FXTM Account Types Editor’s Verdict
FXTM ranks as one of the most competitive brokers industry-wide and is an expert in securing traders in emerging and frontier markets. FXTM is also an excellent choice for algorithmic traders, scalpers, and high-frequency strategies. It offers ultra-low trading costs in the FXTM Advantage account, high maximum leverage, and innovative order execution technology, delivering an average price improvement of 0.29 pips or $2.90 per lot and an execution speed of 0.072 seconds.
Trading with the appropriate account type is necessary for successful Forex traders, and we have reviewed the three FXTM account types, Micro, Advantage, and Advantage Plus.
FXTM Account Types Overview at a Glance
Account Type | Micro | Advantage | Advantage Plus |
|---|---|---|---|
Minimum Deposit | $10 | $500 | $500 |
Minimum Spreads | 1.5 pips | 0.0 pips | 1.5 pips |
Commission | Commission-free | $0.80 - $4.00 per round lot | Commission-free |
Rebate Program | No | No | No |
Maximum Leverage | 1:1000 | 1:2000 | 1:2000 |
Order Execution Model | Market Maker | ECN | Market Maker |
Minimum Trade Size | 0.01 lots | 0.01 lots | 0.01 lots |
Algorithmic Trading | Yes | Yes | Yes |
Copy Trading | Yes | Yes | Yes |
Mobile Trading | Yes | Yes | Yes |
VPS Trading | Yes | Yes | Yes |
API Trading | No | No | No |
FXTM Account Types
FXTM has simplified its account structure and features three FXTM account types, ranging from good to ultra-low trading costs. Below is an introduction to the FXTM account types, which will help you pick the most suitable one for your circumstances and strategy.
FXTM Micro Account
The FXTM Micro account is available with a minimum deposit of $10 or the currency equivalent in Euros, British Pound, or Nigerian Naira. It is a cent account and offers Forex, commodity, index, and stock basket trading. The minimum spread of 1.5 pips on the EUR/USD currency pair, or $1.50 per mini round lot, is not notably low, and FXTM deploys market-maker order processing. A swap-free Islamic option is available, and negative balance protection applies.
Conclusion:
- The FXTM Micro account is ideal for beginner traders to learn how to trade Forex.
FXTM Advantage Account
FXTM shines with the Advantage account, which features ultra-low trading costs for a minimum deposit of $500. Traders get raw spreads from 0.0 pips for commissions between $0.80 and $4.00 per round standard lot, high maximum leverage, and negative balance protection with ECN order execution. Traders can trade Forex, commodity, index, and stock baskets. Equity CFDs and direct share dealing are available in the MT5 account only. An Islamic account also exists.
Conclusion:
- The FXTM Advantage account is ideal for algorithmic traders, scalpers, and high-frequency strategies.
FXTM Advantage Plus Account
The FXTM Advantage Plus account offers the same features as the Advantage but in a commission-free pricing environment with higher trading costs of $15.00 per standard rounds lot and with a 100-lot restriction to the maximum volume in lots of orders and market maker order processing.
Conclusion:
- Traders should carefully consider the trading costs of the FXTM Advantage Plus account to determine whether it is a desirable choice for them.
FXTM Account Features
FXTM has structured its account types towards meeting various trading requirements. The minimum deposit, order processing, and trading costs define which traders and strategies benefit most from each of the three FXTM account types.
Here is an overview of the FXTM account features:
FXTM Micro
- MT4 trading platform
- A low minimum deposit of $10 or the currency equivalent
- Supports 15 deposit currencies
- Commission-free account with raw spreads from 1.5 pips or $1.50 per mini round lot
- Maximum Forex leverage of 1:1000 (fixed)
- Margin call at 60%
- Automatic stop-out at 40%
- Swap-free option available (excluding exotic currency pairs)
- Minimum trading volume of 0.1 lots
- Maximum of 300 open orders
- Market maker order processing
- $5 monthly inactivity fee after six months of dormancy
FXTM Advantage
- MT4/MT5 trading accounts
- A $500 minimum deposit or the currency equivalent
- Supports 15 deposit currencies
- Commission-based account with raw spreads from 0.0 pips with commissions between $0.80 and $4.00 per round lot
- Commission-free equity trading
- Maximum Forex leverage of 1:2000 (floating)
- Margin call at 80%
- Automatic stop-out at 50%
- Swap-free option available (excluding exotic currency pairs)
- Minimum trading volume of 0.1 lots
- Unlimited open orders
- ECN order processing
- $5 monthly inactivity fee after six months of dormancy
FXTM Advantage Plus
- MT4/MT5 trading accounts
- A $500 minimum deposit or the currency equivalent
- Supports 15 deposit currencies
- Commission-free account with raw spreads from 1.5 pips or $15.00 per round lot
- Maximum Forex leverage of 1:2000 (floating)
- Margin call at 80%
- Automatic stop-out at 50%
- Swap-free option available (excluding exotic currency pairs)
- Minimum trading volume of 0.1 lots
- Unlimited open orders
- Market maker order processing
- $5 monthly inactivity fee after six months of dormancy
FXTM Demo Account
FXTM offers a demo account available with the MT4/MT5 trading platforms. Traders can select their preferred demo balance. Traders must complete the rapid account application, which includes a valid mobile number, as FXTM will send a PIN. FXTM does not list a time limit, offering traders unrestricted usage.
A demo account is ideal for algorithmic traders to bug-fix trading solutions and for traders to evaluate and compare trading strategies. While the trading platform and functionality mirror that of live trading accounts, it lacks exposure to trading psychology and can create unrealistic trading expectations. Therefore, I want to caution beginner traders against using a demo account a simulation tool: it is best used as an educational tool and to “road test” a platform.
FXTM Islamic Account
FXTM does not advertise its swap-free option as an Islamic account, and traders could miss its availability. The account comparison page on the FXTM website includes an item labeled swap-free, which FXTM answers with yes for all three FXTM account types. While many automatically assume it refers to an Islamic account, it is not necessarily the case, and I applaud FXTM for not mismarketing it.
The question of what conditions must exist to classify an account as Islamic remains a challenge most brokers struggle to answer. While a swap-free component must exist, it is not the only requirement. The ultimate definition depends on the individual trader and interpretation of Islamic law in conjunction with Forex trading. Traders interested in an Islamic account should contact FXTM customer support and inquire about the conditions.
Pros and Cons of FXTM Account Types
Understanding the pros and cons of the FXTM account types will help traders make the best decision for their trading requirements.
Pros of FXTM Account Types | Cons of FXTM Account Types |
|---|---|
Ultra-low trading costs in the commission-based account | Cryptocurrency deposits are not available |
Excellent order execution in the ECN account type | Higher trading costs in the commission-free account options |
Swift account opening procedure without unnecessary data collection | |
Multiple deposit currencies and numerous payment processors |
Bottom Line
The three FXTM account types offer traders a choice of accessibility or a highly competitive pricing environment. The $10 minimum deposit requirement in the FXTM Micro account is ideal for beginner traders to learn how to trade. Ultra-low trading costs in the Advantage account for a minimum deposit of $500, providing algorithmic traders, scalpers, and high-frequency traders with a cutting-edge trading environment.
FXTM also offers swap-free options for its three FXTM account types, and unlimited demo accounts exist for bug-fixing algorithmic trading solutions or testing new ones. FXTM levies a $5 monthly inactivity fee after six months of dormancy, but active traders are unlikely to ever face this cost. The FXTM swap-free account does not levy financing costs on leveraged overnight positions, meeting one of the criteria for Islamic trading accounts. FXTM maintains a 30% deposit bonus for qualifying traders. Terms and conditions apply, and traders must read and understand them before accepting an incentive. The FXTM commission-free account Advantage Plus, which meets the conditions of a standard account, features higher trading costs than the excellent commission-based pricing environment in the ECN account, FXTM Advantage. FXTM does not offer a managed account but deploys its proprietary copy trading service FXTM Invest alongside embedded solutions in MT4/MT5. The FXTM Micro account is available for a minimum deposit of only $10, and it is a commission-free account ideal for beginners to learn how to trade Forex The FXTM Advantage account is a highly competitive commission-based ECN trading account and the best choice overall for most at FXTM. FXTM does not have an account labeled standard, but the commission-free FXTM Advantage Plus meets the definition of a “standard account.” The FXTM Advantage account is the best choice at FXTM for most due to its ultra-low trading costs and excellent ECN order execution metrics.FAQs
What is the FXTM swap-free account?
Does FXTM offer a bonus account?
FXTM standard account vs. ECN account?
What is the FXTM managed account?
What is the FXTM cent account?
What is the FXTM Advantage account?
What is the FXTM standard account?
Which account type is best for FXTM?
