ForexBY Forex Broker

ForexBY Review SummaryFounded2005Registered Country/RegionBelarusRegulationNBRBMarket InstrumentsForex, stock indices, precious metals & oil, cryptos, and securitiesDemo Account❌LeverageUp to 1:200SpreadFrom 0.9 pips (Standard account)Trading PlatformMT4Min Deposit$500Customer Support24/7 live chatContact formMon-Fri. from 9:30-20:00 - Phone: +375 29 757 70 70 / +7 960 130 37 24Email: info@forexby.com / finance@forexby.com ForexBY, headquartered in Belarus and regulated by NBRB, offers all kinds of market instruments. It provides traders with access to a variety of account types and demo accounts available. With leverage ranging from 1:3 to 1:200 and access to the MT4, ForexBY offers traders good trading conditions. However, it does not provide services for the residents of USA, Israel, Canada, Puerto Rico, Japan, North Korea, Iran, and Ireland.Pros and ConsPros Cons Regulated by NBRBHigh minimum depositAll kinds of tradable instrumentsCommission and inactive fees chargedMT4 availableRegional restrictionsAcceptable spreadsIs ForexBY Legit? ForexBY operates under the regulatory oversight of the National Bank of the Republic of Belarus (NBRB), holding a Retail Forex License with License No. УНП 192530878. This regulatory framework ensures that ForexBY adheres to stringent standards and practices, safeguarding the interests of its clients and maintaining the integrity of the financial markets it operates within.What Can I Trade on ForexBY? ForexBy offers foreign currency, stock indices, precious metals & oil, cryptos, and securities. There's no ETFs trading or bonds trading. But overall, you still have a good mix of investment options.Tradable Instruments Supported Forex✔Commodities✔Indices✔Cryptocurrencies❌Shares❌ETFs❌Bonds❌Mutual Funds❌Account Type ForexBY offers four kinds of live accounts- Standard, Pro, Premium and Platinum accounts with the minimum deposit of $5,00, $1,000, $10,000 and $50,000 respectively, higher than other regulated brokers. It also provides demo accounts.Account TypeMinimum DepositSuitable forStandard$500BeginnersPro$1000ExperiencedPremium$10,000High-capitalPlatinum$50,000High-net-worth Additionally, to open an account of ForexBY, you can enter your name, telephone number, and password. The procedures are simple and straightforward.Leverage ForexBY provides extensive leverage options ranging from 1:3 to 1:200 for every trading account, offering traders a wide spectrum of leverage levels to suit their risk tolerance and trading strategies.ForexBY Fees ForexBY offers competitive spreads across its range of account types. Besides, it charges commissions and inactive account fees.Account TypeSpread (Starting From)Forex Trading CommissionCFD Trading CommissionInactive Account FeeStandard0.9 pips❌❌$25Pro0 pips$9 per lot0.02%Premium0 pips$7 per lot0.01%Platinum0 pips$6 per lot0.008%Trading Platform ForexBY supports MT4. MT4 platform is characterized by innovative technologies, robust functionality, and a user-friendly interface, making investing simpler and more lucrative. The platform performs both technical and fundamental market analysis, suitable for all-level traders.Deposit and Withdrawal ForexBY offers bank cards such as Visa and Mastercard, wire transfers, and cash payments through its partnership with AccentPayCash. Clients can replenish their accounts in cash at designated bank branches, including BSB Bank CJSC, Belarusbank JSSB OJSC, and Alfa-Bank CJSC. The minimum amount of the first deposit of the investment account is 500 USD. All subsequent deposits from 10 USD. More details of deposits and withdrawal are as follows:MethodMin/MaxTranslatedDeposit FeeEnrollment DeadlinesWithdrawal FeeTerms of Receipt After ExecutionBank Cards$10/$5000❌Instant❌3 - 10 daysReplenishment in Cash at the Banks Cash Desk$10/No limit❌3 hours - 3 days//Bank Transfer in Foreign Currency$10/No limitBank Commission1 - 5 daysBank Commission30 minutes - 5 days