A newer entrant onto the CFD trading scene, Forex Time—or FXTM—was founded in 2011 and quickly rose through the ranks to become a popular platform for traders of all varieties. With a focus on many account types, an impressive number of deposit and withdrawal methods, and a robust market analysis mini-site, FXTM’s service casts a wide net. These useful features are backed up by its status as a licensed and compliant broker with authorities like the FCA and CySEC, lending credibility to the many traders that it serves across the world.
- Many types of accounts
- Over 30 payment methods
- Low minimum deposit of $10
- Social trading functionality
- Cryptocurrency trading and deposits
- Large spreads on Standard accounts
- Limited cryptocurrency trading
- Very plain interface
- Limited platform options
Traders who aren’t familiar with CFD trading whatsoever and those who make CFD trading their career are both well-suited to FXTM, with valuable features for traders across the experience spectrum. This wide-ranging appeal is largely due to the broker’s notable library of educational materials, which are complemented by daily market news and analysis. Fittingly, its welcoming for newer traders who can gather some extra momentum when scaling the industry’s not insignificant learning curve. Additionally, experts can deploy a large array of indicators to their FXTM MT4 or MT5 platforms to match their trading strategy or style.
- Cyprus Securities and Exchange Commission (Cyprus)
- The Financial Conduct Authority (United Kingdom)
- Financial Services Commission (Mauritius)
FXTM Pivot Points:
A custom technical analysis module for advanced traders, the FXTM Pivot Point strategy allows users to overlay this new tool onto their MT4 or MT5 platform to help visualize market sentiment and price direction. When combined with other popular indicators, the special bar shows when sentiment is ready to “pivot” and can help identify trading opportunities.
Strategy Managers & Investors:
Taking a cue from other popular social trading platforms in the market, FXTM added a copy-trading module onto its services that allows some traders to become Strategy Managers and earn up to 50% commission from the Investors that follow them. There’s also a hub off the main FXTM site where users can search Strategy Managers and review their performance.
Promotions and Contests*:
A plethora of bonuses, promotions, and contests can be found in the sidebar of your FXTM account under ‘Promotions’. The number of deals found here are noteworthy, many of which offer additional funds after an accompanying deposit merely for living in specific geographies. Furthermore, there are also contests that showcase trader skills and reward them with cash prizes.
FXTM built a well thought out educational and analytical suite, which offers market reports, automatic signals and notifications, webinars, seminars, eBooks and more on the most relevant and timely ideas. Beginners should check out the more basic materials while experts can employ the expert insights posted daily.
FXTM enables traders to expose their capital to the cryptocurrency market without having to own the underlying assets or command the highly technical knowledge for moving cryptocurrencies from one wallet to another. Though it only offers Bitcoin/USD, Ethereum/USD, and Litecoin/USD pairs currently, expansion in the future will enable traders to select from a wider amount of crypto coins and tokens.
*Bonuses and promotions are offered based on your country of residence.
**Available ONLY to clients under Exinity Limited.
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- One Click Trading: Yes
- Trade off Charts: Yes
- Email Alerts: Yes
- Mobile Alerts: Yes
- Stop Order: Yes
- Market Order: Yes
- Trailing Stop Order: Yes
- OCO Orders: Yes
- Limit Order: Yes
- 24hr Trading: Yes
- Charting Package: Yes
- Streaming News Feed: Yes
FXTM operates in many corners of the globe and therefore holds several licenses to stay within the boundaries of regulations. It is authorized to operate by CySEC in Cyprus, the FCSA in South Africa, the FCA in the UK, and the FSC in Mauritius. Thanks to FCA regulation, UK customer account deposits are insured up to £50,000 should FXTM become insolvent. Compliance means that FXTM must collect data from users but also keep it away from prying eyes, safeguard and segregate customer funds, and maintain a high standard of transparency.
- Rollover Fee: No
- Margin Interest: No
- Withdrawal Fees: 1
FXTM has different fee schedules between the many accounts that it offers. On the three instant-execution Standard accounts the fee is added to the spread and can be as low as 0.1 pips on the Shares account and as high as 1.5 on the Cent account—with the trade-offs including max volume, leverage***, and available instruments. There are no commissions on ECN Zero and Pro accounts, with the Pro Account offering spreads as low as 0.0 as well, but also a minimum deposit of $25,000. Deposits don’t incur fees or charges from FXTM nor are there maximum deposit amounts for any account, but there are minor withdrawal fees depending on the method of transfer.
For local transfers, the percentage fee is anywhere from 0.0% to 2.0%, while credit card withdrawals have a small fee of €2.00/$3.00/£2.00. E-wallet withdrawals have the same fee range as local transfers (between 0.0-2.0%) and bank wire withdrawals in Europe cost €30.00.
***Leverage is offered based on your knowledge and experience. The Leverage / Margin requirements may be subject to change as a result of applicable regulations in your country of residence
- Supported Languages: Arabic, Chinese, English, Hindi, Indonesian, Malay, Thai and Urdu.
- Customer Service Hours: 08:00 - 20:00 GMT+2 (GMT+3 during Daylight Saving Time)
- Email Response Time: Immediate
- Telephone Orders: No
- Personal Account Manager: Yes
Traders seeking a secure and trustworthy broker will appreciate FXTM for its choice of tools and the consistency with which it serves global customers. FXTM suffered no downtime during testing, is always available regardless of when or where, and aligns itself with credible banks for the storage of customer funds. With a strict adherence to regulations that cover data protection, transparency, and more, there’s many reasons that FXTM remains a trusted trading services provider.
One thing that users will notice is that FXTM provides exceedingly fast execution speeds. The company prioritizes low latency and the avoidance of price slippage. The FXTM website’s sidebar lists all the broader areas of the trading ecosystem while individual pages enable deeper navigation of the available tools. MT4 and MT5 are a recognizable sight as well, but widespread familiarity with the platform can be an advantage for knowledgeable traders. Finally, the FXTM support team is reachable seven days a week and speaks over 18 languages, offering many ways to get in touch including live chat.
With a low minimum deposit threshold, lots of payment methods and account types, social trading aspects, and a new Pivot Point tool, FXTM makes their innovative ecosystem suitable for nearly any trader. FXTM presents a feature and function-rich platform, and those who have trouble comprehending everything can access help from a customer service team that is also available on Saturdays and Sundays in their language of choice. Though spreads are only average and support for cryptocurrency less-than-average, FXTM manages to deliver an accessible and comprehensive service.
FXTM Tower 35 Lamprou Konstantara Kato Polemidia Limassol, 4156 Cyprus
Q: Will you inform my relevant tax authority if I profit on FXTM?
A: Only if it’s required by the specific jurisdiction in which you’re trading, otherwise no.
Q: How secure are my funds and personal info?
A: FXTM’s regulatory foundation is firm, meaning all funds are kept in Tier 1 banks, and FXTM also uses cutting-edge tools to ensure the safety of personal data as well.
Q: My transfer hasn’t arrived. How do I know it’s coming?
A: If you go to My Transfers on the sidebar you can see the status of all completed and pending transfers—it should be listed. If not, please contact customer support.
Q: How do I withdraw funds to my card if I lost it or cancelled it?
A: You’ll need to send proof from the appropriate bank or financial institution to FXTM, and then they’ll help you open a new transfer method.
Q: I want to be a Strategy Manager and gain followers. How?
A: This is only possible in an FXTM ECN or FXTM ECN Zero account. If you don’t have one of these accounts simply open one, as you can have multiple accounts with FXTM at once, and the option to start a Strategy Manager account is one of the first things you’ll see.
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