FXTM Review

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Also known as ForexTime, this brand was established in 2011. It is an international broker for traders of Forex and CFDs. The group includes several entities, each regulated in its local jurisdiction. Clients enjoy a wide range of instruments, 24/7 customer support, cutting-edge software, and more. Discover the main strengths of the broker in our FXTM review. 

Geography and Regulation of FXTM

Currently, the company provides services to 3+ million clients, and its operations cover different continents. Over 180 countries are included. The brand comprises several entities, but its heart is ForexTime Limited headquartered in Cyprus. 

This organization is authorized by the CySEC, and it also has a licence from the FCSA in South Africa. ForexTime UK Limited is overseen by the FCA in the United Kingdom, one of the most respectable regulators. Finally, Exinity Limited has an Investment Dealer Licence from the FSC in Mauritius. 

ForexTime is a legal broker that guarantees the protection of deposits. It complies with all applicable regulations and tailors services to local needs. Negative balance protection means that traders can never lose more than they invest. 

Range of Instruments

FXTM has an extensive range of instruments (250+) across different markets. Clients may start with a free demo account, and develop diverse portfolios. Here is what the company offers at the moment: 

• major, minor, and exotic currency pairs;
• stocks of the largest corporations like Amazon;
• spot metals trading (gold and silver);
• 1 CFDs on stocks;
• 2 CFDs on commodities like crude oil;
• 3 CFDs on market indices like Dax 30 or ND100m;
• 4 CFDs on cryptocurrencies like Bitcoin, Ripple, Ethereum. 

Such a broad range of CFDs means that clients can easily expand their portfolios, gaining exposure to several markets. This increases potential profits and lowers their risks. ForexTime underscores the leveraged nature of CFDs.

Overview of Trading Technology

Clients may choose between MetaTrader 4, MetaTrader 5, and the company’s proprietary app called the FXTM Trader. The first two systems may be used as desktop software, web traders, or mobile apps. All the necessary downloads and links may be found on the broker’s site. 

As a rule, Forex traders opt for MT4 and switch to MT5 when they are ready to use more instruments. Both systems have live quotes, various charting aids, indicators, Expert Assistant, etc. They facilitate both technical and fundamental analysis. 

The fifth edition is more advanced, as it has more graphic objects, technical indicators, and other features. Both platforms have been popular for years. Today, they are recommended by many brokers. 

The FXTM Trader App is a cutting-edge solution for smartphones and tablets. Users can manage their accounts and operations via the dashboard. It is easy to monitor the market at a glance, request withdrawals, make deposits, and more. Over 250 instruments are easily accessible, and the app syncs up to the desktop and web-based systems. 

Account types

The broker works through the ECN and the market-maker model. This means their profit comes either from spreads or commission per trade. All accounts are registered through the website, and the process is prompt. 

Demo trading allows clients to explore their terminals safely before venturing into the real market. This is an invaluable opportunity and a sign of reliability. The training mode is available for Standard, Cent, ECN and ECN Zero accounts. 

Standard Accounts

This category includes Standard Accounts, Cent Account, and Stock CFDs Accounts. Aside from the US dollar, the Euro, and the British pound, these may be denominated in the Nigerian naira. Cent accounts provide the most affordable entry, as they may be opened with just $10. The other two types require at least $100. All three include zero commission and offer instant execution. Spreads range from 0.13 to 1.3.

ECN Accounts

These are market execution accounts, and they pertain to the ‘no dealing desk’ model. Clients may choose between Stocks Accounts, ECN Accounts, ECN Zero Account, and FXTM Pro Accounts. The base currencies are the same. The size of the minimum deposit ranges from $100 to $25,000. The ECN Account involves a commission ($2 per lot). Spreads range from 0 to 1.53. 

Comparison of Accounts

The FXTM broker has a wide range of accounts that suit any budget. Demos are free, and cent accounts require just $10. As they are denominated in cents (pence, or kobo), they allow traders to work with limited risk and get used to managing large figures. 

The presence of spread-based and commission-based accounts ensure a wide choice of options. Besides, all types except the Stocks Account may be used as Swap-free systems. Some are suitable for both platforms, some only work on MT4 or MT5. There are neither account nor deposit fees, but clients are charged for inactivity. 

Leverage

This broker allows for attractive leverage conditions but also stresses the risks. The ratios range between 1:1 (for stocks) and 1:2000 (for other instruments). They depend on the type of account, the instrument, and the investment. Clients are advised to use leverage with caution. 

Customer Support

Traders may receive support in different languages, as there are 8 local hotline numbers. Assistance is also provided by Viber, Telegram, Facebook, and Live Chat. The support team works around the clock 5 days a week. Get support here

Awards

So far, the broker has received over 25 industry awards. In 2020, it has been named the Best ECN Broker by daytrading.com, and the Best Education Provider by fxdailyinfo.com. According to World Finance, FXTM clients also enjoy the Best Trading experience. 

Conclusion Summary table

Conclusion of FXTM Review

This global brand is a real giant. The quality of its services and apps is recognized around the world, and the client base is growing. Today, FXTM allows anyone to access trading, as live accounts may be opened with only $10.

24-hour multilingual support and educational resources ensure clients can easily find the information they need. They work through powerful platforms with access to 250+ tools. Besides, the website is packed with educational materials: articles, beginner’s guides, glossaries, and links to free webinars.

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