FXTM Review

The FXTM or Forex Time company launched in 2011 with its headquarters in Cyprus (Limassol), been named as one of the world’s fastest growing and best forex brokers. As in a relatively short time the firm showed great and rapid growth within Europe and beyond through its focus on Africa and Asia regions.

The broker establishes its core on reliable trading conditions and detailed education and brings trading across the world with its accessible trading around the globe, regardless of the trader’s knowledge. However the chain of FXTM offices also established around Europe, located in the UK and Mauritius

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Regulations

FXTM Brand is authorized and regulated in various jurisdictions

Forextime Limited (Regulated by CySEC and licensed by FSCA of South Africa)

Forextime UK Limited (regulated by the FCA of the UK)

Exinity Limited (regulated by FSC of the Republic of Mauritius)

The main entity Forextime Ltd is regulated by CySEC of Cyprus licensed by FSCA of South Africa. Also Forextime UK Limited is regulated by the Financial Conduct Authority known sharp regulator which has principals built by European MiFID allowing cross broker activity. Also Exinity Limited is regulated by FSC of the republic of Mauritius.

How are you protected?

Since FXTM license means its compliance with all the strict regulatory requirements, trader’s investment considered to be safe, as the broker completely segregates funds from the operational funds of the FXTM while kept in leading and reputable banks.

Reliability

FXTM Trading Platforms

FXTM trading technology and toolbar use the industry’s leading software third party providers, which doesn’t require advanced training, as these platforms are MT4 and MT5. However, a progressive technology of the MetaTrader was combined with FXTM’s unparalleled trading services that allowing smooth operation and enhancing your trading capabilities all in all making trading powerful processes.

Web Trading Platform

Since the FXTM platform is MT4 or MT5 software both offers various versions available either as WebTrading platforms or the one that can be installed directly at any device. Web trading software is a great option if you are a beginner or regular size trader, as platform accessible right from the browser, does not require any installation, easy save and navigated.

Look and feel

Social Trading

In addition to its powerful feature and clear possibility to monitor markets the FXTM platform also enables automated trading which is the execution of orders automatically according to the implemented strategy.

Or you may use the powerful capability of Social Trading alike becoming an investor, this option allowing you to follow ranked strategy managers which you can choose through numerous criteria or filters to follow. In reverse, professionals may become managers and gain extra income by being copied.

Accounts

Despite the majority, the FXTM trading accounts are truly ensuring each client convenience by separate accounts for Forex trading and Invest Accounts. Then there is a further split to your preference of the trading transactions, instrument and the trading size, which all in all offers you 6 Account types.

Making the story short, it means that if you prefer to use ECN execution you have a choice between various FXTM ECN accounts, or an option to be based on Standard Accounts with no commission and all costs built into the spread.

What are the account types?

So now let’s get a closer look at FXTM Standard Accounts which are divided into three options – Standard, Cent Account and Shares Account.

FXTM Standard Account – is a most balanced feature for all with floating spread from 1.3 pips, while FXTM Cent Account is a good choice for beginners with a small deposit to start – 10 USD/ EUR / GBP, spreads from 1.5 pips and instant execution model or Cent lots.

FXTM Shares Account is specifically designed for traders who prefer trading on stocks over 120 US shared, allowed hedging and as spreads as low as 0.1 pips.

ECN Accounts

The second group of accounts is known as FXTM ECN Accounts that are also split into three features integrated to specific needs.

FXTM ECN Zero Account– is a non-commissionable account with a quite low deposit of 200$ for a start, spreads starting from 1.5 pips with no re-quotes execution and allowed hedging, scalping features.

FXTM ECN – account enclose commission of 2$ per lot, but including unlimited orders and you can enjoy low spreads from 0.1 pips. And the last is FXTM Pro Account – designed for professionals with a deposit of 25,000$, interbank spreads starting at 0 and a great variety of assets.

Fees

Getting to another important question about Fees, which are mainly built into a spread are also defined by the account type you use. In addition, you should always consider other fees like non-trading fees, withdrawal fees which we will see in detail further.

Generally, FXTM offering built through tight floating spreads while Standard MT4 spreads start from 1.6 Pips and from 0.1 pips for ECN accounts available on both platforms MT4 or MT5, but will add on a commission charge per order.

ProsCons
• Flexible fee conditions defined by the account type• Availability to trade with interbank variable spread plus commission• Cent Account trading• Low Stock and Index fees• Standard spread is high compared to other brokers 

Our find on Forex Fees

Forex fees offered by FXTM based on spread only with no commission in case you use Account based on Standard. This type of fees brings you the simplicity of the calculation and is the best suitable option for many traders despite the strategy.

FXTM three Accounts based on Standard offering various fee conditions, so the standard spread starting from 1.3 pips for EUR USD, or EUR GBP

Cent account will feature slightly higher spread from 1.5 pips due to its option to trade with very small amounts calculated in cents

Shares Account offers fixed leverage 1:5 for US Shares and great spread from 0.1

What is FXTM commission?

So while you trade with Standard proposal there is no commission charges, as all costs built into a spread. Yet, if you select FXTM ECN account you will trade with interbank lower spread and commission charges applicable. A commission that you will be charged in case you use ECN MT4 account, is defined by the trading volume you operate see snapshot below.

Demo Account

New traders or the ones who would like to try the platform can learn to Trade via Demo account, featuring $1,000,000 available to trade, detailed step-by-step tutorials and online webinars, individual support by the account manager in 16 languages.

FXTM Leverage

When you trading with FXTM you are able to operate with with maximum leverage 1:30. The leverage indeed a very useful tool, especially for the traders of smaller size, as it may increase your potential gains timely due to its possibility to multiple initial account balance in a particular number of times.

What is the risk level?

Yet, remember that correct leverage should be set to various instruments, as it may increase your risk level and potential loses as well. Therefore, FXTM leverage is determined by various measures and firstly set according to the regulatory requirement in the region or another.

And then is also based on the trader experience and knowledge, so always check with customer support team first which one is applicable for you.

So if you would like to operate under higher leverage ratios like 1:400, 1:500 or even 1:1000 you may open an FXTM account under a particular entity that allows such high leverage levels, which is offered by the global brand.

Otherwise, if you are a resident of Europe or UK, as well holding an account under European entity which obliges to ESMA regulation, the maximum current leverage ratio is set to a

  • 1:30 on Forex instruments
  • 1:20 Spot Metals, 1:10 XAG USD
  • 1:20 Minor Currency Pairs
  • 1:5 Shares

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Deposits and Withdrawals

In terms of the funding methods, FXTM made it quite simple and straight forward process with a truly wide range of funding options that will assist you to find a suitable money transfer provider.

ProsCons
• Minimum deposit – 10$• Wide range of deposit option including Credit Card, Free deposit• Some withdrawal methods support 0$ fee policy• Majority of withdrawal methods still add on commission

Deposit options

In order to fund an account or to send money to it you may choose among the following methods, which may also vary according to your country of origin.  Also, FXTM is really quick with your deposit processing, as it mentions within 2 hours money will be available at your account so you may start trading instantly.

  • Credit cards
  • Bank wire transfers also with the possibility to perform a local bank transfer. Alike you can choose transfer via Deutsche Handelsbank (accepting deposits in EUR)
  • E-wallets (Neteller, Skrill, Alfa-Click, WebMoney, Western Union, Dotpay, Yandex money, Qiwi wallet, Bitcoin via Skrill, and counting)

What is the minimum deposit on FXTM?

The minimum deposit requirement for you to start trading at FXTM is set to as low as the 100 USD EUR GBP available for Account Standard and only 10$ for a Cent Account. Also, all deposit fees are covered by the company which is great for your smart money management.

Withdrawal fee

FXTM withdrawal fee applied to some of the payment methods, while others may be provided with 0% commission.

Since the variety of payment methods truly widely presented, the withdrawal fee varies from one option to another. As an example, Credit Cards withdrawal features 3$ fee, while Bank Transfer will cost 30$, and WebMoney will charge 2% above the requested amount. However, these withdrawal fees still considered to be on a low level comparing to other industry offerings.

Conclusion

As we can conclude throughout our FXTM Review, while the majority of the brokers concentrating mainly on developed and well-known markets, FXTM placed their focus on other countries like Africa and Asia and gain a great winning there.

These opportunity brings the advantage of trading Forex further and allows well-regulated trading offering worldwide, so now FXTM became one of the best Forex providers in South Africa.

FXTM gives a quality trading potential for both beginners and experienced traders or investors. Moreover, there are other advantages with ForexTime too, the accounts variety is very impressive that allows any trader’s best suitable option either with flexible or floating leverage,  – leverage which determined based on the trader experience and knowledge, tight spreads from 0.1 pips and low deposit requirements.

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Risk Warning: “CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.”

This review has been conducted independ- ently. Products included on this site may not suit your personal objectives, financial situation or needs. Please consider whether it is appropriate for your circumstances, before making a decision to purchase or apply for any product. If you are considering acquiring any financial product you should obtain and read the relevant Product Disclosure Statement or other offer document prior to making an investment decision. FXTM IB number: 4935952

  • This is not an official FXTM page, we are a third party recruiter that has partnered with FXTM to recruit clients to them.
  • Go to fxtm.com