FXTM Review 2024

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Written By
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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.
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Fact Checked By
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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.
Updated

4 / 5
FXTM is #102 in our CFD broker rankings.
$200
FXTM Trader, MT4, MT5
CFDs, Forex, Commodities, Indices, Stocks, Crypto
FCA, FSC, CMA
USD, EUR, GBP, NGN
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

  • 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
  • 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

Cons

  • 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
  • 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

FXTM Review

Regulation & Trust

4.3 / 5

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

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.

Comparison of similar brokers 2024
FXTM IG Interactive Brokers
Regulation & Trust Rating
Regulators FCA, FSC, CMA FCA, ASIC, NFA, CFTC, DFSA, BaFin, MAS, FSCA, FINMA, CONSOB, AFM FCA, SEC, FINRA, CFTC, CBI, CIRO, SFC, MAS, MNB, FINMA, AFM
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Accounts & Banking

4 / 5

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

Advantage Plus

For experienced investors

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:

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:

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.

Comparison of similar brokers 2024
FXTM IG Interactive Brokers
Accounts & Banking Rating
Payment Methods Debit Card, Maestro, Mastercard, Neteller, Skrill, Visa, Wire Transfer Credit Card, Debit Card, Mastercard, PayPal, Visa, Wire Transfer ACH Transfer, Automated Customer Account Transfer Service, Cheque, Debit Card, TransferWise, Wire Transfer
Minimum Deposit $200 $0 $0
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Assets & Markets

3.8 / 5

FXTM offers 600+ CFDs spanning most global markets:

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.

Comparison of similar brokers 2024
FXTM IG Interactive Brokers
Assets & Markets Rating
Trading Instruments CFDs, Forex, Commodities, Indices, Stocks, Crypto CFDs, Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, Crypto, Spread Betting Stocks, Options, Futures, Forex, Funds, Bonds, ETFs, Mutual Funds, CFDs, Cryptocurrencies
Margin Trading Yes Yes Yes
Leverage 1:3000 1:30 (Retail), 1:250 (Pro) 1:50
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Fees & Costs

4 / 5

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.

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.

Comparison of similar brokers 2024
FXTM IG Interactive Brokers
Fees & Costs Rating
EUR/USD Spread 0.1 0.8 0.08-0.20 bps x trade value
FTSE Spread 1.3 1.0 0.005% (£1 Min)
Oil Spread 5.0 2.8 0.25-0.85
Stock Spread 0.1 0.02 0.003
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Platforms & Tools

2.8 / 5

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:

FXTM MT4 Review
MetaTrader 4

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:

Comparison of similar brokers 2024
FXTM IG Interactive Brokers
Platforms & Tools Rating
Platforms FXTM Trader, MT4, MT5 Web, ProRealTime, L2 Dealer, MT4, TradingView, AutoChartist, TradingCentral Trader Workstation (TWS), IBKR Desktop, GlobalTrader, Mobile, Client Portal, AlgoTrader, OmniTrader, eSignal, TradingCentral
Mobile App iOS & Android iOS & Android iOS & Android
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Research

3.8 / 5

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. 

Using the Pivot Point calculator at FXTM

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.

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FXTM IG Interactive Brokers
Research Rating
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Education

3.5 / 5

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.

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FXTM IG Interactive Brokers
Education Rating
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Customer Support

3.8 / 5

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.

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FXTM IG Interactive Brokers
Customer Support Rating
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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.

  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.

  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.

FXTM Comparison Table

Compare FXTM With Similar Brokers
FXTM IG Interactive Brokers FOREX.com
Rating 4 4.7 4.3 4.5
Markets CFDs, Forex, Commodities, Indices, Stocks, Crypto CFDs, Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, Crypto, Spread Betting Stocks, Options, Futures, Forex, Funds, Bonds, ETFs, Mutual Funds, CFDs, Cryptocurrencies Forex, Stocks, Futures, Futures Options
Demo Account Yes Yes Yes Yes
Minimum Deposit $200 $0 $0 $100
Minimum Trade 0.01 Lots 0.01 Lots $100 0.01 Lots
Regulators FCA, FSC, CMA FCA, ASIC, NFA, CFTC, DFSA, BaFin, MAS, FSCA, FINMA, CONSOB, AFM FCA, SEC, FINRA, CFTC, CBI, CIRO, SFC, MAS, MNB, FINMA, AFM NFA, CFTC
Bonus 30% up to $100 via Exinity Ltd Active Trader Program With A 15% Reduction In Costs
Education Yes Yes Yes Yes
Platforms FXTM Trader, MT4, MT5 Web, ProRealTime, L2 Dealer, MT4, TradingView, AutoChartist, TradingCentral Trader Workstation (TWS), IBKR Desktop, GlobalTrader, Mobile, Client Portal, AlgoTrader, OmniTrader, eSignal, TradingCentral MT4, MT5, TradingView, eSignal, AutoChartist, TradingCentral
Leverage 1:3000 1:30 (Retail), 1:250 (Pro) 1:50 1:50
Payment Methods 7 6 6 8
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Review IG
Review
Interactive Brokers
Review
FOREX.com
Review

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.

Compare FXTM Trading Instruments
FXTM IG Interactive Brokers FOREX.com
CFD Yes Yes Yes No
Forex Yes Yes Yes Yes
Stocks Yes Yes Yes Yes
Commodities Yes Yes Yes Yes
Oil Yes Yes No Yes
Gold Yes Yes Yes Yes
Copper No Yes No No
Silver Yes Yes No Yes
Corn No No No No
Crypto Yes Yes Yes No
Futures No Yes Yes Yes
Options No Yes Yes Yes
ETFs No Yes Yes No
Bonds No Yes Yes No
Warrants No Yes Yes No
Spreadbetting No Yes No No
Volatility Index No Yes No No

FXTM vs Other Brokers

Compare FXTM with any other broker by selecting the other broker below.

 

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Article Sources

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