FXTM Review 2020

FXTM Summary

FXTM, or also known as ForexTime, is a CFD and Forex trading broker that was founded in 2011. This Forex trading broker is regulated by three of the top-tier financial regulatory agencies across the world.

This FXTM review will provide you an in-depth analysis of the different features that are available for you as an active trader.

FXTM is a Forex trading broker that started operating in 2011, from Cyprus. FXTM offers more than three different trading accounts and a wide selection of trading tools to use on two of the most popular trading platforms. There are very low trading fees involved with FXTM, with low spreads and no commissions. On the other hand, the non-trading fees are higher than most Forex brokers.

FXTM Main Features
🛍️Established in: 2011 🛍️Headquarters: Cyprus
⚖️Regulations: FCA, FSCA, CySEC, FSC ⚖️Country of regulation: Cyprus, UK, South Africa, Mauritius
đź’°Minimum Deposit:
$100
🎮Platforms: MT4 ; MT5
🎮Demo Account Available: Yes 💱Leverage: 1:1000
đź’°Withdrawal fee amount:
$0
đź’°Inactivity Fee:
Yes

Pros

  • Digital and fast account opening process
  • Low trading fees
  • Regulated by the Financial Conduct Authority (FCA)
  • Regulated by the Cyprus Securities and Exchange Commission (CySEC)
  • Regulated by the Financial Services Commission of Mauritius (FSCA)
  • Provide negative balance protection
  • No deposit fee
  • Fast deposit and withdrawal process
  • Provides Demo Account
  • Price alerts available on trading platform

Cons

  • High non-trading fees
  • High Trading Fees
  • Inactivity fee required

Background

FXTM, also known as ForexTime, was established in 2011 in Cyprus, by the Russian tycoon Andrey Dashin. FXTM aims to reset standards of the Forex industry, create awareness, and deliver the highest level of transparency to its active traders.  This Forex broker now has over two million registered FXTM active traders who have given 90% positive feedback.

Safety & Regulation

FXTM is currently regulated by three major financial regulators across the world, which are: the Financial Conduct Authority (FCA) in the UK, the Cyprus Securities and Exchange Commission (CySEC) in Cyprus, and the Financial Services Commission of Mauritius (FSCA) in Mauritius. This Forex broker provides negative balance protection and investor protection.

This FXTM review will define the different safekeeping and preventive measures for active traders by FXTM to ensure transparency towards their clients.

Is FXTM Safe?

FXTM is a safe and trustworthy Forex broker that is regulated by three top-tier financial regulators with different jurisdiction. This Forex broker provides negative balance protection and investor protection amount, in the case that active traders not fall into financial risk if they fall into the negatives. In addition, FXTM stores client funds in segregated accounts away from corporate funds and regular audit reports are conducted to ensure compliance.

Pros

  • Regulated by the Financial Conduct Authority (FCA)
  • Regulated by the Cyprus Securities and Exchange Commission (CySEC)
  • Regulated by the Financial Services Commission of Mauritius (FSA)
  • Provide negative balance protection
  • Investor protection amount available
  • Stored in segregated accounts
  • Conduct regular audit reports

Cons

  • None

Regulation

FXTM is currently regulated by three different financial regulators with three different jurisdictions, which are: the Financial Conduct Authority (FCA) in the UK, the Cyprus Securities and Exchange Commission (CySEC) in Cyprus, and the Financial Services Commission of Mauritius (FSA) in Mauritius. These three regulators are considered top-tier, making FXTM safe and trustworthy to trade with.

Protection

FXTM is regulated by three different financial regulators, but there are safekeeping measures taken to ensure the protection of clients’ funds and personal information. In the case that a trader’s balance is in the negatives, FXTM offers negative balance protection to safeguard the trader from any financial risk. In addition, FXTM offers investor protection amount to traders, in the case that the Forex broker reaches bankruptcy.

Awards

FXTM is regulated by three different financial regulators, but there are safekeeping measures taken to ensure the protection of clients’ funds and personal information. In the case that a trader’s balance is in the negatives, FXTM offers negative balance protection to safeguard the trader from any financial risk. In addition, FXTM offers investor protection amount to traders, in the case that the Forex broker reaches bankruptcy.

FXTM Fees

FXTM offers low trading fees and no hidden commissions on most of the trading accounts. However, this Forex broker requires high non-trading fees and only provides floating spreads. On the other hand, you will find that the trading fees are not as high, compared to other Forex trading brokers.

This FXTM review will demonstrate on the different trading fees and non-trading fees that are required from you as an active trader.

Trading Fees

FXTM offers two types of trading accounts: The Standard Account and the ECN Account. The Standard Account has three sub-trading accounts: Standard Account, Cent Account, and the Stocks CFDs Account. The ECN Account also has four sub-trading accounts: Stocks Account, ECN Zero Account, ECN Account, and FXTM Pro Account. The Standard Account charges no commissions on all three sub-trading accounts. On the other hand, the ECN Account charges commission on the ECN Account, where the commission is charged for 4USD.

Pros

  • No commissions on Standard Account
  • No commissions on Cent Account
  • No commissions on Stock CFDs Account
  • No commissions on ECN Account except for Pro Account
  • No deposit fee required
  • Low trading fees

Cons

  • Floating spreads
  • Withdrawal and inactivity fee required
  • High non-trading fees

Non-Trading Fees

FXTM requires high non-trading fees; non-trading fees are transactions that are excluded from trading. This includes withdrawal fees, deposit fees, inactivity fees, and account fees. There is no deposit fee required with FXTM, but you are required to pay a withdrawal fee of 3USD per withdrawal. In addition, there is an inactivity fee of 5USD per month after six months of inactivity.

Deposit Fees and Withdrawal Fees
Deposit Fees 0USD
Withdrawal Fees 3USD

 

FXTM Fees Compared To Competitors
FXTM IG Plus500
Account Fee No No No
Inactivity Fee Yes Yes Yes
Deposit Fee 0USD 0USD 0USD
Withdrawal Fee 3USD 0USD 0USD

Leverage

For each trading account, there is a different leverage level available for active traders. The ECN Account, ECN Zero Account, and the Standard Account has a maximum leverage level up to 1:2000. The Cent Account has a maximum leverage level up to 1:1000, and the FXTM Pro Account has a maximum leverage level up to 1:200. Finally the Stock CFD Account has a maximum leverage level of 1:10, and the Stock Account for ECN has a leverage level up to 1:1.

Account Opening

FXTM offers two different branches of trading accounts: the Standard Account and the ECN Account. The Standard Account consists of three sub-trading accounts and the ECN Account has four sub-trading accounts. Each and every trading account is different than the other, providing you with the option to choose a trading account based on your trading needs.

This FXTM review will demonstrate how you can open a Live FXTM account through a step-by-step how to guide.

Pros

  • Variety of trading accounts
  • No commission on most of the trading accounts
  • All trading accounts have the option of Swap-Free positions
  • Instant execution on all trading
  • Hedging and scalping available

Cons

  • All trading accounts offer floating spreads

Minimum Deposit

Each trading account has a different corresponding minimum deposit. The Standard Account and the Stocks CFDs Account require a minimum deposit of 100 currency units of your base currency. As for the Cent Account, you are required a minimum deposit of only 10 currency units. The ECN Zero Account requires a minimum deposit of 200 currency units, while the ECN Account and the Stocks Account both require a minimum deposit of 500 currency units. The final trading account, the FXTM Pro Account, requires a minimum deposit of 25,000 currency units.

Standard Account

The Standard Account contains three sub-trading accounts: the Standard Account, the Cent Account, and the Stock CFDs Account. The Standard Account offers tight floating spreads that start from 1.3 pips with a maximum leverage level of 1:1000. As for the Cent Account, you will find floating spreads that start from 1.5 pips with a fixed leverage level of 1:1000 with Forex and Spot Metals at a leverage level of 1:25. The Stock CFDs Account offers tight floating spreads starting from 0.1 pips and a fixed leverage up to 1:10 for US Shares and 1:3 for European Shares.

The three sub-trading accounts do not charge commissions, allow hedging and scalping, and offers instant execution.

ECN Account

The ECN Account offers four different sub-trading accounts: The ECN Account, the ECN Zero Account, the Stocks Account, and the FXTM Pro Account. The ECN Account offers floating spreads that start from 0.1 pips with a maximum floating leverage level of 1:2000. You will be charged a commission of 2USD per lot with the ECN Account. As for the ECN Zero Account, there are floating spreads that start from 1.5 pips and a floating maximum leverage level up to 1:2000. The ECN Zero Account does not charge a commission.

For the FXTM Pro Account, you will not be charged with a commission, and spreads start from 0.0 pips. The maximum leverage level of the FXTM Pro Account is up to 1:200 and 1:25. The Stocks Account offers tight spreads with no commission and a fixed leverage level up to 1:1.

How To Open an FXTM Trading Account

Step One: Fill in the online application with your personal information

FXTM Step -1

Step One: Fill in the online application with your personal information

Step Two: Add your personal information, including your source of employment and full address

FXTM Step -2

Step Two: Add your personal information, including your source of employment and full address

FXTM Step -2 (2)

Step Two: Add your personal information, including your source of employment and full address

Step Three: Choose your account type, account base currency, and choose your trading account password

FXTM Step 3

Step Three: Choose your account type, account base currency, and choose your trading account password

Step Four: Make a deposit and choose the selected payment method for depositing funds into your trading account

FXTM Step 4

Step Four: Make a deposit and choose the selected payment method for depositing funds into your trading account

Deposit & Withdrawal

FXTM offers fast deposits and withdrawals that will be processed in approximately 3 business days. You can choose among four different base currencies and select from several methods of payments including bank transfer, credit\debit card, and electronic wallet.

This FXTM review will inform you on the different payment methods and the various account base currencies.

Account Base Currencies

FXTM offers four different account base currencies, which is considered limited, according to other Forex brokers. The four account base currencies are: EUR, GBP, USD, and NGN. However, NGN is only applicable for Nigerian residents.

EUR GBP USD NGN

Deposits

With FXTM, you will not be required to pay a deposit fee for each time you make a deposit. The deposit process normally takes approximately 2-3 business days maximum, and you will be able to choose from four different account base currencies. You will be able to make a deposit via bank transfer, electronic payment, or credit\debit card.

Pros

  • No deposit fee
  • Various payment methods
  • Fast deposit process
  • Different account base currencies

Cons

  • None

FXTM Deposit Options

  • Bank Transfer
  • Credit\Debit Card
  • Electronic Wallet

Withdrawal

With FXTM, you will have the option to make a withdrawal by several payment methods, such as: bank transfer, credit\debit card, and electronic payments. You will be able to choose one of the four different account base currencies. On the other hand, you will need to pay a withdrawal fee of 3USD or the equivalent of your base currency for every time you make a withdrawal. However, you will be able to process your withdrawal in approximately 3 business days, which is considered fast, in terms of other Forex brokers.

Pros

  • Several payment methods available
  • Fast withdrawal time
  • Different account base currencies

Cons

  • Withdrawal fee required

FXTM Withdrawal Options

  • Bank Transfer
  • Credit\Debit Card
  • Electronic Wallet

Trading Platforms

FXTM offers two types of trading platforms: MetaTrader4 and MetaTrader5. Both trading platforms are suited for a certain level of trader experience. The MT4 trading platform is more suitable for novice traders while the MT5 trading platform is better for advanced traders and traders who prefer algorithm trading.

This FXTM review will provide an in-depth analysis of the MT4 trading platform, as an example of the trading platform features available for active traders.

  • MetaTrader4
  • MetaTrader5

Web Trading Platform

The FXTM web trading platform offers several different languages, from Arabic to Vietnamese. You will find that the basic order types are available, such as: Market, Limit, Stop, Good ’til canceled (GTC), and Good ’til time (GTT). You can also view your whole trading portfolio and your past performance to keep track of your activity. However, you will not be able to activate price alerts on the FXTM web trading platform. You also will not find the option of a two-step login process to ensure authentication of your username. The FXTM web trading platform is very user-friendly and easy to navigate, but the design can be considered a bit outdated.

Pros

  • View portfolio and past performance
  • Easy to navigate design
  • Order confirmation provided
  • Available in several languages

Cons

  • No price alerts
  • No two-step login

Desktop Trading Platform

The FXTM desktop trading platform provides you with the option of using the platform with your own language. With over 45 different languages available, you can use any of them as you trade on the MT4 desktop platform. There are only five basic types of orders available, which are all simple order types. The order types are: Market, Limit, Stop, Good Til Canceled (GTC), and Good Til Time (GTT). You will find that the desktop trading platform of FXTM is very user-friendly and it is not complicated to navigate through. In addition, you can look through your portfolio and past financial transactions, along with activating price alerts as desktop notifications. On the other hand, you will not be able to use a two-step login process for authentication.

Pros

  • Price alerts available
  • Various languages to select from
  • User friendly design
  • View portfolio and past financial transactions

Cons

  • No two-step login available

Mobile Trading Platform

The MT4 mobile trading platform is available in several languages on the application. You will be to look through your complete past performance and activate price alerts via push notifications on your phone. The mobile application of FXTM is very easy to navigate and the order types are very simple to use. You can use the five basic order types of: Market, Limit Stop, Good Til Canceled (GTC), Good Til Time (GTT). Since the application is for mobile devices, you can trade on the go without any worries. On the other hand, the MT4 mobile application does not provide order confirmation or fingerprint\facial recognition as a login process.

Pros

  • Able to activate price alerts
  • Use platform in different languages
  • Simple design and navigation
  • Portfolio and past financial transactions available for viewing

Cons

  • No order confirmation
  • No facial and fingerprint recognition

Markets & Financial Instruments

FXTM offers access to five different asset classes with more than 100+ financial instruments. These financial markets include: Currency pairs, Indices, Stocks, Commodities, and Cryptocurrencies. With FXTM, non-EU clients are allowed to trade with real stocks.

This FXTM review will inform you on the different asset classes and financial instruments available for you, as an active trader.

Pros

  • Five different financial markets
  • More than 100+ financial instruments
  • Provides cryptocurrencies
  • Non-EU clients can trade with real stocks

Cons

  • None

FXTM offers five different asset classes that you can trade with, such as: Currency Pairs, Indices, Stocks, Commodities, and Cryptocurrencies. You can trade with 88 different currency pairs, 166 Stocks, 11 Indices, 6 Commodities, and 4 Cryptocurrencies. In addition, non-EU clients can trade with real stocks, such as: NYSE and NASDAQ. In regards to leverage, non-EU clients can use varied leverage levels while EU clients use a standardized leverage level.

What FXTM Offers
Forex Indices
Stock Commodities
Cryptocurrency

Markets Research & Trading Tools

FXTM enables traders an extensive database for market research materials and trading tools that are needed to enhance your trading strategies and keep you updated on the trading world.

This FXTM will identify the different trading tools and market research materials available for you and what do they do.

Trading Tools

FXTM gives traders access to more than five different trading tools that are used to make accurate trading decisions at minimum financial loss. You will be able to determine market sentiments, trade offline, and assess the volatility of the financial market with FXTM trading tools.

The trading tools provided by FXTM are tools that will boost your trading strategies to succeed. Social trading is not a tool that is found in every Forex broker, but it is found in FXTM. You can social trade with FXTM, where you interact with other traders in the trading community and you can duplicate their trading strategies as your own. However, social trading is not permitted for traders in the UK.

As for the VPS Hosting, this tool allows you to make automated trades and trade offline, so you will not have to be online all the time just to trade. You can determine market sentiments with five pivot points calculation and three technical indicators on the Pivot Points Strategy. In addition, you will be able to use five different technical indicators under the MT4 indicators available on the trading platform. The indicators you can use are as follows: Day Bar Info Indicator, Spread Indicator, Orders Indicators, Pip Value Indicators, and more.

FXTM Tools
Pivot Points Strategy Currency Converter
Trading Signals MT4 Indicators
Forex VPS Hosting Invest Profit Calculator
Social Trading

Pros

  • Able to determine market sentiments with Pivot Points Strategy
  • Trading signals assess market fluctuations for you
  • VPS Trading allows you to trade offline and enable automated trades
  • MT4 indicators offer six different indicators
  • Social trading provided for non-UK traders

Cons

  • Social Trading unavailable for UK residents

Market Research

FXTM provides traders with several different market research materials that will allow you to stay on track with the trading world. From a live news feed to an economic calendar, anything that goes on in the trading world, FXTM ensures that you will be notified about it.

Pros

  • Trading ideas are based on technical tools
  • News feed is live and constantly updated
  • Economic calendar provides you with the option of looking through past and future events
  • Market analysis available

Cons

  • Does not provide fundamental data

FXTM offers major market research materials that will give you the capacity to stay updated on the trading world at all time. You can use the live news feed to look through the daily market conditions. Also, you can look at the economic calendar to stay ahead of any future events that will take place in the trading world. FXTM also offers market analysis and a yearly market outlook that offers you different predictions and technical analysis on the financial markets. The market analysis and annual financial market outlook are both created by the FXTM team of market analysis experts.

Customer Service

FXTM provides a customer service support that is available in different languages such as: English, Arabic, Indonesian, and others. You will find that all means of communication will respond in a timely manner and offer clear answers for any questions you have.

This FXTM review will show you the different means of communication available for you and the overall customer service experience.

FXTM offers a 24\5 customer service support that does not open on weekends. On the other hand, you will find that the response time with the customer service is fast and they provide you with relevant answers to your questions. FXTM customer service offers different languages with various means of communication, including live chat, phone support, and email support.

Pros

  • Different means of communication
  • Available in different languages
  • Fast response time
  • Clear answers for your questions for all means of communication

Cons

  • No customer service available 24\7

Means Of Communication

  • Live chat
  • Phone support
  • Email support

According to customer feedback, the customer service of FXTM has improved the overall trading experience of clients. The fast response time and relevant answers to the questions have made customers of FXTM more comfortable with the Forex broker. This shows that FXTM values the client feedback and the comfort of the client is a priority.

Client Education

With FXTM, you will find that there are free educational resources for all members. You can watch high quality videos, or read extensive educational articles. There is also a Trading Glossary that allows you to look up definitions, or use a Demo Account as a hands-on simulation.

This FXTM review will demonstrate on a step-by-step guide on how to open a Demo Account.

Pros

    • Superior educational articles
    • High quality videos
    • Free Demo Account
    • Free educational resources
    • Comprehensive guides on trading topics

    Cons

      • Resources only available for FXTM members

      FXTM offers several different educational resources on trading, including a Demo Account. You can watch step-by-step tutorials and other educational content on trading topics. If you do not like watching videos as an educational tool, FXTM offers articles for you, as well. There are educational articles and guides on all trading topics from beginner to advanced trader experience. In addition, you can always open a Demo Account and trade up to 10,000 currencies of virtual funds in real time and real market condition. This is an option you can take when you want to try out the Forex broker and test its features.

      Client Education Resources

      • Tutorials
      • Educational Videos and Articles
      • Webinars
      • Trading Glossary
      • Demo account

      How To Open a Demo Account

      Step One: Fill in your personal information on the online application

      FXTM Demo Step -1

      Step One: Fill in your personal information on the online application

      Step Two: Choose the trading account for your Demo Account

      FXTM Demo Step -2

      Step Two: Choose the trading account for your Demo Account

      Step Three: Choose your account base currency, leverage level, initial virtual balance, and your trading account password.

      FXTM Demo Step -3

      Step Three: Choose your account base currency, leverage level, initial virtual balance, and your trading account password.

      Conclusion

      FXTM is a CFD and Forex trading broker that will provide you access to five different financial markets. You will be able to keep your funds and personal information safe with FXTM since they are regulated by the Financial Conduct Authority (FCA) in the UK, the Cyprus Securities and Exchange Commission (CySEC) in Cyprus, and the Financial Services Commission of Mauritius (FSCA) in Mauritius.

      FXTM offers several types of trading accounts, depending on your trading preferences and trading needs. You will have access to superior educational resources, an array of trading tools, and a top-of-the-line customer service. Overall, FXTM is a very safe and trustworthy Forex broker that comes highly recommended.

FXTM
$10
Min. Deposit
30%
Bonus
Regulated byFSCA, CySEC, FCA, FSC
Leverage1:1000
Customer Support24/5
Open Account

FXTM Overall Performance

  • Safety and Regulation 98% 98%
  • Deposit and Withdrawal 98% 98%
  • Market Research & Trading Tools 97% 97%
  • Broker Fees 98% 98%
  • Trading Platforms 97% 97%
  • Customer Service 99% 99%
  • Account Opening 98% 98%
  • Market & Financial Instruments 97% 97%
  • Client Education 99% 99%

Frequently Asked Questions

Is FXTM A Good Broker?
FXTM is a Forex trading broker that started operating in 2011, from Cyprus. FXTM offers more than three different trading accounts and a wide selection of trading tools to use on two of the most popular trading platforms. There are very low trading fees involved with FXTM, with low spreads and no commissions. On the other hand, the non-trading fees are higher than most Forex brokers.
Is FXTM Legit?
FXTM is a legitimate Forex broker that is currently regulated by three major financial regulators across the world, which are: the Financial Conduct Authority (FCA) in the UK, the Cyprus Securities and Exchange Commission (CySEC) in Cyprus, and the Financial Services Commission of Mauritius (FSCA) in Mauritius. This Forex broker provides negative balance protection and investor protection.
How Long Do FXTM Withdrawals Take?
FXTM Withdrawals take approximately 1-2 business days.
What Is The Minimum Deposit For FXTM?
The minimum deposit required for an FXTM Standard Account is 100USD, or 100EUR, or 100GBP. This depends on the preferred base currency you will choose.
Is FXTM Regulated?
FXTM is currently regulated by three different financial regulators with three different jurisdictions, which are: the Financial Conduct Authority (FCA) in the UK, the Cyprus Securities and Exchange Commission (CySEC) in Cyprus, and the Financial Services Commission of Mauritius (FSCA) in Mauritius. These three regulators are considered top-tier, making FXTM safe and trustworthy to trade with.
Is FXTM An ECN Broker?
Yes, FXTM is an ECN Broker.
Is FXTM Safe?
FXTM is a safe and trustworthy Forex broker that is regulated by three top-tier financial regulators with different jurisdiction. This Forex broker provides negative balance protection and investor protection amount, in the case that active traders not fall into financial risk if they fall into the negatives. In addition, FXTM stores client funds in segregated accounts away from corporate funds and regular audit reports are conducted to ensure compliance.