FXTM Review
FXTM Review
FXTM, which stands for Forex Time Limited, is a company that was launched in 2011. The headquarters of FXTM is located in Cyprus (Limassol) and it is also authorized by Financial Conduct Authority and other regulators.
In just a short amount of time the fxtm broker had rapid growth within Europe as well as Africa and Asia. Its focus on reliable trading conditions has brought success to its traders around the world who can trade from anywhere with access to all markets globally thanks to its offices established across Europe including one in UK.
FXTM Pros and Cons
FXTM Forex is a good broker that operates worldwide and has many regulated entities. Account opening with FX TM is easy, and trading conditions are good with low spreads and excellent customer service. Of course, there are some negative points: withdrawal fees, stock spreads may be rather high.
10 Points Summary
Headquarters
Cyprus and entities around the world
Regulation and License
CySEC, FCA, FSCA, FSC
Platforms
FXTM MT4, MT5
Customer Support
24/5
EUR/USD Spread
1.5 pips
Demo Account
Available
FXTM Minimum deposit
200$
Base currencies
Various base currencies
Education
Professional FXTM Education Center
Instruments
250+ financial instruments, over 50 currency pairs, CFDs on Cryptocurrencies, Spot metal, Shares, Commodities and Indices.
Awards
FXTM Forex is a leading broker, with more than 90% of traders who have left positive feedbacks. This is because of the fast client approval process and excellent trading features such as comprehensive learnings available in their platform. With more than 750,000 active accounts and various attractive opportunities to earn money through trading they are considered one of the best brokers in this industry today.
Is FXTM safe or a scam?
FXTM Forex is not a scam. It is an operation of the ForexTime Ltd, ForexTime UK Ltd and Exinity Limited three entities under the FXTM brand that provide trading services to more than 10,000 clients from over 135 countries around the world. And it’s important to note this company complies with necessary regulatory guidelines in every region where they operate which earns them high scores from us when it comes to trustworthiness!
Is FXTM a legit company?
FXTM is a real broker. Each entity and brand that it serves is authorized and regulated by various global jurisdictions, such as CySEC in Cyprus, FSCA in South Africa, and FSC in Mauritius. The UK division of FX TM also has authorization from Financial Conduct Authority (FCA), which governs financial services providers operating within the EU with principals constructed on European MiFID II regulations enabling cross-broker activity.
| FXTM legal entity | Investor Protection FXTM License Number |
|---|---|
|
ForexTime UK Limited |
Regulated by FCA (UK) registration no. 600475 |
|
ForexTime Limited |
Authorized FSCA (South Africa) registration no. 46614 |
|
Exinity Limited |
Authorized by FSC (Mauritius) registration no. C113012295 |
How are you protected?
FXTM is licensed and complies with all regulatory requirements, which means that traders investments are safe. The FXTM broker segregates funds from operational funds of FX TM while keeping them in leading banks in Europe. In addition to being a member of the Investor Compensation Fund for compensating cases where the company goes insolvent, it’s also protected by negative balance protection and other audited regulations on a regular basis by an authority.
Leverage
FXTM traders can operate with fixed or floating leverage. The lever is indeed a very useful tool, especially for the people trading in smaller sizes, as it may increase your potential gains timely due to its possibility to multiply initial account balance by a certain number of times.
What is the risk level?
FXTM leverage is determined by various factors and it should be set according to the regulatory requirements in a specific region-otherwise, you can contact customer support team for more information.
For instance, if you want higher leverages like 1:400 or 1:500 or even 1:1000 then open an FX TM account under a certain entity that allows such high leverages. Otherwise, if you are residing in Europe or UK and have opened your account with European entities that abide by ESMA regulation limits on maximum current leverage ratios at 100 times of initial margin requirement (100 x MR), this means your max potential losses will also be limited up to 100xMR.
- 1:30 on Forex instruments
- 1:20 Spot Metals, 1:10 XAG USD
- 1:20 Minor Currency Pairs
- 1:5 Shares
Accounts
FXTM offers a variety of account types for online Forex trading and Invest Accounts. There is also a further split to your preference of the trading transactions, instruments and sizes. All in all FXTM offers you 3 Account types – Micro, Advantage and Advantage Plus accounts.
So now let’s take a closer look at FXTM Accounts which are divided into three options- Micro, Advantage or even the more advanced type –
Advantage Plus: Micro Account—most accessible account offered by FXTM with low minimum deposit & instant execution + zero commission + spreads from 1.5 pips; Average Commission $0-$2 based on volume+ spreads from 0%;
Advantages Account: Cheapest account type offered by FXM with average commission ranging between $0-$2 depending on volume+ average spreads ranging between 0% (+/-); And finally there is an advantage plus partner that has no commissions(spread only) but instead ranges around same amount as spread ~1%.
How do I open an FXTM account?
FXTM accepts clients from almost every country, but there could be some restrictions for residents of Japan and the US.
Step by step process : Go to FXTM sign-in link where you are guided through a simple opening process that is easy to follow.
Opening an account step by step
You can access FXTM Sign In page if you provide personal data, like your name and residential proof. You will be required to answer an online questioner about your trading knowledge and expectations.
After selecting the account type you will have to verify it with uploaded identity confirmation documents as well- these may include a bank statement or ID card proofs among others. Once activated, clicked links on their website could teach newcomers how to invest in various financial instruments at FXMT such as foreign exchange (FX), stocks and bonds for instance by following the steps laid out in clear-cut explanations.
Fees
Fees are built into a spread, which is defined by the account type you use. Non-trading fees, withdrawal fees and trading commission charges need to be considered when looking at FXTM’s costs. Generally, tight floating spreads are constructed by FXTM while Standard MT4 spreads start from 1.6 Pips and 0.1 Pips for ECN accounts on both platforms – MT5 or MT4 but with a Commission Charge per order in addition to these prices (MT5).
An overview of the Non-Trading Fees
FXTM charges you 5$ per month in case of no trading activity for a period of six months or more. This is known as FXTM Inactivity fee. Despite this, there are some free withdrawals and no deposit fees which we will see later on in our FXTM review, so the whole process is quite transparent and well built from the start.
| FXTM Fees | eToro Fees | XM Fees |
|---|---|---|
|
No |
No |
No |
|
Yes |
No |
No |
|
Yes |
Yes |
Yes |
|
Average |
Low |
High |
FXTM Spread
Forex fees offered by FXTM are spread with no commission for the case you use Advantage Plus and Micro Account. The standard spreads start from 1.5 pips for USD, EUR, GBP, and NGN in the three Account which offers various fee conditions.
Shares Fees
Trading shares at FXTM is a very competitive and pleasant service. Below we have some comparisons with other trading CFDs brokers, which are mostly average- the most common price that seems to be high for FXTM.
But what’s great about this provider is how flexible it can be when considering fxtm account types and depending on the instrument you FXTM trade, they may bring you an almost best proposal in terms of its prices.
| Asset/ Pair | FXTM Spread | eToro Spread | XM Spread |
|---|---|---|---|
|
EUR USD Spread |
1.5 pips |
3 pips |
1.6 pips |
|
Crude Oil WTI Spread |
4 pips |
5 pips |
5 pips |
|
Gold Spread |
9 |
45 |
35 |
|
BTC USD Spread |
20 |
0.75% |
60 |
Demo Account
New traders can learn to Trade via a Demo account, featuring $1 million available to trade, detailed step-by-step tutorials, and online webinars. They also get the individual support of an account manager in 16 languages.
Moreover, there is a Trading Account for FXTM Invest clients that comes with copy trading tools supported by Top Strategy Managers and is suitable for almost all degrees of trader experience.
Deposits and Withdrawals
FXTM is a platform for traders who would like to learn how to trade or those who are still new. It includes $1,000,000 available to use and tutorials as well as live webinars. There’s also individual support available by account managers in 16 languages. In addition, FXTM Invest Account offers an easy profile complete with fxtm copy trading tools supported by managers at the top of their game that suits a wide range of trader abilities
Deposit options
If you want to fund your account or send money to it, there are different ways. You may also have various choices depending on where you’re from. For example, FXTM is quick with deposit processing; within two hours of registering the funds will be available in your account and ready for trading!
- Credit Cards (accepting payments in EUR, GBP, and USD)
- Bank wire transfers with the possibility to perform a local bank transfer. Alike you can choose to transfer via Deutsche Handelsbank (accepting deposits in EUR) and Rietumu Banka (using GBP, PLN, USD, EUR, or RUR).
- You can use ewallets such as Neteller, Skrill, Alfa-Click WebMoney Western Union Dotpay Yandex Money Qiwi Wallet Bitcoin via Skrill.
Withdrawal
FXTM withdrawal options are available, including a bank transfer, an e-wallet and cards. The fee will vary depending on what payment method is used for the transaction. For example: Credit Cards have a 3$ fee (compared to WebMoney’s 2%), Bank Transfer 30$, and you may be able to withdraw money from your account with 0% commission applied if certain payment methods are applied.
How do I withdraw money from FXTM?
Once you decide to withdraw money from your account, here are the steps:
Step 1: Log into MyFXTM and go to Withdraw page through My Money.
Step 2: Select the withdrawal method, required amount and click ‘Withpress’.
Step 3: Compile the withdrawal request along with PIN that will be sent out via email or SMS.
Step 4 : Confirm withdrawal and Submit
How long does it take to withdraw from FXTM?
Once you submit and confirm the request to withdraw money from your account, typically it takes two business days for our accounting department to process and confirm withdrawal of funds. However, before doing so please always consult with customer service as this could vary depending on jurisdiction or provider rules. It may take an extra day for the payment provider’s processing time which also might depend on international or provider rules.
Bonus
One thing to know about FXTM is that it offers bonuses and cashback programs, so you can take advantage of them when they’re offered.
Does FXTM have Bonus?
Yes, FXTM offer Bonus programs. However, that Bonus program is strictly available only for international clients of the brand and those who are trading or holding an account with Exinity Limited registered under Mauritian law.
How do I claim my FXTM bonus?
FXTM, an international entity that deals in foreign exchanges and investments, regularly runs promotions to encourage new customers. These promos include the Welcome Bonus (instantly 30$ tradeable credit) and a 300$ bonus with the long-term promotion. With these offers available, it is time for you at FXTM Review to start trading! Please note that all bonuses come with specific terms and conditions on how they should be used or accessed.
Market Instruments
You may also compare FXTM to other providers by checking the table below, where you will find a list of available assets and instruments.
| FXTM | XM | AvaTrade | |
|---|---|---|---|
|
Forex |
57 |
57 |
55 |
|
Indices |
11 |
18 |
18 |
|
Commodities |
6 |
15 |
17 |
|
Cryptocurrency |
4 |
5 |
6 |
|
Shares |
174 |
1294 |
63 |
FXTM Markets compared to similar Brokers
FXTM trading technology and toolbar are developed with the industry’s leading software third party providers, which don’t need a presentation because they use FXTM MT4 and MT5. Although FXTM is well-known for its unparalleled trading services, a progressive technology has been built on MetaTrader that seamlessly integrates into their offerings to help you trade smoothly– all while enhancing your capabilities in the process.
FXTM Trading Platform
FXTM MT4 and MT5 are different versions of the FXTM software: WebTrading for beginners or regular traders and Community Edition available to be installed directly on any device. The advantage of this is, that it can be accessed right from a browser, does not require installation, easily saved once navigated.
Desktop Trading Platform
The desktop version of MetaTrader is more powerful. It supports all kinds of devices, including PCs and MACs as well as accessible Multi Terminal that’s useful for money managers. This means you will always have access to your account at personal convenience by using the desktop application.
The package includes all necessary and valuable tools, such as risk management or analysis which are unique developed trading tools like Pivot points strategy and signals in addition to converters and calculators designed to make trading easier for traders at any level with their professional features
Mobile Trading Platform
FXTM offers a mobile-optimized app. With the FXTM app, you will always have access to your account at any time of day or night on the go and in real-time. The design is clear and customizable which is good, but it also comes with a variety of different tools so that you can stay up to date on what’s happening all around us.
Social Trading
In addition to powerful features and clear ability to monitor markets, the FXTM platform also provides automated trading which is executing orders automatically according to the implemented strategy.
Or you may use the power of Social Trading alike becoming an investor, this option allows you that follows ranked strategies managers which can be chosen through various criteria or filters. In reverse, professionals are able to become managers and gain extra income by being copied.
Customer Support
The client-oriented philosophy of FXTM is involved in competent customer service that can be reached through various sources including Online Live Chat, Phone, emails, and Messenger applications. Apart from the positive reputation, it has with clients, its good track record includes language support so you always have help available when needed.
There are established centers on all six continents which cover fxtm global needs for traders like yourself to make sure your trading experience is as pleasant and beneficial as possible.
Research
Forex Contest is a contest that FXTM holds on their website. It’s one way to test strategy and polish skills, among other things. This type of experience comes in both Demo and Live accounts with the latter being perfect for experienced or “fresh” traders alike – it truly provides an ideal challenge. Check out the official FXTM site for more information about this currently available Forex Contest!
Education
FXTM offers a variety of trading services for traders who want to trade with their capital, based on the trader’s experience and style. FXTM has solutions for each particular need and provides outstanding service in almost every way.
In terms of education, FXTM hosts regular events in various cities around the world while satisfying the demand to start the trading journey and supporting learning material with everyone who would like to engage in trading – webinars, seminars, platform tutorials, etc.
All these tools remain at your disposal- Forex news (including Economic Calendar), Market outlooks from analysts’ analysis are available as well as a glossary that will provide you everything you need about any term related to forex market or currency pairs t’s just one point we think is really good: FXTM education is one of best ones out there so this again is well organized and highly recommended.
Conclusion
To conclude, ForexTime is an excellent trading platform. It offers quality trading for both beginners and experienced traders or investors. In addition, it has other advantages as well- the variety of accounts available provides you with a suitable account either if you prefer flexible or floating leverage – this type of leverage is based on your experience and knowledge which makes spreads tight at 0.1 pips and low deposit requirements.
