Here is a closer look at each and every account type you can expect when you start trading at FXTM.
An unbeatable place to start is always a demo account. This gives you the perfect chance to learn more about the broker and trading in general with absolutely no risk or obligation to make a real deposit. All trading here is done with virtual funds but in an environment that perfectly replicates what live trading would be like. This makes it the perfect place to learn.
FXTM offers unlimited demo accounts. This is great as it means they do not ever expire unless you are inactive for a period of more than 60 days. They are also very fast to open, with only a few basic personal details, a valid phone number, and email address required.
FXTM Standard Account
The FXTM Standard Account is a popular choice among many traders who join the broker and this account type is available if you are trading under CySEC regulations. It provides for instant execution trading through the MT4 trading platform and features a very competitive minimum deposit.
With a minimum deposit of only $100, or 40,000 NGN you can begin trading with FXTM on this account type. The spreads here start from 1.3pips.
FXTM Cent Account
An excellent and frequently chosen option for new traders and those seeking to lower risk is the FXTM Cent Account. The minimum deposit here starts from just $10 or 2,000 NGN which makes it extremely accessible to traders. Again this account type is available if you are trading under CySEC and it comes with instant execution trading.
The spreads on the FXTM cent account start at 1.5 pips and with nano lots available for trading here, you can open positions with less than $1. This is an ideal account if you are just starting out.
FXTM Stock CFDs
The FXTM Stock CFDs account provides stock trading on more than 160 major shares from stock exchanges in Europe and the US and is available to you if you are trading under CySEC regulations. Yet again this account comes with instant execution of trades and an excellent value minimum deposit of only $100 or 40,000 NGN to get started.
Commission on trading with this account starts from as little as 0.1 pips on shares and overall makes this a great value share trading account when compared with other major brokers.
FXTM ECN Account
The FXTM ECN account is also available under CySEC and comes as the first of three ECN type accounts that the broker has available. Here you can expect lightning ECN style execution alongside a good value minimum deposit of $500 or 80,000 NGN. Trading on this account type is available through both MT4 and MT5.
When it comes to trading costs with this account type, spreads start from an excellent value 0.1 pips along with a $2 per lot traded commission. You should note that FXTM Invest is also available if you use MT4.
FXTM ECN Zero Account
The next ECN account type available with the broker is the FXTM ECN Zero account. This is also available to traders operating under CySEC regulation and offers ECN and market execution through both the MT4 and MT5 trading platforms. One of the differences here is that the minimum deposit is only $200 to get started, or 80,000 NGN.
FXTM invest is also available with this account type if you are using the MT4 trading platform while the spread on trading here starts from 1.5 pips.
FXTM Pro Account
The FXTM Pro account is the third ECN account type that the broker has available. Here again you can benefit from ECN and market execution with trading available through both MT4 and MT5 trading platforms although a demo account is not available with this account type.
The minimum deposit on this type of FXTM Pro account is $25,000 or 5 million NGN, though the spread starts from 0 pips with FXTM Invest again available if you are trading through MT4.
FXTM Islamic Account
FXTM does offer Islamic trading accounts, though these are available only through MT4 and not if you are trading with MT5. As there is no rollover fee charged on this account type to fully comply with Sharia law, then FXTM may charge an additional fee with the account. Added to that, exotic currencies are not available to be traded with this account. With that said, it is still perfectly compliant for Islamic trading.
If you would like to know more about these types of accounts, then you can always check our other articles on the best swap free brokers.
FXTM Professional Account
Another type of FXTM professional account is available to EU and UK traders at FXTM only. If you do want to open this type of account though, you must meet two of the following conditions:
- Be making an average of 10 transactions of significant size per quarter in the past year
- Possess a financial instrument portfolio of over €500,000 (in your bank or trading account)
- Have enough relevant experience in the financial services sector
If you can meet at least two of these conditions then you will be eligible to open the FXTM professional account with an increased leverage of up to 200:1 and other benefits available.
Account Base Currency
Your account base currency is that which you can trade with. The benefit of having the base currency available that you deposit in or withdraw to is that you will not have to pay any currency conversion fees. Currently there are three main currencies available as the FXTM base currency in the form of the USD, EUR, and GBP. The NGN (Nigerian Naira) is also available within Nigeria and other African countries.
Here is a more detailed look at deposits with FXTM in terms of the minimum deposit required, methods available, and any fees you may encounter.
FXTM Minimum deposit
One of the great key points in regard to FXTM is the fact they offer very low minimum deposits. These start from just $10 on standard account types depending on the exact type, and from $200 on ECN accounts again depending on the type. If you are a high volume trader then the FXTM Pro account is also available at the other end of the scale with a $25,000 minimum deposit.
Deposits will typically take a maximum of two hours with the exception of a wire transfer which can take up to 5 business days to complete.
There are several deposit methods you will find available when trading at FXTM. This includes wire transfers, credit/debit cards that are Visa, MasterCard, or Maestro, and a range of eWallets including Skrill and Neteller. Deposit by Western Union is also available as are a number of local payment methods depending on your region especially in Asia, Africa, and South America.
Deposits are typically accepted in USD, EUR, and GBP through all deposit methods. NGN and INR (Indian Rupee) are also both accepted through Neteller while other currencies may be accepted locally.
FXTM deposits are generally fee-free. The only exception you may find is if you deposit currency does not match a base currency then you may have to pay a conversion fee.
Here is all you need to know when it comes to FXTM withdrawals as a trader.
Withdrawals can be made through all of the same methods as deposits with the exception of wire transfer which is not available.This means credit cards, debit cards, and a range of eWallets are available. EUR can be withdrawn within Europe, while both EUR and USD can be withdrawn outside Europe. FXTM withdrawals typically take up to 24-hours to process.
There are no withdrawal fees to worry about if you are withdrawing to an eWallet. If you are withdrawing to a debit or credit card then there will be a fixed commission of 2 EUR, 3 USD, or 2 GBP depending on your base currency.
Spreads & Commissions
FXTM spreads and commissions are available as floating spreads only. No fixed spreads are available. The lowest available spread is 0 pips but this is on the FXTM ECN Pro account with a minimum deposit of $25,000. Other than that, the minimum non-ECN spread is 1.3 pips with the standard account.
With an ECN account though, the FXTM ECN account spreads start from 0.1 pips with a $2 per lot commission. If you have a Stock CFDs Account, then spreads here start from 0.1 pips.
FXTM Real Stock trading
Real stock trading is available with FXTM in a feature not often available with many brokers. This means you would have actual ownership of the underlying asset not like CFDs trading. This ownership would allow you to earn dividends and with very low commissions. It is perfect if you are focused on a longer term investment and you can also buy fractional stocks here so it is very accessible. This service though is not available if you are trading through the EU or UK entities of the broker.
There are a few other fees which you may bump into when trading at FXTM. These are as follows:
The overnight fee is the fee which you incur for holding a position overnight which is charged at the closing hour of the market. This fee is charged on the majority of assets with the broker since they are a CFDs broker. The only exception here is if you are investing in real stocks, or trading as an Islamic trader on a swap-free account.
FXTM does charge an inactivity fee. This fee will only be applied if you have a real money account and not on any demo accounts. The fee is charged after being inactive for a period of 6 months and is charged at a monthly rate of 5 EUR, USD, or GBP based depending on your chosen base currency. If you do not have enough money in your account to cover the fee, then the broker reserves the right to close your account.