A Review of ForexTime (FXTM) Online Trading Broker
Initially launched in 2011, FXTM brokers have established themselves as one of the leading forex brokers in the EU.
ForexTime Limited is regulated by the Cyprus Securities and Exchange Commission, with the UK entity being regulated by the FCA. The fact that FXTM is regulated and controlled by two strong jurisdictions ensures you can trust this well-established forex broker.
The company’s head office is based in London at 88 Wood Street, 9th Floor, London, EC2V 7QR, United Kingdom.
Forex Account Types at FXTM Brokers
This online forex broker offers six account types: one set of accounts are ECN (at market execution and no re-quotes) and the other five are standard types.
ForexTime’s ECN Zero account offers no commission, tight floating spreads, leverage fixed per instrument, market execution, no re-quotes, hedging, and scalping, deposits in EUR, GBP and USD, and a SWAP-free option available.
The ECN account is slightly different and offers spreads from 0.11, leverage fixed per instrument, market execution, no re-quotes, hedging and scalping allowed, low commission starting from $4 and SWAP-free option available.
Lastly, the ECN Pro Account at FXTM brokers offers tight spreads from 0 pips, no commissions, ultra-fast market execution, no requotes, leverage fixed per instrument, deep liquidity directly from our tier-1 providers, no last-look pricing, and SWAP-free option available.
The standard account offers tight floating spreads (a spread is the commission between the bid and ask price), leverage is fixed per instrument (i.e. 100-1), instant execution, hedging, EUR, GBP, USD holdings, no hidden commissions and a SWAP-free option.
The Cent Account is similar, but you cannot hedge trades (place reverse trades). It has a minimum deposit only 5 EUR/USD/GBP where you can trade cent lots (smaller denomination), and the commission rates per trade may be variable.
The shares account offers 170+ US shares. Due to new legislation, fixed leverage is 1:5. Hedging is allowed and the rest of the features above from the two other accounts are included.
ForexTime online forex brokers also allow you to open a demo account to test out the functions across their range of products and account types.
We recommended this for new users as it can help you to work out position sizing, strategies, as well as functionality. FXTM forex brokers also have an app, so you can trade via your phone. When trading via a phone, it can be difficult to complete your analysis.
Some traders who use robots for analysis do execute away from the main platform, so it can be a good option depending on your strategy.
What’s on Offer at ForexTime Brokers?
ForexTime (FXTM) online forex brokers give you access to the forex market 24 hours a day, five days a week. You can trade over 50 currency pairs, precious metals like gold and silver, CFD shares like Alibaba, Amazon, Apple, Microsoft, and American Express. Commodity-based CFDs, like crude oil and natural gas, as well as the world’s leading equities indices are also available.
Please remember that only forex trading is open 24 hours a day. Other trades may be subject to trading session times.
What Trading Platforms are Available at FXTM Forex Brokers?
Like all the other biggest forex brokers, FXTM is based on the flagship MT4 platform. MT4 is popular for a reason: it’s easy to use and has some great technical tools.
The MT4 forex trading platform has a vast array of tools including:
- Support and resistance drawing tools
- Gan lines
- Proprietary expert advisors
- Custom indicators
FXTM forex brokers also offer a web-based version of the MT4 terminal, as well as a mobile trading app.
News and Education at ForexTime Brokers
It is becoming hard to stand out in the news and analysis arena unless you hire a large, established industry name, or have a news factory producing breaking news 24 hours a day. FXTM’s news and education tools are good in relation to the industry standard. The news feed at ForexTime offers a commentary from investment banks and research houses that is useful if you are a novice trader. They keep up with all the markets key themes and deliver news accurately and on time.
The forex trading education section at ForexTime is comprehensive and is a great asset for any new trader. The company offers seminars, webinars and ebooks to get you started.
The wealth of material can seem slightly overwhelming, but you will find all the tools you need to develop a strategy here. If you are not a fan of reading articles, FTM forex brokers also have a video series that can help you in the right direction.
More advanced traders may find the tools a little basic.
FXTM are a good quality forex brokers. Their spreads are competitive, and their education program is great. There are plenty of deposit and withdrawal options and the customer service is top notch. As per the FCA and European requirements, all investor funds are safely deposited in separate accounts from the company’s own funds, and always with top-tier EU banks. So, you can be assured of peace of mind when trading with this online forex broker.
Can I trust FXTM?
Yes, they are a good broker and have stood the test of time. Many brokers have dropped out of the market recently due to flash crashes and ESMA regulation changes, but FXTM have managed to ride the storm and this tells us they are solid.
How to open FXTM account?
This is easy. Just go to the home page and click the account opening button and follow the instructions.
Is FXTM a scam?
No, FXTM seems to follow all the regulations in the EU and offer a good trading environment for forex traders. Their customer service is great, and they have stood the test of time in a very competitive environment.
How to get a premium account at FXTM?
You must click on the different account opening options and go through the company’s due diligence process. They will do some checks on you, but like all good brokers, these are quick and smooth.