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FXTM Trading Overview
FXTM is among the major leagues as far as Forex trading is concerned. ForexTime has managed to become a leading retail FX & CFD broker within a short span of time. It is usually difficult for a company to achieve success in the highly competitive Forex market, as several factors contribute towards a company’s popularity among retail traders. FXTM has managed to meet its clients’ expectations by simply offering a tried and tested Forex trading platform, which is indeed a significant representation of the company’s commitment towards customer satisfaction.
FXTM Forex trading accounts are suitable for both novice and experienced investors, with the broker dedicating different account packages for the various categories of traders. ForexTime is a successful CFD brokerage that not only concentrates on a reliable brokerage platform but also ensures that its traders receive a professional trading experience that is devoid of any conflict of interest.
Broker Locations & FXTM Regulation
Forex Time Limited accepts only Clients who reside in EEA as well as South Africa (it does not accept any Clients from the remaining third countries). FXTM is based out of Cyprus and has a valid regulatory license from the Cyprus Securities and Exchanges Commission (CySEC). The CySEC is an EU authorised financial regulatory organisation that follows a standard framework derived from the Markets in Financial Instruments Derivatives (MiFID) of the European Union. Forextime Limited is also licensed by the FSCA of South Africa, with FSP No. 46614.
The EU guidelines are pretty stringent for Forex brokers, as there are various regulatory requirements issued to companies that promote financial transparency and security of investments. Under the CySEC guidelines, FXTM should hold at least 730 000 EUR in operating capital, and submit periodic audit reports to the CySEC to ensure that all financial transactions comply with the current rules. The CySEC has also made it mandatory for the company to avoid mixing its operating capital with clients’ funds, which is achieved through segregation of clients’ funds and holding them in separate accounts. Therefore, in the event of broker insolvency, FXTM is able to compensate its traders in a fair manner.
The CySEC is also home to the Investor Compensation Fund (ICF), which provides compensation of up to €20,000 to qualified investors in the event of broker insolvency. The ICF covers eligible investors from the European Union under the European Economic Area (EEA) agreement, which allows FXTM to cater to all member nations of the EU without any additional licenses. However, for international traders, FT Global Limited (part of FXTM brand) is regulated by the International Financial Services Commission (IFSC) of the Belize. Therefore, it is indeed safe to assume that FXTM is one of the safest and highly regulated Forex brokers in the industry.
The company still has a long way to go before it can be considered as a truly mainstream Forex broker. FXTM Brand started offering its services only in 2011 and has indeed managed to expand to all major markets.
FXTM Financial Instruments
FXTM is one of the best Forex brokers in the market at present if your main concern is to choose a broker that offers a wide assortment of financial instruments. Normally, Forex brokers only offer access to the most popular currency pairs and commodities, but modern brokers understand the need of investors to branch out to different financial markets. Therefore, as a CFD broker, FXTM has offered numerous financial instruments from the stocks and indices market, which is really a huge benefit of choosing FXTM for your FX and CFD trading requirements.
Forex: AUDJPY, AUDUSD, CHFJPY, EURAUD, EURCAD, EURCHF, EURGBP, EURJPY, EURUSD, GBPAUD, GBPCAD, GBPCHF, GBPJPY, GBPUSD, NZDJPY, NZDUSD, USDCAD, USDCHF, USDJPY, AUDCAD, AUDCHF, AUDNZD, AUDSGD, CADCHF, CADJPY, CHFSGD, EURNOK, EURNZD, EURSEK, EURSGD, GBPNZD, GBPSGD, NZDCAD, NZDCHF, NZDSGD, SGDJPY, USDHKD, USDNOK, USDSEK, USDSGD, CHFNOK, CHFPLN, EURHKD, EURPLN, EURTRY, GBPDKK, GBPHUF, GBPNOK, GBPPLN, GBPSEK, USDCNH, USDCZK, USDHUF, USDMXN, USDPLN, USDTRY, USDZAR
Commodities: UK Brent (Spot), US Crude (Spot), US Natural Gas (Spot)
Indices: Australia 200, France 40, Germany 30 (Mini), Hong Kong 50, Japan 225, US Tech 100 (Mini), US SPX 500 (Mini), Spain 35, Europe 50, UK 100, Wall Street 30 (Mini), Gold Bullion
Spot Metals: Silver vs. Euro, Silver vs. US Dollar, Gold vs. Euro, Gold vs. British Pound, Gold vs. US Dollar
Stocks: Altaba Inc, AMERICAN AIRLINES GROUP, APPLE, ABBOTT LABORATORIES, ADOBE SYSTEMS, AMERICAN EAGLE, AMERICAN CAPITAL AGENCY, American International Group Inc, APPLIED MATERIALS, AMGEN, Amazon.com Inc, ANADARKO PETROLEUM, ASCENA RETAIL GROUP, ACTIVISION BLIZZARD, AVAGO TECHNOLOGIES, American Express Company, ALIBABA GROUP HOLDING LTD, Bank of America, BED BATH & BEYOND, BAKER HUGHES A GE CO, BAIDU, BANK of NEW YORK MELLON, BP, BOSTON SCIENTIFIC, BLACKSTONE GROUP, CITIGROUP, CA, Caterpillar Inc, CADENCE DESIGN SYSTEMS, CELGENE, Citizens Financial Group, Inc., CONTINENTAL RESOURCES, CENTERPOINT ENERGY, CABOT OIL & GAS, CONOCOPHILLIPS, COSTCO WHOLESALE, CISCO, CTRIP.COM INTL, COGNIZANT TECH SOLUTION, CVS CAREMARK, Chevron, CYPRESS SEMICONDUCTOR, DELTA AIR LINES, DuPont, Walt Disney Company, DOLLAR TREE STORES, THE DOW CHEMICAL, DEVON ENERGY, ELECTRONIC ARTS, eBay Inc, ENDO PHARMACEUTICALS HOLDINGS, ENTERPRISES PRODUCTS PARTNERS, EXPRESS SCRIPTS, ENSCO, ENERGY TRANSFER EQUITY, ENERGY TRANSFER PARTNERS, EXELON, FORD MOTOR, Facebook Inc, Fitbit Inc., FIFTH THIRD BANCORP, FLEXTRONICS INTL, Twenty-First Century Fox, Inc., Twenty-First Century Fox , Inc. (A), FIRST SOLAR, General Electric Corporation, GOLDCORP, GILEAD SCIENCES, GOLAR LONG, CORNING, GENERAL MOTORS, Alphabet Inc, GAP, Halliburton Company, HUNTINGTON BANCSHARES, Hilton Worldwide Holdings Inc., Hewlett-Packard Company, HOST HOTELS & RESORTS, HERTZ GLOBAL HOLDINGS, HORIZON PHARMA, Intel Corporation, JETBLUE AIRWAYS, JD.com, Inc., Johnson & Johnson, JUNIPER NETWORKS, JPMorgan Chase & Co, KEYCORP, The Kraft Heinz Company, KINDER MORGAN, Coca-Cola Company, THE KROGER, LendingClub Corporation, LULULEMON ATHLETICA, SOUTHWEST AIRLINES, MACY'S, MATTEL, McDonald’s Corporation, MONDELEZ INTERNATIONAL INC, MEDTRONIC, METLIFE, Altria Group Inc, MOSAIC, MARATHON PETROLEUM, MARKWEST ENERGY PARTNER, Merck & Co Inc, MARATHON OIL, MORGAN STANLEY, Microsoft Corporation, MICRON TECH, MAXIM INTEGRATED PRODUCTS, MYLAN, Navient Corporation, NOBLE, NEWMONT MINING, NETFLIX, NIKE, NATIONAL OILWELL VARCO, NRG ENERGY, NETAPP, NUANCE COMMUNICATIONS, NVIDIA, NEWELL RUBBERMAID, NEWS CORP, ON Semiconductor Corp., Oracle Corporation, OCCIDENTAL PETROLEUM, PANDORA MEDIA, PLAINS ALL AMERICA PIPELINE, PEOPLES UNITED FINANCIAL, PACCAR, Pfizer Inc, Procter & Gamble Company, POTASH CORP of SASKATCHEW, PATTERSON-UTI ENERGY, PayPal Holdings, Inc., QUALCOMM Inc, Liberty Interactive Corporation, TRANSOCEAN, ROSS STORES, RANGE RESOURCES, Starbucks Corporation, CHARLES SCHWAB, SCHLUMBERGER, Snap Inc., STAPLES, SUNPOWER, STEEL DYNAMICS, SEAGATE TECH, SKYWORKS SOLUTIONS, Synchrony Financial, SYMANTEC, AT&T Inc, TerraForm Power, Inc., TESLA MOTORS, TAIWAN SEMICONDUCTOR, TWITTER Inc, TIME WARNER, UNION PACIFIC, URBAN OUTFITTERS, US BANCORP, Visa Inc, VIACOM INC CL B, VALERO ENERGY,VODAFONE GROUP PLC, VALEANT PHARMACEUTICALS, Verizon Communications Inc, Walgreens Boots Alliance Inc., Wells Fargo Company, WHOLE FOODS MARKET, WHITING PETROLEUM, THE WILLIAMS COMPANIES, Wal-Mart Stores Inc, WYNN RESORTS, ExxonMobil Corporation, XEROX, YANDEX, ZIONS BANCORP
Although FXTM offers a remarkable choice of tradable assets, traders should not be compelled into choosing a large number of instruments for their trading portfolio. In fact, you should only choose a handful of assets that offers you a comfortable trading experience. Of course, professional traders do have the ability to choose from multiple assets, which is indeed the main reason behind ForexTime’s collection of financial instruments.
FXTM Spreads, Leverage, & Account Conditions
The FXTM leverage spreads, and minimum deposit requirements are simply far superior to some of the more conventional offerings from the other established brokers. To be precise, FXTM has an account for every need, including a wide range of dealing desk and Direct Market Access (DMA) accounts. Traders who are looking for a stable set of conditions that are offered by a dealing desk protocol can choose the Standard account, where all orders are transmitted through the broker’s dealing desk Forex protocol. The dealing desk accounts, also known as Standard accounts, offer CFD products, where the trading conditions vary according to the minimum investment.
The FXTM Cent account is the most suitable account for retail traders, which requires an FXTM minimum deposit of just $5. Traders can trade in micro lots using a maximum leverage of 1:30 (depending on country of residence & experience) for FX. All orders are executed instantly at dealing desk conditions, and the spread is, of course, higher than DMA accounts. Regardless, the Cent account offers a highly competitive spread of 1.5 pips, which is quite attractive in terms of the competition.
The Standard account is a slightly more expensive option with a minimum deposit of $100, but the spread is lowered to a minimum of 1.3 pips. The leverage and trading conditions remain identical; however, there are a few changes in the maximum trade volumes and the maximum number of simultaneous orders. The Shares account is designed exclusively for stocks and indices trading, which has a minimum deposit requirement of $100. The margin requirement varies from 3% to 10% and is entirely dependent on the instrument.
There are four different ECN account packages, which offer trading services through the Non-Dealing Desk (NDD) protocol. Direct market access trading is the most preferred protocol among professional traders, as all orders are sent to a liquidity provider without any broker intervention. The ECN Zero is the least expensive DMA account, which requires only a $200 minimum investment. Traders get access to highly competitive spreads starting from 0.5 pips, without any commissions charged per trade. If you are looking for raw spreads and a 0 pip spread trading account, both the ECN Standard and the ECN MT5 accounts offer highly competitive spreads at the expense of a $2 commission per lot. The minimum deposit for these accounts is $500, which is slightly expensive when compared to the regular ECN zero spread accounts offered by competing brokers.
For VIP trading conditions that promise zero commission, 0 pip spread, and overall better trading conditions, the FXTM Pro account is available for a minimum deposit of $25,000. Regardless, the basic ECN or DD accounts should offer all the essential trading tools for regular traders. Traders can also choose to make a transaction for deposits or withdrawals through numerous payment options, including Skrill, WebMoney, Neteller, credit/debit cards, and bank wire transfer.
Forex brokers do not provide a bonus. FXTM does not provide any free money, primarily due to its regulatory standing, but it is also difficult for the company to maintain its credibility if it deals in promotions. Nevertheless, the broker offers loyalty program to its Professional/Elective Professional Clients were Terms and Conditions apply.
With the availability of both the MT4 and the MT5 platform for FXTM users, the broker has catered to the needs of its clients by offering two of the most popular Forex trading platforms in the market. The MetaTrader4 continues to be the most widely adopted trading platform, but the MT5 promises more features, along with ECN functionality built into the terminal. The MT4 has recently received an update, which allows FXTM to offer shares and indices along with the traditional Forex and commodities products.
Traders can also choose to trade on the FXTM demo platform to get acclimatised with the MetaTrader interface before trading on a real account. FXTM offers a free virtual account with up to $1 million in virtual currency, which provides numerous options for traders to properly evaluate FXTM’s services before signing up for a live trading account. FXTM platforms offer the best in performance and reliability, by connecting traders to high-speed trading servers and advanced protocols for the lowest latency and on-time market execution.
FXTM Mobile Apps
FXTM does not have to spend any money on developing a proprietary mobile trading app, as the MT4 and the MT5 terminals are available for both the iOS and Android operating systems. The MetaTrader is indeed a top trading interface for smartphones and tablets, with traders receiving constant updates from the app developer. FXTM also allows its traders to access their accounts on the MT4 WebTrader, but the mobile apps are more than adequate for mobile traders.
FXTM Customer Service Department
ForexTime is a regulated company, which reflects in its dedication to maintaining an excellent customer service department. Traders can contact the broker through several different interaction channels that include live chat, phone, email, and web contact form. The broker has installed dedicated customer hotline numbers across Europe and Africa, which can offer trading assistance, account information, and the ability to close trades through a dedicated dealing desk. FXTM also offers account management services for its ECN account holders, but the Pro accounts get far superior account management than the smaller account categories.
FXTM Education & Market Information
Beginner traders can take advantage of the excellent training resources offered by FXTM, which offer advanced lessons, videos, and tutorials for novice traders. The broker also provides a dedicated trading resource for professional traders, which provide advanced trader information such as market analysis, forecasts, seminars, webinars, and trading strategies. ForexTime has made all of these resources available to every account holder, which ensures that traders are not discriminated according to their account status or trading capital.
FXTM Review Verdict
- Traders get access to both Dealing Desk and ECN accounts.
- The minimum deposit is $5 for a Cent account.
- More than 250 instruments available for trading.
- Competitive spreads and commissions.
- Traders can trade either through the MT4 or the MT5 platform.
- Professional and competent customer service.
- FXTM does not accept traders from third countries (apart from South Africa).
- The VIP FXTM Pro account is expensive.
- ForexTime does not provide any bonus.
Is FXTM A Scam?
FXTM is a genuine Forex brokerage with regulatory licenses from Cyprus, UK, Belize, and South Africa. FXTM is not a scam broker.
How Does FXTM Protect Your Trading Captial?
FXTM segregates its clients’ funds from its core operating account, thereby offering better security of funds against broker misuse. The ICF also offers a compensation package of up to €20,000 for qualified investors in the event of liquidation of the broker without warning.
Does FXTM Provide An ECN Account?
Yes, FXTM provides four different categories