FXTM – which is also known as ForexTime – is a well-respected forex broker aimed at traders from various backgrounds, and of various skill sets. As well as offering trading instruments on forex, it also offers indices, spot metals and cryptocurrencies, while its spreads are competitive.
Of course, CFDs are complex instruments. They are high-risk and it’s really important that you as an investor or trader are 100% sure before you take the plunge and signup. In our Forex Time review, we take a complete look at the in’s and out’s of this forex broker so that you can make a better decision about whether or not it’s right for you.
What Is FXTM?
FXTM is a forex broker that’s been around since 2011. Founded by Andrey Dashin, its intuitive trading platform is based on both MetaTrader 4 and 5, and traders and investors can trade forex as soon as they’re up and running with an account.
FXTM is regulated by the FCA in the UK and CySec in Cyprus. And while it’s still fairly new in the online brokerage world, it’s already won a handful of awards while its client base is getting stronger all the time.
However, it’s only available in certain markets where demand for forex strong, and it isn’t available in the U.S, Japan or Canada.
FXTM Trading Terms
FXTM’s trading terms are competitive and in-line with their competitors. Minimum deposit is low and starts out from just $5 depending on account type. FXTM uses the popular No Dealing Desk technology and floating leverage is as much as 1:1000.
Spreads, meanwhile, are super competitive and can be as low as 0.1 pips, but they do vary according to account type and – more rarely – the market conditions. That said, these tight spreads mean traders will be able to profit from low initial trading costs.
It’s also worth mentioning that ForexTime offers deep interbank liquidity and Logarithmic Trading.
Transactions are near-instant which means traders don’t need to be concerned about delays.
FXTM Margins & Leverage
We’ve not got enough room to go into every single leverage and margin requirements here, and you can check the website for more details. Here you can view the leverage and margin requirements in the main forex categories that include FX exotics, FX minors and FX majors.
There are also margin and leverage requirements for various other categories independent of forex trading.
What we will say is that the leverage requirements are super competitive and part of the appeal of trading forex with FXTM.
What Are The Commission Fees?
The last thing you want as a trader who uses an online forex broker is to get burned by high commission fees.
FXTM charge commissions according to account type. There are a variety of account types available, with the following offering zero commissions:
- FXTM Pro Account
- ECN Zero Account
- Shares Account
- Cent Account
- Standard Account
The ECN account, meanwhile, charges $2 commissions.
There are also floating commissions for specific accounts, such as the ECN MT4 account type, where commission is dependent on trading equity and volume. The higher the equities and trading volumes are, the lower the commissions are.
What Account Types Are Offered on ForexTime?
Like all the best forex brokers, ForexTime offers a number of different account types so that different types of clients are taken care of. There are Standard Accounts, which include a Shares account, a CENT account and a Standard account; there are ECN accounts, which include an ECN ZERO account, an ECN MT5 account and an ECN MTA account.
Other accounts include ECN Zero MT5, FXTM Pro MT5, FXTM Pro and the ECN Manager Account.
Meta Trader 4 works with all standard account types and includes:
- SWAP-free option
- Instant execution
- Floating leverage starting out at 1:1000
- Zero hidden commissions
We really like the Cent accounts, which will suit new traders. Minimum deposit for this account is just $5 and they work with MT4 and include tight floating spreads and immediate execution.
For the shares accounts, meanwhile, fixed leverage is 1:10 and you’ll have access to over 180 US shares. There are zero commissions involved, hedging is permissible and execution is instant.
What Are The Withdrawals and Deposits Like?
FXTM is flexible when it comes to its withdrawal and deposit options and methods. Whatever type of client you are, you should find something here that suits you.
Deposit methods include local transfers in numerous countries and you can make a deposit via Maestro Cards, Mastercard or Visa. Bitcoin and cryptocurrencies are supported, while bank wire transfer is another deposit option.
Note that no commissions are charged on any deposits method and it can take up to 24 hours for your money to be processed unless you use bank wire, which can take as many as 5 business days.
Withdrawal methods are mostly the same, which processing times vary between 24 and 48 hours depending on the exact method you use. Most withdrawal methods won’t charge a fee.
Review of FXTM’s Standout Features
FXTM has two standout features in particular that are worth mentioning.
The first of these is FXTM Invest, which uses cutting edge technology to allow traders just like you or me to become an FXTM Invest Strategy Manager. It’s essentially a copy trading program that allows you to use your forex ability to make more money while other – less-skilled investors – follow your trades. If they’re successful, you’ll take a cut of their profit.
Another neat feature of FXTM is automated trading. This is for lesser-skilled traders or those who don’t have the time to make their trades themselves. Instead, they can put their money and trades in the hands of experienced forex traders who use their own tried and trusted strategies to create handsome profits.
Alternatively, you can automate your own trading strategy by first creating your strategy and implementing an automated trading system so that the platform essentially executes your trades for you using your strategy. The benefit of this is that you never miss a key trade if you simply don’t have the time to watch the markets all day long.
Other features of FXTM include plenty of educational videos and materials that will help traders level up, and which helps to make FXTM out as one of the best forex brokers.
Is FXTM Worth It?
Thank you for reading our ForexTime review.
When it comes to retail forex, FXTM has grown in stature over the years, growing globally bit by bit and sticking to a strategy of serving local markets where forex demand is big. It’s a super highly regulated FX brokerage that’s well worth a shot for burgeoning forex traders who need a company they can depend on which offers flexible account types and trading opportunities.