FXTM (ForexTime) Review

Broker FXTM (pronounced “ForexTime”) started in 2011. It provides an opportunity to make a profit through active trading or investment programs. The company is regulated by CySEC (Cyprus Securities and Exchange Commission), South African FSCA (Financial Sector Supervision Authority), UK FCA (Financial Conduct Authority), and  (Mauritius Financial Supervisory Commission). The broker has received many awards, including “Best Trading Conditions” (2018, 2019) and “Most Innovative Broker” (2018).
 

 

 

 

 

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Account types

Accounts are divided by standard accounts and ECN accounts. Standard accounts are divided in the standard account, cent account and the stock CFD account. The first two offer FXTM demo accounts. All demo accounts have instant order executions, but vary on the account currencies, trading instruments and trading platforms.

ECN accounts are divided into stocks account, FXTM pro account, ECN account, and the ECN zero account. The last two have FXTM demo accounts. It could be important to look at the pricing on each of the ECN accounts since it varies depending on the account, the platform and pairs.

Trading platforms

FXTM offers traders the MT4/MT5 trading platforms and has developed its proprietary mobile app, FXTM Trader. It upgrades MT4 with six plugins plus its Pivot Points Strategy, featuring live updates and commentary from the FXTM Head of Education, and the mobile app is user-friendly and easy to use. I like that FXTM invested in MT4 upgrades. They ensure traders have an edge versus the out-of-the-box versions most brokers offer.

Spreads & Commission

Commission percentages are relatively low for Forex traders and around the industry average for CFD trades. With ECN account options, spreads can be as low as zero pips, along with low commissions of $0.2 per lot. With the Standard Account, spreads start a little higher, but remain very competitive.

In this respect, FXTM is a good provider to trade with.

Please note that spreads are floating and they may increase during specific periods of the day depending on the market conditions.

Fees

The company does introduce a number of additional charges that, if they are applied, can make them an expensive choice. For example, there is an inactivity fee, which means that if your account isn’t used for a period of time, a charge is levied.

Leverage

Leverage rates vary depending on the trade being considered.

For the majority of the major Forex pairs, leverage is set at 1:30. These include trades major pairs, such as EURUSD. This is a level imposed by ESMA regulation and is the same across most regulated brokers.

For less commonly traded pairs (minor Forex pairs), leverage is set at 1:20. Such pairs include AUDCAD, EURNOK, EURAUD, NZDUSD, EURPLN and USDSGD.

Metals leverage is as follows: 1:20 for XAUEUR, XAUGBP and XAUUSD. For XAGEUR and XAGUSD, the leverage is 1:10.

Leverage is offered on some indices. For example: 1:5 on USTech100(mini), 1:10 on Spain35

Commodities: leverage of 1:10 is offered on US crude as a spot commodity.

Leverage of 1:5 is offered on CFD US shares.

Note that leverage is not automatically agreed. FXTM will agree leverage based on individual experience, previous trading record, degree of customer loyalty and various other factors.

Trading instruments

FXTM is one of the rare brokers that offer more than 250 trading instruments to their clients, including:

• 57 currency pairs with a leverage up to 1:1000. These include liquid pairs like EUR/USD and GBP/USD, but also exotic pairs like EUR/HKD (Hong Kong dollar), USD/ZAR (South African rand), USD/TRY (Turkish lira), USD/MXN (Mexican peso), USD/PLN (Polish zloty), USD/HUF (Hungarian forint), USD/CZK (Czech koruna), and USD/CNH (Chinese yuan).
• Gold and silver as spot metals.
• 180 company shares CFDs (Contracts for Difference). These include companies like Alibaba, Amazon, American Express, and many more.
• 3 CFD commodities. These are the three most-traded commodities such as US Natural Gas, UK Brent, and US Crude.
• 11 Indices CFDs. These include the larges indices worldwide like Dax 30, UK 100, SPX500, etc.
• 3 cryptocurrency CFDs; bitcoin, ethereum, and litecoin.

It is worth noting that when you invest in CFDs on FXTM, you do not own the stocks, the commodities, or cryptocurrencies. Instead, you agree to pay the price difference (either negative or positive), between the price of the instrument at the moment of buying it and the current price, to the broker.

FXTM copy trading

FXTM offers another version of social trading, called copy trading. The concept behind it is the same as FXTM Invest, with only one difference – copy trading is provided by the MQL5 community. This type of copy trading is supported by MetaTrader 4 and Metatrader 5 platforms natively, so you will need to open a trading forex account if you are to use this service. Unlike FXTM’s social trading, their copy trading does not require you to have an investment account.

FXTM deposit and withdrawals

Whether you plan to trade manually or use robo advisors, or simply looking to open a social trading account, FXTM has you covered. They offer three major ways for depositing and withdrawing funds:

• With credit/debit cards, such as Visa, MasterCard, China Union Pay.
• Through bank transfer. Unfortunately, they only accept SettleGo transfer in EUR currency.
• With e-wallets. These include Skrill/Moneybookers, Dixipay, Neteller, Payza, OKPay, Alfa-Click, WebMoney, Perfect Money, Bitcoin, and Bitcoin via Skrill, and they have the lowest fees.

FXTM Customer Support

FXTM is one of the rare forex brokers and social trading platforms with so many ways to contact their support. And it’s not just that, but their support response is unbelievably fast and their answers are to-the-point, although sometimes it does seem as if you are talking to a robot with pre-defined answers. Also, their live chat is available in 17 languages.

They have 2 UK phone numbers, available 24/5, and a call back option; they also have a web-based enquiry form, which should be used only if the issue cannot be resolved by the live chat representatives; and five live support contact options, such as Viber, Live Chat, Whatsapp, Telegram, and Facebook, for quick inquiries.

Because of all these options, there is basically no waiting time on either of their channels.

FXTM Short Review

 

Final Thoughts