Overall, FXTM is a trustworthy and highly regulated Forex Broker that offers access to a wide range of trading assets and user-friendly platforms.  FXTM offers a 30-day sample account for risk-free platform familiarization and has a 92 out of 99 trust score.  

FXTM Review – Analysis of Brokers’ Main Features

1. ☑️ Overview
2. ☑️ Detailed Summary
3. ☑️ Security Measures
4. ☑️ Account Types
5. ☑️ How To Open an Account
6. ☑️ Trading Platforms and Software
7. ☑️ Fees, Spreads, and, Commissions
8. ☑️ Which Markets Can You Trade?
9. ☑️ Leverage and Margin
10. ☑️ Deposit and Withdrawal
11. ☑️ Educational Resources
12. ☑️ Pros and Cons
13. ☑️ In Conclusion
14. ☑️ Frequently Asked Questions

 

Overview

ForexTime (FXTM), located in Cyprus, was founded in 2011 to revolutionize online brokerage and make trading accessible internationally.  FXTM has established a strong presence in foreign markets like South Africa, Nigeria, and the United Kingdom, providing a wide range of solutions to beginner and experienced traders. FXTM’s concept is dedicated to integrity, accessibility, and affordability. They began by getting regulatory licenses from reputable bodies like the FCA in the United Kingdom and CySEC in Cyprus, which ensured trader security and financial transparency. This commitment to trust was further underlined by keeping client assets separate and charging reasonable fees. Accessibility was another critical component of FXTM’s purpose. They tried to lower entrance barriers by offering instructional tools, a wide range of trading assets, and user-friendly platforms like MetaTrader 4 and MetaTrader 5. Their FXTM Trader software increased accessibility by providing customers with a full analytical toolkit for flexible trade execution.  

Detailed Summary

FXTM demonstrates inclusiveness by offering Islamic accounts to traders who follow Shariah standards and 30-day sample accounts for risk-free platform familiarization. The firm also stresses bilingual service and provides a variety of deposit and withdrawal alternatives, including localized solutions like M-Pesa in African markets, to ensure worldwide accessibility. Today, with over a decade of expertise, FXTM serves millions of customers in 180 countries, proving its worldwide reach and effect. While they halted retail operations under CySEC inside the European Economic Area in 2021, they remain a competitive competitor in the sector, offering traders across the globe low costs, user-friendly platforms, and complete educational help.  

What year was FXTM founded, and where is it headquartered?

FXTM was established in 2011 and is headquartered in Cyprus.  

How many global offices does FXTM have?

FXTM has worldwide offices in Cyprus, the United Kingdom, Nigeria, Kenya, and South Africa.  

Security Measures

To ensure the security and protection of its clients’ financial transactions and sensitive data, FXTM has implemented robust security measures. This includes adhering to strict regulatory standards set by esteemed authorities like the Cyprus Securities and Exchange Commission (CySEC) and the UK’s Financial Conduct Authority (FCA). By complying with these regulations, FXTM ensures that all trading activities occur within a transparent environment where integrity is always preserved. FXTM ensures the safety of client funds by segregating them from operational money and placing them in leading financial institutions. This approach guarantees that customer capital is exclusively utilized for trading activities, promoting additional financial security. Additionally, FXTM belongs to a compensation fund that provides traders with added protection in improbable circumstances like broker bankruptcy. FXTM employs robust SSL encryption technology to safeguard sensitive data during internet transmission, exemplifying FXTM’s commitment to protecting clients’ personal and financial information from unauthorized access. Additionally, FXTM implements two-factor authentication (2FA) when accessing trading accounts to deter fraudulent activities. These stringent security protocols prove how FXTM strives to provide traders with a safe and secure platform.  

Does FXTM use encryption technology to secure online transactions?

Yes, FXTM employs SSL (Secure Socket Layer) encryption to secure online transactions and safeguard sensitive data from unwanted access.  

Is FXTM compliant with international regulatory standards?

Yes, FXTM is regulated by various international authorities, including CySEC and the FCA, to ensure compliance with the highest regulatory requirements.  

Account Types

Micro Account

Beginning traders in the trading industry can benefit immensely from the FXTM Micro account. It allows them to access actual market conditions without financial constraints, as it only requires a minimum investment of $10. Furthermore, traders can trade with lowered spreads for EUR/USD at 1.5 pips, and commission-free trades are offered. The basic currency unit used is cents on this account type, enabling new forex and CFD traders to manage risk efficiently while dealing with lower lot sizes than other accounts available with FXTM. Therefore, it is a valuable instructional tool that assists novices entering these markets in gaining the practical experience needed before confidently venturing into full-scale trading activities.

Advantage Account

FXTM’s Advantage account is designed for experienced traders, with spreads starting as low as 0.0 pips on EUR/USD and a commission structure that rewards bigger trading volumes with reduced expenses. With a minimum investment of $500, traders may leverage up to 1:2000, allowing enormous market exposure. This account type supports MetaTrader platforms and offers market execution, making it ideal for traders who value fast and exact order fulfillment.

Advantage Plus Account

The Advantage Plus account from FXTM offers a blend of the benefits customers receive with their regular Advantage account but without charging any commission fees. This can be particularly attractive for traders who do not execute large transactions frequently. Despite this feature, its spreads remain competitive- starting at 1.5 pips when dealing in EUR/USD – while still supplying high leverage, as much as 1:2000. With just $500 required to open an account, it presents features that suit those wanting spread-based and commission-based elements.

Demo Account

Novice traders can hone their skills, while experienced ones fine-tune techniques in FXTM’s Demo account. It mirrors actual market situations, utilizing real-time data and offering a hands-on learning opportunity sans financial hazards. The trial period lasts for 30 days wherein users may delve into FXTM’s platforms and trading intricacies to become proficient in them.  

Islamic Account

FXTM’s Islamic account is designed to fulfill the demands of Muslim traders who adhere to Shariah principles, which restrict interest-based transactions. This swap-free account does not charge overnight interest on open positions, per Islamic financial principles. Furthermore, it provides rapid execution, no hidden costs, and access to all trading instruments accessible on the FXTM platform, guaranteeing that ethical considerations do not jeopardize the trading experience.  

Does FXTM offer a demo account, and how long does it last?

Yes, FXTM provides a demo account that expires after 30 days.  

What is the maximum leverage offered by FXTM?

FXTM allows a maximum leverage of 1:2000 on certain accounts.  

How To Open an Account

• To register an account, follow these steps:
• To establish an account with FXTM, go to their website and look for the “Register” option.
• After choosing “Register,” you will be offered a list of account types.
• Fill out the registration form with your personal information.
• Choose your desired account base currency from USD, EUR, GBP, or NGN.
• Create and confirm a safe password.
• To proceed, read the terms and conditions and select the relevant box to indicate your agreement.
• Clicking the “Register” button completes the registration process.
• Verify your email address by clicking the link emailed to you.
• After logging in, complete the Know Your Customer (KYC) procedure.
• Once your account has been validated and approved, you may deposit funds.

 

What type of identification is required to complete FXTM’s KYC process?

FXTM’s KYC procedure requires a government-issued ID and a proof of address document.  

How do I select my account-based currency when registering an FXTM account?

After registering, you must verify your email address and complete the KYC procedure before you can fund your account and start trading.  

Trading Platforms and Software

MetaTrader 4

FXTM’s association with MetaTrader 4 has opened doors for traders to many market analysis tools, algorithmic trading capabilities, and custom indicators. This exceptional platform is deemed reliable in the competitive world of trade due to its exhaustive features. The highly customizable user interface enables users to tailor their preferred environment according to individual preferences while expert advisors ensure the automation of innovative techniques without risk-associated factors. Furthermore, discerning traders appreciate the robust security measures incorporated into this dependable option, which caters to all levels of expertise, resulting in faster execution speed that bolsters continued endearment towards it from members within said community.

MetaTrader 5

With increased technical complexity, MetaTrader 5 surpasses its predecessor in capabilities. FXTM users who utilize MT5 gain access to additional periods, indicators, and advanced charting tools ideal for conducting comprehensive market research. Moreover, the platform accepts a broader range of order types with an integrated economic calendar feature. For algorithmic traders seeking to improve their automated trading systems, MT5’s multi-threaded strategy tester is perfectly suited. As a highly flexible platform that accommodates various asset classes such as equities and commodities alongside forex options- all from one interface; MT5 provides unparalleled convenience amid diversified financial markets.

Proprietary Mobile Platform

FXTM Trader is a mobile application customized for traders wishing to monitor their portfolios while moving. The program prioritizes user-friendliness and expedites trading procedures while retaining its operational capacity. It furnishes real-time quotations, interactive charting, and trade facilities that mirror desktop software systems. Its popularity stems from how convenient it makes account management functions inclusive of making deposits or withdrawing earnings with immediate effect through this app’s straightforward design. Even novice traders find FXTM Trader easy to navigate financial markets, rendering it favorable among contemporary smartphone-dependent investors seeking accessible options.  

Can I trade on FXTM using my smartphone?

Yes, the FXTM Trader software allows you to trade immediately from your smartphone.  

How can I access FXTM’s trading platforms?

FXTM’s trading platforms are accessible via online browsers, desktop programs, and mobile apps after registering for an account.  

Fees, Spreads, and, Commissions

Spreads

FXTM offers dynamic and competitive spreads that cater to various trading styles. Traders can choose from different account types, each with distinct spread structures. The Advantage Account is particularly attractive to high-volume traders as it usually features tight spreads of 0.0 pips on major currency pairs like EUR/USD due to the FXTM’s access to extensive liquidity pools and commitment to providing cost-effective trading solutions for its clients.

Commissions

Active traders can benefit from FXTM’s commission structure, emphasizing transparency and value. Commissions apply only to certain account types, such as the Advantage Account, which provides traders with lower spreads. The cost of commissions is based on a tiered system that considers trading volume, ranging between $0.40 to $2 per trade. This approach proves particularly advantageous for higher-volume traders who stand to receive more favorable commission rates amidst increasing activity levels thereby reducing overall trading expenses significantly.

Overnight Fees

Swap rates are charged on open positions held beyond the market day and represent the expense of retaining them. The charges fluctuate based on the instruments utilized and may vary subject to prevailing market conditions. Traders can view a transparent swap rate calendar provided by brokers that helps them evaluate how such costs affect their trading strategies significantly. This factor is especially vital for traders keeping prolonged portfolios must incorporate carry expenses while making transactions.

Deposit and Withdrawal Fees

FXTM endeavors to minimize the expenses associated with depositing and withdrawing funds. The brokerage does not levy deposit fees, encouraging traders to add money to their accounts without worrying about extra charges. However, withdrawal costs may be applicable based on the chosen transfer method. While several e-wallet withdrawals are free of cost, bank wire transfers might attract a charge from the corresponding financial institution processing the transaction. These fees are typically presented on FXTM’s website for clients’ informed decision-making concerning their financial transaction options.

Inactivity Fees

When an account remains inactive for a specific duration, it is subject to inactivity fees. If no trades are conducted on FXTM accounts for six continuous months, the company imposes a monthly $5 charge. This fee will persistently be deducted from the balance until trading resumes or if there are zero remaining funds left in the account. Such charges are customary across industries and motivate traders to close their accounts or engage actively with market activities by leveraging incentives offered through such programs.

Currency Conversion Fees

Traders who make transactions using a currency other than their account base will incur costs for currency conversion. FXTM implements a fee for these kinds of trades, and traders must consider this when dealing with different currencies. The current interbank pricing determines the rates used in converting currencies. Therefore, traders must be well-informed about such fees to manage trading expenses effectively. This applies specifically to those involved with cross-border trading as they navigate the complicated landscape due to varying exchange rates frequently encountered during transactions involving various countries’ money systems.  

How can traders minimize fees with FXTM?

Traders can reduce fees by selecting account types with smaller spreads and being aware of overnight and inactive account charges.  

Are commissions charged on trades with FXTM?

Yes, FXTM charges commissions on some account types, such as the Advantage account, at rates based on trading volume.  

Which Markets Can You Trade?

The following trading instruments and products are on offer:

• 60+ currency pairings, including major, minor, and exotic pairs
• 6 forex indices
• 5 precious metals
• 17 stock options
• 764 CFDs on US stocks
• 647 alternatives for trading US equities
• 626 Hong Kong stocks
• 50 CFDs on European equities
• 3 spot commodities
• 17 spot indices

FXTM offers 5 stock baskets, which are curated groups of companies from various sectors or themes that allow you to diversify your investment in a certain industry or trend with just one trade.  

How many forex pairs are available to trade with FXTM?

FXTM provides over 60 forex pairs, including main, minor, and exotic currencies.  

Are there options to trade Spot Metals with FXTM?

Yes, FXTM allows traders to trade spot metals, such as gold and silver.  

Leverage and Margin

At FXTM, clients have the opportunity to trade with high leverage, which can amplify both profits and losses. This broker offers variable terms of up to 1:2000 leverage – one of the highest available in its industry. With this feature, traders can hold a substantial position in the market while investing only a small amount of their own money. Essentially functioning as an investment multiplier, it significantly expands exposure for invested funds. To protect clients and mitigate potential losses, FXTM implements margin restrictions requiring sufficient assets in their accounts. Margin serves as collateral for open trades, representing only a fraction of the total deal value, which varies depending on account type, traded instruments, and market conditions. Clients must abide by specific margin level requirements set by FXTM; failure to maintain this minimum equity threshold triggers either a stop-out or margin call where all positions are terminated instantly to prevent further loss. FXTM offers leverage and margin choices on the MT4 and MT5 platforms, with varying conditions for each account type. Many prefer the Advantage Account for high-leverage trading, which permits a fluctuating leverage of up to 1:2000.  

Can leverage and margin levels be adjusted with FXTM?

Yes, traders can request leverage changes by contacting FXTM customer care, subject to approval.  

Are there risks associated with high-leverage trading at FXTM?

Yes, high leverage enhances possible earnings but also raises potential losses. Therefore, it should be utilized with caution.  

Deposit and Withdrawal

Deposit Methods

Bank Wire

• To deposit via bank wire, go into your FXTM trading account.
• Go to the ‘Deposits’ area and choose ‘Bank Wire Transfer‘.
• Enter the deposit amount, and you will be given FXTM’s bank information.
• Use this information to conduct a wire transfer from your bank account FXTM will normally add funds to your trading account within 3-5 business days of receiving them.

Credit or Debit Card

• To deposit with a credit or debit card, log into your FXTM trading account.
• Go to the ‘Deposits‘ area and choose ‘Credit/Debit Card‘.
• Enter your card information, including the number, expiration date, CVV code, and the amount you want to deposit.
• Confirm the transaction.

e-wallets or Payment Gateways

• Login to your FXTM trading account.
• Select the ‘Deposits‘ tab and select your favorite e-wallet (Skrill, Neteller, or FasaPay).
• Enter the amount you want to deposit.
• You will be taken to the login page for your selected e-wallet to confirm the payment.
• Once you confirm, the money will be immediately applied to your FXTM account.

Withdrawal Methods:

Bank Wire

• Log into your FXTM trading account to withdraw funds via bank wire.
• Go to the ‘Withdrawals‘ section and choose ‘Bank Wire Transfer’.
• Enter the amount you want to withdraw and your bank account information.
• Confirm the withdrawal request.
• FXTM will execute the withdrawal and transmit the funds to your bank account, typically within 3-5 business days.

Credit or Debit Cards

• To withdraw using a credit or debit card, log in to your FXTM trading account.
• Go to the ‘Withdrawals‘ area and choose ‘Credit/Debit Card‘.
• If the card you used to deposit funds has been stored, choose it or input your card information.
• Enter the amount you want to withdraw and then confirm the request.
• The funds will be returned to the original credit card within a few business days.

e-wallets or Payment Gateways

• Login to your FXTM trading account.
• Navigate to the ‘Withdrawals‘ area and pick your e-wallet service.
• Enter the amount that you want to withdraw.
• You may be led to the e-Wallet’s page to log in and confirm your withdrawal.
• The funds will be credited to your e-Wallet account within 24 hours.

 

What is the minimum withdrawal time for FXTM?

FXTM’s minimum withdrawal time is immediate, although other methods may take up to 24 hours.  

Can I use e-wallets for deposits and withdrawals with FXTM?

Yes, FXTM accepts e-wallets such as Skrill, Neteller, and FasaPay for deposits and withdrawals.  

Educational Resources

• FXTM offers the following educational resources:
• Forex trading manuals
• Comprehensive strategies
• eBooks
• Forex Glossary

The portal offers a range of articles and courses on market trends, economic news, and trading tactics, regularly updated to keep traders informed and educated on global financial markets and new trading strategies.  

Can I access FXTM’s educational materials without an account?

Yes, some instructional resources are freely available to the public. However, full access may necessitate registration for an account.  

How can FXTM’s educational resources help me develop a trading strategy?

FXTM’s instructional offerings offer insights into various trading methods, risk management, and analytical approaches, assisting traders in developing and refining their trading strategies based on educated judgments.  

Pros and Cons

 

In Conclusion

Our final thoughts are that FXTM is a formidable force in the forex and CFD brokerage space, offering a wide range of trading instruments across various markets. According to our research, its commitment to providing a secure trading environment, comprehensive educational resources, and advanced trading platforms make it an attractive choice for novice and seasoned traders.