FXTM Review 2020 – Is this broker good?

Review Contents:

1. Introduction to XFTM Review;
2. Trading Accounts at FXTM;
3. FXTM Trading Conditions;
4. Security of Funds, Regulations, and Licenses;
5. Additional Information About FTXM;
6. FXTM Review Conclusion.

Introduction to FXTM Review: Satisfaction of Clients Speaks for Itself

FXTM also known as ForexTime, started operating in 2011. It is headquartered in Cyprus, and in 8 years managed to gain global acclaim. FXTM is located in three countries and works under these names:

• Exinity Limited in Republic of Mauritius
• ForexTime UK in the United Kingdom
• ForexTime Ltd in the EU, South Africa, and the UK

In this FXTM review, we will discuss every aspect you need to know about the broker before you invest with them. Make sure to read everything to find our their pros and cons. Overall, we are quite satisfied with the services offered by FXTM.

 

Trading Accounts at FXTM

FXTM offers two main account categories: Standard and ECN. The main difference between the two is the tools that come with it and the minimum required deposit. See the full descriptions of the account types below.

Standard Account

• Trading Platforms – MT4/MT5
• Account Currency – USD/EUR/GBP/NGN
• Leverage – floating, 1:1000-1:25
• Minimum deposit – $100
• Spread – 1.3
• Margin call – 40%
• Minimal volume lot – 0.1
• Maximum volume lot – 30
• Maximum number of orders – 200

The different accounts also offer different trading instruments. For the standard-standard account, you will gain access to 59 exotic, major and minor currency pairs, 5 spot metals, 14 spot CFDs, 4 cryptocurrencies for the MT4 platform. For the MT5 platform, you will receive 33 major, minor and Exotic pairs and 3 spot metals.

 

Cent Account

• Trading Platforms – MT4
• Account Currency – US cent/EURO cent/GBP pence/NGN kobo
• Leverage – fixed, 1:1000-1:25 in forex, 1:500-1:25 CFDs
• Minimum deposit – $10
• Spread – 1.5
• Margin call – 60%
• Minimal volume lot – 0.1
• Maximum volume lot – 1
• Maximum number of orders – 100

The trading instruments offered at the cent account are 25 major and minor currency pairs and 2 spot metals.

 

Shares Account

• Trading Platforms – MT4
• Account Currency – USD/EUR/GBP/NGN
• Leverage – floating, 1:10
• Minimum deposit – $100
• Spread – 0.1
• Margin call – 40%
• Minimal volume lot – 0.1
• Maximum volume lot – 30
• Maximum number of orders – 200

Though the shared account you receive access to over 180 CFDs for trade.

The overall specs do not largely different among the three subcategories. The biggest difference lies with the minimum deposits, which vary from $10-100, spreads and the trading instruments offered.

If you need a large range then the standard sub-category is the right fit. But if you need to trade CFDs then you have the shares sub-category as well. For smaller trader, investors can get the cent account. This account seems quite fitting for beginners or traders who wish to test the platforms without investing too much at first.

ECN Account

• Trading Platforms – MT4/MT5
• Account Currency – USD/EUR/GBP/NGN
• Leverage – floating, 1:1000 – 1:25
• Minimum deposit – $500
• Commission – $2 per lot
• Spread – 0.1
• Margin call – 80%
• Minimal volume lot – 0.1
• Maximum volume lot – 100
• Maximum number of orders – unlimited

Same as the standard subcategories, the differences are quite simple. The minimum deposit varies from $100-$25,000 at spread from 1.5–0 pips. Both of the platforms are available to all users.

Trading Instruments at the ECN account are 48 major, minor, and exotic currency pairs, 3 spot metals, 14 spot CFDs on the MT4 platform. 33 major, minor, and exotic currency pairs and 2 spot metals on the MT5 platform.

 

ECN Zero Account

• Trading Platforms – MT4/MT5
• Account Currency – USD/EUR/GBP/NGN
• Leverage – floating, 1:1000 – 1:25
• Minimum deposit – $200
• Commission – none
• Spread – 1.5
• Margin call – 80%
• Minimal volume lot – 0.1
• Maximum volume lot – 100
• Maximum number of orders – unlimited

Trading Instruments at the ECN zero account are 48 major, minor, and exotic currency pairs, 3 spot metals, 14 spot CFDs on the MT4 platform. 33 major, minor, and exotic currency pairs and 2 spot metals on the MT5 platform, same as on the regular ECN account.

 

FXTM Pro Account

• Trading Platforms – MT4/MT5
• Account Currency – USD/EUR/GBP/NGN
• Leverage – floating, 1:200 – 1:25
• Minimum deposit – $25,000
• Commission – none
• Spread – 0
• Margin call – 80%
• Minimal volume lot – 0.1
• Maximum volume lot – 250
• Maximum number of orders – unlimited

FXTM offers these trading instruments for users with the ECN account: 43 major, minor, and exotic currency pairs and 2 spot metals on the MT4 platform. 33 major, minor, and exotic currency pairs, 10 stock tradings, and 2 spot metals on the MT5 platform.

If you wish to invest a larger amount for an average selection of instruments this is a great account for you. The spread is quite low starting at 0 pips, but the leverage is still pretty high. The higher the leverage, the higher the risk.

 

Demo Accounts

All users also have a chance to open a demo account before committing to a live one. Demo accounts are useful to both novices and professional. With a demo account, users will be able to experience the platform or practice trading themselves.

Additional Notes for Accounts

There is a huge list of notes under the account specifications, offering some deeper information about their trade. According to the website, only Nigerian clients can have NGN accounts. FXTM also does not have exotic pairs for swap-free accounts. They also leave the sole discretion to change the leverage for forex and spot metals before the trading sessions end.

Notably there are additional fees on the commissions for cryptocurrency depending on the account currency.

• 15 USD per lot
• 12/5 EUR per lot
• 11/5 GBP per lot
• 5,400 NGN for the round turn

Also, an account comperison is also avalable on the FXTM webpage.

Trading Conditions with FXTM

Besides from the MT4 and MT5 platforms on web and desktop, FXTM offers other trading features to users. The FTXMInvest social trading program allows you to subscribe to other traders and make money. Through this program, you can gain access to other trader’s profit by depositing a certain amount of money.

The commissions and spreads are not too bad at FXTM as well. There are certain spreads to certain currency pairs. See the list below.

As a user, you will also gain access to their daily market analysis, forex news timeline, quarterly market outlook, and market analysis videos. The economic calendar is included in the tools and the analysis is constantly updated.

 

Security of Funds, Regulations, and Licenses at FXTM

FXTM has many regulations since they are such a global broker. FXTM is Regulated by ,the International Financial and Services Commission. It has license numbers ISDC/60/345/TS and IFSC/60/345/APM. IFSC is a very tough and esteemed financial institution, so we are impressed to see FXTM fit their criteria.

ForexTime UK is regulated by the FCA, Financial Conduct Authority. This is another respected financial institution, so seeing FXTM work with FCA is also quite reassuring. It is also regulated by CySEC in Cyprus.

FXTM guarantees the safety of funds within their servers. As required by the FCA, account segregation is implemented into their servers. Additionally, they have cold servers which protect traders’ financial and personal information.

 

Additional Information About FTXM

In this FXTM review, we would like to provide additional information about the broker. FTXM has a great website. It is easy to understand and find what you are looking for. They offer all kinds of information, such as their licenses, privacy policies, risk disclosures, details about their company and trading conditions, benefits and more. The website is available in 17 languages, such as Arab, Italian, Farsi, Korean, Russian, French, Hindi, Urdu, Polish, Spanish, and more. It is expected of global brokers to provide full comfort for all of their traders all over the world and FXTM manages to do that.

FXTM also provides vast educational content to their traders. Whether you wish to start from zero and learn trading or you wish to advance your skills via their professional courses, you will easily gain access to the material. The e-books are available for Forex brokers, as well as beginner’s glossaries and more. Educational videos and trading strategy discussions are all available to users.

As discussed above, FXTM provides a lot of analysis to its users. Their social media accounts are also filled with updates, which is a great way for traders to keep up with the market changes. Articles and brief discussions are available to all traders on their social media platforms.

Payment options offered by FTXM are all geared towards inclusiveness. They offer multiple deposit and withdrawal methods. You can complete transactions in USD, GBP, EUR, and other national currencies.

The methods of deposit/withdrawal are:

• Credit cards – MasterCard, Visa, Maestro
• E-Wallets – Skrill, Neteller, DusuPay, FasaPay, DixiPay, WebMoney, CashU, QiWi, Yandex Money, PerfectMOney
• Cryptocurrencies – Bitcoin
• International bank wires
• Local bank wires in Tanzania, Nigeria, Kenya, Algeria, Afghanistan, Malaysia, Indonesia, Egypt, Iraq, Palestine, Thailand, China, and Vietnam.

Deposits have no fees, while withdrawals come with various feels depending on the transaction form. However credit card charges are $3, and e-wallets are free of charge. Keep in mind that if you are not active on your account for over 6 months, you will be charged a $5 fee.

Customer support is available 24 hours a day during open market days. They have live-chat on their website, and though it needs a separate window it does not require too much information to start chatting. You may also call them on their international numbers if needed. Overall, they have a quite nice customer support who are very dedicated to helping their users.

 

 

FXTM Review Conclusion — Trustworthy, Regulated, Fair

At the end of this FXTM review we have to summarize all and state what do we think about the broker so far.

Notably FXTM is anything but disappointing. In the modern trading industry, many brokers tend to make themselves seem bigger than what they are. FXTM, on the other hand, stays humble and provides more than enough tools, information, and comfort to their users. The regulations are also strong and trustworthy, we are hoping FXTM truly follows the rules and guidelines created by the financial institutions.

But, there are some downsides are we discussed in this review, but overall we are satisfied with their offers and features. Make sure to do further research if you need more information about FXTM, if not we are hoping to have helped you make a decision. Good luck trading!