FXTM Review [year]

Overall

Fees

Deposit and withdrawal

Asset selection

Ease of account opening

Regulation and security

FXTM Pros & Cons

Overview

	Headquarters	Cyprus
	Regulated	CySEC, FCA, FSC Mauritius, CMA
	Year Established	2011
	Execution Type	ECN/STP, Market Maker
	Minimum Deposit	$50
	Trading Platforms(s)	MetaTrader 4, MetaTrader 5, Proprietary platform
	Signals
	US Persons Accepted?
	Islamic Account
	Segregated Account
	Managed Accounts
	Support Hours	24/5
	Customer Support
	Demo Account
	Lowest Avr Eur Usd Spread	0.08 pips
	Retail Loss Rate	77.00%
	Minimum Raw Spreads	0.0 Pips
	Minimum Standard Spreads	0.5 pips
	Minimum Commission for Forex	$0-$2
	Commission for CFDs/DMA
	Cashback Rebates
	Deposit Fee
	Withdrawal Fee
	Funding Methods	47(local transfer/credits card/e-wallet/bankwire)

I like that Forextime continues to adjust to market and regulatory changes, ensuring traders maintain a competitive edge. The degree of transparency is another positive I want to point out. Big Four accountancy PricewaterhouseCoopers Limited (PwC) audits published statistics per International Standard on Assurance Engagements (ISAE) 3000.

FXTM Regulation and Security

Trading with a regulated brokers will limit the potential for fraud and malpractice. I always recommend traders to check for regulation and verify it with the regulator by checking the provided license with their database. FXTM presents clients with four well-regulated entities.

Is FXTM Legit and Safe?

FXTM is a legitimate, safe, and secure broker, as it is highly regulated, holding licenses in several jurisdictions, including the tier 1 financial center of London. Its UK license may entitle account holders to state compensation in the event of broker bankruptcy of up to £85,000.

Forextime is also acquiring a regulatory license in Kenya as it expands across the African continent. On February 26th, 2021, FXTM ceased its retail operations from its CySEC regulated entity. It cited the uncompetitive regulatory framework introduced by the European Securities and Markets Authority (ESMA) for its reason. EEA clients can trade with any of the other subsidiaries.

I like the regulatory framework at FXTM, ensuring traders have access to competitive trading conditions and superior protection. FXTM is a member of the Honk Kong-based Financial Commission, where the Compensation Fund protects traders up to €20,000 per claim. It is identical to what CySEC offers but does not come with regulatory restrictions.

PricewaterhouseCoopers Limited (PwC) also audits select performance statistics, and FXTM remains one of the more transparent brokers. I applaud them for their focus on the trading environment, granting clients a distinct edge.

FXTM Fees

FXTM offers traders a commission-free and commission-based Forex account. The former ranks among the more expensive ones, but the latter account is one of the best ones available. I can highly recommend it for high-frequency traders and scalpers.

Equity CFD trading is commission-free as Forextime joined the group of brokers catering to millennial and GenZ traders favoring no commissions. I want to stress once again that commission-free does not necessarily equal cheaper trading costs. Spreads are generally higher, often twice as high, than commission-based offers, and FXTM is no exception.

Here is the minimum spread for the EUR/USD and the trading costs per 1 standard lot in both.

Forextime offers excellent spreads in its commission-based account, making it one of the cheapest Forex brokers in the entire retail Forex industry worldwide.

One of the most ignored trading costs is swap rates on leveraged overnight positions. Depending on the trading strategy, it may become the most significant fee per trade. I always recommend that traders check them before evaluating the total trading costs.

MT4/MT5 traders can easily access swap rates from their platform by following these steps:

1. Right-click on the desired symbol in the Market Watch window and select Specification.

2. Scroll down until you see Swap Long and Swap Short.

Below is a list of trading cost examples for buying and selling the EUR/USD, holding the trade for one night and seven nights, in the commission based FXTM account using the lowest and highest commission tiers.

Taking a 1 standard lot buy/sell position, in the EUR/USD at the tightest spread and holding it for one night will cost the following:

Taking a 1 standard lot buy/sell position, in the EUR/USD at the tightest spread and holding it for seven nights will cost the following:

Besides offering tight spreads for competitive commissions, FXTM also keeps swap rates on leveraged overnight positions low. Hong Kong equities face additional fees, which also remain very low.

A $5 monthly inactivity fee applies after six months of dormancy. I find this reasonable and acceptable, and active traders will never face this cost.

What Can I Trade

FXTM maintains 63 currency pairs, 0 cryptocurrency pairs, 8 commodities, 16 index CFDs, 1,266 equity CFDs, 452 US-listed stocks, five stock baskets, and six FX indices. The choice of commodities, and index CFDs are limited, but the overall choice of trading instruments is competitive. I also like that Forextime offers 452 stocks for direct investments, albeit only US-listed ones. In terms of tradable assets, FXTM will best suit Forex and US equity traders.

Asset List and Leverage Overview

Forextime Leverage

FXTM offers maximum leverage up to 1:2000, but it is a six-tier system. It decreases as trading volume increases, which I determine an intelligent choice. Most retail traders will get between 1:500 and 1:1000, while trading volumes above 60.0 lots gradually decrease to 1:200, 1:100, and 1:25. It remains another industry-leading feature available at FXTM.

FXTM Trading Hours (GMT+1)

Please note that equity markets open and close each trading and are not operational continuously like Forex and cryptocurrencies.

I recommend the following step for MT4/MT5 traders to access trading hours:

1. Right-click on the desired symbol in the Market Watch window and select Specification.

2. Scroll down until you see Sessions.

FXTM Account Types

Forextime offers two commission-free trading accounts, Micro and Advantage Plus, and one commission-based alternative, Advantage. Micro requires a minimum deposit of only $10 or a currency equivalent, while the other two account types require a minimum deposit of $500. I highly recommend the commission-based option as trading costs remain among the best industry-wide, while both commission-based accounts charge relatively expensive fees.

FXTM Demo Account

A demo account is available at FXTM, and I did not find a time restriction. Therefore, it is ideal for testing strategies and expert advisors. Forex demo account is available for MT4 and MT5 and allows traders to select the demo account balance and leverage. While no demo account can simulate live trading conditions, the options available at FXTM come as close as possible to doing so.

FXTM Pro Account

The FXTM Pro Account caters to professional traders, as the name suggests. FXTM also advertises it to institutional traders and hedge funds. It requires a minimum deposit of $25,000 or currency equivalent to open. Account holders get commission-free raw spreads from 0 pips. FXTM earns its revenue from volume in this account type, as spreads will average above 0.2 pips, which remains one of the most competitive offers industry wide.

With average trading costs for liquid currency pairs ranging between $0.00 and $2.00 per 1standard lot and maximum leverage of 1:200, Forextime has created an account type for professional traders with industry-leading conditions.

Traders in the FXTM Pro Account have no restrictions on trading strategies, can use the MT4/MT5 trading platforms, while the minimum transaction size remains 0.01 lots.

Additional FXTM Pro Account features:

• Account base currencies are USD, EUR, and GBP, while Nigerian traders also get NGN accounts

• No maximum deposit

• Deep liquidity from Tier-1 providers

• No last-look pricing or requotes

• Market execution order execution

• Margin call at 80%, except over the weekend, where it rises to 130%

• Stop Out at 50%, except over the weekend, where it rises to 100%

• 43 currency pairs, two spot metals, and nine spot CFDs

• Maximum of 250 lots per trade

• Maximum of 300 pending orders

• Unlimited open positions

FXTM 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.

Overview of Trading Platforms

Unique Features

While the excellent trading costs and transparency stand out at FXTM, I also like the proprietary copy trading platform, FXTM Invest. It allows investors to follow strategy managers, and FXTM provides relevant information on each. The community is not as big as other services, but all the top 75 listed managers show positive performance, which FXTM states remain audited and verified. I think it is promising and carries great potential for FXTM moving forward.

Research and Education

The four-member research team at Forextime provides market commentary and analysis in written format, short YouTube videos, and podcasts. They offer a brief overview and an informative take on market events. FXTM also maintains its FXTM Trading Signals service for traders seeking actionable research.

Beginner traders have access to one of the most comprehensive educational offerings, consisting of a video library featuring dozens of videos, written content, and an innovative periodic table filled with trading terminology. I find it well-structured and an excellent starting point for new traders.

Customer Support

	Support Hours	24/5
	Customer Support
	Website Languages	English Spanish Arabic Italian French Other Chinese Russian Greek Malay Thai Polish

Traders have access to 24/5 multilingual customer support. It consists of phone support, including a call-back function, e-mail, and an FAQ section. FXTM also provides live chat on its website or via WhatsApp, Viber, Telegram, or Messenger. Since the product and services portfolio at FXTM remains well-explained, I doubt most traders will require assistance. Should the need arise, FXTM ensures traders have swift access to a representative.

Bonuses and Promotions

At the time of this review, FXTM maintains a refer-a-friend campaign. Traders and their referrals can each get $50 for a referral. Terms and conditions apply to this promotion, and I recommend that anyone wishing to participate reads and understands them, although they will be less onerous than conditions which brokers typically attach to bonuses.

Opening an Account

Opening an account at FXTM is fast, and the first step requires only a few seconds. Traders must submit their name, country, a valid mobile phone number, e-mail address, and desired password. FXTM will send a confirmation PIN to the entered mobile number to complete the process. We were able to complete this within 24 hours which was speedy and satisfactory.

As a regulated broker, account verification at Forextime is a mandatory final step. Most traders will satisfy this by sending a copy of their ID and one proof of residency document. I found the entire process to be swift and hassle-free. I like that FXTM does not incorporate unnecessary steps or questionnaires.

FXTM Minimum Deposit

The minimum deposit at FXTM for the Micro Account is $50 or a currency equivalent. The Advantage and Advantage Plus alternatives each require a minimum deposit of $500. While this latter figure is relatively high, I believe the trading conditions offered here are more than worth the deposit size.

Payment Methods

FXTM offers 47 payment options. They include bank wires and a broad range of domestic banking solutions for countries, which I find excellent. Traders may also use Skrill, VLoad, TC PayWallet, Alfa-Click, Neteller, WebMoney, Yandex.Money, QIWI, Perfect Money, Konnexone. FXTM maintains one of the best selections of offered payment methods industry-wide.

Accepted Countries

FXTM caters to most international traders, including the UK, India, Malaysia, and the Philippines. It does not accept traders resident in Canada or the US.

Forextime Deposits and Withdrawals

The MyFXTM back office is where traders make all their deposits and withdrawals. Forextime does not levy internal fees, but traders may face third-party processing costs. I recommend checking them to determine the most convenient and cost-effective solution. Processing times also vary based on method and rank from instant to ten business days.

I want to point out that only verified trading accounts may request a withdrawal and that FXTM enforces a withdrawal hierarchy. FXTM will return funds to the payment processors used for deposits, and it appears that traders must withdraw profits exceeding them via bank wire only, which is expensive.

Bottom Line

I like the trading environment at Forextime, as the trading costs in the commission-based trading account remain among the best industry-wide. FXTM is an ideal broker for high-frequency traders and scalpers. It has also established itself as a market leader for traders from emerging and frontier markets. I also like the upgraded MT4/MT5 trading platforms and overall transparency at FXTM, which I confidently rank among the very best Forex brokers.

FAQs

Does FXTM offer a welcome bonus?

FXTM offered a $30 welcome bonus but canceled the promotion. It may reintroduce it at its discretion.

Does FXTM allow scalping?

FTXM has no restrictions on scalping and maintains ideal trading conditions for it.

What is the FXTM ECN Zero account?

The FXTN ECN Zero account offers commission-free trading but minimum spreads of 1.5 pips or $15.00 per 1.0 standard lot. Therefore, it is more expensive than the FXTM commission-based account. The minimum deposit is $200

What is FXTM’s minimum deposit in South Africa?

The minimum deposit for all traders is $10 for the Micro account and $500 for Advantage/Advantage Plus.

How do I open an FXTM account?

A swift online application onboards new clients, and the process takes less than 20 seconds, as FXTM does not collect unnecessary information. A valid mobile phone number is necessary to open an account.

What is the FXTM Cent account?

The FXTM Cent account is a commission-free account where 1.0 lot equals 0.01 standard lots or 1,000 currency units. The minimum transaction volume is 0.01 cent lots or ten currency units, and the minimum deposit is $10 or a currency equivalent.

Does FXTM accept US-person clients?

Forextime does not accept US-based traders, as it would violate regulations.

How much does FXTM charge per trade?

The costs depend on the account type, asset, and trading volume, where the commission-based option features the lowest trading costs starting from $4.00 per 1 standard lot in the EUR/USD down to $0.80.

How long is FXTM withdrawal?

FXTM processes most withdrawals within 24 hours, but it may take up to five business days for clients to receive their funds, dependent on the payment processor. Most online payment processors will credit accounts instantly after FXTM has completed the withdrawal.

Does FXTM take Perfect Money?

FXTM accepts Perfect Money, but a 0.50% commission applies.

Is FXTM a legit broker?

FXTM is a legit company, operating with four regulatory licenses and acquiring a fifth. It is also one of the most transparent brokers.

What is FXTM leverage?

FXTM deploys a dynamic six-tier leverage system with a maximum leverage of 1:2000 and a minimum of 1:25 for Forex traders.

Where is Forextime based?

Forextime has its headquarters in Mauritius.

Does FXTM allow scalping?

FXTM allows scalping and maintains an excellent trading environment for scalpers.

How much does FXTM charge for withdrawal?

FXTM does not charge internal fees, but third-party payment processor costs may apply.

What is the spread at FXTM?

The minimum spread at FXTM is 0.0 pips in the commission-based account and 1.5 pips in the commission-free alternatives.

About the Author

DailyForex.com Team

The DailyForex.com team is comprised of analysts and researchers from around the world who watch the market throughout the day to provide you with unique perspectives and helpful analysis that can help improve your Forex trading.