About FXTM review: In this review of FXTM we will discuss the broker, account opening procedure, fees and its pros and cons.
What is FXTM?
FXTM is an abbreviation for Forextime, which was established in 2011. FXTM is a global CFD and Forex broker. It is regulated by the top financial authorities, that includes FCA and the Cyprus Securities and Exchange Commission (CySEC).
Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 80% 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.
The account opening process at FXTM is simple, fast and fully digital. They usually take 1-2 days to verify your account. Once the account is verified you can start trading. FXTM is available for clients throughout the world, except; USA, Japan and few more.
What is the minimum deposit at FXTM?
The required FXTM minimum deposit is different for the various account types. It’s $10 for the Cent accounts, $100 for Standard and Shares accounts, $200 for Zero ECN account, and $500 for ECN accounts.
FXTM provides various kind of account types:
FXTM account types
|Available countries||Pricing||Minimum Deposit||Trading Platforms||Available Products|
|Standard Account||All countries||Higher spread, no commission||$/€/£ 100||MT4||Forex, commodity / stock index CFD|
|Cent Account||All countries||Higher spread, no commission||$/€/£ 10||MT4||Forex, commodity CFD|
|Stock CFDs Account||EU countries, incl. UK||Higher spread, no commission||$/€/£ 100||MT4||Stock CFD|
|ECN Account||All countries||Commission and lower spread||$/€/£ 500||MT4/MT5||Forex, commodity / stock index CFD|
|ECN Zero Account||EU countries, incl. UK||Higher spread, no commission||$/€/£ 200||MT4/MT5||Forex, commodity / stock index CFD|
|FXTM Pro Account||All countries||Lower spread, no commission||$/€/£ 25,000||MT4/MT5||Forex, commodity / stock index CFD|
FXTM charges low forex fees but CFD fees are high. They even have withdrawal fees.
FXTM fee snapshot
|S&P 500 CFD||The fees are built into the spread, 1 point is the average spread cost during peak trading hours.|
|Europe 50 CFD||The fees are built into the spread, 3 points is the average spread cost during peak trading hours.|
|EURUSD||ECN account pricing: only opening a position is charged and the commission is based on your account balance and monthly trading volume. There is also a spread cost; 0.5 pips is the average spread cost during peak trading hours.|
|Inactivity fee||$5 per month after 6 months of inactivity|
CFD fees for a $2,000 long position held for one week
|S&P 500 index CFD fee||$2.2|
|Europe 50 index CFD fee||$2.4|
|Apple CFD fee||$36.5|
|Vodafone CFD fee||–|
Forex benchmark fees of a $20,000 held for one week
|EURUSD benchmark fee||$8.2|
|GBPUSD benchmark fee||$7.4|
|AUDUSD benchmark fee||$7.0|
|EURCHF benchmark fee||$5.5|
|EURGBP benchmark fee||$9.7|
FXTM non trading fee:
FXTM has high non-trading fees. You’re charged $5 per month after six months of inactivity and most withdrawal methods also have a fee.
Deposit and Withdrawal:
FXTM offers various methods for deposit and withdrawal. It includes credit cards, bank transfer, and electronic wallets. But the drawback here is that it charges a withdrawal fee in most withdrawal types.
FXTM has 4 base currencies to choose from; EUR, SBP, USD, NGN.
It charges no deposit fees for any of the forms, but it has withdrawal fee charges for various methods.
How to withdraw money from FXTM?
- Log in to MyFXTM.
- Go to ‘My Money’ and select ‘Withdraw Funds.’
- Select the withdrawal method.
- Add the amount you wish to withdraw and the reason for your withdrawal.
- Initiate the withdrawal.
- You’ll get a 4-digit code on your phone which you have to verify.
FXTM does not have its own trading platform. It’s trading platform is provided by MetaTrader. It is highly customizable and provides a clear fee report. MetaTrader4 is available in 41 different languages.
It has provided 3 types of trading platform and all of them are provided by MetaTrader4 only. Mobile trading platforms also have great functionality the same as desktop and web platforms.
Market and Products:
FXTM allows trade in CFD, crypto and Forex only. Non EU clients are allowed to trade in real stocks. But on the other hand, it lacks ETFs, bonds, options, futures and mutual funds.
|Currency pairs (#)||48|
|Stock index CFDs (#)||11|
|Stock CFDs (#)||200|
|Commodity CFDs (#)||3|
All clients, except for UK clients, can use FXTM Invest, a social trading service.
You can decide if you want to be an Investor or a Strategy Manager. Investors can copy Strategy Managers’ trades. When you select a Strategy Manager, you have the option to filter them based on risk level, success fee, all-time profit, etc. Strategy Managers can receive a commission on every winning trade.
Research and Education:
FXTM has good research tools. Its news feed and charting tools are amazing. They used to publish articles and blogs on a continuous basis. Brokers are available to help traders every time. They have good educational tools as well. The live webinars, video lectures and podcasts allow new learners to learn the fundamentals of the market. The video tutorials provide in depth and detailed knowledge of every topic related to the market.
It is positive that FXTM offers seminars in some countries that clients can attend. This is not common among brokers.
Is FXTM Safe?
FXTM is regulated by some of the top financial institutes, which makes it safe for the clients. It is a well known brand, but is not listed in any of the stock exchanges. It too not discloses its financial statement and does not have any parent company.
FXTM legal entities
|Country of Clients||Protection Amount||Regulator||Legal Entity|
|EU countries (except UK)||€20,000||Cyprus Securities and Exchange Commission (CySEC),and licensed by the Financial Sector Conduct Authority (FSCA) of South Africa||ForexTime Limited|
|United Kingdom||£85,000||Financial Conduct Authority (FCA)||ForexTime UK Ltd.|
|International clients||No protection||Financial Services Commission of Mauritius||Exinity Ltd.|
FXTM provides negative balance protection for forex spot and CFD trading, but only for retail clients from the European Union.
Customer Service :
You can contact them via:
- Live chat
- The only drawback is 24/7 service is not available.
|Superb customer service||Inactivity and withdrawal fees|
|Great educational tools||High CFD fees|
|Digital and fast account opening||No price alerts|
|Low financing rate||Financial information is not publicly available|
|Technical analysis-based trading ideas||Does not hold a banking license|
FXTM has a good name for forex trading. It is regulated by top financial institutions. It has a good transaction history. The benefits it has is that it provides quality educational and research tools.
The drawback lies in limited product availability and customer support. And it also charges a withdrawal fee which is not charged by any of its competitors.
But overall it is a good experience to work on FXTM, as inactivity fee hit after a year one can definitely go and try this.