This review will provide you more information about FXTM or Forex Time, a popular and widely known CFDs and forex broker. FXTM was established in 2011, which means they can be considered veterans in online trading business. This popular broker frequently sponsors great events and sports clubs, such as Sahara Force India FormulaOne™ Team.
ForexTime Limited is licensed by the Financial Services Board (FSB) of South Africa, with FSP No. 46614. The company is also registered with the Financial Conduct Authority of the UK with number 600475 and has an established branch in the UK.
Still, their main focus is forex and CFDs trading. FXTM is a broker that takes all traders into consideration by offering them specific account types that are suitable for their level of knowledge and trading style. Variety of platforms, assets, and services makes FXTM one of the important players on the forex market.
About FXTM Demo
FXTM demo account is very important, as it gives traders a chance to learn more about the platform before they start trading real money. Bear in mind that all money on FXTM demo is completely virtual. It is impossible to withdraw any ‘profits’ made on this accounts because they are not real. Also, you won’t experience losses.
FXTM demo is not to be underestimated. To get access to the demo account you first have to fill out the online form available on the website. Make sure to use real data, as you will receive a special password (or PIN) that is used to complete demo registration process. As soon as you complete this part of the task, you can progress to the second part – discovering the trading interface. FXTM supports MT4 and MT5 platform that you can also download and use on your desktop. All the info about this process can be found on the website, and all login data will be sent to your email. Thanks to the login requirement, your account will be protected at all times. Just keep your password safe!
Traders who have mastered demo will sooner or later want to trade real money. For that, they have to open one of the following accounts:
FXTM Standard Account
This account is available after $100 minimum deposit. The spreads are 1.3 pips, and traders can use leverage from 1:500 to 1:25. Margin call with this account is 40%. FXTM Standard account offers a variety of assets, including plenty of currency pairs, 5 spot metals, and 14 spot CFDs. The maximum number of orders, in this case, is 30.
FXTM Cent Account
FXTM Cent account is great for a start. You can try trading with a minimum deposit in the amount of just $5. Also, the account balance will be shown in cents so you can adjust your trading to smaller sums. Spreads will start with 1.5 and margin call is 60% for traders who trade with Cent account. The maximum number of orders is 300, but the somewhat limited number of assets (2 spot metals and only minors and majors).
FXTM Shares Account
This account type is dedicated to traders who prefer stocks over other assets. For a minimum deposit of $100, you get spreads starting at 0.1, margin call at 40% and 100 orders maximum.
FXTM also offers so-called PAMM accounts. These accounts are suitable for advanced traders who can take advantage of sharing their strategies with others. However, every strategy must be approved by the broker, and there is also a strategy fee of 20%.
FXTM accounts don’t stop there: if you want to use ECN transactions for your trades, you can select one of the FXTMECTN accounts. As it can already be concluded in this review, the account variety is very impressive with FXTM.
FXTM ECN Zero
Minimum deposit for this account is $100, but traders also get the chance to become portfolio managers for other users. The margin call is at 80%, and you can enjoy super tight spreads from 0.5. The number of orders is not limited to this account holders and you get a great variety of assets as well.
This account type can be considered somewhat pricey, as it requires $500 deposit. The commission is $2 per lot, but you get unlimited orders, great selection of assets and spreads from 0.145.
FXTM MT5 ECN Account
This account is suitable for traders who prefer MT5 platform, as they can use it to its full potential. Spreads start at 0.234, and there is also a fee of $2 per lot.
FXTM Pro Account
Pro account asks for a deposit of at least $25,000, but it offers floating spreads from 1:200 to 1:25. Also, spreads start at 0, and margin call is at 80%.
We strongly recommend to traders to ask customer support for more information about different account types. Even though the minimum deposit can be the same, different benefits and perks are created with different types of traders in mind.
FXTM Trading Software
FXTM offers a great variety of trading solutions. This means that traders don’t have to worry what device they are using, as FXTM has got it all covered. Very user-friendly approach indeed.
One of the most popular trading platforms that FXTM offers is the Webtrader. Webtrader is an Internet-based interface that requires no downloads, but still, has some nifty features added to the trading dashboard. You simply go to the broker’s website, log in and trade!
FXTM MT4 and MT5
MetaTrader4 and MEtaTrader5 are considered to be most popular forex trading platforms. These terminals have to be downloaded and installed on your personal computer. Make sure to download the version that is compatible with your computer, as there are different programs for Mac and Windows users. Also, there is a MetaTrader4MultiTerminal for traders who manage more than one account.
FXTM Mobile Apps
MetaTrader also has apps that can be used on most modern smartphones or tablets. There are two ways to get the trading app. One is to simply search it in store, and the other one is to scan the QR code, and the installation process will start immediately.
FXTM Underlying Assets
Assets are an important element in every portfolio. FXTM offers most popular FX pairs (60), stocks and precious metals. Traders can also enjoy commodity features, ETFs, and indices during the CFDs trading. Traders really can’t complain about the number of assets as their variety is quite impressive in this case.
FXTM Forex Trading Education
FXTM put a lot of effort into creating a stimulating environment for traders who want to learn more. They can not only easily participate in FXTM webinars from time to time, but also learn in their Academy and watch seminars. The seminars are easily accessible through the control panel. Make sure to research interface as you could be surprised how many possibilities it offers!
FXTM Support Information
FXTM created a customer support that is rather impressive. For example, you can use live chat – the most popular and convenient mean of communication with the broker. You can use the live chat available on the website, but also WhatsApp, Viber, and Telegram chats. This is quite impressive and gives traders the opportunity to communicate whenever and wherever. Also, most people hang around their mobile phones rather than a desktop computer, so this type of support via apps is more than welcomed.
There are also free phone numbers for several countries: France, India, Indonesia, South Korea and Thailand. Phone calls towards support for China, Cyprus, Czech Republic, Italy, Poland, Nigeria, Spain, and United Kingdom are charged.
FXTM Payment Methods and Banking
FXTM is a regulated broker. They have a license provided by Cyprus Securities and Exchange Commission, as well as Bafin licensee (Germany), AMF license (France) and COSNOB (Italy).
FXTM Deposit Methods
Traders can use a variety of methods to make a deposit. They have following solutions offered: Visa, MasterCard, Maestro, China Union Pay, Neteller, Skrill, AlfaClick, Web Money, WesternUnion, Payza, DotPay, Yandex Money, Qiwy Wallet and Bank Wire.
FXTM doesn’t charge any fees or charges during the deposit process. Still, traders should keep in mind that e-wallets and credit card companies could.
FXTM Withdrawal Process
To make the entire withdrawal process easier, FXTM offers special FXTM Virtual Mastercard that enables faster withdrawals, with no additional charges. Traders who decide to use other credit cards must count on $3 (or €2) commission, but the withdrawal is still processed within the same day.
Traders who prefer e-wallets should know that even though they enable fast withdrawals, they also carry some fees:
- Skrill – 1% commission
- Payza – 3.9% commission + 0.59 USD/EUR
- Neteller – no commissions
Depending on the bank, bank wire withdrawals can be charged even as high as $50.
FXTM Account Features
Most modern forex and CFDs brokers nowadays have several account types in their portfolio. This way they can accommodate the needs of the majority of traders. FXTM review showed how this broker offers several account models, including the demo account.