FXTM (ForexTime) Review

FXTM

Forex Broker

  • Company name: ForexTime Limited
  • Founded: 2011
  • Offices: Cyprus, UK, Belize
  • Regulators: FSCA No.46614, FCA, CySEC, IFSC
  • Broker type: ECN/STP

Trading info

  • Min. Deposit: $10
  • Leverage: Flexible
  • Min. Spread: 0.1 pips
  • Deposit/Withdrawal: Bank wire, Visa/Mastercard, Skrill & Western Union, Neteller and many more
  • Currency pairs: 59

Trading platform

  • Platform: MetaTrader 4, MetaTrader 5
  • Web based: Yes
  • Mobile: Yes

Open Account

*Leverage offered can vary depending on country of residence, and your trading knowledge and experience.

8.8 TradeForexSA
Pros
  • FSCA Regulated (FSP 46614)
  • 7 different account types available
  • 5 USD Minimum Deposits
  • Customer service 24/7
Cons
  • Limited cryptocurrency offering (applicable to FT Global limited)
  • Wide spreads on Standard accounts
Summary
FXTM is an award-winning and popular ECN/STP broker with beginner traders that offers account types with low minimum deposits, competitive spreads, and fast trade execution. With powerful support from numerous International regulators as well as the FSCA, excellent training material, and seven-days-a-week customer support, FXTM is a fine broker for beginner traders.
Account Types9
Client Support & Onboarding9
Free Services8
Deposit & Withdrawal9

Is FXTM Safe?

Industry recognition has always been available to FXTM. FXTM won the Most Innovative Broker 2017 for their focus on growing their product offering to include cutting-edge pivot point technical analysis tools, copy trading functionality on ECN accounts, and expanded payment methods. In 2018, FXTM continued winning awards for Best Forex Education Provider Africa (International Business Magazine) and Best Trading Conditions (World Finance).

With regulation from CySEC (license 185/12) since 13/12/2012 and full FCA authorisation (license: 777911) since 01/02/2018, FXTM has an excellent international foundation of regulation.  A big advantage for South African traders is Forextime Ltd has had local FSCA regulation (FSP: 46614) since 05/07/2016, which means that funds are kept in local accounts and according to policies set by the South African regulator.

FXTM For Beginners

The educational material at FXTM is suitable for beginners but may leave the more advanced trader lacking.  Seeing that FXTM has a focus on the beginner trader looking for reasonable trading conditions, the FXTM team of educators and analysts have succeeded in creating a welcoming reception to new traders.  With extended support hours, this allows traders to get set up on a weekend or holiday, which many other brokers have not yet done.

Educational Material

For the absolute beginner trader, FXTM has a lot of training material to help get started. Greeted by articles, videos, webinars and a glossary to quickly look up the new vocabulary, many hours can be spent covering the basics of Forex Trading.

For the more advanced trader, there is an additional set of videos that cover analysis topics, and more detail on chart reading techniques.

Analysis Material

FXTM has an open “Daily Market Analysis” section on their website where Research analysts post bulletins that connection information from the day with analysis and actionable trading ideas. For the advanced traders, this can be included with other information sources to get a more rounded view of world events in the quest for finding lower risk profitable trading opportunities.

Customer support

FXTM customer support is open seven days a week, which is unusual compared to the standard 24/5 service offered by other brokers. Support is open Monday to Friday (24 hours), Saturday (11:00 to 16:00) and Sunday (12:00 to 20:00).

FXTM Trading Conditions

Trading conditions become more favourable with the more money a trader chooses to deposit.  But the base trading conditions are better than most of the Forex brokers we know, and this makes it attractive to those starting.  Leverage is flexible depending on country of residence, knowledge & experience, which is more than enough. The margin call is fixed on all accounts is set to a very reasonable 80%.

Account types

FXTM has two main sets of account types each suited to a different kind of trader.

Standard Accounts

There are three standard accounts for Forex traders.  Standard accounts use instant execution offers the trader a requote in the case that liquidity is not available instantly.

Standard Account – The Standard account type requires the 100 USD minimum deposit. The spreads start at 1.3 pips, and the margin call is 40% (in FT Global Limited and 80% under Forextime Limited).  The advantage of this account is that you can trade their cryptocurrency offering under FT Global Limited.

Cent Account – This is the entry level account for those who only want to deposit 5 USD. The spreads are wider, starting at 1.5, and the margin call is 60% (in FT Global Limited and 80% under Forextime Limited).  There are also currency pair limitations on what currency pairs can, but that is to be expected because the exotics will have wider spreads that will not work with this account size.  The only attractive aspect of this account compared to the others is the minimum deposit, so if you do have the money to invest, open either the Standard account above or the ECN Zero.

Shares Account – The Shares account type requires the 100 USD minimum deposit. The spreads start at 0.1 pips, and the margin call is 40% (in FT Global Limited and 80% under Forextime Limited). You can trade shares on this account

ECN Accounts

There are three main accounts for amateur Forex traders and one for the more professional traders with a higher minimum deposit that all others.

ECN accounts – if you are looking for tighter spreads and don’t mind paying a commission per lot, then this could be an account for you. With the standard leverage offered, this account can be yours for a minimum deposit of 500 USD.

ECN zero – Spreads starting at 1.5 pips are offered with this account type, but no commission per lot traded and a lower 200 USD minimum deposit. There is no advantage or disadvantage to this account over the main ECN account, except, in the long run, you will pay more fees to the broker because of the wider spreads.

ECN MT5 – This account is for you if you want to trade with MT5. It is the same as the ECN account with 500 USD minimum deposit, and a 2 USD per lot commission, but there are slightly higher spreads.  The ECN account is for users of MT4, and the ECN MT5 account is for MT5 users.  That is the difference.

FXTM Pro – A 25,000 USD minimum deposit, no commission on trades and spreads as low as 0 pips. The FXTM Pro account is an excellent professional account that cannot be improved much.  If you are a professional trader, sign up and ask your questions to see if FXTM is best for you.

Spreads and Commissions

The spreads on the different accounts types vary between the ECN and Standard accounts. This is more due to the combination of commission and spread fees and how the order is executed.

Deposits and withdrawal fees

All major credit cards are accepted, and all e-wallets are available too.  Should you prefer to make a bank to bank transfer, you should expect these transfers to take a little longer.

No commission is charged on deposits, but withdrawals have commissions depending on withdrawal type.  They are:

  • NetTeller & Skrill – Free
  • Credit Cards – 2 EUR/ 3 USD/ 2 GBP Fee
  • Bank wire – 20 EUR/ 25 GBP/ 40 USD

FXTM Trading Platforms

All FXTM accounts use the industry standard MetaTrader 4, with one speciality account for MetaTrader 5 users.

Mobile Trading Apps

MetaTrader is freely available tablets and both Android and IOS mobile phones.  The advantage of using the MetaTrader platform is the synergy between devices, but if you use multiple brokers or plan to change broker, this change will be easier than if you had to switch software too.

FXTM in their own words

Compare FXTM

FXTM Vs. XM

 FXTMXM
FundingBank wire, Visa/Mastercard, Skrill & Western Union, Neteller and many moreBank wire, Visa/Mastercard, Skrill , Neteller
RegulatedFSCA No.46614, FCA, CySEC, IFSCEU CySEC License No. 120/10, UK FCA Registration No.705428, ASIC No. 443670
Broker TypeECN/STPMarket Maker
Currency Pairs5955+
Minimum Spread0.1 pips0.0 pips
Minimum Deposit$10$5
Max LeverageFlexible500:1
Expert ReviewRead reviewRead review
Visit WebsiteVisit FXTMVisit XM

FXTM Vs. FxPro

 FXTMFxPro
FundingBank wire, Visa/Mastercard, Skrill & Western Union, Neteller and many moreBank wire, Visa/Mastercard
RegulatedFSCA No.46614, FCA, CySEC, IFSCFSCA No.45052, FCA, CySEC
Broker TypeECN/STPECN/STP
Currency Pairs5970+
Minimum Spread0.1 pips0.6 pips
Minimum Deposit$10$100
Max LeverageFlexible500:1
Expert ReviewRead reviewRead review
Visit WebsiteVisit FXTMVisit FxPro

Evaluation Method

We value transparency and openness in the way we review the partners. To bring transparency to the forefront, we have published our review process that includes a detailed breakdown of the FXTM offering. Central to that process is the evaluation of the reliability of the broker, the platform offering of the broker and the trading conditions offered to clients, which are summarised in this review. Each one of these is graded, and an overall score is calculated and assigned to the broker.

FXTM Risk Statement

Trading Forex is risky, and each broker is required to detail how risky the trading of Forex CFDs is to clients. FXTM would like you to know that: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 90% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

 

Jeffrey Cammack Administrator
Editorial Director at TradeForexSA
Jeff Cammack is the Editorial Director, a Forex trader since 2008, and educator. Always in search of new trading opportunities, Jeff can always be found doing research in the charts or combing through the financial news. When not trading, he is always researching his next article.
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Trading Forex and CFDs is not suitable for all investors and comes with a high risk of losing money rapidly due to leverage. 75-90% of retail investors lose money trading these products. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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