FXTM Review 2020

FXTM is a top-class forex broker. It is popular for its versatile and excellent services. This FXTM review will guide you about each quality, education, research, specifications, promos, and features of this software in every region.

fxtm review
4.2/5
83% of retail CFD accounts lose money

Short Summary

Minimum Deposit

$10

Assets

CFDs, Commodities, Cryptos, Forex and Stocks

Demo Account

Yes

Islamic Accounts

Yes

Caution: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 83.05% of retail investor accounts lose money when trading CFDs with this broker. Your capital is always at risk.

Although FXTM belongs to the highly classified forex broker, yet it has some weakness and problems that needs improvement. This table highlights the bright side as well as the dark side of FXTM.

Pros
  • Low initial deposit
  • Quality Education
  • Account opening is fast
  • Excellent customer services
  • Offers many types of accounts
Cons
  • Withdrawal fee is high
  • Limited Products
  • High Stock CFD fee

Introduction

83% of retail CFD accounts lose money

FXTM also known as ForexTime. This broker is best equivalently for the rookie new, mediocre traders, and the professional ones. FXTM review is the result of its services to every kind of trader.

Year Founded

The year 2011 brought FXTM to the financial world.

Owner

Andrey Dashin is the founder and owner of FXTM. He is highly educated and experienced in the field of banking and finance. He also owns another famous and highly ranked forex brokerage firm, Alpari. Along with these two firms he also owns two charitable organizations.

Headquarters

FXTM has its main headquarter in Mauritius. It has also an office in London. Other headquarters are located in

  • China
  • India
  • Indonesia
  • Malaysia
  • Nigeria (Abuja & Lagos)
  • South Korea
  • Thailand

Choosing clients

FXTM chooses clients from selected countries. Many famous and developed countries are devoid of enjoying services of FXTM due to the exception of FXTM or their strict country laws.

Acceptable Clients

FXTM accepts clients from Pakistan, India, China, Bangladesh, and Afghanistan. It even accepts clients from Iran, Iraq, and various Middle East countries. This firm also allows Europeans and Australians. In short, it has only a few restricted countries.

Not Acceptable

FXTM does not accept clients from Canada, Japan, and The United States of America.

Regulation

83% of retail CFD accounts lose money

FXTM is a regulated and reputable broker.

  • It has a top-tier regulation.
  • FXTM is not listed on the stock exchange.
  • It does not hold any kind of banking license.
  • Financial information regarding this firm is not public.

Have a look at the regulatory bodies.

  • Financial Conduct Authority (FCA), UK regulates FXTM under license of 77791. The legal entity registered there is ForexTime UK Limited.
  • The company FXTM is regulated by the Cyprus Securities and Exchange Commission with Cypriot Investment Firm (CIF) license number 185/12. It works in Cyprus and the EU as ForexTime Limited.
  • Financial Sector Conduct Authority (FSCA) of South Africa also regulates ForexTime Limited with license No. 46614.
  • Financial Services Commission of the Republic of Mauritius regulates this firm with license number C113012295. The FXTM brand operates here has the legal entity of Extinity Limited.

Safety

FXTM review regarding its safety is properly satisfactory. It has been working for a long time and has a good track record.

  • Your money is safe as clients funds are kept in segregated accounts to cover up the unpredictable market liquidation and the bankruptcy of the company.
  • Data of investors like transactions, trades, profit, and loss are all secured by SSL (secure sockets layer).
  • This company also provides negative balance protection.
  • For the Europeans except UK, the amount of investor protection funds is €20,000. For the nationals of the UK, this amount is extended to 85,000 GBP.
  • This fund is only for the retail clients of the European Union for trading forex spot and CFDs. Clients except the Europe and UK as well as professional clients are not eligible for this offer.

Assets

FXTM offers the most frequently traded products.

  • Commodity
  • Real Stocks only for Non-Europeans.
  • Currency pairs including majors, minors, and the exotic currency pairs.
  • CFDs
  • Cryptocurrencies only available at Extinity Limited.
  • Cryptos like Bitcoin, Ethreum.

A clear thing to be noticed is that FXTM does not offer any kind of trading in bonds, ETFs, futures, mutual funds, options, and treasuries.

Have a look at what and how much they offer.

Currency pairs
50
Stock index CFDs
10+
Stock CFDs
165+
Commodity CFDs
5
Cryptos
4
Real Stocks
2

Only NASDAQ and NYSE are available for trading as real stocks.

Fees

83% of retail CFD accounts lose money

FXTM is slightly expensive than other brokers. Deposits are free but withdrawals are mostly charged. No matter how much amount you wish to withdraw you have to pay a fee that varies by the country and the source of withdrawal.

  • Stock index CFD fee is low.
  • The fees charged for forex is low for some products and some products, it is slightly higher but is average.
  • The fee for stock CFD is very high.
  • This firm often found deducting hidden and additional charges on various services.

The trading fee is the commission, financing rates, and the conversion fee. Have a look at the pips according to the asset.

Assets Spread Leverages
Major Currency pairs
0.1pips min
1:30
Minor Currency pairs
0.1 pips min
1:20
CFDs US Shares
1 to 85 pips
1:5
Commodities
1.3 pips
1:5 to 1:20
Stock Indices
1 pips min
1:5
  • EU clients can’t lower the default leverage level of the products but non-EU can.
  • Commissions and spreads are different for different accounts.
  • For real stocks, if you trade a lot size of less than 500 you have to pay $135 as commission. More than a size of 500 it will cost $195.

Non-Trading Fee

When you don’t trade, the fee deducted is non- trading fee. It includes deposit, withdrawal, service charges, subscription charges, an inactivity fee.

After an inactivity of 6 months, you have to pay $5 monthly.

Account Opening

83% of retail CFD accounts lose money

FXTM has excellent services for account opening.

  • It is fully digital, easy, and fast.
  • It took almost 2 business days.
  • Account opening for a standard account costs for only 10 USD.

All you need is to fill out the online application form. The following questions will be asked in the form.

  • Add your email address, name, and country of residence, and your contact number. FXTM will send a PIN code.
  • Give your details and address.
  • Provide your financial details when asked.
  • Fill the questionnaire regarding the forex and financial market.
  • Now select which account you want to open.
  • You have to provide documents for verification of your identity and residency. You can use your pictures of your id card, driving license or passport to show identity. For residency, you can share detail and pictures of your bank statement, electricity or utility bill, and credit card detail.

Types of Accounts

83% of retail CFD accounts lose money

FXTM offers a variety of accounts. It offers two types of accounts, Standard & ECN.

These two are further classified.

  • Standard includes standard, share, and cent account.
  • ECN includes ECN Zero, ECN account, and FXTM Pro account.

Now discuss them in detail.

Standard Account

  • It is available in all countries.
  • This type has a higher spread but no commission.
  • The minimum deposit is $100.
  • Trades are executed at MT4 / MT5.
  • Forex, commodity, and stock index CFD are traded.

Cent Account

This account is also known as the micro account of FXTM.

  • It is available in all countries.
  • This type has a higher spread but no commission.
  • The minimum deposit is $5 to $10.
  • Trades are executed at MT4
  • Forex and commodity CFD are traded.

Shares Account

  • It is available in EU countries and the UK.
  • It also has a higher spread but no commission.
  • The minimum deposit is $100.
  • MT4 is the platform for trading of shares account.
  • It only offers stock CFD.

ECN Accounts

  • It is available in all countries.
  • Commissions and spreads are low.
  • The minimum deposit is $500.
  • MT4/MT5 serves as a trading platform.
  • It offers Forex, commodity, and stock index CFD.

ECN Zero Accounts

  • It is available in EU countries and the UK.
  • There is no commission but the spread rate is high.
  • The minimum deposit is $200.
  • MT4/MT5 serve as the trading platforms.
  • It offers Forex, commodity, and stock index CFD.

FXTM Pro Accounts

  • This account differs in features from others.
  • It is available in all countries.
  • There is no commission. Spreads are also very low and tight.
  • The minimum deposit is $25,000.
  • MT4/MT5 serves as their trading platform.
  • It offers Forex, commodity/stock index CFD for Europeans and UK clients. While Spot metals / real stock only available for non-EU and non-UK clients along with the other mentioned instruments.

Islamic Accounts

FXTM also offers Islamic accounts. As Muslim community has specific rules for trading. They have certain restrictions which are allowed in other accounts. They are HARAM for Muslims. That’s why FXTM has designed Muslim accounts according to the sharai rules.

Deposits & Withdrawals

83% of retail CFD accounts lose money

FXTM offers diverse ways for payment methods. According to different regions of the world, FXTM has a different fee structure.

Deposit is free. You can deposit money by

  • Credit cards (MasterCard, Maestro, and VISA) are accepted.
  • Even payments via cryptocurrencies like bitcoin is not prohibited.
  • International bank wires
  • You can transfer by local bank wires to local accounts. This is for selected countries only such as Tanzania, Nigeria, Kenya, Algeria, Afghanistan, Malaysia, Indonesia, Egypt, Iraq, Palestine, Thailand, China, and Vietnam.
  • A variety of E-wallets including Skrill, Neteller, WebMoney, QiWi, and several others are accepted.

For withdrawals, 2 EUR/ 3 USD/ 2 GBP are generally deducted according to the country and are usually processed the same day. However, some E-wallets are free of charge. You can also withdraw by the way you use to deposit money.

You can withdraw your money by the described steps.

  • Log in to MyFXTM.
  • Go to ‘My Money’ & select ‘Withdraw Funds.’
  • Choose your method for withdraw.
  • Enter your desired amount and the cause for your withdrawal.
  • Start the withdrawal.
  • You’ll get a 4-digit code on your phone.
  • Verify this code and your amount will be waiting for you.

Account Base Currencies

There are only 4 account base currencies. GBP, EUR and USD. Nigerian Naira, NGN is also available but only for the Nigerians.

You can only make transactions by your accounts.

Trading Platform

83% of retail CFD accounts lose money

XM uses MetaTrader 4 and 5as trading platform. MT4 is a third party software. However, MT4 is the most common and most liked software by forex broker for beginners and professionals.

MetaTrader 4

  • MetaTrader 4 was introduced to the market in 2005 by MetaQuotes.
  • MT4 has a wide range of assets.
  • It involves the feature of Expert advice.
  • MT4 provides 3 types of charting tools.
  • It facilitates by backtesting strategy.

Web Trading Platform

  • It is user friendly.
  • Fee reports and trading history are clear.
  • You cannot set price alerts
  • It has good customizability (for charts, workspace)
  • Design is old.
  • Search functions are good.
  • You can place only basic order types like market, stop, limit, Good till time and good till canceled.
  • It is available in a large number of languages. Lit looks like everyone can understand and use this software.
  • Login is a double step. Unlike other software, MT4 sounds safer.

Mobile Trading platform

  • It has good customization.
  • MT4 mobile version is available on iOS and android.
  • Search functions are better than the web version of this platform.
  • You can set only basic order types like limit, market, stop and good till time. Good till canceled is also available. They are the same as that of the web version.
  • It is available in many languages also.
  • Login is a single step that is less safe.
  • You can set price alerts and notifications.
  • There is double-step verification for withdraw or depositing funds in your account.
  • The fee report is clear.

Desktop Trading platform

  • It is almost as same as the web trading platform.
  • You can set basic order types like you can set in mobile and web version of it.
  • Search functions are just average.
  • You can set up price alerts and notifications. All you need is to enter your MetaQuotes ID.
  • It is outdated.

Ratings of Platforms

Web Trading Platform– Hardly Average

Mobile Trading platform– Good

Desktop Trading Platform-Average

MetaTrader 5

MetaTrader 5 is also used. This software is a modified and developed form of MT4.

  • It gives a freedom of trading with advanced tools. It allows more than the basic order types.
  • MT5 has more number of indicators and charting tools. It has 38 indicators and more than 40 graphical tools.
  • It also offers a community chat group.
  • MT5 allows 6 pending order types that are only 4 in MT4.
  • It provides an excellent and quality economic calendar.
  • Strategy tester is multi-threaded but in MT4 is a single-threaded.
  • It has 21-time frames but in MT4 there are only 9.
  • Netting is also allowed in MT5. It means to have a position open of a single instrument.

Research

83% of retail CFD accounts lose money

FXTM review is good about its research. FXTM research features are as follows.

  • It has good trading ideas.
  • Economic calendar is provided that is authentic.
  • Charting tools are also good. MT4 and MT5 also cover 30 and 38 indicators respectively.
  • Newsfeed is also helpful.
  • Their website FXTM.com also provides great topics and quality data. There is a section of trading services on the website. Similarly, an option of Market analysis is also available.

Social Trading

83% of retail CFD accounts lose money

FXTM also allows Social Trading.

It is available in every country except the United Kingdom. There are two options for you. If you want to copy or if you want other people to copy you. The second condition leads to you a Strategy Manager. The strategy manager also earns a commission on a profitable trade.

Loyalty Program

Loyalty program is easily available for anyone. All you need is to apply for it. So once you are registered to it you can enjoy discounts on your traders. You can save according to your deposit. If you deposit low money, you will get small discounts. Similarly having big accounts make you eligible for big discounts. It is generally 5 classes. If you have a balance between $0 and $4,999 you can get a discount of $300. But if you have a big balance like  $150,000 or more than this. On each trade, you can save up to $5 except your profit which is a big deal.

Education

83% of retail CFD accounts lose money

FXTM provides quality and comprehensive education. This education can make you a professional from a novice trader. They generally guide by

  • Articles
  • Webinars
  • Tutorial Videos
  • Their website contains each and everything regarding to the forex market. If you just click the section of education on their official site. You will find total education from start to end.
  • They also provide a demo account to practice according to their accounts type.
  • Unlike another forex broker, they also conduct seminars in different countries. Traders and brokers of different companies also attend these seminars.

Bonus and Promos

FXTM review might be also good due to the bonuses they provide, unlike other brokers.

  • They offer a loyalty program.
  • Refer to a friend promo. If a trader refers a client to FXTM, the one who refers is bestowed with $50.
  • They also offer various deals and promos in different areas.

Customer Services

83% of retail CFD accounts lose money

FXTM review regarding their customer services is excellent.

  • You can contact with phone, email, and live chat.
  • Customer services are available in many languages.
  • Phone support is also available.
  • They are very relevant and responsive to their queries.
  • FXTM offers customer services on various social media platforms e.g, Whatsapp and Facebook.
  • But customer support is not available 24/7.

FXTM review

83% of retail CFD accounts lose money

Overall, FXTM Review is more than just good. They offer too many services. Their work is responsible for making them the top brokers of the world. FXTM has also a good clientage.

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