FXTM Broker Review
Commissions & Fees
Education and Research
FXTM broker was founded in 2011 and has continued to grow as a forex brokerage. FXTM has garnered a wide variety of traders as clients throughout its years and continues to gain attention in the broker industry. Read our review to learn more about FXTM.
FXTM (ForexTime) was founded in 2011 by Andrey Dashin, already a key figure in the forex broker community thanks to his involvement with Alpari. This presence, along with the vision of the company, has allowed FXTM to grow to become a major player in the industry. FXTM are regulated in several key jurisdictions including Cyprus (CySEC), and the U.K. (FCA).
The company has grown quickly and now attracts a huge flow of traders from around the world thanks to their respected backing, regulatory oversight, and transparent operations. Through this FXTM broker review, we will examine the offerings of FXTM in greater detail, allowing traders the opportunity to make the most informed investment decisions possible.
FXTM Account Opening
FXTM offers traders a total of 6 account types to choose from. These are divided into standard account types and ECN account types. Each account has its own unique features in terms of deposit and trading conditions which will be suitable depending on individual trading style and requirements.
Of these account types, 2 stand out for special mention. These are the Stock CFDs Account, as it specializes in trading share CFDs and so only offers this trading instrument, and the FXTM Pro Account which, as the name suggests, is heavily geared toward accommodating professional traders.
Note: Bonuses and promotions are offered based on your country of residence. Forextime Limited AND Forextime UK Limitedcurrently offer only the Loyalty Program to its professional and elective professional clients (T&Cs apply)
The minimum deposit varies depending upon which account type you choose to trade with. For an FXTM Stock CFDs and FXTM Standard Account, this deposit is 100 USD/GBP/EUR. A Standard Cent Account features a minimum deposit of 10 USD/GBP/EUR.
In the case of ECN account types offered by the broker, the FXTM ECN Account has a 500 USD/GBP/EUR minimum deposit, the ECN Zero Account has a 200 USD/GBP/EUR requirement, and the FXTM Pro Account has a minimum deposit of 25,000 USD/GBP/EUR.
NGN accounts are only available to clients from Nigeria.
Availability and Ease of Opening
FXTM accounts are available to residents of most countries, this includes Nigeria, which is frequently excluded by other brokers. Hence the broker has established strong popularity in this region. Notable areas of exclusion include USA, Japan, Canada, Haiti, Suriname, The Democratic Republic of Korea, Puerto Rico, and The Occupied Area of Cyprus.
Opening an FXTM demo account is an easy and hassle-free process. It can be completed in just a few minutes through inputting your basic personal information. You can then choose which demo account type you wish to try.
Opening an FXTM live account follows much the same convenient pattern. The added difference in this process is that you should complete your personal information profile in more depth, and also verify your account through the submission of a proof of ID, and proof or residence document. Both processes are painless and can be electronically completed within a short space of time to ensure your trading is uninterrupted.
Product Offerings for FXTM
FXTM offers a diverse range of trading instruments to choose from as would be expected of any long-standing broker. The selection of trading instruments varies depending on which account type the trader chooses and their country of residence. You can find the complete list here. It includes some of the following:
- 57 Currency Pairs (Major/Minor/Exotic)
- 11 indices
- 5 Metals
- 3 Commodities
- 175 Stocks & Shares
- 4 Cryptocurrencies
Covering a broad range of markets, this offering can be considered more than sufficient comparative to other major brokers in the industry. The extensive selection of stocks and shares offered for CFD trading and the dedicated account service provided for this is welcoming to those traders who specialize in that area.
Note: Cryptocurrencies are only available for clients under Exinity Limited.
FXTM Commissions and Fees
FXTM makes commission free trading available on five out of their six account types. The only account type which features a commission on trades is ECN account. This is also the account which offers the most competitive spreads from the broker besides the Pro Account.
The commission charged through the ECN account is $4 per round turn of 100,000 currency units. As commissions go, this is also very competitive comparative to offerings from brokers of a similar stature. In fact, the spreads offered on every account type by FXTM, ranging from an average of 0.1-2.4 pips depending upon account, are very competitive in the context of the entire sector.
When it comes to non-trading fees, FXTM are also very competitive. All deposits through the variety of methods offered by the broker are free of any fees. For withdrawals, several of the methods are also without charge, however, fees do apply to some withdrawal methods. Most notable, there is a 30 EUR fee placed on wire transfer withdrawals, and a 3 USD fee on withdrawals via MasterCard or Visa.
The broker also has an inactivity fee, although this is substantially less than many others at only 5 USD/GBP/EUR after 6 months of non-trading.
FXTM Platforms and Tools
FXTM is a MetaTrader only broker. This means they offer trading platforms based around MetaQuotes Software’s well known MetaTrader 4 and 5 platforms. These already represent a known quantity for most experienced traders, and always prove to be a popular consensus choice for major brokers.
The desktop versions of both MT4 and MT5 come with much the same solid performance and functional layout as is the case with each other broker offering the third-party trading platform. With that, traders have the ability to incorporate an extensive array of professional indicators and completely customize their charts and viewing experience.
The hub of the desktop platforms remains the same. Controlled primarily through the bottom and left-side panels, with a huge range of tools including MetaTraders prolific Expert Advisor functions for more advanced traders.
Experienced users who are familiar with the platforms will instantly be at ease, and new traders will have the opportunity to earn their stripes on a trading platform which is prevalent, and for good reason, throughout the industry.
A slight variation which FXTM features is the addition of a live news feed from FXStreet.
Web Trading Platform
FXTM fully incorporates the web-trading platforms of both MT4 and MT5 for those who desire a more streamlined trading process with no download required. The web-based trading platforms differ little in the way of key functionality as offered by their desktop counterparts, though the visual experience is improved. This may be something which less experienced users find easier to navigate.
In terms of trading tools such as charting and indicators, both platforms still excel, offering dozens of options at the click of a button. One-click trading is also a possibility. The web-based platform just lack a little in terms of news and analysis, but for core trading, it is still highly convenient, concise, and professional in its execution.
Mobile Trading Platform
Mobile trading is available with a similarly positive user-experience in terms of fundamentals and delivery. Again in this area, charting and the ability to analyze and customize your market views is something in which MetaTrader has well-advanced beyond many of its competitors in the industry.
The MetaTrader app is available for both iOS and Android and can be used across any of their partnered brokers within just a few clicks of the app to change your broker.
Whilst many brokers may only offer limited account choices, any many without lower level accounts, FXTM provides an extensive collection of options to entice traders of all types to its offering. This is clearly seen in the offering of the FXTM Cent Account which makes it really easy to get involved in trading in a manner which many brokers may not facilitate.
Furthermore, with the broker being regulated in several jurisdictions, an additional layer of trust is in place for traders which they may not always have through other brokers. They also ensure that their services are open to as many places as possible, going as far as to accept deposits in Nigerian currency and fee-free local deposits from many developing countries around the world. This really improves access and opportunity for traders in these nations.
FXTM customer support is available on a 24/5 basis to traders in a number of formats. These are, telephone, email, and web-based live chat.
All of these services have been tested and found to be responsive within an acceptable window of time. Telephone support was immediate, as was the website based live chat. All of the answers received were relevant and helpful. These are points which reinforce the already positive reputation of FXTM customer support.
There are a number of key reasons why FXTM scores highly when it comes to being trustworthy. Foremost among these is the fact the broker are registered with several of the most well-respected and stringent regulatory bodies in the financial world.
FXTM have also been around since 2011, backed by an already well-known and respected figure in the industry, and have collected a number of prestigious industry accolades along the journey. This all bodes extremely well when questions of trust are being considered.
Ultimately, we are left to conclude that traders should feel a strong presence of trust which the can rely on when trading with FXTM.
- ForexTime Limited is regulated by the Cyprus Securities and Exchange Commission (CIF license number 185/12), licensed by the Financial Sector Conduct Authority (FSCA) of South Africa (FSP No. 46614). The company is also registered with the Financial Conduct Authority of the UK (#600475).
- Exinity Limited is regulated by the Financial Services Commission (FSC) of the Republic of Mauritius (Investment Dealer License #C113012295).
- Forextime UK Limited is authorized and regulated by the Financial Conduct Authority (firm reference #777911).
FXTM Pros and Cons
- FXTM is well regulated in several highly respected regulatory jurisdictions in Europe with the FCA and CySEC, as well as in FSC Mauritius which allows a little more flexibility of regulation in terms of leverage to those who require it.
- The broker features a diverse range of account offerings. This ensures there will be something to suit every trader.
- The commissions and spreads offered on each account type by FXTM are highly competitive when considered in an industry wide context.
- Being a MetaTrader only broker may be a limiting factor which some traders find difficult to overcome.
- Beyond their extensive range of forex pairs and dedicated shares offering, the broker does have quite a limited selection of other CFDs.