FXTM Review 2021
Our 2021 FXTM review will investigate several key areas that we consider important to the budding trader searching for the most suitable forex brokerage.
What is FXTM?
Formed in 2011, Forextime (FXTM) was established by Andrey Dashin, a key shareholder of the popular broker service Alpari. FXTM is considered one of the fastest growing and best forex brokers in the financial industry. To cope with their rapid expansion, the company has opened several offices around the world. Their main office is situated in Kato Polemidia, Cypus. Continuingly growing in popularity, FXTM caters to traders from over 180 countries around the globe.
Our FXTM review has unfortunately identified that at present, this forex trading broker is unavailable for USA clients seeking to trade. This is due to a regulatory conflict whereby the controlling regulator in the USA, the SEC, does not allow contract for difference (CFDs) instruments to be made available to residents of this region.
There are four separate jurisdictions under which FXTM is regulated.
ForexTime Limited (www.forextime.com/eu) is regulated by the Cyprus Securities and Exchange Commission (CySEC) under license number 185/12. It is also regulated by the Financial Services Board (FSB) in South Africa under license FSP No. 46614. Additionally, the company is also regulated by the Financial Conduct Authority in the United Kingdom under license number 600475.
FT Global Limited (www.forextime.com) is regulated by the International Financial Services Commission (IFSC) of Belize as an authorized broker under license numbers IFSC/60/345/TS and IFSC/60/345/APM.
Reliability and Security
Because FXTM is regulated by four highly respected regulatory bodies, there are a multitude of strict guidelines that they must follow that ensures they are ultra-reliable. Furthermore, FXTM have earned numerous awards for outstanding service including the 2016 award for “Best FX Broker”, further illustrating their tremendous quality as a forex brokerage firm.
In terms of security, user data is protected and maintained by encrypted Secure Socket Layer (SSL) technology that guarantees that customer data and information is kept extremely secure. Additionally, clients’ funds are segregated from operational company funds and kept safe in top-tier EU banks.
FXTM Trading Platform
When it comes to the FXTM Trading Platform, the company has made the right decision in adopting the highly-respected MetaTrader 4 (MT4) and MetaTrader 5 (MT5) trading software platforms developed by MetaQuotes Software Ltd. The major benefits in this company choosing MetaTrader as the FXTM Trading Platform of choice are laid out below:
- User Friendly – The MT4 is super easy to operate due to a simple and clear navigational interface.
- Multiple Language Support – The MT4 supports many languages from all over the world which ensures that non-English speaking traders can customize the platform to select their native language making trading easy and convenient.
- Advanced Chart Package – The MT4 platform features an advanced chart package which enables traders to delve deeper into the forex marketplace. Although extremely detailed, the charts are easy to read and highly customizable.
- Advisors – This handy option allows traders to automate the trading process by using the expert advisor feature.
- Improved navigation for multiple trading with MT5- MT5 has further enhanced the navigational interface for users who are utilizing multiple trading accounts.
- Technical Indicators – While MT4 provides traders with many technical indicators, MT5 has taken this one step further by adding more. These include Adaptive Moving Averages (MA), Double and Triple Exponential MA and Variable Index Dynamic Average.
Mobile Trading Capability
The FXTM trading platform, MetaTrader, is available for download in app form from the iOS App Store or at Google Play. The mobile app lets traders play the market while away from the desktop on their smartphone or mobile devices.
Types of Trading
FXTM offers their clientele many trade types to choose from including; forex, spot metals, share CFDs, CFDs on commodity futures, CFDs on ETFs and Indices and, most recently, CFDs on Cryptocurrencies. In relation to cryptocurrency, FXTM provides the opportunity to trade the following types:
While the options of trading various forms of cryptocurrency are rather limited at this stage, FXTM has announced plans to expand these options in the near future. These hugely popular cryptocurrency CFDs are available for trade against the US Dollar.
Check out our list of the best cryptocurrency exchanges here!
Our FXTM review has uncovered that FXTM provides a wide range of choices to their traders when it comes to the account types that they offer. The account types that this company provides can be split into three main types:
FXTM Demo Account: A free account that enables potential customers to get familiar with the FXTM trading platform, MetaTrader, prior to trading with real money.
Standard Accounts: For those ready to outlay real money, FXTM provides two types of standard account for their clients to choose from. The cents account starting with a minimum $5 deposit and the standard account with a minimum deposit starting at $100.
ECN Accounts: The way of the future, ECN stands for Electronic Communication Network, and is best described as a bridge linking small market participants with its liquidity providers. FXTM offers their clients four types of ECN accounts.
Spreads and Commissions
FXTM charges differing spreads and commission rates depending on the type of trading account that the client has signed up for. However, it must be noted that our FXTM review in 2021 has found that they offer some of the lowest spreads of any forex brokers. Examples of these spreads are listed below.
- EUR/USD 0.1 pip
- GBP/USD 0.3 pips
- USD/JPY 0.3 pips
- EUR/GBP 0.3 pips
- USD/CHF 0.5 pips
For the simple reason that they cater to over 500,000 traders worldwide, FXTM need to provide many payment options for the convenience of their clientele. Payment methods that this company offers for depositing money are provided below.
- Visa, MasterCard, Maestro and China Union Pay debit and credit cards
- eWallets (Skrill, Yandex, Neteller, Dixipay, Baidu etc.)
- Bank Wire Transfer
- Local Transfer Options
Funds are usually deposited quickly into the customer’s trading account following payment.
Where withdrawals are concerned, the process is usually completed within 24 hours. Withdrawal options for FXTM are those same channels used to make a deposit. Any charges for a withdrawal will depend on the kind of withdrawal method used.
Promotions and bonuses
There are two types of promotional offers that FXTM offer to their clientele. These offers are:
Trading contests – A competition between traders to see who is the best and who has the greater trading skills. Winners of these contests receive generous cash prizes as a reward for their efforts.
Refer a Friend Program – Where traders refer family, friends or colleagues they are eligible to receive a bonus if the referred customer signs up for a standard or ECN account.
Our FXTM review found that there are a number of services provided to clients that are very effective. They offer email support, a telephone support line and live chat help.
In addition, for beginner traders, there are weekly webinars and learning materials on site that help provide training education for the uninitiated.
- Wide choice of Trading Accounts to choose from
- FXTM demo account offered
- Highly competitive spreads
- A choice between MetaTrader 4 and MetaTrader 5 as FXTM trading platforms.
- Very well regulated and highly secure
- Small choice of commodity assets
- Low maximum order size of 30 standard lots per trade
- Not a very expansive range of cryptocurrency options
- Lack of Social Trading Platforms and Social Trading options
- No binary options
Our FXTM review of 2021 found that in such a short space of time, FXTM has proven itself a winner when it comes to succeeding in the forex broker marketplace. Their incredibly expansive range of services offer a great deal for both the experienced and beginner trader. Having won numerous awards in such a short space of time is testament to the fact that FXTM is a broker firm that is well worth signing up to!