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FXTM Review

3.4
3.4/5
76% of retail investor accounts lose money when trading spread bets and CFDs with this provider.
Highlights
  • Established History: Founded in 2013, FXTM is a global forex and CFD broker with a solid track record of over a decade in the market.
  • Global Presence: FXTM caters to an international audience with regulatory licenses in multiple jurisdictions including the UK, Kenya, and Mauritius. It serves a wide range of traders with its versatile offerings.
  • Regulatory Compliance: FXTM operates under the oversight of several regulatory bodies, including the FCA, CMA, and FSC. Client funds are segregated and held in top-tier banks, and accounts are insured by Lloyds of London for up to $1M.
  • Trading Platform Variety: Offers both MetaTrader 4 & 5 platforms and the proprietary FXTM Trader mobile app, catering to traders of all experience levels.
  • Advanced Features: FXTM provides competitive trading costs via its Advantage raw spreads account, free VPS hosting, Acuity trading signals, and a dedicated account manager.
  • Comprehensive Educational Resources: FXTM offers extensive educational materials, including guides, videos, and ebooks, making it suitable for beginners and experienced traders alike.
About
  • History: Established in 2013, FXTM has expanded rapidly, focusing on providing a versatile and competitive trading environment. The company has grown to have a significant global presence with regulatory licenses in multiple regions.
  • Domicile: Headquartered in Mauritius, with a strong presence in the UK and Kenya.
  • Ownership: FXTM is a private company with multiple entities operating under different regulations across various regions.
Rating
3.4
3.4/5
76% of retail investor accounts lose money when trading spread bets and CFDs with this provider.
Review By
Picture of Brendan Walsh

Brendan Walsh

Seasoned macro trader, managed billions from the Credit Crunch to COVID-19 and everything in between. Traded most assets you’ve heard of and a few you haven’t, and still alive to tell the tale. A student of history, markets, and psychology and a lover of risk and weirdness.

Overview

FXTM, founded in 2013, is a leading forex and CFD broker offering over 600 CFDs on various instruments and 500+ real shares from US exchanges. With a focus on transparency and client satisfaction, FXTM provides competitive trading conditions and robust research materials. While suitable for beginners, it is particularly ideal for experienced, active traders.
Category Details
Tradeable Assets Forex, Indices, Cryptocurrencies, Commodities, Shares (CFDs and Real)
Min Deposit $200
Forex Majors Spread Starting from 1.9 pips (e.g., EUR/USD)
Regulators CMA (Kenya), FSCM (Mauritius), FCA (United Kingdom)
Trading Platforms MetaTrader 4, MetaTrader 5, FXTM Trader App
Funding Methods Bank transfer, Credit/Debit Card, E-wallets (Skrill, Neteller, etc.), Local Transfer, M-Pesa
Currency Pairs 47 pairs including majors, minors, and exotics
Available Leverage Up to 1:2000 (CMA), 1:3000 (FSCM), 1:30 (FCA)
Broker Type No dealing desk
Founded 2013
Country Headquartered in Mauritius with various entities across the globe
Free Demo Account Yes
Clients Accepted Global with restrictions for certain countries
Pricing System Mixed spreads
Inactivity Fee Yes

Introduction

Pros:

  • Strong educational materials
  • Flexible account types
  • Dedicated account representative
  • Free VPS hosting
  • MT4 Custom Indicators
  • Acuity trading signals
  • Real shares available
  • $1M Lloyd’s of London account insurance

Cons:

  • Withdrawal fees
  • No copy trading features

History of FXTM

Established in 2013, FXTM has grown into a significant global player in the forex and CFD markets, focusing on providing a secure and versatile trading environment. With a strong emphasis on technological innovation and customer satisfaction, FXTM offers a wide range of trading instruments and advanced trading platforms, catering to both beginners and experienced traders.

Where does FXTM Operate

FXTM (ForexTime) operates in a select range of countries, adhering to a robust regulatory framework to ensure compliance and security for its clients. However, due to regulatory restrictions, FXTM’s services are not available in certain regions.

Regulatory Bodies

FXTM is regulated by multiple regulatory authorities, each providing different levels of client protection:

  • Exinity UK Ltd: Authorized and regulated by the Financial Conduct Authority (FCA) in the UK, which is considered a Tier 1 regulator. The FCA provides high standards of client protection, including segregated client funds, negative balance protection, and compensation schemes up to £85,000 under the Financial Services Compensation Scheme (FSCS). The FCA license number is 777911.
  • Exinity Capital East Africa Ltd: Regulated by the Capital Markets Authority (CMA) of Kenya as a Non-Dealing Online Foreign Exchange Broker. The CMA is rated as a Tier 2 regulator. This entity also provides segregated funds and negative balance protection but does not offer a compensation scheme. The CMA license number is 135.
  • Exinity Limited: Regulated by the Financial Services Commission (FSC) of Mauritius, a Tier 3 regulator. While it has less stringent oversight, Exinity Limited offers insurance from Lloyds of London for account balances exceeding $20,000, up to $1 million. This entity allows maximum leverage up to 1:2000. The FSC license number is C113012295.

Client Protection Measures

  • Segregation of Funds: FXTM ensures that all client funds are held in segregated accounts, separate from the company’s operating funds. This prevents the misuse of client funds and ensures their safety.
  • Negative Balance Protection: All FXTM clients benefit from negative balance protection, ensuring they cannot lose more than their account balance, even during extreme market conditions.
  • Compensation Schemes: Different entities offer varying levels of compensation schemes. Exinity UK Ltd clients are protected by the FSCS for up to £85,000. Exinity Limited offers additional insurance from Lloyds of London for accounts with balances over $20,000, covering up to $1 million.

Investment Offering

FXTM offers a diverse range of investment opportunities, catering to the varied interests and strategies of global traders. Here’s a detailed look at the available asset classes and trading conditions:

Forex Trading:

  • Currency Pairs: FXTM offers 47 currency pairs, including majors, minors, and exotics.
  • Spreads and Leverage: Spreads start from 1.9 pips for major pairs like EUR/USD, with leverage up to 1:2000.

Cryptocurrencies:

  • Diverse Selection: FXTM offers 11 cryptocurrencies, including Bitcoin, Ethereum, Litecoin, and Ripple.
  • Trading Conditions: Leverage and spreads vary depending on the specific asset and market conditions.

Commodities:

  • Popular Choices: FXTM offers CFD trading on commodities such as Gold, Silver, Oil, and Natural Gas.
  • Trading Conditions: Spreads for commodities are competitive, with Gold having a spread of 46 cents.

Indices:

  • Global Coverage: FXTM provides access to major global indices like the Dax 30, Dow Jones, and FTSE 100.
  • Trading Conditions: Spreads for indices range from 2.4 to 3.5 pips.

Shares:

  • Real Shares: FXTM offers over 500 real shares from US exchanges.
  • CFDs on Shares: FXTM provides CFDs on shares, allowing traders to speculate on price movements without owning the underlying asset.

Trading Platforms

FXTM offers a range of trading platforms designed to cater to the diverse needs of its clients:

MetaTrader 4 & 5:

  • Advanced Functionality: Both platforms support automated trading and offer a wide range of technical indicators and charting tools.
  • Suitable for Experienced Traders: MT4 and MT5 are more suitable for experienced traders due to their advanced features and functionalities.

FXTM Trader App:

  • User-Friendly Interface: The app is intuitive and suitable for beginners.
  • Features: Includes watchlists, tracking of open positions, and trading from the chart.

Additional Tools:

  • Economic Calendar: Keeps traders informed about upcoming economic events and their potential impact.
  • Market News: Provides real-time news feeds and updates from FXStreet.
  • Trading Central WebTV: Offers daily video commentary and trading ideas.
  • Analyst Views: Provides trading signals and technical analysis insights from Trading Central.
  • VPS Hosting: Free VPS hosting is available for eligible traders, ensuring low latency and uninterrupted trading.

FXTM Account Types

FXTM offers several account types to cater to different trading needs and styles. The primary account types are the Advantage and Advantage Plus accounts. Additionally, FXTM provides demo accounts and swap-free Islamic accounts.

Advantage Account

The Advantage account is designed for traders who prefer tight spreads and are comfortable with paying commissions on trades.

  • Minimum Deposit: $500 (reduced to $200 in certain countries)
  • Spreads: Starting from 0.0 pips
  • Commission: $3.5 per lot traded on forex, $25 per million notional on spot metals, $35 per million notional on index and commodity CFDs, and 0.07% of the notional value for crypto CFDs
  • Leverage: Up to 1:2000
  • Base Currencies: USD, EUR, GBP, NGN
  • Trading Platforms: MetaTrader 4 (MT4), MetaTrader 5 (MT5), FXTM Trader App

Advantage Plus Account

The Advantage Plus account offers commission-free trading with slightly wider spreads.

  • Minimum Deposit: $500 (reduced to $200 in certain countries)
  • Spreads: Starting from 1.5 pips
  • Commission: None
  • Leverage: Up to 1:2000
  • Base Currencies: USD, EUR, GBP
  • Trading Platforms: MT4, MT5, FXTM Trader App

Demo Account

FXTM provides demo accounts on MT4, MT5, and the FXTM Trader mobile app. These accounts allow traders to practice their strategies and get comfortable with the platform without risking real money. The demo account features live quotes and simulates real market conditions.

Islamic Account

The Islamic account is swap-free and adheres to Sharia law, making it suitable for traders who cannot earn or pay interest due to religious beliefs. This account type is available for all main account types (Advantage and Advantage Plus).

Accepted Countries

FXTM (ForexTime) operates in a select range of countries, adhering to a robust regulatory framework to ensure compliance and security for its clients. However, due to regulatory restrictions, FXTM’s services are not available in certain regions. Here is a detailed overview of FXTM’s operational reach:

Global Reach:

  • European Economic Area (EEA): FXTM provides services to clients residing in the EEA, ensuring compliance with the stringent regulatory standards set by European authorities.
  • Switzerland: Clients in Switzerland can access FXTM’s comprehensive trading services.
  • South Africa: FXTM serves clients in South Africa, offering localized support and services tailored to the region.
  • Institutional Clients: FXTM also provides services to institutional clients in Mauritius, Seychelles, Belarus, and Belize, focusing on meeting the specific needs of larger entities and professional traders.

Regional Restrictions:

FXTM does not provide services to residents of the following countries due to regulatory constraints and other considerations:

  • United States: Restricted due to regulatory requirements imposed by the CFTC and NFA.
  • Mauritius: Although FXTM serves institutional clients, retail services are not available.
  • Japan: Regulatory restrictions by the Japan Financial Services Agency (FSA).
  • Canada: Restricted due to regulatory constraints imposed by the Canadian Securities Administrators (CSA).
  • Haiti: Regulatory and operational considerations.
  • Iran: International sanctions and regulatory restrictions.
  • Suriname: Regulatory and operational considerations.
  • Democratic People’s Republic of Korea (North Korea): International sanctions and regulatory restrictions.
  • Puerto Rico: Regulatory constraints.
  • Occupied Area of Cyprus: Specific regional restrictions.
  • Quebec: Regulatory constraints within Canada.
  • Iraq: Regulatory and operational considerations.
  • Syria: Regulatory and operational considerations.
  • Cuba: International sanctions and regulatory restrictions.

Copy Trading Features

FXTM does not currently offer copy trading solutions, which might be a limitation for traders interested in social trading.

Deposit & Withdrawals

FXTM aims to provide a seamless and efficient experience for funding and withdrawing from trading accounts. The company offers a variety of convenient payment methods with fast processing times.

Deposit Methods:

  • Bank Cards: Visa and Mastercard are accepted for instant deposits with no fees.
  • E-wallets: Popular e-wallets such as Skrill, Neteller, and Perfect Money are available for instant deposits, often with no fees.
  • Cryptocurrency: FXTM supports deposits in various cryptocurrencies, including Bitcoin, Tether, and USD Coin. Processing times and fees may vary depending on the chosen cryptocurrency and network conditions.
  • Bank Transfer: Traditional bank transfers are also available, though processing times may be longer compared to other methods.

Withdrawal Methods:

  • Similar to Deposit Methods: Most deposit methods can also be used for withdrawals, offering convenience and flexibility.
  • Instant Withdrawals: FXTM is known for its fast withdrawal processing, with many withdrawals processed instantly, even on weekends and holidays.
  • Withdrawal Fees: FXTM generally does not charge withdrawal fees, though certain payment methods or specific circumstances may incur fees.

Additional Considerations:

  • Minimum Deposit/Withdrawal Amounts: These may vary depending on the chosen payment method and account type.
  • Processing Times: While FXTM strives for instant processing, certain methods or situations may require additional processing time.
  • Verification: Clients may need to complete a verification process before depositing or withdrawing funds to ensure security and compliance.

FXTM Spread and Commissions

FXTM primarily utilizes a spread-based fee structure, with competitive spreads available via the raw spreads Advantage account. Other costs include swap fees and withdrawal fees.

Spreads:

  • Variable Spreads: Spreads are variable and fluctuate based on market liquidity and volatility.
  • Examples: EUR/USD: 1.9 pips, Gold: 46 cents, Dax 30: 2.4 – 3.5 pips.

Commissions:

  • Advantage Account: Charges a commission per trade in addition to the spread.
  • Advantage Plus Account: No commissions but slightly higher spreads.

Other Costs:

  • Swap Fees: Charges for holding positions overnight.
  • Currency Conversion Fees: May apply during deposits, withdrawals, or trading.

Transparency: FXTM provides detailed information about spreads, commissions, and other costs on its website and trading platforms.

FXTM Fee’s and Costs

Non-Trading Fees and Costs at FXTM

FXTM (ForexTime) offers a transparent fee structure, but like all brokers, it does impose some non-trading fees that traders should be aware of. These fees include inactivity fees, withdrawal fees, and currency conversion fees.

Inactivity Fees

FXTM charges a monthly inactivity fee of 10 EUR/USD/GBP if there has been no trading activity on the account for a period of three consecutive months. This fee is deducted from the balance of the dormant account until trading activity resumes or the account is depleted.

Withdrawal Fees

While FXTM does not charge fees for deposits, there are fees associated with certain withdrawal methods:

  • Bank Wire Transfer: A fee of 30 EUR applies.
  • Credit/Debit Cards: A fee of 3 USD/EUR/GBP is charged for withdrawals via Visa, Mastercard, and Maestro.
  • Other Methods: Withdrawals via certain e-wallets like PerfectMoney and FasaPay incur a fee of 0.5%.

These fees can vary depending on the withdrawal method and the currency used, so it’s important for traders to check the specific conditions related to their chosen withdrawal method.

Currency Conversion Fees

FXTM charges currency conversion fees when deposits or withdrawals are made in a currency different from the account’s base currency. The exact conversion rates depend on the prevailing market rates and the broker’s margin.

Unique Features

User-Friendly Mobile App: FXTM offers a proprietary mobile app with a modern and intuitive interface, suitable for beginners. Advanced MT4 and MT5 Platforms: Both platforms offer advanced functionalities, including automated trading. Comprehensive Research Materials: FXTM provides in-house analysis and third-party signals from Acuity, offering actionable insights for traders.

Testing Account: Tests were performed using an Advantage Plus account with MetaTrader 4 and MetaTrader 5 platforms and the FXTM Trader mobile app. The account was with the Mauritius entity of FXTM (Exinity Limited).

FXTM Regulation and Security

Multiple Regulatory Bodies: FXTM operates under the oversight of various regulatory authorities, ensuring a robust level of client protection.

  • CySEC (Cyprus Securities and Exchange Commission): Considered a top-tier regulator providing a high level of client protection.
  • FCA (Financial Conduct Authority): The UK’s financial regulator known for its stringent standards.

Offshore Regulators: Several FXTM entities are regulated by offshore authorities such as the FSA (Seychelles), FSCA (South Africa), and BVI FSC (British Virgin Islands). While these regulators ensure a degree of oversight, they typically offer fewer client protections compared to CySEC and the FCA

Research and Education

Research:

  • Market Analysis: FXTM provides a steady flow of market analysis articles focusing on multiple markets.
  • Acuity Trading Signals: Acuity provides trade ideas and specific entry, take-profit, and stop-loss levels.
  • Custom MT4 Indicators: FXTM offers custom add-ons for MT4 within the client portal.

Education:

  • Structured Courses: FXTM offers structured courses covering essential trading concepts, technical and fundamental analysis, and risk management.
  • Video Content: Provides educational videos covering basic and advanced trading concepts.
  • Ebooks: FXTM offers various ebooks covering topics like Japanese candlesticks and Elliott Wave Theory.
  • Economic Calendar: Keeps traders informed about upcoming economic events.

Market News: Delivers real-time news feeds and updates from FXStreet.

Customer Support

Support Channels:

  • Live Chat: Available 24/7, providing instant assistance for urgent queries.
  • Email: Allows for detailed inquiries and communication.
  • Phone Support: Direct phone support is available for immediate assistance and complex issues.
  • Multilingual Support: Catering to a global audience, FXTM offers support in multiple languages.

Support Services:

  • Technical Assistance: The support team assists with platform issues, login problems, and other technical difficulties.
  • Account Management: Provides guidance on account opening, verification, deposits, withdrawals, and other account-related matters.

Trading Support: Offers assistance with trading conditions, order types, and platform functionalities

The Bottom Line

FXTM presents a compelling option for traders seeking a diverse and feature-rich trading environment. The company’s strengths lie in its competitive spreads, particularly for forex pairs, a variety of trading platforms catering to different experience levels, and unique features like swap-free accounts and instant withdrawals. Additionally, FXTM demonstrates a commitment to client education through its comprehensive resources.

However, there are some limitations to consider:

  • Limited Availability: FXTM does not accept clients from certain countries due to regulatory constraints.
  • Withdrawal Fees: FXTM charges fees for withdrawals via bank wire and credit card.
  • No Copy Trading: FXTM does not offer copy trading features.

Overall, FXTM is a suitable choice for:

  • Global Traders: FXTM caters to a wide range of international clients with its regulatory licenses and localized services.
  • Forex and Cryptocurrency Traders: The competitive spreads for forex pairs and diverse selection of cryptocurrencies make FXTM attractive for traders focused on these markets.
  • Traders Seeking Advanced Features: Swap-free accounts, instant withdrawals, and Acuity trading signals offer additional value and flexibility.
  • Traders of All Experience Levels: The availability of both user-friendly and advanced platforms, combined with comprehensive educational resources, makes FXTM suitable for both beginners and seasoned traders.

Others

Discover why FXTM (ForexTime) stands out for both beginners and advanced traders. Established in 2013, FXTM offers trading on 600+ CFDs in forex, commodities, indices, shares, and cryptocurrencies. Benefit from raw spreads starting at 0.0 pips, advanced MetaTrader 4 and 5 platforms, and extensive educational resources. Regulated by FCA, CMA, and FSC, FXTM ensures client fund safety with segregated accounts and Lloyds of London insurance. Start trading with a minimum deposit of $500 (or $200 in select countries) and explore a broker dedicated to your trading success

Table of Contents

76% of retail investor accounts lose money when trading spread bets and CFDs with this provider.