FXTM (ForexTime) Review 2020 and Technical Opinions
Did you search FXTM review to figure out FXTM (ForexTime)’s real value?
Would you like to fully understand if FXTM is reliable or if it’s a scam?
Do you want to find out everything you can do with FXTM, expert opinions, and user reviews?
In this FXTM review, you’ll find everything you need to dispel any doubt, including our feedback on FXTM, both practical and technical, after years of experience on the platform.
The best thing you could is to open a free demo account to try out first-hand the FXTM platforms, to be able to fully follow this review.
PART 1 – Legal information to ensure the user that FXTM is not a scam
The first point of concern for many Forex traders when decided on which broker to choose, is considering the level of trustworthiness that broker has.
While “Is FXTM Legit?” is a fair question to pose, as you would and should do with many other forex brokers, the answer is clearly yes. Being an integral part of this review, we wish to make the point clear from the outset of this FXTM review, scam is nowhere within the past, present, or future intentions of this broker.
Far from being a scam, FXTM has risen within just a few short years to have the backing and trust of the Forex trading community in this regard. They are extremely well regulated, and always mindful of the needs of their traders.
Is FXTM a scam? Is FXTM reliable? FXTM review and legal opinions
While there may be certain areas of this FXTM review that are open for debate and interpretation over use and features of Forextime broker as a place to trade. It can be stated unequivocally that the broker is not a scam.
FXTM is regulated by CySEC for EU operations, FCA in the United Kingdom, the FSCA of South Africa, and the IFSC in Belize.
CySEC and FCA in particular represent two of the most stringent regulatory bodies in the world of finance who accept only the highest quality and levels of transparency when it comes to broker operations.
The very fact that FXTM has been accepted for regulation and remained within full compliance since starting their operations in 2011 is testament enough to the levels of trust which can be placed in the broker.
When I make a deposit to FXTM, where does my money go?
As with all major Forex brokers. FXTM deposits made by traders are directed into segregated accounts which cannot be directly accessed by the broker.
These accounts are typically held with top-tier financial institutions which provides an extra layer of security and backing to potential traders who may worry about their deposit.
Is FXTM regulated? FXTM Regulations – FXTM license opinions
FXTM is regulated globally by both CySEC, based in Cyprus, the FCA, based in the UK, the FSCA of South Africa, and the IFSC in Belize.
These regulators are among the industry elite and are highly trusted thanks to their strict enforcement of regulation and standards.
These are all designed with the protection of traders in mind, and many brokers recognized that in order to be considered a top forex broker, regulation with CySEC particularly, is a must.
How to check the FXTM licenses
FXTM licenses can be reviewed and verified directly through the issuing regulator. Look for the website of the following regulations in order to check FXTM licences:
- CySEC (EU)
- FCA (UK)
- FSCA (South Africa)
- IFSC (Belize)
What type of broker is FXTM? FXTM technical opinions
FXTM ECN options are very competitive in line with other major brokers in the industry, while other account options also provide Forex traders with some of the most competitive spreads in the sector.
Ultimately, combining these options provides maximum flexibility to the trader in terms of how they wish to operate. This often means that when trading with FXTM, there will be an availability of options to suit all levels of trader.
How does FXTM profit?
Like most major Forex brokers we have reviewed, FXTM profits from the spread which it places on each given market. These spreads typically range from 0.1 pips – 2.4 pips on major markets. This is highly competitive when compared to brokers of a similar stature.
The FXTM ECN account is the only one which charges a commission. On this account, spreads are even more competitive, and so, the broker profits from the commission placed on trades through this account.
Where is the legal office of FXTM?
Forextime have main legal offices at the following locations:
35, Lamprou Konstantara Street,
FXTM Tower, Kato Polemidia,
88 Wood Street,
No. 35 Barrack Road,
Belize City, Belize, C.A.
- Regulations: ForexTime Limited regulated by CySEC (185/12), licensed by the FSCA (FSP No. 46614), and registered by the FCA (600475); ForexTime UK Limited authorised & regulated by the FCA (777911); FT Global Limited regulated by the IFSC (license numbers IFSC/60/345/TS and IFSC/60/345/APM).
- Type: Market Maker
- Leverage: 1:1000
- Minimum Deposit: $ 5, £5, € 5
- Platforms: MT4 (PC, Mac, iOS, Android, multi terminal, web platform), MT5 (PC, Mac, iOS, Android, web platform), MyFXTM (Android, iOS)
- Headquarters: ForexTime Limited is headquartered in Limassol, Cyprus
- US Customers: No
- Other instruments: CFDs on shares, commodities, indices; spot metals
PART 2 – FXTM Account Opening
What can you do with FXTM? FXTM features opinions
As expected, the FXTM trading options provided are extensive.
They cover a wide range of markets and are particularly impressive when it comes to stock CFDs. This is exemplified in the fact that FXTM have a dedicated share trading account on offer.
Known as the FXTM shares account, this offers in excess of 175 top quality share CFD trading possibilities.
Beyond their impressive shares offering, FXTM standard account holders can trade among all of the following markets:
- 57 Currency Pairs (Major/Minor/Exotic)
- 11 indices
- 5 Metals
- 3 Commodities
- 4 Cryptocurrencies
This represents a broad offering for both standard and FXTM ECN account holders, and more tahn a sufficient number of trading markets opportunities when compared with major competing brokers.
FXTM demo: how to open a free virtual account
Opening an FXTM demo account is an easy and hassle-free process.
This can be completed within just a few minutes through inputting some of your most basic personal information. From that point, you are ready to begin trading with your ForexTime trading account in demo mode, replicating the conditions of regular live trading.
FXTM Live: how to open a Live FXTM account
Opening an FXTM live account is a similarly convenient process.
The only slight point of difference between opening an FXTM live account and demo account is the need to submit your proof of identity and address. These can both be completed online through electronic upload in a matter of minutes.
FXTM Deposits and Withdrawals – All the options
FXTM have a variety of deposit and withdrawal methods in place to adequately cater for the needs of all traders. These methods are available as follows:
- Major Debit/Credit Cards
- Bank Wire Transfer
- Cryptocurrency (Bitcoin, Litecoin, Ethereum, Dash)
- Perfect Money, QIWI, and 11 more Web Wallet Options
- 19 international bank transfer options for countries such as Nigeria, Egypt, Thailand, and others.
FXTM withdrawal options are all avaialble using the same methods as deposit.
While there are no FXTM deposit fees, FXTM withdrawal fees vary depending on the method.
These range from free with Neteller, and Skrill, to a 30 EUR fee on many wire transfer withdrawals. Other major methods of withdrawal such as Visa and Mastercard are charged a commission of $3.
FXTM minimum deposit
The minimum deposit FXTM will accept is subject to change depending upon the account type chosen.
FXTM Standard Account Minimum Deposit
- Cent Account: 10 USD/EUR/GBP
- Standard Account: 100 USD/EUR/GBP
- Shares Account: 100 USD/EUR/GBP
FXTM ECN Account Minimum Deposit
- ECN Account: 500 USD/EUR/GBP
- ECN Zero Account: 200 USD/EUR/GBP
- FXTM Pro Account: 25,000 USD/EUR/GBP
FXTM Bonus and Offers
Although CySEC regulations prohibit the offering of bonuses to traders within the EU, an FXTM deposit bonus of as much as 30% is still available to many traders depending upon jurisdiction.
Also available is a $30 welcome bonus and a double cashback loyalty program. Again, these bonuses are offered depending upon trader jurisdiction to remain in accordance with the rules of the regulatory bodies.
What type of trader are you?
90% of retail CFD accounts lose money
PART 3 – FXTM Review – Accounts, Conditions, and Fees
FXTM Account Types
Forextime offer a total of 6 accounts to their traders.
This ensures that all type and level of Forex trader are catered for through the broker, and is beyond what many competitors offer.
The account types are divided into two categories. These are:
- Standard Accounts: Cent Account, Standard Account and Shares Account
- ECN Accounts: ECN Account , ECN Zero Account and Pro Account
All of these account types have a differing range of features but still allow for access to the majority of trading markets.
The FXTM cent account is available at the lowest minimum deposit rate and is particularly suited to new traders, while the FXTM Shares Account focuses solely on the provision of Stock CFDs, with more than 175 top-level stocks available for trading.
The most competitive spreads are offered through the FXTM ECN account types, with the ECN Account offering spreads from as low as 0.1 pips, and the FXTM Pro Account specifically catering for high volume, experienced traders.
Commissions, Fees, Spread and Market Trading Hours on FXTM
The majority of FXTM accounts are available commission-free. This applies to all account types except the FXTM ECN account. This account features a round turn commission of $4 on a standard lot of 100,000 currency units. In terms of commission, this is highly competitive within the sector.
The other trading accounts both FXTM standard account types and FXTM ECN Zero account feature no commissions, with the fees already built-in to the spread offered by the broker.
When it comes to other fees, the broker does charge a $5 inactivity fee after 6-months of no trading activity, and swap fees which vary depending on the market. These can be noted in more detail on the broker website.
As previously noted, all deposits are free of charge, with a range of fees and commissions applicable to FXTM withdrawal methods, with the most expensive being the wire transfer withdrawal fee of $30.
FXTM Islamic Account
FXTM does offer a swap-free account to Islamic users who require this service. This can be approved once a request is made to the customer support team.
FXTM Leverage – What it the highest leverage FXTM offers?
The highest FXTM leverage
FXTM CFDs offerings are wide ranging. They cover markets across indices, metals, commodities, and cryptocurrency. These account for a relatively small number of the available CFD trading markets however.
FXTM CFD trading is very much bolstered by their dedicated share account which features 175 stock CFDs available for trading. This makes it among the largest stock CFDs offering from any broker in the industry.
FXTM does offer trading in cryptocurrency CFDs. FXTM Bitcoin trading as well as Ripple, Ethereum, and Litecoin are available. These are four of the major markets which many top Forex brokers now offer. These markets are all traded as CFDs paired with the US Dollar.
PART 4 – FXTM Trading Platforms Review
In terms of third-party platforms, FXTM is a Metatrader-only broker.
This means that they provide access to the prolific Metatrader 4 & MT5 platforms from Metaquotes in all their varieties.
This includes desktop, web-based, and mobile trading platforms.
FXTM Trading Platform Review
The FXTM MT4 platform is, as would be expected, the same highly-robust, functional, and easy to use MT4 trading platform which the entire Forex industry has come to know and respect. There are very few changes in terms of functionality, with the same, highly customizable center console displaying the chosen charts, a MarketWatch window on the left toolbar also displays the latest movements in most popular markets.
As with every variant of MT4, or the slightly more visually appealing FXTM Metatrader 5, the platform is largely controlled from the side toolbars which host a variety of options including access to the latest Forex news from FXStreet.
The charting prowess for which MT4 and MT5 are known is again present, with dozens of indicators and professional charting tools available to make every decision the most exact possible. This is one of the key elements which has helped Metatrader platforms retain their popularity in the industry over so many years.
The Metatrader web trading platform is also made available through FXTM with much of the same functionality, alongside an improved ease of access within just a few clicks of your browser window. The visual appearance of the platform is also enhanced from the rudimentary desktop view to provide a smoother and more appealing, yet still powerful trading experience.
As with the desktop and web-based platforms, FXTM trading on mobile utilizes Metatrader 4. This mobile trading app is among the most powerful in the industry, with much of the same charting capabilities as its desktop counterpart.
MT4 mobile is also very user-friendly and intuitive, offering concise ordering and access to a range of trading tools including a news feed and economic calendar. Since the mobile trading platform can also easily switch from other brokers to FXTM trading within the same application, the level of convenience and comfort experienced from the trader’s perspective is high.
FXTM tutorial: Where to find the best FXTM Guides
Although FXTM does have extensive educational resources available, there is always room for additional learning, particularly for new traders.
In that case, some of the best strategy guides for trading and increasing your knowledge of Forex and the entire sector can be found on Babypips. As leaders in the sector, they are also passionate about assisting traders to fulfil their full potential.
PART 5 – Support, Research and Educational Material
FXTM Customer Support
The customer support network of FXTM is nothing short of impressive. They provide phone support across eight countries, multi-lingual email support, and a web-based live chat service direct from the broker’s website. These services are available on a 24/5 basis.
When tested, all methods were promptly answered in a polite and helpful manner with the requested information provided in the most concise and convenient way.
FXTM provides a range of research opportunities for their traders. They provide their very own live news feed which is regularly updated with the latest news from the Forex industry as it happens, along with the updates on Twitter and various other social media channels.
Beyond this, traders can access weekly roundup videos on the state of the market and analysis for the week ahead. A convenient Brexit countdown and comprehensive economic calendar are also provided for research purpose.
FXTM also publish a quarterly outlook report in PDF format which is downloadable for traders and analyzes the markets from the point of view of the FXTM professional market analysis team.
The educational material provided by FXTM is also plentiful.
This represents an ideal environment, particularly for new traders to learn and grow. There are a range of trading guides in text and video format, as well as webinars and seminars delivered by some of the most acclaimed names in the Forex trading community.
FXTM Trading Academy
Although there is not an official trading academy as such associated with FXTM, the educational infrastructure is still strongly in place, and very much facilitates the learning of new traders, and those with experience in the Forex trading industry who are seeking to learn and evolve their trading strategies even further.
FXTM users, customers and bad reviews
Before moving on to our final opinion on FXTM, for completeness we want to give you the opportunity to read some comments and experiences written directly by other users. However, important prerequisites must be made:
WARNING: in the world of online trading, very often users who do not know how to operate professionally, and therefore lose money, vent their frustrations by giving bad reviews on the broker, reviews that have nothing to do with the quality of the broker in question.
WARNING 2: There have been many cases where non-professional rival brokers paid fake users to write false negative reviews on other brokers.
That said, it can still be useful to take a look at the direct reviews of other users, if for no other reason to understand what to pay more attention to when you start working with that broker.
Part 6 – Final Thoughts and Opinions – Comparison with Other Brokers
FXTM have been operating in the industry for the best part of a decade. During this time, they have quickly established themselves and grown to become one of the industry leaders when it comes to major Forex brokers.
Their account types are similarly extensive to those from the likes of FBS, and their regulatory position is very secure and well-respected. This places them well to maintain their already strong position within the sector.
ForexTime review, FXTM opinions and final comments
With all of these building blocks in place, and some of the most competitive commissions and spreads in the entire industry, it is easy to see how this user-friendly broker has grown so quickly. Should they continue to keep the needs of traders close to the forefront of the business as they have done, there is no reason why this level of growth should not continue.
FXTM offer all of the features which a novice or experienced trader could need, facilitated by trading on some of the most respected trading platforms in the industry. It is clear to see why many have chosen ForexTime to trade with in the past, and will continue to do so.
Why You Should Choose ForexTime
There are many reasons why a Forex trader may choose a broker like FXTM. Primary among them for many traders will be trust. With almost a decade in the industry, and regulatory oversight from the most trusted financial bodies in the world, transparency can almost be assured.
Beyond this, the platform also offers a range of features and accounts to suit all types of trader. It is this type of flexibility and the highly-competitive fees which will ultimately seal the deal for many traders when it comes to deciding to open an FXTM trading account.
FXTM Reviews – PRO
- FXTM is well regulated around the world by some of the most respected bodies in global finance. This provides a sense of confidence and instills trust which is vital to many Forex traders.
- The diverse range of trading accounts available from FXTM makes the broker highly accessible to both new and experienced traders of all levels.
- The commission-free trading on most accounts accompanied by highly competitive spreads and some of the lowest commission fees in the industry on the FXTM ECN account are a strong point of attraction.
FXTM Reviews – CONS
- Some traders may like to see additional trading platform options beyond the Metatrader platforms offered by FXTM.
- Aside from the very strong shares offering, CFD trading through FXTM is quite limited.