FXTM Review

Trust Score
4.3

Min Deposit

$5


Leverage

1000:1


Deposit Bonus

up to $300

Regulation

  • FCA

  • CySEC

  • IFSC

  • FSB

Platform

  • MT4

  • MT5

Forex Time (FXTM) is licensed and supervised in various jurisdictions, starting with the Cyprus Securities and Exchange Commission (CySEC license number 185/12) as they hold their headquarters in Cyprus. They have successfully spread thier name worldwide, being licensed by the Financial Services Board (FSB 46614) of South Africa, the Financial Conduct Authority of the UK (FCA 600475), as well as being regulated by the International Financial Services Commission of Belize. In total, FXTM is registered with 19 organizations across the globe.

FXTM has an account catering to every trader, separating their services into seven different trading accounts. Hedging and scalping is possible in most accounts, as well as offering swap free options and cent lots. Compared to most, FXTM definitely has a low minimum deposit set at $5, and a high leverage of 1000:1. Such specs can prove extremely attractive to the new trader.

Introduction

ForexTime (FXTM) was founded in 2011, by Andrey Dashin, who also happens to be the founder of the Alpari Group. The Company established its first regulated entity in Cyprus under CySEC License 185/12, and subsequently established a License under the IFSC of Belize, the FSB of South Africa, and the highly sought for FCA License of the UK.

The FXTM Group has received numerous awards since 2013. In 2017 for instance, FXTM has been awarded as the Best FX Broker in Asia, Best Customer Service Globally, Forex Broker Firm of the Year Europe, and Best Online Forex Trading Company Nigeria.

The Broker has a very low Minimum Deposit of $5 USD, which is significantly lower than the average and is extremely beneficial to newbie traders. When it comes to Leverage, FXTM offers a maximum Leverage of 1000:1, which is relatively high in the industry according to jurisdiction, enabling clients to purchase positions with a smaller investment, which of-course can be risky.

FXTM Client Experience

We love the FXTM Site, as it makes the services it offers very clear to the user, whilst also keeping a clean interface. Account Registration is pretty simple, and is quite faster if the Client is Non-EU and therefore contracts with the IFSC Licensed entity FT Global LTD.

The Broker's Educational Resources contain Trading Videos and Articles which ease a traders transition to Forex Trading as the topic covered include Traders Psychology, Oscillators, Trend Identification, whilst a glossary of Forex terms is also included. 

FXTM offers different Promotions depending on the country of origin of the Client. For example, if a Non-EU Client was to join the company, the Client would be offered a $30 Tradeable Credit.

When it comes to Customer Care, FXTM offers one of the best services we have seen. In order to accommodate the requests of all clients, the Support Department offers Live Chat, Whatsapp, Viber, Telegram and even Messenger for mediums for Instant Messaging Support, whilst E-Mail and Call-backs are also available 24/5 globally.

FXTM Live Support
FXTM Live Support

FXTM Products

A wide range of products are available to trade with FXTM, ranging from Forex, Spot Metals, CFDs on Shares, CFDs on Commodity Futures, and CFDs on ETFs and Indices.

FXTM offers more than 50 currency pairs including Gold and Silver, which clients can trade 24/5 at a leverage up to 1:1000 with spreads as low as 0.1. In addition to this, FXTM offers 5 decimal pricing, where traders have a more accurate pricing model enabling better spreads. 

The broker has direct liquidity pricing and real-time data straight from the NYSE and NASDAQ, the world's two largest stock exchanges, where it is able to offer 180 stocks are offered by the Broker which can be traded directly through an MT4 Shares Account with a margin requirement of just 3%. Any events such as dividend distribution affecting the relevant companies, are directly passed on to the client.

As mentioned above, clients also have the ability to trade Commodities such as UK Brent, US Crude, US Natural Gas, along with Indices, specifically GDAX, AUS200, ND100M, UK100, and SP500M.

FXTM offers Standard Accounts and ECN Accounts. There are several differences between the Standard Account Types available, but the most important ones for newbie traders are the Minimum Deposit and the Spread. We can see that Spreads are higher for Cent Accounts than for Standard Accounts, which is something we don't agree with, as Cent Accounts are typically the ones newbie traders will choose as they have lower minimum deposit and Contract Sizes are usually 1,000 rather than 100,000 as is for Standard Accounts. 

The Shares Account is obviously different to the other two Accounts as it relates to clients who only want to trade CFDs on Shares rather than Forex.

FXTM Account Types
FXTM Account Types



On ECN Accounts, FXTM offers Accounts that have a higher Minimum Deposit starting at 200 EUR, whereas due to the ECN execution, clients can choose from either an 'ECN Account', or an 'ECN Zero Account', where the first has a low spread starting from 0.1 pips and a commission of $2 per lot, whilst the latter has no commissions but has a much higher spread starting from 0.5 pips.

On the other hand however, clients can opt to go with the 'ECN MT5 Account', which requires clients to trade on the MT5 Platform with a spread at 0.2 pips and commission at $2 per lot.

The best conditions available are the FXTM Pro Account which has spreads as low as 0, with no commission, however involves a lower leverage at 1:200, as well as a massive minimum deposit starting at 25,000 EUR.

Last but not least, FXTM offers Social Trading in the form of 'Strategy Trading'. There has been a trend in Social Trading in the last few years, where clients prefer to follow other traders with proven profitability rather than trade themselves.

We advise all clients that we believe investment in education is paramount to a trading career, and quick 'solutions' such as following other clients trades and signals will definitely not work out for the long term.

FXTM Copytrading
FXTM Copytrading

FXTM Trading Conditions

In the online trading industry, FXTM is well regarded by the online trading community for offering its traders ultra tight spreads. Their dealing spreads can be as low as 0.1 pip for the standard accounts while ECN account holder can enjoy spreads as low as 0 pip. However ECN account holder will be required to pay a commission on each lot of assets traded.

FXTM Account Types

For commission free trading accounts, FXTM offer 3 different types of accounts namely the Standard Account, the Cent Account and the Shares Account.

With the standard and Cent accounts, the minimum deposit requirement is $/€/£ 100 and $/€/£ 10 respectively. The leverage ratio for both these accounts are determined by the instruments traded with the maximum ratio set at 1:30. For the FXTM Shares account, the minimum deposit is $/€/£ 100 with the minimum spreads starting from 0.1 pip.

In addition to the floating spreads accounts listed above, FXTM also offer 3 types of ECN trading accounts. They consist of the ECN Zero account, the ECN Account and the FXTM Pro Account.

Except for the ECN account, both the ECN Zero Account and FXTM Pro Account offers commission free trading.

FXTM Commissions & Fees

FXTM charges its clients a mix of spreads and commissions on the trades that its clients executed on its trading platforms. With the exception of the ECN Account, traders at FXTM enjoy commission free trades with very competitive spreads.

FXTM Platforms and Tools

FXTM provides the MetaQuotes Suite of Platforms, MT4 and MT5, as it has established itself as an MT4 Broker right from inception. 

MetaQuotes is still the most popular Trading Platform in the world, and is preferred by traders globally, whilst it is available on PC, Mac, Android and iOS.

FXTM Trading Platforms
FXTM Trading Platforms

Is FXTM Mobile Friendly?

In addition to the desktop versions of the MT4 and MT5 trading platforms provided by FXTM, the broker has also made available mobile versions of these proven platforms to cater for those who are constantly on the move. With these mobile trading apps installed onto their smartphone, FXTM can trade from anywhere around the world where there is internet access.

FXTM Promotions

FXTM offers different Promotions depending on the country of origin of the Client. For example, if a Non-EU Client was to join the company, the Client would be offered a $30 Tradeable Credit. For professional clients, FXTM offers the new loyalty program. The program is specifically designed to add more value to the trading activities of professional categorized clients.

FXTM Deposits & Withdrawals

FXTM aims to make deposits and withdrawals as simple as possible, which we can see from the Payment Methods offered, which should satisfy clients around the world.

Apart from the standard Credit/Debit Cards that are accepted such as Visa, MasterCard, Maestro and China Union Pay, FXTM offers one of the biggest selection of e-Wallets we have seen, ranging from the popular Neteller & Skrill Wallets, to even Bitcoin. 

Apart from these, FXTM also accepts Bank Wires, whilst Withdrawals are also possible through most of the Payment Methods offered.

Furthermore FXTM 'reimburses 100% of any charges to deposits of up to 1000 USD/EUR/GBP, and 50% for any deposits exceeding this amount, based on the day of processing'. This is definitely not the best we have seen in the industry as most Brokers cover all transaction fees regardless to the amount, including withdrawals.

FXTM Payment Methods
FXTM Payment Methods

FXTM Customer Support

When it comes to Customer Care, FXTM offers one of the best services we have seen. In order to accommodate the requests of all clients, the Support Department offers Live Chat, Whatsapp, Viber, Telegram and even Messenger for mediums for Instant Messaging Support, whilst E-Mail and Call-backs are also available 24/5 globally.

FXTM Research and Education

The Broker's Educational Resources contain Trading Videos and Articles which ease a traders transition to Forex Trading as the topic covered include Traders Psychology, Oscillators, Trend Identification, whilst a glossary of Forex terms is also included.

Noteworthy Points to mention for FXTM

FXTM offers Social Trading in the form of 'Strategy Trading'. There has been a trend in Social Trading in the last few years, where clients prefer to follow other traders with proven profitability rather than trade themselves.

Conclusion for FXTM

In retrospect, FXTM offerings can be considered as being above average. The broker has adopted an inclusive approach towards its clients. This is achieved by ensuring that traders regardless of their trading experience, have all their trading needs met. The fact that FXTM has won numerous awards bears testimonials to the quality of its services.

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