A global broker with a name that has shone in the market for years with awards from almost every continent each year. With traders from all over the world and regulation by the best in the financial regulation market.
ForexTime or FXTM started operating in 2011 with a long-term vision of how they wanna take their name ahead in the world. And so, it has been continually recognized by many of the industry’s most influential award bodies. This is a testament to our commitment to providing exceptional customer service, competitive trading conditions, and -above all an outstanding trading experience.
Through this FXTM review 2023, we’re going to uncover all the details within FXTM folds and make sure you’re taking the right decision when choosing to trade with FXTM.
FXTM is proud to be one of the best in providing the ultimate educational materials to their new and existing brokers who need more information about forex, trading, or any topic related to the financial market. Serving clients from over 150 countries and supporting 18 languages, FXTM is making sure to cover all needs of clients in every way possible.
FXTM spreads are quite tight (EUR/USD from 0.1), and the trading platform is one of the best in the market which is the MT4, there are no hidden commissions when trading with ForexTime as they are keen on maintaining a great customer experience.
I reviewed FXTM based on the following criteria.
- Strong regulations (FCA, CYSEC)
- Account type variety
- Negative Balance Protection
- Low max order size of 30 standard lots per trade
Is FXTM legit? Which licenses do they have and which regulations are they subject to? Are FXTM minimum deposits and spreads low enough? What about leverages? Is it possible to open a demo account?and what are the FXTM account types?
Is customer support competent? I’m sure that you will get all these answers now, Do not open an account at FXTM before you read this FXTM broker review 2023 article!
The company also sponsors Lewis Pugh. As a Brand Ambassador, he supports the blue economy. Since he is the first one who swam 530km along the English Channel, a positive effect on the brand is inevitable.
The official website of FXTM serves 17 different languages and has approximately 1 million visitors per month.
The company has offices in Cyprus, Kuwait, Nigeria and the United Kingdom. I investigated how they grew up quickly.
FXTM’s owner Andrey Dashin. He also owns the Alpari forex broker. Therefore, the experience gained thanks to Alpari became important. He wants to serve with a variety of innovative account types that will cover many clients and seems to be successful so far.
The fast execution of orders and the multilingual account managers have made it a blast to trade with FXTM along with a certain knowledge that funds are safe and secure due to the broker’s holding of multiple Licenses and regulations.
|📃 Country of regulation||Cyprus (and license from South Africa), UK, Mauritius|
|💰 Trading fees class||Average|
|💰 Minimum deposit||$3|
|💰 Withdrawal fee amount||$50|
|🎮 Demo account||Yes|
|🕖 Time to open an account||1 day|
|💳 Deposit with bank card||Available|
|💸 Depositing with an electronic wallet||Available|
|🛍️ Products offered||Stock, Forex, CFD, Crypto|
Regulations and Investor Protection
Forextime UK Limited is authorized and regulated by the FCA to provide regulated products and services, licence number 777911.
In addition, FXTM is regulated n Cyprus too by the Cyprus Securities and Exchange Commission which is known as CySEC, with license number 185/12.
The Financial Sector Conduct Authority (FSCA) of South Africa has also granted FXTM their trusted license with No. 46614.
And so that means that throughout this FXTM review, this is the first and foremost important realization is that a total of 3 world-known regulatory jurisdictions ensure the safety to trade with FXTM as well as the client’s funds being integrated from the operational funds of FXTM itself. and so not only it is trusted to invest with FXTM, but it also provided segregated funds protection.
Furthermore, both FCA and CYSEC provide additional guarantees for clients’ funds. All brokers regulated by CYSEC are also members of the Investor Compensation Fund in Cyprus.
FCA-regulated brokers are under the Financial Services Compensation Scheme, FSCS, guarantee and provide compensation that can reach up to GBP50,000.
To summarize, we see that FXTM has very strong regulations. In addition, investors are protected by compensation funds.
Spreads and Account Types
FXTM Account Types and Spreads
FXTM offers 3 FXTM account types with varieties to match all different styles of trades with different trading strategies and levels of expertise in trading and the following details in the FXTM review will break down each account and its characteristics in a complete way.
With the option to open a demo account which can also be included in the FXTM account types offered to clients, there is also the chance t try any of the FXTM account types offered at FXTM as a swap-free account.
The Maximum leverage requirement within FXTM for forex is 1:30. The leveraged trading in forex is considered a 2-edged weapon as the time it might allow high gains and profit, but it also can allow for high losses. And so it’s always advised to be careful in dealing with high-leveraged trades.
The 3 FXTM account types are as follows:
This is the account type with the least amount of FXTM minimum deposit rate which is only $50 as an initial payment upon opening the account. This rate is even lower than the average rate in the Forex market which reaches $100.
FXTM provides MT4 as the trading platform in this type of account with no commission added on trading transactions. Tight spreads are one of the main points FXTM makes sure to provide to its clients.
In the Micro account, you can trade forex and metals only in the same account on the same platform but not indices and commodities.
The option for a demo account and a swap-free account is available in the Micro account.
With the advantage account, the FXTM minimum deposit amount is $500 and you can trade not only forex but also forex indices, metals, commodities, stock baskets, and indices. This is one of the most popular FXTM account types offered by FXTM where it has ultra-tight spreads of 0.0 pips.
You can choose between MT4 and MT5 as your trading platform on this account type as both are available to trade. There is a commission applied to this account that ranges from $0.4 to $2.
The option for a demo account and a swap-free account is possible with the Advantage account.
Advantage Plus Account
The last account type is Advantage plus which is more targeted towards the more professional traders who’ve been in the market for quite some time considering its FXTM minimum deposit rate of $500.
The characteristics of this account might look a bit similar to those of the Advantage account however, in the Advantage plus account there is no commission added to trading transactions.
The option for trading FXTM account types via a demo account and a swap-free account is also available in the Advantage Plus account to allow experts to try out new techniques of investments and test their knowledge if needed.
FXTM is offering 2 types of platforms which are the most famous in the forex and financial markets in addition to its app to facilitate the investment process to be one click away. Here in this area of FXTM review, I’ll scan the details for the trading platforms offered, so it’ll make the decision to trade with FXTM or not, easier for you.
The main platform provided by FXTM is no other than the most world-renowned MT4 and MT5. In addition to other platforms, FXTM understands the importance of having flexibility in the platform used in trading. Since the investors would need to always stay in touch whether that’s from their phones or their PCs.
MetaTrader 4 is provided on PC windows, Mac, mobile android, or IOS, or tablets. MT4 was developed by MetaQuotes which provides access to a big range of markets and hundreds of financial instruments, that include foreign exchange, commodities, CFDs and indices.
Some of the characteristics of MT4 include:
- Easy-to-read, interactive charts
- Monitor and analyze the markets in real-time
- Access to more than 30 technical indicators
- Nine different timeframes to choose from
MT5 is an upgrade of MT4 with similar features but with a bit of a twist. MT5 isn’t offered on all account types. You can use MT5 in the Advantage and Advantage Plus accounts.
With FXTM’s new forex trading app you can open and close positions in seconds, access live currency rates, manage your trading accounts, and stay one step ahead of the markets – anytime, anywhere.
With the ability to open, close, and modify your trading positions, you can also trade across multiple devices using the FXTM APP. Charting tools and indicators can be found with one click away on your phone where you can also track your positions whether they were opened or closed.
This section of this FXTM review is where I’ll explain details for you regarding the customer support and the level of service that you are to get when trading such a reputable broker like FXTM. Where the very first information stated clearly very clearly on the FXTM website is the contact details along with their headquarters which not only pushes the confidence and reliability towards FXTM but also allows the traders to make sure that whenever they’d need help. They can get in touch right away.
It’s no wonder FXTM has won multiple awards when it comes to their provision of customer service support like their award of the best global customer service provider in 2017 by world finance. Along with the Best trading experience in both 2020 and 2021 again by the same organization.
You can get in touch in multiple ways and with whichever department of the organization that you’d wish support with. The information to contact through emails or by live chat from different platforms is all available with FXTM.
Funding and Withdrawal Methods
Funding and Withdrawal Methods
FXTM offers different ways to deposit and withdraw your funds In which this section of this FXTM review is dedicated to a full breakdown of the details regarding how to fund and withdraw from your real account with FXTM.
The following table will explain all you need to know about the methods of funding your account and they are as follows:
|💳 Deposit Method 💳||Deposit currency||Fees||Processing time|
|💳 Credit and Debit cards ( Visa, Mastercards, and Maestro)||EUR, USD, and GBP||No commission||2 hours|
|💳 E-Wallets ( Neteller and Skrill)||EUR, USD, and GBP||No commission||2 hours|
|💳 Bank Wire transfers ( Barclays Bank)||GBP, USD, and EUR||No commission||3-5 business days|
|💳 Bank Wire transfers ( Hellenic Bank)||GBP and EUR||No commission||3-5 business days|
FXTM doesn’t accept cash deposits.
The credit card methods offered are Visa, Mastercard, and Maestro cards. The e-wallet methods offered for deposits are Skrill and Neteller. While the bank wires supporting FXTM are Barclays and Hellenic Banks.
There is no commission on any of the deposit methods offered. The processing time for each transaction doesn’t exceed 2 hours, except for the bank transfers where it takes from 3-5 business days as it depending on the banks and their internal processes and the agreements they have with each other, and that process has nothing to do with the broker.
|💸 Withdraw Method 💸||Currency Allowed||Fees||Processing time|
|💸 Credit and Debit cards ( Visa, Mastercards, and Maestro)||EUR, USD, and GBP||$3 or equivalent||same business day|
|💸 E-Wallets ( Neteller)||EUR, USD, and GBP||No commission||Same working day|
|💸 E-Wallets ( Skrill)||EUR, USD, and GBP||No commission||1 business day|
|💸 Bank Wire Transfer||GBP and EUR||€10 or equivalent||24 hours|
As fast as it is to deposit in FXTM, it’s also quite easy to withdraw your funds and profits whenever you like. Withdrawal methods include credit card methods that contain Visa, Mastercard, and Maestro cards. While the e-wallet methods available for use are the same as the deposit methods which are Skrill and Neteller. The bank transfers that can be used in withdrawing are only allowed with GBP and EUR for currencies.
Commissions are applied for withdrawals with credit cards of $3 or its equivalent in EUR and GBP. And the amount so for the bank wire transfer commission is €10 or £5. There’s no commission for e-wallet methods of withdrawal. Most of the processing time for withdrawals happens on the same day.
In this section of the FXTM review, I’ll be inspecting the information of all the presented trading tools and in-depth information about what they are and how to trade in them.
Forex and Forex Indices are offered in FXTM where you can trade major, minor and exotic pairs within the same broker and the same platform. where you can buy and sell currency pairs with the lowest spreads as you can also trade and benefit from trading in forex and currency pairs like:
- Massive market liquidity
- The market is open 24/5
- Low minimum deposits
You can trade with major pairs which include the US dollar as either base or counter currency. But, maybe you would be more interested in minor pairs which include major currencies without the US dollar.
For example EUR/CHF or EUR/GBP. Also, exotic currency pairs exist in FXTM. It means one side of the currency belongs to an economy under development and the other side is a major currency. We can show USD/TRY as exotic currency pairs.
You can trade oil and gas with FXTM. Where the markets are flexible for investors to expand their accounts and their trading styles. The available commodities are:
- UK Brent oil
- US crude oil
- US natural gas
Where you can benefit from the fluctuation of demands, supply, and prices. Let’s also not forget the low margin requirements that are present in that market and easy access to that market to the commodities markets in general through the best trading platform which is MT4.
Indexes exist to show a statistical measure of change in a securities market. At FXTM you can trade with a wide range of indices.
GDAX or DAX30 is one of them. It’s the stock exchange index of Germany and is also very useful to predict the general situation of European markets. Other indices that FXTM enables trade are AUS200 which is Australia’s 200 biggest companies.
Also, you can trade in:
- AUS200 (Australia 200)
- ND100m (US Tech 100 – Mini)
- UK100 (UK100)
- SP500m (US SPX 500 – Mini)
Trading gold and silver has high popularity among traders seeking diversity in their trading instruments. Some investors even only seek details about trading gold and precious metals as they have higher value with a profitable flowing market.
Metals are considered popular assets during times of volatility, and since trading assets are considered a great factor in the investment process, most traders consider metals CFDs trading as potential safe havens.
These assets are typically seen as a hedge against inflation, meaning that regardless of the current state of the financial market, the opportunities to trade metals are potentially plentiful.
You can trade stock CFDs on the Advantage MT5 account where spreads go down to 0.1, and there’s a fixed commission of $4 per lot where which is considered one of the best rates in the business.
One of the main benefits of CFD trading is that you’re trading on the expectation of a price movement, so you don’t have to actually buy the underlying asset. Because you can take a short position, which means that you would predict the prices to get lower, as well as a long one, where you predict the prices to go higher. You will be able to make a profit in both cases of the rise and fall of the share price.
Stock CFD trading is available on Advantage and the Advantage Plus account.
Education and Learning Materials
FXTM is one of the best in the market when it comes to providing educational and learning materials to its current and new traders. In this part of the FXTM review, I’ll examine all the educational materials from e-books to educational videos, FXTM is making sure to cover all the needs of its clients in all formats.
E-books and forex trading seminars, forex trading webinars, and Forex Glossary are provided with detailed explanations of all you need to know in order to embark on your forex adventure. A beginner’s guide to forex trading is covering all you need to know and more if you’re still a newbie in the market. The forex trading strategies section is also available for expert traders who’d like to improve and enhance or even change their trading strategy.
The CFD trading section explains what kind of CFDs you can trade and the purpose and benefits of trading CFDs in forex. Where you’d be given all the needed information to decide for yourself which is the better CFD trading instrument suitable for you and your trading style.
Educational videos and educational articles also present to answer any question you might have about trading, forex, or even how to practice discipline in trading.
Conclusion of FXTM Review 2023
Conclusion of FXTM Review 2023
It’s a fact that in this FXTM broker review it’s proven that FXTM is one of the best in the market when it comes to trading, reliability, and variability provided to its clients. Whether it’s the account types, trading instruments, or even the great licenses FXTM possesses to prove its high place in the market.
3 different FXTM account types were broken down in the account type area through this FXTM review in which tight spreads take place to ensure a profitable trading transaction. 3 different regulations from very reputable organizations and providing the world’s best and most favourable trading platforms, MT4, where you can trade everything you want on the same platform.
Great educational materials that cover all you need to know from A to Z about forex and CFDs and trading along with satisfactory client support to provide you with the best customer experience.
Through this ForexTime review, we have seen that the broker has won many awards over the years including the best trading experience and best online trading platform in Nigeria and these in 2021 alone. FXTM has many awards up in its sleeves over the years almost from all over the world.
FXTM has over 4 million clients from over 150 countries around the world. Great investment facilities and brilliant support to their clients both beginners and experts. The deposit and withdrawal transaction with ForexTime is as easy and smooth as ever, and both procedures don’t exceed 24 hours to complete which is the maximum time frame possible.
In this FXTM review, it’s clear now that trading with FXTM is as safe and secure as possible.
If you have further questions or you’d like to share your experiences with me please do it in the comments and I’ll make sure to get back to you as soon as possible.