Headquartered in Limassol (Cyprus) FXTM, also referred to as ForexTime was established in 2011. Since its establishment, the brokerage has rapidly expanded to become one of the top-rated brokers in the trading industry. Over the years, the broker has managed to achieve global expansion and a strong presence due to its ability to offer a wide set of trading tools and services.
Pros
· Multiple Account Types for trading.
· Competitive spreads and leverage upto 1:1000.
· A comprehensive range of financial instruments for trading.
· Minimum deposit of $100.
Cons
· Withdrawal fee for almost all the withdrawal options.
Overall Ranking
Overall
Investment Opportunity
Commissions & Fees
Safety
Research
Smartphone Usage
Customer Service
Education
Platforms & Tools
Overall
Investment Opportunity
Commissions & Fees
Safety
Research
Smartphone Usage
Customer Service
Education
Platforms & Tools
Extended Review and Information
How to Open your Account
In order to open an account with the broker, traders need to opt for the Open Account feature on the FXTM website. The registration process takes a couple of minutes and after the submission of few important documents. These documents include a photograph or scan of any valid ID such as drivers license or passport to prove identity, as well as a proof of address. To prove your address, you must submit a scan, photograph, or PDF of a recent utility bill or bank statement.
This process usually does not take longer than 48 hours.
Account Types
ForexTime basically offers six different account options to its clients. Depending upon your budget and requirements, you can opt for a Standard Account, Standard CENT Account, as well as the Standard Shares Account. Alternatively, you can also opt for the ECN Accounts such as the ECN MT4/MT5 Account, the ECN ZERO MT4/MT5 Account and the FXTM Pro MT4/MT5 Account. The spreads, minimum deposit and leverage for each account vary from one another.
We very rarely ever see a broker with such a broad range of accounts. This make FXTM accessible to all kinds of traders, who will find the right benefits for them.
Trading Instruments Available
FXTM offers a comprehensive range of trading instruments to its clients. In fact, they offer more than 250 financial instruments that make trading both fun and profitable. Traders have the option to trade instruments such as:
· Forex currency pairs.
· CFDs on Commodities.
· CFDs on Indices.
· Spot Metals.
· Share CFDs.
· CFDs on Cryptocurrencies.
They offer most instruments that many clients will use, however, this is definitely not a broad variety compared to some other brokers.
Deposits and Withdrawal Methods
No matter what you do, it is important to choose a broker that offers simple and hassle-free methods of deposit and withdrawals. This enables traders to deposit and withdraw funds comfortably. The deposits are processed instantly (within 2 hours to be specific). Here are the depositing methods:
· Skrill
· Neteller
· Western Union
· WebMoney
· QIWI
· Yandex Money
· Dotpay
· Alfa-Click
· Credit cards
· Bank transfers
Withdrawals are carried out through similar methods and are either credited on the same day or within 24 hours. At the latest, withdrawals should be received within 5 working days. However, FXTM charges a withdrawal fee on most methods. It must be noted that this is not the fault of FXTM, but often the 3rd party which processes the transaction.
Interface
It is extremely crucial that you pick a broker that offers an easy to use trading platform. In the case of FXTM, traders have access to the MetaTrader4 as well as the MetaTrader5 platforms. When we tested the platforms, our team realized that they were both swift and user-friendly. The execution was quick and efficient, and the layout is pleasing. In fact, the broker also provides guides or notes on how to use the platform to traders who don’t know much about trading or using the platforms. Both the platforms can be easily accessed via web, mobile, tablet and desktop.
Education and Research
Often, many trading websites fail to offer enough educational materials or resources to its clients. Fortunately, FXTM offers plenty of educational guides and information to its users. When we scanned their website, we found that ForexTime provides a section on Forex trading that provides details concepts about Forex industry and trading.
Apart from this, the broker also provides eBooks and educational resources regarding trading tips, charting patterns and strategies. FXTM also offers regular seminars and workshops to traders.
Commissions and Fees
The commissions and fees charged by the broker should be a couple of other important factors that must be kept in mind before choosing a broker. FXTM offers low spreads that start from 0.1 pips for EUR/USD for standard account holders, as well as 0 pips to those who hold an ECN account. Spreads for shares starts from 2 pips. The broker is completely transparent about their overnight swap rates, and this implies that they are one of the most trusted firms in the business.
Customer Support
FXTM offers 24 hours of support to its clients on weekdays. The broker is also approachable via email and live chat. ForexTime has also setup support centres to serve its clients India, China, Malaysia, Indonesia, South Korea, Thailand and Nigeria. This is great, as we have found that many brokers only provide their services in English.
To improve, FXTM should definitely look to open 24/7 service support.
Awards
FXTM is the proud winner of several awards from reputed bodies such as the Best Trading Conditions Award in 2018 and the Best FX Broker Asia 2018 Awards from the World of Finance and the Best Broker Russia 2018 Award from FX Daily Info.
We are sure that they are going to remain very competitive among the top brokers, and so will continue to collect these prestigious awards over time.
Regulations and Jurisdictions
Regulation is another important factor for choosing a broker. ForexTime is duly regulated by UK’s Financial Conduct Authority and the CySEC i.e. Cyprus Securities and Exchange Commission.
The main jurisdictions of FXTM include Cyprus, Mauritius and the United Kingdom. These regulations help to show that FXTM is a safe space for all traders.
Conclusion
Overall, we feel that FXTM has grown consistently to become one of the most reputed brokers in the industry. The broker offers multiple account types and excellent conditions for trading, their rates are much lower than the average broker and this is perfect for traders of all levels. The broker has won numerous awards and offers excellent support and trading resources as well as features. Due to this, we have rated FXTM as one of our top brokers, and would advise traders of all levels to give this broker a try.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70% of retail investor accounts lose money when trading with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money. This does not constitute as investment advice or personal recommendations as your specific financial circumstances have not been considered. No warranty is given in regards to the accuracy and completeness of information. Past performance is not an indicator of future results.