Is FXTM a Good Broker?

forextime reviews

ForexTime or FXTM, is a Forex broker that was launched in 2011. The company’s focus from the beginning was to provide high-quality services and a trading environment to its customers. Our FXTM review found out that this company distinguished itself from the other providers by focusing on various local markets and adjusting their services accordingly to suit each one. Although FXTM does offer user-friendliness that might not be often encountered on the market, what truly differentiates it is the motivation to educate its customers.

FXTM will send a confirmation PIN to the entered mobile number to complete the process. We were able to complete this within 24 hours which was speedy and satisfactory. FXTM accepts clients from almost every country in the world, however, there might be some restrictions due to regulations alike implemented for residents of Japan, the USA, etc.

If you are unfamiliar with some of these terms or want to learn more, read our overview of order types. You will not find very sophisticated orders like the ‘one cancels the other’ order. We tested the credit card withdrawal and limefx it took one business day. If you use credit/debit cards or electronic wallets, you can only withdraw up to the amount you have deposited via the same method. Therefore, you have to withdraw any profit by using a bank transfer.

FXTM Refer a Friend Program 👥

Forex demo account is available for MT4 and MT5 and allows traders to select the demo account balance and leverage. While no demo account can simulate live trading conditions, the options available at FXTM come as close as possible to doing so. The account variety is very impressive which allows any trader the best suitable option either with flexible or floating leverage. We learned that the broker also provides tight spreads from 0.1 pips, and low deposit requirements, besides education is one of the best provided. So overall, FXTM is very trustable and quiality choice for Forex traders of any size.

Another exciting promotion is available at FXTM, where for every trade placed, the traders can get a winning ticket of 1.5K in their credit. However, only 10 lucky winners will be chosen to win this promotion. The FXTM brand is also regulated and authorized in various jurisdictions by several financial authorities. It is regulated by several such as Cyprus Securities and Exchange Commission and licensed by the Financial Sector Conduct Authority of South Africa.

forextime reviews

It also comes with free mirror demo account and requires just £10 or equivalent to fund the live version. This could be considered the original or “classic” FXTM account type. Available for use with MT4 or MT5, it comes with a mirror free demo account and requires just £100 or equivalent to fund the live version.

Over 90% of FXTM opinions from customers regarding ForexTime customer support are positive. This is a very strong indicator that a company has excellent customer service and customer satisfaction. When it comes to trading costs with this account, spreads start at just 0.1 pips, with an additional $2 commission per lot. Also remember that using MT4 you can also take advantage of FXTM Invest. Now, let’s see in detail what types of accounts FXTM offers for trading. With FXTM, you might say the small extra touches really add up.

FXTM will return funds to the payment processors used for deposits, and it appears that traders must withdraw profits exceeding them via bank wire only, which is expensive. FXTM also provides live chat on its website or via WhatsApp, Telegram, or Messenger. Since the product and services portfolio at FXTM remains well-explained, I doubt most traders will require assistance. FXTM ensures traders have swift access to a representative should the need arise. A demo account is available at FXTM, and I did not find a time restriction. Therefore, it is ideal for testing strategies and expert advisors.

Contacting Customer Support

Please do not post false/negative reviews if you are not a real client of FXTM. This review will be considered as a spam review with the aim of negatively affecting our brand reputation. Take your first steps into FX trading with our comprehensive beginners guide for Forex! The Pip Calculator is a tool for estimating the potential profits or losses before trading a selected FX currency pair. At the end of this FXTM review we have to summarize all and state what do we think about the broker so far.

  • Clients can download the full PDF without any additional cost.
  • In this review we tested MetaTrader 4, as it is available for all account types and is more used by customers.
  • FXTM minimum deposit requirement is $/€/£ 100 for Account Standard and only $10 for a Cent Account.
  • This ensures that all user data are encoded before transmission over the internet.

It also includes encryption of data transmission as a way to stop unauthorized third-party access and data theft. The encryption includes server authentication and user identification policies. Thus, ensuring the data gets sent to the proper server and customer terminal. There are at least several workshops or seminars every week, so there should be one that appeals to most clients.

Traders of all experience levels can take advantage of tight spreads, low commissions and an ultra-fast market research platform. When we compare FXTM with other brokers, it offers various trading account types and trading platforms. The ECN account offers the most viable solution for professional traders who want to earn money rather than lose their money in the financial market without trading the market themselves. You can trade forex with major, minor and exotic currency pairs to take advantage of a currency’s increasing or decreasing value. FXTM provides forex traders with award winning trading services, strict regulation, deep liquidity for fast trade execution, flexible accounts/leverage, tight spreads and low minimum deposit requirements. The broker provides traders you with convenient access to trade the markets, including CFDs on forex, stocks, cryptos and commodities.

Also with this type of account you will be able to use FXTM with the MT4 trading platform, with spreads starting from 1.5 pips . FXTM’s ECN account is also available with CySEC regulation and is the first of three ECN accounts offered by the broker. With this account you can expect lightning fast ECN-style execution with a good minimum deposit of $500.

In total, there are five steps to complete before you can begin trading. You’ll need to add personal and tax information to your profile, upload photos of some ID and, finally, make a deposit. The company must periodically report to its regulators and always meets strict financial standards. In terms of security, FT Global utilizes the SSL (Secure Sockets Layer) protocol for network security.

Our best alternatives to FXTM are:

There is also the option to buy or sell as a way to boost profit potential. There are actually FXTM Trading Signals, which are all created to interpret fluctuations in key financial instruments based on price. It also features insights that can help you develop a trading strategy. Of course, it also includes expert forex and commodity technical analysis.

With the Forex News Timeline you can receive live market news straight into your trading platform or via the brokers website. These articles are informative and powered by popular forex trading website FXStreet. The Economic Calendar allows you to keep up to date with economic news releases, delivered in real time and with an impact rating. I think that a news calendar is a vital tool to incorporate within your trading strategy. I am always checking the news to see what is happening across the markets as it can help me with my trading decisions. If you want easier access, the MT5 platform has a handy built-in economic calendar.

To read much more details about the broker’s services and features, expand on the sections below. FXTM caters to most international traders, including the UK, India, Malaysia, and the Philippines. In terms of funding methods, FXTM offers numerous payment methods which are a very good plus, yet check according to its regulation whether the method is available or not. The main entity ForexTime Ltd is regulated by CySEC of Cyprus, authorized by FSCA of South Africa, and by additional offshore authority FSC in Mauritius. Also, the FXTM UK brand is licensed by the Financial Conduct Authority known as sharp regulator, which has principals built by European MiFID and ICF allowing cross-broker activity. We understand your frustration but please be assured that we are doing our best to investigate this and resolve this matter ASAP.

How to start your FXTM account?

MT4 is one of the most popular trading platforms in the industry. MetaTrader 4 is a trading platform that has been around for several years, offering the best trading experience and customization over all others. In addition, it is also extremely robust and works on virtually any device. This is a social trading service where ForexTime (FXTM) ’s strategy managers make their trades available for clients to copy. Clients will have full control of their funds and only pay the strategy manager a fee when he makes a profit.

That gives the clients the best possible prices for both bid and ask. It also provides the ability to deliver those previously mentioned instant trades. The tight spreads from ForexTime help to ensure that traders can take advantage of low initial trading costs. For beginners, there is an automatic trading facility called algorithmic trading provided. When trading in FXTM, traders can develop their trading strategy or adopt other traders’ strategies. Furthermore, the strategy is applied to automated trading systems, such as Expert Advisors.

We apologize for the unfortunate & unexpected delay for these transactions. FXTM processes successful withdrawals on a daily basis for more than 4 million clients worldwide. If any issues or delays occur, we do our best to resolve them as soon as we can.As per check and your confirmation, you have received these withdrawals today. Thank you for your patience & trust in FXTM and we will ensure that this does not occur again.

Platform Info

It is worth noting that FXTM permits opening of multiple live accounts. This is important since not all asset classes can be traded through every account type. For account holders who maintain balances of £250,000 or equivalent or greater, you become eligible to receive institution-level spreads. Lot sizes include micro to mini to standard, with a range of 0.01 to 250 lots per trade. Bitcoin, Ethereum, Litecoin, Ripple trading is all available when trading CFDs on cryptocurrencies through FXTM. You can get spreads of 200 to 400 pips and leverage that varies based on experience.

Leave a Comment

Your email address will not be published. Required fields are marked *