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 contents
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 Standard Account
The FXTM Standard account supports instant execution trading and is available if you’re trading under CySEC regulations. It offers spreads from 1.3 pips and is available on the MT4 trading terminal. To open this account, you need a minimum deposit of $100 or 40,000 NGN
FXTM Cent Account
Like the Standard account, the FXTM Cent 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 2,000 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 ECN Account
The FXTM ECN account is ideal if you are trading through MT4 and MT5, as FXTM Invest is available. The account is also available if you’re trading under CySEC regulations. The spreads start at 0.1 pips, plus, there is a commission of $2 for each lot traded. To open this account, you need a minimum deposit of $500 or 80,000 NGN.
FXTM ECN Zero Account
This account is ideal for professional traders and investors. The FXTM ECN Zero Account is available if you’re trading under CySEC regulations. Users of MT4 and MT5 can also use this account to access a wide range of financial instruments.
However, keep in mind that if you’re trading through MT4, FXTM Invest is available. The spreads start from 1.5 pips, however, spreads are high for an ECN account but FXTM does not charge commissions per lot traded. To open this account, you need a minimum deposit of $200 or 80,000 NGN.
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.
The FXTM Stocks account is specifically made for traders and investors into stocks trading. It offers more and 160 major shares from stock exchanges in Europe and the US. FXTM Stocks is available if you’re trading under CySEC regulations. It has instant execution trading and the commission on trading starts from 0.1 pips on shares.
Additionally, Real stock trading is available, but not for EU and UK traders. Plus, you can also buy fractional stocks using the account. To open this account, you need a minimum deposit of $100 or 40,000 NGN.
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.
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.
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 200:1. 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.
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).
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
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 Cent account. The minimum deposit is generally $100. The highest minimum deposit is $25,000.
If you are a Nigerian trader, the lowest minimum deposit is 2,000 NGN, for the Cent account. The minimum deposit is generally 40,000 NGN, and the highest minimum deposit is 5 million NGN.
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 that’s available for ECN Zero and Standard accounts. 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
Always full of different interests, Luca started to get interested in the field of personal finance in 2014.
His self-taught studies led him year by year to become increasingly interested in the investment field.
To date, Luca actively invests in the stock market and cryptocurrencies, focusing on rising markets and the industries of the future.
His main role at InvestinGoal.com is to analyze and study in the smallest detail the brokers and their platforms, while checking carefully that the information shown by them is genuine.
In this way, he provides readers with a complete and truthful overview of the broker they might be interested in.