New FXTM broker review – updated July 1st, 2020.
This review details support of this leading CFD and forex broker, such as the kinds of accounts they offer, the trading program, their demo account, not to mention the trading platform, such as MT4. We also record any current bonus offers and crucial comparison data like minimum deposit and minimum trade quantities.
FXTM supplies a variety of trading platforms. Desktop or notebook users may pick Metatrader 4 or Metatrader 5.
MT5 is currently available for downloading on desktops or laptops, but not for little screen users, that will have to continue with MT4. The two Metatrader versions are simple to navigate and contain shortcuts that make opening or closing trades quick and straightforward.
Metatrader 5 provides the following added advantages to those Metatrader 4 has:
- Better variety of order execution types (4 against 3).
- MT5 comes with an edit option for trades, in addition to an increased variety of pending orders out there.
- MT5 integrates an economical calendar, too.
- MT5 offers a fascinating community discussion feature, which makes it possible for traders to communicate together.
- There are a substantially larger number of technical indicators (38 as against 30), graphical objects (44 as against 31) and time frames (21 as against 9).
Mobile users are able to benefit from this Metatrader 4 program, which can be offered in a format acceptable for Android and iOS users.
The MT4 is also available for Macs and PCs. This is a free version that is based online. This means that dealers can simply log on and begin trading – there is no need to download anything.
Assets / Markets
Instruments provided will vary according to the country of residence of the trader.
FXTM provides opportunities to trade from the following markets:
- Cryptocurrencies (Bitcoin, Ethereum, Litecoin etc) Disclaimer: FXTM provide crypto trading through Exinity Limited – Instruments provided are according to your country of residence.
- CFDs for Indices and Commodities (FTSE, DAX, Nasdaq etc)
- Spot metals (Gold, Silver)
- Shares CFDs (Apple, BP, Google etc)
Spreads & Commission
Commission percentages are rather low for Forex traders and about the market average for CFD trades. With the ECN account, spreads can be a low 0.1 points, but together with the standard account, spreads begin somewhat higher, but stay quite competitive.
In this way, FXTM is a fantastic supplier to exchange with.
Please be aware that Spreads are floating and they can increase during certain periods of the day based on the market requirements.
The company will introduce several further fees which, if they’re implemented, may make them a costly option. For instance, there’s an inactivity charge, meaning that if your account is not in use for a time period, a fee is levied.
Leverage rates vary based upon the transaction being contemplated.
For nearly all the main Forex pairs, leverage is put at 1:30. These include trades major pairs, for example as EURUSD. This is a degree levied by ESMA law and will be exactly the same for most controlled brokers.
For less generally traded pairs (small Forex pairs), leverage is put at 1:20. These pairs include AUDCAD, EURNOK, EURAUD, NZDUSD, EURPLN and USDSGD.
Leverages for metal are: 1:20 for XAUEUR, XAUGBP and XAUUSD. For XAGEUR and XAGUSD, the leverage is 1:10.
Leverage is supplied on several indices. For instance: 1:5 on USTech100 (miniature ), 1:10 on Spain35.
Commodities: leverage of 1:10 is provided on US crude like a spot commodity.
Leverage of 1:5 is provided on CFD US shares.
Be aware that leverage isn’t automatically agreed. FXTM will agree leverage based on individual levels of experties, preceding trading documents, degree of consumer loyalty and several other aspects.
The website provides users the option of two distinct applications.
The very first one is the smartphone application which allows trading through MT4. This program is available for downloading in both the Android and iOS formats.
This program gives users access to all MT4 has to offer, allowing successful trading on the go. What it will not do is provide users the improved performance and data that the MT5 platform gives. This is sometimes frustrating for dealers who want to utilize MT5 on the transfer, but don’t have any option but to contend with MT4.
The next program, available in the Apple App shop or from Google Play, is your MyFXTM trading program. Designed to offer an improved trading experience, attributes include:
- 250+ fiscal tools
- The capacity to alter, open and close positions quickly
- A trading dashboard
- Real-time updates
- Advanced charting tools
- Trading via single clicks
This really is an excellent all-round app for mobile trading and is a fantastic addition to the internet platforms.
FXTM provides multiple withdrawals and deposits approaches, all aimed towards trading.
Deposits can be completed via these methods:
Some deposit approaches possess a two-hour processing period, while some are instantaneous. All deposit methods have zero commission.
Minimum deposits vary depending on the sort of account:
- Standard Account £/$/$100
- Cent Account £/$/$10
- Shares Account £/$/$100
- ECN Acc MT4 and MT5 £/$/$500
- ECN Zero Account £/$/$200
- ECN Pro Account £/$100 /$25000
Withdrawals can be found using these methods:
Visa, Maestro and Mastercard: those transactions are generally processed the exact same working day. The money may be removed in USD, GBP or EUR. Commission is set in 2EUR/3USD/2GBP.
Neteller withdrawals are processed the exact same working day. Money can be removed in USD, GBP or EUR.
In the same way, Skrill withdrawals bring no commission and therefore are processed the exact same working day.
Bank transfers require 24-hours to go over and the sole accessible monies are GBP or EUR. The charges for bank transfers are 10EUR or even 5GBP.
If you would like to withdraw money, the best approaches are through a credit card, Neteller or even Skrill.
Be aware that FXTM may request additional information before authorising a drawback. If that is not coming immediately, the withdrawal might take considerably longer than the specified interval.
FXTM supplies a high-quality demo account that enables people to hone their trading skills prior to investing their hard-earned money. Forex is traditionally regarded as a risky kind of trading, therefore making certain you have the right skills before starting to”exchange for real” is vital.
Promotions and deals
Several promotions and bonuses are offered in Exinity Limited. These include, amongst others, the 30 percent bonus along with the FXTM Loyalty app. Please be aware that all promotions and competitions arrive together with terms and conditions.
Forextime Limited and Forextime UK Limited offer the Loyalty Program (T&Cs apply) that is suitable only to Elective Professional/Professional Customers or Eligible Counterparty.
Among the areas where FXTM is very strong is the quantity and calibre of the instructional material that’s available. Users may choose from an extensive array of materials, presented in many different formats. This includes:
- Currency trading conferences
- Currency trading webinars
- Currency glossary
- What’s Forex?
- Beginners guide to Forex trading
- Currency trading approaches
- Educational movies
- Periodic table
This spread of information provides a wealth of understanding for both novice traders and people which have some trading expertise.
The information is well-written and simple to follow. The assortment of formats imply there is something acceptable for learners with various approaches.
Additionally, the customer care staff can also be available to answer trading questions, providing added support for dealers. Especially when new dealers make the most of this demo account to test out their strategies and techniques prior to trading live, there’s the capacity to acquire a good, strong grounding in how trading works and how to make the most of this marketplace.
Whilst study of the instructional stuff alone isn’t likely to guarantee achievement, the quality and amount of material available, in addition to the extra tools that traders are provided back up FXTM’s standing as a responsible, useful broker who places customer attention in the center of what it is that they supply.
Regulation And Licensing
As indicated before, FXTM is accredited by CYSEC (the regulatory system for Cyprus) along with the FCA (the monetary regulatory body for the UK).
Additionally, it’s also licensed in Belize and South Africa. CYSEC along with the FCA are broadly recognized as stringent monetary bodies. So as to be controlled and licensed by these governments, FXTM must establish a high degree of financial responsibility and honest, transparent and fair trading.
Full Regulatory Details:
ForexTime Limited (www.forextime.com/eu) has been regulated by the Cyprus Securities and Exchange Commission using CIF license number 185/12, accredited from the Financial Sector Conduct Authority (FSCA) of South Africa, together with FSP No. 46614. The business is also registered with the Financial Conduct Authority of the UK with number 600475.
Exinity Limited (www.forextime.com) is regulated by the Financial Services Commission of the Republic of Mauritius with an Investment Dealer License posture license number C113012295.
Forextime UK Limited (www.forextime.com/uk) is authorised and regulated by the Financial Conduct Authority, firm reference number 777911.
Along with the other advantages which FXTM supply, they also supply free trading instruments and daily commentaries in the FXTM group of specialists.
A loyalty programme is in operation in FXTM: regular clients who sign up to the loyalty programme can profit from a decrease in trading prices on each transaction they finish.
The loyalty programme is split into five distinct levels, or tiers. Which grade a client is in depends upon the sum which they deposit. The larger the deposit, the greater the discount they could expect to enjoy on every transaction.
- Grade 1 of their loyalty programme (for investors having an balance between $0 and $4,999) can enjoy savings of $300 ($1 on 0-100 a lot, $ two on 100+ tons ).
- Grade 3 dealers (who possess a balance of $50,000 to $99,999), may expect to see $3 off 0-100 lot transactions and $4 off 100+ great deal transactions, to a max of $3,000.
- For Flat 4 investors that have deposited $100,000 to $149,999, the reductions are $4 off 0-100 lot trades and $5 on 100+ tons, to a max of $6,000.
- Ultimately, Level 5 dealers (the top grade of their loyalty programme, in which balances are 150,000+) can gain from $5 off each transaction (both 0-100 a lot and 100+ lots) to a max of $10,000. This loyalty program has the benefit of being an immediate cash reduction, instead of giving virtual points or similar.
The website also has regularly updated comments on several aspects of trading by FXTM pros. FXTM is often quoted on trading websites and from the media, since they’re recognized as supplying high-calibre insights. This wealth of experience can give FXTM dealers an edge when it comes to making educated decisions concerning their trading choices.
FXTM Provides the following accounts:
- Standard Account: This account is also accessible with no SWAP alternative; adjusted leverage for each device; rapid actioning; hedging is allowed; narrow floating spreads; each commission is clearly shown; offered in three distinct monies – euros, pounds sterling and US dollars.
- Cent Account: Fixed leverage for every device; the accounts also comes without SWAP; narrow floating spreads; quick implementation; rigid leverage for each device; currency units are UK pennies, USD pennies and Euro pennies; Single cent lots are available.
- Shares Account: This account doesn’t charge commission; over 170 US stocks on offer; quick trades; hedging is allowed; three monies provided (GBP, USD and EUR); the fixed leverage ratio is 1:5, and also an account with no SWAP could be opened if needed.
- ECN Zero Account: Narrow floating spreads; statistic leverage for every device; equally scalping and hedging are allowed; no more SWAP option accessible; the accounts does not allow re-quotes.
- ECN Account: Euros, pounds and US dollar possibilities available; spreads begin as low as 0.11; commission commences from a reduced $4; permitted scalping and hedging; no more SWAP choice on offer; re-quotes aren’t allowed.
- FXTM Pro Account: Zero commission; very rapid market execution without re-quotes; SWAP free accounts with these advantages can also be available; immediate access to liquidity out of high-calibre suppliers; zero last-look pricing; fixed leverage.
This assortment of accounts covers the requirements of most clients, including Islamic clients. All of them offer you a fantastic selection of advantages and may be tailored to match individual requirements.
– FXTM is famous for getting excellent customer support, supplying prompt, useful and accessible care.
– They’re closely regulated, allowing traders to deposit with confidence.
– The choice of educational programs available is extremely great.
– Most commentators believe their Forex fees are highly competitive.
– Bank account withdrawals bring quite a large fee.
– A number of these fees for bigger trades can be perplexing.
The actual website is available 24/7/365. Nevertheless, not all markets have been available all the time! It follows that trading is limited to those periods once the markets under consideration are available.
FXTM (also referred to as Forextime) was founded in 2011, and was initially constituted and controlled in Cyprus from the Cypriot Securities and Exchange Commission. In addition to offices in Cyprus, the business has been in UK starting from 2016.
Presently, with offices in London, FXTM is licensed and regulated by the UK’s Financial Conduct Authority (FCA). The business is well known and regarded by many commentators to be a top participant in the Forex trading area.
That is in part because of its durability, but also because of its FCA and CYSEC registrations, each of which are thought of as some of the roughest and most demanding in the world.
The business supplies an appealing trading environment for both novice and experienced dealers. Nevertheless, there’s potential for traders that are inclined to frequently utilize large trades to cover extra fees that aren’t imposed on additional platforms.
Contact Details / Client Care
European working hours are from 8am to 8pm. In this time period, clients can get in contact with the customer support team by telephone, email, post or using numerous different online chat alternatives (Whatsapp; live chat; Viber; Telegram; or Messenger). Clients may also ask for a callback.
The European telephone number for FXTM is: 020 3514 1251.
Email: [email protected]
Security and safety
- The website utilizes encryption software to guarantee users privacy and safety
- Security of customer’s funds in segregated accounts at high grade banks
- Registration of different customers in the Investor reimbursement fund
The package of IT security measures, combined with all the customer protections required for FCA compliance, make sure that traders using FXTM are well-protected against theft of data or funds.
A recognized trading platform and agent, FXTM provides a variety of important benefits over many competitions.
Crucially, it’s governed by the FCA. This not only supplies UK clients with lots of security, but in addition, it proves that the provider is one which is run in a transparent and accountable way.
The website puts a significant emphasis on instruction and client attention – it is a website that takes its duties to its clients seriously. Additionally, it is a website which has a fantastic assortment of trading platforms and also accounts – regardless of which kind of trader you’re, there is an account that’s acceptable for your requirements.
Fees are, normally, at the low to moderate range. The selection of choices by which traders may get in contact with customer service is great.
The loyalty programme is also an advantage, as an immediate reduction is applied to each transaction, bringing a quick reward. Nevertheless, the higher amounts do need a considerable quantity of investment to be able to qualify, meaning it is improbable that novice traders or people without significant assets will enjoy much loyalty reward.
With all these advantages, it is little wonder that this is a favorite, well-established site that has survived the test of time.
FXTM accepts traders from Australia, Thailand, United Kingdom, South Africa, Singapore, Hong Kong, India, France, Germany, Norway, Sweden, Italy, Denmark, United Arab Emirates, Saudi Arabia, Kuwait, Luxembourg, Qatar and most other countries.
Traders cannot use FXTM from the United States of America, Canada, Japan, Mauritius, Puerto Rico, Korea, Haiti, Suriname.