FXTM, also known as Forextime, stands out as an online broker with widespread global recognition. The genesis of Forextime can be traced back to a noble cause supported by traders who firmly believed that the forex trading environment required a democratic service, and traders worldwide could operate in a secure and fair manner. However, the question remains: Is this perceived nobility truly reflective of their operations? Is FXTM a legit broker? In this updated 2024 Forextime Review, or FXTM for short, we will learn all about them.
This Forextime review aims to provide insights into what FXTM represents, Who are the owners of FXTM, And their underlying goals, assess its legitimacy and reliability as a broker, along with practical knowledge including the minimum deposit requirements, the leverage standards associated with different FXTM account types.
I’ll also guide you with the practical processes that I’ve experienced including, opening a FXTM account, executing trades, FXTM trading platforms, and spreads, as well as withdrawals, deposits and all kinds of fees there are. This comprehensive Forextime review is designed to equip you with a thorough understanding of the broker, shedding light into dark places of the FXTM experience.
What is FXTM All About?
I believe we all wonder who is the owner of FXTM, right? The answer of the question is a well know name in the world of forex, Andrey Dashin. Russian businessman and philanthropist Andrey Valerievich Dashin founded ForexTime Ltd. (FXTM) in 2011 with the purpose of making forex trading globally recognized, and reachable. We already know his name from Alpari, one of the legends in forex game.
Let’s begin the review of ForexTime (FXTM) with its founder’s words. Dashin founded this company with the support of well-spoken names in the industry. Cyprus, being a great central for the giants of forex have welcomed FXTM in the year of 2011. Dashin advocates that Cyprus is a go-to place if you want to trade forex. Andrey Dashin also states that Cyprus is a great place to spend time. In fact, he says that the decision to found ForexTime (FXTM) in Cyprus was as much his wife’s decision as his own.
But what does FXTM stand for? With the leadership of a well spoken name like Dashin and others, ForexTime (FXTM) started its life with the goal of transparency. ForexTime (FXTM) emphasizes trust with being regulated by reliable authorities and keeping customer funds segregated. This approach keeps traders safe from potential risks associated with ForexTime.
Is FXTM Legit?
Like I said they claim to value traders’ safety and keeps customer accounts segregated. In the unlikely event of FXTM’s insolvency, client funds are insured up to $1 million, in excess of $20,000. This insurance covers both the available balance and open positions of clients.
But how this process works, is it enough to make ForexTime (FXTM) a legit broker? Well this only ensures the safety of the traders in an extreme situation, but there is more that which we’ll learn all about in the regulations section and more. If you are wondering about FXTM alternatives, you can check my best brokers list too.
Now let’s dig in. FXTM commits to keeping client funds entirely separate from its own operational funds. The separation of funds prevents the use of client money for the broker’s operational expenses or other investments. These funds are held in top-tier banking institutions. But the insurance coverage may have limitations and exclusions. Losses not caused by specific events, such as theft, misplacement, robbery, etc., are not covered.
Are your funds safe with ForexTime? FXTM employs SSL (Secure Sockets Layer) network security protocol for secure communication with clients. User identification and server authentication policies are also in place to ensure data is sent to the correct customer terminal and server. In addition to that, ForexTime’s data transmission is encrypted to prevent data theft and unauthorized access by third parties.
FXTM has its spirit from one of legends in the industry, the experience of the owners has been reflected to ForexTime‘s philosophy. ForexTime’s minimum deposit stands at $10, making forex trading possible for everybody without taking much risks. I personally love forex brokers with low minimum deposit. ForexTime also has a clean track record for over a decade now, building trust while serving a large client base of over 1 million traders worldwide. But the thing I enjoyed most is that, FXTM offers trade execution in milliseconds, ensuring rapid execution speeds and the best market prices.
What else there to look for in a reliable broker? Regulations… we’ll cover that in the following section, awards… Well yes, ForexTime has almost 50 awards dedicated to its name, including Most Trusted Forex Broker 2022. They showcase their awards as their dedication to their customers.
We’ll cover every process in this ForexTime review, but I believe faster the transaction better the trading, ForexTime (FXTM) offers an execution speed that is fast as a blink of an eye.They say that 99.90% of trades are executed in less than a second and the average time between order receipt and execution is 0.071 seconds.
This particular sentence will make you happy in this FXTM review: FXTM spreads are close to zero on major FX pairs such as EURUSD and GBPUSD, and spreads as low as zero on gold. FXTM highlights that 97.18% of trades receive price improvement, meaning orders are executed at better prices than the best quoted market price. The average value of price improvement is 0.30 pips, indicating the average improvement in price when orders are executed at better prices.
Now we’ve come to the real question concerning a trader’s safety, FXTM’s regulations. Regulations and customer satisfaction makes a broker legit. Is FXTM legit? Let’s find out in this chapter of our FXTM Review.
Exinity Limited, the parent company of FXTM, is a distinguished and globally regulated broker. Being regulated by the Financial Services Commission (FSC) of Mauritius, Exinity Limited operates under an Investment Dealer License with the designation number of “C113012295”. The FSC’s primary objective is to position Mauritius as a jurisdiction characterized by integrity, striking a balance between robust regulatory frameworks and fostering a conducive environment for business development.
The license granted to Exinity Limited covers Forex and CFD products, as well as other instruments and securities. The license is issued in accordance with Section 29 of the Securities Act 2005, Rule 4 of the Securities (Licencing) Rules 2007, and the Financial Services (Consolidated Licencing and Fees) Rules 2008.
Exinity Limited’s and ForexTime (FXTM)‘s commitment to regulatory compliance since 2011 puts them into the reliable brokers list. Forex traders who wants to believe in the safety and transparency of their trading activities often find confidence in FXTM with a longstanding history of regulatory compliance. Exinity Limited’s regulatory track record just adds up to it.
The most important thing is the safety of your funds when it comes to any trading. If you are not happy with the clean track record of FXTM or the regulatory forces behind it, you can always check FCA regulated forex brokers. In my opinion, FCA is the most reliable regulatory force in forex. Also don’t forget to check my forex risk calculator before doing any trading.
Everybody checks how much it costs before buying the product, forex is no different. You’ll want to know what the spreads, commissions and other expenses are. ForexTime claiming transparency offers an open policy in this regard. In fact, they are proud of their spreads and low commissions.
In a Quote-Driven Marketplace, the bid and ask prices will have some margin. We call this margin spreads, you can call it the cost of your trade. This is one of the ways that how FXTM makes money. ForexTime, trusting its wide client base, has the liberty to offer tight spreads. FXTM spreads are one of the lowest in the industry. You can review the FXTM spreads in all major pairs below.
Commissions are the service charges that you’ll pay to handle trades. FXTM commissions are more than fair to be honest. In fact, ForexTime (FXTM) does not charge any commissions in their Micro and Advantage Plus accounts. Advantage account is not very different either, ForexTime (FXTM) offers extremely competitive commissions ranging from $0.40 to $2 per $100K notional value.
FXTM Commissions in Advantage MT4 platform is very flexible. Higher the volume, lower the FXTM commissions, higher the net value, lower the commissions. What a world we live in right? This system is actually called as floating commissions. This might be the most competitive commissions structure in forex.
ForexTime Commissions in FX and Metals
Flexible FXTM commissions can be advantageous for traders. The commission structure is based on the principle of a floating commission, where the commission is affected by the volume as well as the equity.
Commission calculation formula:
Total commission = (Open Price x Lots (vol) X Contract Size) * Commission / 1,000,000 X 2*
Let’s say that you want to make a deposit, and you are benefiting the structure of Advantage MT4 account offered by FXTM. You’ve decided to invest in a position.
Hypothetically, you’ll select an open price of $1.1200 for the EUR/USD exchange rate and choose the position size of 2.5 lots. The contract size for EUR/USD is the standard 100,000 units, and the commission rate is set at $5 per lot. It’s worth noting that, according to the Advantage MT4 account terms, FXTM applies double the commission when a position is opened and nothing on the close.
I strongly suggest you to go check my lot size calculator if you don’t know what I’m talking about.
You enthusiastically enter these values into the commission calculation formula, taking into account the double commission factor upon opening the position, you’ll find a total commission of $0.0028. This transparent calculation will allow you to understand the costs associated with opening his position and is just one example of how traders like you can leverage the flexibility and competitive terms offered by FXTM to make informed trading decisions.
With FXTM, the more money (equity) you have in your account and the bigger your trades (trading volume), the less you pay in commissions. For instance, let’s say you have a USD account with an equity between $0 and $2,999, and your total trading volume is less than 100,000,000. In this scenario, FXTM’s commission structure would mean you pay lower commissions. It’s a way to make trading more cost-effective as your account and trading activities grow.
Swaps in FXTM
Swap refers to the interest earned or paid for keeping a trade overnight. There are long and short swaps. Long swaps are for buy positions and Swap short is for sell positions. The rates, expressed in pips per lot, and vary based on the traded instruments. FXTM swaps are highly competitive. They also offer swap free trading option suitable to Muslim traders. Because the interest is forbidden in Sharia Law, Muslim traders often goes for swap free Islamic accounts.
Deposit and Withdrawals with FXTM
FXTM is a globally recognized forex broker. Being able to pay with your local methods is a huge pro of trading with a globally recognized forex broker. ForexTime offer more flexibility with deposit and withdrawal methods. You can make your deposits and withdrawals with credit cards and e-wallets without any charges.
Things to keep in mind with the deposit and withdrawal processes with FXTM:
- FXTM does not charge deposit fees, and withdrawals are processed swiftly.
- Inactivity fees may apply after 6 months of no trading activity.
- Withdrawals after a period of inactivity may incur banking fees or 3% of the total withdrawal amount.
- Deposits are processed instantly with proper verification.
- All transactions are processed during standard business hours, and some banks may not allow credit/debit card deposits.
Like I said, your funds are segregated, whatever happens to FXTM your money will be safe.
Here you can find all the deposit and withdrawal methods in your country.
- The sender’s name must match the registered name with FXTM.
- Details entered on the provider’s website should align with those in your MyFXTM deposit page.
- Transactions in a different currency are automatically converted at the FXTM conversion rate.
- Payments to third parties are not accepted.
- Initial deposits must be withdrawn using the same source of funds.
- Profits following the initial deposit can be withdrawn through other available payment methods.
- Ensure sufficient free margin to cover withdrawals.
How to Deposit to Your FXTM Account: Step by Step
Step 1: Go to your MyFXTM dashboard and click on “Deposit Funds”.
Step 2: Choose from the available methods according to your country of residence.
Step 3: Choose your e-wallet or account and fill in the blanks.
Step 4: Make the transfer to the given account.
How to Withdraw From Your FXTM Account: Step by Step
Step 1: Go to your MyFXTM dashboard and click on “Withdraw”.
Step 2: Choose from the available methods according to your country of residence.
Step 3: Fill in the necessary information and click on “Confirm”.
Step 4: Now the process is completed.
ForexTime (FXTM) claims that they process every request within 24 hours time. The time required for transaction to be completed depends on the method you choose.
- Bank Wires takes between 3 – 5 business days.
- Credit/debit cards takes between 3 – 10 business days.
- E – wallets are the fastest and they can be completed within 1 business day.
ForexTime allows you to withdraw funds if you have the required margin on your account to cover the withdrawal and extra fees caused by the chosen method.
FXTM Account Types
ForexTime (FXTM) offers various account types for traders with various needs. I’ve already told you about the swap-free option for Muslim traders. For novice traders and traders who wants a risk-free option, FXTM offers a demo account too. FXTM demo account allows you to experience trading with no minimum deposit requirement. In this section of our ForexTime (FXTM) review, we’ll dive into different ForexTime(FXTM) account types, and I’ll guide you choose the best account type for your strategies.
Account types originally derives from the lot sizes that operate with. If you want to learn more about what lot sizes are, and choose the best lot size for your tradings, check out my forex lot size calculator.
FXTM Micro Account (Cent Account) Review
FXTM Micro account, also known as FXTM cent Account is a suitable option if you are trading low volumes. With its zero commissions and tight spreads in major pairs, FXTM Micro Account stands out as a valuable option. With the FXTM Cent Account, Traders can access a diverse range of markets, including FX, metals, commodities, and more. ForexTime (FXTM) Micro Account provides tools, tutorials, and market insights to help traders enhance their skills and knowledge.
The Micro Trading Account of FXTM provides various features that make it an appealing choice for both novice and experienced traders. With typically zero spreads on major FX pairs, you can enjoy competitive costs and unbeatable trading expenses with zero commissions.
FXTM is globally regulated and licensed, ensuring the highest security standards and offering a wide range of markets, including FX, metals, and commodities. The Micro Account of ForexTime (FXTM) is designed for those who don’t opt for ready for substantial deposits.
ForexTime Micro Account specifications include a minimum deposit of $/€/£ 10, ₦10,000, spreads from 1.53, zero commissions, and trading instruments such as FX, metals, and commodities, along with instant execution.
For ForexTime (FXTM) Micro Accounts, Leverage/margin requirements range from 1:30 to 1:1000 (fixed), and the account supports various currencies.
Should You Choose FXTM Micro Account?
- Typically Zero Spreads on Major FX Pairs: Enjoy competitive trading costs with ultra-tight spreads on major currency pairs.
- Unbeatable Trading Costs: Benefit from zero commissions, making it cost-effective for both beginners and experienced traders.
- Globally Regulated & Licensed: Trade with confidence on a platform that is globally regulated and licensed, ensuring the highest standards of security.
- Wide Choice of Markets: Access a diverse range of markets, including FX, metals, commodities, and more, providing ample trading opportunities.
- Ultimate Transparency: FXTM prioritizes transparency, offering clear and comprehensive information to empower traders with knowledge.
- Build Your Skills: Enhance your trading skills with free tools, tutorials, and expert market insights provided by FXTM.
- Are you looking for a broker with low minimum deposit?: The Micro account is designed for traders seeking real experience without committing to large deposits.
- Trade with as Little as $10: Start trading with a minimal deposit of $10, making it accessible for beginners and those testing the waters.
- Access to Main Markets: While not offering access to all markets, Micro allows trading in major ones, such as FX and Metals, with a low entry threshold.
- For Beginners and Experienced Traders: Ideal for beginners navigating financial markets and advanced traders using it as an advanced demo account to test strategies.
FXTM Advantage Trading Account
The Advantage Trading Account by ForexTime (FXTM) presents a compelling option for traders seeking a balance of accessibility and advanced features. with a low minimum deposit of $10. ForexTime (FXTM) Advantage Trading Account offers zero spreads on major FX pairs and as low as zero on Gold/US Dollar (XAUUSD).
You can diversify your portfolios by accessing a wide range of instruments, including stocks, indices, and commodities. The ForexTime Advantage Account stands out with its commission-free trading, tight spreads, and renowned market execution that ensures the best available market price instantly.Additionally, traders can build their skills through free tools, tutorials, and expert market insights.
The account specifications for FXTM Advantage Trading Account include a minimum deposit of $/€/£ 500, ₦80,000, spreads from 0.0, and leverage/margin requirements up to 1:2000 (floating).
With a user-friendly approach, the ForexTime (FXTM) Advantage Account welcomes both beginners and experienced traders, providing a safe trading environment through regulation, segregated funds protection, and a commitment to clients’ safety.
Reasons to Open an FXTM Advantage Trading Account
- Lowest Deposit: You can access the Advantage account with a minimal deposit of $10, making trading accessible to a wide range of traders.
- More Markets to Choose: Trade a diverse range of instruments, including stocks, indices, commodities, and more, providing ample choices for trading strategies.
- Trade with No Commission and Tight Spreads: Enjoy commission-free trading and tight spreads, enhancing cost-effectiveness for traders.
- Build Your Skills: Utilize free tools, tutorials, and expert market insights to enhance your trading knowledge and skills.
- Zero Spreads on Major Pairs: The Advantage account is renowned for offering some of the tightest spreads, typically zero on major currency pairs and as low as zero on Gold/US Dollar (XAUUSD).
- Market Execution for the Best Price: Orders are executed using market execution, with the best available market price immediately.
- Commission-Free Stock Trading: Access commission-free stock trading on the MT5 platform, providing additional opportunities for diversified trading.
FXTM Advantage Plus
The ForexTime (FXTM) Advantage Plus Trading Account is mostly for experienced traders. It offers a specific cost structure with commission- free trading and wider spreads. While you can still trade with the minimum account balance of $10, the minimum deposit for ForexTime (FXTM) Advantage Plus account is $/€/£ 500, ₦80,000, starting from as low as 1.5 pips.
You can trade FX, Metals, Commodities and Indices with the MT4 account and Stocks and CFDs with MT5 account. The main benefit of the ForexTime Advantage account could be the rapid execution speed. ForexTime Advantage Plus account offers and incredible 1:2000 leverage with the margin call of 80% and you can also opt for swap free trading. 300 Maximum volume for pending orders is highly efficient too.
How to Open An FXTM Account: Step By Step
To open a ForexTime (FXTM) account, you need to submit some documents like proof of residence and identification.
Step 1: Go to your FXTM official site and fill out the “Registration” section.
Step 2: Verify your contact information.
Step 3: Verify your identification.
Step 4: Fill out the document type form.
Step 1: You’ve sucesfully completed the fist step.
Step 2: Fill out the personal information.
Step 3: Upload your proof or residence.
Step 4: Choose among the FXTM Account Types and adjust your leverage etc.
FXTM Demo Account
ForexTime (FXTM) Demo Account offers a risk-free environment for traders who wants to test their abilities and predictions before diving in. You may have heard the term brokers with no minimum deposit, demo account allows you to simulate the market without any expenses.
Instruments Available on FXTM Demo Trading Accounts
FXTM Copy Trading
You may have heard the herd psychology before, this is a common problem in both forex and stock exchange. Humans are social animals, wanting to be a part of something bigger than themselves. Have you ever wondered why there are such things as Bull Market and Bear Market? The same logic occurs in both cases. Forex brokers often offer social trading platforms that you can benefit from this herd psychology. FXTM is no different, ForexTime (FXTM)’s Copy Trading enables you an escape from the harmful effects of this herd psychology and benefit from the fluctuations.
FXTM copy trading is a form of automated trading where investors can replicate the activities of other experts. The beauty of copy trading is benefiting from an ever fluctuating market. There is always someone winning even in the hardest times, ForexTime (FXTM)’s copy trading puts you in the winning group.
FXTM Customer Care Review
FXTM customer care service is available in multiple forms including live chat, multilingual tele-support, and emails. Availability is ok, I mean you can reach the ForexTime customer support during any time in working hours. Being a globally recognized forex broker, ForexTime( FXTM) office hours and availability of phone and mail support may vary.
FXTM Trading Platforms
ForexTime (FXTM) offers both MetaTrader 4 (MT4) and MetaTrader 5 (MT5), widely used online trading platforms. Both platforms offer real-time market monitoring and are available for free download on PC, Mac, mobile, and tablet devices.
ForexTime’s browser option is, WebTrader for simplicity. Key differences include order execution types, order filling policies, pending order types, netting, and hedging capabilities. MT5 offers additional features such as market depth, a broader range of technical indicators, more graphical objects, and an embedded MQL5 community chat.
Forex restrictions in the USA is very strict, but it doesn’t mean that you can’t trade forex in the USA. You can use ForexTime (FXTM) with vps in the USA. VPS will enable you to trade with a steady internet connection. Well established brokers offer their own vps packages for you to trade freely since even milliseconds are important in ever fluctuating forex market.
ForexTime is one of the brokers that offers its own VPS. When it comes to forex trading the power of the machine is less important than a steady connection. You can use MetaTrader 4 with less than 1GBs of RAM and 25GBs of storage space. You can contact with FXTM in order to learn if you are eligible or not for free VPS.
ForexTime (FXTM) is a globally recognized online forex broker known for its tight spreads, rich history, and commitment to providing a secure and transparent trading environment. Founded by Andrey Dashin in 2011, FXTM is regulated by several financial authorities.
FXTM offers various trading accounts, platforms, and tools for different levels of traders. Investments are primarily made through trading forex and CFDs, with access to educational resources, market analysis, and trading signals to assist traders. FXTM also offers copy trading services, where investors can follow and replicate the trades of experienced traders.
FXTM’s headquarters are located in Cyprus, a central hub for forex trading. The company was founded there in 2011, partly due to the favorable trading environment and regulatory framework offered by Cyprus as a member of the European Union. FXTM also has its offices in Nigeria.
The minimum deposit for FXTM varies depending on the account type. For the Micro Account, the minimum deposit is as low as $10, making it accessible for beginners and those wanting to start with a smaller investment.
The withdrawal time depends on the method used. Bank transfers may take 3-5 business days, while withdrawals to credit/debit cards can take 3-10 business days. Withdrawals to e-wallets are generally the fastest, often processed within 1 business day.
FXTM provides a Virtual Private Server (VPS) option, allowing you to engage in forex trading without being impacted by restrictions imposed by the United States. This service ensures a smoother and more reliable trading experience, helping you navigate the forex market seamlessly.