FXTM Review

FXTM or Forex Time is a fast-growing Forex broker that was established in 2011. Due to their deep product offering, competitive dealing spreads via their ECN/STP model, and ultra-fast execution capabilities, FXTM has rapidly risen to among the top brokers in the FX industry. 

FXTM is headquartered in Cyprus and runs its operations from its five story FTXM tower. They also maintain branch offices in many global centers around the world including London. FXTM is dedicated to full transparency and they keep to this philosophy by publishing numerous stats related to their business on their website. This includes such data as speed of execution, slippage, and re-quote levels.

In addition, FXTM routinely runs trading contents and promotions for cash prices that traders can participate in.

Regulation

FXTM is a licensed broker that is regulated by various government agencies. They are regulated within the European Union by the Cyprus Securities Exchange Commission (CySEC), and also South Africa’s Financial Services Board (FSB). In addition, they are licensed by the International Financial Services Commission (IFSC). As a regulated broker, FXTM must comply with strict regulatory and reporting requirements  and maintain proper liquidity levels at all times.

Safety

As per regulatory requirements, all client funds are held in segregated accounts at established European banks. In addition, as a CySec regulated broker, FXTM is a member of the Investors Compensation Fund for clients of Cyprus Investment Firms (CIF).  The ICF’s purpose is to guarantee claims of covered clients in cases where the CIF, such as FXTM is not able to perform due to financial circumstances.

FXTM has been recognized with several awards for their trustworthiness and transparency. Among them are Most Trusted Forex Broker 2014, Best FX Broker 2016, and Top Customer Service Provider 2016.

Trading Platforms

FXTM is a Metatrader only broker and supports the full suite of platforms available from the developer, MetaQuotes Software Corp. This includes the popular MT4 and MT5 platforms for desktop, mobile and web.

FXTM MT4 offers a dynamic security system, automated systems trading, and over 50 built-in technical indicators. With FXTM MT5, traders can directly access liquidity provers using the ECN/STP model and can use additional advanced order types such as “Fill or Kill” and “Immediate or Cancel”. FXTM also supports Webtrader which is a browser based version of MT4 and MT5.

In addition to the trading signals available within the Metatrader community, FXTM offers their own auto trading features using FXTM Invest. FXTM Invest features over 750 strategy providers that a trader can follow and copy signals from. One thing to note is that FXTM Invest is only available to traders with the ECN Zero account.

Trading Instruments

FXTM traders get access to a wide range of trading products including 59 currency pairs, precious metals including gold, silver, and platinum, and energy products including Brent crude oil and Natural Gas. In addition, FXTM offers CFDs on Stock Indices, and Exchange Traded Funds (ETFs).

Account Types

FXTM offers many different types of accounts to cater to the needs of each individual trader. They have Market Maker / Dealing Desk accounts which include the Cents, Standard, and Shares Account. In addition, they offer ECN/STP model accounts which include the ECN Account, ECN Zero Account, ECN MT5 Account, Strategy Account, and Pro Account.

Below you will find highlights of each different type of account:

Standard Trading Account

Cents Account  

  • Min Deposit is $ 5
  • 1000:1 Max Leverage
  • Instant Execution
  • No Commissions
  • 27 trading instruments

Standard Account

  • Min Deposit is $ 100
  • 1000:1 Max Leverage
  • Instant Execution
  • No Commissions
  • 76 trading instruments

Shares Account

  • Min Deposit is $ 100
  • Leverage – N/A
  • Instant Execution
  • No Commissions
  • 76 trading instruments

ECN Trading Accounts     

Strategy Account

  • Min Deposit is $ 100
  • 1000:1 Max Leverage
  • Market Execution
  • No Commission
  • 57 trading instruments

 ECN Account

  • Min Deposit is $ 500
  • 1000:1 Max Leverage
  • Market Execution
  • $ 2 / lot Commission
  • 62 trading instruments

ECN Zero Account

  • Min Deposit is $ 500
  • 1000:1 Max Leverage
  • Market Execution
  • No Commissions
  • 65 trading instruments

ECN MT5 Account

  • Min Deposit is $ 500
  • 1000:1 Max Leverage
  • Market Execution
  • $ 2 / Lot Commission
  • 35 trading instruments

ECN Pro Account

  • Min Deposit is $ 25,000
  • 200:1 Max Leverage
  • Market Execution
  • No Commission
  • 46 trading instruments

Learn more about opening an account with FXTM – Go Here

Commissions and Spreads

FXTM offers both dealing desk and ECN execution models based on the type of account chosen. Generally, with the dealing desk accounts, there is a fixed spread charge of about 1.3 pips.  The standard ECN account has variable spreads and start around 0.1 pips.

With the standard ECN account, a commission of $ 2 / lot is charged by the broker. For those looking for commission free ECN trading, FXTM has a few options including the ECN Zero account where spreads on EURUSD start around 0.5 pips with no commission. FXTM offers a wide range of account choices to meet each trader’s needs. For those that want to achieve the lowest trading cost, the ECN type accounts will provide the narrowest spreads.

Customer Support

There are several ways that traders can reach FXTM. You can reach them via telephone, live chat, social channels, and via various mobile apps including WhatsApp, and Viber. For telephone support, you can get localized help with agents in China, France, Italy, Poland, South Korea, Spain, United Kingdom and more. Also for those whom English is not the primary language, they can also access the FXTM website in many different languages.

Bonus and Promotions

FXTM has several bonus offerings to attract new customers. The first is a Rebate program. When you switch to FXTM from your current broker you are eligible to receive $ 4 cash back for every lot traded. In addition to the Rebate program, FXTM also offers a Refer a Friend program which rewards traders for referring their friends or family to sign up with FXTM. Finally, FXTM is well known in the industry for hosting various trading competitions. Winners receive handsome cash prizes for their efforts, sometimes as high as $ 25,000 – $ 100,000.

Click Here for more details on FXTM’s Bonus and Promotions. 

Mobile Trading

As a Metatrader based broker, FXTM offers both MT4 and MT5 mobile apps that are compatible with iOS and Android devices. FXTM also has their own app which traders can download, but their mobile app can only be used for account administration purposes. Traders must use the Metatrader apps for engaging in actual trade related activities.

Automated Trading

Auto trading features are available at FXTM with the use of Expert Advisors within the MT4 platform. EAs allow traders to program and automate their strategies to run on the Metatrader platform.

An added benefit of using MT4 Expert Advisors is that FXTM provides free VPS ( Virtual Private Server ) hosting services for clients using automated trading strategies. The benefit of using VPS is that it ensures a smooth and seamless environment for systems trading.

In addition to Expert Advisors with MT4, FXTM clients that have the ECN Zero account are able to access FXTM Invest, which is a platform that has over 750 strategy providers that traders can follow.

Deposits and Withdrawals

Depositing funds into your FXTM account is fairly straightforward. You can fund your account using the following methods:

  • Bank Wire Transfer       
  • Credit Card / Debit Card
  • E-wallets ( PayPal, Skrill, Neteller CashU and more)     

You can make withdrawal requests during standard business hours. Withdrawals can be done using the same methods as deposits. In addition, customers can get the FXTM Virtual MasterCard which enables them to transfer funds directly onto the card right away without any fees.

Unique Features

FXTM has attracted over 500,000 clients worldwide. They are rapidly becoming a powerhouse in the FX industry.

There are a host of unique features which makes FXTM a preferred broker for many traders. Among them are the number of account types that they offer. While most brokers only have one or two accounts to choose from, FXTM boosts 8 different account types. Three are Dealing Desk based, while five are ECN/STP models. The ECN accounts offer deep liquidity, fast executions and extremely tight spreads.

In addition, FXTM has their own proprietary copy trading solution called FXTM Invest which allows traders to follow and copy other experienced traders in the community. There are over 750 strategy providers that traders can take signals from. Last but not least, FXTM is well known for hosting competitive trading contests for both Demo and Live accounts, and participants have a chance to win real cash prizes, many times ranging from $ 25,000 upto $100,000.

Pros and Cons

Pros – Reasons to trade with FXTM

  • Tight ECN Spreads
  • Choice of Trading Accounts
  • High Leverage Offered
  • Multi-lingual Customer Support
  • Free VPS to Customers
  • Loyalty Cashback Program
  • Hosted Trading Contests

Cons – Some downsides with FXTM

  • Limited Commodity Assets
  • Only Metatrader Based Platforms

FAQs

Is FXTM a regulated broker?

Yes, FXTM is regulated by CySEC, FSB and IFSC.

How safe is FXTM?

FXTM has been awarded several awards for their trustworthiness and transparency.  Traders at FXTM can rest assured that their funds are held safely in segregated accounts at established Banks.

What trading platforms does FXTM offer?

FXTM is a Metatrader only broker and supports the full line of platforms from the developer MetaQuotes Software Corp.

What Trading Instruments are available at FXTM?

You can trade 59 currency pairs, precious metals and energies, major commodities, CFDs, Stock Indices and ETFs.

What is the Commission / Spread structure at FXTM?

FXTM offers both dealing desk and ECN execution. Dealing desk accounts are typically charged 1.3 pips fixed spread and ECN accounts  have variable spreads starting at 0.1 pips. The commission on standard ECN account is $ 2 / lot.

How many account types does FXTM have?

You can choose a Demo account or Live Account. For Live Accounts, there are 8 different account types to choose from.

How is customer support at FXTM ?

Customer support is available 24/5 via phone, live chat, mobile apps and email. FXTM offers multi lingual support.

What bonus does FXTM offer?

FXTM offers a $ 4 / lot cash back rebate program for those switching over to FXTM from another broker.

Does FXTM offer Mobile trading?

Yes, Mobile trading is available via the Metatrader 4 and Metatrader 5 mobile apps.

What options are there for Automated trading at FXTM?

Automated trading is made available via Metatrader (MT4) and FXTM Invest Platform

What are some unique features at FXTM?

FXTM offers as many as 8 different account types to choose from. They also host various Demo and Live trading competitions that have substantial cash prizes.

What’s the minimum deposit to open a Live account at FXTM?

The minimum deposit to open a Live account is $ 5 for the Cents Account.

What is FXTM’s max leverage?

Max leverage at FXTM is 1000:1