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CloseFXTM Review
FXTM offers a well-regulated platform and an excellent overall quality of services.
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All reviews, research, news and assessments of any kind on The Tokenist are compiled using a strict editorial review process by our editorial team. Neither our writers nor our editors receive direct compensation of any kind to publish information on tokenist.com. Our company, Tokenist Media LLC, is community supported and may receive a small commission when you purchase products or services through links on our website. Click here for a full list of our partners and an in-depth explanation on how we get paid.
FXTM, aka ForexTime, first opened its doors in 2011. The brainchild of founder Andrey Dashin, FXTM is a relatively new addition to Dashin’s global holdings, which also include forex brokerage veteran Alpari.
Alpari launched back in 1998, at a time when online forex brokers were more of a curiosity than an industry staple. Along the way, Alpari has weathered some serious storms. But it is still here and bigger than ever.
What does all this have to do with FXTM, you might be wondering? 🤔
Since its launch in 2011, FXTM as a platform and as a brokerage has been uniquely positioned to learn early and well from all of Alpari’s earlier mistakes, and in truth it has. FXTM has top-notch regulatory oversight, a wide variety of asset classes and a solid reputation.
The broker keeps thriving in the world of forex trading and has won the award for the Best Trading Experience at the 2020 World Finance Forex Awards.
Does this mean FXTM is the forex broker for you? It depends. Read this FXTM review and decide for yourself!
Fast Facts
- Regulation: CySEC (Cypress); FCA (UK); FSCA (South Africa)
- Account Minimum: £10 or equivalent up to £25,000 or equivalent (depending on account type)
- Demo Account: Yes
- Asset Coverage: Forex, commodities, spot metals, stock CFDs, indices, cryptocurrency
- Best For: Risk-tolerant, experienced or professional traders who want to use the MetaTrader portal
Ratings
- Commissions & Fees: 8/10
- Investment Selection: 6/10
- Account Options & Features: 8/10
- Usability: 6/10
- Educational Resources: 6/10
- Customer Service: 8/10
- Overall: 7/10
Investor Warning: Your capital is at risk. You should not spend more than you can afford to lose and should ensure that you fully understand the risks involved. Using the products offered may not be suitable for everyone. Before you use these products, please take into consideration your level of experience, financial objectives and seek independent advice if necessary. It is the responsibility of the Client to ascertain whether he/she is permitted to use the services of the FXTM brand based on the legal requirements in his/her country of residence. Please read FXTM’s full Risk Disclosure.
Pros
- Wide range of trading accounts with varying deposit minimums for all experience levels.
- Swap free accounts available for Islamic traders and corporate accounts available for professionals.
- Traders receive negative balance protection (only in EU and UK).
- Top-tier regulatory oversight means a safer trading experience for all.
- Tight pip spreads with expansive leverage options (availability is based on regulatory limitations).
- Option for no-commission trading with some account types.
- No fees for deposits made by credit/debit card, e-wallet or bank wire transfers
- Deals and promotions are available, including a $50 credit to refer a friend.
Cons
- Does not accept traders from the United States, Japan, Canada, Mauritius, Cypress, Puerto Rico, Korea, Haiti, Suriname.
- Stock trading only available to non-EU traders and only at the professional level (high initial account deposit required).
- High account fees, including inactivity fees.
- Can take one business day or longer to open and fund your account.
- High fees for account withdrawals for nearly all withdrawal methods.
- Only four base currencies are offered.
- No weekend trading is available for cryptocurrencies as of yet.
- No platform software option aside from MetaTrader 4 and 5.
Is FXTM Regulated? 🛡
FXTM is regulated by three different regulatory bodies under its various operating entities.
FXTM (ForexTime) Limited
- ☑️ CySEC (Cypress Securities and Exchange Commission) of Cypress
- ☑️ FSCA (Financial Sector Conduct Authority) of South Africa
- ☑️ FCA (Financial Conduct Authority) of the United Kingdom
FXTM (ForexTime) UK Limited
- ☑️ FCA (Financial Conduct Authority) of the United Kingdom
Exinity Limited
- ☑️ FSC (Financial Services Commission) of the Republic of Mauritius
Range of Offerings 📃
FXTM offers access to 250+ instruments in seven major asset classes. Margins are tiered, as has recently become the industry standard.
The major asset classes available through FXTM are as follows:
Forex ✔
Trading forex with FXTM gives you access to majors/minors and exotics currency pairs with leverage of up to 1:30 (depending on experience). Spreads range from 1.6 pips (standard accounts) to 0.1 pips (ECN accounts) and you can trade 24/5. Lots sizes include mini, micro and standard.
Spot Metals ✔
Trading spot metals with FXTM allows you to trade gold or silver against major currencies 24/5 with varying degrees of leverage based on experience. Spreads go as low as 0.4 on XAG/USD or 5.0 on XAU/USD when you open an ECN account.
Share CFDs ✔
Trading share CFDs gives you access to 20 major shares with spreads as tight as 0.1 pips and leverage varying based on experience when you open a Standard Shares account. You can trade 24/5.
CFDs on Commodities ✔
Trading CFDs on commodities gives you access to UK Brent oil, U.S. crude oil and U.S. natural gas with leverage of 1:52, 1:49 and 1:19, respectively (based on experience. Enjoy spreads ranging from 4 to 11 pips when you open a standard or ECN account.
For U.S. natural gas and U.S. crude oil, trade from 01:00 to 23:45. For UK Brent oil, trade from 03:00 to 23:45.
CFDs on Indices ✔
Trading CFDs on indices (portfolios of stocks) gives you access to major global stock indices with leverage appropriate to your trading style and experience level. Get instant execution and spreads that start at 0.5 pips with a standard account and floating leverage up to 1:1000 and spreads that start at 0.1 pips with an ECN account type. Market hours vary by indices.
🇺🇸 Are you interested in trading forex in the U.S.? Find the best forex broker for U.S. traders.
CFDs on Cryptocurrencies ✔
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.
Market hours are 0:05 to 23:55 for Bitcoin, Litecoin and Ethereum and 01:00 to 23:45 for Ripple. For ECN accounts, stop-loss and take-profit orders must follow after market order execution (this is not the case for standard account types which offer instant order execution).
Stock Trading ✔
Stock trading with FXTM gives you access to real-time data and direct liquidity pricing for NYSE and NASDAQ indices. Stock trading is only available via the MT5 platform. Stock spreads start at 0 pips.
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.
😕 Do you find pips confusing? This guide should explain what pip is and how it works.
FXTM Compared
0.8
0.9
1.00
0.363
$100
$250
59
93
0.9
0.6
0.363
0.6
$250
$10,000
93
182
Average spread EUR/USD standard
0.8
0.9
0.6
All-in cost EUR/USD - active
1.00
0.363
0.6
Minimum initial deposit
$100
$250
$10,000
Total currency pairs
59
93
182
Demo account?
Social / copy trading?
Account Types 🗃
FXTM truly exceeds expectations when it comes to the wealth of account type offerings. One of the neatest perks is that nearly every account type has a corresponding free “mirror” or demo account. You can use these mirror demo accounts to practice trading strategies before and during your use of a live trading account.
The seven main “live” account types are divided into two categories: standard and ECN (electronic communication network). There is also an eighth, newer, account type called FXTM Invest. And FXTM now offers the option to enroll in automated (algorithmic) trading through Expert Advisors.
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.
Standard ✔
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.
A swap-free version is available for use with the MT4 platform only. Available asset classes include major/minor/exotic currency pairs, spot metals, spot CFDs, crypto-currencies (some variation based on which platform you use). There is no commission for this type of account.
Cent ✔
The cent account is a variation on the standard in that all deposits are displayed in cents regardless of amount funded. This account is available for use with MT4 only. It also comes with free mirror demo account and requires just £10 or equivalent to fund the live version.
A swap-free version is available for use with the MT4 platform only. Available asset classes include minor/major currency pairs and spot metals. There is no commission for this type of account.
Shares ✔
The shares account allows traders to trade major U.S. (120+ available) and EU (40+ available) shares using the MT4 platform only. It requires an initial funding of £10,000 or equivalent and does not have a free mirror demo version.
A swap-free version is available for use with the MT4 platform only. Available asset classes include shares only. There is no commission for this type of account.
ECN ✔
The ECN (Electronic Communication Network) account works with MT4 or MT5. It requires a minimum initial account deposit of £500 or equivalent. Commission is $2 or equivalent per lot.
The ECN account also works with FXTM Invest (for MT4 only). Leverage/margin requirements are floating from 1:2000. A free mirror demo account is also available.
A swap free account is available for use with the MT4 platform only. Available asset classes include exotics/minor/major currency pairs, spot metals and spot CFDs (some variation based on which platform you use).
ECN Zero ✔
The ECN Zero account works with MT4 or MT5. It requires a minimum initial account deposit of £200 or equivalent. There is no commission.
This account also works with FXTM Invest (for MT4 only). Leverage/margin requirements are floating from 1:2000. A free mirror demo account is also available.
A swap free account is available for use with the MT4 platform only. Available asset classes include major/minor/exotics currency pairs, spot metals, spot CFDs (some variance based on platform used).
FXTM Pro ✔
The FXTM Pro account works with MT4 or MT5. It requires a minimum initial account deposit of £25,000 or equivalent. There is no mirror demo account available.
This account does not work with FXTM Invest.
Leverage/margin requirements are floating from 1:200 to 1:25. There is no commission. A swap free account version exists for MT4 only.
Available asset classes include major/minor/exotics currency pairs and spot metals.
FXTM Invest Strategy Manager Account 🎛
The FXTM Invest Strategy Manager account is a relatively new offering. FXTM’s copy trading program allows less skilled forex investors to mirror your trades and then you earn a percentage of their profits. You can earn up to 40 percent commission for each trader who profits by following your trading strategies.
There are no fees for this account type and you do not have to share your trading strategies – just your trades. You get your own dedicated page to use to match with investors and can manage multiple accounts at one time. You can choose to open an ECN or ECN Zero account to get started.
🤓 Are you new to forex trading? If you want to learn how it works start by going through this in-depth guide on forex trading.
FXTM Automated Trading Account 🤖
The Expert Advisors automated or algorithmic trading account works in conjunction with the FXTM Invest Strategy Manager account. You can create your own strategy or choose to follow one of the strategies of the Expert Advisors. This is a great option for traders who wish to adopt a more hands-off trading policy and are willing to pay a fee to do so.
All account types can be funded using a wide variety of institutions and services. While the majority of deposit options incur no commissions (fees), the same does not hold true for withdrawals, which can be expensive to request.
Deposit Options 💰
Deposit options with no commissions include:
| Fasa Pay | Skrill (Latin American Solutions) | South East Asia Online Banking |
| Dusupay | African Local Solutions | Latin American Solutions |
| Nigeria Local Bank Wire Transfer | Online Banking Malaysia | Online Banking Indonesia |
| Nganluong (E-wallet & banking channel) | Globe Pay | China Banking Online |
| Online Banking Thailand | Online Banking Indonesia | Visa |
| Mastercard | Maestro | Neteller |
| Skrill/Moneybookers | VLOAD | Crypto |
| TC Pay Wallet | Alfa-Click | Web Money |
| Dixipay | Cash U | Yandex.Money |
| QIWI | Perfectmoney | Bitcoin |
| Konnexone | Bank Wire Transfer |
Depending on the deposit method chosen, transfer time ranges from instant to five business days.
For deposit options that incur commissions, the commission can vary based on a number of factors. Deposit options that incur commissions include:
| TC Payment | Malaysian Local Transfers | Syrian Local Agent |
| Ghanan Local Transfers | Turkish Local Transfers | South Arabian Peninsula Local Transfers |
| Indonesian Local Transfers | Algerian Local Transfers | Kenyan Local Transfers |
| Local Transfer for India and Pakistan | Local Exchange House | Afghani Local Transfers |
| Laos Local Transfers | Egypt Local Transfer | Bangladeshi Local Transfer |
| Iraqi Local Transfers | Palestinian Local Transfers | Tanzanian Local Transfers |
Depending on the deposit method chosen, transfer time ranges from 1 to 24 hours on average.
Withdrawal Options 💳
Withdrawal options with no commission or unknown commission include:
| Syrian Local Agent | Turkish Local Transfers | South Arabian Peninsula Local Transfer |
| Ghanan Local Transfer | TC Payment | Malaysian Local Transfers |
| Latin American Solutions via Skrill | Malaysian Local Transfers | Nigerian Local Bank Wire Transfer |
| Indonesia Local Transfer | Algerian Local Transfers | Kenyan Local Transfers |
| Local Transfer for Pakistan and India | Local Exchange House | Afghani Local Transfers |
| Laos Local Transfers | GlobePay | Egyptian Local Transfer |
| Bangladeshi Local Transfer | Iraqi Local Transfers | Palestinian Local Transfers |
| Online Banking Thailand | Online Banking Vietnam | China Online Banking |
| Tanzanian Local Transfers | China Union Pay | Neteller |
| Skrill 1-Tap/Moneybookers | TC Pay Wallet | VLOAD |
Depending on the withdrawal method chosen, average transfer time ranges from 24 hours to 4 business days.
Withdrawal option with commissions include:
| Withdrawal Options | Commission Rates |
|---|---|
| FasaPay | 0.5% |
| South East Asia Online Banking | 1.4% |
| African Local Solutions | $1 |
| Latin American Solutions (Brazil) | 3.5% |
| Latin American Solutions (Mexico) | 1%+ 1 Euro |
| Dusupay | $1 |
| Online Banking Malaysia | 2% |
| Online Banking Indonesia | 2% |
| Nganluong | 1.1% + $0.05 |
| Online Banking Vietnam | 2% |
| Visa | 2EUR; $3; 2GBP |
| Mastercard | 2EUR; $3; 2GBP |
| Maestro | 2EUR; $3; 2GBP |
| Crypto | 1% |
| WebMoney | 2% |
| Dixipay | 0.5% up to $5 |
| Yandex.Money | 1.5% |
| QIWI | 1.5% |
| PerfectMoney | 0.5% |
| Bitcoin | 1% |
| Konnexone | 2% |
Depending on the withdrawal method chosen, average transfer time ranges from 24 hours to 4 business days.
FXTM Referrals, Promotions and Loyalty Program 📝
FXTM is one of the brokerages that still does offer periodic bonuses, incentives, promotions and loyalty programs to traders, which can be very nice especially at the outset when you are just getting started. As of time of publication, here are the current programs FXTM offers.
FXTM Welcome Bonus 💵
Just for signing up and opening a live account, you can receive a $30 (or equivalent) trading credit. In order to actually receive the credit, you must finish your registration and make a minimum account deposit in the first six months.
FXTM Loyalty Program 🌐
Another popular program is the ongoing Loyalty program, which offers you actual cash, not points or virtual cash. All live account types are eligible to participate. You earn $5 (or equivalent) in real cash that you can withdraw or use for future trades.
The program is tiered and caps out at $10,000 or equivalent. Registration is required – you are not automatically enrolled when you open a live account.
FXTM Refer a Friend Program 👥
Another very simple incentive is FXTM’s refer a friend program. You get a $50 (or equivalent) cash bonus when you refer a friend who opens an account and meets the current deposit and trading criteria. There is no limit to the number of friends you can refer.
FXTM will also give you your own affiliate link you can use to generate new referrals from your own blog or website.
FXTM Trading Contests 🥇
FXTM periodically hosts trading contests that are open to traders of all skill and experience levels. You can win titles and prizes.
FXTM Trading Promotions 🤝
In addition to the ongoing FXTM Loyalty Program and the other promotions listed here, FXTM periodically launches additional trading promotions you can elect to participate in.
Trading Platforms 🖥
FXTM works strictly with MetaTrader 4 or MetaTrader 5. Desktop, web and mobile options exist.
FXTM App 📱
FXTM exclusively uses the MetaTrader family of apps for mobile trading. While the brokerage also offers its own in-house FXTM app for iOS/Apple and Android, this app is designed to be used only for account maintenance and account syncing. All mobile trading must be done via the MT apps.
You will find the FXTM broker app listed on the Apple store and Google Play under “FXTM Trader.”
- ☑️ iOS/Apple app: 4.2 (out of 5 stars) With only five ratings to review, it is hard to determine how well this app is serving users.
- ☑️ Android/Google Play app: 4.0 (out of 5 stars) Despite the overall positive reviews, it appears a recent update is causing connectivity issues for users.
MetaTrader Apps 💻
If you are trading with FXTM using MetaTrader 4 or MetaTrader 5, you can also elect to use the MT4 or MT5 suite of apps for mobile trading needs.
- ☑️ MT4 iOS/Apple app: 4.8 (out of 5 stars) More than 21,000 users love this app. The vast majority of ratings are in the 4 to 5 star range.
- ☑️ MT4 Android/Google Play app: 4.6 (out of 4 stars) the Android version has more than 468,000 reviewers and 5-star ratings far outpace the rest.
- ☑️ MT5 iOS/Apple app: 4.7 (out of 5 stars) Users are very pleased with the newest version of the MT app.
- ☑️ MT5 Android/Google Play app: 4.5 (out of 5 stars) Already it seems clear MetaTrader has another home run on their hands with the 5 version.
Research, News and Education 📰
Overall this FXTM review reveals the platform offers a well-rounded menu of research, analysis, current news and education to trading customers.
Most notably absent is fundamental data (a forex forecasting and analysis tool that factors in politics, social and economic trends). Most notably present is the wealth of free webinars and seminars (in multiple languages). Also available: free e-books, videos, articles, tutorials and glossary of terms.
FXTM offers twice-daily trading signals for 12+ asset classes, a FXStreet economic calendar, ongoing videos and blog posts from its own staff analysts, market forecast reports four times per year and a variety of useful calculators for converting currency and profitability and pip value.
FXTM’s own pivot point strategy helps traders identify profitable trades based on market sentiment and market analysis is segmented by topic to help you find what you need quickly. One of the coolest tools is called the FXTM Periodic Table, which helps you learn forex terminology in a highly visual format.
Customer Support ☎
You won’t spend much time browsing options for trading forex online before you run into complaints about customer service. Thankfully, these are mostly absent with FXTM.
The customer support department offers assistance in a wide variety of different languages and access platforms include LiveChat, Messenger, WhatsApp, Viber, Facebook, Callback and Telegram.
One area that stands out is that the live chat feature is staffed by real people (not chatbots) which makes it possible to use this communication method to answer even more complicated questions. The fastest contact methods are phone and any of the live chat options.
The brokerage maintains brick-and-mortar offices with phone and email support in eight locations: Mauritius (main global headquarters), China, India, Indonesia, Malaysia, Nigeria (Abuja and Lagos), South Korea and Thailand. In addition, a global phone number and several dedicated support email addresses are available.
Final Thoughts 🏁
FXTM is not among the oldest or the largest online brokerages for trading forex, cryptocurrencies or other high-demand asset classes. But – we have to say it – FXTM is definitely one of the classiest.
Their website is organized, attractive and intuitive. Their customized MetaTrader platforms (4, 5) earn high marks from traders – more than 2 million to date have used the platform.
The different account types allow you to maximize profitability and minimize fees and commissions. They offer a wealth of promotions, incentives, contests, and programs.
Their research and education offerings are robust and useful. Their customer support actually seems supportive. With FXTM, you might say the small extra touches really add up.
Oh, it isn’t all sunbeam and champagne – there are those hefty withdrawal fees, after all. As this FXTM review has already pointed out, customer support and cryptocurrency trading are not available 24/7. And not everyone is eligible to join.
But if you are eligible, favor an easy-to-navigate interface that integrates with industry-standard software and want to trade with a heavily regulated (and thus safer) online broker, you could do much worse than FXTM. Much, much worse.
FXTM: FAQs
-
Is FXTM Regulated?
FXTM has regulation oversight from CySEC (Cypress); FCA (UK); FSCA (South Africa)
-
Can I Sign Up to Trade with FXTM?
Yes you can, as long as you are not from the United States, Japan, Canada, Mauritius, Cypress, Puerto Rico, Korea, Haiti or Suriname.
-
What Are FXTM’s Operating Hours?
Monday through Friday, 24/7.
-
Does FXTM Offer VPS?
Yes.
-
Where Does FXTM’s Liquidity Come From?
FXTM (Exinity Limited) maintains partnerships with several global banks.
-
What is the Average FXTM Order Latency?
It depends on the account type you choose. Standard accounts get instant execution. ECN accounts get market execution. FXTM publishes an updated performance statistics page on their site.
-
What is the Average for FXTM Spreads?
It depends on the account type. The standard (MT4) account offers spreads starting at 1.6 pips. The ECN accounts (MT4, MT5) start at 0.1 pips.
FXTM and the Comptition
See how FXTM compares to the leading Forex brokers by reading one of the reviews below.
All reviews, research, news and assessments of any kind on The Tokenist are compiled using a strict editorial review process by our editorial team. Neither our writers nor our editors receive direct compensation of any kind to publish information on tokenist.com. Our company, Tokenist Media LLC, is community supported and may receive a small commission when you purchase products or services through links on our website. Click here for a full list of our partners and an in-depth explanation on how we get paid.
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