FXTM Account Types

Overall

Fees

Deposit and withdrawal

Asset selection

Ease of account opening

Regulation and security

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

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.

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.

FAQs

What is the FXTM swap-free account?

The FXTM swap-free account does not levy financing costs on leveraged overnight positions, meeting one of the criteria for Islamic trading accounts.

Does FXTM offer a bonus account?

FXTM maintains a 30% deposit bonus for qualifying traders. Terms and conditions apply, and traders must read and understand them before accepting an incentive.

FXTM standard account vs. ECN account?

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.

What is the FXTM managed account?

FXTM does not offer a managed account but deploys its proprietary copy trading service FXTM Invest alongside embedded solutions in MT4/MT5.

What is the FXTM cent account?

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

What is the FXTM Advantage account?

The FXTM Advantage account is a highly competitive commission-based ECN trading account and the best choice overall for most at FXTM.

What is the FXTM standard account?

FXTM does not have an account labeled standard, but the commission-free FXTM Advantage Plus meets the definition of a “standard account.”

Which account type is best for FXTM?

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.

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DailyForex.com Team

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