Regulated by: CySEC, IFSC
FXTM Review & Author's Comment
Established in 2011, FXTM is an award-winning forex broker that offers a reliable and secure trading platform. The platform covers more than 300 instruments including forex pairs, stock indices, company shares, commodities and cryptocurrencies. FXTM is one of the most prominent forex brokers in the industry that frequently appears in media and is proud sponsor of a Formula One racing team.
The company is known as a client-oriented forex broker that delivers products and services on meeting the needs of each client and the market that they operate. One of the things that I really like about FXTM is the managed accounts (PAMM / MAM accounts) feature. FXTM is very transparent and allow traders to see performance of the managed account portfolios without even registering as a client. Besides, minimum investment amount required to participate in managed accounts is $100 which is below the industry standards.
In order to be able to satisfy needs of global clientele, FXTM offers more than 20 different types of payment methods. The company is present in many countries and investors living in those countries enjoy the convenience of depositing money through local bank transfer. Moreover, support staff is one of the best I have dealt with so far and provides assistance for clients 24 hours a day 7 days a week basis in more than 10 different languages.
Is FXTM Reliable?
A popular Forex broking company, FXTM or ForexTime Limited works under the constant regulations of the best financial regulators like Cyprus Commodities and Exchange Commission (CySEC) as well as Financial Conduct Authority (FCA) of UK. Being government regulated organisations, both FCA and CySEC requires the licensed organisations to hold a minimum amount of €730,000 as a testament to their financial stability. Furthermore, they also ask the licensed companies to keep the funds of their clients in different accounts. Plus, regular reports must be submitted regarding the commission by authorised entities.
Moreover, the CySEC and FCA also run compensation schemes as a further guarantee to the funds of the clients. Every company that is regulated by CySEC provides insurance up to 20,000 Euros to the client funds. On the other hand, the FCA regulated brokers offer insurance up to 50,000 GBP on the funds of their clients.
Since the UK, as well as CySEC, is still within EU, the MiFID regulations are applicable thus allowing brokers to operate in all the member states of EU. Apart from all that, FXTM is also registered with different other financial regulators in the European Union like Germany’s BaFin, Italy’s CONSOB, France’s AMF, Spain’s CNMV and Norway’s FSAN.
Above all, FXTM has also been licensed by South Africa’s FSB and Belize’s IFSC.
FXTM Account Types
FXTM provides you two main trading account choices, Standard and ECN namely. Depending on the accounts that the clients choose, the minimum deposit amount varies. The standard account is further divided into Standard, Shares and Cent accounts. And each of these accounts has different contract details as well as minimum deposit amounts. The ECN accounts are also differentiated in ECN, ECN Zero and FXTM Pro account with respect to different commissions as well as spreads.
FXTM also offers the beginners with demo accounts to help them grasp the trading concepts before putting their money on risk.
FXTM has also been offering a new account that specialises completely on the trading of the CFD shares since 2016. With this account, traders can trade on more than 180 US shares at 1:33 leverage on the MetaTrader 4 platform. From 2018, the broker is also offering the clients to trade CFDs on Cryptocurrencies at a leverage of 1:10.
FXTM Customer Support
FXTM is known for its magnificent customer support. The company offers brilliant customer support through live chats, social media, Skype and phone calls. Furthermore, the company website is available in 18 different languages such as English, Arabic, Chinese, French, Indonesian, Spanish, Polish and Malaysian.
FXTM Trading Platforms
FXTM is one of the few brokers that offer clients to trade in both MetaQuotes platforms. In other words, it allows the clients to use both MT4 and MT5 platforms for trading. Most importantly, both of these trading platforms in desktop, web and mobile platforms with the provision of regular updates.
Despite the introduction of technologically advanced MT5 platform, there are many brokers who still opt for MT4 trading platform. With the MetaTrader 4 platform, the brokers get an advanced charting package, a plethora of Expert Advisors or EAs and a great back-testing platform. Due to its ease of usage, MT4 is also considered more suitable for beginners.
With the MT5 platform, traders can execute trades in different financial markets as well as stock exchanges without having to switch to different accounts. The platform also comes with advanced trading and analysis tool, charting packages, indicators, signals, alerts and much more. Plus, it has recently been added with advanced hedging feature, analysis tools for exchange markets and news management tools.
FXTM also offers free Forex VPS for the clients who love to strategize using Expert Advisors or EAs. The broker also offers FXTM Invest to provide their clients with an advanced copy-trade solution.
FXTM Deposit and Withdrawals Methods
Clients can make deposits to their FXTM accounts using wire transfers, credit cards, debit cards, Neteller, Skrill, CashU and other e-wallets. Whereas the withdrawal is conducted by contacting the back office in the standard business hours.
FXTM Trading Conditions
To open an account with FXTM, the lowest amount of deposit that has to be made is of $5. Most of the trading accounts that FXTM offers such as standard ones as well as ECN Zero and Pro are completely free of any commission. However, the ECN MT4 and MT5 require a small amount of commission of $4 per lot on each trade.
The spreads that FXTM offers vary with the types of accounts. It offers the tightest spread on ECN as well as PRO accounts. But these accounts require a minimum deposit of $25000.
Thus, ECN MT4 account is more recommendable. The spreads on this account type mostly float around 0.4 pips on EURUSD pair. If $4 commission is considered then the cost goes to 0.8 pips which is highly attractive for traders.
The levels of leverage are much higher under Belize regulated branch of the firm which is FT Global Limited with maximum of 1000:1 with respect to that 1:30 for ForexTime Limited which is regulated by UK’s FCA.
The traders can also trade on Cryptocurrency CFDs at the leverage rate of 1:10.
FXTM Bonus and Promotions
- FXTM offers a Switch to FXTM USD30 bonus program. For this bonus program, you need to click and accept the bonus terms and conditions through MYFXTM portal and then make a minimum deposit of $150. If you trade 1 standard lot within 30 days, you can withdraw the bonus USD30
- The 30% Bonus Promotion is offered for any amount of the first deposit made and to a minimum of $500 USD for each of any further deposits.
FXTM Final Word
Not many firms have achieved the success that FXTM has achieved in the forex market. With a highly talented management team which knows how to please the global clientele of the company, FXTM has also been felicitated with several awards and accolades for the services that it offers. So, it is truly worthy of the time and money of their clients.
CySEC regulation. Presence in many regions. Diverse deposit and withdrawal methods. Decent bonus and promotions. PAMM and MAM accounts.
User Review( vote)
|Adress:||Tassou Papadopoulou 6, Flat /office 22, Ag. Dometios, 2373, Nicosia, Cyprus|
|Phone:||+44 203 734 10 25|
|Regulator:||CySEC (License Number: 185/12), IFSC (IFSC/60/345/TS|
|Cryptocurrencies:||Bitcoin, Ethereum, Litecoin|
|MAM / PAMM Account:|
|Funding Methods:||Wire Transfer, Local Bank Transfer, Credit Card, Skrill, Neteller, Alfa-Click, WebMoney, Payza, OKPAY, DIXIPAY, CASHU, Yandex Money,QIWI, Perfect Money, Bitcoin, QQPay, Baidu, Konnexone|
|Withdrawal Methods:||Wire Transfer, Local Bank Transfer, Credit Card, Skrill, Neteller, Alfa-Click, WebMoney, Payza, OKPAY, DIXIPAY, CASHU, Yandex Money,QIWI, Perfect Money, Bitcoin, QQPay, Baidu, Konnexone|
|24 Hours Support:|
|Languages:||Arabic, Chinese, English, Indonesian, Italian, Russian, Spanish, Thai|
|Spreads:||As low as 0.1 pips for EURUSD on ECN Account|
|Negative Balance Protection:|
|Accepts Clients from the US:|
|1) FXTM offers a Switch to FXTM USD30 bonus program. For this bonus program, you need to click and accept the bonus terms and conditions through MYFXTM portal and then make a minimum deposit of $150. If you trade 1 standard lot within 30 days, you can withdraw the bonus USD30|
|2) The 30% Bonus Promotion is offered for any amount of the first deposit made and to a minimum of $500 USD for each of any further deposits.|
|Supported Platforms:||MetaTrader 4, MetaTrader 5|