FXTM Broker Review

Is FXTM a scam?

FXTM (ForexTime) is a regulated forex broker that prioritizes the safety and security of its clients’ funds. It is licensed and regulated by several reputable financial authorities, including:

1. The Cyprus Securities and Exchange Commission (CySEC) – FXTM is regulated by CySEC under license number 185/12, which ensures that the broker follows strict financial standards and regulations.
2. The Financial Conduct Authority (FCA) – FXTM is regulated by the FCA under license number 777911, which allows the broker to operate in the UK and ensures that it follows strict financial standards and regulations.
3. The Financial Services Commission of Belize (IFSC) – FXTM is regulated by the IFSC under license number IFSC/60/345/TS and IFSC/60/345/APM, which allows it to operate in Belize and ensures that it follows strict financial standards and regulations.
4. The South Africa Financial Sector Conduct Authority (FSCA) – FXTM is regulated by the FSCA under license number FSP 46614, which allows it to operate in South Africa and ensures that it follows strict financial standards and regulations.

In addition to its regulatory oversight, FXTM also employs various security measures to protect its clients’ funds and personal information. The broker uses SSL encryption technology to ensure secure transmission of data, and client funds are held in segregated accounts with top-tier banks to ensure maximum security. FXTM also participates in the Investor Compensation Fund, which provides additional protection for clients in the event of broker insolvency.

FXTM Trading Platforms

FXTM offers its clients a range of trading platforms to choose from, including:

1. MetaTrader 4 (MT4) – MT4 is one of the most popular trading platforms in the forex industry and is available for desktop and mobile devices. It offers advanced charting and analysis tools, a wide range of technical indicators, and the ability to automate trades using expert advisors (EAs).
2. MetaTrader 5 (MT5) – MT5 is the successor to MT4 and offers similar features, but with additional capabilities such as the ability to trade stocks and futures. It is available for desktop and mobile devices.
3. FXTM Trader – FXTM Trader is a mobile-only platform that offers a user-friendly interface, advanced charting tools, and the ability to manage multiple accounts.
4. FXTM Invest – FXTM Invest is a social trading platform that allows clients to follow and copy the trades of experienced traders.
5. WebTrader – WebTrader is a web-based platform that allows clients to trade directly from their browser without needing to download any software.

All of these platforms offer a range of features and tools to help traders analyze the markets and execute trades efficiently.

Products FXTM provides

FXTM offers a variety of products to trade, including:

1. Forex – FXTM offers a wide range of forex pairs to trade, including major, minor, and exotic currency pairs.
2. Contracts for Difference (CFDs) – FXTM offers CFDs on a range of financial instruments, including indices, commodities, and cryptocurrencies.
3. Shares – FXTM offers trading on over 180 U.S. and European shares, including popular companies such as Apple, Amazon, and Google.
4. Exchange-Traded Funds (ETFs) – FXTM offers trading on a range of ETFs, which allow traders to invest in a diversified portfolio of assets.
5. Futures – FXTM offers futures contracts on a range of commodities, including gold, silver, and oil.

Overall, FXTM provides a diverse range of products for traders to choose from, allowing them to build a portfolio that suits their investment objectives and risk tolerance.

FXTM account types

FXTM offers several different account types to cater to the varying needs and trading styles of its clients. Here is an overview of the account types offered by FXTM:

1. Standard Account – This account type is suitable for beginners and offers tight spreads starting from 1.3 pips, no commissions, and a minimum deposit of $100.
2. Cent Account – This account type is ideal for traders who want to trade with smaller amounts and offers tight spreads starting from 1.5 pips, no commissions, and a minimum deposit of only $10.
3. Shares Account – This account type is designed for trading shares and offers tight spreads starting from 0.1 pips, a commission of $0.10 per share, and a minimum deposit of $100.
4. ECN Account – This account type is suitable for experienced traders and offers raw spreads starting from 0 pips, a commission of $4 per lot, and a minimum deposit of $500.
5. ECN Zero Account – This account type is similar to the ECN account but has no commissions and offers spreads starting from 1.5 pips. The minimum deposit for this account type is $200.
6. FXTM Pro Account – This account type is designed for institutional traders and offers tight spreads starting from 0 pips, no commissions, and a minimum deposit of $25,000.

Each account type has its own features and benefits, and traders can choose the one that best suits their trading style and objectives. Additionally, FXTM also offers a demo account, which allows traders to practice their strategies and test the broker’s trading platforms before investing real money.

FXTM trading fees

FXTM charges trading fees in the form of spreads and commissions, which vary depending on the account type and the financial instrument being traded. Here is an overview of the trading fees charged by FXTM:

1. Spreads – FXTM offers variable spreads, which can start from as low as 0 pips on some account types. The spreads vary depending on the financial instrument being traded and the account type.
2. Commissions – FXTM charges commissions on its ECN accounts, which start from $4 per lot. The commission rate may vary depending on the financial instrument being traded.
3. Swaps – FXTM charges swap fees on positions that are held open overnight. The swap rates vary depending on the financial instrument being traded and whether the position is long or short.
4. Inactivity fee – FXTM charges an inactivity fee of $5 per month if there has been no trading activity on an account for a period of six months or more.

It’s important to note that FXTM’s trading fees are competitive with other forex brokers in the industry, and the broker is transparent about its fee structure. Additionally, FXTM offers its clients a range of account types to choose from, each with its own fee structure and trading conditions, allowing traders to select the one that best suits their needs and preferences.

FXTM Funding and Withdrawal Options

FXTM offers a variety of funding and withdrawal options, including:

1. Deposit Options – FXTM allows deposits through a variety of methods, including bank wire transfer, credit/debit cards, e-wallets such as Skrill, Neteller, and others. Additionally, FXTM also supports local deposit methods, such as Rapid Transfer, Sofort, iDeal, and others, depending on the trader’s region.
2. Withdrawal Options – FXTM supports withdrawals through the same methods used for deposits, with the exception of credit cards. Withdrawals can also be made via bank wire transfer or e-wallets.
3. Fees and Processing Time – FXTM does not charge any deposit fees. However, there may be fees associated with certain withdrawal methods, such as bank wire transfers. The processing time for deposits is usually instant, except for bank wire transfers, which can take up to three business days. Withdrawals are typically processed within one business day, although the processing time may vary depending on the withdrawal method.

It’s important to note that FXTM does not charge any internal transfer fees, allowing traders to easily transfer funds between their trading accounts. Additionally, FXTM supports multiple currencies, including USD, EUR, GBP, and others, allowing traders to fund their accounts in their preferred currency. Overall, FXTM’s funding and withdrawal options are convenient and flexible, making it easy for traders to manage their accounts efficiently.

FXTM’ promotions

FXTM offers various promotions and bonus programs to both new and existing clients, which can provide additional trading opportunities and incentives. Here are some of the promotions offered by FXTM:

1. Welcome Bonus – FXTM offers a welcome bonus to new clients who open a live trading account. The bonus amount varies depending on the account type and region but can be up to $5,000. The welcome bonus is subject to certain terms and conditions, including a minimum deposit requirement and a trading volume requirement.
2. Loyalty Program – FXTM offers a loyalty program to its active traders, which rewards them for their trading activity. The loyalty program offers various benefits, such as cashback rebates, reduced trading commissions, and access to exclusive events and promotions.
3. Refer-a-Friend – FXTM offers a referral program to existing clients, which rewards them for referring new clients to the broker. The referral program offers cash bonuses, which vary depending on the region and account type of the referred client.
4. Trading Contests – FXTM regularly hosts trading contests, which offer traders the opportunity to win cash prizes and other rewards. The trading contests vary in format and duration and may require a minimum deposit or trading volume to participate.

It’s important to note that all promotions offered by FXTM are subject to certain terms and conditions, which may vary depending on the promotion and region. Traders should carefully review the terms and conditions of any promotion before participating to ensure that they understand the requirements and restrictions.

FXTM customer support

FXTM provides customer support through a variety of channels, including:

1. Live Chat – FXTM offers a 24/5 live chat service, which allows traders to quickly and easily connect with a customer support representative.
2. Email – Traders can contact FXTM’s customer support team via email, and the broker aims to respond to all inquiries within 24 hours.
3. Phone – FXTM provides phone support in multiple languages, with local phone numbers available for traders in certain regions.
4. Online Help Center – FXTM’s online help center provides a comprehensive range of FAQs, trading guides, and other educational resources to help traders navigate the platform and trading markets.

FXTM’s customer support team is known for being responsive and helpful, and the broker offers support in multiple languages, including English, Spanish, Chinese, Arabic, and others, depending on the region. Additionally, FXTM has a strong social media presence and can be contacted via Facebook, Twitter, and other social media platforms. Overall, FXTM’s customer support is reliable and accessible, providing traders with the assistance they need to trade with confidence.

FXTM Educational Resources

FXTM offers a wide range of educational resources to help traders improve their trading skills and knowledge. Here are some of the educational resources provided by FXTM:

1. Webinars – FXTM regularly hosts live webinars on various trading topics, which are conducted by market experts and analysts. Webinars cover a range of topics, from basic trading concepts to advanced trading strategies.
2. Educational Articles – FXTM provides a vast library of educational articles, which cover a wide range of trading topics, including fundamental and technical analysis, trading psychology, risk management, and more.
3. E-Books – FXTM offers a selection of free e-books, which provide in-depth insights into various trading strategies and techniques.
4. Video Tutorials – FXTM’s video tutorials provide a visual learning experience, with step-by-step guidance on various trading concepts and techniques.
5. Trading Tools – FXTM provides a range of trading tools, including economic calendars, market analysis, and trading calculators, to help traders make informed trading decisions.

In addition to the above resources, FXTM also provides free demo accounts, which allow traders to practice trading in a risk-free environment before trading with real money. Overall, FXTM’s educational resources are comprehensive and accessible, making it easy for traders to improve their trading skills and knowledge.

Pros and cons of FXTM

Pros of FXTM:

1. Regulation and Safety – FXTM is regulated by reputable financial authorities such as the FCA and CySEC, which provides a high level of safety and security for traders’ funds.
2. Trading Platforms – FXTM provides a range of advanced trading platforms, including MetaTrader 4 and MetaTrader 5, which are popular among traders worldwide.
3. Educational Resources – FXTM provides a wide range of educational resources to help traders improve their skills and knowledge, including webinars, articles, e-books, and video tutorials.
4. Account Types – FXTM offers a variety of account types to suit the needs of different traders, including ECN, Standard, and Cent accounts, among others.
5. Customer Support – FXTM’s customer support team is responsive and helpful, offering support in multiple languages via live chat, email, phone, and social media.

Cons of FXTM:

1. Limited Product Range – FXTM’s product range is somewhat limited compared to other brokers, with a focus on forex and CFDs.
2. High Spreads – FXTM’s spreads can be higher than other brokers, particularly for traders with smaller accounts.
3. Inactivity Fees – FXTM charges inactivity fees for accounts that have been inactive for more than six months, which can be an additional cost for some traders.
4. Limited Bonus Offers – FXTM’s bonus offers are somewhat limited compared to other brokers, with only a few promotions available at any given time.

Overall, FXTM is a well-regulated and reputable broker with a strong focus on education and customer support. However, traders should be aware of the higher spreads and inactivity fees, which can affect their trading costs over time.

Frequently asked questions about FXTM

Is FXTM regulated?

Yes, FXTM is regulated by several reputable financial authorities, including the UK’s Financial Conduct Authority (FCA), the Cyprus Securities and Exchange Commission (CySEC), and the Financial Services Commission of Mauritius (FSC).

What trading platforms does FXTM offer?

FXTM offers several trading platforms, including MetaTrader 4 (MT4), MetaTrader 5 (MT5), and a web-based platform.

What account types are available at FXTM?

FXTM offers several account types, including Standard, Cent, Shares, ECN, and FXTM Pro.

What products can I trade on FXTM?

FXTM offers trading in a range of products, including forex, CFDs, and shares.

What are FXTM’s deposit and withdrawal options?

FXTM offers several deposit and withdrawal options, including bank wire transfer, credit/debit cards, e-wallets (Neteller, Skrill), and local payment methods. Fees and processing times may vary depending on the method.

Does FXTM offer a demo account?

Yes, FXTM offers a free demo account, which allows traders to practice trading in a risk-free environment.

Does FXTM offer educational resources?

Yes, FXTM provides a wide range of educational resources, including webinars, articles, e-books, video tutorials, and trading tools.

Does FXTM offer bonuses or promotions?

Yes, FXTM offers various promotions and bonuses throughout the year, including deposit bonuses, cashback offers, and loyalty rewards.

What are FXTM’s customer support options?

FXTM provides customer support via live chat, email, phone, and social media. Support is available 24/5 in multiple languages.

Does FXTM charge any fees?

Yes, FXTM charges fees for certain services, such as inactivity fees for accounts that have been inactive for more than six months. Spreads and other fees may also apply, depending on the account type and trading conditions.