FXTM Review [year]
Affiliate Disclosure DailyForex.com adheres to strict guidelines to preserve editorial integrity to help you make decisions with confidence. Some of the reviews and content we feature on this site are supported by affiliate partnerships from which this website may receive money. This may impact how, where and which companies / services we review and write about. Our team of experts work to continually re-evaluate the reviews and information we provide on all the top Forex / CFD brokerages featured here. Our research focuses heavily on the broker’s custody of client deposits and the breadth of its client offering. Safety is evaluated by quality and length of the broker's track record, plus the scope of regulatory standing. Major factors in determining the quality of a broker’s offer include the cost of trading, the range of instruments available to trade, and general ease of use regarding execution and market information.
How we rank DailyForex.com adheres to strict guidelines to preserve editorial integrity to help you make decisions with confidence. Some of the reviews and content we feature on this site are supported by affiliate partnerships from which this website may receive money. This may impact how, where and which companies / services we review and write about. Our team of experts work to continually re-evaluate the reviews and information we provide on all the top Forex / CFD brokerages featured here. Our research focuses heavily on the broker’s custody of client deposits and the breadth of its client offering. Safety is evaluated by quality and length of the broker's track record, plus the scope of regulatory standing. Major factors in determining the quality of a broker’s offer include the cost of trading, the range of instruments available to trade, and general ease of use regarding execution and market information.
DailyForex.com Team.
| Created on February 06, 2022 | Updated on November 07, 2022.
Affiliate Disclosure DailyForex.com adheres to strict guidelines to preserve editorial integrity to help you make decisions with confidence. Some of the reviews and content we feature on this site are supported by affiliate partnerships from which this website may receive money. This may impact how, where and which companies / services we review and write about. Our team of experts work to continually re-evaluate the reviews and information we provide on all the top Forex / CFD brokerages featured here. Our research focuses heavily on the broker’s custody of client deposits and the breadth of its client offering. Safety is evaluated by quality and length of the broker's track record, plus the scope of regulatory standing. Major factors in determining the quality of a broker’s offer include the cost of trading, the range of instruments available to trade, and general ease of use regarding execution and market information.
FXTM Editor’s Review Verdict.
FXTM established itself as a leading broker for emerging and frontier markets. Traders get upgraded MT4/MT5 trading platforms, a proprietary copy trading service, and quality research and education. Forextime also delivers one of the best commission-based Forex pricing environments. I reviewed this award-winning broker to evaluate if high-frequency traders and scalpers can achieve a competitive edge here. Is the trading environment at FXTM as good as advertised?
Deposit and withdrawal.
Asset selection.
Ease of account opening.
Regulation and security.
FXTM Pros & Cons.
Excellent commission-based Forex pricing environment and transparency Upgraded MT4/MT5 trading platforms plus proprietary mobile trading app Quality market research and educational content for beginner traders Proprietary copy trading platform, low minimum deposit, and high leverage.
Limited choice of cryptocurrencies and commodities.
Overview.
FXTM Overview - A Leader for Emerging and Frontier Markets with Excellent Education.
FXTM Regulation and Security.
Trading with a regulated brokers will limit the potential for fraud and malpractice. I always recommend traders to check for regulation and verify it with the regulator by checking the provided license with their database. FXTM presents clients with four well-regulated entities.
Country of the Regulator.
Name of the Regulator.
Regulatory License Number.
Financial Services Commission.
License Number C113012295.
United Kingdom.
Financial Conduct Authority.
License Number 777911.
Cyprus Securities and Exchange Commission.
License Number 185/12.
South Africa.
Financial Sector Conduct Authority.
FSP Number 46614.
Is FXTM Legit and Safe?
FXTM is a legitimate, safe, and secure broker, as it is highly regulated, holding licenses in several jurisdictions, including the tier 1 financial center of London. Its UK license may entitle account holders to state compensation in the event of broker bankruptcy of up to £85,000. Forextime is also acquiring a regulatory license in Kenya as it expands across the African continent. On February 26th, 2021, FXTM ceased its retail operations from its CySEC regulated entity. It cited the uncompetitive regulatory framework introduced by the European Securities and Markets Authority (ESMA) for its reason. EEA clients can trade with any of the other subsidiaries. I like the regulatory framework at FXTM, ensuring traders have access to competitive trading conditions and superior protection . FXTM is a member of the Honk Kong-based Financial Commission, where the Compensation Fund protects traders up to €20,000 per claim. It is identical to what CySEC offers but does not come with regulatory restrictions. PricewaterhouseCoopers Limited (PwC) also audits select performance statistics, and FXTM remains one of the more transparent brokers. I applaud them for their focus on the trading environment, granting clients a distinct edge.
FXTM Fees.
Withdrawl fee.
3$ for credit cards, 20$-40$ for bank transfer, 0$ for Skrill and Neteler.
Deposit Fee.
Inactivity Fee.
$5 per month after 6 months of inactivity.
Equity CFD trading is commission-free as Forextime joined the group of brokers catering to millennial and GenZ traders favoring no commissions. I want to stress once again that commission-free does not necessarily equal cheaper trading costs. Spreads are generally higher, often twice as high, than commission-based offers, and FXTM is no exception.
Here is the minimum spread for the EUR/USD and the trading costs per 1 standard lot in both.
Forextime offers excellent spreads in its commission-based account, making it one of the cheapest Forex brokers in the entire retail Forex industry worldwide.
Minimum Forex.
Commission per Round Lot.
Cost per 1 Standard Lot.
$0.80 (minimum)
$4.00 (minimum)
One of the most ignored trading costs is swap rates on leveraged overnight positions. Depending on the trading strategy, it may become the most significant fee per trade. I always recommend that traders check them before evaluating the total trading costs.
MT4/MT5 traders can easily access swap rates from their platform by following these steps:
1. Right-click on the desired symbol in the Market Watch window and select Specification .
2. Scroll down until you see Swap Long and Swap Short .
Below is a list of trading cost examples for buying and selling the EUR/USD, holding the trade for one night and seven nights, in the commission based FXTM account using the lowest and highest commission tiers.
Taking a 1 standard lot buy/sell position, in the EUR/USD at the tightest spread and holding it for one night will cost the following:
Minimum Spread.
Commission per Round Lot.
Swap Short.
Total Trading Costs.
0.0 pips 0.0 pips.
0.0 pips 0.0 pips.
Taking a 1 standard lot buy/sell position, in the EUR/USD at the tightest spread and holding it for seven nights will cost the following:
Minimum Spread.
Commission per Round Lot.
Swap Short.
Total Trading Costs.
0.0 pips 0.0 pips.
0.0 pips 0.0 pips.
Besides offering tight spreads for competitive commissions, FXTM also keeps swap rates on leveraged overnight positions low. Hong Kong equities face additional fees, which also remain very low.
A $5 monthly inactivity fee applies after six months of dormancy. I find this reasonable and acceptable, and active traders will never face this cost.
What Can I Trade.
FXTM maintains 63 currency pairs, 0 cryptocurrency pairs, 8 commodities, 16 index CFDs, 1,266 equity CFDs, 452 US-listed stocks, five stock baskets, and six FX indices. The choice of commodities, and index CFDs are limited, but the overall choice of trading instruments is competitive. I also like that Forextime offers 452 stocks for direct investments, albeit only US-listed ones. In terms of tradable assets, FXTM will best suit Forex and US equity traders.
Asset List and Leverage Overview.
Forextime Leverage.
FXTM offers maximum leverage up to 1:2000, but it is a six-tier system. It decreases as trading volume increases, which I determine an intelligent choice. Most retail traders will get between 1:500 and 1:1000, while trading volumes above 60.0 lots gradually decrease to 1:200, 1:100, and 1:25. It remains another industry-leading feature available at FXTM.
FXTM Trading Hours (GMT+1)
Asset Class.
Cryptocurrencies.
Monday 00:00.
Sunday 24:00.
Monday 00:05.
Friday 23:55.
Commodities.
Monday 01:00.
Friday 23:45.
European CFDs.
Monday 10:30.
Friday 18:00.
Monday 16:31.
Friday 22:59.
Please note that equity markets open and close each trading and are not operational continuously like Forex and cryptocurrencies.
I recommend the following step for MT4/MT5 traders to access trading hours:
1. Right-click on the desired symbol in the Market Watch window and select Specification .
2. Scroll down until you see Sessions .
FXTM Account Types.
Forextime offers two commission-free trading accounts, Micro and Advantage Plus, and one commission-based alternative, Advantage. Micro requires a minimum deposit of only $10 or a currency equivalent, while the other two account types require a minimum deposit of $500. I highly recommend the commission-based option as trading costs remain among the best industry-wide , while both commission-based accounts charge relatively expensive fees.
FXTM Demo Account.
A demo account is available at FXTM, and I did not find a time restriction. Therefore, it is ideal for testing strategies and expert advisors. Forex demo account is available for MT4 and MT5 and allows traders to select the demo account balance and leverage. While no demo account can simulate live trading conditions, the options available at FXTM come as close as possible to doing so.
FXTM Pro Account.
The FXTM Pro Account caters to professional traders, as the name suggests. FXTM also advertises it to institutional traders and hedge funds. It requires a minimum deposit of $25,000 or currency equivalent to open. Account holders get commission-free raw spreads from 0 pips. FXTM earns its revenue from volume in this account type, as spreads will average above 0.2 pips, which remains one of the most competitive offers industry wide.
With average trading costs for liquid currency pairs ranging between $0.00 and $2.00 per 1standard lot and maximum leverage of 1:200, Forextime has created an account type for professional traders with industry-leading conditions.
Traders in the FXTM Pro Account have no restrictions on trading strategies, can use the MT4/MT5 trading platforms, while the minimum transaction size remains 0.01 lots.
Account base currencies are USD, EUR, and GBP, while Nigerian traders also get NGN accounts No maximum deposit Deep liquidity from Tier-1 providers No last-look pricing or requotes Market execution order execution Margin call at 80%, except over the weekend, where it rises to 130% Stop Out at 50%, except over the weekend, where it rises to 100% 43 currency pairs, two spot metals, and nine spot CFDs Maximum of 250 lots per trade Maximum of 300 pending orders Unlimited open positions.
FXTM Trading Platforms.
English Mac Windows Linux Mobile Web iPhone iPad.
Unique Features.
While the excellent trading costs and transparency stand out at FXTM, I also like the proprietary copy trading platform, FXTM Invest. It allows investors to follow strategy managers, and FXTM provides relevant information on each. The community is not as big as other services, but all the top 75 listed managers show positive performance, which FXTM states remain audited and verified. I think it is promising and carries great potential for FXTM moving forward.
Research and Education.
The four-member research team at Forextime provides market commentary and analysis in written format, short YouTube videos, and podcasts. They offer a brief overview and an informative take on market events. FXTM also maintains its FXTM Trading Signals service for traders seeking actionable research.
Beginner traders have access to one of the most comprehensive educational offerings , consisting of a video library featuring dozens of videos, written content, and an innovative periodic table filled with trading terminology. I find it well-structured and an excellent starting point for new traders.
Customer Support.
Traders have access to 24/5 multilingual customer support. It consists of phone support, including a call-back function, e-mail, and an FAQ section. FXTM also provides live chat on its website or via WhatsApp, Viber, Telegram, or Messenger. Since the product and services portfolio at FXTM remains well-explained, I doubt most traders will require assistance. Should the need arise, FXTM ensures traders have swift access to a representative.
Bonuses and Promotions.
At the time of this review, FXTM maintains a refer-a-friend campaign . Traders and their referrals can each get $50 for a referral. Terms and conditions apply to this promotion, and I recommend that anyone wishing to participate reads and understands them, although they will be less onerous than conditions which brokers typically attach to bonuses.
Opening an Account.
Opening an account at FXTM is fast, and the first step requires only a few seconds. Traders must submit their name, country, a valid mobile phone number, e-mail address, and desired password. FXTM will send a confirmation PIN to the entered mobile number to complete the process. We were able to complete this within 24 hours which was speedy and satisfactory.
As a regulated broker, account verification at Forextime is a mandatory final step. Most traders will satisfy this by sending a copy of their ID and one proof of residency document. I found the entire process to be swift and hassle-free. I like that FXTM does not incorporate unnecessary steps or questionnaires.
FXTM Minimum Deposit.
The minimum deposit at FXTM for the Micro Account is $50 or a currency equivalent. The Advantage and Advantage Plus alternatives each require a minimum deposit of $500. While this latter figure is relatively high, I believe the trading conditions offered here are more than worth the deposit size.
Payment Methods.
FXTM offers 47 payment options. They include bank wires and a broad range of domestic banking solutions for countries, which I find excellent. Traders may also use Skrill, VLoad, TC PayWallet, Alfa-Click, Neteller, WebMoney, Yandex.Money, QIWI, Perfect Money, Konnexone. FXTM maintains one of the best selections of offered payment methods industry-wide.
Accepted Countries.
FXTM caters to most international traders, including the UK, India, Malaysia, and the Philippines. It does not accept traders resident in Canada or the US.
Forextime Deposits and Withdrawals.
The MyFXTM back office is where traders make all their deposits and withdrawals. Forextime does not levy internal fees, but traders may face third-party processing costs. I recommend checking them to determine the most convenient and cost-effective solution. Processing times also vary based on method and rank from instant to ten business days.
I want to point out that only verified trading accounts may request a withdrawal and that FXTM enforces a withdrawal hierarchy. FXTM will return funds to the payment processors used for deposits, and it appears that traders must withdraw profits exceeding them via bank wire only, which is expensive.
Bottom Line.
I like the trading environment at Forextime, as the trading costs in the commission-based trading account remain among the best industry-wide. FXTM is an ideal broker for high-frequency traders and scalpers. It has also established itself as a market leader for traders from emerging and frontier markets . I also like the upgraded MT4/MT5 trading platforms and overall transparency at FXTM, which I confidently rank among the very best Forex brokers.