ ★ ★ ★ ★

I’ve been trading with ForexBY for several months and am very satisfied. The MT4 platform is user-friendly, and I appreciate the competitive spreads. Their customer support has been responsive whenever I’ve needed assistance.

Belarus Market