FXTM Review & Rating 2023
AtoZ Markets' FXTM review intends to deliver a complete product range as well as client feedback about CySEC regulated Forex broker ForexTime.com. Please beware that FXTM was previously branded as ForexTime.
FXTM is a Cyprus Forex broker offering various accounts types, MT4 and MT5 trading platforms, and various trading tools. With its focus on Africa and Asia, FXTM is a fast-growing company. They also hold IFSC registration as well besides the CySEC license for the EU clients.
ForexTime (FXTM) is a forex broker established back in 2011 by Andrey Dashin. FXTM offers an intuitive trading platform based on MetaTrader 4 and 5 and offers a wider range of trading instruments including Forex, Cryptocurrencies, Index and Commodity CFDs, Spot Metals and Stock CFDs.
Despite being a European broker, still very busy on the continent, it has become very popular in the African market. In particular, FXTM is highly regarded by Nigerian traders as it lends itself very well to their market. Currently, the broker has the following three physical locations:
FXTM Tower, 35 Lamprou Konstantara,
Kato Polemidia, 4156, Limassol, Cyprus
88 Wood Street, 9th Floor
London, EC2V 7QR
5th Floor, 355 NEX Tower,
Rue du Savoir
FXTM Broker Review - Pros
As per our research please see below the pros for trading with FXTM broker:
- Opportunity to trade small volumes, if you are new in the market
- They try to be fast with customer care
FXTM Broker Review - Cons
Following FXTM's pros, see below the cons for trading with FXTM broker:
- Their fees for CFDs are considerably high
- FXTM charges for withdrawals
Is FXTM a Legit?
Based on AtoZ Markets' FXTM review, FXTM started its business in 2012. Based on our research FXTM is regulated through the firm ForexTime Limited, which has an active CySEC license to offer the following Investment and Ancillary Services:
- Receiving and transmitting orders.
- Executing orders on behalf of its clients.
- Dealing on own account.
- Portfolio Management.
- Safekeeping of financial instruments and custodianship of cash/ collateral management.
- Granting credits or loans to one or more financial instruments, where the firm granting the credit or loan is involved in the transaction
- Foreign exchange services which are connected to investment services.
- Investment research.
Furthermore, we have tested FXTM's withdrawal and deposit process. Throughout FXTM review process we have not found any major issue with ForexTime. So the answer to the question, 'is FXTM legit?' is Yes.
So let's move on in this FXTM review to the platforms on which you will be able to trade.
MT4 is one of the most popular trading platforms in the industry. MetaTrader 4 is a trading platform that has been around for several years, offering the best trading experience and customization over all others. In addition, it is also extremely robust and works on virtually any device. Swap free trading with FXTM is available on this platform.
With FXTM, MT4 is available on Windows and Mac systems and on iOS and Android mobile devices.
MT5 is very similar to MT4, except that it is more user-friendly and intuitive, also offering more indicators, an economic calendar, and 6 additional pending orders, as well as greater market depth, spread over 21 periodicities. Starting with what is already the best trading platform around, MT5 has made it even better.
With FXTM, MT5 can only be used with ECN accounts, but depending on your country of origin it may not be available. Again, the platform works on Windows, Mac, iOS, and Android.
FXTM Trader is a mobile trading platform offered by the broker for Android and iOS devices, which will allow you to trade on the go, also managing your account, receive market notifications, promotions, webinars, and more. Above all, with FXTM Trader you can take advantage of the broker's copy trading service, FXTM Invest. All while you are out and about with your smartphone with an easy-to-use platform.
Now, let's see in detail what types of accounts FXTM offers for trading.
The demo account is always a great place to start. This account offers the ideal conditions to familiarize yourself with the broker and with trading in general, without any risk and without being obliged to make a deposit. With the demo account, trading is done with virtual funds in an environment that perfectly replicates real trading. This is why it is the best way to learn.
FXTM offers unlimited demo accounts. This is a very good factor, because it means that the account will not expire as long as it has not been inactive for more than 60 days. Opening demo accounts on FXTM takes very little time and little basic personal information: an active phone number and an email address.
FXTM Standard Account
The standard FXTM account is a popular choice among many traders with the broker and is available to traders under CySEC regulation. It offers instant executions via the MT4 trading platform and a truly competitive minimum deposit.
The minimum deposit to start trading with FXTM is in fact only $100. Spreads on this account start at 1.3 pips.
FXTM Cent account
Another great choice popular with novice traders and those less risky is the FXTM Cent account. In this case the minimum deposit starts at just $10, so it is easily accessible for any trader. This account is also available to traders under CySEC regulation and offers instant trade execution.
FXTM Cent account spreads start at 1.5 pips and due to the availability of nano lots , you will be able to open positions for less than $1. This account is ideal for starting trading.
FXTM Stock CFD Account
The Stock CFD account offers the ability to trade over 160 of the major stocks from stock exchanges in Europe and the US and is available to traders under CySEC regulation. Again, the account includes instant trade execution with a great minimum deposit, starting at just $100.
Commissions on this account start at just 0.1 pips on stocks, making it a great stock trading account when compared to other major brokers.
FXTM ECN account
FXTM's ECN account is also available with CySEC regulation and is the first of three ECN accounts offered by the broker. With this account you can expect lightning fast ECN-style execution with a good minimum deposit of $500. You can use both MT4 and MT5 to trade with this account.
When it comes to trading costs with this account, spreads start at just 0.1 pips, with an additional $2 commission per lot. Also remember that using MT4 you can also take advantage of FXTM Invest.
FXTM ECN Zero account
The second type of ECN account offered by FXTM is the ECN Zero. This account is also available to traders under CySEC regulation and offers ECN execution and markets with the MT4 and MT5 trading platforms. One of the differences from the above is that the minimum deposit to start trading is only $200.
Also with this type of account you will be able to use FXTM with the MT4 trading platform, with spreads starting from 1.5 pips .
FXTM Pro account
The FXTM Pro account is the third type of ECN account offered by the broker. Again, you will be able to take advantage of ECN execution on the markets by trading with the MT4 and MT5 platforms, but there is no such demo account available .
The minimum deposit for the FXTM Pro account is $25,000, but spreads start at 0 pips and again, if you trade with MT4 you will be able to use FXTM Invest.
FXTM Islamic Account
FXTM also offers Islamic trading accounts, although they are only available with MT4 and not with MT5. As there is no rollover fee to be fully compliant with Sharia law, FXTM may apply an additional fee to the account. Also, it is not possible to trade exotic currency pairs with this account. That said, the account is fully Islamic trading compliant.
FXTM Professional Account
For EU and UK traders only, another professional FXTM account type is also available. However, in order to open this account you will need to meet at least two of the following requirements :
- Having made an average of 10 transactions per quarter of significant size in the past year.
- Own a portfolio of financial instruments of over €500,000 (in the bank or trading account).
- Have enough relevant experience in the financial services industry.
If you meet at least two of these conditions, you will be able to open the professional FXTM account, which offers a maximum leverage of 200: 1 , as well as other benefits.
FXTM also allows cryptocurrency trading. In total, 4 cryptocurrencies are available with the broker: Bitcoin, Ethereum, Litecoin and Ripple.
It's important to mention the cost of trading in this FXTM review. Let's now take a closer look at FXTM deposits, in terms of minimum deposit, methods available, and any fees that may apply.
FXTM Minimum Deposit
One of the most favorable aspects of FXTM is that the minimum deposits required by the broker are very low. In fact, these start at $10 for standard accounts depending on the type, rising to $200 for ECN accounts, again depending on the type of account. If you trade with higher volumes, you will also be able to open the FXTM Pro Account, however, a minimum deposit of $25,000 is required.
Deposits usually take a couple of hours to process, except for bank transfers, which may take up to 5 days.
By trading with FXTM, you will be able to take advantage of a variety of deposit methods. These include bank transfers, credit/debit cards, such as Visa, MasterCard, or Maestro, and various eWallets , such as Skrill and Neteller. It is also possible to deposit funds via Western Union and other local payment methods depending on your region, particularly in Asia, Africa, and South America.
Usually, deposits can be made in USD, EUR, and GBP.
Generally, deposits on FXTM are commission-free. The only exception may be if the deposit currency does not match that of your account, in which case you may have to pay a conversion fee.
Here is everything you need to know as a trader about FXTM withdrawals.
Withdrawals can be made using the same methods allowed for deposits, except for wire transfer, which is not available. This means that you will be able to use credit/debit cards and a variety of eWallets. In Europe, you can withdraw funds in EUR, while in the rest of the world you can choose between EUR and USD. FXTM withdrawal processing usually takes 24 hours.
Withdrawals to eWallett carry no fees, while if you are withdrawing to a credit/debit card, you will have to pay a flat fee of 2 EUR, 3 USD, or 2 GBP, depending on your base currency.
Spreads and commissions
FXTM spreads and commissions are available as floating spreads only. There is no fixed spread available. The lowest spread is 0 pips, but it is only on the FXTM ECN Pro account, which requires a minimum deposit of $25,000. Other than that, the minimum spread on non-ECN accounts is 1.3 pips, for the standard account.
Is FXTM good? Let's answer this question in our detailed FXTM review by taking a look at customer support.
Over 90% of FXTM opinions from customers regarding ForexTime customer support are positive. This is a very strong indicator that a company has excellent customer service and customer satisfaction.
The customer support team provides multilingual service, as do the personal account managers. This allows FXTM to attract native speakers of a wide range of languages.
FXTM customer support includes a comprehensive FAQ section, which you can use to answer a few questions before contacting the support team.
ForexTime provides technical and trading support as well as exclusive privileges for VIP clients and makes it easy to open accounts.
ForexTime offers live help anytime from your account, just click on the chat icon and you can choose the live chat option, including options for Telegram, Facebook Messenger, Whatsapp, or ask them to call you.
While looking for a reliable Forex broker traders should also consider regulation. If you are considering to Open an Account with FXTM but are still wondering whether FXTM is legit or not, don't forget to ask the following questions: How reliable is FXTM regulation?
Many new traders don't know what to expect from their Forex broker. Traders often wonder what kind of fund security their brokers can offer. Thus, it is essential to trade with a broker with sound trader reviews. But broker reviews cannot be merely relied on. You as a trader should always ask the right question while selecting a reliable Forex broker.
To conclude our FXTM review, should you trade with ForexTime? The answer is yes! FXTM has been around for over 11 years. FXTM is a regulated broker that follows industry standards and offers a comfortable trading platform. Web and mobile trading platforms allow traders to enjoy trading. Market analysis, technical support, and trading tools are available here. Traders of all experience levels can take advantage of tight spreads, low commissions and an ultra-fast market research platform.