FXTM Review

fxtm logo

Although FXTM was founded in 2011 and is considered a relatively young broker in the financial industry, the FXTM brand is well known among traders from all over the world. This is because FXTM has set out with a vision to provide its clients with state of the art trading platforms, superior services, excellent trading conditions and comprehensive educational package. In short, this broker has been able to cater to the needs of all categories of traders regardless of whether they are novices or experienced traders. In addition, FXTM is constantly striving to improve itself with new market innovations and exciting offers for the benefits of its traders.


Over 200+ instruments to trade withAttractive bonuses and trading contest prizesCompetitive trading conditionsClaim Bonus!

Company information

As mentioned earlier, the FXTM was established in 2011. However, it should be noted that the FXTM brand is managed by different companies in different jurisdictions and regulated by different regulatory agencies around the world. In Europe, FXTM is managed by ForexTime Limited, a Cyprus Investment Firm (CIF) regulated by the Cyprus Securities Exchange Commission (CySEC) under the license number 185/12 (2012). . For South Africa, FXTM is also under ForexTime Ltd and is authorized by the Financial Sector Conduct Authority (FSCA) with FSP registration No. 46614. The company is also registered with the UK’s FCA with the registration 600475.

Apart from ForexTime Ltd, the FXTM brand is also managed by a sister company in the UK under ForexTime UK Limited. Its FCA license is 777911. To cater to its global clientele base, the FXTM brand for the global market is managed by FT Global Ltd, an offshore International Business Corporation based in Belize and is under the regulatory oversight of the International Financial Services Commission of Belize under the license number IFSC/60/345/TS and IFSC/60/345/APM. International clients of FXTM while they might not have the added protection of the UK’s Financial Services Compensation Scheme or the Cyprus’ Investors Compensation Scheme, they still can refer any disputes with FXTM to the Financial Commission, an External Dispute Resolution (EDR) body.

Over the past several years since FXTM first became operational, it has bagged several awards that acknowledges the high quality services that the broker is contributing to the industry.

fxtm

For example at the MENA 13th forex show held in Dubai in 2014, FXTM won the award of being the “Fastest Growing Broker” as well as the broker with the “Most Innovative Product”.  In 2018, FXTM bagged awards from international financial industry reviewer WORLD FINANCE for being the “Best Fx Broker Asia” and the broker with the “Best Trading Conditions”. Other awards which FXTM has managed to bag in 2018 include “Best Forex Education Provider Africa” from International Business Magazine, “Best Forex Broker Russia” from FXDAILYINFO and “Most Innovative Broker” from FXEMPIRE. There is no doubt that these awards helps to demonstrate the fact that FXTM is one of the forex brokers in the industry that manages to live up to its corporate philosophy.

Assets available

In terms of trading assets that are available t FXTM, the broker offers trading in 6 different asset classes. They include the spot forex market, the spot metal market, CFDs on commodities, CFDs on market indices, CFDs on shares and CFDs on cryptocurrencies. The table below shows the full list of assets currently offered by FXTM for trading.

As for the trading costs, FXTM charges a mix of commissions and spreads on the trades that are executed on FXTM’s trading platforms. For the commission trading, FXTM charges $2 per lot for ECN trading. As for the spreads offered by FXTM, they are extremely competitive and can goes as low as 0.1 pip depending on the type of trading account used by the trader.

On the types of trading account offered by FXTM, they consist of the two main types, standard accounts and ECN accounts.

Standard Accounts:

  • Cent Account (Minimum deposit of $/€/£ 5, ₦1 000)
  • Standard Account (Minimum deposit of $/€/£ 100, ₦20,000)
  • Shares Account (Minimum deposit of $/€/£ 100, ₦20,000)

ECN Accounts:

ECN Zero Account

  • $/€/£ 200, ₦20 000 Minimum deposit
  • Commission Free trading

ECN Account

  • $/€/£ 500, ₦20,000 Minimum deposit
  • $2 commission per lot

FXTM Pro Account

  • $/€/£ 25 000 Minimum deposit
  • Commission Free Trading

Bonuses & VIP programs

fxtm

For bonuses, FXTM has several attractive bonuses offers. For traders in South Asia, Greater China Region and Africa, FXTM is offering a 30% deposit bonus until 31st March 2019. For traders in the Middle East, FXTM is offering a 10% deposit bonus. The offer is also valid until 31st March 2019. In addition to the deposit bonuses, there is a $30 trading credit when you switch to FXTM. For loyal FXTM traders, the broker offers the FXTM Loyalty Cashback program where loyal traders can earn rebates on their trading cost.

Apart from bonuses, FXTM is currently holding a Demo Trading Contest with a collective prize pool of $40,000.

fxtm4

For trading platforms, FXTM use the industry proven MetaTrader 4 and MetaTrader 5 trading platforms. These platforms are available as a desktop client or as a WebTrader for both PC based computers or Mac computers. Both the MT4 and MT5 trading platforms are popular among traders as they come integrated with a wide range of trading tools. In addition, these trading platforms are able to support automated trading. Apart from these dedicated trading platforms, FXTM also offer its clients to join in its cutting edge Copy Trading Programme. With this program, a trader will the opportunity to copy the trades of the top performing traders.

Mobile

For traders who want to trade while they are on the move, FXTM has also provided them with mobile apps for the MT4 and MT5 trading platforms. These apps can be downloaded for free from Google PlayStore or Apple App Store.

Deposits and withdrawals

For deposits and withdrawals, FXTM supports the following deposit methods in addition to VISA, Mastercard, UnionPay and Maestro

  • FasaPay
  • Ghanan Local Transfers
  • Nigeria Local Bank Wire Transfer
  • Indonesian Local Transfer
  • Algerian Local Transfers
  • Kenyan Local Transfers
  • Local transfer for India and Pakistan
  • Online Banking Malaysia
  • Online Banking Indonesia
  • Local Exchange House
  • Afghani Local Transfers
  • Laos Local Tranfers
  • Baokim
  • Nganluong (E-wallet & banking channel)
  • GlobePay
  • Egypt Local Transfer
  • Bangladeshi Local Transfer
  • Iraqi Local Transfers
  • Online Banking Vietnam
  • Online Banking Thailand
  • China Online Banking (P)
  • Tanzanian Local Transfers

Processing of withdrawals with the above mentioned methods takes from one business day to two business day. Overall, FXTM processes all withdrawal requests expeditiously.

Customer support

The customer support services at FXTM are available 24 hours a day from Monday to Friday. It is also available in multiple languages. Traders can reach out to the support team through email, live chat or the telephone. For the following countries listed below, localised telephone support is available:

  • China
  • India
  • Indonesia
  • Malaysia
  • Nigeria, Abuja
  • Nigeria, Lagos
  • South Korea
  • Thailand

Extra features and resources

For the benefit of their traders, FXTM has also provided them with additional trading tools that will help them further their trading objectives.  They consist of the following:

  • Currency Converter
  • Daily Market Analysis
  • Economic Calendar
  • Forex News Timeline
  • FXTM Pivot Point Strategy
  • FXTM Trading Signals
  • Invest Profit calculator
  • Margin Calculator
  • Pip Calculator
  • Profit Calculator

With the Daily Market Analysis, traders can get insights on the current development in the market. The economic calendar depicts all the major upcoming economic events that can trigger movements in the markets. Tools like the FXTM Trading Signals and FXTM Pivot Strategy are designed to help traders sharpen their trading skills.

Verdict

Pros:

  • Competitive spreads and commissions
  • Copy Trading supported
  • Different types of trading accounts available
  • Reputable and Regulated Broker
  • Wide choices of trading assets

Cons

  • None

FAQ

Can I trust FXTM?

Yes, FXTM is an international broker with offices around the world.

How can I open an account at FXTM?

To open an account at FXTM, you need to first fill up the registration form and submit it with all the required documentations needed for account verification.

How do I fund my account?

You can fund your trading account through your credit/debit card, bank wire transfer (local or international) and through ewallets.

Is FXTM a scam?

No, FXTM is not a scam. It is a legitimate broker that has been operational since 2011. The broker is also regulated in several jurisdictions such as in Cyprus, UK and South Africa.

Where is FXTM based at?

FXTM’s main registered address is at Tassou Papadopoulou 6, Flat /office 22, Ag. Dometios, 2373, Nicosia, Cyprus.