General
Features
Pros
- Well Regulated.
- PAMM accounts.
- Tight spreads.
- Quick withdrawals.
- Low min. deposit.
Cons
- No bonus offer
FXTM Review
FXTM is a licensed and well regulated broker with an impressive list of awards. FXTM offers many different payment methods, tight spreads, PAMM accounts, trading in all currency pairs as well as a wide range of other financial products and derivatives and a minimum deposit of $10. FXTM or ForexTime is owned and managed by FT Global Limited and ForexTime Limited and has its headquarters located in Limassol, Cyprus. FXTM was established in 2012 by Andrey Dashin, who is well known as the founder of online broker Alpari. In the relatively few years the firm has been in business, the company has established itself as a global broking contender, using Dashin’s formula quite successfully.
FXTM’s official website address is www.forextime.com and a screenshot of the company’s home page appears below.
From a regulatory perspective, FT Global Limited is licensed in Belize by the International Financial Services Commission (IFSC) under license numbers IFSC/60/345/TS and IFSC/60/345/APM. FT Global Limited is licensed by the IFSC to provide the following services to customers: trading in financial and commodity based derivatives and other securities, and international asset protection and management. On March 22nd 2019 ForexTime has been approved the regulatory license of Mauritius at the FSC.
The company is also registered with and licensed by the Financial Sector Conduct Authority (FSCA) of South Africa. Its South African license number is 46614.
In addition to the above, ForexTime Limited is apparently also registered with the UK’s FCA, under reg. number 600475.
To operate in the UK, ForexTime uses ForexTime UK Limited. This company is registered with the FCA as well. Its license number is 777911.
Another corporate branch attached to the ForexTime brand is represented by Exinity Limited, which is based in Mauritius and licensed by the local Financial Services Commission. The Investment Dealer License number of the operation is C113012295.
FXTM has grown exponentially since its inception in 2012. To keep up with its developing business, the company has opened several branch offices in major cities like London and is run from FXTM’s five story tower located in Cyprus. In addition to the London office, FXTM has representative offices in Germany, Poland, France, Spain, Italy, Turkey, China, Thailand, South Korea, Malaysia, India and Nigeria.
Nevertheless, please note that ForexTime does not currently accept traders from the United States, Belize, Japan, Quebec, British Columbia and Saskatchewan.
FXTM Features
FXTM offers a full service trading experience no matter whether you just started trading or are a seasoned veteran. A trader can easily find whatever they are looking for on the company’s easy to navigate website, which is available translated into 18 languages. ForexTime offers 24/5 trading support and also offers technical and educational support to help clients improve as traders by helping them analyze mistakes that can be avoided in the future.
In addition to providing access to competitive markets in the major forex currency pairs, FXTM offers their clients trading in a wide variety of financial products and derivatives, such as commodity futures, CFDs, spot metals and ETFs. Trading in the Chinese Yuan and spot metals paired with major currencies is also available.
FXTM allows their traders the ability to maximize the value of their time while optimizing their portfolio through their Percentage Allocation Money Management or PAMM program. PAMM was developed at Alpari in 2008 and offers investors professional portfolio management from the FXTM Portfolio Management Department. Portfolios are assigned through a selection of carefully screened traders with consistently successful track records.
One of the broker’s chief selling points is its attractive trading conditions. This translates to spreads as low as 0.6 pips on the EUR/USD pair on the Micro account. On the Advantage account – the only one charging a commission – spreads start from as little as 0.0 pips.
The Advantage account has recently replaced FXTM’s old ECN account.
FXTM offers three main types of Forex trading accounts with no minimum or maximum deposit on any of them and no commission charged. A Standard Spread Account allows the trader maximum leverage of 1,000:1 in EUR/USD, while the Fixed Spread Account permits leverage of 500:1. The Cent accounts offer a maximum leverage of 1,000:1 for currencies and 25:1 for spot metals.
FXTM offers three account types: the Micro, with a minimum deposit requirement of $50, the Advanced, and the Advanced Plus accounts, both requiring a minimum deposit of $500. The Advanced account offers ultra-low spreads with commissions. Advantage Plus offers tight spreads with zero commissions.
FXTM’s newest account addition, which began in April of 2016, is an account specializing in CFDs on shares of stock. The new FXTM Shares Account offers trading in over 180 U.S. companies’ stocks with leverage of 33:1 and can be accessed through the MT4 platform, thereby ensuring virtually instant deal execution. Trading in shares of companies such as Microsoft, Twitter, Alibaba, Facebook and Apple, to name only a few, are now available through the new Shares Account type.
Deposits and Withdrawals with FXTM
ForexTime has a simple process for opening a trading account. With a few quick registration steps and some basic documents required, a trader could have their account approved the same day in some cases.
A wide variety of deposit and withdrawal options are available to FXTM customers including, Visa, MasterCard, Maestro and China Union Pay credit cards, in addition to Neteller, Skrill (formerly known as Moneybookers), Webmoney, Alfa-Click, Dotpay, Yandex Money, Payza, QIWI and Western Union’s QuickPay. Bank wire transfers are also available.
For withdrawals, the client fills out a standard request form that is generally processed within two business days. There is no minimum withdrawal amount, and the only limitation is that funds must be transferred to an account with the same name as the FXTM account holder.
Platform & Tools
| Feature | FXTM |
|---|---|
| Virtual Trading(Demo) | |
| Desktop Platform (Windows) | |
| Desktop Platform (Mac) | |
| Web Platform | |
| Social Trading / Copy Trading | |
| Proprietary | |
| MetaTrader 4 (MT4) | |
| MetaTrader 5 (MT5) | |
| cTrader | |
| Currenex | |
| ZuluTrade | |
| MirrorTrader | |
| Charting - Drawing Tools(Total) | |
| Charting - Indicators / Studies (Total) | |
| Watchlists | |
| Order Type - Trailing Stop |
In addition to offering the option of using MT4 or MT5 with your FXTM trading account, FXTM offers customers their proprietary FXTM MT4 WebTrader platform. This web based platform requires no download and can be accessed directly from any browser. The WebTrader platform supports all operating systems and has a simple to use interface available translated into 16 different languages.
In addition to one click trading, which allows a trader to make a transaction with a single mouse click, the web platform offers nine chart time frames with trading available directly from the charts. The web platform, which is based on MT4, has all the advanced analysis tools and can be used in both a live account and a demo account.
The screenshot below shows FXTM’s proprietary MT4 WebTrader page with real time market pricing, deal execution, and tools for technical and fundamental analysis.
FXTM now also provides clients with facilities to conduct copy trading on their series of MetaTrader trading platforms. With the copy trading service, FXTM traders can access a wide array of trading signals they can subscribe to. Once subscribed, every trade executed by the signal provider can be automatically copied. With the copy trading service, even novice traders can begin trading like pros.
Asset Classes
In addition to FX pairs – which are apparently the bread and butter of the brokerage – ForexTime also offers a series of CFDs, based on various other asset classes.
Thus, it supports CFDs on a number of commodities, indices and shares. Spot metals are also available for trading. As far as commodities go, the broker offers Crude Oil, Brent Oil and Natural Gas.
Commission & Fees
FXTM has recently revamped its account structure, and with it, its commissions and spreads.
The entry-level account is now the Micro account. This account type promises instant execution coupled with no commissions and tight spreads. To what do these tight spreads translate in this instance?
According to FXTM, its spreads on the most popular currency pair of EUR/USD start from 0.6 pips. The minimum deposit on this account is $50. Micro account users can only use the MT4 platform.
The Advantage account ups the stakes deposit-wise. It requires a minimum of $500. For that money, it offers market execution and access to the MT4 and MT5 trading platforms.
The most popular account type of the broker, the Advantage account charges commissions from $0.4 to $2. Its spreads start from 0.0 pips, however. This is the only account type that charges a commission. The formula it uses in this respect is (Volume x Contract Size x Open Price)/1,000,000 x Commission x 2.
The Advantage Plus account is popular with traders looking for commission-free trading. It also features a minimum deposit of $500, but it does not charge any commissions. Instead, it features wider spreads than the Advantage account, but its trading conditions are still attractive.
Research & Education
| Feature | FXTM |
|---|---|
| Daily Market Commentary | |
| Forex News | |
| AutoChartist | |
| Trading Central (Recognia) | |
| Delkos Research | |
| Acuity Trading | |
| Social Sentiment - Currency Pairs | |
| Client Webinars | |
| Client Webinars (Archived) | |
| Videos - Beginner Trading Videos | |
| Economic Calendar | |
| Calendar Includes Forexcasts | |
| Economic News Sentiment | |
| Trade Ideas - Backtesting |
The official site of the broker features an exhaustive education section. Included in this section are a number of Beginners’ Guides, Education Videos, Short Education Videos, seminars, webinars, as well as a selection of educational articles.
In addition to the above, this section also features a Periodic Table and a Forex Glossary.
Customer Service
FXTM’s customer support offers around the clock telephone support for traders looking to close out or modify existing positions with their trading desk between Monday and Friday. E-mail support service is available 24/7, and the company also has a hotline and a live chat feature with more restricted business hours of Monday through Friday 02:00 to 20:30 GMT+2.
In addition to its customer support features, FXTM offers a wide variety of educational support for new traders, which include videos, tutorials, articles, a forex glossary, an education center, webinars and seminars.
Mobile Trading
| Feature | FXTM |
|---|---|
| Android App | |
| Apple App | |
| Charting - Draw Trend Lines | |
| Charting - Can Turn Horizontally | |
| Charting - Technical Studies/Indicators | |
| Watchlist - Syncing | |
| Trading - Forex CFDs | |
| Trading - CFDs | |
| Alerts - Basic Fields |
ForexTime offers standard MT4 mobile apps for iOS and Android-based mobile devices. The apps carry most of the functionalities offered by the full, downloadable version of MT4. They support 9 time frames, and come with 30 preinstalled technical indicators.
Charting is superb on mobile as well, and the apps support real-time quotes.
Conclusion
Overall, FXTM appears to give their clients an exceptional broking service. The management team at the company seems to have a good understanding of traders’ needs and has what it takes to keep a highly demanding global clientele pleased.
The company has also garnered an impressive list of awards and a long list of favorable testimonials. Considering all of the above, FXTM seems worthy of serious consideration as an online forex broker.
FAQ
In the sense that it delivers the services it promises to deliver, FXTM is indeed a legitimate online broker. Exactly how much its clients appreciate these services, is a different question.
Launched in 2011, FXTM proudly proclaims itself as a global leader in online trading. It has thus far pocketed more than 25 industry awards. It keeps its clients’ funds in segregated bank accounts. Its regulatory status is satisfactory as well.
Some 2 million individuals use FXTM’s services worldwide.
It is, therefore, safe to say that FXTM is about as legitimate as an online brokerage can be.
It is always tricky to draw a definitive conclusion in this regard. What works for some traders, may not work for others. User feedback, as flawed as it may be as a review metric, is thus one’s best bet to properly assess broker value/quality.
In FXTM’s case, this feedback is about as motley and diverse as possible. While some feedback aggregators rank the broker as “excellent”, others barely give it a passing score.
So what do users like about FXTM?
• The demo account is popular with beginners.
• Some seem to appreciate the efforts of the support staff.
• The platforms and websites are straightforward and easily accessible.
• Fast and reliable deposits and withdrawals.
What do they dislike?
• Accounts blocked for allegedly no reason.
• Spread manipulation and stop-loss hunting.
• Withdrawals straight-up denied.
• Poor customer service and unattractive trading conditions.
Bear in mind that the majority of beginner traders lose money through brokers like FXTM. They are most likely behind some of the negative feedback.
The size of the minimum deposit at FXTM depends on the account type you choose.
On a Standard account, the minimum deposit is USD/GBP/EUR 100. The same goes for a Shares account, according to the official FXTM website.
On a Cent account, however, the minimum deposit is only USD/GBP/EUR 10.
FXTM’s regulatory background is extensive. The home base seems to be Cyprus for the broker.
• In Cyprus, it is regulated by CySEC and it possesses CIF license number 185/12.
• The Financial Sector Conduct Authority of South Africa has issued license number FSP 46614.
• ForexTime UK Ltd is another corporate entity behind the brand. This company is licensed by the UK’s FCA. Its license number is 777911.
• Exinity Ltd is based in the Republic of Mauritius. It is licensed by the local Financial Services Commission. Its license number is C113012295.
While the companies working under the umbrella of the FXTM brand maintain several offices, the main headquarters of the operation is located at FXTM Tower, 35 Lamprou Konstantara, Kato Polemidia, 4156, Limassol, Cyprus.
Kindly guide me on how to report an agent because he failed to give me KYC Number which I needed for cash withdrawal from my FXTM account to my Bank account.
Hi,
How have you tried to contact them?