FXTM, also known as Forex Time, is an
online forex and CFD broker established in 2011. Since then, the broker has
grown significantly, building on its excellent reputation among its global base
of traders. The broker is based in Cyprus and is regulated by the Cyprus
Securities and Exchange Commission for its EU operations, with other regulators
also providing regulation for other jurisdictions.
The firm's FXTM brand is focused on the
European Union, Africa, and Asia and is considered one of the top forex brokers
in the areas where it operates. Focusing on reliable trading conditions and
trader education brings accessible trading regardless of the trader's knowledge
of markets and trading.
Traders will find account opening a breeze,
and the customer service at FXTM is known to be professional and knowledgeable.
The broker has three account tiers, which
is a good offering, and minimum deposits begin at a low $10. Spreads,
commissions, and execution depend on the account tier and the available trading
instruments. That said, traders can expect at a minimum to have access to
forex, commodities, metals, forex indices, and stock baskets. Higher tiers also
have access to stocks and stock CFDs.
The trading platforms used are the
award-winning MetaTrader 4 and MetaTrader5, which any experienced trader should
be familiar with. Also available is a newly released proprietary FXTM mobile
app, which can be downloaded for either Android or iOS devices.
The rest of this review will detail the
offerings, accounts, and conditions available from FXTM.
Regulations
FXTM is regulated by multiple regulators in
multiple jurisdictions, protecting clients no matter where in the world they
reside and trade.
CySEC of Cyprus regulates the main entity
ForexTime Ltd with CIF license number 185/12, authorized by FSCA of South
Africa with FSP No. 46614 and other offshore authority FSC in Mauritius an
Investment Dealer License with license number C113012295. Also, the FXTM UK
brand is authorized and regulated by the Financial Conduct Authority with
license number 777911.
These licenses and regulators keep FXTM in
compliance with all regulatory requirements and protect client funds through
complete segregation of client and operational funds. Additionally, all funds
are kept secure in leading European banks.
Finally, FXTM is a member of the Investor
Compensation Fund, which will compensate clients for company insolvency.
Furthermore, clients receive negative balance protection, and the regulatory
authorities audit the broker regularly.
Account Types
Clients can
choose from three different accounts at FXTM, with the minimum deposit
beginning at $10. The three account tiers are Micro, Advantage, and Advantage
Plus. Each has other conditions, which I'll go into further detail concerning
below.
The Micro
account is meant for beginners, with a low minimum deposit of $10 and zero
commissions. Spreads start at 1.5 pips, which isn't the best I've seen, but
neither is it the worst. The micro account gives traders access to forex,
metals, commodities, forex indices, and stock baskets. The only platform
available with this account is MetaTrader 4, and there are also limits on the
number and amount of trades you can have open or pending at any time. Leverage
goes as high as 1:1000, and execution is instant—overall, a good starter
account.
The following account
tier is the Advantage account. It has a $500 minimum deposit and comes with
spreads at 0 pips but instead uses a commission-based structure. The
commissions are reasonable, ranging from $0.40 to $2.00 per $100K notional
value, depending on the trading volume. In addition to the assets available in
the Micro account, the Advantage account also adds stocks and stock CFDs. Again,
clients can choose from MetaTrader 4 or MetaTrader 5 as the trading platform,
although stocks and stock CFDs are only available with MT5. Leverage goes as
high as 1:2000, and execution is market.
Finally, the
Advantage Plus account is nearly identical to the Advantage account, with one
key difference. Rather than being commission-based, it has $0 commissions, but
traders must contend with a spread that starts at 1.5 pips.
Available Assets
FXTM gives
its clients access to six major asset classes, including the popular asset
class of cryptocurrencies.
These are the
major asset classes available:
·
Forex
– Clients can trade all the majors to minors and some exotic pairs.
·
Forex
Indices – An FX index is composed of 5 or 6 major pairs and measures the
strength of a particular currency against a collection of other major FX pairs.
·
Stock
Baskets – Invest in stocks baskets composed of popular industries, including
social media, aerospace, mobile, etc.
·
Metals
– Trade spot gold and silver prices against major currencies.
·
Commodities
– In addition to trading precious metals, clients can also trade on energy
contracts.
·
Stocks
and Stock CFDs– With access to some of the biggest stock exchanges in the world
– NASDAQ, NYSE, and HKEX among them – you can trade share prices from some of
your favourite brands.
Trading Platforms
At FXTM traders
can take Advantage of the award-winning MetaTrader 4 and MetaTrader5 platforms,
which are considered the gold standard by forex and CFD traders. This
MetaTrader combination is the most widely used platform still. That's because
they both come with powerful charting and analysis tools, including the ability
to use a huge variety of plugins and Expert Advisors that can help to automate
trading.
MetaTrader 4 - MetaTrader4 is one of the first
platforms to be used widely, and since its launch in 2005, it has been used by
millions of traders to analyze the markets and build trading strategies. Still
a favorite of forex traders, the power of MetaTrader 4 cannot be denied.
MetaTrader 4 is offered with the Micro, Advantage, and Advantage Plus accounts
and can be used as a desktop, mobile, or web app.
MetaTrader 5 - MetaTrader5 is the updated version of
the award-winning MetaTrader 4 platform. It was designed to include the trading
capability for CFDs, stocks, and other assets besides forex. It is also
extremely popular and one of online brokers' most frequently offered platforms.
MetaTrader 5 is offered with the Advantage and Advantage Plus accounts and can
be used as a desktop, mobile, or web app.
FXTM Invest
The FXTM Invest
program is FXTM's version of copy trading. It allows its clients to connect
with other traders and copy their actual trades. These traders are known as "Strategy
managers," and using their expertise can help develop a more successful
trading strategy. Strategy managers are tracked by FXTM and their results are
posted every day for all to see. That way you can find the Strategy managers
who are performing the best, and who meet your own risk profile. It's also good
to know that using these Strategy managers costs you nothing, unless they share
a winning trade. In that case it costs just a small slice of your profits. That's
fair since without them you might not have profits at all.
Education and Research
FXTM is proud of the education and research
offerings it provides to its clients. Its analysis team produces a number of
reports, including a daily research report. In addition there are market
analysis videos and even a market analysis podcast. Traders can also take Advantage
of ebooks and trading signals to build on their education.
Customer Service
Support is available on a 24/5 basis, which
is consistent with the online broker space. Customer service can be contacted
via an online chat function, through email, or via telephone.
Phone: +44 20 3734 1025 (Additional country
specific numbers available)
Email: support@fxtm.com
In Conclusion
When looking for a new broker, it's always
good to see a long history of success, and with eleven years in business and a
global client base, FXTM certainly ticks that box. It's also great to see the
solid regulatory presence, and the protection for clients.
Most clients are likely familiar with the
MetaTrader 4 and MetaTrader 5 platforms, making the learning curve flatter. And
having access to a wide array of research and educational materials will help
any trader improve their skills.
We like the focus on a limited number of
account types, with very low minimums accessible by anyone. It goes well with
the company's mission. Considering the lowest minimum is just $10, anyone can start
trading right away and test the conditions at FXTM.