A Review of ForexTime (FXTM) Online Trading Broker
Initially launched in 2011, FXTM has established itself 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. Exinity Limited is regulated by the Financial Services Commision (FSC) of the Republic of Mauritius. The fact that FXTM is regulated and controlled by three strong jurisdictions ensures you can trust this well-established forex broker.
The company’s head office is based in FXTM Tower, 35 Lamprou Konstantara, Kato Polemidia, 4156, Limassol, Cyprus.
Forex Account Types at FXTM Brokers
The diversity of accounts provides customers with freedom of choice and it is extremely necessary for brokers to offer as many options as possible. FXTM broker offers 3 account types: Micro, Advantage and Advantage Plus. These accounts have some different features and we will go through each of them.
To open Micro accounts you need at least $50. Spreads on this account start from 1.5 pips and you can trade FX, Metals, Commodities, FX Indices, Stock Baskets. There is no commission on Micro Accounts and the supported platform is MT4. The minimum volume per trade is 0.01 lot, while the maximum number of orders and pending orders are 30 and 100 respectively. The maximum leverage is 1:1000. Order execution is instant.
Advantage and Advantage Plus accounts share a lot of similarities so we will review them together. In order to open these accounts, you will need $500. Spreads on Advantage accounts start from 0.0 and on Advantage Plus accounts – 1.5. Supported trading instruments include FX, Metals, Commodities, Indices, FX Indices, Stock Baskets, Stock CFDs, and Stocks. Both MT4 and MT5 platforms are available. Leverage is floating – up to 1:2000. Order execution is market.
What’s on Offer at FXTM?
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?
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 also offer a web-based version of the MT4 & MT5 terminals, as well as a mobile trading app.
News and Education at FXTM
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, FXTM also has 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 regulatory requirements, all investor funds are safely deposited in separate accounts from the company’s own funds, and always with top-tier 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.