FXTM Broker Review – pros and cons 2023

FXTM Broker Review: Uncovering Features, Platforms & Services

In this FXTM broker review, we will delve deep into the world of FXTM, a leading global forex broker known for its wide range of financial instruments, user-friendly trading platforms, and exceptional customer support. We’ll explore the various aspects that make FXTM a popular choice among traders and evaluate its advantages and drawbacks.

A Brief History of FXTM

Established in 2011, ForexTime, commonly known as FXTM, is a global online forex broker that has grown rapidly, offering a comprehensive range of trading services and financial instruments. FXTM is regulated by multiple jurisdictions, including the Financial Conduct Authority (FCA) in the UK, the Cyprus Securities and Exchange Commission (CySEC), and the Financial Services Commission (FSC) in Mauritius. These regulations ensure a secure trading environment and strong investor protection.

Trading Instruments and Account Types

Wide Variety of Financial Instruments

FXTM provides traders with access to a broad range of financial instruments, including:

• Forex: Over 60 currency pairs, including major, minor, and exotic pairs
• Commodities: Precious metals, energies, and agricultural products
• Indices: Access to global stock indices
• Stocks: Shares from leading companies across the world
• Cryptocurrencies: Several popular digital currencies
• CFDs: Contract for differences on various underlying assets

Flexible Account Types

FXTM offers a range of account types to suit different trading styles and requirements:

• Standard Account: Ideal for beginners and intermediate traders, offering instant execution and no commission on trades
• Cent Account: Designed for new traders looking to gain experience in a low-risk environment, with minimal deposit requirements
• ECN Account: For experienced traders, offering tight spreads and low commissions
• ECN Zero Account: Provides access to ECN trading conditions with no commission on trades
• Shares Account: Designed for traders interested in trading individual stocks, with access to over 180 US shares

Trading Platforms and Tools

FXTM offers traders the choice between the popular MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platforms, as well as their proprietary FXTM Trader mobile app. These platforms provide traders with advanced charting tools, a wide range of technical indicators, and support for automated trading strategies through Expert Advisors (EAs).

MetaTrader 4 (MT4)

MT4 is one of the most widely used trading platforms in the forex industry, known for its user-friendly interface, advanced charting capabilities, and extensive range of technical indicators. FXTM’s MT4 platform also supports one-click trading and automated trading through EAs.

MetaTrader 5 (MT5)

MT5 is an upgraded version of MT4, offering a wider range of trading instruments, more advanced charting tools, and additional order types. FXTM’s MT5 platform also supports hedging and provides access to an integrated Economic Calendar and Market Depth information.

FXTM Trader Mobile App

FXTM Trader is a proprietary mobile trading app available for iOS and Android devices, providing traders with access to their accounts and the ability to trade on-the-go. The app features real-time quotes, advanced charting tools, and a customizable interface, ensuring a seamless trading experience.

Education and Research Resources

FXTM is committed to helping traders of all experience levels develop their skills and knowledge. They offer a wide range of educational resources, including:

• Webinars: Regular live webinars covering various trading topics and strategies
• Video Tutorials: A library of educational videos on trading platforms, technical analysis, and fundamental analysis
• Ebooks: Comprehensive guides on forex trading, technical analysis, and risk management
• Market Analysis: Daily market analysis and news updates to keep traders informed about the latest market developments
• Glossary: A detailed glossary of essential trading terms and concepts

Customer Support

FXTM offers multilingual customer support via phone, email, and live chat. Their support team is available 24/5 to help traders with any issues or questions they may have. FXTM has a reputation for providing responsive and helpful support, ensuring a positive trading experience for their clients.

FXTM Broker: Pros and Cons

As a forex trader, it’s essential to choose a reliable and efficient broker to navigate the dynamic world of forex trading. One such broker that has gained significant popularity is FXTM (ForexTime). In this article, we will dive deep into the pros and cons of FXTM, providing you with the necessary information to make an informed decision about using their services.

Pros of FXTM Broker

Wide Range of Trading Instruments

FXTM offers an extensive selection of trading instruments for clients to choose from. Their offerings include:

• Forex: Over 60 currency pairs, including major, minor, and exotic pairs.
• Commodities: Precious metals, energies, and agricultural products.
• Indices: Major global indices, including the S&P 500, NASDAQ, and more.
• Stocks: Shares from leading global companies.
• Cryptocurrencies: Various digital currencies, such as Bitcoin, Ethereum, and Ripple.

Regulation and Security

FXTM is regulated by several reputable financial authorities, including:

• CySEC: Cyprus Securities and Exchange Commission
• FCA: Financial Conduct Authority (UK)
• FSCA: Financial Sector Conduct Authority (South Africa)

These regulatory bodies ensure that FXTM adheres to strict guidelines and maintains a high level of transparency and security, protecting clients’ funds and personal information.

Competitive Trading Conditions

FXTM offers competitive trading conditions to its clients, including:

• Low Spreads: Starting from 0.1 pips for major currency pairs.
• High Leverage: Up to 1:2000 leverage, depending on the account type and jurisdiction.
• Fast Execution: Trade execution within milliseconds, reducing the risk of slippage.
• Multiple Account Types: Choose from various account types, such as Standard, ECN, and Cent accounts, catering to different trading styles and preferences.

Educational Resources and Customer Support

FXTM offers a wealth of educational resources for traders of all experience levels, such as webinars, video tutorials, articles, and market analysis. Additionally, their customer support is available 24/7, providing assistance in multiple languages via live chat, email, and phone.

Cons of FXTM Broker

Geographical Restrictions

Due to regulatory restrictions, FXTM does not accept clients from certain countries, including the United States, Japan, and Canada. Traders from these regions will need to find alternative brokers to access the forex market.

Withdrawal and Deposit Fees

While FXTM offers a variety of payment methods for deposits and withdrawals, some of these methods may incur fees. For example, credit card withdrawals are subject to a 2% fee, while certain e-wallets charge a percentage-based fee for both deposits and withdrawals. It’s essential to carefully review the fees associated with your chosen payment method to avoid any unexpected costs.

Trading Platform Limitations

FXTM primarily offers the popular MetaTrader 4 (MT4) and MetaTrader 5 (MT5) trading platforms. While these platforms are widely used and offer various advanced trading tools, some traders may prefer other platforms with additional features or a more user-friendly interface. Additionally, FXTM’s proprietary mobile trading app may lack some of the functionalities found in other mobile trading apps.

Variable Spreads

Although FXTM offers competitive spreads, it’s important to note that their spreads are variable, meaning they can widen during periods of high market volatility or low liquidity. This may impact the cost of trading and could affect your overall trading performance.

Conclusion

In conclusion, FXTM is a reputable and well-regulated forex broker that offers a wide range of trading instruments, flexible account types, and user-friendly trading platforms. Their commitment to providing educational resources and exceptional customer support makes them a popular choice among traders of all experience levels. However, as with any broker, it’s essential to carefully consider your individual trading needs and goals before deciding if FXTM is the right fit for you.

FXTM Broker Common Questions from the Internet

In this comprehensive FAQ, we address the most frequently asked questions about FXTM broker found on the internet. From account types to trading conditions, we have covered all the essential aspects to help you gain a better understanding of this popular broker. Let’s dive in!

Table of Contents

• What is FXTM?
• What are the different account types offered by FXTM?
• What are the trading conditions at FXTM?
• What trading platforms does FXTM offer?
• Is FXTM a regulated broker?
• How is FXTM’s customer support?
• What are the deposit and withdrawal options at FXTM?

What is FXTM?

Founded in 2011, ForexTime (FXTM) is a global online broker offering trading services in forex, CFDs, and cryptocurrencies. FXTM is renowned for its client-centric approach, competitive trading conditions, and diverse range of educational resources. Catering to both beginners and experienced traders, FXTM provides multiple account types and trading platforms, ensuring a tailored trading experience.

What are the different account types offered by FXTM?

FXTM offers six different account types to cater to a wide range of traders:

• Standard Account: This account offers market execution, floating spreads starting from 1.3 pips, and no commissions on forex trading.
• Cent Account: Designed for beginners, this account has a minimum deposit of just $10, with floating spreads starting from 1.5 pips and no commissions on forex trading.
• Stocks CFD Account: This account is tailored for trading CFDs on stocks, offering access to over 400 US and European stocks with competitive commissions and market execution.
• ECN Account: This account offers direct access to the interbank market with spreads starting from 0.1 pips and a commission of $2 per lot, making it suitable for more experienced traders.
• ECN Zero Account: Similar to the ECN Account, this account offers access to the interbank market, but with no commissions on forex trading and slightly higher spreads starting from 1.5 pips.
• FXTM Pro Account: This premium account is designed for professional traders, offering raw spreads from 0 pips and no commissions on forex trading, as well as faster execution speeds and dedicated customer support.

What are the trading conditions at FXTM?

FXTM offers competitive trading conditions, including:

• Spreads starting from 0.1 pips (depending on the account type).
• Leverage up to 1:2000 for professional clients and up to 1:30 for retail clients (subject to regulatory restrictions).
• Access to a wide range of trading instruments, including forex, indices, commodities, and cryptocurrencies.
• Swap-free Islamic accounts available upon request.
• Free demo accounts for practicing and refining trading strategies.
• Fast execution speeds and low slippage rates.

What trading platforms does FXTM offer?

FXTM provides access to two popular trading platforms:

• MetaTrader 4 (MT4): A widely-used and reliable trading platform, MT4 offers advanced charting tools, customizable indicators, and the ability to use Expert Advisors (EAs) for automated trading.
• MetaTrader 5 (MT5): An upgraded version of MT4, MT5 includes all the features of its predecessor, as well as an expanded range of trading instruments, additional timeframes, and advanced order types.

Both platforms are available as desktop applications, web-based platforms, and mobile apps for iOS and Android devices, allowing traders to manage their portfolios on the go.

Is FXTM a regulated broker?

Yes, FXTM is a well-regulated broker with licenses from multiple reputable regulatory bodies, including:

• The Cyprus Securities and Exchange Commission (CySEC).
• The Financial Conduct Authority (FCA) in the UK.
• The Financial Sector Conduct Authority (FSCA) in South Africa.
• The Financial Services Commission of the Republic of Mauritius (FSC).

These regulations ensure that FXTM adheres to strict standards of transparency, financial security, and fair trading practices, providing a secure trading environment for its clients.

How is FXTM’s customer support?

FXTM offers multilingual customer support through various channels, such as:

• Email support.
• Live chat available 24/5.
• Telephone support with local numbers in several countries.
• Call-back requests.

Additionally, FXTM provides extensive educational resources, including webinars, articles, video tutorials, and a comprehensive glossary, to help traders enhance their knowledge and skills.

What are the deposit and withdrawal options at FXTM?

FXTM offers a wide range of deposit and withdrawal options for the convenience of its clients, including:

• Bank wire transfers.
• Credit and debit cards (Visa, Mastercard, Maestro).
• Electronic payment systems (Skrill, Neteller, WebMoney).
• Cryptocurrency wallets (Bitcoin, Ethereum).
• Local payment methods (depending on the client’s country of residence).

Processing times and fees may vary depending on the chosen method. Most deposit methods are processed instantly, while withdrawals typically take between 24 hours and 5 business days.