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FXTM Review – FXTM are a leading forex and CFD broker. This review details their service, including account types, the trading app, the demo account and of course the trading platform, including MT4. We also list any current bonus offers and key comparison data such as min deposit and min trade amounts. Read on and login today.
FXTM offers a range of trading platforms. Desktop or laptop users can choose from Metatrader 4 or Metatrader 5. These are the go-to platforms for trading, with an excellent reputation.
Metatrader 5 is available for download use on laptops or desktops, but not for small screen users, who will need to continue with Metatrader 4. Both Metatrader versions are easy to navigate and include shortcuts which make opening and/or closing trades fast and straight-forward.
Metatrader 5 offers the following added benefits to those provided by Metatrader 4:
Mobile users can take advantage of the Metatrader 4 app, which is available in a format suitable for both Android and iOS devices.
MT4 Webtrader is also available for use on PCs and MACs. This is a software free version that’s web-based. This means that traders can simply log on and start trading – there’s no need to download anything first.
Instruments offered will vary based on country of residence of the Trader.
FXTM offers opportunities to trade in the following markets:
Commission percentages are relatively low for Forex traders and around the industry average for CFD trades. With ECN account options, spreads can be as low as 0.1 points. With the Standard Account, spreads start a little higher, but remain very competitive.
In this respect, FXTM is a good provider to trade with.
Please note that Spreads are floating and they may increase during specific periods of the day depending on the market conditions.
The company does introduce a number of additional charges that, if they are applied, can make them an expensive choice. For example, there is an inactivity fee, which means that if your account isn’t used for a period of time, a charge is levied.
Leverage rates vary depending on the trade being considered.
For the majority of the major Forex pairs, leverage is set at 1:30. These include trades major pairs, such as EURUSD. This is a level imposed by ESMA regulation and is the same across most regulated brokers.
For less commonly traded pairs (minor Forex pairs), leverage is set at 1:20. Such pairs include AUDCAD, EURNOK, EURAUD, NZDUSD, EURPLN and USDSGD.
Metals leverage is as follows: 1:20 for XAUEUR, XAUGBP and XAUUSD. For XAGEUR and XAGUSD, the leverage is 1:10.
Leverage is offered on some indices. For example: 1:5 on USTech100(mini), 1:10 on Spain35
Commodities: leverage of 1:10 is offered on US crude as a spot commodity.
Leverage of 1:5 is offered on CFD US shares.
Note that leverage is not automatically agreed. FXTM will agree leverage based on individual experience, previous trading record, degree of customer loyalty and various other factors.
The site offers users the choice of two different apps.
The first one is the mobile app which enables trading via Metatrader 4. This app is available for download in both Android and iOS formats. The app can be downloaded from the site.
This app gives users access to all MT4 functions, enabling effective trading on the move. What it doesn’t do is provide users with access to the enhanced functionality and information which the MT5 platform gives. This can be frustrating for traders who wish to use MT5 on the move, but have no choice but to make do with MT4.
The second app, available from the Apple App store or from Google Play, is the MyFXTM trading app. This is offered in both iOS and Android format. Designed to provide an enhanced trading experience, features include:
This is a great all-round app for mobile trading and is a great addition to the online platforms.
FXTM offers multiple deposits and withdrawals methods, all geared towards inclusive trading.
Deposits can be completed through the following methods:
Some deposit methods have a two-hour processing time, while others are instant. All deposit methods are commission-free.
Minimum deposits vary based on the type of account:
Withdrawals are available using the following methods:
Visa, Maestro and Mastercard: these transactions are usually processed the same working day. The money can be withdrawn in USD, GBP or EUR. Commission is set at 2EUR/3USD/2GBP.
Neteller withdrawals are processed the same working day. Money can be withdrawn in USD, GBP or EUR. No commission is charged.
Similarly, Skrill withdrawals attract no commission and are processed the same working day.
Bank transfers take 24-hours to process and the only available currencies are GBP or EUR. The fees for bank transfers are 10EUR or 5GBP.
If you intend to withdraw cash, the best methods are via a credit card, Neteller or Skrill.
Note that FXTM may ask for additional information before authorising a withdrawal. If this isn’t forthcoming promptly, the withdrawal may take much longer than the stated period.
FXTM offers a high-grade demo account which enables individuals to hone their trading skills before investing their hard-earned cash. Forex is traditionally seen as a risky form of trading, so making sure that you have the correct skills before beginning to “trade for real” is essential.
Demo accounts are available on the Standard, Cent, ECN and ECN Zero Accounts.
Several bonuses and promotions are available at Exinity Limited. These include, among others, the 30% Bonus and the FXTM Loyalty Program. Please note that all promotions and contests come with Terms and Conditions.
Forextime Limited and Forextime UK Limited only offer the Loyalty Program (T&Cs apply) which is applicable only to Elective Professional/Professional Clients or Eligible Counterparty.
One of the areas in which FXTM is extremely strong is the amount and calibre of the educational material that is available. Users can select from a comprehensive range of materials, presented in a variety of formats. Resources include webinars, tutorials, articles and a glossary of terms. Topics covered include:
This spread of information provides a wealth of knowledge for both beginner traders and those with some trading experience.
The materials are well-written and easy to follow. The variety of formats mean that there is something suitable for learners with different styles.
In addition, the customer support team are also available to answer trading queries, providing additional support for traders. Particularly when new traders take advantage of the demo account to try out their techniques and strategies before trading live, there is the potential to obtain a good, solid grounding in how trading operates and how best to take advantage of the market.
Whilst study of the educational materials alone is not going to guarantee success, the quality and quantity of material available, as well as the additional tools which traders are offered, back up FXTM’s reputation as a responsible, helpful broker who puts customer care at the heart of what they provide.
As indicated earlier, FXTM is licensed by CYSEC (the regulatory body for Cyprus) and the FCA (the financial regulatory body for the UK).
In addition, it is also licensed in Belize and South Africa. CYSEC and the FCA are widely recognised as rigorous financial bodies. In order to be regulated and licensed by these authorities, FXTM has to demonstrate a high level of financial accountability and fair, transparent and honest trading.
ForexTime Limited (www.forextime.com/eu) is regulated by the Cyprus Securities and Exchange Commission with CIF license number 185/12, licensed by the Financial Sector Conduct Authority (FSCA) of South Africa, with FSP No. 46614. The company is also registered with the Financial Conduct Authority of the UK with number 600475.
Exinity Limited (www.forextime.com) is regulated by the Financial Services Commission of the Republic of Mauritius with an Investment Dealer License bearing license number C113012295.
Forextime UK Limited (www.forextime.com/uk) is authorised and regulated by the Financial Conduct Authority, firm reference number 777911.
In addition to the other benefits which FXTM provide, they also offer free trading tools and daily commentaries from the FXTM team of experts.
A loyalty programme is in operation at FXTM: regular customers who sign up to the loyalty programme are able to benefit from a reduction in trading fees on every trade that they complete.
The loyalty programme is divided into five different levels, or tiers. Which tier a customer is in depends on the amount that they deposit. The bigger the deposit, the higher the discount they can expect to enjoy on each trade.
The site also offers regularly updated commentary on various aspects of trading by FXTM experts. FXTM is frequently quoted on trading sites and in the media, as they are recognised as providing high-calibre insights. This wealth of expertise may give FXTM traders an advantage when it comes to making informed decisions about their trading options.
FXTM offers the following accounts:
This range of accounts covers the needs of most customers, including Islamic customers. All accounts offer a good range of benefits and can be tailored to suit individual requirements.
– FXTM is well-known for having excellent customer care, providing a prompt, helpful and accessible service.
– They are tightly regulated, enabling traders to deposit with confidence.
– The selection of educational tools available is exceptionally good.
– Many commentators feel that their Forex fees are highly competitive.
– Bank account withdrawals attract a relatively high fee.
– Some of the charges for larger trades can be confusing.
The actual site is open 24/7/365. That said, not all markets are open all the time! This means that trading is limited to those hours when the markets under consideration are open.
For example, the Forex market in London is from 3am to 12 noon; New York is 9am to 5pm; Sydney is 5pm to 2am, and the Tokyo market is open from 7pm to 4am (all times are GMT).
FXTM (also known as Forextime) was set up in 2011, and was originally constituted and regulated in Cyprus by the Cypriot Securities and Exchange Commission. As well as offices in Cyprus, the company has had a UK presence since 2016.
Currently, with offices in London, FXTM is also licensed and regulated by the UK’s Financial Conduct Authority (FCA). It is also licensed in South Africa and regulated by the FSC of the Republic of Mauritius. The company is well-known and considered by many commentators to be a leading player in the Forex trading field.
This is in part due to its longevity, but also due to its FCA and CYSEC registrations, both of which are considered to be some of the toughest and most rigorous in the world.
The company provides an attractive trading environment for both novice and more experienced traders. That said, there is potential for traders who tend to regularly utilise large trades to pay additional charges which aren’t levied on other platforms.
European operating hours are from 8am to 8pm. During this time, customers can get in touch with the customer care team by phone, email, post or via a number of different online chat options (Whatsapp; live chat; Viber; Telegram; or Messenger). Customers can also request a callback.
The European phone number for FXTM is: 020 3514 1251.
The email address is: info@forextime.co.uk
The suite of IT security measures, coupled with the customer protections necessary for FCA compliance, ensure that traders who use FXTM are well-protected against theft of funds or data.
An established trading platform and broker, FXTM offers a number of significant advantages over many competitors.
Crucially, it is regulated by the FCA. This not only provides UK customers with plenty of protection, it also shows that the company is one that is run in a transparent and accountable manner.
The site places a heavy emphasis on education and customer care – this is a site that takes its responsibilities to its customers seriously. It’s also a site that has a good range of trading platforms and accounts – no matter what type of trader you are, there’s an account which is suitable for your needs.
Fees are, on average, in the low to medium range. The range of options by which traders can get in touch with customer support is outstanding.
The loyalty programme is also an advantage, as a direct discount is applied to every trade, bringing a fast reward. That said, the higher levels do require a substantial amount of investment in order to qualify, meaning it’s unlikely that rookie traders or those without considerable assets are going to enjoy much of a loyalty reward.
With so many benefits, it’s little wonder that this is a popular, well-established site which has stood the test of time.
FXTM accepts traders from Australia, Thailand, United Kingdom, South Africa, Singapore, Hong Kong, India, France, Germany, Norway, Sweden, Italy, Denmark, United Arab Emirates, Saudi Arabia, Kuwait, Luxembourg, Qatar and most other countries.
Traders can not use FXTM from United States, Canada, Japan, Mauritius, Puerto Rico, Korea, Haiti, Suriname.