- FSB (South Africa) Regulated
- Wide variety of account types available
- Low Minimum Deposits
- Customer service available 7 days a week
- Limited cryptocurrency offering
- Wider spreads on Standard accounts
Low minimum deposits, South African (FSB) regulated, tight spreads, and excellent support. FXTM is the full package for traders new and old and is my favorite modern broker. Any user of this platform will soon see why FXTM has won the awards for Best Broker of the Year – Globally as well as separately in Asia, Europe and Nigeria. In addition, they also won best customer service globally for a Forex broker.
For the trader looking for a new broker, it is without any doubt that I say – if you want serious customer service, trading conditions for professionals, and a good reliable connection to the market – you will not be disappointed with becoming a member of FXTM.
FXTM has two main sets of account types each suited to a different kind of trader.
There are two standard accounts for Forex traders. Standard accounts use instant execution where if there is too much slippage between what you place an order for, and what you can get in the market when it is time to execute, then the trader will get a requote.
- Standard Account – The Standard account type requires the 100 USD minimum deposit. The spreads start at 1.3 pips, and the margin call is set at 40% which is a lot lower than what you would get from the ECN accounts. The advantage of this account is that you can trade their cryptocurrency offering.
- Cent Account – This is the entry level account for those who only want to deposit 5 USD. The spreads are a bit wider, starting at 1.5, and the margin call at a bit higher too at 60%. There are also limitations on what currency pairs can be traded, but that is to be expected because the exotics will have wider spreads that will not work with this account size. I feel that only attractive aspect of this account is the minimum deposit, so if you do have the money to invest, look for the next account up – either the Standard account above or the ECN Zero.
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 really not 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. This is a great professional account that cannot be improved on much. If you are a professional trader, sign up and ask your questions to see if FXTM is best for you.
Trading conditions are more favorable more the 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 out.
Leverage is variable from 1:25 to 1:1000, which is more than enough and is only ever limited to 1:200 on the Pro accounts. The margin call is fixed on all accounts is set to a very reasonable 80%.
The spreads on the different accounts do vary between the ECN and Standard accounts as discussed above, but this is more due to the combination of commission and spread fees and how the order is executed.
All FXTM accounts use MetaTrader 4, with one specialty account for MetaTrader 5 users. MetaTrader is freely available for the PC, Mac, Tables and for 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 change software too.
There is a reason MetaTrader is the industry standard, so solid account options and this software will leave you well suited to get trading.
FXTM has opening hours on all days in the week! This is not usual, and I feel it is something to celebrate. When I started trading I remember being frustrated that I needed to use my lunch hours at work contacting customer support. Now – we have options. That is service.
Support hours are: (all times local)
- Monday to Friday – 24 hours
- Saturday – 11:00 to 16:00
- Sunday – 12:00 to 20:00
Deposits and withdrawals:
Deposits and withdrawals are within the industry standard. The depositing options will not limit any trader. All major credit cards are accepted, and all e-wallets are available too. Should you rather a bank to bank transfer, that is also available, but you should expect these transfers to take a little longer.
Before your first deposit, you will be required to submit copies of your government issued ID and a recent utility bill. This is part of a process called Know Your Customer (KYC) that seeks to prevent money laundering. To quickly get to a stage to fund your account, complete your submit your KYC documentation and deposit.
- Huge variety of accounts
- Low minimum deposits
- FSB regulation
- More available support
- Trusted by the trading community.
Improvements we would like to see:
- More cryptocurrencies offered