FXTM is a leading Forex and CFD broker, which has to date won several coveted awards and trades under the name ForexTime Limited. This broker is regulated by several financial watchdogs across the globe, including the UK’s Financial Conduct Authority (FCA), and it is thus considered a trusted and secure venue for your trading endeavors. Moreover, it enjoys huge popularity amongst traders of all levels, from beginner to pro, and its users consider the user experience it provides as top-notch. Our FXTM review below offers invaluable insights and all the relevant and necessary knowledge about this broker and its offering, helping you decide if FXTM is the right broker for you.
FXTM can claim to be offering very high regulatory protection, which renders it a safe broker for the trading of forex and CFD. This claim is based on the fact that it is regulated by several financial authorities and thus licensed in several jurisdictions. Besides the United Kingdom’s FCA (Financial Conduct Authority), FXTM are also regulated by the Cyprus Securities and Exchange Commission (CySEC), the Financial Services Commission of Mauritius (FSCA), as well as by the Financial Sector Conduct Authority (FSCA) of South Africa.
It can thus be argued that FXTM is a truly trustworthy and secure broker since to be granted the regulated status it is required by these watchdogs to adhere to strict capital requirements, segregate client funds from its own and employ anti-money laundering and know your client procedures, as well as other measures aiming to protect its client traders and their rights.
In terms of the tradeable assets which FXTM offers, it could be said that the offering is not as impressive and extensive as one would have expected given the broker’s strong industry position. Nevertheless, the assets offered are adequately varied and include 63 different forex currency pairs, as well as 8 commodities pairs. Moreover, FXYM also offers the usual global stock indices up for trading, though their number is limited to 11, while there are also 173 US and European stock CFDs. Finally, FXTM also offers cryptocurrency trading, though the offering is only limited to four cryptos, namely Bitcoin, Ethereum, Ripple, and Litecoin CFDs.
The fees charged by FXTM for offering you their trading services vary and depend on the trading account type selected by each client. The two main categories of accounts on offer are Standard Accounts, whose spreads are wider than the industry standard with the EUR/USD spread standing at a minimum of 1.6 pips, and ECN accounts, whose fees are far more competitive at 0.1 pips. This being said, the ECN accounts also bear a commission of $2 per lot, which needs to be factored in when determining the overall cost of a trading transaction. For more seasoned and experienced traders, FXTM also offers an ECN Pro Account with no commission and tight spreads as low as 0 pips, though this type of account requires a hefty minimum deposit of $25,000.
In terms of non-trading fees, FXTM charges no account or deposit fees, though fees are incurred with most withdrawal methods available. Moreover, clients are also charged $5 per month after six months of inactivity of their trading account.
The popular MetaTrader 4 platform is the only trading platform offered by FXTM, and though this is the platform of preference by the majority of clients and brokers across the globe, some criticize the fact that FXTM does not also support the newer MT5 platform, nor has it developed an in house platform, even as a white label. The broker’s leading industry position comes with expectations that are not fully met in this regard. However, the MT4 is available for PC and Mac, with desktop of web-based versions, which allow trading from any operating system and any smart device, even while on the go, since clients can also download the FXTM Trader App, which is available for both iOS and Android devices. Moreover, the platform includes many useful tools which enhance the overall user experience and help clients trade better, such as an orders indicator, a pip value calculator, and pivot points strategy.
The provision of solid education on the financial markets and how to trade them is a definite strong point for FXTM, since it offers its clients a dedicated area where they can learn through a wide variety of methods and sources, such as through:
FXTM truly excels in terms of its research offering to its clients, since there are new items on the current market analysis being added on a daily basis. Often touching upon technical analysis aspects, these daily written pieces are usually concentrating on macroeconomic and/or geopolitical developments and their impact on the financial and trading markets, thus allowing traders to make wiser trading decisions. Market analysis videos are also produced and published on a weekly basis, coupled by monthly market outlook video reports, which set the scene on upcoming conditions. Moreover, clients can also access an economic calendar and consult the scrolling forex news timeline anytime they wish. Overall, the FXTM research offering is comfortably above the industry standard, though it could perhaps be further enriched with a greater focus on technical analysis.
Personalized support from an Account Service Manager is readily available for FXTM account holders, while FXTM customer support agents may be contacted via email and phone, as well as live chat and through their mobile app and their accounts in Facebook Messenger, WhatsApp, Viber, and other social media. Support is available on a 24/5 basis, but it would be better if customers could also reach out for help or guidance during the weekends as well. A strong point of the customer support level at FXTM is the multiple languages it is available in, which currently stand at the impressive number of 18 different languages, including Arabic, Czech, Chinese, English, Farsi, French, Hindi, Indonesian, Italian, Korean, Malaysian, Polish, Russian, Spanish, Urdu and Vietnamese.
|#||Broker's Features||FXTM Availability|
|#||Accepts US traders||❌|
|#||24 hour trading||✔|
|#||Trading by phone||✔|
|#||1st deposit bonus||❌|
|#||Forex contests competitions||✔|
|#||Interest charges on the balance||❌|
|#||24 hour support||✔|