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ForexBY Forex Broker provides real users with 1 positive reviews, 1 neutral reviews and * exposure review!

ForexBY Broker Review

5.98

WikiFX monitor

Risk Control

Risk Manage

Software Index

No software

ForexBY Review 2

Latest All(2) Positive(1) Neutral(1)

Positive

I have been trading with this company for 3 months and I am satisfied and will continue to trade. I use the standard account. Personally, I think this type of account is the most profitable. There is no need to pay commissions and the spread is also within a reasonable range.

宿命

2022-11-25

Neutral

High minimum deposit scares me, and I don’t have much interest in trading with broker. Its official website only available in Russian, making it difficult for traders form other countries to find what they need, poor website design…

Capricorn

2022-11-22

ForexBy 2025 Review: Everything You Need to Know

　　Summary: ForexBy, a broker based in Belarus, has garnered mixed reviews from users and experts alike. While it offers a range of trading instruments and competitive spreads, concerns about its regulatory status and high minimum deposit requirements have raised red flags. This review aims to provide a comprehensive overview of ForexBy, highlighting both its strengths and weaknesses.

　　Note: It's important to be aware that ForexBy operates under different regulatory frameworks depending on the region, which can impact the level of protection available to traders.

Rating Overview

Criteria	Rating (out of 10)
Account Conditions	6
Tools and Resources	7
Customer Service and Support	5
Trading Setup (Experience)	6
Trustworthiness	4
User Experience	5
Additional Features	6

　　How We Score Brokers: Our scoring methodology is based on a combination of user reviews, expert opinions, and factual data regarding services offered.

Broker Overview

　　ForexBy was founded in 2005 and is registered in Belarus. The broker claims to provide a reliable trading environment for forex and other financial instruments, including stock indices and precious metals. ForexBy primarily offers the MetaTrader 4 platform, which is popular among traders for its user-friendly interface and advanced trading tools. The broker provides access to various asset classes, including forex, commodities, and indices. However, it is important to note that ForexBy operates as an unregulated broker, which may pose risks to traders seeking reliable oversight.

Detailed Sections

　　Regulatory Regions: ForexBy is regulated by the National Bank of the Republic of Belarus (NBRB), but it is considered unregulated in many other regions, which raises concerns about the safety of client funds. This lack of comprehensive regulation can lead to a higher risk for traders, particularly those in jurisdictions with stricter regulatory requirements.
　　Deposit/Withdrawal Currencies: ForexBy supports a range of deposit methods, including bank transfers and credit cards. However, the minimum deposit requirement is set at $500, which is relatively high compared to many competitors, making it less accessible for novice traders. Withdrawal options include bank transfers and credit cards, but there have been reports of delays in processing withdrawals.
　　Minimum Deposit: The minimum deposit requirement of $500 for a standard account may deter potential clients, especially beginners who may not want to commit that much capital upfront. This high barrier to entry is a notable downside for ForexBy.
　　Bonuses/Promotions: Information regarding bonuses and promotions is limited, with no clear incentives mentioned in the reviews. This lack of promotional offerings may be a drawback for traders looking for added value when choosing a broker.
　　Tradable Asset Classes: ForexBy offers a variety of trading instruments, including forex pairs, stock indices, and precious metals. However, it does not support cryptocurrencies or ETFs, which may limit options for some traders. The absence of a demo account is also a significant drawback, as it does not allow potential clients to test the platform before committing real funds.
　　Costs (Spreads, Fees, Commissions): ForexBy offers competitive spreads, starting from as low as 0.9 pips on standard accounts. However, users have reported additional fees, including commissions on certain account types and an inactive account fee, which can diminish overall profitability.
　　Leverage: The broker provides leverage of up to 1:200, which is relatively standard in the industry. However, high leverage can also increase risk, particularly for inexperienced traders.
　　Allowed Trading Platforms: ForexBy primarily supports the MetaTrader 4 platform, which is well-regarded for its functionality and ease of use. The platform includes advanced charting tools and allows for automated trading, making it suitable for both novice and experienced traders.
　　Restricted Regions: ForexBy does not offer services to residents of several countries, including the USA, Canada, and several others. This limitation may affect its appeal to a broader audience and could restrict potential client acquisition.
　　Available Customer Service Languages: Customer support is available in multiple languages, but users have reported mixed experiences regarding responsiveness and effectiveness. The lack of 24/7 support may be a limitation for traders seeking immediate assistance.

Rating Breakdown

Criteria	Detailed Explanation
Account Conditions	The high minimum deposit and limited account types make it less appealing to new traders.
Tools and Resources	The availability of MT4 provides good trading tools, but the lack of educational resources is a drawback.
Customer Service and Support	Mixed reviews about customer support responsiveness, with some users reporting delays.
Trading Setup (Experience)	The trading experience is generally positive, but the absence of a demo account is a significant downside.
Trustworthiness	The unregulated status raises concerns about the safety of client funds, which affects overall trust.
User Experience	Users appreciate the trading platform but express concerns about the withdrawal process and customer support.

　　In conclusion, while ForexBy presents some attractive trading features, the lack of comprehensive regulation and high minimum deposit requirements may deter many traders. Potential clients should carefully consider these factors before opening an account with ForexBy. The mixed reviews and concerns regarding trustworthiness highlight the importance of conducting thorough research before engaging with this broker.