FX.Reviews
Trade With FXTM
FX Broker
Get Promo Deal
Year Founded 2011
Website
Max Leverage 1:2000
Copy Trading Yes
Platforms MT4, MT5
Instruments Forex, Shares, Spot Metals, CFDs
Islamic Account Yes

FXTM Broker Review #

FXTM, also known as ForexTime, is an international online forex and CFD broker. Here's a detailed breakdown of their products and services:

Regulations

  • FXTM is regulated in multiple jurisdictions, including:

    • FCA (UK)

    • CySEC (Cyprus) (Important Note: As of March 2021, FXTM's retail operations are limited in the EEA under CySEC regulation. Only professional clients are eligible)

    • FSC (Mauritius) This provides a layer of security for traders, but it's important to check their regulations based on your location.

Account Types

FXTM offers several account types to suit different trading styles and needs:

  • Standard Account: Suitable for beginners, with commission-free trading and tight spreads.

  • Advantage Account: Offers commission-based trading with even tighter spreads.

  • Advantage Plus Account: Similar to Advantage but with higher minimum deposit and additional benefits.

  • Euribor Account: Shariah-compliant account with swap-free trading.

Account Registration

Account registration with FXTM is reportedly fast and fully digital.

Trading Platforms

FXTM provides a variety of trading platforms to choose from:

  • MetaTrader 4 (MT4): Popular platform offering a wide range of features and tools.

  • MetaTrader 5 (MT5): Advanced platform with additional features compared to MT4.

  • FXTM Trader App: Mobile app for trading on the go.

  • WebTrader: Web-based platform accessible from any device.

Trading Instruments

FXTM offers a wide range of trading instruments, including:

  • Forex: Major, minor, and exotic currency pairs.

  • CFDs: Contracts for Difference on stocks, indices, commodities, and cryptocurrencies (availability may vary depending on regulations).

Fees

  • Spreads: FXTM offers competitive spreads, but they can vary depending on the account type and market conditions.

  • Commissions: Commission fees depend on the account type (commission-free or commission-based).

  • Swaps: Overnight financing fees for holding positions overnight.

  • Inactivity Fees: Accounts inactive for extended periods may incur fees.

  • Withdrawal Fees: Check FXTM's website for any applicable withdrawal fees.

Deposits and Withdrawals

FXTM offers various deposit and withdrawal methods, including:

  • Credit/Debit Cards

  • Bank Transfers

  • E-wallets (availability may vary)

Processing times for deposits and withdrawals can vary depending on the chosen method.

Education and Research

FXTM offers some educational resources, including webinars, articles, and tutorials. However, some reviewers consider these resources to be limited compared to other brokers.

Affiliate Program

FXTM has an affiliate program allowing partners to earn commissions by referring new traders.

Verdict

Pros:

  • Regulated in multiple jurisdictions

  • Wide range of account types and trading platforms

  • Competitive spreads and fees

  • Negative balance protection

  • Islamic (swap-free) account option

Cons:

  • Limited educational resources compared to some brokers

  • Inactivity fees and potential withdrawal fees

  • Retail CySEC regulation restrictions in the EEA

FXTM is a good option for traders looking for a regulated broker with a variety of account types and platforms. However, the limited educational resources and potential fees might be a turnoff for beginners.

FAQ

  • Is FXTM safe? FXTM is regulated in several jurisdictions, which adds a layer of security. However, all trading involves risk, so do your research before investing.

  • What is the minimum deposit? The minimum deposit depends on the account type, typically starting at $10.

  • Does FXTM offer a demo account? Yes, FXTM offers a demo account for practicing your trading strategies before risking real capital.

  • How do I contact FXTM customer support? FXTM offers customer support via phone, email, and live chat.


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Forex Risk Disclaimer

There is a very high degree of risk involved in trading securities. With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection and market volatility that may substantially affect the price, or liquidity of a currency or related instrument. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses. Read more on forex trading risks.