ForexTime (FXTM) has a professionally designed website with an excellent layout and a highly user-friendly interface that is guaranteed to impress a first time visitor. The broker has all the makings of an excellent company, which is further strengthened by their partnership with base jumping legend Valery Rozov. ForexTime has lots of trading benefits that has managed to capture a significant share of the retail trading market, but there are also a few negative factors that will be discussed thoroughly in this FXTM Review.
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History Of The Broker & ForexTime Regulation
ForexTime, or FXTM, is the financial trading arm of FT Global Services Ltd, a company situated in Cyprus and regulated by the CySEC regulatory authority. FT Global Services Ltd oversees a multitude of activities in the capital markets and offers several financial services for traders and investors throughout the world. ForexTime launched its FX operations way back in 2011 and actively promotes the brand to establish a strong presence in the global financial markets. Over the years, ForexTime has received numerous awards for being the fastest growing Forex broker in Europe, Middle East, Asia, and Africa.
ForexTime has another office located in Belize; therefore, FXTM is also regulated by the IFSC regulatory agency. Belize is a holiday destination situated in Central America and is considered to be a tax haven. Belize has proven to be one of the most attractive retirement investment options, and the country has a thriving community of retirees from all over the world. But as far as Forex trading is concerned, CySEC regulation should offer plenty of protection for traders in the market regarding the safety of funds and protection against broker problems. All CySEC regulated brokers are thoroughly governed to prevent trading misconducts, and companies are required to submit period audit reports to the CySEC to ensure that all financial transactions are reported to the relevant authorities.
FXTM does not cater to any traders originating from US, Japan, or other countries outlined in the UN sanction list such as Iraq and Iran. ForexTime claims to be one of the fastest growing FX brokers, and if they are looking for market domination, they should certainly look ahead and set up base in countries such as the US, Australia, and Japan. The broker should replicate its competitors’ strategy of having a license and regulatory status from agencies such as CFTC, NFA, FCA, and ASIC. Improved FXTM regulation will not only help in opening up their services to a huge demographic, but it will also help in enhancing trust among new clients.
A Comparison Of The Different ForexTime Trading Accounts
ForexTime has one of the largest varieties of trading accounts that are surely going to give a hard time for traders when it comes to making a choice. Primarily, FXTM accounts are split up into two different types, known as the Standard Market Maker and the ECN accounts. The Market Maker (standard) accounts are further divided into three separate categories, the Standard, the Cent, and the Shares account.
The Standard account is available with USD, EUR, and GBP as base currencies, and requires a minimum deposit of $100. The maximum leverage is 1:1000, which is an enormous amount of margin provided to traders to trade the currency markets. The high leverage is bound to throw up a significant chunk of losing trades and account wipeouts, but for those who are seeking a higher leverage, ForexTime has surely picked it up a notch. The absolute minimum spreads for the Standard account is 1.3 pips, which is just about the average spread for market maker and STP platforms. The trading instruments include 57 currency pairs, five precious metals, and 14 CFDs.
The Cent account is essentially a micro account that has a minimum deposit of $5 and the spreads starting from 1.5 pips. The Cent account also has limited access to trading instruments, which include 25 currency pairs, gold, and silver trading. However, the maximum leverage is still 1:1000 for currency pairs and 1:500 for gold and silver. The Share account is dedicated to shares CFD trading, and has a margin allowance of 3% to 10%, while the spreads start from 0.1 pips. The ForexTime spreads for the standard accounts can be considered as average, but the ForexTime leverage is unquestionably on the higher side.
There are five different types of ECN accounts, namely the primary ECN account, the ECN Zero account, the FXTM ECN MT5 account, the Strategy account, and the FXTM Pro account. The FXTM spreads for ECN accounts range between 0 and 0.5 pips, while the minimum amount needed to open an ECN account is $200. The standard ECN and the ECN MT5 accounts have a commission of $2 per lot, while the other ECN accounts have no commission at the cost of a higher markup spread. The FXTM Pro account is the largest category of account that offers a VIP status with a minimum deposit of $25,000, which qualifies for the tightest spreads and no commission per trade. The maximum leverage for the Strategy and FXTM Pro accounts are also reduced to a maximum of 1:200.
ForexTime Trading Platforms, Customer Service, & Overall Verdict
MT4 and MT5 trading terminals serve as the core ForexTime platforms for trading the entire range of trading instruments currently offered by the broker. Both the platforms have their distinctive features and traders should demo trade the two platforms before opening a real live account. MT4 and MT5 mobile apps are available for both iOS and Android devices, which should make the job easier for traders who want to access the markets through the ForexTime mobile trading platform.
FXTM is home to an excellent customer service department that tends to its customers in a friendly and professional manner. The broker provides country-specific hotline numbers and email addresses for a speedy response to consumer complaints. There is also a live chat function, which is available for 24 hours a day and five days a week.
ForexTime has one of the most diverse ranges of deposit and withdrawal options and offers a standard account for as low as $5, which makes it well-suited for retail FX traders. The high leverage can prove to be risky for traders, and the lack of a regulatory status from institutions such as the FCA, the CFTC, and the NFA can be a major hindrance. Nevertheless, FXTM has been successful in maintaining a customer-oriented approach, which is the secret to achieving success in the FX markets.