In this FXTM Review, We will cover most of the important information that traders need to know before deciding their broker. FXTM or Forex Time, established in 2011, is still quite new to the forex trading field. However, just in few years after establishment, FXTM has represented themselves and succeeded in spreading their name for itself by winning numerous industry awards such as “Best Newcomer 2013” and “Fastest Growing Forex Broker.” FXTM is regulated by various jurisdictions and has offices in Cyprus, the UK, and Belize. Forextime Limited is regulated by CySEC, Forextime UK Limited is authorized by FCA and FT Global Limited is regulated by IFSC.
Trading Accounts (Standard & ECN Accounts)
FXTM provides two different lines of forex trading accounts to choose from which are Standard and ECN Accounts. There is a minimum deposit depending on which account you decide to trade on. The Standard accounts are divided into Standard, Cent and Shares account. The ECN Account is divided into ECN, ECN Zero and FXTMPro Accounts each one with different spreads or commissions also.
Back in April 2016, FXTM started a new account for clients offering an account that specializes in trading CFDs in shares. With the FXTM Shares Account, traders are now open to choose from more than 150 US shares with 1:33 leverage. Major corporations such as Facebook, Alibaba, Twitter, Apple, and Microsoft are included in the new addition. After the share addition, FXTM continues to come up with new things to provide for their clients. In January 2018, FXTM has launched cryptocurrencies for CFD trading.
The Company & Safety of Funds
The FXTM has obtained regulation in several jurisdictions, including in the EU via its CySEC-regulated brand in Cyprus under ForexTime Limited. FXTM is also licensed in South Africa by the Financial Services Board and Belize by the IFSC under its FT Global Limited entity. In 2018, FXTM obtained regulatory status in the UK with the Financial Conduct Authority, under its ForexTime UK Limited entity.
FXTM supports both MetaTrader4 and MetaTrader5. The broker offers both of them as desktop, web and mobile devices. It provides lots of technical indicators, extensive back-testing environment and a variety of Expert Advisors. MT4 is also suitable for beginner traders, and clients can also find their way around it quite easily. For those traders who rather automated trading strategies through Expert Advisors (EAs), FXTM offers a forex VPS Service.
Commissions & Spreads
few of FXTM’s accounts are commission-free such as Standard ones, as well as the ECN Zero and Pro accounts. Accounts that charge commissions are Only ECN MetaTrader4 and ECN MetaTrader5 accounts with a small commission fee of $4. The floating spreads offered by FXTM vary by each account type. The lowest spreads are available on the ECN and Pro accounts. The typical spreads on these accounts amount to 0.4 pips on EUR/USD and if we include the commission (2 x $2), you could say that the average trading costs for this pair would be around 0.8 pips per lot, which is quite a competitive offer.
Deposit & Withdrawal
FXTM also provides a variety of deposits and withdrawals methods. Credit and debit cards, with bank wires and e-wallets, are the main methods, and FXTM has implemented numerous other local payment methods specific for particular regions as well. FXTM is continuously adding other ways for the transaction for the client’s comfort. Clients require legal ID data on file to ensure quick and safe feedback on any withdrawal request.
From this FXTM Review, we have listed important information for traders to see. Since 2011, the company has been consistently growing and is now one of the highly recognized, noticed broker in the market. Due to their great customer service and overall trading conditions and environment, they have formed a large community of loyal customers for a long time.