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: $5
  • 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/or 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 requires low minimum deposits on Standard account types, offers competitive spreads on ECN accounts, has South African FSCA regulation and extends 24/7 support to clients.

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

Account Types9
Client Support & Onboarding9
Free Services8
Deposit & Withdrawal9

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 should the trade take too long to initiate.

  • 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.

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%.

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.

Trading Platforms

All FXTM accounts use MetaTrader 4, with one speciality 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 switch 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 in their own words

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. The verification part of the process is 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.

Customer Support

FXTM customer support is open seven days a week, which is unusual, but 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

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$5$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/STPPure STP
Currency Pairs5970+
Minimum Spread0.1 pips0.6 pips
Minimum Deposit$5$100
Max LeverageFlexible500:1
Expert ReviewRead reviewRead review
Visit WebsiteVisit FXTMVisit FxPro

 

Jeffrey Cammack Administrator
Editorial Director at TradeForexSA
Jeff Cammack is the Editorial Director at TradeForexSA, 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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