FXTM Review 2024
Website: www.forextime.com
Min. Deposit: US$ 100
Leverage: 1:30 | 1:200
Trading Platforms: MT4, MT5
Regulation: CySEC, FCA, FSCA, FSC, CMA
Headquarters: Cyprus
Founded: 2011
Regulatory Licenses:
- ForexTime Ltd - authorized by CySEC (Cyprus) registration no. 185/12
- ForexTime Ltd - authorized by FSCA (South Africa) registration no. 46614
- Exinity Capital East Africa Ltd - authorized by CMA (Kenya) registration no. 135
- Exinity UK Limited - authorized by FCA (UK) registration no. 777911
- Exinity Limited - authorized by FSC (Mauritius) registration no. C113012295
Updated on May 20, 2024
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In our comprehensive review process, we meticulously evaluate numerous forex brokers to offer you a clear and unbiased view. Our method involves in-depth research and comparison against over 1000 brokers to ensure the most accurate rankings, focusing on aspects such as reliability, fees, platforms, customer service, and overall trading conditions.
Forex Time, commonly known as FXTM, is recognized as one of the rapidly expanding and foremost Forex and CFD brokers on a global scale, boasting a wide client base and a robust offering. Originating in 2011 with its headquarters nestled in Cyprus, FXTM has extended its presence across Europe with offices in the UK and an entity in South Africa. The broker is celebrated for its dependable trading conditions, comprehensive education, and global accessibility, catering to traders of varying experience levels.
What Type of Broker is FXTM? ▲
Our research indicates that FXTM is a global Forex and CFD broker, offering access to an extensive array of over 1000 instruments. These include Currencies, Stocks, Indices, Commodities, Share Baskets, and more, characterized by ultra-low spreads and swift execution speeds.
FXTM's headquarters are situated in Cyprus, with additional offices spread across Europe and an established entity in South Africa. This strategic positioning allows FXTM to serve a diverse clientele from various regions with efficiency.
Pros
FXTM is highly regarded and globally regulated, with multiple regulated entities.
The account opening process is straightforward, with one of the lowest deposit requirements in the industry.
Trading conditions are favorable, featuring low spreads and outstanding customer service.
FXTM offers exceptional Forex education, making it a leader in the industry.
Cons
Withdrawal fees apply.
Stock spreads can be relatively high.
Trading conditions may vary depending on the entity.
FXTM Review Summary in 12 Points ▲
Headquarters: Cyprus and entities around the world
Regulation: CySEC, FCA, FSCA, FSC, CMA
Platforms: MT4, MT5
Instruments: 1000+ financial instruments, over 50 currency pairs, CFDs on Cryptocurrencies, Spot metal, Shares, Commodities, and Indices.
EUR/USD Spread: 1.5 pips
Demo Account: Available
Minimum deposit: $100
Base currencies: Various
Education: Professional FXTM Education Center
Customer Support: 24/5
Considering our expert analysis, FXTM is deemed a reliable broker offering highly favorable trading conditions. Catering to both novice and professional traders with low initial deposit requirements, FXTM enjoys a global reach. Its overall ranking stands at 4.65 out of 5, placing it prominently among over 1000 evaluated brokers.
FXTM has consistently received acknowledgment for its excellent trading conditions, educational resources, and innovative features, as evidenced by its broad community of traders and numerous awards for excellence in trading. With over 750,000 active accounts, FXTM continues to expand its offerings and has actively engaged in various social and sporting sponsorships, enhancing its visibility and credibility.
FXTM is not a scam. It operates under the well-regulated entities of ForexTime Ltd, ForexTime UK Ltd, and Exinity Limited, providing services to a vast clientele. Compliance with regulatory guidelines in every operational region ensures a high trust score, underlining the importance of trading with regulated entities to mitigate the risk of fund loss.
FXTM is a legitimate broker, with each of its operating entities authorized and regulated by various global jurisdictions. Its main entity in Cyprus is regulated by CySEC, while its South African and Mauritian entities are authorized by FSCA and FSC, respectively. The FXTM UK brand holds licensure from the FCA, known for its stringent regulatory standards. This diverse regulatory framework underscores FXTM’s reliability and commitment to trader protection.
FXTM adheres to strict regulatory requirements, ensuring trader investments are safeguarded through complete fund segregation and storage in reputable EU banks. Membership in the Investor Compensation Fund offers additional security in the event of company insolvency. Moreover, FXTM’s commitment to regular audits and adherence to negative balance protection and other protective measures further solidify its stance as a safe broker for traders.
Trading with FXTM allows you to utilize either fixed or floating leverage, presenting a powerful instrument for traders, particularly those with smaller account sizes, as it can significantly amplify potential profits by multiplying the initial account balance by a specific factor.
The level of leverage provided by FXTM is subject to various criteria, initially determined by regulatory requirements specific to each region. It is also influenced by the trader's experience and knowledge. Therefore, it is advisable to consult the customer support team to ascertain the applicable leverage for your situation.
For those interested in operating with higher leverage ratios, such as 1:400, 1:500, or even 1:1000, it is possible to open an FXTM account under a specific entity that permits such elevated leverage levels, offered by the global brand. Conversely, residents of Europe or the UK, or those holding an account with a European entity adhering to ESMA regulation, face a maximum leverage ratio as follows:
1:30 on Forex instruments
1:20 on Spot Metals, 1:10 on XAG USD
1:20 on Minor Currency Pairs
1:5 on Shares
FXTM caters to diverse trading needs by offering separate accounts for Forex trading and Invest Accounts. Furthermore, these accounts are subdivided according to your preference for trading transactions, instruments, and trading size, resulting in three distinct account types: Micro, Advantage, and Advantage Plus.
How to Trade in FXTM?
Initiating trading activities with FXTM involves opening an account and funding it. The procedure is straightforward and entirely online. Following the approval of your account, you can proceed to make a deposit using one of the various available methods. Our research indicates that FXTM provides a user-friendly platform equipped with all necessary tools and resources for successful trading.
How to Open FXTM Live Account?
FXTM welcomes clients from nearly every part of the globe, albeit with some exceptions due to regulatory restrictions applicable in countries like Japan, the USA, etc.
Opening an account with FXTM is a simple process. You should navigate to the FXTM Sign-In page and follow the guided steps:
Access FXTM Sign-In page
Enter your personal information such as First and Last Name, Country of residence, email, phone, etc.
Complete an online questionnaire regarding your trading experience and expectations
Choose the account type
Verify your identity by uploading documents such as proof of residence, ID copy, bank statement, etc.
Once your account is activated and verified, you can proceed with depositing funds.
FXTM's fee structure predominantly consists of spreads, which vary according to the account type utilized. Additionally, it is crucial to consider other charges, including non-trading and withdrawal fees, which will be discussed further.
Offerings by FXTM feature tight floating spreads, with Standard MT4 spreads starting from 1.6 pips and ECN account spreads from 0.1 pips for both MT4 or MT5 platforms, though these will incur a commission charge per order.
With an overall rating of 4.4 out of 5 based on our comprehensive evaluation and comparison with over 1000 other brokers, FXTM's fees are deemed competitive.
FXTM offers forex fees purely based on spreads with no commission for those using Advantage Plus and Micro Account, simplifying cost calculations and suiting many traders regardless of their strategy. The standard spread begins from 1.5 pips for major currencies such as USD, EUR, GBP, NGN across FXTM's three account types.
Our assessment rates FXTM's spreads favorably, with an overall score of 4.5 out of 5, upon testing and comparison with the broader broker market. We observed Forex spreads significantly below the industry average, with competitive spreads for other financial instruments as well.
FXTM streamlines the process of funding your trading account by offering a diverse array of payment options, making it effortless to find a payment method that suits your needs. The broker provides an extensive selection of funding methods, facilitating swift transfers through bank transfers, credit cards, and various electronic wallets.
FXTM's funding methods received a commendable rating of 4.7 out of 5. The minimum deposit requirement is competitive within the industry, with negligible or no fees, thereby supporting efficient money management. However, the availability of deposit options may differ across different regulatory entities.
Pros
Numerous payment methods available
Company covers all deposit fees
Cons
Deposit options might vary by entity
FXTM Minimum Deposit
The minimum deposit at FXTM is $/€/£ 100 for the Standard Account and a mere $10 for a Cent Account, with the company absorbing all deposit fees, which is a significant advantage for prudent financial management. This is in contrast to many other brokers that typically require a minimum deposit of $500.
FXTM Withdrawals
FXTM offers a broad spectrum of withdrawal options, including bank transfers, e-wallets, and cards, with the withdrawal fee differing per method. For instance, withdrawing to a Credit Card incurs a $3 fee, Bank Transfer costs $30, and WebMoney charges a 2% fee on the amount requested. Despite these charges, FXTM's withdrawal fees remain low in comparison to other brokers in the industry.
How to Withdraw Money from FXTM:
To initiate a withdrawal, you must first submit an online request and follow the prescribed steps:
1. Log in to your account in MyFXTM and navigate to the Withdraw page through My Money.
2. Select the withdrawal method, specify the amount, and click "Withdraw".
3. Complete the withdrawal request along with the PIN sent to your email or phone via SMS.
4. Confirm the withdrawal and submit.
FXTM offers a robust selection of market instruments and account features, setting it apart in the brokerage industry. The broker provides access to over 1000 financial instruments, including more than 50 currency pairs, CFDs on cryptocurrencies like Bitcoin, ETH, Litecoin, and Ripple, spot metal CFDs, share CFDs on over 170 major companies, and CFDs on commodities and indices.
The breadth of FXTM's market instruments earns a score of 4.5 out of 5, highlighted by its comprehensive selection across forex, commodities, indices, cryptos, and more.
FXTM leverages the industry-leading software of MT4 and MT5 platforms, enhancing its trading services with MetaTrader's advanced technology. This synergy facilitates a seamless trading experience, bolstering your trading capabilities.
The broker's platforms are highly regarded, with a rating of 4.5 out of 5, standing out among over 1000 brokers for their breadth of features, compatibility with professional trading, and inclusion of excellent research tools.
Web Trading Platform
Both MT4 and MT5 platforms offer WebTrading versions, ideal for beginners or regular traders due to their accessibility directly from a browser without the need for installation.
Desktop Platform
The Desktop version of MetaTrader caters to those requiring extensive tools and customization. It supports a variety of devices, including PC and MAC, and offers a Multi Terminal for money managers. This version includes all necessary tools for risk management, analysis, and unique trading strategies like Pivot points.
FXTM excels in customer support, offering a range of contact methods including live chat, phone, emails, and messaging apps. The broker's commitment to client satisfaction is reflected in its positive reputation and broad language support, ensuring assistance whenever needed.
With service centers across Asia, Africa, and Europe, FXTM truly meets the global needs of traders. The broker's customer support is rated 4.5 out of 5, based on our tests, which revealed fast, knowledgeable responses that were easily accessible during working days.
FXTM is committed to trader education, hosting regular events worldwide and offering a wealth of learning materials. These resources include webinars, seminars, platform tutorials, trading tools, research tools, a comprehensive glossary, Forex news, an Economic Calendar, market outlooks, and analyst analysis.
The broker's educational offerings are rated 4.2 out of 5, reflecting the high quality of materials and research provided, in partnership with leading data providers.
In conclusion, FXTM presents a robust trading environment for both novice and seasoned traders or investors. The broker stands out for its impressive account variety, global coverage with a focus on regions like Africa, competitive spreads from 0.1 pips, low deposit requirements, and exceptional educational resources.
FXTM is highly recommended for:
Beginning traders
Advanced traders
International traders
MT4/MT5 enthusiasts
EA traders
Currency and CFD traders
Traders using a variety of strategies
Those seeking tight spreads
Algorithmic or API traders
Anyone valuing quality customer support
Individuals seeking excellent educational materials
Overall, FXTM is a highly trustworthy and quality choice for Forex traders of any size.
