Forex trading has become increasingly popular over the past few decades. A strong population of individuals and professional traders have always been at the core of forex trading. The development of technologies like eBooks, trading reviews and seminars has generated a huge amount of interest in the industry.
One of the leading names in this domain is FXTM. This forex trader has been widely regarded as one of the best in the market and FXTM trading has developed a strong following over the years. This FXTM review is going to explore all that the platform has to offer and how it manages to stay at the top of all forex trading platforms in the market.
FXTM – History and Present Position
FXTM is a renowned broker which has been operating since 2011. It is widely known for having comprehensive literature surrounding trading practices available to new traders. It also provides cutting-edge trading tools which are instrumental in helping traders to make informed decisions and work towards their trading potential.
Finally, FXTM offers a trading environment which is marked by authenticity, reliability and a view towards future forex trading horizons. It also provides multiple software with varying degrees of specialisation for different kinds of traders. This allows them to set up their trading platform as they like and then use it to maximize their trading potential.
What Are the Regulatory Frameworks for FXTM?
FXTM brand’s companies are regulated in multiple jurisdictions.
ForexTime Limited is licensed by the Cyprus Security Exchange Commission (CySEC) and the Financial Sector Conduct Authority (FSCA) of South Africa, and is regulated under their rules. It holds the Cyprus Investment Firm (CIF) license number #185/12.
The UK branch of the company, Forextime UK Limited, is regulated by the Financial Conduct Authority of UK and holds the license number 777911.
Since they are registered with recognised financial authorities, both Forextime Limited and Forextime UK Limited are in line with well-regulated financial frameworks on the market. Both CySEC and FCA have their respective regulations but follow universal financial protocols, like having separate accounts for each company, ensuring sufficient financial liquidity and adopting standardised, transparent fair-trade practices. Further, FXTM also holds membership of financial trading related organisations like Investors Compensation Scheme and Financial Services Compensation Scheme respectively.
As per the restrictions set by CySEC, EU brokers cannot service clients living outside of the EU. That is why non-EU clients and their accounts are managed by the sister company FT Global Ltd. This company is regulated under the International Financial Services Commission (IFSC) of Belize and holds the license numbers IFSC/60/345/TS and IFSC/60/345/APM.
What Are the Fees Charged by FXTM?
As per our FXTM review, this broker has a variety of commissions and spreads. The chargeable FXTM fees are subject to a number of other factors like the type of account being used and the volume of trading itself. Below are the spreads for some of the most popular trading instruments:
Instrument Spreads (in pips)
EUR/USD 0.1 pips
GBP/USD 0.3 pips
USD/JPY 0.3 pips
USD/CHF 0.5 pips
EUR/GBP 0.3 pips
Gold (XAU/USD) 10.7 pips
Silver (XAG/USD) 0.3 pips
Apple (AAPL) 5 pips
Facebook Inc (FB) 7 pips
Coca Cola (KO) 6 pips
As we saw in our FXTM trading review, different trades entail different commissions. This means that investors and traders can be sure they will be getting a fair charge on their trades. This is a primary reason why FXTM is considered a very trader-friendly forex broker.
What Payment Methods Does FXTM Offer?
Like most other renowned forex brokers, FXTM offers a number of payment options to traders. The FXTM withdrawal fees are subject to the mode through which the withdrawal is made. These also vary according to account type but are the same for most accounts. Among the most popular modes of payment are credit/debit cards, e-Wallets, bank wire, and other localised payment solutions.
What Trading Accounts are Offered by FXTM?
FXTM has a very diverse trading account structure. There are two grades of FXTM trading accounts – Standard and ECN. Each of these grades has three distinct types of accounts. These are: standard account, cent account and shares account for the first level and ECN zero account, ECN account and FXTM pro account respectively. There is also an FXTM Demo account available for novice traders who want to sharpen their skills. The demo account has US$ 1,000,000 balance by default. The following are the details for each type of account:
This is the most basic type of account available on FXTM. It offers tight floating spreads from 1:1000*. All trades are executed instantly and hedging is permitted. This account can use major hard currencies like EUR, GBP, USD, and NGN. There are no hidden commissions and SWAP-free options are available.
This type of account offers tight floating spreads which have a fixed leverage of 1: 1000*. All trades are executed instantly and account holders can use EUR cents, GB pence, USD cents and NGN kobo. This account has a minimum deposit requirement of just EUR/USD/GBP and offers cent lots along with SWAP free options.
This is the premier account at the Standard level and offers 180+ US shares that carry fixed leverage of 1:10. All trades are executed instantly and hedging is permitted. This account can also use hard currencies like EUR, GBP, USD, and NGN. There are no commissions charged on this and SWAP-free options are available.
ECN Zero Account
This is the first type of ECN account on FXTM and it does not involve any commissions. It offers tight floating spreads and floating leverage up to 1:1000*. All trades are executed on the market and re-quoting is not allowed but traders can do hedging and scalping. This account is available in EUR, GBP, USD, and NGN and offers SWAP-free options as well.
This account on the ECN grade offers spreads from 0.1 with floating leverage up to 1:1000*. Traders can execute via market but cannot re-quote. They can, however, perform hedging and scalping actions. This account can use EUR, GBP, USD, and NGN and has a low commission starting point at US$4. SWAP-free options are also available.
FXTM Pro Account
This is the premier account on the ECN level and offers tight spreads from 0 pips. There are no commissions for this account. This account also carries the fastest trade executions possible and no re-quotes are permitted. The floating leverage can go as high as 1:200. Deep liquidity is provided by tier-1 providers. There are no last look pricing options but SWAP-free options are available.
*This depends on your country of residence as well as knowledge & experience.
How is the Customer Support Offered by FXTM?
Our FXTM review for 2019 had us examining every aspect. In terms of customer service, we had a detailed look at the response times and quality of support. From our analysis and insight, we found that FXTM has a very strong and consistent customer support protocol with multiple channels. Multiple reviewers gave FXTM’s customer support a cumulative score of 7/10. On an average, it takes less than a minute for queries to be returned and the customer support system itself is ranked 23rd out of 43 exchanges.
What Are FXTM’s Unique Features and Trading Platforms?
FXTM has the most advanced trading platforms on offer among all forex trading brokers. There are 2 options which can be taken up by users – MT4 and MT5.
On balance, the MT5 platform offers more advanced features but these may not be necessary for novice traders. Intermediate and expert traders, however, can certainly benefit from these advanced features. MT4 is supported by more platforms, and there’s a WebTrader option available.
For traders who are always on the go, the FXTM mobile trading app, FXTM Trader, is the best choice and offers nearly as many features and tools as more conventional desktop apps. This can be used by part-time trading enthusiasts and those who want to explore the market without spending too much time on it. They can easily trade using the FXTM app without needing to dedicate workstation space to the software.
Conclusion: Is FXTM Safe?
From our 2019 review of FX trading, we have concluded that this broker is highly useful for both professional traders and novices. The vast resources provided to novices potentially make it a very profitable option. Once you complete your FXTM login, you will be able to choose the kind of account you want. We recommend you seek help from customer support or read some of the many positive reviews to decide on the account that will be best for you.
For those who want to trade in cryptocurrencies, FXTM can be a very good option as well. It offers the biggest cryptocurrencies on the market and has a steadily growing foundation for FinTech trading. Furthermore, with the rising demand for FinTech trading in the market, it is very like to expand. For those who start trading on it early, there is a decided advantage in terms of trade capital and market fluctuation insights (Trading CFDs on cryptocurrencies is only available under FT Global Limited).
In short, we consider FXTM to be a very sound forex trading solution and recommend it for traders of all categories and calibres.