FXTM Broker Review 2018
- US Traders
- 73+ Pairs
- 1-2 Day Payouts
- Mobile Friendly
- Low Min. Trade
Launched in 2011, Forextime.com (FXTM) quickly became a well-known name in the world of Forex trading. Their commitment to technology and the platform that they provided was only superseded by their focus on time! In a world where time is a precious commodity, their mission is to save as much as they can for their clients.
With an extremely efficient platform and a number of trading requirements met, they are licensed and regulated by both CySEC (Cyprus) and the FSB (South Africa). They offer a number of benefits to their clients and cater for the whole spectrum of experience and knowledge from beginners to high value investors.
If you think FXTM might be the right broker for you but are unsure as to whether or not you should choose them, you may need some help to decide. Our job is to provide a detailed review of each broker to help you choose the best one for you. From the types of accounts that they offer to their licensing and regulation, we examine every aspect of trading so that you can make the right decision.
We're here to help you decide if FXTM is the broker for you, in this review you will learn:
- What trading features FXTM offer their clients when opening an account
- The different account types and trading platforms offered to trade on
- Why FXTM is a safe and reliable broker to invest your real money with
If you were expecting to find two or three accounts to choose from then you are in for a big surprise. FXTM actually have a diverse list of 7 accounts. They fall into 2 categories; standard accounts, of which there are three and ECN accounts, of which there are 4. Then there is a demo version of every account so that you get the chance to familiarise yourself with the platform first.
The Standard Account is pretty much what you would expect from most standard Forex accounts. You can open the account with a minimum deposit of $100 and enjoy spreads from 1.5 pips. There are 57 major, minor and exotic currency pairs available to trade.
The Cent Account is like a mini Forex account for mini traders. The account currency operates in cents rather than dollars and pence rather than pounds. You deposit $5 rather than $100 and the spreads start from 1.3 pips. You can get all of the benefits of a Standard Account with 25 major and minor pairs available to trade in.
The Shares Account still requires the same deposit as a Standard Account but you trade in share CFD'S rather than currency pairs.
A deposit of $500, spreads from 0.1 and 45 major, minor and exotic pairs are just some of the features of the ECN Account.
ECN Zero Account
$200 deposit is required to open the Zero Account and the spreads on offer are from 0.5 pips. There are 47 currency pairs available.
ECN MT5 Account
For a $500 deposit, you can open an FXTM ECN MT5 Account and enjoy spreads from 0.2 pips. The maximum volume per trade, like the ECN Account and ECN Zero Account is 100.
The FXTM Pro Account is for serious traders with serious trading volumes. To open this account a minimum deposit of $25,000 is required and, as you would expect, the benefits are increased.
Trade Features And Payouts
In addition to account types, promotions and other benefits of the Forex trading platform, there are also the actual trading features that should be considered:
The leverage offered depends on the type of account that you choose. With the Standard and Cent Account the leverage offered ranges from 1:500 to 1:25. It is the same with the ECN Accounts apart from the FXTM Pro which is 1:200. There are other criteria for determining the leverage achievable. If you are a resident of Poland, for example, the maximum leverage is 1:100.
The spreads that can be achieved largely depend on the type of account that you open. They range from as little as 0-0.5 pips with the FXTM Pro Account to 1.3-1.5 pips with the Standard and Cent Accounts.
When it comes to Stop Loss, there are some conditions attached. If you refer to their website you can see that you cannot execute a trade with an SL/TP position with a number of accounts unless you modify the position after the order is open.
FXTM believe in giving you the choice to decide how you want to trade. They offer a number of industry leading trading platforms depending on the trading experience you are looking for. These include:
In addition to MT4 you can also download MT5 in all of the above formats.
Latest Winning Trades
Bonuses And Promotions
FXTM offer a loyalty scheme for clients in the Promotions section of their website. This loyalty scheme is designed to save you cash on your future trades. Every time you make a trade you are awarded points. As the points accumulate you will save money on trades.
There are also other opportunities to earn rewards as FXTM offer trading contests. The top contestants will receive cash prizes from the overall cash prize fund. There are a couple of contests available that you can enter on the website under the Promotions section.
If you want a good mobile trading experience then you will certainly get it from FXTM. Not only do they offer a range of apps to download in MT4, they also offer the same in MT5. You can choose either platform for iPhone, iPad, Android or Mac for those who prefer to trade from a Macbook.
With so much focus on time, the broker wants to make the trading process as efficient as possible so trading on the go is paramount. If you prefer to take your trading with you then all you need is a mobile device and an internet connection.
Deposits And Withdrawals
To fund your account, you will need one of many accepted payment methods including major credit cards, payment wallets and wire transfer. With most forms of payment, the funds take up to two hours to process and then you can start trading. In the case of wire transfer it can take much longer; three to five business days.
Withdrawals are simple and don't take long. With most payment methods, you get same day withdrawals, not something that every broker offers. There is a $3 processing fee for a credit card withdrawal, with percentage fees for payment wallets and a larger fixed fee for wire transfers.
While you will find most brokers offer very similar features and benefits there are those special features that set them apart from the competition. In the case of FXTM, these include:
Expert Broker Reviews
At the top of the site, in a clearly labelled positon you will find a "get in touch" tab. If you click this you are given the option to check the FAQ section, open up a live chat box or "contact us". If you click the contact us tab you will find several ways to get in touch with someone. There is a list of country numbers along with email addresses and office addresses. There are also several email addresses for specific departments like "Account Opening" and "Disputes/Complaints".
In addition to the usual contact methods you can also see the links to all of their social media accounts; Facebook and Twitter always a good fall back if you have no joy getting the answers you need through the traditional methods.
FXTM are a well-established name in the world of Forex trading with a respect for different cultures and preferred methods of trading. They do not offer their services to those countries that prohibit Forex trading and clearly display their licensing and regulation. They are a highly visible broker with all the answers to your questions clearly displayed on their website.
When it comes to technology they are very advanced with an efficient range of platforms and accounts all designed to give you exactly what you want. Their mission is to save time and make the process as easy as possible. With competitive spreads, leverage and other features like Stop loss, they offer everything you would expect from a good broker.
Reviewed by: ForexTradingExpert.net
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Is FXTM legit, will they scam me?
Being established since 2011, in this time, FXTM have earned a good reputation as a reliable and safe broker. Their licensing and regulation from some of the most recognised regulatory bodies, should further instil confidence that this is a broker that won't scam you. Their website is full of useful information and the contact information is highly visible. They adhere to the rules of the various countries and appear to operate within the guidelines of global trading.
Do they have a decent mobile or tablet app?
Not only do they have a decent mobile and tablet app, they have more than one of each. Depending on what you prefer, MT4 or MT5, you can choose your trading experience. Simply decide what platform you wish to use and download it. If you want one app for your iPhone and one for your iPad then you can absolutely do this. If you prefer to trade from a laptop or Mac there are also options available.
What bonus do they offer for new traders?
There isn't a specific bonus on offer at the time of publishing this review however there is a loyalty scheme. The scheme is based on five levels of trading and allows you to accumulate savings on your trades. The more you trade, the more you save. There are also Forex trading contests that you can enter to win cash prizes however these tend to be more suited to those with a bit more trading experience.
Can I start trading on a free demo account?
Yes, and not just one demo account. Depending on the main account you choose, you will have access to a demo version of the live account. With seven accounts on offer, that's seven demo accounts to choose from. You don't have to invest money to try the demo account and new traders are encouraged to use the demo account with several access points around the site.
What's the min. deposit and ideal trade amount?
The minimum deposit requirement depends on the type of account you open. For those who prefer to start small the Cent Account requires a deposit of just $5. On the other end of the spectrum there is the Pro Account which requires $25,000. The Standard Account requires a deposit of $100. The minimum trade size should be ideally 1% of your account balance so if you start with $100 then you would place trades of $1.