Spreads & Commissions10/10
- European broker with CySEC and FCA regulation
- Low investment of $5 and high leverage of 1:1000
- Provides access to FX, commodities, stocks, and indices
- Availability of regular dealing desk and ECN accounts
- Desktop and mobile trading access through the MT4 and the MT5 platforms
- Low cost of trading with attractive spreads and impressive commission structure
- No bonus for any trader
- Does not have a presence in leading financial centres such as the USA and Japan
- True ECN only available for a minimum deposit of $500
Forex Time Review – How To Trade FX & CFDs At FXTM Using The Best Trading Conditions
Every new financial entity that has launched its services in recent years have found it extremely difficult to match their services and products to the expectations of the market. The operational standards of companies have gone up exponentially, resulting in one of the best trading environments the world has ever seen. Therefore, Forex and CFD brokers are now increasingly cautious about their service offerings and strive hard to adhere to all the requirements of modern-day investors.
ForexTime, officially known as FXTM, is a leading broker in the industry that recognises the dynamics of the market and has successfully launched an FX & CFD brokerage that has evolved into a popular choice among retail traders. We evaluate the broker’s FX products and services through our detailed FXTM broker review to provide the best information on spreads, bonuses, leverage, assets, regulation, and other trading conditions.
Is FXTM Regulated?
FXTM regulation is something that provides an incredible amount of assurance and safety among traders, as FXTM is a genuine and authorised brokerage. ForexTime has been operating as a Forex and CFD broker since 2011, with its regulatory licenses issued by top agencies such as the Cyprus Securities and Exchange Commission (CySEC), the Financial Conduct Authority of the UK (FCA), the Financial Services Board of South Africa (FSB), and the International Financial Services Commission of Belize (IFSC).
FTM’s European presence is mainly reinforced through the European Markets in Financial Instruments Derivatives (MiFID) and the European Economic Area (EEA) agreement, which allow all CySEC regulated firms to operate in the European Union without any additional licenses. The CySEC has issued numerous regulatory standards for Forex brokers that are based out of the EU, which helps in maintaining a safe and transparent marketplace for traders while dealing with the high-risk Forex market. FXTM is subject to a minimum capital requirement of €1 million and routine audits, which ensure that the company does not face any capital adequacy issues owing to its debt obligations. The broker also segregates its clients’ money in top EU banks, which further helps in differentiating the broker’s capital from its traders’ investments.
However, there are several limitations that prevent FXTM’s EU presence when it comes to catering to the global retail market. Therefore, the company has additional regulatory licenses from the FSB, the IFSC, and the FCA, which allows it to cater to traders from most parts of Central & Latin America, Africa, and Asia. Unfortunately, FXTM does not have any offices in the USA, Canada, Australia, and Japan, which essentially prevents FXTM from offering its services to traders from these regions. If you are not sure about the broker’s policies towards traders from your country, you can always get in touch with the broker for confirmation.
FXTM is highly committed to offering a wide range of stocks and indices as CFD products, which make up a fair share of the trading instruments available at ForexTime. The broker also provides a good set of Forex and commodities for trading, but there appears to be a shortage of commodities products. The following is the list of financial instruments offered by ForexTime:
Forex: AUDJPY, AUDUSD, CHFJPY, EURAUD, EURCAD, EURCHF, EURGBP, EURJPY, EURUSD, GBPAUD, GBPCAD, GBPCHF, GBPJPY, GBPUSD, NZDJPY, NZDUSD, USDCAD, USDCHF, USDJPY, AUDCAD, AUDCHF, AUDNZD, AUDSGD, CADCHF, CADJPY, CHFSGD, EURNOK, EURNZD, EURSEK, EURSGD, GBPNZD, GBPSGD, NZDCAD, NZDCHF, NZDSGD, SGDJPY, USDHKD, USDNOK, USDSEK, USDSGD, CHFNOK, CHFPLN, EURHKD, EURPLN, EURTRY, GBPDKK, GBPHUF, GBPNOK, GBPPLN, GBPSEK, USDCNH, USDCZK, USDHUF, USDMXN, USDPLN, USDTRY, USDZAR
Stocks: Altaba Inc, AMERICAN AIRLINES GROUP, APPLE, ABBOTT LABORATORIES, ADOBE SYSTEMS, AMERICAN EAGLE, AMERICAN CAPITAL AGENCY, American International Group Inc, APPLIED MATERIALS, AMGEN, Amazon.com Inc, ANADARKO PETROLEUM, ASCENA RETAIL GROUP, ACTIVISION BLIZZARD, AVAGO TECHNOLOGIES, American Express Company, ALIBABA GROUP HOLDING LTD, Bank of America, BED BATH & BEYOND, BAKER HUGHES A GE CO, BAIDU, BANK of NEW YORK MELLON, BP, BOSTON SCIENTIFIC, BLACKSTONE GROUP, CITIGROUP, CA, Caterpillar Inc, CADENCE DESIGN SYSTEMS, CELGENE, Citizens Financial Group, Inc., CONTINENTAL RESOURCES, CENTERPOINT ENERGY, CABOT OIL & GAS, CONOCOPHILLIPS, COSTCO WHOLESALE, CISCO, CTRIP.COM INTL, COGNIZANT TECH SOLUTION, CVS CAREMARK, Chevron, CYPRESS SEMICONDUCTOR, DELTA AIR LINES, DuPont, Walt Disney Company, DOLLAR TREE STORES, THE DOW CHEMICAL, DEVON ENERGY, ELECTRONIC ARTS, eBay Inc, ENDO PHARMACEUTICALS HOLDINGS, ENTERPRISES PRODUCTS PARTNERS, EXPRESS SCRIPTS, ENSCO, ENERGY TRANSFER EQUITY, ENERGY TRANSFER PARTNERS, EXELON, FORD MOTOR, Facebook Inc, Fitbit Inc., FIFTH THIRD BANCORP, FLEXTRONICS INTL, Twenty-First Century Fox, Inc., Twenty-First Century Fox , Inc. (A), FIRST SOLAR, General Electric Corporation, GOLDCORP, GILEAD SCIENCES, GOLAR LONG, CORNING, GENERAL MOTORS, Alphabet Inc, GAP, Halliburton Company, HUNTINGTON BANCSHARES, Hilton Worldwide Holdings Inc., Hewlett-Packard Company, HOST HOTELS & RESORTS, HERTZ GLOBAL HOLDINGS, HORIZON PHARMA, Intel Corporation, JETBLUE AIRWAYS, JD.com, Inc., Johnson & Johnson, JUNIPER NETWORKS, JPMorgan Chase & Co, KEYCORP, The Kraft Heinz Company, KINDER MORGAN, Coca-Cola Company, THE KROGER, LendingClub Corporation, LULULEMON ATHLETICA, SOUTHWEST AIRLINES, MACY’S, MATTEL, McDonald’s Corporation, MONDELEZ INTERNATIONAL INC, MEDTRONIC, METLIFE, Altria Group Inc, MOSAIC, MARATHON PETROLEUM, MARKWEST ENERGY PARTNER, Merck & Co Inc, MARATHON OIL, MORGAN STANLEY, Microsoft Corporation, MICRON TECH, MAXIM INTEGRATED PRODUCTS, MYLAN, Navient Corporation, NOBLE, NEWMONT MINING, NETFLIX, NIKE, NATIONAL OILWELL VARCO, NRG ENERGY, NETAPP, NUANCE COMMUNICATIONS, NVIDIA, NEWELL RUBBERMAID, NEWS CORP, ON Semiconductor Corp., Oracle Corporation, OCCIDENTAL PETROLEUM, PANDORA MEDIA, PLAINS ALL AMERICA PIPELINE, PEOPLES UNITED FINANCIAL, PACCAR, Pfizer Inc, Procter & Gamble Company, POTASH CORP of SASKATCHEW, PATTERSON-UTI ENERGY, PayPal Holdings, Inc., QUALCOMM Inc, Liberty Interactive Corporation, TRANSOCEAN, ROSS STORES, RANGE RESOURCES, Starbucks Corporation, CHARLES SCHWAB, SCHLUMBERGER, Snap Inc., STAPLES, SUNPOWER, STEEL DYNAMICS, SEAGATE TECH, SKYWORKS SOLUTIONS, Synchrony Financial, SYMANTEC, AT&T Inc, TerraForm Power, Inc., TESLA MOTORS, TAIWAN SEMICONDUCTOR, TWITTER Inc, TIME WARNER, UNION PACIFIC, URBAN OUTFITTERS, US BANCORP, Visa Inc, VIACOM INC CL B, VALERO ENERGY, VODAFONE GROUP PLC, VALEANT PHARMACEUTICALS, Verizon Communications Inc, Walgreens Boots Alliance, Inc., Wells Fargo Company, WHOLE FOODS MARKET, WHITING PETROLEUM, THE WILLIAMS COMPANIES, Wal-Mart Stores Inc, WYNN RESORTS, ExxonMobil Corporation, XEROX, YANDEX, ZIONS BANCORP
Cryptocurrencies: BCTUSD, ETHUSD, LTCUSD
Commodities: UK Brent (Spot), US Crude (Spot), US Natural Gas (Spot)
Spot Metals: Silver vs. Euro, Silver vs. US Dollar, Gold vs. Euro, Gold vs. British Pound, Gold vs. US Dollar
Indices: Australia 200, France 40, Germany 30 (Mini), Hong Kong 50, Japan 225, US Tech 100 (Mini), US SPX 500 (Mini), Spain 35, Europe 50, UK 100, Wall Street 30 (Mini), Gold Bullion
Despite having a global brokerage with licenses from different lenient regulatory agencies, the broker has adopted a uniform policy for its traders throughout its different divisions. FXTM does not have a bonus program for its traders, with several EU regulators frowning upon the practice due to the various conflicts arising between brokers and traders. The company does offer a cashback reward through its loyalty program, which qualifies for redeemable reward points that are available without any trading conditions.
To become a globally accepted financial brokerage, a company should stick to the fundamentals and provide an excellent trading platform. There are numerous trading interfaces available in the market, with the MetaTrader terminal leading the way. FXTM supports both versions of the MetaTrader trading platform, with traders having the flexibility of choosing between the MT4 and the MT5 platform. The broker even provides the option of a free demo account, which can be traded with up to $1 million in trading capital. Both the MT4 and the MT5 trading platforms offer excellent trading features, especially the MT5 version, which provides a comprehensive array of CFDs to invest in Stocks, indices, and other options.
FXTM Mobile Trading Platform
MetaQuotes, the company that develops the MT4 and MT5 platform, works as a third-party platform developer, which grants it access to a vast number of traders and an incredible range of resources to create the best trading platforms for both desktop and mobile users. Therefore, the MT4 and the MT5 interfaces are available for mobile devices, ensuring full compatibility for Windows, iOS, and Android operating systems. Smartphone and tablet users are even given the opportunity of trading the markets with a dedicated WebTrader, which further increases the number of platform options for the end user.
Essential FXTM Account & Trading Information
FXTM is a great broker to choose if you have varying account requirements. There are around seven different account options, which are divided into two distinct categories. The first category of accounts offers automated dealing desk trading conditions through standard account options, where the FXTM minimum deposit starts from $5 for the Cent account. The minimum FXTM spreads also start from 1 pip, but the trading costs are arguably the lowest in the market. Even the high FXTM Leverage of 1:1000 plays to a trader’s advantage since it helps in lowering the investment outflow.
The broker also offers several ECN account options, with a minimum deposit of $200 for tight spreads. The ECN spreads are reduced to zero pips in exchange for a commission of $2 per lot, but these ECN accounts have a slightly higher initial deposit requirement of $500. We are indeed impressed by the broker’s trading conditions, which are easily some of the best that are currently available in the Forex market.
FXTM VIP Account & Deposit & Withdrawal Options
FXTM offers a premium account category in the form of the FXTM Pro account, which has spreads starting from zero pips, zero commissions, and no order restrictions. The Pro account is significantly more expensive than the regular accounts, as it requires a minimum investment of $25,000. Traders can fund their account through bank wire, local transfers, credit cards, and via e-wallets such as Skrill and Neteller. Withdrawals are also made through the same payment method used to fund an account, but it may include a delay in processing, according to the broker’s payment policies and guidelines.
FXTM Customer Service
As a regulated company that has licenses from the top agencies in the world, FXTM caters to its customers’ needs through a reliable, professional, and round the clock customer support channel. Traders have access to live chat, phone, email, and even a dedicated dealing desk for remote trading with just a phone. FXTM’s customer support team has won numerous international awards, making it highly effective for day-to-day customer service.
FXTM offers a regulated trading account for just $5, and an ECN account for just $200, with some of the best trading conditions in the market.
Does FXTM indulge in any scam practices?
No, FXTM is a regulated broker that follows a strict code of conduct.
Can I Open A Free FXTM Demo Account?
Yes, all traders can open a free demo account.
What is The Minimum Deposit & Maximum Leverage?
The minimum deposit is $5 for the Cent account, which offers a maximum leverage of 1:500.