FXTM Review & User Rating 2021
ForexTime (FXTM) is an online forex and CFD broker with a vision to provide excellent services, innovative trading tools, and exceptional trader education. The brand was launched in 2011 and has achieved global status with a focus on content localization.
The FXTM brand headquarters is in Cyprus while other offices are in London, Nigeria, etc. FXTM states that it has over one million registered trader accounts from all over the world.
FXTM Regulation and Security
FXTM is regulated in various countries where it operates. The FCA regulates its operations in the UK. FXTM is authorized and regulated by the CySEC in Cyprus and other European regions. In South Africa, the brand is regulated by the FCA. The global brand (www.forextime.com) is operated by Exinity Ltd which is regulated by the Financial Service Commission (FSC) of the Republic of Mauritius.
FXTM’s website and platforms are protected by a 256 bit SSL encryption. This ensures that all user data are encoded before transmission over the internet. Investors are thereby protected from internet hackers who might want to steal user identity or credit card details. The European clients are protected by the Financial Service Compensation Scheme (FSCS). This scheme can compensate ForexTime (FXTM) clients up to €20,000 if the broker fails or runs into financial crisis.
FXTM offers over 250 trading instruments on its platforms. The asset classes are 57 currency pairs, 5 spot metals, 163 Shares, 3 commodities, 11 indices, and 4 cryptocurrencies.
FXTM Account Types
It takes only a few minutes to create an account, verify your phone number and log onto my FXTM clients’ area. All accounts are grouped as either Standard or ECN. The base currencies available for all accounts are USD, EUR, GBP, and NGN. Clients can choose either the MT4 or MT5 trading platform depending on the platform options for the chosen account. The following account types are available:
- Standard Account: The minimum opening balance is $100 and the spread starts from 1.3 pips while the maximum leverage is 1:1000.
- Cent Account: Only $10 is required to open this account. The spread starts from 1.5 and the leverage is up to 1:1000. Only 25 currencies and 2 metals can be traded with this account.
- Shares Account: This account is used to trade over 180 United States shares on the MT4 platform. The leverage is fixed at 1:10 while the spread starts from 0.1 pips. The minimum opening deposit is $100.
- ECN Account: $200 is required to open this account type. The spread starts from 0.1 pips while the commission is $2 per lot. Maximum leverage is 1:1000.
- ECN Zero Account: The minimum deposit is $200 while the spread is from 1.5 pips. The leverage is up to 1:1000. It is commission-free.
- FXTM Pro Account: This is the prime account designed for professionals and hedge fund managers. The minimum account opening deposit is $25,000 and the maximum leverage is 1:200. The spread starts at 0.0.
All standard accounts offer instant executions while ECN accounts offer market executions. The MT5 platform is not available for ‘cent’ and ‘shares’ accounts. Commissions are only charged on the ECN account and ForexTime (FXTM) Pro Account. All MT4 accounts are swap-free. Demo accounts are always available at no costs to the clients.
FXTM has over 40 payment options. This is because the broker is committed to providing payment solutions local to a country or region. There are no commissions on deposits but withdrawals are charged depending on the chosen method. The available payment options are:
- Online payment: These include Neteller, Skrill, DusuPay, VLOAD, Webmoney, Dixipay, Cash U, Yandex. Money, QIWI, PerfectMoney and Konnexone, FasaPay, GlobePay, TCPay, Deposits are instant but withdrawals can take up to 2 days. Withdrawal charges range from 0.5% to 2%
- Card Payment: Only Visa card, Maestro and Mastercard are accepted. Deposits are instant. Withdrawal commission is $3 and it takes 24 hours to effect a withdrawal.
- Local Bank transfers are available for over 12 countries such as Palestine, Iraq, Egypt, Nigeria, Syria, Malaysia, Kenya, etc.
- Cryptocurrencies: Bitcoin, Ethereum, Litecoin, Bitcoin Cash, and Dashcoin are accepted for both deposits and withdrawals. Deposits take up to 24hours while withdrawals take up to 2 days and a commission of 1% is charged.
- Bank Wire: Deposits are free but a withdrawal commission of €30 is charged. It takes about 3-5 bank business days.
The MT4 was developed by “MetaQuotes Software Corporation” in 2005. It is the widely used trading platform by many forex traders because of its versatility and scalability. It has technical analysis tools such as 31 graphical objects, 30 technical indicators and 3 chart styles that can be displayed on 9 timeframes. FXTM offers the MT4 WebTrader, the desktop version on Windows and mobile versions for Android and iOS.
MetaQuotes Software Corporation introduced the MT5 in 2010. It was designed to replace the MT4 but unfortunately, largely due to compatibility issues, the MT5 has not been able to replace the MT4. The MT5 comes with 38 technical indicators, 44 analytical tools, 21 timeframes, and 6 pending orders. It has ‘market dept’ and the economic calendar which are not found on the MT4. ForexTime (FXTM) provides the following versions of MT5; WebTrader, windows desktop and mobile apps for android and iOS.