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FXTM Review 2024

Written By

Tobias Robinson

Written By

Tobias Robinson

Tobias is a partner at DayTrading.com, director of a UK limited company and active trader. He has over 25 years of experience in the financial industry and contributed via CySec to the regulatory response to digital options and CFD trading in Europe. Toby’s expertise and dedication to financial education make him a trusted voice in the industry, including a BBC investigation into digital options.

» Tobias Robinson Profile Page

Fact Checked By

William Berg

Fact Checked By

William Berg

William contributes to several investment websites, leveraging his experience as a consultant for IPOs in the Nordic market and background providing localization for forex trading software. William has worked as a writer and fact-checker for a long row of financial publications.

» William Berg Profile Page

Updated

Oct 21, 2024

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Overall Rating

4 / 5

FXTM is #103 in our CFD broker rankings.

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Customer Reviews

Regulation & Trust

4.3 / 5

Accounts & Banking

4 / 5

Assets & Markets

3.8 / 5

Fees & Costs

4 / 5

Platforms & Tools

2.8 / 5

Customer Support

3.8 / 5

Minimum Deposit $200

Trading Platforms FXTM Trader, MT4, MT5

Instruments CFDs, Forex, Commodities, Indices, Stocks, Crypto

Regulators FCA, FSC, CMA

Account Currencies USD, EUR, GBP, NGN

Payment Options Visa, Maestro, Mastercard, Debit Card, Wire Transfer, Skrill, Neteller

Awards

• Best Trading Experience 2021 - World Finance Awards
• Best Online Leveraged Trading Services 2021 - Global Business Awards
• Best Forex Education Partner Nigeria 2021 - World Business Outlook
• Best Trading Experience 2020 - World Finance Awards
• Best ECN Broker 2020 - DayTrading.com

Pros

• Beginners can access a strong range of free educational materials and short-term market insights, including a podcast hosted by the brand’s expert team
• FXTM offers free VPS hosting for active day traders looking for 24/7 uninterrupted connection with up to 99.9% uptime
• The broker delivers an excellent charting environment for day traders, with over 30 technical tools offered in the MT4 platform, plus a range of additional platform indicators for monitoring spreads, orders, pivot levels and more

Cons

• Spreads are mediocre in the commission-free accounts, with typical EUR/USD spreads around 1.9 pips - the industry average is around 1.2 pips
• It’s a shame that ETFs and bond products are not available, and the selection of stocks is not extensive compared to competitors like Blackbull
• Withdrawal fees apply, including a 30 EUR fee on bank wire withdrawals

Regulation & Trust

FXTM is trusted owing to its authorization from several financial bodies:

• Forextime UK Limited is regulated by the Financial Conduct Authority (FCA), firm reference number 777911. The FCA is a ‘green tier’ body in DayTrading.com’s Regulation & Trust Rating.
• Exinity Capital East Africa Ltd is regulated by the Capital Markets Authority (CMA) of the Republic of Kenya as a Non-Dealing Online Foreign Exchange Broker with license number 135. The CMA is a ‘yellow tier’ regulator.
• Exinity Limited is regulated by the Financial Services Commission (FSC) of the Republic of Mauritius with an Investment Dealer License bearing license number C113012295. The FSC is a ‘red tier’ regulator.

Traders under all entities benefit from negative balance protection and segregated client funds.

FTXM also uses Lloyds of London account insurance with up to $1 million in cover, while investor compensation offers protection in the event of broker insolvency.

Accounts & Banking

Live Accounts

FXTM offer two account types. All profiles offer access to fast execution speeds, a minimum order level of 0.01 lots and flexible leverage. Profiles can be tailored to suit individual requirements.

Advantage

The most popular account

• Stop out 50%
• Margin call 80%
• Market execution
• Access to all assets
• EAs allowed
• Scalping allowed
• Hedging allowed
• Spreads from close to 0.0 pips
• Unlimited open orders
• USD/EUR/GBP currency (plus NGN for Nigerian clients)
• $/€/£ 200 minimum deposit
• Commission fees vary depending on the asset, eg $3.50 per lot traded on forex

Advantage Plus

For experienced investors

• Stop out 50%
• Margin call 80%
• Market execution
• Access to all assets
• EAs allowed
• Scalping allowed
• Hedging allowed
• Zero commission fees
• Normal floating spreads
• Unlimited open orders
• USD/EUR/GBP currency (plus NGN for Nigerian clients)
• $/€/£ 200 minimum deposit

A halal swap-free, Islamic profile type is also available. In addition, a professional account is open to those that meet eligibility requirements.

Demo Account

FXTM offers a high-grade demo account that enables individuals to hone their trading skills before investing hard-earned cash.

Forex is traditionally seen as a risky form of trading, so making sure that you have the correct skills before beginning to “trade for real” is important.

Our experts found you can access unlimited virtual funds with flexible leverage in a simulated environment. A simple online registration form is required.

Demo accounts are available on all account types and trading platforms.

How To Sign Up For An FXTM Account

It is quick and easy to open a new account with FXTM, taking less than 10 minutes.

Complete the online application form. ForexTime login details will be sent to the registered email address.

KYC and AML compliance is adhered to so you must upload identification documents plus a proof of address.

Promotions

Occasional bonuses and promotions are available, though these are limited to the global subsidiaries only due to ESMA restrictions on financial incentives introduced in 2018.

Promotions include, among others, a 30% welcome bonus and access to the FXTM loyalty program with fee discounts and other perks for active investors.

Remember to check the terms and conditions of promotions and contests before getting started – challenging minimum thresholds and requirements may be set.

Banking

Deposits

When trading with FXTM, you can deposit in USD, EUR and GBP, though global entities also accept PLN, CZK and NGN. The broker charges no deposit fees, but third-party charges may apply. Exchange rates may also apply if you are depositing in a currency other than your base currency.

Minimum deposit requirements vary by account type, the lowest being $50.

Global payment methods are detailed below:

• Bank Wire Transfers – three to five day processing time
• E-Wallets (Neteller and Skrill) – two hour processing time
• Credit/debit cards (Visa, Mastercard and Maestro) – two hour processing time

Several other deposit methods are also accepted, including Global Pay, Perfect Money and more. Simply select your chosen finance method via the deposit section in your profile interface.

Note, account verification must be completed to process payments.

Withdrawals

FXTM withdrawals can be made via the same payment methods as deposits. All transfers are processed during standard business hours, Monday to Friday, although the time to receive funds back to the original account will vary.

On the downside, we were disappointed to find that commissions apply for some payment methods:

• E-Wallets (Neteller and Skrill) – two hour processing time – no fees
• Bank Wire Transfers – three to five day processing time – 10 EUR / 5 GBP
• Credit/debit cards (Visa, MasterCard and Maestro) – 2 EUR/ 3 USD/ 2 GBP fees

If you request to withdraw your funds following no trading activity, FXTM reserves the right to charge a 3% fee of the total withdrawal amount. This is a notable downside vs alternative day trading brokers.

Assets & Markets

FXTM offers 600+ CFDs spanning most global markets:

• Indices – Speculate on 17 of the world’s largest stock indices including the FTSE100, S&P500 and AUS200
• Commodities – Trade CFDs on the global commodity markets including natural gas, crude oil, silver and gold
• Stocks – Trade CFDs on 300+ US and European company stocks including Banco Santander, Unilever, Apple and Meta
• Forex – Trade 60+ major, minor and exotic currency pairs such as the GBP/USD, USD/EUR and EUR/JPY. Additionally, invest in 6 FX indices including the GBP Index, EUR Index and the USD Index – a collection of 6 different currency pairs measured against their base currency
• Cryptocurrency – You can trade 11 crypto tokens at the international entity, including Bitcoin, Ethereum and Dogecoin

Over 500 real shares are also available on US exchanges, suiting traders who want to actually own the stocks they’re trading.

On the downside, the broker doesn’t offer ETFs and bonds. Asset access may also vary based on the subsidiary you are trading with.

Leverage

When we used FXTM, leverage rates varied by entity and instrument. Investors trading within the EU will be subject to ESMA margin capping restrictions.

This means maximum leverage opportunities of 1:30 for forex pairs, such as EUR/USD, and 1:20 on minor pairs, including USD/CAD and EUR/AUD.

The maximum leverage available for global traders is 1:3000 and through Exinity Capital East Africa Ltd, the maximum leverage is 1:400. This is significantly higher than most competitors, and although trading with leverage can increase profit prospects, it can also magnify losses. Ensure you have appropriate risk management strategies in place.

Note that leverage is not automatically agreed. FXTM may offer a reduced leverage ratio based on individual experience, previous trading record, degree of customer loyalty and various other factors.

Fees & Costs

FXTM trading fees vary depending on account type and instrument.

Commission fees are relatively low and competitive vs the industry average for CFD trading. Ultimately, there is a pricing structure that will suit all trading styles.

• Advantage Account – Tight floating spreads from 0.0 pips. Average commission fees are between $0.40 to $2 per lot. Costs can be reduced depending on trading volume for MT4 platform users.
• Advantage Plus Account – No brokerage commissions. Spreads from 1.5 pips

Note, spreads are floating therefore may increase during times of high volatility.

FXTM also applies a $5 per month inactivity charge after six months of account dormancy. In addition, swap fees apply for trades held overnight, though you can avoid these as a day trader.

Platforms & Tools

MT4 & MT5

FXTM offers industry-favorite platforms – MetaTrader 4 (MT4) and MetaTrader 5 (MT5). They can be used as web-based profiles or downloaded to desktop devices (Windows and Mac compatible).

For many retail clients worldwide, these are the go-to platforms for trading, with an excellent reputation. And after countless hours testing both platforms, we are confident they are suitable for new and experienced investors.

Key features of MT4 include:

• Nine timeframes
• Multilingual interface
• Customizable charts
• Four pending order types
• One-click order execution
• Three order execution types
• MQL4 programming language
• 30+ built-in technical indicators
• Direct access to Expert Advisors (EAs) for automated trading strategies

MetaTrader 5 is the latest iteration, with faster processing, a superior charting package, more risk management tools and an integrated news feed. It’s the obvious pick for serious traders.

Making A Trade

1. Register for a new account with FXTM using their online application form
2. Once your account has been verified, make an initial deposit ($50 minimum)
3. Open the MetaTrader webtrader, or download the software to a desktop device
4. Search for an asset using the in-built navigation bar or search through watchlists
5. Select the open order icon
6. Add your trade parameters including execution mode, investment value, and risk management parameters such as stop-loss or take-profit
7. Review the details of your order
8. Select sell or buy and confirm the trade

Mobile Apps

FXTM investors should feel confident that trading opportunities are not halted while on the move. MT4 and MT5 offer mobile-compatible apps, available for free download to iOS and Android (APK) devices.

Users can manage accounts, open and close positions, check live global pricing and view charts while on the go. All the tools, features and functionality found on PC devices can be used within a sleek, intuitive yet portable design.

Additionally, the broker has introduced FXTM Trader – an investment app designed to modernize the trading experience. Similar to MetaTrader, this proprietary app is offered in both iOS and Android formats.

From our use of the bespoke FXTM app, we’ve been impressed with its smooth design with small-screen compatibility including zoom and scroll features. Functions include:

• One-click trading
• Live pricing updates
• Full account management
• Trade across multiple devices
• Open, close and modify positions in seconds
• Monitor your favorite instruments at a glance
• Advanced charting tools and access to popular indicators
• A trading dashboard with details on balance, margin, profit and more

Research

FXTM also offers tools to elevate the trading experience and support decision making. This includes a free pip calculator and profit/margin calculator, alongside expert market analysis and trading signals from Acuity.

Additionally, clients can make use of custom indicators such as the pivot point indicator, spread indicator and the real-time day bar info indicator. 

Once registered with the FXTM Group, you can benefit from daily market analysis. The broker utilizes in-depth fundamental and technical analysis to highlight potential market opportunities from Canada, Indonesia, India, Malaysia, Nigeria and beyond.

You can view this information via several sources including podcasts, illustrated economic calendars, Twitter posts and videos.

The daily commentaries are from the FXTM team of experts. Our experts have been particularly impressed with the content, and FXTM is frequently quoted on trading sites and in the media, recognized for providing high-caliber insights as partners.

FXTM also offers a VPS. Suitable for active day traders, clients can trade 250+ instruments 24/5. This includes 60+ forex pairs, shares, indices, and commodities.

The virtual private sever ensures Expert Advisors, for example, should run without technical disruption. The solution also provides optimal connectivity with minimal order delays.

Education

FXTM offers a terrific selection of educational resources spanning guides, video tutorials and ebooks.

There’s something for traders at every level, starting with guides on forex and CFD trading for beginners through to in-depth strategy tutorials on topics like scalping for advanced traders.

The video content is also well-presented and easy to digest given most are under two minutes.

Additionally, the ebooks cover a range of topics, from Japanese candlestick patterns to Elliott Wave Theory. What’s neat is that you can easily print them off for reference.

Customer Support

We’ve been able to contact the broker via multiple channels, favoring live chat. Additionally, a callback can be requested and all clients are assigned a dedicated account manager.

Response times have been quick during testing, with an initial response to a live chat query made via the website followed up within two minutes.

Customer service teams are also available in 7+ languages, catering to global traders.

Should You Trade With FXTM?

An established broker, FXTM offers several advantages over competitors.

The firm places a heavy emphasis on education and customer care – this is a brand that takes its responsibilities to its customers seriously.

FXTM has a great range of trading platforms and accounts, so no matter what type of trader you are, there is a package that is suitable for your needs.

Also fees are, on average, in the low to medium range.

FAQ

Is FTXM Legit Or A Scam?

FXTM, also known as ForexTime, is a legitimate brokerage with multiple industry awards. Established in 2011 and based in Mauritius, the company has offices in Dubai, London, Hong Kong, Cyprus, Nigeria, Kenya, Mexico, Colombia and Chile, with more than 500 staff. FXTM is is also regulated by tier-one financial bodies, including the FCA in the UK.

Our team are comfortable that the company is not running a scam.

Is FXTM Good For Day Trading?

FXTM is a good pick for active day traders with fast order executions, ECN accounts, tight spreads, and a VPS to run automated strategies. Clients can also day trade on the popular MT4 platform and mobile apps.

Top 3 Alternatives to FXTM

Compare FXTM with the top 3 similar brokers that accept traders from your location.

1. IG – Founded in 1974, IG is part of IG Group Holdings Plc, a publicly traded (LSE: IGG) brokerage. The brand-US offers spread betting, CFD and forex trading across an almost unrivalled selection of 17,000+ markets, with a range of user-friendly platforms and investing apps. For 50 years, IG has maintained its position as an industry leader, excelling in all key areas for traders.
   Go to IG
2. Interactive Brokers – Interactive Brokers (IBKR) is a premier brokerage, providing access to 150 markets in 33 countries, along with a suite of comprehensive investment services. With over 40 years of experience, this Nasdaq-listed firm adheres to stringent regulations by the SEC, FCA, CIRO, and SFC, amongst others, and is one of the most trusted brokers for trading around the globe.
   Go to Interactive Brokers
3. FOREX.com – Founded in 1999, FOREX.com is now part of StoneX, a financial services organization serving over one million customers worldwide. Regulated in the US, UK, EU, Australia and beyond, the broker offers thousands of markets, not just forex, and provides excellent pricing on cutting-edge platforms.
   Go to FOREX.com

FXTM Comparison Table

Compare Trading Instruments

Compare the markets and instruments offered by FXTM and its competitors. Please note, some markets may only be available via CFDs or other derivatives.

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