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FXTM Review

FXTM Review

Company Details and History

FXTM is the acronym for “Forextime”. This forex trading company was established in Cyprus a decade ago in 2011. But apart from having a number of offices spread out throughout Cyprus, FXTM also launched a UK branch in 2018.

With an office in London, FXTM is currently regulated and licensed by the Financial Conduct Authority (FCA) of the United Kingdom. FXTM has also branched out to other regions around the world and has a presence in South Africa and Mauritius.

In the Republic of Mauritius, FXTM is regulated and licensed by FSC. The fast rise of this forex and financial markets trading firm over the decade has been nothing short of outstanding.

The fact that FXTM is duly registered by both CySEC and FCA, further enhances their reputation as one of the top trading platforms around. The licensing protocol for both CySEC and FCA are considered as the most stringent in the industry.

Regulations & Licensing

FXTM is fully licensed and regulated by:

  • the Cypriot Securities and Exchange Commission or CySEC
  • the UK Financial Conduct Authority
  • the Mauritius Financial Securities Commission (FSC).

As mentioned earlier, the licensing procedures of the FCA and CySEC are regarded as the most difficult around. For FXTM to obtain these licenses, they would have to show and maintain a very high level of transparency, accountability, and fairness in their trading activities.

Trading Platform

Whether you intend trading on your laptop, desktop or mobile device, FXTM offers a trading platform that meets your needs. Traders can use either the Metatrader 4 or 5 trading platforms to achieve their trading goals.

You can use the Metatrader 5 trading platform version if you own a desktop or laptop computer. However, you cannot use this platform on your mobile phone. The Metatrader 4 trading version is well-suited for mobile devices with a much smaller screen size compared to laptops or desktop PCs.

But whichever version you choose to use today, FXTM offers a simplistic, user-friendly, and easy to use interface. There are useful shortcuts available that allow you to make quick and uncomplicated trading decisions.

With the Metatrader 5, you have more time frames (21 compared to 9), graphic objects (44 compared to 31), and technical indicators (38 compared to 30) than the Metatrader 4. There is also an economic calendar included in the Metatrader 5 version while the types of order execution is higher (4 compared to 3) than on the Metatrader 4 platform.

In addition, Metatrader 5 offers more pending orders and you can edit your trades using a useful edit tool. Another useful feature of the Metatrader 5 version is the community chat. This feature allows traders on FXTM to interact and exchange ideas or trading tips.

The Metatrader 4 version is both web-based and downloadable. You access this version from browsers on either your Android or iOS mobile devices. You can also use the Metatrader 4 platform on your Windows PC or MAC without having to download any software app. Both trading platforms are protected by advanced 128-bit Secure Socket Language (SSL) encryption technology.

Assets/Markets

On FXTM, you can trade in any of the markets indicated below:

  • CFDs: Trading is allowed for both commodities and indices, such as; DAX, FTSE, Nasdaq, and so on
  • Forex: You can trade in popular currency pairs like USDEUR, USDGBP, EURGBP, etc.
  • Shares CFDs: These include shares for Fortune 500 corporations like Google, BP, Apple, etc.
  • Spot Metals: You can trade in precious metals like Silver and Gold.
  • Cryptocurrenceis such as Bitcoin, Ethereum, and so on

Spreads & Commissions

The spreads for an ECN Account is very low. You can even have zero (0) pips in some instances while the commissions are as low as USD $0.2 per lot. If you open a Standard Account, then you should expect relatively higher and competitive spreads.

Generally spreads are variable and can rise depending on a number of factors, such as; current market conditions and the time of day. If you are trading in Forex, then you can expect comparably low commissions percentages. However, trading in CFDs would attract an industry standard commission rate.

Note that FXTM charges an “Inactivity Fee” which is levied on trading accounts that have not been used over a certain period of time. There are also other additional fees that are levied by FXTM for a number of different reasons.

Leverage

FXTM offers different leverage types for different regulations and different assets,for example, most of the Forex pairs including major pairs like EURUSD come with a leverage rate of 1:30.

For minor Forex pairs like EURAUD, EURPLN, EURNOK, AUDCAD, USDSGD, and NZDUSD; you have a leverage rate of 1:20. When it comes to trading in precious metals you have a leverage rate of 1:10 for XAGUSD and XAGEUR while XAUUSD, XAUGBP, and XAUEUR attracts a leverage rate of 1:20.

You have a leverage rate of 1:10 on US crude spot commodity and a leverage rate of 1:5 on CFD US shares. There are also leverage rates on indices like 1:10 for Spain35 and 1:5 for USTech100 (mini).

Mobile App

You can use the FXTM Metatrader 4 trading platform version on your Android or iOS mobile device. This can be done by either browsing the Web or downloading the app directly from the FXTM website.

With the mobile app, you can open or close trading deals while in transit. There is another FXTM mobile app that you can download from either Google Play Store or the Apple App store. This software application is called “MyFXTM trading app” and it offers a number of exciting features to give you a pleasant trading experience.

These features include;

  • Real-time/Live updates
  • Trading with a single click
  • Charting tools
  • Dynamic trading dashboard
  • Over 250 different financial instruments
  • You can quickly open, close and modify positions

Payment Methods

For both deposits and withdrawals:

FXTM offers a big variety of deposit and withdrawal options but the most commonly used are :

  • Maestro, Visa, MasterCard
  • Skrill
  • Neteller
  • Wire transfer

Withdrawals can be made in EUR, GBP, or USD. The commission on withdrawals using Visa, Maestro or MasterCard and depending on your preferred currency include; 2EUR, 2GBP, or 3USD.

Bonuses & promotions

FXTM offers a number of bonuses and promotions. However, loyal customers of this trading platform can benefit from the 30% Bonus Offer available via the “FXTM Loyalty Program”.

Account Types

The account types on FXTM include:

  • Standard Account: Traders need to make a minimum deposit of $/£/€100 when opening this account.
  • Cent Account: Traders can open this account with a minimum deposit of $/£/€10.
  • Stock CFDs Account: Similar to Standard Account, the minimum deposit for this account is $/£/€100.
  • ECN Account MT4 and MT5: You can open this account by depositing a minimum of $/£/€500.
  • ECN Zero MT4 and MT5 Account: The minimum opening deposit of this account is $/£/€200
  • FXTM Pro MT4 and MT5 Account: This account is for seasoned traders and requires a minimum deposit of $/£/€25,000.

Support Offered

You can get in touch with customer support team members on FXTM through the following:

  • Online chat: This consists of Messenger, Telegram, Viber, WhatsApp, and Live Chat.
  • Phone call: The FXTM customer support phone number for European based traders is +357 25 558 777.
  • Email: info@forextime.com
    • Dynamic and secure trading platform

    • Excellent support

    • Competitive Forex Fees

    • Licensed by trusted regulators like CySEC and FCA

    • No cryptocurrency trading available.

    • Relatively high withdrawal fees.

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