FXTM Review

Jun 2, 2020 04:08 PM ET
FXTM Review

Review Summary

Founded in 2011, FXTM is a global Forex and CFD broker. Regulated by several financial authorities, FXTM is considered a safe place for trading. The award-winning broker allows traders to trade more than 250 instruments. 

FXTM

RATING

7

YEAR FOUNDED

2011

LOCATION

United Kingdom, Cyprus, South Africa, Mauritius

REGULATION

FCA, FSCA, CySEC

US AVAILABLE

No

TRADING INSTRUMENTS

Forex, Cryptocurrencies, CFD Indices, Share Indices, Commodities, Precious Metals

TRADING PLATFORMS

MetaTrader 4, MetaTrader 5, FXTM Trader

MINIMUM DEPOSIT

$500

DEPOSIT METHODS

Credit Cards, Bank Transfer, Electronic Wallets

Base Currencies

EUR, GBP, USD, NGN

Inactivity fee

Yes

Withdrawal fee amount

$3

Max. Leverage

Up to 1:300

Min. Spread

0.1 pips

Currency pairs

24

Demo account

Yes

Social/Copy trading

Yes

 

FXTM Pros and Cons

Pros

Cons

  • More than 250 trading instruments
  • Restricted leverage for EU clients
  • Segregated client funds
  • No US clients
  • A large selection of educational material
  • Professional account required for best trading conditions
  • Strict regulation
 
  • Multiple account types
 
  • Minimum $10 deposit
 
  • Commission free accounts
 

In-depth FXTM Review

FXTM (ForexTime) was founded in 2011. It aims to provide retail traders with industry-leading trading conditions, as well as educational material and trading tools to assist them. Today, they have become one of the global leading trading brokers with more than 2 million registered accounts. More people are joining every month and they are keeping the pace by improving their services and products and providing the latest trading technologies. 

The broker offers multiple account types and flexible leverage that suit any type of trader. Spreads start from just 0.1 pips that are very low. Traders are also provided with several other benefits like deep interbank liquidity, fast trade execution speeds and NDD (No Dealing Desk) to avoid conflicts of interest. 

Regulation: FXTM is very serious about its regulation and transparency. Thus, the broker is regulated by several regulatory bodies worldwide and holds internationally-recognised licenses. These regulations make sure that FXTM operates with utmost fairness and integrity by complying with strict regulatory rules. Forextime UK Limited is authorised and regulated by the FCA (Financial Conduct Authority) in the United Kingdom. In South Africa, ForexTime Limited is regulated by CySEC (Cyprus Securities and Exchange Commission) and licensed by FSCA (Financial Sector Conduct Authority). Exinity Limited is regulated by the Financial Services Commission of the Republic of Mauritius and holds an Investment Dealer License. 

Apart from these regulators, FXTM is also governed by MiFID (Markets in Financial Instruments Directive). It offers a common and robust regulatory framework and protects all EU members and investors. Client funds are protected in segregated bank accounts so the company cannot use them for any other purpose. Moreover, the funds of eligible clients are protected by FSCS (Financial Services Compensation Schemes).

Key Features: Some of the key features of FXTM that deserve to be highlighted include –

  1. Average trading fees

  2. Fast account opening

  3. Convenient deposit and withdrawal options available

  4. Demo account offered

Account Types and Opening

FXTM offers a variety of trading accounts that provides the traders with the opportunity of choosing the ones that match their investment objectives and requirements. Choose the account that suits you and begin your journey into the world of Forex trading. 

Account Types

Standard Accounts: On these accounts, traders can take advantage of every second with instant execution.  

FXTM Account Types

ECN Accounts: Open these accounts to get market execution with no requotes. 

FXTM ECN Accounts

Account Opening

Opening an FXTM account is easy, hassle-free and fully digital. It only takes half an hour to submit the online application, and the account is approved within one business day. After opening an account on FXTM, trading with it requires a minimum deposit of $500. You need to follow these steps to open an account on FXTM:

  1. Fill in personal details such as name, residence, country, and email address. You also need to provide your phone number where you can receive the PIN code sent by FXTM.

  2. Proceed and add more information about yourself like date of birth and education.

  3. Provide your current address at the next step. 

  4. Next, some questions are asked about your financial background and experience. Answer them.

  5. Then, fill out a questionnaire to give an idea about your financial knowledge.

  6. Now, you can select the account type according to your trading needs and preferences.

  7. Your identity and residency must be verified to open the account. A copy of ID card, passport, or driver’s license and a utility bill or bank statement can be uploaded for this. After verifying, you are done. 

Deposit and Withdrawal

FXTM offers a large variety of options for deposit and withdrawal. You may choose credit cards, bank transfer, or electronic wallets. The available options for electronic wallets include Neteller, Skrill, Western Union Quick Pay, WebMoney and more. The deposit and withdrawal process is quick. It is done within three days only. The broker does not charge a deposit fee, but there is a low fee for withdrawal. 

Base Currencies

There are four base currencies at FXTM to choose from: USD, EUR, GBP, and NGN. Keep in mind that NGN is only available to Nigerian residents. By funding with the same currency as your bank account, you can save the currency conversion fee. Conversion fee can also be saved by trading assets in the same currency as account base currency.

How to withdraw money from FXTM?

Withdrawing money from your FXTM accounts is easy. You may follow these easy steps:

  1. Log in to your account on MyFXTM.

  2. Select ‘My Money’ and go to ‘Withdraw Funds’.

  3. Choose the withdrawal method.

  4. Add the amount you want to withdraw and choose the reason for the withdrawal.

  5. Now, you may initiate the withdrawal.

  6. You will receive a 4-digit code on your phone that you will need to verify.  

Commissions and Fees

FXTM offers a very transparent fees structure for clients so they do not get confused. To trade with an account, you need a minimum deposit of $500. Apart from this, there are trading fees and non-trading fees that you need to pay. Different fees are charged for different assets.

Trading Fees

It is great that trading fees on FXTM are low. 

CFD trading fees

If a long position of $2000 is held for a week, then the fees would be –

  • S&P 500 index CFD fee: $1.8

  • Europe 50 index CFD fee: $2.5

  • Apple CFD fee: $17.0

Forex trading fees

The Forex benchmark fees of a long position of $20,000 held for one week with the leverage 30:1 are –

  • EURUSD benchmark fee: $17.8

  • AUDUSD benchmark fee: $12.2

  • EURGBP benchmark fee: $11.5

  • GBPUSD benchmark fee: $15.5

  • EURCHF benchmark fee: $4.4

Real stock trading fees

In real stock trading, the commission depends on volume. This commission is charged for opening a position only and it is based on the formula: VolumexCommissionx2. For example, for 0.01 – 5.00 lots, commission per lot is $15. 

Non-trading Fees

  1. Account/Deposit Fee: FXTM does not charge a fee for account or deposit. 

  2. Withdrawal fee: Withdrawal fees vary according to the country of residence of the account holder, as well as the withdrawal method and the currency used to withdraw. The Withdrawal fee starts from $3.

  3. Inactivity fee: An inactivity fee of $5 is charged per month from traders after the account is inactive for six months.

Trading Instruments and Markets

FXTM offers access to a vast range of asset classes, including Cryptocurrencies, Forex, Indices, and Precious Metals. You can do everything here, from trading currencies to speculating on the price movements of your favourite stocks. Enter the wide, exhilarating, and complex world of financial markets with this global broker.

Forex trading: FXTM allows you to access the Forex market 24 hours a day and 5 days a week. You can trade the most popular currency pairs here, including all minor, major and exotic pairs. So, join FXTM and be a part of the most liquid market in the world where roughly $5 trillion is exchanged every day.

Cryptocurrencies trading: Cryptocurrency is the most revolutionary financial asset in trading. By joining FXTM, you can trade Bitcoin, Ethereum, Ripple, and Litecoin against the US dollar. Traders can also find and grab potential opportunities from crypto price movements.

CFD Indices trading: FXTM provides the account holders with access to the industry-leading-selection Indices worldwide. You can choose CFD trading for spot Indices with FXTM. It offers the flexibility and convenience of trading for long hours so it suits each trader’s trading and investment needs.

Share CFDs trading: With FXTM, traders derive pricing from NASDAQ and NYSE, which are two of the biggest stock exchanges across the world. Thus, account holders can also access the shares of some of their favourite countries. You may diversify your portfolio by choosing from various US and European shares. 

Commodities trading: You can also join the largest oil and gas markets in the world and discover new trading opportunities with FXTM. Making use of the market movements in the present world of commodities is another great option to diversify your portfolio.

Precious Metals trading: FXTM allows its traders to trade price movements of precious metals like gold and silver. Precious metals are potential safe-haven assets. This is why they are a popular alternative investment option for traders during times of volatility and uncertainty in the markets. 

Trading Platforms and Tools

FXTM offers powerful trading platforms that can fulfil the unique needs of the different kinds of traders. The platforms include MetaTrader 4, MetaTrader 5, and FXTM Trader. The leading MetaTrader platforms are available on both PC and mobile devices. You can also go for WebTrader versions to access the trading platforms from your device without downloading it. FXTM provides Multi Account Manager (MAM) on MetaTrader 4 for traders with multiple accounts so they can manage their accounts with ultimate convenience. The innovative mobile app FXTM Trader helps you always keep up with the markets. It comes with many useful features like state-of-the-art charting tools, live currency rates and more.

MetaTrader 4

MetaTrader 4 is a very popular online trading platform developed by MetaQuotes Software. Also known as MT4, the software provides you access to a wide range of markets, as well as hundreds of financial instruments on FXTM. On MetaTrader 4, you can get all the tools you require for managing, trading and analysing the markets. MT4 is free to download. By combining this innovative platform with the investment solutions of FXTM, traders can discover better trading every day.

Major features of the MetaTrader 4 platform:

  1. Interactive charts those are easy to read

  2. Access to over 30 technical indicators

  3. The convenience of identifying market trends and signals for both entry and exit points

  4. Confident trades at a suitable time for the trader

  5. Monitoring and analysing the markets in real-time

  6. Option to choose from nine different timeframes

  7. Multi-device functionality and a powerful security system

MetaTrader 5

MetaTrader 5, also known as MT%, is the latest and most advanced online trading platform offered by MetaQuotes Software. Trading on the MetaTrader 5 platform via FXTM provides a trader with the greatest access to financial markets. This completely free to download trading platform has many benefits to offer, such as its diverse functionality, copy trading, automated trading, technical and fundamental analysis tools etc.

Major features of the MetaTrader 5 platform:

  1. Compared to MetaTrader 4, more balance transaction types

  2. An integrated email system and an economic calendar

  3. Fund transfer process between accounts

  4. An embedded MQL5 community for traders so they can chat and network with peers while sharing tips and strategies

  5. Unlimited number of charts and a total of 44 analytical objects

  6. Multi-threaded strategy tester

  7. A system of alerts to keep traders up to date with all latest events happening in the market

Trading Tools

FXTM offers all necessary trading tools that users need to trade the markets. You can find a wide range of tools for technical analysis, risk management, and more. The main trading tools of FXTM include:

Daily Market Analysis: It is the Forex news portal that provides the account holders with extensive market analysis and insights. It helps traders to keep the pace with the changes in currency markets.

FXTM Trading Signals: It is a technical analysis tool that offers high-quality data and assessments of market fluctuations through the vast range of financial instruments. You need to register and login to your account to access FXTM Trading Signals in MyFXTM. 

FXTM Pivot Point Strategy: This trading tool helps traders in sharpening their trading strategy and determining market sentiment. You can combine your preferred five pivot point calculations with your choice of three popular technical indicators.

Economic Calendar: With the economic calendar, traders can keep themselves up to date with major economic indicators, alerts and news. What, when, and why is happening will be at your fingertip.

Forex News Timeline: It is one of the most reliable sources worldwide to receive live market news. You can get the updates through the website on your MetaTrader trading platform directly.

Currency Converter: You can calculate the foreign exchange rates of the main currency pairs by using the Currency Converter for free.

Margin Calculator: You can calculate your risk on the margin calculator of FXTM to use proper risk management. 

Pip Calculator: By using FXTM’s free Pip value calculator, traders can estimate their potential profits or losses before starting to trade a currency pair. 

Profit Calculator: The Profit Calculator is a simple tool that helps the traders to determine the profits and losses of a trading position at different market prices. 

MT4 Forex Trading Indicators

You must know that you need to combine a great trading plan with an effective Forex trading indicator if you want to boost the possibility and success rate of your trade. So, FXTM dealers have selected some must-have MT4 Forex trading indicators for traders. Those are:

Orders Indicator: Apart from monitoring your own trades, the simple Orders Indicator allows you to analyse the activities of others. With it, you can see your trades on the chart as it indicates where a trade opens and closes. You will also know whenever a profit or loss is made. It will be displayed in currency and pips.

Pip Value Calculator: With the Pip Value Calculator, you can find the value of a 1 pip/point move on any instrument in your trading account’s base currency. You can also check your risk to reward ratio. This indicator formula can be used for money management and also when you create your EAs.

Pivots SR Levels: With just one glance, you can view daily, weekly and monthly pivot points, as well as the corresponding support and resistance levels with the Pivot SR Levels Indicator. It can also be used as a perfect breakout strategy when the trader needs to set stop losses.

Spread Indicator: With the adjustable and useful Spread Indicator, you can view the current spread value in pips on the chart for the required timeframes. 

Market Data to CSV: With the help of this trading tool, you can record all historical bar data automatically on your chart and each new tick to a CSV file. You need to open the “MQL4” folder in the MetaTrader 4 director and select the “Files” folder to find the saved file option.

Day Bar Info Indicator: The live Day Bar Info Indicator is optimised for displaying quotes with four and five decimal places. It draws a daily candle on charts along with time frames up to D1 and displays the size of lower and upper shadows, the body, as well as the entire candle in points.

User Experience

Mobile Trading

FXTM Trader

FXTM Trader is the new trading app of FXTM that lets traders trade with more than 250 instruments. It is available for both iOS and Android. The global markets are always moving, so, traders must always be on the move as well. With this new Forex trading app of FXTM, traders can open and close positions instantly, access live currency rates, manage trading accounts, and stay ahead of the market from anywhere and anytime. 

FXTM Trader

Range of trading instruments on FXTM Trader

  1. Forex: Major, minor, and exotic currency pairs

  2. CFDs on Cryptocurrencies, including Bitcoin, Litecoin, and Ethereum

  3. CFDs on Commodities, including US Crude (Spot), US Natural Gas (Spot), and UK Brent (Spot)

  4. CFDs on Indices, including prominent securities in the US, Europe, Asia, and Australia

  5. Share CFDs on 180 major company shares

  6. Spot metals: Gold and silver

  7. Keeping up with the market with FXTM Trader

  8. Live currency rates 24/5: FXTM Trader provides you with latest live updates and lets you monitor your preferred instruments at a glance.

  9. Accounts overview: You can use the same app for managing all your trading accounts and trading action.

  10. Trading dashboard: With this app, you can keep track of your trades with balance details, margin, profit and more.

  11. MyFXTM: FXTM Trader provides unlimited access to MyFXTM. It lets you deposit, withdraw and monitor your funds within seconds.

Benefits and features of FXTM Trader

  1. You can open, close, and modify positions within seconds.

  2. It lets you trade across multiple devices. You can open a position on your desktop and it can be closed from your mobile.

  3. State-of-the-art charting tools and popular indicators inform you about your trade fully.

  4. With FXTM Trader, it is not necessary to download another extra trading platform. This app has its own built-in trading platform technology. So, you can start trading easily with this app in just a few taps.

  5. Traders can track their open and closed positions at a glance on FXTM Trader.

  6. This app offers an even quicker buying and selling action by providing 1-click trading. 

How to use FXTM Trader 

Trading with FXTM trader is very easy and simple; you only need to follow these brief steps:

  1. Download the app from Google Play Store or Apple App store.

  2. Load the app and new clients register with FXTM. Existing clients sign in to MyFXTM.

  3. New clients either choose “Open Demo Account” or “Open Live Account”. Existing clients choose your trading account.

  4. Now you are ready to start trading. 

Download Link

iPhone

Android

Research

FXTM offers a lot of research tools, from news flow to analysis-based trading ideas. These research tools are available in:

  • MetaTrader trading platforms

  • ‘Trading Services’ section in MyFXTM

  • The ‘Market Analysis’ section

Education

Education Section: FXTM provides users with plenty of educational resources so they can develop their trading skills, knowledge, and experience via a vast range of Ebooks, Forex trading seminars, Forex trading webinars, Forex Glossary, basics of Forex, beginners guide to Forex trading, Forex trading strategies, CFD trading, short Forex educational videos, educational videos and educational articles on various topics regarding trading, and Periodic table. 

Demo Trading: Having a demo account is the best way of learning about trading if you are a novice trader. FXTM offers you the benefit of trading with a demo account. With this account, you can trade virtual money without the risk of losing real money. Moreover, it lets you access the markets to practice trading under real market conditions. You can also experiment with different trading strategies. All these help you become more familiar with your trading platform. 

Customer Service

FXTM has great multilingual customer support available in 18 languages. You can contact them in various ways through telephone hotlines, live chat, WhatsApp, Viber, Telegram, Messenger, Call Back option, and Email. The 24/5 knowledgeable and responsive support team answers all technical queries of the clients. Although FXTM customer support is available only on weekdays, it provides fast and relevant answers. You can also get help from the FAQ section of the FXTM website. 

Safety and Security

FXTM is regulated by several financial authorities including the FCA and CySEC and it is a well-established brand. The broker offers negative balance protection. Based in Cyprus, FXTM was founded long way back in 2011 and it has won many awards since then. So, it is not wrong to say that this is a safe place for traders. Of course, you need to remember that trading is risky and you can never be too careful in protecting your capital. 

Final Thoughts

Judging by the fact that FXTM is in the trading industry for more than a decade and has survived financial crises successfully, you can say that it has a great long track record. So, if you are thinking of starting your trading career and looking for a broker, then FXTM may be a great option for you.


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