FXTM (ForexTime) is one of the fastest-growing forex brokers in the industry, is geared to a range of skill levels, and was established back in 2011 by a highly successful entrepreneur Andrey Dashin. Although it is still considered a newcomer to the online FX trading scene, within a span of few years. The FXTM review has succeeded in carving out a name for itself by winning accolades from industry experts and several industry awards such as “Fastest Growing Forex Broker” and “Best Newcomer 2013”. It offers many different payment methods, PAMM accounts, tight spreads, and a wide range of other financial products and derivatives, as well as trading in all currency pairs and a minimum deposit as low as $10 (or even lower).
FXTM is regulated by several jurisdictions and has offices in Belize, the United Kingdom, and Cyprus. Its headquarters are in Limassol, Cyprus, and it is managed by ForexTime Limited and FT Global Limited. ForexTime offers an intuitive trading platform for traders based on Meta Trader 4 and 5, and provides an extensive range of trading instruments including Shares CFDs, Spot Metals, CFDs Indices and Commodities, Forex, and Cryptocurrencies. Our honest FXTM review is a must-read before you trade with ForexTime broker.
What is the FXTM Commission?
The commission charged by ForexTime broker differs, based on account type. That is, there is no commission on FXTM Pro Accounts, ECN Zero Accounts, Shares Accounts, Cent Accounts, and Standard Accounts, whereas there is a $2 per lot commission for ECN Accounts.
For certain accounts like ECN Meta Trade 4 Account, there is a floating commission, that is, commission depends on the equity and trading volume. In simple terms, lower commission results from higher equities and trading volumes.
FXTM Deposits and Withdrawals
ForexTime offers traders a plethora of withdrawal and deposit methods. This is the broker’s way to appeal to a broad spectrum of clients.
FXTM deposit methods include:
- Tanzanian local transfer
- Chinese online banking
- Vietnamese online banking
- Thai online banking
- Palestinian local transfer
- Bangladeshi local transfer
- Iraqi local transfer
- Egypt local transfer
- Nganluong (e-wallet and banking channel)
- Laos local transfer
- Afghani local transfer
- Local Exchange House
- Malaysian online banking
- Indonesian online banking
- Indian local transfer
- Pakistani local transfer
- Indonesian local transfer
- Kenyan local transfer
- Algerian local transfer
- Nigeria local transfer
- Ghana local transfer
Moreover, traders can also make deposits via Moneybookers/Skrill, Neteller (for VIPs), Maestro Cards, MasterCard, or Visa. The best part of FXTM Broker is that traders are allowed to deposit using Konnexone, Bitcoin, Bitcoin via Skrill, Perfectmoney, QIWI, Yandex. Money, WebMoney, Dixipay, Alfa-Click, Dusupay, and cryptocurrencies. Last but not least, clients are provided with the option of a bank wire transfer as well.
FXTM does not charge any commission for the above-mentioned deposit methods. For most methods, the deposit processing time may range from instantly to up to a whole business day. However, a bank transfer may take at least 3–5 business days to process the deposit.
FXTM withdrawal methods:
Methods of withdrawal, on the other hand, are nearly the same, with a few differences. For example, you cannot withdraw through Cash U or Alfa-Click and can withdraw through China Union Pay. Moreover, most withdrawal processing times are one business day (24 hours), except for Chinese online banking which may take up to two business days (48 hours) to process the withdrawal.
Other exceptions include Konnexone that may take up to 24 hours and Bitcoin via Skrill, Bitcoin, or crypto may take up to 1–2 business days to process the withdrawal.
Lastly, for some withdrawal methods, a commission is charged. This is either a low percentage of the transaction or a low set fee, depending on the withdrawal method. Nevertheless, most withdrawal methods are still commission-free.
When choosing a deposit or withdrawal method on FXTM, you should always look at the timeframe and the fees associated with it.
What are FXTM Maximum and Minimum Deposits?
Maximum and minimum deposits of FXTM depend primarily on the account type you choose. ECN Accounts, ECN Zero Accounts, Shares Accounts, and Standard Accounts have a minimum deposit of £/€/$100 or ₦20,000. These accounts do not have a maximum deposit. Cent Accounts, on the other hand, have a minimum deposit of £/€/$5 or ₦1,000 and no maximum. If you have an FXTM Pro Account, the minimum deposit iis £/€/$25,000 with no maximum.
FXTM Account Types
There is an account for everyone trading at FXTM. FXTM account types include CENT Account, Shares Account, and Standard Account. The CENT account comes with micro-lots.
Moreover, ECN Accounts comprise ECN Zero Account, ECN MT5 Account, ECN MT4 Account, ECN Manager Account, ECN Zero MT5, FXTM Pro MT5, and FXTM Pro.
Standard Accounts work with MT 4 (Meta Trader 4). They include a SWAP-free option, hedging, instant execution, floating leverage from 1:1,000, tight floating spreads, and no hidden commission. Standard Accounts can be in NGN, GBP, EUR, or USD.
Cent Accounts, on the other hand, also have instant execution, SWAP-free option, tight floating spreads, and work with Meta Trader 4. These accounts are available in NGN kobo, USD cents, GB pence, or EUR cents. Cent Accounts feature Cent Lots and come with a minimum deposit of £/€/$5.
Lastly, Shares Accounts come with a SWAP-free option that uses Meta Trader 4, allowing for instant execution. The leverage is fixed at 1:10 and there is no commission. It is the one account type where hedging is allowed. The traders have access to more than 180 US shares. It is available in NGN, GBP, EUR, or USD.
Additional Trading Accounts of FXTM
ECN Zero Accounts use Meta Trader 4 or Meta Trader 5 and can include FCTM Invest. These accounts perform market execution without re-quotes, charge no commission, and have tight floating spreads with floating leverage of up to 1:1,000. They come with SWAP-free option and are available in NGN, GBP, EUR, or USD. With ECN Zero Accounts, both hedging and scalping are allowed.
Similar to ECN Zero Accounts, ECN Accounts also use Meta Trader 4 or Meta Trader 5, with market execution and without re-quotes. These accounts offer floating leverage up to 1:1,000, a SWAP-free option, spreads from 0.1, and the same currency option as well. The commissions start at $4 with hedging and scalping both allowed. This type of account is available with FXTM Invest also.
Finally, similar to the two above-mentioned Accounts, FXTM Pro also lets us use Meta Trader 4 and Meta Trader 5. It offers floating leverage of up to 1:1,00 and features tight spreads from 0 pips. The main reason why VIPs prefer this type of account is that it offers ultra-fast market execution with no commission charged and without re-quotes. The best part is that there is no last-look pricing, and it takes the benefit of deep liquidity right from FXTM’s tier-1 providers. Irrespective of the type of FXTM account, NGN accounts are offered only to clients in Nigeria.
What is FXTM Invest?
FXTM Invest, also known as Copy Trading, is a new proposal from ForexTime that enables traders to become FXTM Invest Strategy Managers.
This is one aspect where ForexTime stands out from other forex brokers. FXTM is a copy trading platform that depends on pioneering technology. It allows you to use your FX skills to earn additional capital. With FXTM Invest, other traders can copy your trades. By allowing other investors to copy your trade, you can receive a percentage of the profits they make – as high as 50%.
To use FXTM Invest, you need to open an ECN Zero Account and validate your profile. Next, you need to get your own Manager folio, where you will display your trading strategies. From there, you can share your trading results on social media as well.
FXTM Invest enables traders who are just getting started with trading to copy the trades of those who have a proven record of success. This platform works best for those traders who do not have the time or mental ability to make sophisticated trading strategies. Simultaneously, it allows successful traders to make a profit from their success, by letting other traders copy their strategies.
Moreover, in FXTM Invest, there is a list of top-ranking Strategy Managers included. The top rank of Strategy Managers is determined by an audit. You can view each of the Strategy Managers’ detailed information to make a decision. This includes the week’s return, maximum drawdown, total return, and profitability chart of the Strategy Manager. It also includes the profit share in percentage, days open, and level of risk involved. Each strategy is rated out of five stars to help investors make a trading decision.
FXTM Automated Trading
ForexTime allows for Expert Advisors and Logarithmic Trading. These are the type of automated trading that provides a great deal of convenience for investors who are busy or have no time. Automated trading lets FXTM clients choose the trading strategy of someone else or create their own trading strategy. Automated trading systems like Expert Advisors can be used to follow the trading strategy. In simple terms, the FXTM Automated Trading system will automatically trade for investors on the strategy they implement.
Automated trading ensures that you do not miss any opportunities for making profits, even if you cannot watch the markets all the time, 24/7. FXTM Automated Trading makes it possible even if you are asleep. Although automated trading can lead to losses, the profit will depend on the current market condition and the trading strategy implemented.
What are FXMT Trading Restrictions?
While ForexTime offers plenty of benefits to the investors, it does come with certain limitations. For starters, with a Standard Account, there is a minimum capacity of 0.01 lots per trade. It supports micro, mini, and standard lots along with 30 lots per trade (maximum). With this account type, you can have up to 100 orders or incomplete orders. A Standard Account has a stop out at 20% and a margin call at 40%.
Cent Accounts have a maximum of 1 lot per trade and a minimum volume of 0.1 lots per trade. Cent Accounts have a maximum of 300 orders and 100 incomplete orders. The stop out is at 40% and margin call at 60%.
The trade volume for Shares Accounts is between 0.01 and 10 lots, with a maximum of 100 orders and incomplete orders. The stop out is at 20% and the margin call at 40%.
ECN Accounts and ECN Zero Accounts have trade volumes between 0.01 lots and 100 lots. There is no limit on orders with a maximum of 300 incomplete orders. The stop out is at 50% and the margin call at 80%.
Lastly, ForexTime Pro Accounts have trade volumes between 0.01 lots and 250 lots, with unlimited orders and 300 incomplete orders. The stop out is at 50% and the margin call at 80%.
What are the advantages and disadvantages?
- FXTM Invest for Auto Trading
- Offers Cryptocurrency CFDs
- Regulated in numerous jurisdictions, even outside the European Union
- Provides Multiple Execution Methods by Account Type
- Low maximum order size of 30 standard lots per trade
- On ECN Accounts, limit and stop levels can be added only post-execution
- Specific range of markets divided across different account types
- Leverage caps and margin restrictions on ECN Accounts
Unique Features of Trading with FXTM
- 31+ payment options available
- Mobile trading applications supported
- 250+ trading instruments including Commodities, Precious Metals, Futures, CFDs, and forex currency pairs
- Hedging, scalping, and EA strategies permitted
- Learning Centre Support includes local seminars, free training courses, educational videos, webinars, commentary, and streaming news feeds
The FXTM review is a good one as far as we are concerned. Overall, ForexTime gives its customers an exceptional FX broking service. FXMT boasts an experienced management team which has years of experience and understanding of investors’ requirements, and all the resources to keep the highly demanding global list of clients pleased. If you are considering taking a step further with your investment ventures, choosing FXTM as your online Forex broker is a good idea.