Should you trade with FXTM? This review will provide a deep dive into some of the good and bad things about the broker.
ForexTime (FXTM) befits its name by maintaining a leading stance in the forex industry. Born out of the vision of Russian serial forex entrepreneur Andrew Dashin in 2011, FXTM has achieved global forex recognition.
Millions of clients around the world enjoy some of their perks, including competitive spreads, a vast array of trading accounts, and a wide range of deposit options, among other things.
Though is FXTM truly a no-fuss forex broker? This review will attempt to answer that question.
FXTM’s main constant fee is their variable spreads (with no commissions, except on the ECN account) across all currency pairs, starting from 0.1 pips on EUR/USD.
There are also overnight swap rates based on the applicable rates for each trading day. Muslim clients can obtain an Islamic or swap-free account. The decision to provide this account to non-Muslims lies solely at the broker’s discretion.
While the brand presents countless payment options to suit many countries, some of these options have different fees that clients should be aware of. One should also note that only the withdrawals may have fees; deposits don’t.
Although not a cost that is impactful, the last fee that traders should be aware of is the inactivity fee levied should one not log into their trading for at least three months. The cost in this regard is $5 per month taken directly from a live trading account.
Traders can open a demo account after a quick website registration. For verifying live accounts, FXTM adheres to standard KYC (Know Your Customer) requirements. Clients must submit a copy of their ID (driver’s license, national ID book, or passport) and proof of address (bank statement, utility bill, etc.) not older than six months.
Furthermore, the online system may ask other questions for suitability or compliance purposes. Passing this verification stage allows access to all their services.
As a base currency for their accounts, subject to the region and account chosen, clients can hold their trading accounts in either USD, EUR, GBP, or NGN. They offer a transparent account structure for forex that consists of just five account types in two divisions, Standard and ECN.
Standard and ECN accounts
In the Standard account, clients can opt for the Standard or Cent account; with the ECN account, they can choose ECN, ECN Zero, or the FXTM Pro account. Various minimum deposit requirements depend on the account, but the lowest is $10 for the Cent account.
The two primary differences, among other things, between Standard and ECN accounts, are the spread and leverage offered. Spreads can start from 0.1 pips and leverage up to 1:1000 or 1:2000, subject to the chosen account. The FXTM Pro is a zero spread account, although it has a very hefty minimum requirement of $25 000.
Deposit and withdrawals
Though this will vary depending on the country and the amount funded, FXTM allows clients a wide array of world-recognized and accessible payment options for account-funding and withdrawal purposes, most of which are instantly processed.
These methods are namely VISA/MasterCard/Maestro credit card, Dusupay, TCPay, Nganluong, GlobePay, Neteller, Skrill, VLOAD, Alfa-Click, WebMoney, Dixipay, Cash U, Yandex.Money, QIWI, Perfectmoney, and Konnexone, all fee-free only on deposits (not withdrawals).
FXTM also permits deposits and withdrawals using BTC, ETH, LTC, and DASH cryptocurrencies for extra convenience.
Withdrawal times and policy
Most of the withdrawals, depending on the deposit option, are verified within 24 hours. Credit card, e-wallet, and cryptocurrency withdrawals occur up to 48 hours after this period, while bank wire withdrawals range from two to five business days.
Due to anti-money laundering policies, no third-party deposits or withdrawals are allowed. Another aspect of anti-money laundering is the ‘return to source’ policy.
If a client used two or more methods consecutively to fund an account, the last option is given priority for withdrawals up to the sum at which it is funded. Once all withdrawals have reached the sum of the deposit amounts made by the method/s, the broker will facilitate any subsequent withdrawal via bank wire.
For example, if a client initially funded $50 via Neteller, another $50 via Skrill, and made $150 profit, $50 would go back to Skrill, $50 back to Neteller, and any portion of the profit via bank wire.
Platform and analytical research tools
Traders can open demos and live on the industry-leading MT4 and MT5 platforms for Windows & Mac PC, Android, iOS smartphones, and tablets.
Daily market analysis, trading signals, a pivot point strategy, economic calendar, news timeline, currency converter, pip calculator, profit calculator, and margin calculator are just some of the tools offered by FXTM.
The most notable tool is the copy trading platform called FXTM Invest that allows investors to proceed by linking an account that automatically copies trades taken by FXTM-registered traders.
For beginners, they also provide basic education through ebooks, webinars, seminars, videos, guides, and articles, which is an excellent resource for anyone interested in eventually becoming their clients.
Pros and cons
|– Regulated by CySec, FCA, FSC|
– 9 years experience
– Competitive spreads
– Leverage up to 1:2000
– Minimum deposit of $10
– Negative balance protection
– No commissions (except for one ECN account)
– No fees on any offered deposit method
– Wide range of accounts
– Wide range of currency pairs
– Extensive range of payment options, including some crypto wallets
– Wide range of base account denominations (USD, EUR, GBP, NGN – determined by the region and account chosen)- Offers both MT4 and MT5- Offers mobile app
– Offers zero spread account- Offers nano/cent account- 17 website languages- Offers cash rebates
– Offers 24/5 live chat, phone, and email support
|– Fees on some withdrawal methods|
– Extremely high minimum deposit for zero spread
– Inactivity fee
– Doesn’t offer services to clients in America, Hong Kong, Puerto Rico, Korea, the Occupied Area of Cyprus, Japan, Canada, Mauritius, Haiti, and Suriname