FXTM Account Types: List & Characteristics (2022)

filippo ucchino Filippo Ucchino calendar Last Updated: September 2022 timer 9 Min Read

For those that are unaware, FXTM is one of the leading forex brokers in the world. If you have already had a look at our FXTM review, you may already know that the broker offers an unlimited demo account that you can use to improve your trading experience.

Whether you need help to open the demo account or you want to understand the different accounts that FXTM offers, then you are in the right place.

Retail investors and traders use the different FXTM trading accounts to up-skill their forex trading experience and also understand the nitty-gritty of the financial markets. Without further ado, let’s dive in.

Table of Content

What are the FXTM Account Types?

FXTM offers a wide range of trading accounts. Each of the accounts come with different features and requires different minimum deposits to be operated.  Let’s take a look at each of the account and what they offer:

FXTM Demo Account

A demo account is specifically designed for newcomers into the foreign exchange market. Using the account comes without risks, only that you will earn virtual money with it.

Plus, it replicates a live trading environment. Unlike other brokers, FXTM does not make it mandatory for beginners to open a live account before operating a demo account.

The FXTM demo account is unlimited; meaning, you can use the account for as long as you want, only that after 60 days of inactivity, it will expire. You can check our full FXTM demo account review.

To open a FXTM demo account should not be more than 3-5 minutes depending on your internet speed (81% of retail CFD accounts lose money).

FXTM Micro Account

Like the Standard account, the FXTM Micro account also supports instant execution trading and is available if you’re trading under CySEC regulations. It offers spreads from 1.5 pips and is available on the MT4 trading terminal.

This account is ideal for beginners. To open this account, you need a minimum deposit of $10 or 10,000 NGN. You can open positions for less than $1 since there are nano lots available. If you are a beginner wanting to know more about this account type, check our top 5 choice for the best cent account.

FXTM Advantage Account

The FXTM Advantage account is ideal if you are trading through MT4 and MT5. The spreads start at 0.1 pips, plus, there is a commission of 0.40$ to $2 for each lot traded depending on the volume traded. To open this account, you need a minimum deposit of $500 or 80,000 NGN.

FXTM Advantage Plus

The FXTM Advantage Plus is another top-choice as account type. The account requires a $500 or 80,000 NGN minimum deposit. Spreads start from 1.5 pips with no commission. MT4 and MT5 are both available.

FXTM Pro Account

The FXTM Pro account is an ECN account. The account is suitable for institutional investors. This account is available on MT4 and MT5. There’s no demo available for this kind of account. The spreads on this account type start from 0 pips. If you’re trading through MT4, FXTM Invest is available. To open this account, you need a minimum deposit of $25,000 or 5 million NGN.

FXTM Invest

FXTM Invest is a copy trading service. This service is available for all categories of traders and investors. You can start copying traders with $100. Instead of being a copier, you can get copied and earn a commission for every follower who copies your trades. FXTM Invest is a good copy trading service, but if you’re looking for a more advanced service, check our choice for the best forex copy trade service.

Islamic account

The Islamic account doesn’t support the trading of exotic currencies. It’s a Sharia compliant account; meaning, no rollover fee is charged. However, keep in mind that additional fees may be charged for using the account. It is available on the MT4 trading terminal.

Professional Account

This FXTM account type is only available to EU and UK traders. Within the EU, FXTM does not accept retail clients. For you to be accepted, you must meet 2 of 3 requirements, which include making an average of 10 transactions of significant size per quarter in the past year, having Financial instrument portfolio of over €500,000 (in your bank or trading account), lastly and possessing a required amount of experience in the financial services sector.

The Professional Account supports leverage up to 300:1. You would have to give up the best execution policies and ICF protection along with some other obligations FXTM has towards you. You can go back to being a retail trader anytime.

FXTM Account Opening

Now, you understand the FXTM account types offered by this broker, let’s now walk you through the process of opening a live account.

Live Account Opening

The first step to open a live FXTM account, is to visit the broker (81% of retail CFD accounts lose money). Then open a demo account and start using the demo account. Once you are ready to start making real money, you can fully verify the account to upgrade it to a live account. Then fund your account according to the FXTM minimum deposit.

One important piece of information that is worthy to note is that if you’re based within the EU or the UK, you must prove to FXTM you’re a professional client by providing certain documentation.

Account Verification

The account verification process is generally fast, but depends on your internet connectivity. Depending on the country you are based in, you may need to tender some documents for verification, including proof of Identity (ID, Passport) and proof of residence (Bank statement).

Account Funding

FXTM supports a wide range of payment methods to deposit funds into your trading account, including bank transfer, major credit and debit cards, eWallets like Neteller and Skrill, as well as local payment methods. You can deposit USD, EUR, and GBP directly into your account for all deposit methods. NGN and INR are accepted through Neteller. Other currencies may be accepted locally

Minimum Deposit

The minimum deposit required for traders to fund their account is the same all over the world. The lowest minimum deposit is $10, for the Micro account.

If you are a Nigerian trader, the lowest minimum deposit is 10,000 NGN, for the Micro account, and the highest minimum deposit is 80000 NGN.

Account Currency

FXTM accepts 4 major base currencies, which are the United States dollars (USD), Euro (EUR), Great British Pounds (GBP), and the Nigerian Naira (NGN).

FXTM Account Bonus

FXTM has a 5-tier loyalty program. Here is how the royalty program works: the more you trade, the more you earn rebates. Traders are sorted into years by equity (tier 1: $0 – $15,000; tier 5: $150,000+). Savings are up to $10,000.

FXTM Account Deposit & Withdrawal

Depositing funds into your account takes a maximum of two hours apart from wire transfer that takes up to 5 business days to complete. Deposits are generally fee free, but you may have to pay conversion fees if your currency does not match the account base currency.

Withdrawal methods are the same as the deposit methods but wire transfer is not available. Withdrawals take up to 24-hours to process. No fees for withdrawing to an eWallet like Skrill and Neteller. Commission fee of 2 EUR/3 USD/2 GBP if you’re withdrawing to a debit/credit card.

FXTM Account Management

FXTM Account Inactivity

Like we already mentioned, the FXTM demo account expires after 60 days of inactivity. For a live account, it becomes inactive after 6 months, plus, a $5/€5/£5 fee is charged each month of inactivity. If you don’t have enough money on your account, FXTM will close it.

FXTM Account reactivation

If your account has become dormant, there are some ways to reactivate it. FXTM will require you to upload some documents for identity and residence verification.

How to close FXTM account

If you don’t have any need for your trading account on FXTM, you can apply to close your account. But first you need to withdraw your funds before reaching out to the customer support team for account closure.

About The Author

Filippo Ucchino

Co-Founder - CEO - Broker Expert
Filippo is the co-founder and CEO of InvestinGoal.com. He has 15 years of experience in the financial sector and forex in particular. He started his career as a forex trader in 2005 and then became interested in the whole fintech and crypto sector.
Over this time, he has developed an almost scientific approach to the analysis of brokers, their services, and offerings. In addition, he is an expert in Compliance and Security Policies for consumers protection in this sector.
With InvestinGoal, Filippo’s goal is to bring as much clarity as possible to help users navigate the world of online trading, forex, and cryptocurrencies.

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