FXTM Review – Review of Forex Time forex broker

Trading Accounts

 











Account type Minimum deposit  Maximum leverage Spreads (& Commission) Platform
Standard Account $100 1:2000** 1,3 pips MT4/ MT5
Cent Account $10 1:1000** 1,5 pips MT4
Stock CFDs Account $100 1:10 0,1 pips MT4

Stocks Account***

$500 1:1 raw spreads MT5
ECN Account $500 1:2000** 0,1 + $2/lot MT4/ MT5
ECN Zero Account $200 1:2000** 1,5 pips MT4/ MT5
FXTM Pro Account $25 000 1:200** 0 pips MT4/ MT5

* Commission is calculated per standard lot of 100 000 currency base units (per side).

** Leverage depends on the country of residence, knowledge & experience of each Client.

*** Available only with 

Exinity Limited

 

FXTM is a global leader in online trading, bringing the opportunities of financial markets to a global audience of traders. Authorized in various jurisdictions, including the European Union, the UK and South Africa FXTM are experts in leveraged trading across various markets, including forex, indices, commodities and shares.

 

With over 2 million clients across 150 countries the FXTM brand, offices, and regulations span throughout Europe, the Middle East, Africa, Asia and Latin America.

 

Headquartered in Cyprus FXTM holds 25 international awards and operates 10 office on all five continents with over 800 employees.

 

FXTM offers a wide selection of Standard and ECN accounts each of which with its own conditions, tailored to different types of traders depending on their individual needs, investment goals and financial background.

 

The Company. Security of funds

 

Forex Time (FXTM) was launched back in 2011 and quickly became one of the most recognizable brands on the European market and beyond. Since then, the company has opened a number of offices around the world, including in London, the UK and Limassol in Cyprus. According to a number of market observers FXTM is believed to be one of the fastest growing brokers in the industry.

 

And as we already noted FXTM is regulated in multiple jurisdictions and across all of them it offers full segregation of funds for all retail clients. Basically this means that all clients’ funds are held with top tier banks, fully segregated from the assets of the company.

 

In the UK FXTM is represented by ForexTime UK Limited, while in Cyprus and South Africa by ForexTime Limited. The two companies are licensed and authorized by the Financial Conduct Authority (FCA) in the UK and the Cyprus Commodities and Exchange Commission (CySEC) respectively – a license that also authorized FXTM to offer its services to clients throughout all the 27 EU member states.

 

Despite of this fact FXTM is also officially registered with a number of other EU regulators, including BaFin in Germany BaFin, CONSOB in Italy, AMF in France, CNMV in Spain and FSAN in Norway.

 

FCA and CySEC are two of the most respected and reliable financial regulators in the forex industry, as they require brokers to follow strict fiscal and ethical rules and exercise rigorous control.

 

In addition to the requirement to store all clients funds in a segregated from their own, protected from creditors, trust accounts, FCA and CySEC regulated brokers should file regular reports with all client transactions, should allow external audits, and should maintain no less than 730 000 EUR as a minimum operational capital, with which to guarantee all outstanding payments towards clients.

 

All of that makes FCA and CySEC regulated brokers like FXTM more than reliable trading partners. Under its CySEC license for example FXTM is authorized to offer a number of investment and ancillary services, including to receive and transmit orders; to execute orders on behalf of its clients; to deal on its own account; to provide portfolio management services; to provide safekeeping of financial instruments and custodianship of cash and collateral management services; to grant credits or loans to one or more financial instruments, where the firm granting the credit or loan is involved in the transaction; to provide foreign exchange services which are connected to investment services; and to provide investment research.

 

Furthermore, both CySEC and UK’s FCA apply compensation schemes as an additional guarantee to clients’ funds. All CySEC regulated companies are members of the Cyprus Investor Compensation Fund, able to provide compensations of up to 20 000 EUR per person in the event of broker insolvency. Clients of FCA regulated brokers, on the other hand, are insured for up to 85 000 GBP each.

 

Also, FXTM became one of the first brokers to grant their clients negative balance protection even before the policy became obligatory in the European Union back in 2018. FXTM provides negative balance protection to all traders, no matter with which of its subsidiaries they have subscribed. This means that no client can lose more money than what he or she has deposited.

 

What is more, FXTM (ForexTime Limited) is licensed by the Financial Sector Conduct Authority (FSCA) of South Africa as a Financial Services Provider. The broker holds a category 1 license to act as an Intermediary in Securities and Instruments (Shares, Money market instruments, Bonds, Derivative instruments).

  

Finally, with its Exinity Limited subsidiary FXTM is also regulated by the Financial Services Commission of the Republic of Mauritius with an Investment Dealer License.

 








Company Country Regulation
ForexTime Limited Cyprus CySec
ForexTime Limited South Africa FSCA
Exinity Limited Mauritius FSC
ForexTime UK Limited UK FCA

 

 

Trading Accounts

 

 

Standard Account

The Standard Account is the most traditional one, offering tight floating spreads, no commissions and instant execution.  With a Standard Account you have access to 59 major, minor and exotic currency pairs, as well as 5 spot metals and 14 spot CFDs. The spreads start as low as 1,3 pips and the aaximum volume in lots per trade is 30. The minimum deposit requirement with a Standard Account is just 100 USD. Only with this account type, when offered by Exinity Limited, the Mauritius subsidiary of ForexTime you will be able to trade major crypto coins as well.

  

Cent Account

Under Standard trading conditions, FXTM also offer the Cent Account for anyone who wishes to invest the very minimum amount of capital. The Cent Account is especially suitable for traders, who employ cash demanding trading strategies like Grid trading and Martingale. The Cent Account allows you to trade with 25 major and minor currencies, and CFDs on spot silver and spot gold. The spreads start as low as 1,5 pips, but bear in mind, however, that the maximum volume per trade with a Cent Accounts is 100 Cent lots which is equal to 1 standard lot (100 000 currency units).

 

Stocks CFDs Account

The Stocks CFDs Account on the other hand offers the opportunity to trade major company names such Facebook, Apple and hundreds more, and is designed especially for those whose interests lie in the stock markets. With this account traders can choose between over 120 U.S. shares and over 40 European ones and it is directly connected to NYSE and NASDAQ’s product price listings.

 

The Standard Account and the Cent Account and the Stock CFDs Account are available only on MetaTrader4. 

 

ECN Account

With the ECN Account, which gives you access to 48 major, minor and exotic currency pairs, 14 spots CFDs and 3 spot metals, spreads start as low as 0,1 pip, which combined with the 4 USD commission gives an actual spread of just 0,5 pips – quite attractive for a standard ECN account with a minimum deposit requirement of just 500 USD. The maximum volume in lots per trade with the ECN Account is capped at 100.

 

Note that on the ECN MT4 account a 4 USD commission is taken only when a position is opened, while for the ECN MT5 account 2 USD are being charged when position is opened and another 2 USD when position is closed. In both cases the commission is fixed at 4 USD per lot.

 

ECN Zero Account

The ECN Zero Account also gives access to 48 major, minor and exotic currency pairs, 14 spots CFDs and 3 spot metals on the MetaTrader4 platform, but with spreads starting from 1,5 pips. 

 

If you choose the ECN Zero Account with a MT5 you will have access to a slightly fewer forex pairs – 33. The minimum deposit requirement for the account is 200 USD, while the maximum volume in lots per trade is also capped at 100. All ECN accounts are available with a choice between two great trading platforms – MetaTrader4 and MetaTrader5. 

 

FXTM Pro Account

The FXTM Pro Account on the other hand is designed for institutional traders and comes with a minimum deposit requirement of 25 000 USD. That account however, offers the lowest spreads – close to zero and has no trading commission. With a FXTM Pro Account you can trade 43 currency pairs, gold, silver and the maximum volume in lots per trade is 250.

 

Stocks Account

With their new Stocks Account, available only with the Mauritius subsidiary of the broker FXTM offers traders access to over 300 of the most commonly traded US stocks. All of that with free access to real time price data, real time trade execution and no trading commission.

  

On top of that all trading accounts come with a swap – free option, which makes them suitable for the Muslim trading community, who because of their religion are forbidden to give or receive interest. The Swap free option, however, is available only on the MetaTrader4 platform and involves involve a minimal fee of 1.7 USD per lot.

 

We should note as well that while all account types can be opened in USD, EUR and British Pounds, the account types available with Exinity Limited, the Mauritius subsidiary of  ForexTime can be opened in Nigerian Naira as well.

 

Also bear in mind that while with the Cyprus subsidiary of FXTM your Margin Call and Stop Out are set at 80% and 50% respectively, with the Mauritius subsidiary the Margin Call and the Stop Out depend on the account type. Thus, with the Standard Account  and the Stock CFDs Account your Margin Call and Stop Out are set at 40% and 20%, with the Cent Account at 60% and 40%, while with the ECN accounts it varies from a Margin Call at 100% and a Stop Out at 0% with the Stock Account to a Margin Call at 80% and Stop Out at 50% with the ECN, ECN Zero and FXTM Pro Accounts.

 

Finally, FXTM also offers demo mode of Standard, Cent, ECN and ECN Zero accounts as a perfect way to experiment with different strategies and practice under real market conditions. These demo accounts are funded with virtual cash, meaning you can prepare yourself for real trading by building your skills with none of the risk, but none of the profits either. Micro lots, of just 1000 base currency units, as well mini and standard lots are available on all account types.

 

Spreads & Commission

 

The Standard Account, the Cent Account and the Stock CFDs Account at FXTM all come with zero commissions, floating spreads and instant execution. Most of FXTM’s accounts like the Standard, the Cent and the Stock CFDs accounts, as well as the ECN Zero Account and the FXTM Pro Account come without a trading commission. Only the ECN Account both on MetaTrader4 and MetaTrader5 involve a small commission.

 

Maximum leverage

 

To clients, who meet the criteria to be qualified as a professional trader FXTM offers leverage as high as 1:1000. Such leverage levels are available also for clients outside the European Union and the UK – where leverage restrictions for retail clients are in place – by Exinity Limited, a subsidiary of ForexTime, based and regulated in the Republic of Mauritius.

 

In the European Union and the UK on the other hand, where the broker is represented by Forextime Limited and Forextime UK Limited the maximum leverage available for retail clients is capped at 1:30, in line with the regulations introduced by the European Securities and Markets Authority (ESMA) back in 2018.

 

The move was taken to curb the investment risk for the retail trading community, which suffered significant loses, because of the exposure to high leveraged products. 

 

Minimum initial deposit

 

You can open a live trading account at FXTM with just 10 USD, which is symbolic to what most brokers would ask for. Such a minimal investment however would be suitable only if you opt for a Cent Account.

 

Copytrading

 

FXTM Invest

And FXTM also supports an innovative copy- trading platform, where if you are an experienced trader, you can become one of FXTM Invest Strategy Managers, or just follow suitable strategies of professional traders and receive a portion of the profits.

 

You can become an investor even if you have limited knowledge and experience in forex, or limited time, but would still like to trade the financial markets. Investors can follow suitable trader’s strategies and profit from the Strategy Manager’s overall growth.

 

Strategy Managers on the other hand share their trades and can earn up to a 40% profit share, while they generate profits for their investors.

 

The minimum deposit requirement for a Strategy Manager on an ECN Zero account is 200 USD, on a ECN MT4 account – 500 USD, while for an investor the minimum deposit is 100 USD.

 

A special Strategy Manager Ranking Page gives you insight into all the active Strategy Managers, their statistics and rank, based on overall returns. The Ranking of a Strategy Manager is calculated based on his or her overall returns minus the profit share, while taking into consideration the risk level, the drawdown percentage, the days open and the monthly return.

 

As an investor you will receive notification by email if the equity of your investment has dropped by 10% from the equity value at the beginning of the last payout date. Payout takes place every 30 days.

 

 

Trading platforms

 

As we already noted FXTM supports the two most popular trading platforms in the forex industry – MetaTrader4 and MetaTrader5, both developed by MetaQuotes. And FXTM supports the two platforms both as desktop, web and mobile versions, (including for iOS and Android devices,), making sure they are regularly updated.

 

MetaTrader4 and MetaTrader5 have long dominated the forex industry and for a reason. Launched back in 2005 MetaTrader4 gained instant popularity among traders, for its simplicity, fast execution of orders and the ability to run automated trading sessions with the help of the so called Expert Advisors – algorithmic trading robots written on a special, built- in complier and easily modifiable by the traders themselves. And traders got free access to a huge library of already compiled Expert Advisors and market indicators too, which made MetaTrader4 an indispensable tool for beginner and experienced traders alike.

 

On top of that traders were also given the ability to backtest strategies and to copy trading solutions already complied by experienced traders.

 

Currently MetaTrader4 is no longer supported by Meta Quotes, but still remains the more popular of the two platforms because of the huge amount of trading software written specifically for MetaTrader4 – all MT4 Expert Advisors and market indicators are written on MQL4 – a proprietary language especially created for the purposes, and which is incompatible with the latter version of the trading platform – the MetaTrader5.

 

MetaTrader 5, on the other hand is far more flexible and powerful than the MetaTrader4 and allows the execution of orders in several financial markets and stock exchanges through a single trading account. The platform features advanced charting package, trading and analysis tools, alerts, signals, and customizable indicators. Besides, MetaQuites has recently made many significant upgrades to it, such as adding a tool for analyzing exchange markets, news management improvement, a hedging feature, market data subscriptions, new chart settings and even negative prices – the recent price swings in the oil market illustrate why negative prices should be take into account.

 

For clients who prefer automated trading through Expert Advisors (EAs), FXTM offers a designated forex VPS service, and technical traders can take advantage of the Trading Central technical analysis tool – free of charge. Besides, FXTM offers advanced copy-trading solution, called FXTM Invest.

 

FXTM Mobile apps

The mobile apps, which you can download with FXTM include a MetaTrader application, which can be used both with MetaTrader5 and MetaTrader4 accounts and the MyFXTM trading application.

 

The MyFXTM trading application can be download from Google Play and Apple App Store. It supports both Android and iOS and has many useful features, including 250+ financial instruments, the ability to modify, open and close positions rapidly, a trading dashboard, real time updates, advanced charting tools and the option for a single click trading.

 

Promotions

FXTM regularly organizes various promotions and trading contests, as it strives to offer its clients the best trading opportunities and to empower their skills and knowledge.

 

FXTM Loyalty Program

FXTM runs a Loyalty Program, where the trading cost of each trade is reduced in accordance to the account balance and the size of the trade. This unique and flexible programme is tailored to your natural trading habits, and designed to help you save whilst you are trading. You have only to choose between an ECN Zero or a Standard Account.

 

The Loyalty Programme works with five levels. Depending on your balance, you will be trading according to one of five levels, with the possibility of advancing and having even bigger savings.

 

The Loyalty Program is available both for clients in the UK and the European Union.

 

Other promotions

FXTM regularly organizes various promotions and trading contests, as it strives to offer its clients the best trading opportunities and to empower their skills and knowledge. These are mainly held by Exinity Limited where Terms & Conditions Apply.

 

At the time of writing this review Exinity Limited offers Loyalty Cashback program, where traders can get $2 – $5 rebates per lot anyone who deposits $10 up to $10000, based on their deposit value. Meanwhile, new clients switching from another broker get $4 for every lot they trade. (T&Cs apply)

 

In addition, Exinity Limited offers a Refer-a-friend bonus of $50 once a referral becomes active (T&Cs apply).

 

Education

FXTM also provides traders, both beginner and professional with a wide variety of educational materials in the form of e-books, Forex trading seminars, Forex trading webinars, Forex glossary. Topics include basically everything connected to trading – from first steps in forex and CFD trading, including “What is Forex?” and a Beginners guide to Forex trading to advanced Forex trading strategies, educational videos and articles, all of which available for free.

 

Payment methods

 

FXTM offers various secure payment options which depend on whether you trade with the Cyprus subsidiary of the broker or with the on registered in Mauritius.

 

FXTM Cyprus

In Europe FXTM accepts credit and debit cards like VISA and MasterCard, bank wire transfers and popular e-wallets, including PayPal, Skrill, Neteller, WebMoney, Western Union, DotPay, Yandex Money and QIWI Wallet. And bear in mind as well that  FXTM takes no deposit or withdraw fees.

 

FXTM Mauritius

With its Mauritius subsidiary FXTM also accepts card payments, major e-wallets like Neteller, Skrill, Perfect Money, Web Money, Yandex Money, QIWI Wallet, FasaPay, TC Payment and GlobePay, as well as various local payment methods depending on your country of residence, as for example Sout East Asia Online Banking, Turkish Local Transfers, South Arabian Peninsula Local Transfer, African Local Solutions, Latin American solutions, and Sub-Saharan Africa and Dubai Local Transfer. FXTM Mauritius also accepts payments with bitcoins.

 

Skrill is one of the most popular payment methods in Europe as it provides a fast and secure alternative to payments with credit and debit cards. And while funding your Skrill account is generally free of charge, transferring of funds between Skrill accounts, which is what happens when you deposit or withdraw funds with your broker, could incur a small charge – usually 1,45%. The good news here is that FXTM covers all deposit and withdraw fees if you use Skrill and all other payment options for that matter.

 

Similarly, transferring of funds between Neteller accounts might also involve a certain fee – 1,45% again, which is also covered by FXTM.

 

And of course the most widely used payment method are credit and debit cards like VISA and MasterCard. Bear in mind however that banks, which issue your VISA or MasterCard will also charge a small percent of the transaction amount – usually 2%, which in the case of FXTM is covered by the broker as well.

 

And all of that applies if you pay with Perfect Money too. In this case the transaction fee is relatively small – 0,5% and yet it is also covered by FXTM.

 

Conclusion

 

FXTM is a state of the art, award winning broker, with presence in over 180 countries and a reputation for being one of the undisputed leaders in the forex industry. They offer access to a variety of markets, including forex, commodities, indices, spot metals and shares, with a choice of several ECN accounts, raw spreads, fast execution, two professional trading platforms – the MteaTrader4 and the MetaTrader5 and leverage as high as 1:1000, if you can cover the criteria for a professional trader. On top of that FXTM offers cash rebates with their Loyalty Program, which is yet another reason for you to choose FXTM as your next trading partner.

 

 










Pros Cons
Solid regulation (FCA, CySEC) No major disadvantages
Variety of tradable products  
Tight ECN spreads, low-cost trading  
Low minimum initial deposit & commission fees  
Flexible leverage levels offered  
Negative Balance Protection  

  

Tamara Martin
No necesito responderle a un jefe. Nunca más. No trabajo en un cubículo ni tampoco espero en los atascos de tráfico Vivo la vida exactamente como quiero. Pasaré 4 horas caminando un martes al azar si me apetece. O me quedaré despierto toda la noche escribiendo publicaciones de blog. O viajaré a Bali por capricho. Rompí los grilletes de la dependencia del sueldo.

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