FXTM Review

Review

FXTM, also known as “ForexTime”, is a well-established Forex / CFD brokerage house which has been in business ever since 2011. FXTM has grown rapidly in recent years and has a corporate structure composed of three entities which match its three bases of operations: the U.K., Cyprus, and Mauritius. FXTM allows its clients to trade 21 different Forex currency pairs and crosses, including some exotics, the precious metals gold and silver, crude oil and natural gas, 5 major equity indices, the 4 major cryptocurrencies, and CFDs on 19 major American stocks and shares. FXTM also enables direct trading in stocks, not wrapped in CFDs, where the trader takes direct legal ownership of the shares when buying them, just like a traditional stockbroker.

FXTM Home Page

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Regulation & Security

FXTM enjoys an extremely high and very strong level of regulation. It is based in three different countries, with three different corporate branches to match.

ForexTime UK Limited is an English private limited company (company number 10599136) which controls ForexTime U.K. which is based in London, England.

ForexTime Limited is a Cypriot company (company registration number 310361) which controls ForexTime in the European Union and South Africa. This branch of ForexTime is based in Limassol, Cyprus.

Exinity Limited is a Mauritius company which controls FXTM’s operations in other jurisdictions outside the U.K., the E.U., and the Republic of South Africa. Exinity Limited was the owner of Alpari, a Forex / CFD brokerage which went partly insolvent in 2015 and which was partially acquired at the time as a new market for FXTM to expand into.   

FXTM can therefore said to be based in the United Kingdom, Cyprus, and Mauritius, three common and well-used jurisdictions which are generally well-suited to the operation of Forex / CFD brokerages. This multi-jurisdictional setup allows FXTM to differentiate its offering depending upon where its traders are located. It is worth mentioning that acquiring regulation is not an easy feat for any Forex broker, so the mere fact that ForexTime has acquired regulation in several jurisdictions shows its desire to provide a secure trading experience for its clients while being able to vary their offerings as per the allowances of each distinct jurisdiction.

FXTM is formally regulated in the United Kingdom, Cyprus, South Africa, and Mauritius. In the United Kingdom, ForexTime UK Limited is authorized by the Financial Conduct Authority to provide regulated products and services under license number 777911.  

UK FCA Licence Article

In Cyprus, ForexTime Limited is licensed by the Cyprus Securities and Exchange Commission under license number 185/12.

CySEC Licence Article

In South Africa, ForexTime Limited is licensed by the Financial Sector Conduct Authority of South Africa under FSP number 46614.

South Africa Article

 In Mauritius, Exinity Limited is licensed by the Financial Services Commission with a category 1 global business license and as an SEC-2.1B investment dealer (full service excluding underwriting) under license number C113012295. Exinity Limited is also a member of the Financial Commission, an international dispute resolution body serving the financial services industry.

Mauritius Licence

FXTM’s regulation in both the United Kingdom and Cyprus provides its clients depositing in FXTM’s branch in either jurisdiction with a degree of investor protection. The U.K.’s Financial Conduct Authority has a Financial Services Compensation Scheme which can protect deposits of up to £85,000. Cyprus’ CySEC maintains an Investor Compensation Fund which is empowered to award depositors who lose their account deposit due to the failure of a regulated firm an amount up to €20,000.

FXTM has been in operation as a dedicated Forex / CFD brokerage house since 2011, giving it a reasonably long track record. Applying the “lindy effect” rule, the longer time a broker has successfully been in business, the better the reputation that broker can be assumed to have. This means that FXTM has a meaningful track record and an established reputation of safety as a brand which it needs and wants to protect, to ensure it remains in good standing in such advanced and highly regulated financial services centers such as the U.K.

FXTM’s story of steady expansion adds to their level of credibility. After its initial establishment in Cyprus in 2011, FXTM grew and acquired its South African license in 2016, and its U.K. license in 2018. FXTM’s client base globally has grown quite steadily.

As with all Forex / CFD brokerages regulated in member states of the European Union like Cyprus or the United Kingdom, clients of FXTM operating through FXTM in the U.K. or Cyprus are automatically granted negative balance protection, but this is NOT offered to all clients globally. This means that it is impossible for any client not using the Mauritius branch to lose more than the amount they have deposited with FXTM. The “tail risk” of an unusual, extreme market movement, which can be exponentially raised by excessive leverage, is borne fully and voluntarily by FXTM in other cases.

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Fees

The total fees charged by any brokerage should always be one of the very top considerations of someone looking for the most suitable Forex / CFD broker. It ranks right up there with security / safety of funds deposited. Each cost should be examined rigorously. It can be helpful to divide all fees and costs into two categories: trading fees, such as spreads, commissions, and overnight financing; and miscellaneous fees, such as periodic charges for account inactivity, or fees or commissions charged by the brokerage itself against account deposits or withdrawals. The trading fee element is the much more important side, so it makes sense to begin a fee analysis here.

Looking at trading fees first, we will start with spreads and commissions, which are worth taking together as a comprehensive “round trip” cost of opening and closing one trade. As FXTM offer a few different account types which charge slightly different fees, we will judge the trading fees of its most common account type, the Standard Account.

The average round trip cost of trading the benchmark EUR/USD Forex currency pair is 2 pips with an STP-style Standard Account. This is slightly on the high side for the industry. The Cent Account, FXTM’s account with the lowest minimum deposit (only $10) averages slightly higher at 2.2 pips. However, this falls to only 0.8 pips with one of the ECN-style accounts, which represents a very competitive rate considering the minimum deposit is only $500 for this account type.

The average round trip fees and costs for other CFD instruments offered such as commodities, individual stocks and equity indices are average for the industry.

Finally, FXTM’s offering of real share trading through its accounts based outside the European Union is not only a relatively unique service, its trading costs in this area are competitive and slightly lower than its direct competitors.

These levels of spreads and commissions are broadly competitive on the ECN side, especially for clients with relatively low deposit amounts. The minimum deposit required to open a “true” ECN account is only $500, so for traders depositing anything close to this sum, these fees are competitive. However, traders with considerably larger sums to deposit such as a few thousand dollars would find the trading fees average, but nothing special, at least for trading Forex and CFD products.

An often-overlooked element of the trading fee structure is overnight financing, which is typically a net charge applied to any trade open at 5 p.m. New York time. These fees are, at least hypothetically, calculated from intrabank tom/next intrabank fees, but retail brokerages usually give considerably less favorable rates. This can make swing or position trading expensive, particularly when a trader wants to be long of a currency with a relatively high interest rate and short of another currency with a relatively low (or even negative) interest rate. FXTM are totally transparent regarding their overnight financing rates, which is a sign of trustworthiness: frequently, brokers don’t publicize their existing rates, but they can always be found within the relevant trading platforms if you know where to look for them.

FXTM makes no claims about how their overnight financing / swap rates are derived. Many brokers claim they are based upon interbank tom/next rates, yet the rates offered always seem to be considerably less favorable to the client than the prevailing tom/next rates. Therefore, we are inclined to applaud FXTM for not making any such claims. A comparison of FXTM’s rates to the industry average at the time this FXTM review was written shows that FXTM’s rates are very competitive and slightly better than the average. Now here’s something truly unique about FXTM and their overnight financing / swap rates: some of their account types charge no swaps at all! The Cent Account and the Shares Account are completely swap-free, while swap is not paid in any other account that uses the MetaTrader 4 platform. While many brokers offer a swap-free Islamic Account option, it is usually offered only to Muslims, so this global swap-free option is both very rare and very appreciated. Overall, this means that FXTM is likely to be a good choice for traders planning to keep positions open longer than one or two days at a time.

A listing of FXTM’s overnight financing / swap rates applicable to Forex grabbed from their site at the time this review was written is shown below:

FX Majors Spec 1

FX Minors Spec 1

FX Exotics Spec 1

FX Exotics Spec 2

Another factor which makes us believe that FXTM has a commendable sensitivity towards the problem of traders being “bled” quietly by certain retail Forex CFD brokerages charging relatively high overnight financing rates, is that in 2013, they ran a limited period promotion where overnight financing would only be charged or paid over weekends, and not on weekday rollovers. This is impressive, and we never heard of another brokerage offering a similar promotion of this type.

Finally, we conclude the topic of fees by checking whether clients are charged any incidental fees by FXTM, regardless of whether a trade is made.

FXTM imposes a dormant account / account inactivity fee of $5 per month but an account must have initiated no trading activity for a period of at least six months before this fee will be imposed. This is good by the standards of the industry. FXTM also charges additional withdrawal fees against withdrawals made by credit cards or bank wire transfer. The exact charge depends upon the country of residence of the client making the withdrawal but is typically approximately $2 for a withdrawal by credit card and approximately €20 for a wire transfer. These fees are justifiable, but many retail Forex / CFD brokerages do not charge them, so it is not a competitive practice.

Our bottom line on fees: FXTM’s fees are competitive for traders making any amount of deposit to an ECN-style account type, but is especially good value at amounts close to the $500 minimum deposit.

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What Can I Trade?

Following safety of funds and regulatory oversight, plus fees of course, the major priority to think about when choosing a new Forex / CFD brokerage is what assets you can trade. Many newer traders will be looking to trade only one single asset class, such as Forex, or CFDs on individual stocks and shares, but more experienced traders will probably be looking for diversification, meaning a wide offering across Forex, commodities, stocks, etc.

FXTM offers the following instruments for trading:

Forex – more than 57 currency pairs and crosses, including exotic currencies, as listed below.

 

FX Majors Spec 1

FX Minors Spec 1

FX Exotics Spec 1

FX Exotics Spec 2

Metals – a category somewhere between Forex and commodities that deserves to stand on its own, in the opinion of many traders, so let’s treat it that way. FXTM offers trading in spot gold and spot silver. Gold is paired with the U.S. Dollar, the euro, and the British pound. Silver is paired with only the U.S. dollar and the euro.

Spot Metals Spec

Commodities – a narrow selection of commodities, with only energies offered: both types of crude oil and natural gas:

Spot Commodities Spec

Equity Indices – a selection of 11 major equity indices, offered from approximately 10 developed nations (no emerging markets are included within the selection):

Spot Indices Spec

Cryptocurrencies –4 major cryptos are offered paired with the USD. At the time of this FXTM review, the only cryptocurrency not offered from the top 5 largest cryptocurrencies is Bitcoin Cash:

Crypto-Currencies Spec

U.S. Shares as CFDs – a wide selection of 165 major U.S. shares may be traded as certificates for deposit:

Stock Trading Spec 1

Stock Trading Spec 2

Stock Trading Spec 3

Stock Trading Spec 4

Stock Trading Spec 5

Stock Trading Spec 6

Stock Trading Spec 7

Stock Trading Spec 8

Stock Trading Spec 9

U.S. Shares (direct ownership) – a selection of 10 major U.S. shares which may be bought and sold with full legal ownership and no CFD wrapping.

CFD US Shares Spec 1

Our conclusion regarding FXTM’s offering of tradable assets is quite favorable, with a range of asset classes offered that should satisfy traders looking to trade Forex, major equity CFDs, and individual leading U.S. equities. We think that the offering is sufficient for traders who are not particularly interested in diversification across a wide range of commodities or emerging market equity indices.

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Account Types

A choice of six different account types is offered.

Accounts are divided into two types: Standard Accounts, which operate a Straight-Through Processing (STP) execution model, and ECN Accounts, which operate an ECN-execution model. The difference is essentially between execution costs restricted to variable spreads subject to a minimum amount (STP), and variable spreads subject to no minimum plus commission (ECN). Both execution models have pros and cons, and each may better suit a different type of trader.

Let’s begin with the Standard Accounts, which all offer an STP execution model. This execution model means that you will almost always get a reasonable price quote without having to worry about liquidity gaps but the costs of trading will tend to be a little higher: the price you pay for greater reliability.

The Standard Account with the lowest minimum deposit is the Cent Account, which requires a deposit of only $10 to open. The account may be denominated in USD, EUR, GBP, or Nigerian Naira for customers residing in Nigeria. Variable spreads are charged and are subject to the highest minimums imposed by FXTM, making a typical “round trip” spread on the benchmark EUR/USD currency pair as high as 2.2 pips. However, overnight swaps are not charged or paid in this account type. This account offers 25 major and minor Forex currency pairs and 2 metals for trading. The maximum position size per trade is 1 lot (typically equivalent to $100,000 in nominal value) although of course where account size is low, maximum leverage (more on leverage later) will play a big role in defining a lower practical maximum. The only trading platform which may be used with this account type is the MetaTrader 4 platform.

The next Standard Account is, a little confusingly, called the Standard Account. It is available in the same base currencies as the Cent Account, but a minimum deposit of $100 is required. Variable spreads are charged and are subject to somewhat lower minimums, making a typical round trip spread on the benchmark EUR/USD currency pair approximately 2 pips. Customers have a choice whether to use the MetaTrader 4 or MetaTrader 5 trading platform with this account type. If MetaTrader 4 is used, overnight swaps are not charged, but they are charged if MetaTrader 5 is used. This account offers the full range of Forex, metals, commodities, equity indices and equities as CFDs described earlier as FXTM’s offering – everything except U.S. shares not wrapped as CFDs. The maximum position size per trade is 30 lots (typically equivalent to $3 million in nominal value).

The last of the Standard Accounts offered is the Shares Account. It is available in the same base currencies as the other two Standard Account types and requires a minimum deposit of $100 to open. Only the MetaTrader 4 platform may be used with this account type. Over 180 U.S. shares can be traded wrapped as CFDs (certificates for deposit). A fixed leverage of 10 to 1 is offered. A maximum position size per trade of 10 lots is offered.

Standard Accounts 1

Standard Accounts 2

Now we will move on to the range of ECN Accounts offered by FXTM, which all offer (obviously) an ECN execution model. This execution model means that you will tend to pay a lower cost to execute trades, but that prices may gap wildly under extreme market conditions, especially when trading currency crosses with generally low liquidity. All ECN type accounts are available in the same base currencies which we already listed for the Standard Accounts. All the accounts are swap-free with no overnight swap charged if the MetaTrader 4 platform is used. Customers have a choice between using MetaTrader 4 and MetaTrader 5 in all account types.

The ECN Account with the lowest minimum deposit required is the ECN Zero Account, at only $200. No commission is charged, and the minimum floating spread is 1.5 pips, so it is very difficult to see here what qualifies this to be considered as an ECN account. Traders using the MetaTrader 4 platform can trade 48 Forex currency pairs and crosses, 3 metals, and 14 CFDs. Traders using the MetaTrader 5 platform have a smaller range of assets they can trade: 33 Forex currency pairs and crosses are offered here, as well as 2 metals.

The next account we’ll look at is the ECN Account. A minimum deposit of $500 is required. There is a variable floating spread which is always at a minimum of 0.1 pips, unlike some ECN style accounts at other Forex / CFD brokerages which offer no minimum spread and sometimes even quote inverted spreads. The commission charged is $2 per lot for a round trip trade, which translates to 0.02% of the nominal value of the trade position size. Traders using the MetaTrader 4 platform can trade 48 Forex currency pairs and crosses, 3 metals, and 14 CFDs. Traders using the MetaTrader 5 platform have a smaller range of assets they can trade: 33 Forex currency pairs and crosses are offered here, as well as 2 metals.

The final account of the six offered is the FXTM Pro Account. As its title suggests, this account type is intended for advanced and well-capitalized traders, requiring a minimum deposit of $25,000. Despite it being an ECN account, no commissions are charged, and the variable spread which FXCM describes as “institutional level” may fall as low as zero. If the MetaTrader 4 trading platform is used to trade this account, 43 Forex currency pairs and 2 metals may be traded. If the MetaTrader 5 trading platform is used instead, 33 Forex currency pairs and 2 metals may be traded, as well as 10 major stocks.

Bottom line: our verdict is that a suitably wide range of alternative account types are offered, but some of the account types seem to be better value and more meaningful than others. We see the best all-round account offered by FXTM as the ECN Account which requires a minimum deposit of $500. The Cent Account can be opened with a deposit as small as $10 and at this level of capitalization, even with the relatively high average spread on EUR/USD of 2.2 pips, at such a low deposit level it is certainly competitive.

Leverage is an important topic to consider when evaluating a Forex / CFD brokerage. FXTM’s position on leverage is a little complicated as it offers accounts based in several different countries, all of which have different laws and regulations governing the maximum amount of leverage which may be offered. This means that we must consider where the trader is based more than the type of account which the trader wants to open to determine available leverage.

FXTM in the United Kingdom and Cyprus offer a maximum leverage of 25:1 on Forex, 20:1 on precious metals and indices, 5:1 for individual stocks and shares, and 2:1 on cryptocurrencies.

FXTM in South Africa and Mauritius are not subject to any restrictions on leverage, therefore the maximum amounts offered by them to these accounts are a decision for FXTM alone. Here FXTM’s leverage offering is quite complex, because the maximum leverage offered is determined by a combination of factors:

  • Account Type (the Pro Account offers a lower maximum leverage than the other account types, presumably to mitigate risk to FXTM from large wins by successful traders who have deposited the $25,000+ minimum deposit)
  • Instrument Traded – major Forex pairs offer the highest leverage, minors and metals less, followed by Forex exotics and then cryptocurrencies, which are offered with the lowest leverage of any asset class.
  • Notional Value of a Trade – the maximum leverage is only offered on the first $200k or $300k of the notional value traded, decreasing by higher tranches of value. For example,

Despite this, we can set out the absolute maximum leverage offered by FXTM outside the E.U. and the U.K. by asset class as follows:

Forex- 1000:1

Indices- 1000:1

Metals- 500:1

Cryptocurrency- 100:1

Shares- 10:1

Leverage 1

Leverage 2

Leverage 3

Every type of account offered by FXTM allows hedging, scalping, and automated trading via Expert Advisers. As FXTM only uses the MetaTrader 4 and MetaTrader 5 trading platforms, there is a wide range of automated tools available which work with these platforms, and FXTM does not block or disable them.


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Trading Platforms

Bottom Line: FXTM has no proprietary platform. Clients of all account types except the Shares Account and the Cent Account (two types of Standard Accounts offered by FXTM) have a choice between using the extremely well-known and popular MetaTrader 4 or MetaTrader 5. Clients with a Cent Account or Shares Account must use the MetaTrader 4 platform and have no choice of platforms.

This will not be a problem for most traders as the old yet beloved MetaTrader 4 platform is still widely used. However, traders who dislike MetaTrader for any reason or who want features offered by other platforms may be disappointed. A further issue is that a slightly different range of assets is offered within the same account types depending upon whether MetaTrader 4 or MetaTrader 5 is used, meaning choice of platform requires some consideration of which assets you want to be able to trade.

Where a choice between the two platforms is available, it can be helpful to review the pros and cons of each to determine which is the better fit for you.

Broadly speaking, it can be well argued that MetaTrader 4 is more suitable for trading Forex while MetaTrader 5 is better suited for trading stocks and commodities. The other major difference between the two platforms is that MetaTrader 5 complies with the U.S.A.’s “no hedging” regulation which states that brokerages there must process every trade on a first in, first out basis. This effectively makes precise hedging impossible.

Both MetaTrader 4 and MetaTrader 5 are available on all operating systems, tablet, mobile, app-based or web-based. Many users feel the apps tend to run with less glitches on a PC or laptop compared to the web version.

MetaTrader 4

MT4

Despite no longer enjoying technical support from MetaQuotes, the MetaTrader 4 platform remains the gold standard of retail Forex / CFD trading platforms. It is relatively easy to use and intuitive, and in any case, its look and feel is extremely similar to MetaTrader 5 which was designed and marketed by the same parent company.

MetaTrader 4 allows hedging. It uses a programming language called MQL4. Unfortunately, there is no “backwards compatibility” in MetasTrader 5, so programs written for MetaTrader 4 are not compatible with MetaTrader 5 and will not run on that platform.

MetaTrader 4 comes with a back-testing function but it is relatively slow and cumbersome, with MeatTrader 5’s back testing function running much more quickly. It is also able to conduct multiple simultaneous back tests on more than one asset.

MetaTrader 5

MT5

MetaQuotes launched this some years ago as a successor to their wildly successful MetaTrader 4 platform. However, it didn’t really take off as most traders felt it offered little more than the MetaTrader 4 while not allowing hedging and being slightly pushier and more intrusive overall. However, anyone familiar with MetaTrader 4 won’t find using MetaTrader 5 much of a challenge. It is relatively easy to use and intuitive, and in any case, its look and feel is extremely like MetaTrader 4 which was designed and marketed by the same parent company.

MetaTrader 5 does not allow precise hedging, although some traders work around this effectively by making a stack of trades in the same asset where each trade has a slightly different position size. It uses a programming language called MQL5 which is more advanced than MQL4. Unfortunately, there is no “backwards compatibility” in MetaTrader 5, so programs written for MetaTrader 4 are not compatible with MetaTrader 5 and will not run on this platform.

MetaTrader 5’s back testing function is superior to MetaTrader 4’s. It is also able to conduct multiple simultaneous back tests on more than one asset.

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Unique Features

FXTM has two standout features: firstly, its strong regulatory regime in two major industry centers which enjoy high levels of regulatory protection (the U.K. and Cyprus); secondly, FXTM Invest, which is FXTM’s copy trading program.

Regulation in the U.K. is significant, as under U.K. regulations, depositors can be protected by deposit insurance in case of a regulated brokerage’s insolvency or other resulting inability to access deposited funds. The protection is up to a relatively high amount of £85,000 per depositor. In Cyprus, there is an investor compensation fund which can protect depositors up to the amount of €20,000 per depositor.

FXTM Invest is a copy trading program which simply allows customers to let their account mirror the trades of selected Strategy Managers. At the time of writing, there are over 600 strategy managers to choose from, so there is plenty of choice. Strategy Managers get paid from the net profit on those trades which customers choose to copy, which is taken from the profit in the copier’s account.

Strategy Managers may set their own fee percentage up to a limit of 50%, as it is up to trade copiers to choose whether to copy them or not. FXTM customers may become a trade copier with as little as $100 in capital.

FXTM Invest is only available to clients of FXTM outside the European Union and the United Kingdom.

FXTM Invest 1

FXTM Invest 2

Company Information

  • Broker's Name : FXTM
  • Headquarter : Cyprus
  • Regulation : CySEC, FCA, FSC

Account Information

  • Type of Broker : ECN/STP
  • U.S. Clients Allowed :
  • Minimum Deposit : $10
  • Maximum Leverage : 1:1000
  • Commissions / Spreads : Variable
  • Account 1 : Standard Accounts
  • Account 2 : ECN Accounts
  • Account 3 : Shares Account
  • Demo Account :
  • Islamic Account :
  • Segregated Account :
  • Managed Accounts :
  • Institutional Accounts :
  • Deposit Options :
  • Withdrawal Options :

Instruments Traded

  • ETFs :
  • CFDs :
  • Commodities :
  • Metals :
  • Stocks :
  • Oil :
  • Gold :
  • Binary Options :
  • Indices :

Trading Platforms

  • Type of Platform : MetaTrader 4, MetaTrader 5
    • Platform Languages :
      • English
      • Spanish
      • Arabic
      • Italian
      • French
      • Turkish
      • German
      • Japanese
      • Chinese
      • Russian
      • Portuguese
      • Dutch
      • Greek
      • Malay
      • Thai
      • Bahasa
      • Swedish
      • Polish
      • Hungarian
      • Other
    • OS Compatibility :
      • Mac
      • Windows
      • Linux
      • Mobile
      • Web
      • iPhone
      • iPad
  • Trading Signals :
  • Charting Package :
  • Market Analysis :
  • Chart Trading :
  • Automated Trading :
  • Scalping :
  • Hedging :
  • Mobile Alerts :
  • E-mail Alerts :
  • Trailing Stops :
  • Guaranteed Stop Loss :
  • Guaranteed Limit Orders :
  • Guaranteed Execution :
  • One-click Execution :
  • OCO Orders :
  • Interest on Margin :
  • Web-based Trading :
  • Mobile Trading :

Customer Support

    • Website Languages :
      • English
      • Spanish
      • Arabic
      • Italian
      • French
      • Chinese
      • Russian
      • Greek
      • Malay
      • Thai
      • Polish
      • Other
  • Support Hours : 24/5 + weekend hours
  • E-mail Support :
  • SMS Support :
  • Chat :

Pros and Cons

  • Excellent regulation / reputation
  • ECN-style account options
  • Only MetaTrader platforms offered
  • Clients from several countries not accepted

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Research & Education

FXTM’s education offering is reasonably well-stocked and comprehensive. While any Forex / CFD brokerage might produce a good all-round offering without offering research or education at all, that is not to say that this is not a “nice to have” if it is done well.

In FXTM’s education section, subsections are divided into eBooks, Forex Trading Seminars, Forex Trading Webinars, a Forex Glossary, What is Forex, a Beginners Guide to Forex Trading, Forex Trading Strategies, Short Forex Educational Videos, Education Videos, Education Articles, and a “Periodic Table” which is basically a glossary of investment terms built in an unusual and fun style.

The eBooks are a series by certified technical analyst Andreas Thalassinos. The seminars are real-life meetup events which are held around the world, at the time of writing they were scheduled close to once per week. The webinars are of course virtual and are conducted in a variety of languages and scheduled at a rate of approximately three each week. At the time of writing, webinars were being conducted in Bengali and Vietnamese as well as English.

We were most impressed by the detailed material on a range of trading strategies which can be hard to find. The beginner’s guide was also nice.

FXTM Invest 3

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Customer Support

For most clients, customer support won’t be much of an issue. Having said that, it is comforting to know that if you do need help, you will be able to get hold of someone competent quickly who will take responsibility for fixing whatever your problem is.

FXTM’s customer support has a good reputation, partly because they are a well-regulated and global Forex / CFD brokerage, and partly because support is given with a wide variety of languages with from native speakers.

The FXTM customer support desk is available 24 hours a day, on regular weekdays.

Traders can contact a rep at different departments in several international locations via email of telephone. Live chat is also available.

FXTM has support centers with respective dedicated focus on China, India, Indonesia, Malaysia, Nigeria, South Korea and Thailand.

Customer Support

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Bonuses & Promotions

FXTM is partially regulated in the U.K. and in the E.U. (Cyprus) While bonuses and promotions are permitted from outside these regions, those parts of FXTM must comply with E.U. law and as such the offering of new bonuses and promotions has been completely prohibited.

In other regions, at the time of writing FXTM is offering a 30% welcome (sign-up) bonus capped at $300. You’ll have to hurry though as this is a limited offer which expires at the end of September 2019, but something tells us there’ll be a similar offer not long after this one expires.

FXTM offers a loyalty cashback, where for the first six months of trading, customers get “real, withdrawable cash rebates” for every lot traded.

Bonuses

Please note that such bonuses and promotions are nearly always subject to several terms and conditions which mean you must trade very large quantities before you will be able to withdraw any of the awarded amounts in cash.

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Opening an Account

The account opening process with FXTM is quite good and speedy even in their highly regulated locations. You can expect to get your account open and ready within two days from beginning the account opening process. Clients only need to navigate through a few screens where they submit a few details and choose the type of account they want to sign up for.

It is worth noting that residents of the U.S.A. and a few other countries cannot be accepted as new clients by FXTM.

In addition to providing personal and account details, new clients are required to verify their identity and prove their place of residence, as is customary. The process is completely digitized.

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Deposits & Withdrawals

FXTM requires a minimum deposit of at least $10.

FXTM imposes no additional fees on any deposit beyond what the deposit mechanism itself may charge.

A very wide range of deposit and withdrawal methods are supported by FXTM. The most notable channels are Neteller, Skrill, Western Union, and WebMoney. Major credit cards are also accepted, and bank transfers can also be used.

Withdrawals can be made using the same methods. In practice, withdrawals must be made through the same channels that deposits are made through, which is a common practice applied by almost all retail Forex / CFD brokerages.

Unfortunately, FXTM charges a withdrawal fee for most withdrawal options. The most notable fees average to about $3 for withdrawal by credit card and about $20 for bank transfers.

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FAQ

Where is FXTM based?

The U.K., Cyprus, South Africa, and Mauritius.

How does FXTM make money?

FXTM makes its money from spreads and commissions charged on trades, an overnight financing mark-up, and from its clients’ trading losses on its STP account types.

How can I deposit into an FXTM account?

FXTM provides several methods for depositing and withdrawing funds. Transactions may be conducted through Western Union, Skrill, FasaPay and Neteller as well as credit cards and bank wire transfers. Several minor channels popular in developing nations are also accepted.

Is FXTM regulated? Are its clients protected by regulatory deposit insurance?

FXTM is regulated by the FCA in the U.K. and by CySEC in Cyprus and by the FSCA in South Africa and by the FSC in Mauritius. The FCA offers deposit insurance up to £85,000 and CySEC offers an investor protection fund up to €20,000 but eligibility is not automatic even if a depositor’s funds become inaccessible due to no fault of their own.

What is the maximum leverage offered by FXTM?

The maximum leverage offered is a very high 1000 to 1, but if accounts are held through the E.U. or the U.K., regulation applies that imposes a legal maximum of 30 to 1.

How do I open an account with FXTM?

The easiest way to open an account with FXTM is to click on the Open Account buttons on this review and fill out the form. Registration takes only a few minutes and you’ll be on your way to trading.

Does FXTM offer the MetaTrader trading platform?

Yes, FXTM offers both the MT4 and MT5 trading platforms.

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Summary

FXTM deserves a positive review. Fees are reasonably competitive for depositors of a few hundred dollars, and the ECN account option seems to be competitive for Forex traders at a deposit range quite close to the $500 minimum! The range of assets offered for trading is not highly diverse, making FXTM a more suitable broker for traders happy to focus on Forex, the major metals and energies, and major U.S. stocks only. FXTM’s reputation is right up at the high end of the industry, with a lengthy track record and good regulatory standing in the U.K., which is particularly impressive, not to mention its good standing in Cyprus. However, customers outside the U.K. and the E.U. will get a less protective regulatory regime from Mauritius or South Africa.

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User Reviews

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13 User Reviews
Maxwell

Saw your twitter post over the weekend about the 30% bonus and I am ready to sign up. Thanks

DailyForex

Hi Sihle! Yes! You can certainly trust FXTM wholeheartedly ! We highly recommend them, they are our top rated Forex broker!

Sihle Malinga

I am still trying them out. Please let us know if they are to be trusted wholeheartedly...

DailyForex

Hi- You can begin learning by opening a demo account with FXTM and try it out! Once you make an account, an account manager at FXTM can help you get started as well. Have a great day!

Lebohang

I want to learn how to trade, how can I get knowledge of trading forex by using your broker. If it can be possible can I get online training?

Evan Mbugua Njengah

I'm a starter in forex with potential of investing. I would want a step by step of how I can learn forex, meanwhile how I can be assisted with a professional trader while I continue to learn how I can trade on my own. Do you provide online courses for starters? I'm from Kenya.

Deji Akintonde

FXTM for me is the best broker I have ever used. I like their customer service. I mostly love their withdrawal system speed; in 17hours (max) they deliver withdrawals and they always send emails to inform you of every single process. I would like them to extend their bonuses package to other countries currencies and not just for the US dollar. Excellent broker. 5 stars.

Joseph

Very honest

Justin Adley

FXTM has excellent promotions for traders

Rethabile Nkosi

This is not a scammy broker, and they are regulated, but their leverage could be better

Amogelang Kumalo

Their customer service could be better, but all in all from my experience, this is a good broker to work with.

Amahle Dube

FXTM forex broker seems to be reliable, although I only tried their demo account

Andre Diamante

Bless those great promotions. Definitely a reason to open an account.

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