FXTM Review

Review

FXTM established itself as a leading broker for emerging and frontier markets. Traders get upgraded MT4/MT5 trading platforms, a proprietary copy trading service, and quality research and education. FXTM also delivers one of the best commission-based Forex pricing environments. I reviewed this award-winning broker to evaluate if high-frequency traders and scalpers can achieve a competitive edge here. Is the trading environment at FXTM as good as advertised?

Pros

  • Excellent commission-based Forex pricing environment and transparency

  • Upgraded MT4/MT5 trading platforms plus proprietary mobile trading app

  • Quality market research and educational content for beginner traders

  • Proprietary copy trading platform, low minimum deposit, and high leverage

Cons

  • Limited choice of cryptocurrencies and commodities

Summary

FXTM Overview - A Leader for Emerging and Frontier Markets with Excellent Education

Headquarters

Mauritius

Regulation

FSC, FCA, CySEC, FSCA

Established

2011

Execution Type

Market Maker/ECN hybrid

Minimum Deposit

$50

Maximum Retail Leverage

1:2000

Trading Platform(s)

MT4, MT5, FXTM Invest (proprietary)

I like that FXTM 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 Main Features

Retail Loss Rate

77.00%

Regulation

Yes

Minimum Raw Spreads

0.0 pips

Minimum Standard Spreads

0.5 pips

Minimum Commission for Forex

$0.80 per 1.0 lot

Commission for CFDs/DMA

Commission-free

Commission Rebates

No

Minimum Deposit

$50

Demo Account

Yes

Managed Account

Yes

Islamic Account

No

Inactivity Fee

$5 monthly after six months

Deposit Fee

No

Withdrawal Fee

Third-party

Funding Methods

47

 
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Regulation and Security

Trading with a regulated broker 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.

Country of the Regulator

Name of the Regulator

Regulatory License Number

Mauritius

 

Financial Services Commission

License Number C113012295

United Kingdom

 

Financial Conduct Authority

License Number 777911

Cyprus

 

Cyprus Securities and Exchange Commission

License Number 185/12

South Africa

 

Financial Sector Conduct Authority

FSP Number 46614

FXTM 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 Regulators

FXTM Financial Commission Membership

 

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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 FXTM 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.

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

Minimum Forex

Commission per Round Lot

Cost per 1 Standard Lot

1.5 pips

$0.00

$15.00

0.0 pips

$0.80 (minimum)

$0.80

0.0 pips

$4.00 (maximum)

$4.00

 

FXTM Spreads

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:

Minimum Spread

Commission per Round Lot

Swap Long

Swap Short

Total Trading

Costs

0.0 pips

0.0 pips

$0.80

$4.00

-$6.90

-$6.90

X

X

$7.70

$10.90

0.0 pips

0.0 pips

$0.80

$4.00

X

X

-$0.30

-$0.30

$1.10

$4.30

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:

Minimum Spread

Commission per Round Lot

Swap Long

Swap Short

Total Trading

Costs

0.0 pips

0.0 pips

$0.80

$4.00

-$48.30

-$48.30

X

X

$49.10

$52.30

0.0 pips

0.0 pips

$0.80

$4.00

X

X

-$2.10

-$2.10

$2.90

$6.10

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.

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What Can I Trade

FXTM maintains 63 currency pairs, 0 cryptocurrency pairs, 8 commodities, 17 index CFDs, 1,227 equity CFDs, 420 US-listed stocks, and five stock baskets. The choice of cryptocurrencies, commodities, and index CFDs are limited, but the overall choice of trading instruments is competitive. I also like that FXTM offers 420 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

Currency Pairs

63

Cryptocurrency Pairs

4

Commodities and Metals

8

Index CFDs

17

Equity CFDs

1,227

Bonds

0

ETFs

0

Options, Futures, and Synthetics

5

Maximum Retail Leverage

1:2000

Maximum Pro Leverage

1:200

FXTM 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)

Asset Class

From

To

Cryptocurrencies

Monday 00:00

Sunday 24:00

Forex

Monday 00:05

Friday 23:55

Commodities

Monday 01:00

Friday 23:45

European CFDs

Monday 10:30

Friday 18:00

US CFDs

Monday 16:31

Friday 22:59

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.

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FXTM Account Types

FXTM offers two commission-free trading accounts, Micro and Advantage Plus, and one commission-based alternative, Advantage. Micro requires a minimum deposit of only $50 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 Account Types

 

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. The 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.

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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

MT4

Yes

MT5

Yes

cTrader

No

Proprietary/Alternative Platform

Yes

Automated Trading

Yes

Social Trading / Copy Trading

Yes

MT4/MT5 Add-Ons

Yes

Guaranteed Stop Loss

No

Negative Balance Protection

Yes

Unique Feature One

MT4/MT5 upgrades

Unique Feature Two

Proprietary copy trading platform

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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.

FXTM Invest

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Research and Education

The four-member research team at FXTM 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.

FXTM Periodic Table of Trading Terms

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Customer Support

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.

FXTM Customer Support

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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.

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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 FXTM 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 Account Registration

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.

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Deposits and Withdrawals

The MyFXTM back office is where traders make all their deposits and withdrawals. FXTM 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.

FXTM Withdrawal Hierarchy

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General Information

Company Information

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

Account Information

  • Type of Broker : Instant/Market Execution
  • U.S. Clients Allowed :
  • Minimum Deposit : $50
  • Maximum Leverage : Flexible
  • Commissions / Spreads : Variable
  • Account 1 : Micro
  • Account 2 : Advantage
  • Account 3 : Advantage Plus
  • 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
      • Dutch
      • Greek
      • Malay
      • Thai
      • Bahasa
      • Swedish
      • Polish
      • Hungarian
      • Portuguese
      • Russian
      • Spanish
      • Arabic
      • Italian
      • French
      • Turkish
      • German
      • Japanese
      • Chinese
      • 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
      • Polish
      • Thai
      • Malay
      • Greek
      • Russian
      • Chinese
      • French
      • Italian
      • Arabic
      • Spanish
      • Other
  • Support Hours : 24/5 + weekend hours
  • E-mail Support :
  • SMS Support :
  • Chat :
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FXTM vs Comparisons

Broker Alternatives

We have gathered a list of the top broker alternatives to FXTM, and conducted an in-depth broker comparison to assist you in choosing the right broker for your trading needs.

FXTM vs. HotForex

FXTM vs. IC Markets

FXTM vs. FXCM

FXTM vs. XM

FXTM vs. eToro

FXTM vs Markets.com

FXTM vs Vantage FX

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FAQs

Is FXTM a good broker?

FXTM ranks among the best Forex brokers amid competitive regulation, transparency, and an excellent pricing environment.

Is FXTM good for beginners?

FXTM maintains a high-quality educational section, making it ideal for beginner traders.

What is the minimum deposit for FXTM?

The minimum deposit at FXTM for the Micro account is $50 or a currency equivalent, and $500 for the Advantage and Advantage Plus accounts.

How long does it take to withdraw from FXTM?

FXTM processes all withdrawal requests within 24 hours, but it may take up to ten business days for traders to receive their funds, dependent on the payment processor.

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Bottom Line

I like the trading environment at FXTM, 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.

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User Reviews

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29 User Reviews
Charbecd

with deposit no charge and instant with withdraw charge 2% and 24-48h take just imagine what company its is

Marius Bodea

Nice article!

We Fano

Nice article!

Stephen K.

I had a great experience with FXTM while trading from South Africa. I believe I will try them again in the near future.

Admin@Dailyforex

HI Saman, yes, FXTM has segregated accounts!

saman

Does this brooker keep our deposit in seperate private bank account or all of deposites are in only one bank account?

DailyForex Team

HI Geoffrey, Yes! FXTM responded below and handled it privately. Thanks so much for reaching out and being concerned, DailyForex Team

Geoffrey

@Barlow had a concern about spending like 17 Days and was still counting to withdraw his funds. I didn't see any response from FXTM- Will appreciate if i know whether this was handled.

carol

I referred a friend and I got $50! so cool

Great Vest

FXTM so far, been so good I have enjoyed the platform as a strategy manager https://www.forextime.com/strategy/Great-vest

Keith

Hi can you tell me what is the dormant currency you use please, Usd or Euro. Thank you Keith

mari

i like the tight spreads and customer support. good job

Joshua Faris

Really amazing information thanks for sharing most valuable trading information. " Managed forex account services" gives best and advanced services as compare to other Forex companies, The service charge is also affordable and guaranteed . http://www.centreforex.com/managed_account.php

charlesvdw

i appreciate the customer support and trading platforms that FXTM provides. thanks for review - charles

FXTM Team

HI Barlow! Our team has carefully investigated your query and provided detailed explanation by sending an email via ticket number 2019101410006904. We would like to reiterate that the Company always acts in the best interest of its Clients and works within a strict regulatory environment. For more information, please don’t hesitate to contact our official customer support team. Alternatively, get in touch with your personal Account Service manager. Thank you, your FXTM Team.

Barlow

Everyone needs to test brokers out for themselves. I'm currently waiting for funds from FXTM. I made a withdrawal 17 days ago, still waiting. Also their customer support is very slow to respond. At this stage I'm sceptical if FXTM really wants you to withdraw any money. It's quite the opposite when it comes to deposits. When I was struggling with a deposit they phoned me immediately and assisted me then and there on the phone and made sure the money was deposited. Let's wait and see, I will comment again once / if I get my funds withdrawn. 17 days and counting...

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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